Resources Top 5: Chariot races to the front in new African lithium hot spot

• CC9 has gained a majority stake in a Nigerian hard-rock lithium portfolio
• Aircore drilling results from YRL at the Caladan target demonstrate gold discovery potential
• DY6 Metals is extending a reconnaissance program at Central Rutile Project in Cameroon

Your standout small cap resources stocks for Thursday, July 10, 2025

Chariot Corporation (ASX:CC9)

Chariot Corporation raced ahead 40% to 7.7c in morning trade on gaining a majority stake in a Nigerian hard-rock lithium portfolio, a move set to make it a front-runner in a new African lithium hot spot.

Although the price eased back to 7c as the trading day progressed, the signs are positive for CC9 with a lithium market revival appearing to be a case of when and not if.

Encouragingly, Nigeria’s lithium-bearing pegmatites have the same Late Proterozoic (Pan-African) LCT geology as the Borborema Pegmatitic Province (BPP) in northeast Brazil, of similar age to that country’s renowned Lithium Valley.

As with Brazil, many of Nigeria’s pegmatite belts were historically and currently mined for tin and columbite-tantalite and semi-precious gemstones, indicating potential for highly fractionated, lithium-rich LCT pegmatite systems.

These factors have seen Nigeria emerge as one of the continent’s fastest-growing lithium regions and Chariot’s highly prospective hard-rock lithium portfolio covers 254sqkm across Oyo and Kwara states.

Lithium-bearing pegmatites have been identified across all four projects – Fonlo, Gbugbu, Iganna and Saki – including up to 6.59% Li2O from rock chip sampling. And pårojects remain undrilled, presenting exploration upside.

Chariot Corporation (ASX:CC9) will acquire 66.7% via a joint venture with early-stage Nigerian mining company Continental Lithium – which will hold the remaining 33.3%. The consideration is US$1.5m in cash and 42m shares, plus CC9 will fund a minimum of US$10m for the JV.

The move provides exposure to the rapidly developing Africa-China lithium supply corridor with growing interest from Chinese buyers for offtake from Nigerian lithium miners.

Looking forward, the company will target along-strike and depth extensions of known pegmatites, as well as new pegmatite discoveries within the licence areas with systematic mapping, trenching and drilling.

Chariot has also entered a binding working capital facility agreement with GAM Company Trust for an unsecured loan facility of $880,000 to refinance its convertible note facility with Obsidian Global GP.

This strengthens the company’s balance sheet and supports its ongoing exploration and operations.

Yandal Resources (ASX:YRL)

Investors responded strongly to positive aircore drilling results from Yandal Resources at the Caladan target in WA which demonstrate gold discovery potential with a mineralised structure at least 800m long, sending shares as much as 92.31% higher to 17.5c.

Caladan results of up to 11m at 2.1 g/t gold from 90m, including 7m at 3.1 g/t from 92m, and 12m at 1.1g/t from 45m, including 2m at 3.2g/t from 45m and 1m at 2.5g/t from 53m, suggest along-strike mineralisation continuity within the Arrakis prospect.

Caladan remains open to the southeast and northwest within the broader northwest-trending, 3km-long Arrakis regolith anomaly, part of Ironstone Well-Barwidgee Gold Project, 60km south of the Jundee mining complex and 18km north of the recent Siona discovery, within the Yandal Greenstone Belt. 

The Caladan aircore program is ongoing with 100 holes for 10,200m of a designed 125 holes for 12,500m now drilled and with completion is expected within the next two weeks.

Results for the first 16 holes have been received, with further results from the program expected in the coming weeks and months.

“To intercept mineralisation of this tenure within a first-pass aircore drilling across three consecutive 400m spaced lines is a significant early-stage success, which should not be understated,” YRL managing director Chris Oorschot said. 

“We are also observing very similar geology associated with mineralisation across all three lines, suggesting we may be dealing with a single continuous mineralised structure. 

“From a targeting perspective, the results add strength to the thesis that the more than 3km-long low-level regolith gold anomaly that defines the Arrakis prospect reflects a primary mineralised structure at depth. 

“These results significantly de-risk the Arrakis prospect and broader Caladan target area from a geological perspective. 

“The current aircore program is testing the full length of the Arrakis Prospect; there is ample opportunity for further positive results ahead of us as the company continues its pursuit of a large-scale gold discovery within the Yandal Greenstone Belt.”

DY6 Metals (ASX:DY6)

Buoyed by the success of neighbours Peak Minerals at the adjacent Afanloum licence where high-grade heavy minerals were returned in recent drilling, DY6 Metals (ASX:DY6) has moved to extend a reconnaissance program at Central Rutile Project in Cameroon.

Drill teams are being mobilised for rapid execution of a 24-hole hand auger drill program in the Nsimbo and Alamba licences.

The objective is to assess the geological continuity and potential extension of mineralisation encountered by Peak on Afanloum, just north of the Nsimbo licence.

Results from surface included 7m at 5.1% HM, 7m at 4.5% HM, 4.7m at 5.2% HM and 3m at 6.7% HM.

DY6, which believes mineralisation extends onto Nsimbo and Alamba licences, rose as much as 39.13% to a two-year high of 32c.

“Although the next step is to launch a project-wide regional soil sampling campaign (and this is still very much the plan), we have decided to rapidly mobilise field drilling crews to assess the northern portions of Nsimbo and Alamba licences,” technical consultant Cliff Fitzhenry said.

Prospech (ASX:PRS)

Metallurgical testwork continues on REE samples from Korsnäs project in western Finland as Prospech seeks to strengthen the economic case for extracting strategic light REEs from a stockpile and related sources, including tailings facility and underlying hard-rock resource.

Last week the company collected a 500kg sample of mineralised material from the historic Lanthanide Concentrate Stockpile for testwork programs in Finland and Australia.

In Finland, tests are part of the EU-funded REMHub consortium and a 200kg sample has been dispatched to Oulu University for characterisation, flotation and REE leaching test work.

The balance is being sent to commercial laboratories specialising in REE processing in Australia for parallel studies designed to optimise the extraction and purification pathways.

This involves a two-stage bench-scale metallurgical test work campaign on the 300kg bulk sample of LnCS grading about 2.55% TREO.

Tests aim to establish a viable processing flowsheet, understand impurity deportment and support the economic case for extracting strategic light rare earths – particularly neodymium, praseodymium and samarium.

Lakes Blue Energy (ASX:LKO)

After receiving final regulatory approvals to begin drilling at Wombat-5 Well in Gippsland, Victoria, Lakes Blue Energy closed at $1.34, a lift of 48.89% on the previous close.

Condor Rig #1 is on schedule for mid-July mobilisation to the Wombat-5 site at Lakes’ wholly-owned Wombat Gas Field and preparation works are nearing completion for the July 31, 2025, spud date.

Wombat-5 is designed to test gas production from the upper Strzelecki Formation and has independently assessed potential of up to 10 TJ1/day.

Lakes holds a combined 2C contingent resource of 719 PJs across Wombat and adjacent Trifon-Gangell fields.

Subject to successful drilling, the company believes these fields have the potential to deliver near-term supply into the east coast gas network, significantly easing impending Victorian gas shortages as forecast shortfalls emerge from 2026.

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Chariot Corporation and DY6 Metals are Stockhead advertisers, they did not sponsor this article.