ZhongNuo, Chariot kick off fieldwork in Nigerian lithium hunt

Chariot Resources’ new partner has landed boots on the ground in West Africa, kicking off a fully-funded geological mapping program at the company’s Iganna lithium project in Nigeria’s Oyo State.

The fieldwork by Hong Kong ZhongNuo Energy marks the first tangible step under a partner-funded deal signed just last month, sending Chariot’s share price soaring. The market pushed the stock up by more than 87 per cent to as high as nine cents a share after the company unveiled a proposed partnership with the subsidiary of Chinese supply-chain goliath Xiamen C&D Inc.

The first phase of that work is now underway at the 23.8-square-kilometre Iganna licence, where ZhongNuo’s field crews have begun a 15-day program to systematically trace, delineate and sample surface-exposed pegmatite veins.

Once the Iganna mapping is complete, the teams will mobilise to Chariot’s Fonlo project area for a similar 15-day program, while also continuing to assess other priority targets identified at Iganna. The combined field campaign is being fully funded and operated by ZhongNuo at its own cost.

All of this initial work is designed to inform a crucial decision for the partnership. The data gathered will guide ZhongNuo in selecting one project from a pool of three, Fonlo, Iganna and Saki, to be the focus of the promised diamond drilling program.

Under the term sheet, ZhongNuo has also committed to bankrolling the minimum 1500-metre diamond drilling campaign at whichever project is chosen from Chariot’s portfolio. The deal outlines a potential partner-funded trial mining campaign, capped at 240,000 tonnes of direct shipping ore (DSO) and a DSO offtake agreement that includes a price floor of US$150 (A$210), potentially providing a powerful, low-capital pathway for Chariot to generate early cashflow.

As a sign of its commitment, Xiamen C&D has paid Chariot a refundable US$100,000 (A$140,000) exclusivity fee. If the parties proceed to a definitive agreement, C&D will provide Chariot with a US$500,000 (A$700,000) interest-free prepayment, which would be amortised against future DSO sales invoices. The parties have agreed to a 90-day exclusivity period to conduct the site reviews, select a single project from Chariot’s portfolio and negotiate a definitive agreement.

The deal also provides C&D and ZhongNuo with a joint right of first refusal over potential subsequent mining phases at the selected project. ZhongNuo says it has Nigerian mining capability and access to existing processing infrastructure, including an under-utilised 500,000-tonne feed-capacity plant strategically located just 150 kilometres north of Chariot’s ground.

The sheer size of the partner adds serious heft to the venture. Xiamen C&D is a Fortune Global 500 company that reported operating revenues of A$140 billion last year, suggesting its interest in Chariot’s ground might be a strategic supply-chain move rather than a pure exploration punt.

The move comes as the lithium market continues to show renewed vigour in 2026, with battery-grade carbonate prices staging a sharp rebound.