Pantera Minerals signs rig agreement for first well re-entry at Smackover Lithium Brine Project

Pantera Minerals Limited (ASX:PFE) has signed a Master Services Agreement with Production Services Inc for a workover rig at its Smackover Lithium Brine Project in Arkansas, USA. The agreement marks the commencement of the initial well work, expected to begin in mid-October, with the re-entry scheduled for late October. The re-entry well test aims to deliver brine samples across the upper Smackover to generate lithium grade, providing valuable data for resource definition and the potential location for a pilot plant in 2025.

Executive Chairman's Commentary on First Well Testing

The Company is extremely excited with the imminent testing of lithium brine grade at its Arkansas Smackover Lithium Brine Project. With the contracting of a work-over rig, we are now in the final stages of preparation for our first well. The Company believes the Australian market place is not correctly valuing the potential upside of the Company's project, but is aware of many corporate eyes on the Company, its project and its progress. The Company continues to see aggressive leasing surrounding its exclusive abstract area and now sees its position surrounded by both large listed and privately funded groups.

Project Outlook and Strategic Positioning

Pantera Minerals' signing of the rig agreement with Production Services Inc marks a significant milestone in the advancement of its Smackover Lithium Brine Project. The re-entry well test is expected to provide the most accurate information to date, enabling the company to update its exploration target and gather valuable data for resource definition. The company's strategic positioning in the Smackover Formation in South-West Arkansas, alongside other industry leaders, presents a promising outlook for the project's growth and potential. With discussions underway for a pilot plant test in 2025 and the acquisition of additional acreage, Pantera Minerals is poised for further development and expansion in the lithium brine market.