– Strategic Supply Chain Partnership: Fujian Jinjianqiao New Energy Technology Co., Ltd. and Chariot Resources Ltd have signed a non-binding MOU regarding potential collaboration on Chariot’s Nigerian lithium projects.
– Offtake: The MOU contemplates the possible sale and delivery of ore for direct shipment (DSO) from the projects to a collection point in Sagamu, Nigeria. Upon completion of satisfactory due diligence, Jinjianqiao may seek to agree terms with Chariot for the exclusive long-term purchase of spodumene concentrate (or other lithium-containing products) involving any of Chariot’s four Nigerian projects.
– Potential financing support: Jinjianqiao and Chariot have agreed to discuss lines of credit and advance financing that could support the exploration and development of projects, thereby facilitating the expanded production of the Nigerian projects.
– Nigeria-based processing: Jinjianqiao and Chariot have agreed to evaluate the development of a lithium processing facility in Nigeria to convert ore into spodumene concentrate.
– Strategic Lithium Supply Chain Partner: Jinjianqiao is a China-based lithium trader, with an established sourcing and distribution network from Africa to China. Jinjianqiao sold about 90,000 tons of lithium concentrate and ore in 2025, with volumes expected to double by 2026.
Jinjianqiao’s integrated ‘one-stop’ capabilities in import logistics, processing support, inspection/testing, warehousing and sales, together with strategic partnership connections with downstream processing capabilities, align with Chariot’s objective of rapidly moving its Nigerian projects towards commercialization. Additionally, the MOU expressly considers potential financing mechanisms to support project development and help accelerate a path to production.
Jinjianqiao: company profile
Jinjianqiao is a China-based lithium trading house focused on lithium ores and spodumene concentrate that supports lithium supply chains from Africa to China and has existing operations in Nigeria.
Jinjianqiao will have marketed and distributed approximately 90,000 tons of lithium concentrates and ores in 2025, with volumes expected to double by 2026. Jinjianqiao is positioned as a “one-stop” service partner covering importing, processing, testing, warehousing and sales.
Jinjianqiao’s team brings more than 16 years of experience in lithium mineral selection and operations across the supply chain. Jinjianqiao’s main shareholder also owns a lithium concentrate plant of about 1 million tons and a lithium salt conversion line, strengthening Jinjianqiao’s access to the downstream processing of battery materials. Jinjianqiao’s integrated offering offers miners the opportunity to accelerate commercialization and broaden their market access by providing a streamlined route from the mine to downstream battery supply chains, with the support of established logistics and quality assurance.
Main terms of the MOU
Non-binding
The MOU is not legally binding and does not create any obligation to proceed with a transaction.
Any binding agreement requires separate negotiations and approval.
Although not explicitly stated in the MOU, the execution of any binding agreements under the MOU is not possible until the Chariot completes the acquisition of the Nigerian projects (as announced to the ASX on December 3, 2025).
Chariot expects to complete the acquisition of the Nigerian projects in the first quarter of calendar year 2026.
Purchase agreement
The MOU contemplates the possible sale and delivery of direct shipping ore (DSO) from one or more of the projects to a collection point in Sagamu, Nigeria.
After satisfactory due diligence and subject to negotiations and agreement on terms, Jinjianqiao could potentially select one of Chariot’s four Nigerian lithium projects as a “selected project” for offtake. For the selected project, Jinjianqiao would be able to secure exclusive, priority offtake of spodumene concentrate (or other lithium-containing products) in the long term. Pricing for spodumene concentrate for any future offtake will refer to a mutually agreed index recognized by the international market (for ~5.5-6.2% Li2O grade material).
The production of spodumene concentrate on any scale would require the completion of:
– exploration (including drilling) and development activities;
– definition of a JORC compliant resource;
– metallurgical studies;
– evaluation of toll processing options and ore transport logistics;
– other technical studies; And
– obtaining any necessary permits.
Nigerian lithium processing plant
Chariot will work with Jinjianqiao to evaluate the design, construction and operation of a lithium processing plant in Nigeria. The parties anticipate that the facility will enable on-site processing of run-of-mine ore into spodumene concentrate.
Financing support
The MOU contemplates discussions on possible financing support from Jinjianqiao, including lines of credit or taking advance financing to finance the exploration of the projects and ultimately the development of one of the Nigerian projects.
Due diligence
As part of the MOU, Jinjianqiao will conduct a thorough technical and commercial due diligence on Chariot’s Nigerian projects. Successful completion of the due diligence investigation to the satisfaction of Jinjianqiao is a condition for entering into binding purchasing or investment agreements.
Exclusivity and negotiation period
The MOU is non-exclusive and Chariot remains free to enter into discussions with other parties about its Nigerian projects. However, if Jinjianqiao formally selects a project for offtake (thus designating it as a Selected Project), both parties intend to enter into a period of exclusive negotiations (up to 90 days) focused on that project. During this exclusivity period, Chariot and Jinjianqiao will work together in good faith to finalize definitive agreements, such as a binding offtake contract and any related arrangements.
Term and Termination
The MOU became effective upon signature by both parties and may be terminated by either party with 30 days’ notice. In addition, the MOU automatically ends upon signing of a final agreement.
About Chariot Resources Limited:
Chariot Resources Ltd (ASX:CC9,OTC:CHRTF) (FRA:ZJ5) (OTCMKTS:CHRTF) is a mineral exploration company focused on discovering and developing high-quality surface lithium opportunities, primarily focused in the United States and Nigeria. The company recently announced an acquisition of a Nigerian portfolio of hardrock lithium assets, comprising four project clusters. The projects cover approximately 254 square kilometers and consist of 8 exploration permits and 2 small-scale mining leases. These assets represent one of the largest portfolios of lithium assets in the country, with high-quality surface samples and a history of artisanal lithium mining.
In addition, Chariot has two U.S. nuclear projects and a number of exploration pipeline projects that are majority owned and operated by Chariot.
The US nuclear projects include the Resurgent Project (which is forward-looking for lithium from clay in the McDermitt Caldera) in Nevada and Oregon, US, and the Black Mountain Project (which is forward-looking for lithium from hard rock) in Wyoming, US. The McDermitt Caldera has a defined MRE of over 87 million tonnes LCE and is home to the world-class Thacker Pass project. Initial exploration results from key US projects indicate high-grade lithium mineralization at the surface.
Chariot also has a portfolio interest in certain properties potentially suitable for claystone-hosted lithium, including an estimated NI 43-101 mineral resource of 10.2 million tonnes LCE located in the state of Nevada in the United States through its interest in Mustang Lithium LLC.
Source:
Chariot Resources Limited
Contact:
Shanthar Pathmanathan
Executive Chairman – Managing Director
Chariot Resources Ltd
ir@chariotcorporation.com
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