Chariot Resources (ASX:CC9) signs non binding lithium offtake and financing MOU in Nigeria

Chariot Resources has outlined an early commercial framework for its Nigerian lithium portfolio, announcing a non binding memorandum of understanding with China based lithium trader Fujian Jinjianqiao New Energy Technology Co., Ltd.

The agreement brings together potential offtake, financing support and in country processing discussions, providing structure around how the Nigerian assets could progress once the company completes their acquisition.

Highlights

• Non binding MOU signed with Fujian Jinjianqiao New Energy Technology Co., Ltd.
• Potential long term exclusive offtake of spodumene concentrate from a selected Nigerian project
• Discussions to include credit lines and offtake prepayment financing
• Evaluation of a Nigeria based lithium processing facility
• Jinjianqiao sold approximately 90,000 tonnes of lithium concentrate and ore in 2025, with volumes expected to double in 2026

The MOU applies to Chariot’s Nigerian lithium portfolio, comprising four hard rock lithium project clusters located in Oyo and Kwara states, covering approximately 254 square kilometres across eight exploration licences and two small scale mining leases.

The company has previously stated it anticipates completing the acquisition of the Nigerian portfolio in the first quarter of calendar year 2026, a condition that must be met before any binding agreements arising from the MOU can be executed.

Central to the agreement is a potential offtake pathway, with the MOU contemplating the sale and delivery of direct shipping ore from one or more projects to a collection point at Sagamu in Nigeria.

Subject to satisfactory technical and commercial due diligence, Jinjianqiao may select one of the four projects as a preferred source, enabling negotiations toward long term exclusive priority offtake of spodumene concentrate or other lithium bearing products.

Any future pricing would reference a mutually agreed international index for material grading approximately 5.5% to 6.2% Li₂O.

The MOU also introduces the possibility of financing support tied to offtake, with the parties agreeing to discuss credit lines and offtake prepayment financing that could support exploration and, ultimately, development of the Nigerian projects.

The company has been explicit that production at meaningful scale would require completion of exploration drilling, definition of a JORC compliant resource, metallurgical studies, evaluation of toll processing and ore transport options, and the securing of all necessary permits.

A further component of the agreement is the evaluation of a lithium processing facility in Nigeria.

The parties will assess the design, construction and operation of a plant capable of upgrading run of mine ore into spodumene concentrate, reflecting an intention to consider in country processing rather than exporting unprocessed material while aligning with Jinjianqiao’s existing operational footprint in Nigeria.

Jinjianqiao brings scale and market reach to the proposed collaboration as a China based lithium trader with an established Africa to China sourcing and distribution network and existing operations in Nigeria.

In 2025, Jinjianqiao marketed and distributed approximately 90,000 tonnes of lithium concentrate and ore, with volumes expected to double in 2026.

Its principal shareholder also owns a lithium concentrate plant with capacity of approximately 1 million tonnes, together with a lithium salt conversion line, providing access to downstream processing infrastructure.

The MOU remains non binding and non exclusive, preserving Chariot’s ability to engage with other counterparties.

However, if a project is formally selected for offtake, the parties intend to enter a period of exclusive negotiations of up to 90 days focused on that asset.

In an environment where early stage lithium developers are increasingly seeking integrated commercial partners, the agreement provides Chariot with a defined framework to assess offtake interest, financing structures and processing options as it advances its Nigerian lithium strategy from acquisition toward evaluation and development.

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