ASX Listed lithium explorer Pantera Minerals has fully acquired Daytona Lithium, a key player located in the heart of the USA lithium brine industry in Southwest Arkansas.

A Binding Implementation Agreement has been executed for the purchase of 100 per cent of the issued share capital in Daytona Lithium.

This strategic move not only expands Pantera’s footprint in the region but also strengthens its dominant acreage across Arkansas’ renowned ‘Smackover Formation’.

Pantera currently holds 10,319 acres under lease, with negotiations underway for an additional 9,000 acres.

Pantera plans to employ conventional oil and gas drilling methods to access lithium-rich brine approximately 11,000 feet underground.

The company intends to use DLE technology, a more sustainable and lower carbon-intensive method, for lithium extraction from its ‘Smackover’ lithium brine acreage.

Pantera CEO Matt Hansen said: “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.”

Hansen said that in the near-term the company looks forward to drilling wells and gathering samples to produce a resource and develop their knowledge of the extensive, porous, and permeable limestone aquifer — which is host to the lithium rich brine.

The acquisition is supported by a two-tranche Placement of 40,000,000 shares at A$0.05 per share to raise $2 million.

This funding will support the continued acquisition, exploration, and development of the Superbird Lithium Project and Pantera’s current projects.

Former CEO of Rincon Mining Pty Limited Tim Goldsmith, which was acquired by Rio Tinto for US$825 million, has been appointed as a Strategic Advisor to Pantera.

Pantera has released a statement which reads: “Mr. Goldsmith’s vast experience and success in the lithium industry will be invaluable in developing Pantera’s lithium brine potential.”

Hansen said: “He also undertook a complete review of available DLE technology and was instrumental in directing Rincon’s Project Development Team.”