Pantera's EnergyX Stake Re-rated to A$42.6 Million Following Increase in Raise Price to US$13

Jane Morgan Management

21 April 2026

Pantera Minerals Limited (ASX: PFE) has reported a significant uplift in the value of its strategic shareholding in Energy Exploration Technologies Inc. (“EnergyX”), following an increase in the offer price of EnergyX’s current Regulation A capital raise to US$13.00 per share.

At the revised price, Pantera’s 2.34 million EnergyX shares are now valued at approximately A$42.6 million, representing an uplift of around A$8.6 million from the original acquisition value of approximately A$34 million. This equates to a 37% increase from Pantera’s entry price of US$9.50 per share.

The re-rating reflects continued operational progress at EnergyX and improving sentiment in the lithium sector, supported by a range of recent milestones. These include the commissioning of a lithium demonstration plant in Texas, expected to produce approximately 250 tonnes per annum of lithium hydroxide, as well as the engagement of Goldman Sachs to support partnerships and capital markets strategy.

EnergyX has also secured a US$690 million letter of interest from the U.S. EXIM Bank for its Project Black Giant development, while broader lithium market conditions have strengthened, with global lithium prices recovering by approximately 120% over the past 12 months.

Pantera Chairman and CEO Barnaby Egerton-Warburton said:

“The uplift in EnergyX’s raise price reflects the progress being made across its platform, alongside improving sentiment in the lithium sector and renewed confidence in the U.S. critical minerals sector. Our partnership with EnergyX continues to add value for Pantera shareholders as the EnergyX platform matures.”

Strategic transaction delivering ongoing value

Pantera secured its EnergyX shareholding through the A$40 million sale of its Smackover Lithium Project, enabling the Company to strengthen its balance sheet while maintaining exposure to EnergyX’s lithium assets across the United States and South America.

The transaction continues to deliver strategic benefits, including exposure to large-scale development projects such as Project Lonestar in the United States and Project Black Giant in Chile, as well as potential upside from future milestones including commercial-scale lithium production, project financing and potential liquidity events.

EnergyX has raised approximately US$170 million in equity funding to date, with participation from strategic investors including General Motors, POSCO and Eni. Over the past 12 months, the company has progressively increased its capital raise pricing from US$10 to US$13 per share, reflecting growing investor confidence.

Technology validation and growth momentum

A key driver of EnergyX’s valuation uplift is the commissioning of its Commercial Demonstration Plant in Texas, which is designed to validate its proprietary GET-Lit™ Direct Lithium Extraction technology at scale.

The facility is expected to provide independently verifiable operating data, demonstrate lithium recovery efficiency and support ongoing offtake discussions and financing pathways, representing a critical step toward commercialisation.

Multiple catalysts across Pantera’s portfolio

Alongside the re-rating of its EnergyX investment, Pantera continues to advance its broader critical minerals strategy in the United States.

The Company is progressing exploration at its Gillham Project in Arkansas, where recent results have identified high-grade antimony mineralisation of up to 3.92% Sb and multiple priority drill targets. Preparations for a maiden drilling program are underway, representing a key near-term catalyst.

Pantera remains fully funded for its current exploration programs, with a A$2 million deferred payment due in July 2026.

ABOUT PANTERA MINERALS LIMITED
Pantera Minerals Limited (ASX: PFE) is a forward-looking mineral exploration and development company focused on advancing projects in critical minerals across the United States with a particular focus on its projects located in Southwest Arkansas. With newly acquired mineral leases covering historically productive ground, Pantera is positioned to re-establish exploration in a district that has seen no systematic modern work for nearly a century.

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