The Federal Republic of Nigeria's Mining Cadastre Office has approved the transfer of six lithium licences from Continental to C&C Minerals, a joint venture recently established by Chariot Resources (ASX:CC9) and Continental.
The regulatory milestone includes the transfer of four exploration licences and two small-scale mining licences, covering the entirety of the Fonlo and Gbugbu projects, alongside two mining licences at the Saki Project.
Once the remaining four licences—three at Saki and one at Iganna—are successfully transferred, Chariot expects to finalise its acquisition of a 66.667% interest in the comprehensive Nigerian lithium portfolio.
With the paperwork for the initial six licences nearing completion, the joint venture is prepared to launch high-priority exploration programs, including systematic field validation and drill targeting at the previously undrilled Fonlo and Gbugbu sites.
The timing of these approvals aligns with a dramatic surge in global lithium markets. Since the acquisition process began on July 5, benchmark prices have seen exceptional growth.
Lithium carbonate (99% China) has risen by 157% to US$19,727/t, while spodumene concentrate 6% Li2O has spiked by 232%, reaching US$2,200/t as of March.
At the time of reporting, Chariot Resources' share price was $0.135.