Nigeria has moved a step closer to strengthening its position in the global race for critical minerals after regulators approved the transfer of additional lithium exploration licences, advancing an Australian-backed acquisition that could eventually support industries ranging from electric vehicles to defence manufacturing.

The latest approvals by Nigeria's Mining Cadastre Office (MCO) represent fresh progress toward Chariot Corporation's acquisition of an 11-mineral-title portfolio from Continental Lithium Limited, reinforcing investor confidence in the country's rapidly growing lithium sector.

Lithium has become one of the world's most strategic minerals, serving as a key component in electric vehicle batteries, renewable energy storage systems, smartphones, artificial intelligence infrastructure and advanced defence technologies.

As countries race to secure reliable supplies, Africa—and Nigeria in particular—is attracting increasing attention from global mining companies.

According to Chariot, the MCO recently 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 build on three exploration licences that had already been transferred, as well as Exploration Licence EL 38574, which received transfer approval in March 2026. Together, they represent another milestone toward completing the acquisition of Chariot's Nigerian critical minerals portfolio.

Beyond the licence transfers, the project has also advanced toward commercial development. Nigeria's Ministry of Solid Minerals Development has accepted applications to convert Small Scale Mining Leases (SSML 36058, SSML 36039 and SSML 42553) into full mining leases. While the conversion remains subject to final regulatory approvals, mining leases would provide the legal framework for future extraction activities once technical studies, environmental approvals, financing and other statutory requirements have been satisfied.

The MCO also granted a second and final two-year renewal of Exploration Licence EL 35506, located in Kaiama Local Government Area of Kwara State, extending its validity from October 15, 2026.

To support the ongoing regulatory process, Chariot increased its convertible shareholder loan to $879,195, with the additional funding earmarked for licence renewals, transfers, mining lease conversions and annual service fees across the portfolio.

The regulatory progress comes as Nigeria intensifies efforts to position itself as a leading supplier of critical minerals. In recent years, the government has introduced reforms aimed at attracting mining investment while encouraging local processing and value addition instead of exporting raw mineral ores.

The strategy reflects growing global demand for lithium, fuelled by the rapid expansion of electric vehicle manufacturing, battery production and clean energy technologies, alongside increasing defence and industrial applications.

Although Chariot's Nigerian assets are still progressing through the regulatory process, the latest approvals mark an important shift from exploration toward potential mine development. If the remaining approvals are secured and the acquisition is completed, the 11-mineral-title portfolio could become another significant addition to Nigeria's expanding pipeline of lithium projects, further strengthening the country's ambitions to emerge as one of Africa's leading suppliers of the strategic mineral.