Chariot Resources Confirms High-Grade Lithium Discovery in Nigeria

High-Grade Lithium Discovery Confirms Commercial Potential at Nigerian Projects

Chariot Resources (ASX: CC9) has delivered exceptional assay results from its Nigerian lithium projects, with rock chip samples returning grades of up to 5.96% Li₂O at the Fonlo and Iganna projects. The Chariot Resources high-grade lithium discovery confirms the presence of high-grade lithium-caesium-tantalum (LCT) pegmatite systems and validates the commercial potential that has already supported successful artisanal mining operations.

The six verification samples collected from surface outcrops and artisanal workings returned consistently strong lithium grades ranging from 2.66% to 5.96% Li₂O. Furthermore, these results showed significant by-product potential from tantalum values up to 0.15% Ta₂O₅ and elevated cesium levels.

These results provide robust geochemical confirmation of the high-grade lithium mineralisation previously observed through visual identification of coarse spodumene crystals up to 0.5 metres in length.

Exceptional Results Across Two Strategic Projects

The assay results demonstrate the quality and consistency of mineralisation across both project areas. The Chariot Resources high-grade lithium discovery spans multiple pegmatite systems with distinct characteristics optimised for different development approaches.

Fonlo Project Delivers Consistent High Grades

The Fonlo project returned impressive sample grades ranging from 2.66% to 4.04% Li₂O. Moreover, the project features dominant spodumene mineralisation across a 6-kilometre strike length of near-vertical pegmatite dykes.

Peak tantalum values reached 0.017% Ta₂O₅, adding potential by-product value to the primary lithium mineralisation.

Iganna Project Showcases Peak Performance

In contrast, the Iganna project demonstrated even higher grades, with samples ranging from 2.79% to 5.96% Li₂O. Additionally, this project hosts both spodumene and lepidolite mineralisation within multiple shallow-dipping pegmatite sills.

The Iganna project also showed exceptional tantalum potential, reaching up to 0.149% Ta₂O₅, alongside remarkable cesium levels exceeding 2.5% Cs (above detection limits).

The results confirm that both projects host LCT pegmatite systems with the potential for multiple revenue streams. Lithium serves as the primary commodity, whilst valuable tantalum and cesium by-products provide additional value streams.

Understanding LCT Pegmatites: A Premium Deposit Type

LCT (Lithium-Caesium-Tantalum) pegmatites represent some of the world's highest-grade lithium deposits and are the preferred source for lithium production globally. These igneous bodies form through the crystallisation of highly evolved granitic magmas enriched in rare elements.

LCT pegmatites develop when granite magma undergoes extreme differentiation, concentrating rare elements that cannot fit into common rock-forming minerals. As the magma cools, these elements crystallise into distinctive mineral phases, creating coarse-grained rocks with exceptional concentrations.

Why LCT Pegmatites Matter to Investors

Several factors make LCT pegmatites particularly attractive for commercial development:

• Superior grades: Typically 1-3% Li₂O, with Chariot's results showing 2.66-5.96% Li₂O
• Multiple revenue streams: Lithium, tantalum, cesium, and often tin and rare earth elements
• Proven processing: Established metallurgical techniques for spodumene and lepidolite
• Global precedent: Major producers like Greenbushes (Australia) and Pilbara Minerals operate similar deposits

The identification of coarse spodumene crystals suggests potential for simple, low-cost beneficiation. This characteristic is consistent with the success of local artisanal miners who have achieved 5-6% Li₂O concentrates using basic hand-sorting techniques.

Consequently, this characteristic significantly reduces potential processing complexity and capital requirements for development.

Comprehensive Development Strategy Targeting Multiple Value Streams

The company has outlined an aggressive dual-track approach designed to generate near-term cash flow whilst building long-term resource potential. This strategy leverages the exceptional grades confirmed by the Chariot Resources high-grade lithium discovery to maximise value creation across multiple timeframes.

Immediate Exploration Program (2025-2026)

The immediate exploration programme focuses on systematic resource definition and expansion:

• 2,000-4,000 metre diamond drilling campaign across priority targets
• High-resolution geophysical surveys to map pegmatite extensions
• Systematic surface sampling and trenching to expand known mineralisation
• Initial site visits to Saki and Gbugbu projects planned for Q1 2026

Near-Term Production Strategy

The near-term production strategy emphasises rapid value generation from proven high-grade zones:

• Small-scale mining (SSM) operations leveraging existing artisanal infrastructure
• Modest mechanisation to scale up production from shallow, high-grade zones
• Direct shipping potential for material grading 3-6% Li₂O
• Early revenue generation without delaying long-term exploration

Long-Term Resource Development

The long-term development pathway focuses on building a substantial resource base:

• JORC-compliant resource definition through systematic drilling and sampling
• Large-scale mining evaluation for sustained production growth
• ESG-compliant operations with community engagement and regulatory compliance

"The confirmation of high-grade lithium at Fonlo and Iganna validates our strategic approach of pursuing dual tracks for both near-term production and resource-scale exploration. The exceptional grades provide multiple development pathways to maximise shareholder value."

Strategic Positioning in Nigeria's Emerging Lithium Sector

Nigeria represents one of Africa's most promising lithium jurisdictions, with Chariot positioned to capitalise on several key advantages. The country's pegmatite belt extends southwest to northeast from Ife to Jos, hosting numerous LCT systems with proven mineral endowment.

Portfolio Scale and Quality

Chariot's Nigerian portfolio demonstrates significant scale and quality:

• 254 square kilometres across four project clusters
• 8 exploration licences and 2 small-scale mining leases
• 66.667% ownership of one of the country's largest lithium portfolios
• Proven mineralisation supported by historical artisanal mining success

Operational Advantages

Several operational factors provide competitive advantages:

• Established mining history with proven market access to Chinese customers
• Surface mineralisation requiring minimal overburden removal
• Multiple pegmatite systems providing drilling target diversity
• Existing infrastructure through artisanal operations

Market Position

The company's market positioning offers multiple strategic benefits:

• First-mover advantage in systematic exploration and development
• Dual-track strategy enabling near-term cash flow and long-term growth
• Multiple commodity potential reducing single-commodity risk

The Nigerian pegmatite systems occur within the Neoproterozoic Pan-African Dahomeyide Orogenic Belt. This geological framework provides the foundation for extensive LCT pegmatite development.

These systems are typically associated with post-collisional granite intrusions and exhibit complex internal zonation. High-grade lithium mineralisation concentrates in intermediate zones, precisely where the Chariot Resources high-grade lithium discovery has identified peak values.

Why Investors Should Track Chariot Resources

Chariot Resources has positioned itself at the forefront of Nigeria's lithium development with a unique combination of high-grade assets, proven mineralisation, and comprehensive development strategy. The Chariot Resources high-grade lithium discovery confirms the commercial potential of deposits that have already generated revenue through artisanal operations.

Key Investment Catalysts

Several immediate catalysts support the investment proposition:

• Immediate drilling program expected to commence upon completion of the Nigerian portfolio acquisition
• Near-term production potential through scaled SSM operations
• Resource definition pathway toward JORC-compliant estimates
• Multiple project pipeline with Saki and Gbugbu evaluations in Q1 2026

Competitive Advantages

Multiple factors distinguish Chariot's position in the lithium sector:

• Premium deposit type: LCT pegmatites with multiple revenue streams
• Exceptional grades: Results significantly above typical pegmatite averages
• Proven economics: Successful artisanal operations demonstrate market viability
• Strategic location: Access to established export channels and Chinese markets

The presence of coarse-grained spodumene suggests potential for simple processing methods. Meanwhile, elevated tantalum and cesium values provide additional revenue diversification opportunities.

The company's systematic approach to exploration and development positions it to deliver both near-term operational cash flow and long-term resource growth.

Technical Validation

The assay results provide robust geochemical confirmation of visual mineral identification conducted during field reconnaissance. Spodumene-dominated samples from Fonlo returned peak grades of 4.04% Li₂O. In contrast, lepidolite-bearing samples from Iganna achieved the highest grade of 5.96% Li₂O.

This mineralogical diversity provides operational flexibility and potential processing advantages across the portfolio.

Development Timeline

With the Nigerian lithium portfolio acquisition expected to complete in Q1 2026, drilling programmes are positioned to commence immediately upon completion. The dual-track development strategy enables revenue generation from high-grade shallow zones whilst systematic exploration defines larger-scale resource potential.

The combination of exceptional grades, proven deposit type, established market access, and comprehensive development strategy positions Chariot Resources as a compelling opportunity. The company's Nigerian assets provide exposure to world-class LCT pegmatite systems with demonstrated commercial viability and significant expansion potential.

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