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Finance Investment, Oil Mining Resources

Pantera Minerals Limited (ASX: PFE) Completes Acquisition Of 100% Of Daytona Lithium

Pantera Minerals Limited (ASX: PFE) 3 mins read

Pantera Minerals Limited (ASX: PFE) ("Pantera" or the "Company") is thrilled to announce the successful completion of its acquisition of Daytona Lithium Pty Ltd ("Daytona Lithium"), marking a significant milestone in the Company's expansion and solidifying its position as the sole listed junior entity within the Arkansas Smackover Lithium Brine play. This strategic move places Pantera adjacent to and on trend with Exxon Mobil’s Lithium Brine project, showcasing the Company's ambitious vision for growth and development in the lithium sector.

The acquisition, which was overwhelmingly supported by Pantera shareholders at the Company’s General Meeting on 15 February 2024, following the announcement of the Binding Implementation Agreement on 11 December 2023, grants Pantera 100% ownership and control over the Superbird Lithium Brine Project. This project is now well on its path to securing 20,000 leased acres, a critical step towards initiating the unitization process.

Arkansas, known for its strategic location in the heart of the United States, offers an exceptional setting for the development of brine projects. The state boasts superior logistics and transportation links, a skilled labor force, and a government that actively supports and promotes industrial growth. These factors, combined with the recent advancements by Exxon Mobil and Standard Lithium in the region, underscore the area's potential as a hub for lithium brine production.

The Superbird Lithium Brine Project, encompassing a 50,000 acre Exclusive Abstract Area, has established a conceptual Exploration Target ranging from 436,000 to 2,966,000 tonnes of contained Lithium Carbonate Equivalent (LCE), based on lithium concentrations between 225 mg/L and 450 mg/L. This estimate highlights the project's potential to become a world-class lithium resource.

Looking ahead, Pantera is focused on advancing the Superbird Project through a series of strategic steps, including the re-entry of an identified well to test brine grade, permeability, and porosity, as well as conducting Direct Lithium Extraction (DLE) tests and acquiring seismic, magnetic, and gravity data to facilitate subsurface modelling. These efforts are aimed at defining clear drilling locations for resource definition wells and continuing the acquisition of additional project acreage.

Pantera Minerals is committed to leveraging this acquisition to enhance its portfolio and deliver value to its shareholders, while contributing to the sustainable development of the lithium industry. The Company looks forward to updating the market on its progress and the further development of the Superbird Lithium Brine Project.

Commenting on the completion of the acquisition, CEO Matt Hansen:

“A major milestone is completed today with finalisation of the Acquisition of Daytona Lithium giving Pantera 100% ownership of the Superbird Lithium Brine Project.

The Superbird Project is an impressive 13,457 acres and growing quickly, achieved through the strategic utilisation of the Exclusive 50,000-acre Abstract Agreement.

With multiple significant acreage positions under negotiation the project is well on its way to securing its first major milestone of 20,000 acres.

“Our lithium project has the potential to enhance supply stability for businesses investing in electric vehicle and battery production plants in North America by offering a final product that is produced in Arkansas and remains in the United States. This makes the project an invaluable asset to these companies and bolsters the critical mineral security of the Unites States.”

Pantera Chairman Barnaby Egerton-Warburton further commented:

“I have recently returned from the Arkansas Lithium Brine conference held in Little Rock Arkansas which included discussions with industry participants and members of the Arkansas State Government. The directors of Pantera are highly encouraged by the support expressed by the Governor of Arkansas Sarah Huckabee Sanders and her team and look forward to playing a major role in establishing the lithium brine industry in the Great State of Arkansas and the USA.”


Contact details:

Jane Morgan

jm@janemorganmanagement.com.au

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