EnergyX acquires Smackover lithium mineral deposit from Pantera
Published by Will Owen,
Editor
Global Mining Review,
Energy Exploration Technologies, Inc. (EnergyX) has entered into a binding agreement to acquire Daytona Lithium Pty Ltd, a wholly owned subsidiary of Pantera Lithium Ltd, for AUS$40 million.
This landmark transaction secures full ownership of the approximately 35 000 gross acres of Smackover lithium brine resources in Arkansas, US, adding to EnergyX’s existing 12 500 acre Texas position. Now with a total of nearly 50 000 acres in the Smackover, EnergyX aims to reinforce its dominance in North America’s most promising lithium region and accelerate its mission to establish a secure, sustainable US battery supply chain.
This acquisition builds on the momentum of EnergyX’s Project Lonestar™, located in Northeast Texas of the Smackover Formation, which is designed to produce 50 000 tpy of lithium hydroxide by 2030, with a first phase of 12 500 tpy by 2028. EnergyX owns rights to 330 acres of recently cleared land near the Red River Army Depot to build its lithium mega refinery. The company has already had samples of lithium from its pilot plant in Austin, Texas, qualified by cathode customers.
Now with a solid resource footprint for Project Lonestar, EnergyX will vertically integrate its proprietary LiTAS® Direct Lithium Extraction (DLE) technology platform to produce low cost lithium for its growing customer base. EnergyX can unlock unprecedented efficiencies in lithium production, leveraging its patented technology portfolio to achieve faster extraction, higher recovery rates, and reduced environmental impact.
Under the terms of the binding agreement executed on 4 July 2025, EnergyX will acquire 100% of the issued shares of Daytona Lithium for a total consideration of AUS$40 million, comprising of:
- AUS$6 million in cash, payable in three instalments.
- AUS$34 million in EnergyX common stock, priced at US$9.50 per share (equivalent to AUS$14.50 as of 4 July 2025), representing 2 344 828 shares to be issued to Pantera.
Pending diligence and Pantera shareholder approval, the transaction is expected to be complete in 3Q25.
Supported with engineering services from Worley, a global leader in lithium engineering, procurement, and construction, this acquisition amplifies EnergyX’s capacity to drive US lithium production, reducing dependence on foreign sources and strengthening national energy security. The integration of EnergyX’s LiTAS platform, which combines adsorption, solvent extraction, and selective membrane technologies, ensures that the Project Lonestar will achieve industry-leading recovery rates and cost efficiencies, setting a new standard for sustainable lithium production.
Teague Egan, EnergyX CEO and Founder, commented:
“This acquisition by EnergyX of 35 000 acres of lithium assets from Pantera represents a transformative milestone as we continue to redefine the global lithium supply chain.
“By vertically integrating a world class lithium resource with our advanced LiTAS DLE technology platform, we will accelerate our roadmap in building Project Lonestar to become a full-spectrum, low cost lithium producer. EnergyX is now poised to deliver a scalable, sustainable lithium supply to major EV makers, battery cell manufacturers, and cathode makers from our production facilities in the Americas. 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.”
Barnaby Egerton-Warburton, Pantera Executive Chairman, said:
“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.This deal allows Pantera to retain strong exposure to the Smackover Play – now the most sought-after lithium province in the US – while also gaining exposure to EnergyX’s large-scale Black Giant Project in Chile, which is well advanced and targeting production in 2027.
“Overall, by aligning Pantera’s Smackover Project with this powerhouse, we’ve created a synergistic platform that connects one of North America’s most prospective lithium brine basins with EnergyX’s advanced extraction tech and downstream ambitions. The transaction delivers immediate capital, operational momentum, and a long-term strategic relationship that could see Pantera own a cornerstone of the North American lithium supply chain.”
Read the article online at: https://www.globalminingreview.com/mining/09072025/energyx-acquires-smackover-lithium-mineral-deposit-from-pantera/