Pantera Lithium Limited (ASX: PFE) is pleased to announce the signing of a binding agreement to sell its wholly owned Smackover Lithium Project in Arkansas, USA, to U.S.-based lithium innovator Energy Exploration Technologies Inc. (EnergyX), in a landmark transaction valued at A$40 million.
The transaction marks a pivotal milestone for Pantera and includes A$6 million in cash payments and A$34 million in EnergyX stock. This strategic deal allows Pantera shareholders to maintain significant exposure to the burgeoning lithium market through its equity stake in EnergyX — a leader in advanced lithium technologies backed by global players including General Motors, POSCO, and Eni.
Key Highlights:
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Sale of 100% of Daytona Lithium Pty Ltd — which holds the 35,000-acre Smackover Lithium Project — to EnergyX.
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Consideration includes A$6 million in staged cash payments and A$34 million in EnergyX common stock, priced at USD $9.50 per share.
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Completion expected by October 2025, subject to standard conditions and shareholder approval under ASX Listing Rule 11.2.
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Pantera to retain exposure to EnergyX's globally strategic lithium projects: Project Lonestar™ (Texas) and Project Black Giant™ (Chile).
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Pantera shareholders may benefit from a future in-specie distribution of EnergyX shares, pending IPO or mutual agreement.
Pantera Executive Chairman, Barnaby Egerton-Warburton, commented:
“This is a game-changing transaction for Pantera. It confirms the significant potential of our Smackover Project. EnergyX, backed by major global players like General Motors, POSCO, and Eni, is a recognised leader in lithium extraction, bringing not only cutting-edge technology, but also deep operational experience and a clear strategic vision that complements our own.
This deal allows Pantera to retain strong exposure to the Smackover play, which is now the most sought-after lithium province in the United States, while also gaining exposure to EnergyX’s large-scale Project Black Giant™ in Chile, a project which is well advanced and targeting production in 2027.
By aligning Pantera’s Smackover Project with this powerhouse, we’ve created a synergistic platform that connects one of North America’s most prospective lithium brine basins with EnergyX’s advanced extraction technology and downstream ambitions. The transaction delivers immediate capital, operational momentum, and a long-term strategic relationship that could see Pantera own a cornerstone of the North American lithium supply chain.
Post the closing of this transaction, Pantera will have the benefit of its exposure to a recovery in the lithium sector as well as the ability to execute on other projects across the precious and battery minerals sectors.
Furthermore, the Company has several active global critical minerals projects that it is currently evaluating, which would be a value add to shareholders, and we look forward to updating the market on these opportunities as they progress.”
EnergyX Founder and CEO, Teague Egan, added:
“This acquisition by EnergyX of 35,000 gross acres of lithium assets from Pantera represents a transformative milestone as we continue to redefine the global lithium supply chain.
By vertically integrating a world class lithium resource with our advanced LiTAS® DLE technology platform, we will accelerate our roadmap in building Project Lonestar™ to become a full-spectrum, low-cost lithium producer. EnergyX is now poised to deliver a scalable, sustainable lithium supply to major EV makers, battery cell manufacturers, and cathode makers from our production facilities throughout the Americas.
With 35,000 acres positioned adjacent to Exxon, Chevron, and Standard Lithium in the Smackover, the race is on to see who will be the first to produce commercial battery grade lithium.”
Shareholder Webinar:
Pantera Chairman Barnaby Egerton-Warburton and EnergyX CEO Teague Egan will host a joint webinar to discuss the transaction and answer investor questions on:
Monday, 14 July 2025
11:30am AEST
Zoom Webinar
Register here
Contact details:
Jane Morgan
[email protected]