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Pantera Minerals (ASX: $PFE) acquires 100% of Daytona Lithium in Arkansas' Smackover lithium field

Pantera Minerals acquires Daytona Lithium in strategic move


Pantera Minerals Limited (ASX: $PFE) has entered into a Binding Implementation Agreement with Daytona Lithium Pty Ltd for the acquisition of 100% of the issued shares in Daytona Lithium for a total consideration value of $6,384,000. The acquisition will strengthen Pantera's dominant acreage across Arkansas' 'Smackover Formation', positioning the company to develop its lithium brine project in the epicentre of the USA lithium brine industry.

Executive Commentary on Daytona Lithium Acquisition


The acquisition of Daytona Lithium marks an important milestone for the Company. 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. In the near-term, we look forward to drilling wells and gathering samples to produce a Resource and develop our knowledge of the extensive, porous, and permeable limestone aquifer, which is host to the lithium rich brine. Longer term, the Company has access to the technology that can extract lithium with fewer carbon emissions forming part of the industry that will strengthen supply security for the companies investing in EV and battery manufacturing facilities in North America. The Company also warmly welcomes Mr. Tim Goldsmith to the project team, Tim was the CEO of Rincon Mining Pty Limited, one of the most advanced DLE lithium-brine companies globally and was responsible for the sale of Rincon to Rio Tinto for US$825 million. He also undertook a complete review of available DLE technology and was instrumental in directing Rincon's Project Development Team.

Summary of Pantera Minerals' Acquisition of Daytona Lithium


Pantera Minerals' acquisition of Daytona Lithium strengthens its position in the USA lithium brine industry, positioning the company to develop its lithium brine project in the epicentre of the industry. The acquisition is supported by a two tranche Placement of 40,000,000 shares at A$0.05 per share to raise $2 million, with an attaching option on a 1-for-2 basis, at a strike price of A$0.10, with a 3-year term, to fund the Superbird Lithium Project's continued acreage acquisition, project exploration and development as well as its current projects. The Company's 12-month exploration program includes increasing landholding, re-entry of an existing well to test lithium brine concentration, and the purchase of existing 2D Seismic data to facilitate subsurface modelling of the Superbird Project's area of interest. Pantera's Superbird Lithium Project is strategically located in proximity to major lithium brine projects, positioning the company for significant growth in the USA lithium brine industry.

Sourcehttps://announcements.asx.com.au/asxpdf/20231211/pdf/05yf17dm5pvdzz.pdf

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