Chariot trading halt: CC9 AU

Chariot trading halt: CC9 AU

Chariot Corporation (CC9) has announced a trading halt on its shares, effective July 2, 2025. The halt is due to the company's acquisition of Nigerian hard-rock lithium assets, a significant development in its global expansion strategy. The acquisition involves the purchase of Continental Lithium’s 66.7% interest in a Nigerian hard-rock lithium portfolio, covering 254 square kilometers and including four project clusters in Oyo and Kwara states. The transaction is valued at approximately $2.3 million and will be facilitated through a joint venture entity, C&C Minerals, with Chariot controlling 66.7% and Continental holding the remaining 33.3%.

The acquisition positions Chariot as one of the first publicly listed lithium explorers with significant holdings in Nigeria, a rapidly expanding region for lithium exploration. Managing director Shanthar Pathmanathan commented on the strategic importance of this move, stating that it provides the company with exposure to the Africa-China lithium supply corridor. Despite China's dominance in the downstream EV battery supply chain, it remains heavily reliant on upstream producers in Australia and Chile. Pathmanathan highlighted that Chinese lithium buyers are actively seeking supply from Africa, where Nigeria has emerged as a fast-growing lithium region.

To fund its Nigerian plans, Chariot has secured an unsecured loan facility of $880,000 from GAM Company. The company plans to enter an exploration phase quickly, with drilling expected to commence in late 2025. The initial drilling programs at the Fonlo and Gbugbu projects will test the lithium mineralisation potential, both along strike and at depth beneath extensive surface pegmatites and historical workings.

In addition to its Nigerian expansion, Chariot has reported promising results from its Phase 2 drilling at the Black Mountain hard-rock lithium project in Wyoming. The company intersected promising hits in five holes, indicating the potential for a pilot mine project. Geological mapping in the Southern Crest area has also confirmed pegmatite in outcrops, which Chariot plans to evaluate in its next drill program.

The trading halt is expected to last until further notice, pending regulatory approvals and the completion of the acquisition. Investors are advised to monitor Chariot's official channels for updates on the trading halt and the progress of its Nigerian and Wyoming projects.

References:

[1] https://www.tradingview.com/news/smallcaps:8c83c1ce3094b:0-chariot-corporation-to-add-nigerian-hard-rock-lithium-assets-to-us-portfolio/