Pantera acquires 100% of Daytona Lithium

Our microcap Investment, Pantera Minerals (ASX: PFE) announced yesterday that it has acquired 100% of Daytona Lithium - which PFE had been working with to rapidly expand its landholdings in the Smackover Formation in south west Arkansas, USA.

The Smackover has become a bustling hub of lithium exploration and development activity in the last couple years as companies capped at many multiples of PFE jostle to advance brine projects in the region, including none other than energy supergiant ExxonMobil.

With PFE’s acquisition of Daytona Lithium, the company now has 100% of the rights to “10,319 acres under lease, and a further 9,000 acres under negotiation”.

All in an area that is immediately next door to ExxonMobil’s lithium project in the Smackover:

Previously, ExxonMobil had announced its intention to produce lithium out of the project by 2027, providing enough of the battery metal to power over 1M EVs per year.

Lithium brine and DLE expert joins PFE as Strategic Advisor

In an additional coup for PFE, the company announced that Mr Tim Goldsmith has been appointed as Strategic Advisor - Goldsmith was CEO of Rincon Mining when it was acquired by Rio Tinto for $825M early last year.

Given that Rincon Mining was the first major lithium brine success story on the ASX, Goldsmith has the necessary contacts and industry expertise to help PFE advance its USA lithium brine project - particularly around the use of DLE technology.

What’s next for PFE?

Lithium exploration target 🔄

This will give us a better understanding of what amounts of lithium PFE thinks it has on its acreage.

Re-enter a well 🔄

PFE will re-enter a well to test brine grade, permeability, and porosity from the Smackover.

DLE test 🔲

PFE intends to test a re-entry well sample by two “highly regarded” DLE technology providers.

2D Seismic 🔲

This will help with subsurface modelling of PFE’s project and inform drilling locations for the first resource definition wells.

Acquire additional project acreage 🔄

There’s a land rush on in the Smackover, so we think the more acreage PFE can lease, the better.