Pantera Minerals Shifts Focus to US Critical Minerals with High-Grade Gillham Project in Arkansas

Smackover Lithium Monetisation Fuels Strategic Redeployment

Pantera Minerals executed a disciplined strategic transition by monetising its Smackover Lithium Project for roughly A$40 million while retaining significant equity exposure. The transaction delivered about A$6 million in cash and A$34 million in EnergyX stock, crystallising value at a specific point. This approach enabled Pantera to capitalise on the lithium project’s value while preserving upside through its retained EnergyX stake, the US lithium developer now managing the asset.

Since closing, the EnergyX shareholding has appreciated substantially. Pantera’s 2.34 million EnergyX shares were initially valued at approximately A$34 million at the Smackover sale, now revalued at about A$43.2 million—an approximate 27% gain in Australian dollars. This increase reflects EnergyX’s operational advancements, including launching the largest direct lithium extraction demonstration plant in the US, partnering with Compass Minerals, and forming a joint venture with Wildcat Discovery for a 15,000-ton lithium iron phosphate cathode plant. Additionally, oil giant ENI’s acquisition of a 25% stake in the Back Giant project for US$225 million further validates EnergyX’s platform value.

Focusing on Four Critical Minerals Amid Strong Geopolitical Support

Pantera’s renewed strategy targets four critical minerals—silver, antimony, lead, and zinc—each vital to US defence, energy, and industrial security. The company highlights these minerals at the nexus of supply limitations, rising demand, and supportive regulatory frameworks. According to Pantera, 37 critical minerals are listed by the US Geological Survey, with 11 being 100% import-dependent. China’s export restrictions on critical minerals to maintain geopolitical leverage have heightened the importance of domestic supply sources.

These minerals serve diverse applications: antimony is key for ammunition, vision and guidance systems, and flame retardants; silver supports semiconductors, thermal conductivity, solar power, AI infrastructure, and electric vehicles; lead is used in construction, galvanised steel, ammunition, and batteries; zinc is a fundamental base metal across multiple industries. Over 50% of US supply for these metals is imported, driving policy incentives to develop domestic resources and mitigate supply-chain risks.

Gillham Project Yields Outstanding Phase 2 Assay Results

Located in Arkansas, the Gillham Project has revealed high-grade mineralisation across several prospects. Phase 2 exploration involved 30 follow-up rock-chip samples, 75 additional soil samples, and infill sampling at Andrews Gold and Antimony Bluff. Rock-chip assays reached up to 19.2% antimony and 63.8 g/t silver, alongside lead and zinc mineralisation. High-grade results emerged from Stewart, Stewart North, May, and Antimony Bluff prospects, reinforcing the case for intensified exploration.

The project lies within a historically mined district, providing independent confirmation of mineralised systems on site. Numerous historical workings suggest previous mining encountered ore-grade material, offering a favourable geological setting for modern exploration and resource delineation. Pantera is currently refining targets and planning drilling ahead of its maiden drilling program, marking a key catalyst for value discovery.

Historic Mining District Location Validates Exploration Potential

The Gillham Project’s setting within an established mining district reduces exploration risk. Historical workings across the property demonstrate that mineralised systems have been previously exploited, lowering discovery risk compared to greenfield projects. While historical mining does not guarantee economic deposits, it confirms the presence of mineral systems that attracted past commercial interest.

Pantera’s exploration approach focuses on identifying high-grade zones via surface sampling before advancing to drilling to assess depth and lateral continuity. Phase 2 results with antimony grades up to 19.2% and silver up to 63.8 g/t indicate strong mineralisation quality. Targeting multiple prospects—Stewart, Stewart North, May, Andrews Gold, and Antimony Bluff—diversifies the exploration portfolio and reduces reliance on a single target.

OTCQB Listing Enhances US Capital Market Access

In December 2025, Pantera secured an OTCQB listing (ticker PTMLF) to better align its capital markets profile with its US assets and investor base. This listing provides access to North American retail and institutional investors focused on US-listed securities, complementing its ASX listing (ticker PFE). The dual-listing strategy underscores Pantera’s US-focused exploration and development ambitions.

The OTCQB presence facilitates engagement with US investors who prioritise domestic critical minerals supply chains and are familiar with US market structures. It also positions Pantera for potential mergers and acquisitions with larger North American mining firms or strategic investors focused on supply security. Operating on both ASX and OTCQB broadens capital raising options and expands its shareholder base across two major markets.

Maiden Drilling Program Marks Upcoming Exploration Milestone

Pantera is advancing target refinement and drill planning for the maiden drilling program at Gillham, representing a significant near-term milestone. Drilling will test the depth and lateral continuity of high-grade antimony and silver mineralisation identified at surface. Positive results could support resource definition and trigger increased exploration or development discussions with strategic partners.

The timing of this drilling campaign is critical for investors tracking Pantera’s exploration progress. Successful drilling could confirm economic mineralisation and attract corporate interest, while negative results would require reassessment of project potential. The company’s progression toward drilling demonstrates active execution of its strategy and commitment to unlocking value from its US asset portfolio.

EnergyX Shareholding Offers Strategic Optionality and Liquidity Potential

Pantera’s retained 2.34 million shares in EnergyX provide strategic flexibility and potential liquidity independent of Gillham’s exploration outcomes. The company notes that this stake offers exposure to US lithium growth with possible liquidity events within 24 months. EnergyX’s operational milestones—including its demonstration lithium extraction plant, partnerships with Compass Minerals and Wildcat Discovery, and ENI’s investment in the Back Giant project—suggest a pathway toward commercialisation or capital market activity that could unlock shareholder value.

This EnergyX position diversifies Pantera’s portfolio relative to the exploration-focused Gillham Project. While Gillham is a greenfield asset with medium-term catalysts contingent on drilling success, EnergyX represents an operational lithium development platform with near-term commercial prospects and established industry partnerships. The increase in EnergyX’s share valuation from A$34 million to A$43.2 million since the Smackover sale highlights the value of strategic equity exposure beyond core exploration assets.

Alignment with US Critical Minerals Policy Priorities

Pantera’s focus on antimony, silver, lead, and zinc aligns closely with US government priorities on critical minerals supply security. The Biden administration and Congress have elevated critical minerals development as a national security concern, enacting legislation such as the Inflation Reduction Act and proposing reforms to mineral permitting processes. This policy environment creates favourable conditions for domestic exploration and development, potentially expediting permitting and providing financial incentives.

Geopolitical dynamics underpinning critical minerals supply are expected to persist, with China’s dominance in processing and export restrictions driving US efforts to develop domestic alternatives. Companies advancing critical minerals projects in the US stand to benefit from sustained policy support. Pantera’s acquisition and exploration of the Gillham Project align with a multi-year trend of increased US investment in critical minerals supply chains.

Professional Exploration Approach Demonstrates Rigorous Execution

Pantera’s exploration methodology at Gillham reflects disciplined execution and systematic target refinement. The phase 2 program included 30 follow-up rock-chip samples, 75 additional soil samples, and infill sampling at key prospects, demonstrating a thorough data collection and geological interpretation process. Results from multiple prospects—Stewart, Stewart North, May, and Antimony Bluff—indicate a diversified target portfolio reducing exploration risk.

Progression toward maiden drilling shows the company is advancing targets through standard industry stages of evidence gathering and confidence building. Surface sampling identified high-grade mineralisation at several sites, with ongoing target refinement and drill planning set to translate this data into specific drill holes testing depth and lateral continuity. This methodical progression positions the Gillham Project on a credible development trajectory consistent with professional resource exploration standards.