Pantera Minerals (ASX: PFE) (OTCQB: PTMLF) EnergyX investment gains momentum with US$2 billion lithium supply agreement
Jane Morgan Management
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US$2 billion lithium supply agreement: EnergyX signs a binding 10-year, take-or-pay agreement with global commodities trader Trafigura, covering 100,000 tonnes of battery-grade lithium products, with an indicative value of US$2 billion.
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A$42 million strategic investment: Pantera Minerals (ASX: PFE) holds 2.34 million shares in privately held EnergyX, with an estimated carrying value of A$42 million, providing indirect exposure to its expanding lithium portfolio.
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Major commercial milestone: EnergyX's first publicly announced lithium offtake agreement supports the bankability of its projects in Chile and Texas, alongside a previously announced non-binding US$690 million US EXIM letter of interest.
15 October 2026 – Perth, WA | Pantera Minerals (ASX: PFE) (OTCQB: PTMLF) has reported a significant commercial milestone for its strategic investment in US-based lithium developer EnergyX, following a binding 10-year supply agreement with global commodities trader Trafigura covering 100,000 tonnes of battery-grade lithium products.
The agreement marks EnergyX's first publicly announced lithium offtake deal and provides a commercial pathway for future production from its Black Giant™ project in Chile and Lonestar project in Texas, United States.
EnergyX has estimated the agreement could represent approximately US$2 billion in revenue over its 10-year term, based on an assumed lithium price of US$20,000 per tonne. The figure is indicative rather than a fixed contract value, with actual revenue dependent on pricing terms, project development and deliveries.
For Pantera, the agreement represents a commercial development for an investment that provides exposure to EnergyX's lithium technology and project portfolio.
The ASX-listed company holds 2.34 million shares in privately held EnergyX, with an estimated carrying value of approximately A$42 million based on EnergyX's most recent priced capital raising.
While Pantera is not a party to the supply agreement and has no direct entitlement to revenue generated under it, the transaction represents a step forward for the underlying projects supporting its strategic investment.
Under the agreement, Trafigura will secure approximately 66% of Phase 1 offtake from EnergyX's Black Giant™ lithium carbonate project in Antofagasta, Chile, and 30% of Phase 1 offtake from its Lonestar lithium hydroxide project in Texas.
The take-or-pay structure provides a contractual commitment to purchase specified lithium volumes, subject to the agreement's terms, supporting EnergyX's efforts to establish long-term commercial arrangements for its planned production.
The agreement also has implications for EnergyX's project financing strategy.
EnergyX has previously secured a non-binding US$690 million letter of interest from the Export-Import Bank of the United States (US EXIM), with commercial offtake arrangements identified as an important requirement in progressing potential project financing.
EnergyX and Trafigura have stated that the agreement supports the bankability of the projects, although the proposed financing has not reached financial close.
Pantera Executive Chairman and CEO Barnaby Egerton-Warburton commented:
“A binding, take-or-pay offtake with a counterparty of Trafigura’s scale is a significant milestone for EnergyX, the company in which Pantera holds a strategic interest. It is the first commercial offtake EnergyX has announced, it covers both the Black Giant™ and Lonestar projects, and the parties have stated that it supports the bankability of those projects alongside the US EXIM letter of interest. It reinforces the rationale for the strategic position Pantera took in EnergyX. We will continue to keep shareholders informed of material developments.”
EnergyX is targeting commercial-scale production at Black Giant™ in 2028 and Lonestar in 2029, although these remain development targets rather than confirmed delivery commencement dates.
The projects must still progress through relevant approvals, financing, construction and commissioning before commercial production and deliveries can begin.
For Pantera shareholders, the next developments will centre on EnergyX's progress towards financing and commercial production, with the company continuing to disclose material developments relating to its investment.
About Pantera Minerals Limited
Pantera Minerals Limited (ASX: PFE | OTCQB: PTMLF) is a 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 US 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 US developer of direct lithium extraction technology and US and South American lithium projects.
About Trafigura
Trafigura is one of the world’s largest physical commodity trading groups. Founded more than 30 years ago, the Group is employee-owned with over 1,400 shareholders, employs approximately 14,500 people and operates in more than 150 countries. Trafigura sources, stores, transports and delivers oil products, metals and minerals, and gas and power, and invests in lower-carbon solutions, supported by a global network of infrastructure, logistics, financing and market expertise. The Group also includes Nyrstar, Puma Energy, Greenergy and the Impala Terminals joint venture. Information about Trafigura in this announcement has been sourced from Trafigura’s public announcement dated 12 October 2026 and Pantera has not independently verified it.
About us:
ABOUT PANTERA MINERALS
ASX: PFE | OTCQB: PTMLF
Pantera Minerals Limited (ASX: PFE | OTCQB: PTMLF) is an exploration company focused on critical minerals and gold projects in the United States and Australia.
Its U.S. portfolio includes the 100%-owned Gillham Antimony-Silver Project in southwest Arkansas, where maiden drilling is underway.
Pantera has also entered into binding agreements to acquire a 100% interest in the 470km² Corona Gold Project in Western Australia’s Albany Fraser Orogen. The Project hosts an approximately 8km-long historical aircore gold anomaly and multiple historical auger gold anomalies that remain to be followed up. Completion of the acquisition remains subject to conditions precedent.
Pantera also holds 2.34 million shares in Energy Exploration Technologies Inc. (EnergyX), a privately held U.S. lithium and Direct Lithium Extraction technology company.
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
