EnergyX acquires 35,000-acre Smackover lithium asset from Pantera, bolstering U.S. lithium production and advancing Project Lonestar's strategic growth.
Energy Exploration Technologies, Inc. (EnergyX), a leader in sustainable lithium extraction, has entered into a binding conditional agreement to acquire Daytona Lithium Pty Ltd, a fully owned subsidiary of Pantera Lithium Limited (ASX: PFE), for A$40 million. This strategic deal gives EnergyX complete ownership of roughly 35,000 gross acres of lithium-rich brine in the Smackover Formation, located in Arkansas, USA. Combined with its existing 12,500-acre holding in Texas, the company now controls nearly 50,000 acres in what is considered the most promising lithium region in North America.
The acquisition significantly enhances EnergyX’s ongoing efforts to build a robust, secure, and sustainable U.S. battery supply chain. This move aligns with the company’s Project Lonestar™—a lithium hydroxide production initiative based in Northeast Texas. Project Lonestar™ aims to produce 50,000 tonnes per year of lithium hydroxide by 2030, with a first phase output of 12,500 tpa targeted for 2028. EnergyX has secured 330 acres near the Red River Army Depot for its upcoming lithium mega refinery, and its pilot plant in Austin, Texas, has already delivered lithium samples qualified by leading cathode producers.
By vertically integrating its proprietary LiTAS® Direct Lithium Extraction (DLE) platform, which combines adsorption, solvent extraction, and membrane filtration technologies, EnergyX plans to streamline lithium production. This integration is expected to reduce environmental impacts while boosting recovery rates and lowering costs—positioning the company as a competitive, full-spectrum lithium producer in the Western Hemisphere.
The A$40 million purchase price consists of A$6 million in cash (payable in three installments) and A$34 million in EnergyX stock, valued at USD $9.50 per share (equivalent to A$14.50), resulting in the issuance of 2,344,828 shares to Pantera. The transaction, which is subject to due diligence and shareholder approval from Pantera, is anticipated to close in Q3 2025.
Engineering support for the development of these assets will come from Worley, a global expert in delivering large-scale energy and chemical infrastructure. EnergyX believes that this acquisition significantly advances its leadership in U.S. lithium production and reduces reliance on international lithium supply chains.
EnergyX CEO Teague Egan described the acquisition as a transformative step toward building Project Lonestar™ into a low-cost, vertically integrated lithium production hub serving electric vehicle, battery cell, and cathode manufacturers. With adjacent acreage to key industry players like Exxon, Chevron, and Standard Lithium, Egan said EnergyX is now firmly positioned in the race to deliver commercial-scale battery-grade lithium.
Pantera Executive Chairman Barnaby Egerton-Warburton called the deal “game-changing,” offering Pantera both capital and continued exposure to the Smackover basin, as well as to EnergyX’s advanced Black Giant Project in Chile. He praised the synergy between Pantera’s asset and EnergyX’s advanced technology, calling it a powerful platform for long-term strategic collaboration.
