SYDNEY, AUSTRALIA: Pantera Minerals (ASX: PNA) has announced a major acquisition of Daytona Lithium, a company with a prime location in the USA’s lithium brine hotspot, Southwest Arkansas.

The deal, worth A$0.05 per share, will give Pantera 100% ownership of Daytona’s 10,319 acres of lithium brine leases, as well as access to the expertise of former Rincon Mining CEO Tim Goldsmith, who will join Pantera as a strategic advisor.

Pantera’s lithium brine acreage is situated in the ‘Smackover Formation’, a globally significant lithium region that hosts the only large-scale DLE plant in North America, operated by Exxon Mobil (NYSE: XOM).

Exxon Mobil plans to start lithium production by 2027 and supply enough lithium for over one million EVs per year. Other major lithium brine players in the area include Standard Lithium (NYSE: SLI) and Albemarle Corporation (NYSE: ALB).

Pantera will use conventional oil and gas drilling methods to access lithium rich brine from the ‘Smackover Formation’, approximately 11,000 feet underground, and use DLE, a more sustainable and lower carbon intensive method of production than hard rock lithium mining, to extract lithium from its brine.

The acquisition is supported by a two tranche placement of 40 million shares at A$0.05 per share, with an attaching option on a 1-for-2 basis, at a strike price of A$0.10, with a 3-year term, to fund the Superbird Lithium Project’s continued acreage acquisition, project exploration and development as well as its current projects.

Commenting on the acquisition, Pantera CEO Matt Hansen: “The acquisition of Daytona Lithium marks an important milestone for the Company. For over 100 years, the Smackover Formation in Southern-USA has played an important role in America’s conventional energy economy, moreover, its well-known geology, straightforward permitting and existing infrastructure make it a prime area for Pantera to develop its lithium brine project.

With the US turning its attention to the region to produce the critical minerals needed for the EV and battery revolution through production of its lithium rich saltwater brine, the Company is walking in the valley of giants, directly competing with Exxon Mobil, Standard Lithium and Albemarle for access to the best ground in the region.

In the near-term we look forward to drilling wells and gathering samples to produce a Resource and develop our knowledge of the extensive, porous, and permeable limestone aquifer, which is host to the lithium rich brine.

Longer term, the Company has access to the technology that can extract lithium with fewer carbon emissions forming part of the industry that will strengthen supply security for the companies investing in EV and battery manufacturing facilities in North America.

The Company also warmly welcomes Mr. Tim Goldsmith to the project team, Tim was the CEO of Rincon Mining Pty Limited, one of the most advanced DLE lithium-brine companies globally and was responsible for the sale of Rincon to Rio Tinto for US$825 million. He also undertook a complete review of available DLE technology and was instrumental in directing Rincon’s Project Development Team.”

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