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AUSTIN - Energy Exploration Technologies, Inc. (EnergyX) announced today it has entered into a binding conditional agreement to acquire Daytona Lithium Pty Ltd, a subsidiary of Pantera Lithium Limited (ASX:PFE), for A$40 million. Pantera, with a market capitalization of $144.7 billion and strong financial health according to InvestingPro analysis, has maintained consistent growth with a 11.65% revenue increase over the last twelve months.
The transaction will give EnergyX ownership of approximately 35,000 gross acres of Smackover lithium brine resources in Arkansas, adding to its existing 12,500-acre position in Texas. This acquisition will expand the company’s total Smackover holdings to nearly 50,000 acres.
Under the agreement signed on July 4, EnergyX will pay A$6 million in cash through three installments and A$34 million in EnergyX common stock, priced at $9.50 per share. The transaction is expected to be completed in the third quarter of 2025, pending due diligence and Pantera shareholder approval.
EnergyX plans to integrate its LiTAS Direct Lithium Extraction technology platform at the site. The company’s Project Lonestar in Northeast Texas is designed to produce 12,500 tonnes per annum of lithium hydroxide by 2028, with plans to reach 50,000 tonnes annually by 2030.
"This acquisition represents a transformative milestone as we continue to redefine the global lithium supply chain," said Teague Egan, CEO and Founder of EnergyX, in the press release.
Barnaby Egerton-Warburton, Pantera Executive Chairman, stated the deal "confirms the significant potential of our Smackover Project" while allowing Pantera to "retain strong exposure to the Smackover Play."
EnergyX has received strategic investments from General Motors, POSCO, and Eni Next, along with a grant from the U.S. Department of Energy. The company is working with Worley for engineering services on the project.
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