Energy Exploration Technologies (EnergyX), a global lithium extraction company, has announced that it has entered into a binding conditional agreement to acquire Daytona Lithium, which is a subsidiary of Pantera Lithium, for $26 million (A$40 million).
The transaction includes full ownership of approximately 35,000 gross acres of Smackover lithium brine resources in Arkansas.
It would add to the existing 12,500 acres owned by EnergyX in Texas, which the firm said builds on its project Lonestar in Northeast Texas.
The Lonestar project is designed to produced 50,000 tonnes per annum of lithium hydroxide by 2030, with a first phase of 12,500 tonnes per annum by 2028.
The firm also owns rights to 330 acres of recently cleared land near the Red River Army Depot for its lithium mega refinery. It has already had samples made from its pilot plant in Austin, Texas.
It plans to vertically integrate its proprietary direct lithium extraction technology platform to produce low-cost lithium.
The binding agreement also includes 100% of the issued shares for Daytona Lithium, which includes $3.9 million (A$6 million) in cash.
It also includes $22.1 million (A$34 million) in EnergyX common stock, priced at US$9.50 per share (equivalent to A$14.50 as of 4 July 2025). This would represent 2,344,828 shares to be issued to Pantera.
The transaction is due to be completed by Q3 2025.
Teague Egan, CEO and founder, EnergyX, said: “This acquisition by EnergyX of 35,000 acres of lithium assets from Pantera represents a transformative milestone as we continue to redefine the global lithium supply chain. EnergyX is now poised to deliver a scalable, sustainable lithium supply to major EV makers, battery cell manufacturers, and cathode makers from our production facilities in the Americas.”
Image: 330-acre commercial lithium refinery for Project Lonestar. Credit: EnergyX.
