LAGOS, NIGERIA / ACCESS Newswire / July 17, 2025 / Continental Lithium Limited ("Continental," or the "Company"), a wholly owned subsidiary of Continental Critical Minerals, Inc., a leading mining and trading company out of Nigeria focused on the exploration, mining, trading, and exporting of solid mineral ores, including lithium, tin, columbite-tantalite, zircon sand (brown), and monazite to the U.S., Europe, and Asia, today announced the formation of a strategic joint venture with ASX-listed Chariot Corporation Ltd to advance a portfolio of highly prospective hard rock lithium assets across Nigeria's Kwara and Oyo States.
"This partnership represents a major inflection point for Continental," said Pierce Carson, CEO of Continental Critical Minerals. "By aligning with Chariot, a partner with deep capital markets expertise and a global track record in critical minerals, we are well-positioned to fast-track the exploration and potential development of Nigeria's most promising lithium assets. This JV not only enhances value for our shareholders but also strengthens our commitment to sustainable and inclusive growth in Nigeria."
"This transaction is a major milestone for Continental Lithium and the Nigerian mining sector," said Lanre Afebuameh, CEO of Continental. "It brings together world-class technical and financial capabilities with deep local knowledge-creating a platform not just for resource development, but for long-term economic value within Nigeria. We believe this partnership validates the quality of our assets and demonstrates that Nigeria is ready to compete on the global stage in the energy transition economy."
Transaction Highlights:
Continental secures a total consideration of US$1.5 million in cash and 42 million Chariot shares, subject to certain milestones and conditions, including:
US$500,000 in upfront cash,
24 million shares at closing (12-month escrow),
Deferred consideration of US$1 million and 18 million shares by end of 2026 (also under 12-month escrow).
Chariot commits to a minimum investment of US$10 million over a staged exploration and development program during a free-carry period ending upon the earlier of US$50 million in JV revenue or end of 2030.
Continental to play a strategic co-management role, leveraging its deep local experience, strong regulatory relationships, and proven operational capabilities.
Project portfolio includes the Fonlo, Gbugbu, Iganna, and Saki clusters, with verified lithium-bearing pegmatites, strong artisanal mining history, and surface sample results up to 6.59% Li2O.
Unlocking One of Africa's Most Promising Lithium Belts
This landmark transaction represents one of the largest consolidated lithium landholdings in Nigeria, spanning approximately 254 km², and positions the JV to become a leading player in West Africa's emerging lithium sector.
The JV portfolio benefits from strong existing infrastructure, with year-round road access and proximity to the Port of Lagos and the national power grid. Nigeria's regulatory reforms and increasing investment in lithium processing facilities-driven by growing demand from Chinese offtakers-add further momentum to this emerging lithium corridor.
Under the terms of the binding Share Sale Agreement executed earlier this month, Continental will transfer 100% of its interest in a suite of eight Exploration Licenses (ELs) and two Small-Scale Mining Leases (SSMLs) into a newly formed Nigerian entity, C&C Minerals Limited, which will serve as the joint venture vehicle. Upon completion, Chariot will hold a 66.7% interest in C&C Minerals, with Continental retaining the remaining 33.3%.
Looking Ahead
The JV will commence immediate geological mapping and surface sampling across all project areas, with drilling programs planned for the Fonlo and Gbugbu clusters in Q4 2025. Maiden JORC resource estimates and feasibility studies are expected in 2026, forming the basis for downstream development strategies, including potential local beneficiation and offtake agreements.
"This joint venture allows us to accelerate value creation with minimal dilution to our shareholders," said Ronald Onosode, Chief Operating Officer of Continental. "With Chariot funding the first $10 million in exploration and development, we are uniquely positioned to unlock the potential of this portfolio while retaining meaningful exposure to the upside. It's a rare structure that lets us move aggressively without compromising our long-term ownership."
Continental Critical Minerals remains committed to its vision of becoming a fully integrated global supplier of critical minerals as it continues to advance its flagship Kwara-Oyo Lithium Project, its Plateau State tin and REE assets, and zircon-monazite development in Nassarawa State-targeting mineral markets that collectively represent a more than US?$40?billion annual global opportunity, with strong growth projected over the coming decade as demand accelerates across energy storage, electronics, advanced manufacturing, and clean technology supply chains.
About Continental Critical Minerals
Founded in 2017, Continental commenced small-scale mining in collaboration with artisanal miners in 2018. Over the last six years, the underlying assets acquired by Continental have produced concentrates of lithium (spodumene), columbite, zircon sand, and monazite containing rare earth elements. The Company has plans to develop its lithium and critical mineral assets and substantially increase its production for export to the U.S., Europe, and Asia. Continental controls 34 minerals licenses covering 787 square kilometers (194,570 acres) acquired from the Nigerian Mining Cadastre Office. Learn more at https://continentalcriticalminerals.com/.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company's actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to risks and uncertainties, many of which are beyond the Company's control. The words "believe", "may", "will", "should", "would", "could", "continue", "seeks", "anticipates", "plans", "expects", "intends", "estimates", or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.
Investor Contact:
RedChip Companies Inc.
Dave Gentry
1-800-RED-CHIP (733-2447)
or 1-407-644-4256
dave@redchip.com
SOURCE: Continental Lithium Limited
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/metals-and-mining/continental-lithium-announces-strategic-joint-venture-with-chariot-corporation-to-1049741
