PFE’s ~A$42M private investment receives US$225M investment from $97BN Eni

Our US critical minerals Investment Pantera Minerals (ASX: PFE | OTCQB: PTMLF) just announced that Italian energy major $97BN Eni has committed US$225M to EnergyX.

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EnergyX is the private lithium developer in the US that PFE sold its US lithium project to back in October 2025.

As part of that deal PFE received shares in EnergyX.

And now, based on the terms of the ENI Investment into EnergyX - PFE’s shareholding would be worth ~A$42M.

Sitting inside $9.3M capped PFE…

A quick refresher on how PFE ended up with a ~A$42M shareholding in EnergyX.

PFE started out as a US lithium developer, building a first-mover acreage position in Arkansas' Smackover Basin.

It sold that lithium ground to unlisted US developer EnergyX in a then ~A$40M deal (completed October 2025) and pivoted to US critical minerals (antimony and silver) acquiring the Gillham project also in Arkansas.

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Part of that sale was paid in EnergyX shares, so today PFE holds 2.34M shares in EnergyX, a privately held, unlisted company which is where today's news links to.

So Eni's US$225M investment is a further validation of EnergyX, its projects and its strategy which PFE is a part of through its shareholding.

(There is no guarantee that PFE will be able to realise all or even any of that value, which is a main reason it trades at such a discount, should EnergyX list publicly though then this could change which it is intending to do)

Under the deal, Eni will acquire a 25% interest in Black Giant and also gains the right to purchase up to 25% of the project's future lithium production, along with a seat on the project's board.

Black Giant is EnergyX’s lithium project based in Chile.

Black Giant is designed to produce up to 52,500 tonnes per annum of lithium carbonate once its first two stages are complete (targeted 2030), with a first phase of 7,500tpa targeted for 2028, using EnergyX's Direct Lithium Extraction technology.

That offtake could help supply a battery gigafactory Eni is building in Brindisi, southern Italy, where ground was officially broken just yesterday:

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This comes on the back of a US$690M letter of interest from the US EXIM Bank (announced back in September 2025) which, together with Eni's cheque, EnergyX says now completes the funding package for the project's first two development stages.

(As always, a letter of interest isn't the same as committed, drawn funding, but the Eni equity piece is a firm commitment.)

EnergyX also has other assets in the US (including the one PFE sold to them):

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What do we want to see PFE do next?

Updates on PFE’s EnergyX holding:

• 🔄 A$2M deferred cash from the EnergyX sale - due July 2026
• 🔲 EnergyX IPO or trade sale (this one is a complete unknown in terms of timing)

Target Generation on US critical minerals project

We want to see PFE sample, map and run geophysics on its US asset to identify drill targets.

Here are the milestones we are tracking:

• 🔄Mapping and sampling
• 🔲 Geophysics
• 🔄 Drill targets confirmed
• 🔲 Maiden drill program - planned July/August 2026 (source)

After PFE has identified priority drill targets, we want to see the company drill test the project.