Pantera Lithium Limited announced Tuesday, July 8, 2025 the sale of its lithium brine leases and other assets in Lafayette County to Energy Exploration Technologies, Inc., of Austin, TX for $26.1 million.
The sale includes Perth, Australia-based Pantera’s wholly owned subsidiary, Daytona Lithium Pty Ltd., which through a subsidiary is the holder of approximately gross 35,000 acres of lithium mineral leases, in the Smackover lithium brine project in Southwest Arkansas.
Under the terms of the binding terms sheet agreement executed on July 4, EnergyX will acquire 100% of the issued shares of Daytona Lithium for a total consideration of $26.1 million USD ($40 million Australian dollars) comprising of:
$3.9 million USD in cash, payable in three installments, and
$22.2 million USD in EnergyX common stock, priced at USD $9.50 per share, representing 2,344,828 shares to be issued to Pantera at completion. These shares will be held by Pantera until either both companies agree to an in-specie distribution to shareholders or EnergyX files for IPO in order for EnergyX to U.S. securities regulations.
The transaction is expected to be complete in early October 2025.
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