Chariot Resources (ASX: CC9) has signed a non-binding memorandum of understanding with Fujian Jinjianqiao New Energy Technology to explore cooperation across offtake, funding support and potential in-country processing for Chariot’s Nigerian lithium portfolio.
Jinjianqiao is a China-based lithium trader with operations in Nigeria, reporting about 90,000t of lithium concentrates and ores marketed and distributed in 2025, with volumes projected to double in 2026.
The arrangement is aimed at accelerating a pathway toward production, leveraging Jinjianqiao’s “one-stop” logistics and downstream processing links.
Under the MOU, the companies are considering the sale and delivery of direct shipping ore from one or more projects to a collection point at Sagamu, Nigeria.
Subject to satisfactory due diligence and agreement on terms, Jinjianqiao may select one of Chariot’s four Nigerian projects as a “Selected Project”, with the potential to secure long-term, exclusive priority offtake of spodumene concentrate (or other lithium-bearing products).
Pricing would reference a mutually agreed international index for material of around 5.5–6.2% Li₂O grade.
Funding support and local processing concept
Chariot and Jinjianqiao have also agreed to discuss potential funding support, including credit lines or offtake prepayment financing, to help fund exploration and ultimately development of a Nigerian project.
In parallel, the companies will evaluate the design, construction and operation of a lithium processing plant in Nigeria, intended to upgrade run-of-mine ore into spodumene concentrate.
Chariot noted that meaningful spodumene concentrate production would require drilling and development, definition of a JORC-compliant resource, metallurgical testing, logistics assessments and permitting.
Due diligence, exclusivity window and timing
Jinjianqiao will undertake technical and commercial due diligence, with successful completion a precondition to any binding offtake or investment agreements.
While the MOU is non-exclusive, if a Selected Project is designated the parties intend to enter exclusive negotiations for up to 90 days to finalise definitive agreements.
Chariot added that any binding agreements are not possible until it completes its acquisition of the Nigerian projects, which it expects to complete in Q1 2026.