Eni's $225 million EnergyX bet lifts Pantera Minerals stake

Pantera Minerals says Eni’s planned $225 million investment in EnergyX’s Black Giant lithium project in Chile validates its strategic stake in the private lithium developer. The deal helps fund early project stages, adds potential supply rights for Eni and could strengthen confidence in EnergyX’s path to production by 2028.

Why it matters: - Eni’s US$225 million commitment gives a major commercial and strategic signal to EnergyX’s Black Giant™ lithium project in northern Chile. - The deal also strengthens the case for Pantera Minerals’ 2.34 million-share holding in EnergyX, which Pantera values at about A$42 million based on EnergyX’s most recent priced capital raising. - Lithium supply remains central to electric vehicle batteries and large-scale energy storage, so large energy companies are increasingly backing critical-minerals projects to secure future supply.

What happened: - Pantera Minerals said Italian energy company Eni agreed to invest US$225 million for a 25% interest in EnergyX’s Black Giant™ project. - The transaction also gives Eni rights to buy up to 25% of future lithium production from the project. - Pantera said the agreement validates its strategic investment in privately held EnergyX.

The details: - The Eni deal completes funding for the first two development stages of Black Giant™. - EnergyX previously disclosed a letter of intent from the Export-Import Bank of the United States for up to US$690 million. - EnergyX is developing Black Giant™ with its proprietary Direct Lithium Extraction technology, which is designed to recover lithium from brines more efficiently than conventional evaporation methods. - EnergyX said the project is expected to target production of up to 52,500 tonnes per annum of lithium carbonate after completion of the first two development stages, subject to regulatory approvals. - EnergyX is targeting first production in 2028. - Pantera does not manage or control EnergyX, but the investment increases the strategic importance of Pantera’s equity position. - Pantera Chairman and CEO Barnaby Egerton-Warburton said Eni’s investment is a powerful endorsement of EnergyX’s technology and project portfolio. - Egerton-Warburton said the Eni deal, together with the Exim Bank letter of interest, completes the funding required for the first two stages of development.

Between the lines: - Eni’s participation adds third-party validation from one of Europe’s largest integrated energy companies. - The investment may also make it easier for EnergyX to advance regulatory approvals and project milestones because the project now has stronger backing from major institutional and strategic partners. - Pantera’s market case now leans more heavily on EnergyX’s development progress, since Pantera’s value is tied to a private company rather than direct project control.

What's next: - EnergyX still needs additional regulatory approvals and development milestones before first production. - Pantera said it will continue to update shareholders on material developments tied to its strategic investment. - Market attention is likely to stay focused on Black Giant™ as EnergyX moves toward its 2028 production target. - Pantera shared its social links at LinkedIn and YouTube.