Chariot Corporation Limited has announced its agreement to acquire a 66.7% stake in a Nigerian hard rock lithium portfolio, marking a strategic entry into one of Africa’s most promising lithium regions. The acquisition involves a joint venture with Continental Lithium Limited, which will retain a 33.3% interest in the portfolio covering 254 km² and spanning four project clusters in Nigeria’s Oyo and Kwara States. The portfolio comprises eight exploration licences and two small-scale mining leases, with all sites exhibiting artisanal mining activity and the visual identification of lithium-bearing pegmatites featuring spodumene and lithium-mica mineralisation. The transaction structure includes a total cash consideration of US$1.5 million, payable through an immediate deposit, settlement, and two deferred payments scheduled for December 2025 and December 2026, along with issuance of 42 million fully-paid ordinary shares distributed in two tranches. In addition to the acquisition, Chariot has committed to providing at least US$10 million for the joint venture’s exploration and development activities under a staged funding schedule ranging from US$1 million by the end of 2026 to US$10 million by the end of 2030. This capital support will enable extensive field work, detailed geological mapping, geochemical sampling, and initial drilling programs set to commence in late 2025 and early 2026 with preliminary JORC-compliant resource estimates anticipated in 2026. Geologically, the targets are positioned within a Pan-African LCT pegmatite system similar to famed Brazilian regions and are part of the Africa–China lithium supply corridor—a region that is attracting significant interest from Chinese battery manufacturers seeking additional upstream sources. Reconnaissance rock chip samples have recorded lithium oxide assays up to 6.59%, averaging around 2.3% Li2O in some areas, although no definitive grades have yet been established. Chariot’s joint venture structure through C&C Minerals Limited ensures that it retains management control and first-mover advantages while leveraging Continental’s established local relationships and operational experience. Market sentiment stemming from the announcement can be seen as mixed. On the bullish side, the acquisition positions Chariot Corporation Limited to benefit from rising global lithium demand driven by electric vehicle trends, with exposure to a critical supply chain corridor and the potential for a significant resource discovery in an underexplored area. The structure of the deal—with deferred share issuances tied to regulatory and performance milestones, strong local partnerships, and a robust funding commitment—could lead to substantial upside if exploration proves successful. Conversely, bearish concerns include the inherent exploration and development risks in early-stage projects, uncertainties regarding the actual lithium content pending further drilling and laboratory analysis, and the execution risks associated with integrating operations across jurisdictions and managing deferred funding obligations.