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Global Energy Major Backs EnergyX Project, Strengthening Pantera's Strategic Investment

Jane Morgan Management

Key Facts:

• Italian energy company Eni has committed US$225 million to acquire a 25% interest in EnergyX's Black Giant™ lithium project in Chile, providing significant commercial validation of EnergyX's direct lithium extraction technology.
• The investment completes funding for the first two stages of the Black Giant™ project, alongside a previously announced US$690 million financing letter of intent from the United States Export-Import Bank, with Eni also securing rights to purchase up to 25% of future lithium production.
• ASX-listed Pantera Minerals holds 2.34 million shares in EnergyX, with an indicative carrying value of approximately A$42 million based on the company's most recent priced capital raising.
• The Black Giant™ project is located in Chile's Antofagasta region and utilises EnergyX's proprietary Direct Lithium Extraction technology, with regulatory approvals including a CEOL permit and environmental sign-off targeted by mid-2027.
• Pantera Chairman and CEO Barnaby Egerton-Warburton described Eni's investment as a powerful endorsement of EnergyX's technology and project portfolio, reaffirming the rationale behind Pantera's strategic position in the privately held company.

7 July 2026 – Perth, WA | Pantera Minerals (ASX: PFE) has received external validation of its strategic investment in private lithium technology company EnergyX after Italian energy major Eni committed US$225 million to acquire a 25% interest in the company's flagship Black Giant™ lithium project in Chile.

The transaction provides a significant commercial endorsement of EnergyX's direct lithium extraction technology and development strategy while reinforcing the value of Pantera's 2.34 million-share holding in the privately owned company.

Eni's investment completes the funding package for the first two stages of the Black Giant™ project, alongside a previously announced letter of intent from the United States Export-Import Bank for up to US$690 million in project financing. As part of the agreement, Eni will also secure rights to purchase up to 25% of future lithium production from the project, highlighting growing interest from major energy companies seeking long-term access to critical minerals.

For Pantera shareholders, the announcement strengthens the investment case for the company's strategic exposure to EnergyX, which sits alongside its own critical minerals exploration portfolio in the United States. Based on EnergyX's most recent priced capital raising, Pantera's shareholding has an indicative carrying value of approximately A$42 million.

The deal also reflects continued investment in lithium projects capable of supporting the global energy transition, particularly those incorporating emerging extraction technologies designed to improve efficiency and recovery from brine resources. While EnergyX remains privately held, the involvement of a global energy company such as Eni represents a notable commercial milestone for the Black Giant™ project.

Pantera Chairman & CEO Barnaby Egerton-Warburton commented:

“Eni’s US$225 million investment in Black Giant™ is a powerful endorsement of EnergyX’s technology and project portfolio by one of the world’s leading energy companies. Along with the Exim Bank letter of interest it completes the funding required for the first two stages of the project’s development and further reinforces the rationale for the strategic position Pantera took in EnergyX. We will continue to keep shareholders informed of material developments.”

The Black Giant™ project is located in Chile's Antofagasta region and is being developed using EnergyX's proprietary Direct Lithium Extraction technology. According to EnergyX, the project remains subject to regulatory approvals, including a CEOL permit and environmental approvals, with the company targeting these by mid-2027. Pantera said it will continue to update shareholders on material developments relating to its strategic investment.

About us:

ABOUT PANTERA MINERALS

Pantera Minerals Limited (ASX: PFE OTCQB: PTMLF) is a forward-looking critical minerals exploration and development company focused on advancing projects in critical minerals across the United States with a particular focus on Arkansas. The Company is committed to leveraging modern exploration methods – including geochemistry, geophysics, and advanced modelling – to unlock value in regions historically mined for critical minerals, which are recognised by the U.S. government as essential to supply chain security. In addition to its direct project interests, Pantera holds a strategic 2.34 million share interest in Energy Exploration Technologies Inc. (EnergyX), a privately held U.S. developer of Direct Lithium Extraction technology and U.S. and South American lithium projects.

Contact details:

For further information, please contact:

Barnaby Egerton-Warburton
Executive Chairman and CEO
E: [email protected]
P: +61 (0) 437 291 155

Jane Morgan
Investor Relations
E: [email protected]
P: +61 (0) 405 555 618