Resources Top 5: Chariot rises as lithium awakes from slumber

• CC9 makes positive moves as lithium markets improve
• EG1 strengthens gold portfolio on gaining Queens and Mt Monger projects
• Increasing global interest in nuclear energy benefitting Orpheus Uranium

Your standout small cap resources stocks for Friday, September 26, 2025

Chariot Corporation (ASX:CC9)

As the lithium market shows signs of awakening from its slumber, Chariot Corporation (ASX:CC9) is among a suite of ASX-listers seeing light at the end of the tunnel.

With projects in Nigeria and in the US, where the government remains extremely supportive as it builds domestic critical minerals supply chains, Chariot has risen more than three-fold since closing at 10c on September 4.

Today, the company jumped 80.6% to a 12-month top of 32.5c, moving another few steps on a quarterly climb from 5.3c on July 1.

While recent activity has been focused on its Nigerian lithium projects, CC9 remains hugely interested in its Horizon and Resurgent projects in mining-friendly Nevada.

Horizon covers more than 19,358 acres and is adjacent to American Lithium Corporation’s TLC project and American Battery Technology Company’s Tonopah Flats project. It has an indicated resource of 1.3Mt LCE and inferred resource of 8.8Mt LCE with upside for resource expansion and definition.

It is suitable for low-cost and sustainable mining while having access to highways, electrical, rail and gas infrastructure.

The Nigeria-focused portfolio of hard-rock lithium assets consists of four project clusters in Oyo and Kwara states which cover about 254km2 and represent one of the country’s largest portfolios of lithium assets.

They establish Chariot’s presence in the rapidly expanding Africa-China lithium supply corridor.

Although China dominates the downstream EV battery supply chain, it remains heavily reliant on a limited number of lithium producers primarily in Australia, Chile and Argentina. 

Recognising this supplier dependence and concentration of geo-political risk, Chinese lithium buyers have been active in securing supply from Africa where Nigeria has emerged as one of the continent’s fastest-growing lithium regions.

Another key step for the company has been the appointment of seasoned explorer Brendan Borg to its leadership team as an independent non-executive director.

Borg, who has more than 25 years of experience in management, operations and project development roles across mineral exploration and mining, brings experience in West Africa’s lithium space.

He was part of Leo Lithium’s (ASX:LLL) leadership team that guided that company to sell its remaining 40% interest in Goulamina lithium mine in Mali to China’s Ganfeng Lithium for US$342.7m.

CC9 MD Shanthar Pathmanathan has been appointed executive chairman and will lead the board while overseeing day-to-day management.

Evergreen Lithium (ASX:EG1)

Completing the acquisitions of Golden Manifesto (GMPL) and Trumpeter Resources has enhanced the gold portfolio of Evergreen Lithium (ASX:EG1)  and shares jumped 50% to 5.1c. 

It results in EG1 gaining the Queens gold project from GMPL and the Mt Monger gold project from Trumpeter.

Both are in premier WA gold territories and excellent infrastructure, including sealed roads, grid power and proximity to processing plants.

Following an extensive review of gold assets, Evergreen’s board identified the two projects as standout opportunities to enhance its gold strategy. 

In late August Evergreen entered into a share sale agreement to acquire 100% of the issued capital of GMPL, which has options with Eldon Stone and EDJV Pty Ltd to acquire:

• one exploration licence and five prospecting licences from EDJV; and
• three prospecting licences from Eldon Stone.

GMPL also holds exploration licence application E37/1592.

The EDJV tenements, ES tenements and GMPL tenement comprise the Queens project.

At that time EG1 also entered into a share sale agreement to acquire Trumpeter. 

That company is a party to a non-binding indicative offer agreement with Metallium (ASX:MTM) for the right to enter into an option agreement within three months from July 23, 2025, to acquire nine tenements in the Mt Monger gold project.

EG1 has completed the key components of these acquisitions and is well on the way to finalising the remainder.

“Bedding down the right to acquire the Queens and Mt Monger Gold Projects has the potential to establish Evergreen as a key player in two of Western Australia’s most prolific gold regions,” EG1 chairman Simon Lill said.

“With access to nearby processing infrastructure, Evergreen is poised to fast-track exploration, and intends to start with drilling at Craig’s Rest and Mt Monger to increase confidence in the estimated inventory and evaluate development pathways, following exercise of the relevant options.”

Orpheus Minerals (ASX:ORP)

Increasing interest in nuclear energy at a global level is pushing demand for more uranium and Orpheus Minerals (ASX:ORP) is an ASX-listed junior looking to help provide supply.

In the past 18 months, Orpheus has established itself as a leading uranium-focused explorer with projects in the proven mining jurisdictions of South Australia and the Northern Territory. 

The company continued to develop its portfolio of prospective uranium licences with the acquisition of the highly prospective Pirie Basin project in South Australia, which was completed in late August.

Pirie Basin gives ORP a presence in South Australia’s three most prospective uranium basins and with this foothold, the company is evaluating opportunities in what it believes are underexplored provinces and districts.

Orpheus is also looking to diversify by stage – balancing conceptual prospects, drill-ready targets and near-term development opportunities. 

This balance will reduce the overall portfolio risk and secure a strong pipeline of targets for the company into the future and means that Orpheus will maintain its position as one of Australia’s top uranium explorers.

Aurora Energy Metals (ASX:1AE)

The proposed merger by Eagle Energy Metals Corp with Spring Valley Acquisition Corp has been welcomed by Aurora Energy Metals (ASX:1AE).

If completed, the merger will result in Eagle becoming a publicly listed uranium and nuclear energy company on Nasdaq under the name Eagle Nuclear Energy Corp. 

This would represent a major step forward in the development pathway for the Aurora uranium project (AUP), in Oregon, which hosts the USA’s largest mineable, measured and indicated uranium deposit.

Aurora previously entered a binding option agreement with Eagle for the acquisition of Oregon Energy LLC, the wholly-owned Aurora subsidiary that holds the AUP. 

A successful listing of Eagle triggers the issue of US$16 million in Eagle shares to Aurora. Additional consideration remains payable upon the achievement of agreed milestones, along with a 1% Net Smelter Royalty (NSR) on future uranium production.

AUP’s MRE totals 107.3Mt at 214ppm U3O8 for 50.6Mlb U3O8, including a measured resource of 59.5Mt at 251ppm U3O8 for 32.9Mlb and indicated resource of 21.4Mt at 184ppm for 8.7Mlb.

Australian Mines (ASX:AUZ)

(Up on no news)

Drilling in Brazil and Australia is set to provide Australian Mines (ASX:AUZ) with a steady stream of news in the next few months and shares have hit a 12-month high of 2.1c.

Also supporting the increase has been independent testing by the US Department of Energy’s Hydrogen Materials Advanced Research Consortium (HyMARC) on AUZ’s metal hydride hydrogen storage tech, MH-May24.

The tests validated key performance metrics, showing the material can repeatedly absorb and release hydrogen – a critical trait for long-term storage. 

Results were in line with what the company had already flagged – up to 5.2% hydrogen absorption under controlled conditions, quick uptake at lower temps and steady multi-hour release.

Auger drilling is expected shortly at the Flemington scandium project in NSW to test potential extensions of the JORC resource and evaluate a previously untested area.

At Boa Vista gold project in Brazil the company has planned a 3000m diamond drilling program targeting strike extensions and high-grade zones. 

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