EnergyX to acquire Daytona Lithium, expanding Arkansas resource base

Pantera Lithium (ASX: PFE) said on Tuesday that shareholders overwhelmingly voted in favour of the proposed sale of its subsidiary Daytona Lithium to Energy Exploration Technologies (EnergyX).

Daytona Lithium indirectly owns mineral rights in southwest Arkansas, and EnergyX is progressing its project Lonestar Lithium in the Smackover with its near-completed demonstration plant.

This summer, EnergyX bought another 35,000 acres in the Smackover, an underground geological formation stretching from Florida to Texas filled with lithium-rich brine, in a $26 million deal, upping the company’s stake to 47,500 acres.

Analysts estimate the Smackover could contain more than 4 million metric tons of lithium, enough to power millions of electric vehicles and other electronic devices.

This acquisition, EnergyX said in an email, strengthens its mineral resource base and accelerates its ability to secure lithium supply, leveraging its suite of direct lithium extraction and refining technologies in the US.

The privately held company has so far raised over $110 million in funding, backed by global investors including General Motors, Eni and POSCO. Its recent moves also include securing a Chilean lithium resource comprising 90,000 acres of mining concessions in 2023, and its 2024 acquisition of a 40,000-square-foot production facility in Austin, Texas.