Overview of Pantera Minerals' quarterly activities

Pantera Minerals Limited (ASX: $PFE) has reported its quarterly activities for the period ending 31 March 2024. The company continued to increase its landholding at the Pantera Lithium Brine Project in the Smackover formation, Arkansas, USA, with the total current landholding reaching 18,570 acres. Pantera also completed the acquisition of 100% of Daytona Lithium and appointed Mr. Barnaby Egerton-Warburton as Executive Chairman and CEO, and Mr. Tim Goldsmith as Non-Executive Director.

Executive Commentary on Quarterly Activities

The March quarter was an important period for the Company as we continued to expand our landholding at our 100% owned Pantera Lithium Brine Project in the Smackover Formation of Arkansas, USA. With the current landholding now over 18,570 acres and our initial 20,000-acre target in imminent sight, we will begin to move more of our focus to exploration and evaluation whilst at the same time continuing to execute on our leasing strategy over the coming periods. With an exploration target of 0.436 to 2.96 Mt (million tonnes) of contained Lithium Carbonate Equivalent now defined at the Project, we look forward to the upcoming well re-entry to test brine grade and flow rates and further testing of lithium grade and Direct Lithium Extraction (DLE) technology, as we advance towards a Maiden JORC Resource estimate. I would like to thank shareholders for their support and look forward to generating shareholder value from our world-class Lithium Brine Project.

Summary of Quarterly Activities and Outlook

During the quarter, Pantera Minerals expanded its landholding at the Pantera Lithium Brine Project, completed the acquisition of Daytona Lithium, and appointed new executives. The company also successfully completed a capital raise of A$3.45 million, with proceeds to be used for sub-surface interpretation, well re-entry, and further leasing. Pantera's focus for the upcoming period includes sub-surface modelling, well re-entry, and testing of lithium grade, with the aim of advancing towards a JORC Resource and the creation of a unit. The company's exploration activities for the reporting period amounted to approximately A$897,000. Pantera Minerals expects to continue its operations and meet its business objectives based on the responses provided in the quarterly cash flow report.