PFE’s EnergyX shareholding now valued at ~A$42.6M

Our US critical minerals Investment Pantera Minerals (ASX: PFE | OTC: PTMLF) last week put out an update on the value of its EnergyX shareholding.

EnergyX is the unlisted US lithium developer that bought PFE’s Smackover lithium project last year.

As a result of that deal, PFE received shares in EnergyX - which, after a recent funding round for the company are now worth $42.6M.

So $10.3M capped PFE (at 2.1c) has $42.6M in stock in EnergyX.

Over the past 12 months, EnergyX has been able to raise capital at increasing prices, going from US$10 → US$11 → US$12 → US$13 to companies including General Motors, Posco and Eni.

PFE’s effective entry price on its 2.34M EnergyX shares was US$9.50.

So at the revised US$13 price, PFE’s shareholding is now valued at:

• 2,344,828 shares x US$13.00 = US$30.5M which currently is ~A$42.6M vs original acquisition value of ~A$34M

We last covered the EnergyX share value uplift back in November 2025 (PFE’s unlisted US lithium shares worth more now?) when EnergyX moved its raise price to US$11.

We also note PFE is still owed money from the sale of the project:

• A$2M deferred cash payment from EnergyX in July 2026 - Due soon
• A further A$2M deferred cash payment in April 2027 (from the announcement)

So while the quarterly report out last week shows just $941k in the bank, PFE is receiving $2m soon and then another $2M in 12 months time.

Why is EnergyX able to keep increasing its raise price?

A few reasons were mentioned in PFE’s announcement:

• EnergyX has now commissioned its lithium demonstration plant (March 2026), designed to produce ~250 tonnes per annum of lithium hydroxide using EnergyX’s proprietary GET-Lit Direct Lithium Extraction technology.
• Goldman Sachs has been engaged for partnerships and capital markets strategy.
• US EXIM Bank provided a US$690M letter of interest for project financing at EnergyX’s Black Giant project in Chile.
• ~120% recovery in global lithium prices over the past 12 months, supporting renewed US investor focus on domestic lithium supply chains.
• EnergyX has raised ~US$170M in equity funding to date, supported by strategic investors including General Motors, POSCO and Eni.

What else is PFE up to?

Last year, PFE acquired land that contained at least 18 historical antimony and silver mines, which produced from the late 1800s into the 1900s.

These mines only produced from near surface workings based on limited technology at the time.

Since then there has been no modern exploration, geophysics or drilling done on the project… Until now with the results of the first modern exploration program being received in March.

PFE announced rock chip sampling results which returned - antimony grades up to 3.92% alongside silver, gold, copper and zinc).

Here is that 3.92% antimony rock chip from that announcement:

(source)

This was the first modern exploration done on the Gillham project in over 100 years and on top of that, no drilling has ever been conducted across the entire project area.

On top of the rock chip results, PFE ran a soil sampling program across the project with 1,411 samples taken and the results have defined clear drill targets.

The soil results returned peak values of 2,660ppm)parts per million) and 1,205ppm antimony, with two distinct anomalies extending ~400m and ~500m along strike.

(source)

High-grade rock chips and the soil anomalies sitting on top of each other is what you want to see, so it gives PFE confidence that there could be a mineralised system underneath that hasn't been tested by drilling.

(It’s still early days here, these are surface samples only and there is no guarantee a drill program finds anything economic underneath)

PFE acquired the project last year which covers ~5,000 acres and contains at least 18 historical antimony and silver mines that produced from the late 1800s into the 1900s, all from shallow, near-surface workings.

We covered that in an article when PFE made the acquisition here: PFE: Announces new USA land package with 18 historic antimony and silver mines…

We are Invested in PFE because we think US-based critical mineral assets will attract attention and capital as the US moves to secure domestic supply of which antimony is at the forefront of that list.

What do we want to see PFE do next?

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.

Milestones:

✅ Mapping and sampling (soil and rock chips assays received today) (source)

🔲 Geophysics

🔲 Drill targets confirmed

Drilling on PFE’s US critical minerals project

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

Milestones:

🔲 Drill permitting

🔲 Drilling

🔲 Drilling results