Pantera Lithium Limited (ASX: PFE), an ASX-listed company focused on mineral exploration, is selling its Smackover lithium brine project in Arkansas, USA, to Energy Exploration Technologies Inc. (EnergyX) for A$40 million. The agreement involves Pantera selling its wholly owned subsidiary Daytona Lithium Pty Ltd, which holds approximately 35,000 gross acres of lithium mineral leases. EnergyX is a US-based lithium technology innovator with operations across North and South America.
The transaction consideration includes A$6 million in cash, paid in three installments, and A$34 million in EnergyX common stock. The cash injection is expected to enhance Pantera’s ability to pursue shareholder value in the mineral and critical mineral sectors. The EnergyX shares will provide Pantera shareholders with continued exposure to the lithium market and EnergyX’s lithium assets in the Americas, including Project Black Giant in Chile and Project Lonestar in Texas.
Pantera’s Executive Chairman, Barnaby Egerton-Warburton, highlighted the deal as a ‘game-changing transaction’ that confirms the potential of the Smackover Project. EnergyX CEO Teague Egan said the acquisition represents a ‘transformative milestone’ for EnergyX, allowing it to vertically integrate a lithium resource with its advanced technology platform. A shareholder webinar is scheduled for July 14th to provide additional information and answer questions.
The transaction is expected to close in early October 2025, subject to shareholder approval and other customary closing conditions. Pantera intends to dispatch a notice of meeting to shareholders in the coming weeks. The company is also actively reviewing several global critical mineral projects to further enhance shareholder value.
