PERTH, June 6, 2024 – Pantera Minerals Limited (ASX: PFE) is pleased to announce a significant expansion of its lithium brine project in the Arkansas Smackover Formation, a critical development in America's burgeoning lithium sector. The company has successfully acquired an additional 3,700 acres, bringing its total holdings to over 22,270 net acres, marking a strategic milestone toward reaching a target of 25,000 acres.
Highlights of the Expansion:
- Pantera has become the largest acreage holder in the region, second only to major industry players like Exxon, Albemarle, and Equinor.
- The new leases enhance the company’s potential output capacity, aligning with the conceptual framework that anticipates the development of one Direct Lithium Extraction (DLE) production pad for every 6,500 acres, potentially resulting in a cumulative production capacity of up to 16,000 tonnes per annum of lithium carbonate.
- The company has bolstered its position through strategic negotiations, with a notable transaction involving a $125 billion investment by Equinor in adjacent projects, signaling robust confidence in the region's lithium resource potential.
Strategic Developments and Next Steps:
- Pantera has embarked on a comprehensive sub-surface exploration program in collaboration with Schlumberger to pinpoint optimal well re-entry points, with results anticipated within four weeks.
- The company plans to commence drilling and re-entry operations early in Q3 2024, focusing on testing brine grade and reservoir characteristics essential for scalable production.
- The project aims to continue its growth trajectory through further strategic acreage acquisitions and advanced negotiations with various stakeholders.
Commenting on the new leased acres, Executive Chairman Barnaby Egerton-Warburton said:
“This is an outstanding result as we continue to lease in the United States New Lithium Heartland, the Smackover Play Arkansas. Our exclusive abstract agreement continues to allow us to lease with little to no competition as our focus moves towards drilling, exploration and resource definition. I also note the further validation of the Smackover Lithium Brine Play with the entry of Norway’s Equinor, a world class leading energy company”.
Contact details:
Jane Morgan