Pantera Minerals Limited (ASX:PFE) (“Pantera” or the “Company”), today announced a significant expansion of its Superbird Lithium Brine Project, with the total leased acreage now surpassing 9,440 acres. This growth marks an impressive 77% increase since Pantera's strategic investment in Daytona Lithium Pty Ltd (“Daytona Lithium”).
Key highlights from the announcement include:
-
Continued Growth in Acreage: Daytona Lithium, in collaboration with Pantera, continues to expand its footprint in Southwest Arkansas, heralded as America's burgeoning lithium super-highway. With the backing of an exclusive abstract area spanning over 50,000 acres, Daytona has recently added 1,024 acres to its portfolio, reflecting a 12% growth within the last 20 days alone.
-
Strategic Investment: The partnership between Pantera and Daytona Lithium has proven fruitful. Pantera has solidified a 35% project interest in the Superbird Project through a $2 million convertible note facility. This collaboration has facilitated Daytona's accelerated acreage expansion, particularly by drawing down on the convertible note facility.
-
Exploration and Analysis: Daytona Lithium has taken proactive steps to understand the potential of its vast landholding, commissioning an independent entity to craft a comprehensive lithium exploration target. Results are anticipated within the next six weeks.
-
State Support: The ambitious drive towards harnessing the power of lithium hasn't gone unnoticed at the state level. Governor of Arkansas, Sarah Huckabee Sanders, emphasized Arkansas' vision to be at the forefront of North America's battery supply chain development, expressing the state's ambition to be recognized as the “lithium capital of America.”
-
Strategic Positioning: Demonstrating Daytona Lithium's commitment to excellence, the company is not only increasing its land position adjacent to giants like Exxon Mobil (NYSE: XOM) but is also aligning its operations in line with renowned names such as Standard Lithium (NYSE: SLI) and Albemarle Corporation (NYSE: ALB).
Upcoming Milestones and News:
-
Pantera is dedicated to keeping shareholders updated regarding notable increases in landholdings.
-
Plans are underway to renegotiate the well re-entry, targeting the assessment of brine grade and flow rates from the ‘Smackover Formation’ within Daytona Lithium's territories.
-
The awaited lithium exploration target is set to be released soon.
-
Engagements with Direct Lithium Extract technology experts are slated to begin shortly.
-
PFE remains keen on expanding its economic and ownership stake in Daytona. However, any potential rise will hinge on successful negotiations and the subsequent green light from regulatory bodies and shareholders.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au
