Chariot Resources Targets $1.1M Raise for Nigerian Lithium Advance
Key Takeaways
- Chariot Resources has secured firm commitments for a $1.1 million placement at $0.05 per share, issuing 22 million new shares with one free CC9O option (exercise price $0.10, expiring December 2028) for every two shares subscribed.
- The raise is timed ahead of anticipated news flow from a term sheet with C&D (Hainan), Hong Kong ZhongNuo Energy Limited, and C&C Minerals — a deal that proposes partner-funded diamond drilling, potential trial-mining, and an offtake arrangement for Chariot's Nigerian lithium projects.
- The partner-funded drilling structure means exploration costs are expected to be borne by the Chinese counterparties, not Chariot — a material distinction for a small-cap company managing capital carefully.
- The 240,000 tonnes of DSO referenced in the term sheet is a contractual maximum only, not a production target or forecast, as explicitly stated in Chariot's 18 August 2026 ASX announcement.
- The Nigerian acquisition across four project clusters — Fonlo, Gbugbu, Iganna, and Saki — covering 257.1 square kilometres is not yet completed, meaning Chariot does not yet hold full ownership of the portfolio.
Chariot Resources locks in $1.1 million to advance Nigerian lithium portfolio
Chariot Resources Limited (ASX: CC9) has received firm commitments for a A$1.1 million private placement from existing and new institutional and sophisticated investors. The raise was well supported by strategic long-term lithium investors, signalling confidence in the company’s portfolio and direction.
The placement arrives ahead of what the company anticipates will be a period of strong news flow, tied to a previously announced term sheet with C&D (Hainan) Co., Ltd, Hong Kong ZhongNuo Energy Limited, and C&C Minerals Limited. That deal involves a proposed partner-funded diamond drilling programme, potential trial-mining, and an offtake arrangement for the company’s Nigerian lithium projects.
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Placement terms and structure
The placement issues 22 million fully paid ordinary shares at A$0.05 per share, raising A$1.1 million before costs. Key terms are summarised below:
- Issue price: A$0.05 per share
- Shares issued: 22,000,000 fully paid ordinary shares
- Attaching options: For every 2 shares subscribed, participants receive 1 free attaching listed CC9O option; exercise price A$0.10, expiring 19 December 2028
- CC9O option issue: Subject to shareholder approval at an upcoming general meeting
- Settlement date: Tuesday, 22 September 2026
- ASX quotation expected: Wednesday, 23 September 2026
- Placement capacity: Issued under Listing Rule 7.1; shares rank equally with existing shares on issue
PAC Partners Securities Pty Ltd and Xcel Capital Pty Ltd acted as joint lead managers (JLMs). The JLMs will receive a management fee of 2% of gross proceeds and a 4% equity raising fee on funds raised by the JLMs, plus 10,000,000 CC9O options subject to shareholder approval. Consultants will receive 3,550,000 CC9O options for services provided, including 450,000 to Non-Executive Director Mr Phil Nolis.
Net proceeds will be allocated as follows:
| Use of Funds | Purpose |
|---|---|
| Nigerian acquisition completion and licence costs | Advance the Nigerian portfolio acquisition and associated licensing |
| Exploration outside the partner-funded program | Fund Chariot-directed exploration activity |
| Partial repayment of the GAM secured loan | 30% of net equity proceeds directed to loan repayment |
| Corporate, administration and offer costs | General company operations and offer expenses |
What the C&D term sheet means for Chariot investors
One of the more consequential elements of the current strategic picture is the term sheet signed with C&D (Hainan) Co., Ltd, Hong Kong ZhongNuo Energy Limited, and C&C Minerals Limited. For investors, the significance lies in how the proposed drilling programme is structured: it is partner-funded, meaning the exploration costs are expected to be borne by the counterparties rather than by Chariot. That structure reduces the financial burden on Chariot during a critical early-stage period.
The term sheet also references potential trial-mining of direct shipping ore (DSO). DSO refers to ore that is of sufficient grade to be shipped without requiring processing or beneficiation, which can shorten the path to near-term revenue if trial-mining proceeds.
It is important to note that the 240,000 tonnes of DSO referenced in the term sheet is a contractual maximum only. It is not a production target or forecast, as explicitly stated in Chariot’s ASX announcement dated 18 August 2026. Investors should not interpret this figure as a committed output.
This placement funds Chariot’s own corporate and exploration activities alongside the partner programme, not the partner-funded drilling itself.
Chariot’s Nigerian and US lithium portfolio at a glance
Chariot is building a dual-geography lithium portfolio spanning Nigeria and the United States. Its project pipeline includes:
Nigeria (proposed acquisition — not yet completed):
- Four project clusters: Fonlo, Gbugbu, Iganna and Saki
- Located in Oyo and Kwara states
- Approximately 257.1 square kilometres; eight exploration licences and three small-scale mining leases
- History of artisanal lithium mining across the tenure
The four project clusters spanning Oyo and Kwara states have geological credibility behind them, with the high-grade lithium discovery in Nigeria tied to pegmatite mineralisation consistent with the artisanal mining history across the tenure.
United States:
- Black Mountain Project (Wyoming) — prospective for hard-rock lithium
- Resurgent Project (Nevada and Oregon) — prospective for claystone lithium
- Additional hard-rock and claystone lithium pipeline exposure through Chariot’s interest in Mustang Lithium LLC
A key point for investors is that the Nigerian acquisition is not yet completed. Chariot should not be characterised as holding full ownership of the Nigerian portfolio at this stage.
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What’s next for CC9
The immediate near-term calendar is anchored by settlement on 22 September 2026 and ASX quotation of the new shares expected on 23 September 2026. Shareholders will also be asked to approve the issuance of CC9O options to the JLMs, consultants, and Mr Phil Nolis at an upcoming general meeting.
Beyond these corporate milestones, the company anticipates strong news flow following execution of the term sheet with C&D, ZhongNuo, and C&C Minerals — though this remains anticipated rather than guaranteed. If the partner-funded programme advances as proposed, Chariot’s Nigerian portfolio could enter a more active operational phase over the coming months.
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