Pantera Minerals has concluded the acquisition of Daytona Lithium, assuming full ownership of the Superbird Lithium Brine Project.

The deal was finalised following a binding implementation agreement announced on 11 December 2023, where Pantera agreed to acquire all issued share capital in Daytona Lithium.

Pantera Minerals CEO Matt Hansen said: “A major milestone is completed today with finalisation of the acquisition of Daytona Lithium, giving Pantera 100% ownership of the Superbird Lithium Brine Project.

“The Superbird Project is an impressive 13,457 acres and growing quickly, achieved through the strategic utilisation of the Exclusive 50,000-acre Abstract Agreement. With multiple significant acreage positions under negotiation the project is well on its way to securing its first major milestone of 20,000 acres.

“Our lithium project has the potential to enhance supply stability for businesses investing in electric vehicle and battery production plants in North America by offering a final product that is produced in Arkansas and remains in the US.”

The Superbird Lithium Brine Project has an exploration target, ranging from 436,000 tonnes to 2.97 million tonnes of lithium carbonate equivalent (LCE) within its 50,000-acre exclusive abstract area.

The project's potential is underscored by lithium concentrations between 225mg per litre and 450mg/litre, with a median of 338mg/litre.

Since Pantera's initial investment, the project's land position has expanded significantly, increasing by 152% from 5,325 to 13,457 net acres.

The company noted that the Superbird Project is on track to secure 20,000 net leased acres, reinforcing its development prospects.

The Superbird Lithium Brine Project now encompasses 22,000 gross acres and 13,457 net leased acres within the Smackover Formation.

This region is recognised for its high-grade lithium brine deposits, positioning the project for potential success in the lithium market.

Pantera chairman Barnaby Egerton-Warburton said: “I have recently returned from the Arkansas Lithium Brine conference held in Little Rock Arkansas, which included discussions with industry participants and members of the Arkansas State Government.

“The directors of Pantera are highly encouraged by the support expressed by the Governor of Arkansas Sarah Huckabee Sanders and her team and look forward to playing a major role in establishing the lithium brine industry in the great state of Arkansas and the US.”