Energy Exploration Technologies (EnergyX) has signed a binding conditional agreement with Pantera Lithium to acquire its wholly owned subsidiary Daytona Lithium for A$40m ($26.1m).
Daytona Lithium holds all interests of 35,000 acres of lithium mineral leases in the Smackover lithium brine project in the US state of Arkansas through its wholly owned subsidiary, Folsom Point Energy.
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EnergyX will acquire all issued shares of Daytona Lithium for A$6m in cash and A$34m in EnergyX common stock, priced at $9.50 per share, representing 2.3 million shares to be issued to Pantera.
The deal will transfer full ownership of the Smackover project to EnergyX, adding to its 12,500-acre Texas position.
With 50,000 acres under its control in the Smackover project, EnergyX is expected to accelerate its mission to establish a secure, sustainable US battery supply chain.
EnergyX CEO Teague Egan stated: “EnergyX is now poised to deliver a scaleable, sustainable lithium supply to major EV makers, battery cell manufacturers and cathode makers from our production facilities in the Americas.
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By GlobalData“With 50,000 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.”
This move is a strategic expansion from the company’s Project Lonestar, which aims to produce 50,000 tonnes per annum (tpa) of lithium hydroxide by 2030.
EnergyX’s Project Lonestar, located in northeast Texas, is designed to commence with a first phase of 12,500tpa by 2028.
The acquisition supports EnergyX’s plans to vertically integrate its proprietary LiTAS direct lithium extraction (DLE) technology to produce low-cost lithium for its growing customer base.
This technology will unlock unprecedented efficiencies with faster extraction, a higher recovery rate and reduced environmental impact.
Pantera executive chairman Barnaby Egerton-Warburton stated: “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.”
The transaction, subject to due diligence and Pantera shareholder approval, is expected to be completed in the third quarter of 2025.
In July 2024, Pantera Minerals expanded its lithium brine project in Arkansas by an additional 3,728 acres – a 16.7% increase in its total acreage.
