Pantera Minerals Limited (ASX: PFE) has entered into a binding implementation agreement with Daytona Lithium Pty Ltd for the purchase of 100% of the issued shares in Daytona Lithium, for a total consideration value of A$6,384,000.
The acquisition will be supported by a two tranche Placement of 40,000,000 shares at A$0.05 per share to raise A$2M, with an attaching option on a 1-for-2 basis, at a strike price of A$0.10, with a three-year term, to fund the Superbird Lithium Project’s continued acreage acquisition, project exploration and development as well as its current projects.
CEO, Matt Hansen, said, “The acquisition of Daytona Lithium marks an important milestone for the company. For over 100 years, the Smackover Formation in Southern-USA has played an important role in America’s conventional energy economy, moreover, its well-known geology, straightforward permitting, and existing infrastructure make it a prime area for Pantera to develop its lithium brine project.”
The acquisition strengthens Pantera’s dominant acreage across Arkansas’ ‘Smackover Formation’, with 10,319 acres under lease, and a further 9,000 acres under negotiation.
Further, the ‘Smackover Formation’ is recognized as a globally significant lithium region, featuring prominent participants in the lithium brine industry, with major lithium brine players including Exxon Mobil (NYSE: XOM), Standard Lithium (NYSE: SLI), and Albemarle Corporation (NYSE: ALB) holding projects adjacent to Pantera.
The company has stated that importantly, southwest Arkansas is home to the only large-scale, continuously operating Direct Lithium Extraction (DLE) plant in North America, boosted by the entrance of Exxon Mobil. The Exxon Mobil project is directly adjacent to Pantera’s lithium brine acreage, with Exxon Mobil announcing their plans for first lithium production by 2027.
“With the US turning its attention to the region to produce the critical minerals needed for the EV and battery revolution through production of its lithium rich saltwater brine, the company is walking in the valley of giants, directly competing with Exxon Mobil, Standard Lithium and Albemarle for access to the best ground in the region,” added Mr. Hansen.
To find out more, please visit www.panteraminerals.com
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