Chariot Corporation Limited has confirmed the discovery of extensive lithium-bearing pegmatites at its Fonlo and Iganna projects in southwestern Nigeria. This development positions Chariot to enhance its portfolio of hard-rock lithium assets as it aims to capitalize on the growing demand for lithium.
During site visits, the geological team observed significant lithium-caesium-tantalum (LCT) pegmatites, validating the potential of these projects. At the Fonlo Project, artisanal workings have been traced along a striking distance of approximately 6 kilometers. The main Fonlo pit showcases a composite vertical dyke across a 40-meter wide opening, featuring branching dykes and a central dyke that varies from 10 to 20 meters in width. Notably, spodumene crystals measuring up to 0.5 meters in length were documented on-site.
At the Iganna Project, multiple shallow-dipping pegmatite sills were identified. One notable near-surface LCT pegmatite averages between 5 to 10 meters in thickness and extends for hundreds of meters along its strike. The area also features extensive active artisanal mining activities, underscoring the region’s rich lithium potential.
Chariot plans to initiate small-scale mining operations subject to the completion of its acquisition of the Nigerian lithium portfolio, expected in the fourth quarter of this year. In the first half of 2026, Chariot and its partner Continental Lithium intend to deploy mechanized equipment to enhance existing artisanal mining operations, potentially generating immediate revenue from these projects.
To further explore the geological potential, Chariot will conduct systematic modern exploration alongside these mining operations. This includes high-resolution magnetics, soil sampling, auger drilling, trenching, and an initial diamond drilling campaign of 2,000 to 4,000 meters across high-priority targets.
The recent site visits were led by key figures from Chariot, including Executive Chairman and Managing Director Shanthar Pathmanathan, Non-Executive Director Brendan Borg, and Co-founder and Consultant Geologist Dr. Edward Max Baker, along with Chief Geologist David Kwarteng from Continental Lithium. Together, they examined outcrops, artisanal mining pits, and collected surface samples for grade verification, while also engaging with local stakeholders.
Although the team was unable to visit the Saki and Gbugbu projects due to logistical challenges, they have plans to assess these areas in the near future, further expanding Chariot’s understanding of its Nigerian assets.
Chariot’s Nigerian portfolio comprises four lithium project clusters—Fonlo, Gbugbu, Iganna, and Saki—covering approximately 254 square kilometers and including eight exploration licenses and two small-scale mining leases. This collection represents one of the largest lithium asset portfolios in Nigeria, with a history of significant artisanal lithium mining.
Chariot Corporation is focused on discovering and developing high-grade lithium opportunities primarily in the United States and Nigeria. In addition to its Nigerian projects, Chariot operates twelve lithium projects, including two core projects in the United States. The Black Mountain Project in Wyoming is prospective for hard rock lithium, while the Resurgent Project spans Nevada and Oregon and targets claystone lithium. Initial survey results from these core projects indicate high-grade lithium mineralization at surface levels.
As Chariot moves forward with its acquisition and operational plans, it positions itself strategically in the expanding global lithium market, driven by the increasing demand for electric vehicle batteries and renewable energy technologies.
