Pantera Minerals Raises A$3.45 Million To Advance Its Project In “North America’s New Lithium Capital”

Pantera Minerals Ltd (ASX: PFE) has raised A$3.45 million via an oversubscribed share placement to advance its Superbird Lithium Project in the Smackover Formation in South-West Arkansas, USA.

A total of 98,443,152 new shares were placed at A$0.035 each to family offices, high-net-worth investors, existing shareholders, and company management.

Pantera will use the proceeds for further leasing, well re-entry, and subsurface work to complete a JORC resource in the 2024 calendar year.

Home to lithium industry leaders

The Arkansas Smackover represents traditional oil and gas fields being transformed into the energy future for America with existing reservoirs containing lithium-rich brines.

This area is home to various lithium brine explorers and producers, including industry leaders such as Exxon Mobil (NYSE: XOM), Standard Lithium (NYSE: SLI), Tetra Technologies’ (NYSE: TTI) and Albemarle Corporation (NYSE: ALB).

Superbird Lithium Project location showing proximity to adjacent lithium brine projects.

Pantera Executive Chairman and CEO Barnaby Egerton-Warburton said the Project, located in North America’s new Lithium Capital, Arkansas’s Smackover, represents not just an opportunity for Pantera, but a stride towards securing a sustainable future powered by lithium.

Lower carbon emissions than hard rock mining

Since Pantera’s initial investment last year, the project has expanded by 219% and now comprises 17,000 acres, with a further 9,400 acres under negotiation.

Pantera will utilise conventional oil and gas drilling methods to access lithium-rich saltwater from reservoirs about 10,000 feet underground, which will then be pumped into a direct lithium extraction (DLE) plant to separate lithium from the saltwater.

The lithium will then be converted onsite to battery-grade material. The remaining saltwater will be re-injected into the underground reservoirs.

The DLE process produces lower carbon emissions than hard rock mining and requires significantly less land.

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