Energy Exploration Technologies Inc. (EnergyX) has struck a major deal to expand its position in the U.S. lithium market, announcing today a binding agreement to acquire Daytona Lithium Pty Ltd, a wholly owned subsidiary of Pantera Lithium Limited (ASX: PFE), for A$40 million. The acquisition secures 35,000 acres of prime lithium brine assets in Arkansas’ Smackover Formation, bringing EnergyX’s total regional footprint to nearly 50,000 acres.
This move positions EnergyX as a dominant force in what is fast becoming North America’s most critical lithium province, bolstering its long-term strategy to anchor a domestic battery supply chain.
Strengthening Project Lonestar
The newly acquired Arkansas acreage complements EnergyX’s existing 12,500-acre holding in Texas, where the company is advancing Project Lonestar. The phased development plan aims to produce 12,500 tonnes of lithium hydroxide per year by 2028, scaling to 50,000 tonnes annually by 2030. The company has secured 330 acres near the Red River Army Depot for its planned lithium refinery and has already qualified product samples with cathode customers.
With this acquisition, EnergyX plans to vertically integrate its LiTAS® direct lithium extraction (DLE) platform — a proprietary technology stack combining adsorption, solvent extraction, and membrane systems — to maximize recovery rates and minimize environmental impact.
Map of Competitive Lithium Project Landscape in Smackover Region
Deal Structure and Strategic Support
Under the terms of the agreement signed July 4, EnergyX will pay A$6 million in cash across three installments and issue A$34 million worth of common stock to Pantera Lithium, priced at $9.50 per share (USD), or A$14.50 based on the exchange rate at signing. The transaction is expected to close in Q3 2025, pending shareholder approval and standard due diligence.
EnergyX will execute the project with engineering and EPC support from Worley, a global firm with lithium sector experience, further de-risking execution.
Executive Commentary
EnergyX founder and CEO Teague Egan called the deal “a transformative milestone,” positioning the company alongside industry heavyweights like ExxonMobil, Chevron, and Standard Lithium in the Smackover.
“By vertically integrating a world-class lithium resource with our advanced LiTAS® platform, we are accelerating our roadmap to become a full-spectrum, low-cost lithium producer,” Egan said.
Pantera Executive Chairman Barnaby Egerton-Warburton described the deal as a validation of the Smackover’s potential and a strategic opportunity to align with a global technology leader. “This delivers immediate capital, operational momentum, and long-term exposure to the North American lithium supply chain,” he noted, highlighting Pantera’s continued interest through its equity stake and potential involvement in EnergyX’s Chilean Black Giant Project.
Broader Implications
EnergyX’s aggressive expansion comes amid a growing push by U.S. policymakers and OEMs to establish a reliable domestic lithium supply. With strategic investments from General Motors, POSCO, and Eni Next, and a DOE grant in hand, EnergyX is emerging as a key player in reshaping the lithium value chain across the Americas.
As production scales up in Texas and Arkansas, all eyes will be on whether EnergyX, Exxon, or Standard Lithium will be first to bring commercial battery-grade lithium to market from the U.S. Smackover.
