Pantera is thrilled to announce a significant new acreage position at the Superbird Project, located in the heart of America’s new lithium super-highway in Southwest Arkansas. This strategic move underscores Pantera's commitment to expanding its footprint in the lithium exploration and production sector.
Key Highlights:
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Acreage Expansion: Pantera has successfully secured a 35% interest in the Superbird Project through a $2m convertible note facility into Daytona Lithium Pty Ltd (Daytona Lithium). This has been made possible by Daytona Lithium drawing down on the convertible note facility, leading to an increased acreage position.
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Leadership and Expansion: Under the leadership of the newly appointed Daytona Lithium Country Manager, Cleve Thomas, and backed by an exclusive abstract area spanning over 50,000 acres, Daytona Lithium has augmented its land position by a remarkable 58%. This translates to an addition of 3,091 acres, taking the total to 8,416 acres—all achieved in less than four weeks. Furthermore, negotiations are in progress for an additional 7,000 acres.
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Strategic Positioning: Despite facing a fiercely competitive leasing environment, Daytona Lithium has strategically expanded its land position. This expansion is directly adjacent to Exxon Mobil (NYSE:XOM) and is in line with the trend from notable projects by Standard Lithium (NYSE:SLI) and Albemarle Corporation (NYSE:ALB).
Next Steps and News Flow:
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Pantera is committed to keeping its shareholders informed and will provide updates on any significant increases in landholding.
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Efforts are currently underway to determine the potential of generating a lithium exploration target. This initiative will leverage advanced geological and petrophysical data obtained from historical oil & gas exploration and production within the Daytona controlled leased acreage.
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Imminent discussions with Direct Lithium Extract technology providers are on the horizon.
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Scoping is in progress for the initial well location, aiming to test brine flow rates and lithium grade on the leased acreage position.
Commenting on the material increase in acreage, CEO Matt Hansen: “Achieving a 58% increase in its Superbird Project landholding in under four weeks is an extraordinary achievement for Daytona Lithium, led by newly appointed Country Manager Cleve Thomas.
Commenting on the material increase in acreage, CEO Matt Hansen: “Achieving a 58% increase in its Superbird Project landholding in under four weeks is an extraordinary achievement for Daytona Lithium, led by newly appointed Country Manager Cleve Thomas.
Furthermore, with its exclusive abstract arrangement in place Daytona Lithium is primed to continue to grow its acreage position in the ‘Smackover Formation’, which is fast emerging as a hot spot for US lithium production.”
Contact details:
Jane Morgan