Nigeria Approves More Lithium Exploration Licence Transfers as Australian Firm Advances Critical Minerals Acquisition
Nigeria has taken another step toward strengthening its position in the global critical minerals market after regulators approved the transfer of additional lithium exploration licences, advancing an Australian-backed acquisition that could support future investment in electric vehicle batteries, renewable energy storage and other high-tech industries.
The latest approvals by Nigeria’s Mining Cadastre Office (MCO) move Chariot Corporation closer to completing its acquisition of an 11-mineral-title portfolio from Continental Lithium Limited, signalling continued momentum for the country’s rapidly expanding lithium sector.
Lithium has become one of the world’s most sought-after critical minerals due to its central role in the production of electric vehicle batteries, grid-scale energy storage systems, consumer electronics and other advanced technologies.
Rising global demand has intensified competition for new supplies, placing mineral-rich countries such as Nigeria in the spotlight.
According to Chariot Corporation, the MCO has approved the transfer of three exploration licences EL 38148, EL 67480 and EL 68365 from Continental Lithium Limited to its Nigerian subsidiary, C&C Minerals Limited, subject to the payment of statutory transaction and registration fees.
The approvals follow the earlier transfer of three exploration licences, as well as the approval of the transfer of Exploration Licence EL 38574 in March 2026, bringing the company closer to completing the acquisition of its Nigerian critical minerals portfolio.
Project Moves Closer to Development
In addition to the exploration licence transfers, the project has progressed toward the next stage of development.
Nigeria’s Ministry of Solid Minerals Development has accepted applications to convert three Small Scale Mining Leases (SSML 36058, SSML 36039 and SSML 42553) into full mining leases.
Although the conversions remain subject to final regulatory approval, mining leases would provide the legal basis for commercial extraction once environmental assessments, technical studies, financing arrangements and other statutory requirements have been completed.
The Mining Cadastre Office has also granted the second and final two-year renewal of Exploration Licence EL 35506, located in Kaiama Local Government Area of Kwara State, extending the licence beyond its previous expiry date and allowing additional exploration work to continue.
To support the ongoing regulatory process, Chariot increased its convertible shareholder loan facility to US$879,195.
The additional funding will be used to cover licence renewals, transfer costs, mining lease conversion fees and annual statutory obligations across the portfolio.
Nigeria Targets a Larger Share of the Critical Minerals Market
The latest regulatory approvals come as Nigeria accelerates efforts to position itself as a major supplier of critical minerals.
The government has introduced a series of reforms designed to attract investment into the mining sector while promoting domestic mineral processing and value addition rather than the export of raw ores.
The strategy aligns with growing global demand for lithium, driven by the rapid expansion of electric vehicle manufacturing, battery production, renewable energy technologies and other industrial applications.
While Chariot’s Nigerian assets are still progressing through the regulatory approval process, the latest developments mark an important milestone in the transition from exploration to potential mine development.
If the remaining approvals are secured and the acquisition is completed, the 11-mineral-title portfolio could become a significant addition to Nigeria’s growing pipeline of lithium projects, further strengthening the country’s ambition to become one of Africa’s leading producers and processors of critical minerals.
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