Key highlights

  • Pantera Minerals Ltd (ASX:PFE) touched a 52-week low during the 20 October 2026 session and closed at $0.014, down 6.67%.
  • EnergyX signed a binding 10-year take-or-pay lithium offtake with Trafigura covering 100,000 tonnes, according to Pantera’s 15 October 2026 announcement.
  • Pantera holds a 2.34 million share interest in unlisted EnergyX, with an estimated carrying value of about A$42 million.

Pantera Minerals Ltd (ASX:PFE) touched a 52-week low during the Trading session on 20 October 2026 and closed at $0.014, down 6.67%. Pantera’s latest announcement covered here was released on 15 October 2026 and described a 10-year lithium offtake agreement signed by EnergyX, in which it holds an investment, with Trafigura. No latest announcement has driven the share price move, so the announcement is described below on its own terms.

About Pantera Minerals

Pantera Minerals Limited is a lithium-focused company listed on the ASX and quoted on the OTCQB in the United States. It holds a strategic interest of 2.34 million shares in Energy Exploration Technologies Inc (EnergyX), an unlisted company, which gives it indirect exposure to EnergyX’s lithium projects.

The EnergyX and Trafigura offtake

Pantera said EnergyX has signed a binding, take-or-pay, 10-year offtake agreement with Trafigura covering 100,000 tonnes of battery-grade lithium products from its Black Giant project in Chile and its Lonestar project in Texas. It is EnergyX’s first publicly announced lithium offtake agreement. According to Trafigura, the agreement covers 66% of Phase 1 offtake from Black Giant (lithium carbonate) and 30% of Phase 1 offtake from Lonestar (lithium hydroxide).

EnergyX has described the agreement as representing about US$2 billion in Revenue over its term at an assumed lithium price of about US$20,000 per tonne. Pantera noted that this is EnergyX’s indicative estimate, not a fixed contract value or revenue attributable to Pantera, and that pricing formulas, minimum prices, delivery schedules and termination provisions have not been disclosed.

Financing and development targets

The parties state that the offtake supports the bankability of EnergyX’s projects alongside a non-binding US$690 million letter of interest from the US Export-Import Bank. Pantera cautioned that the offtake announcement does not establish that the proposed financing has reached financial close. EnergyX is targeting commercial-scale production at Black Giant in 2028 and at Lonestar in 2029, which are development targets and not confirmed delivery dates under the agreement.

Pantera’s holding has no quoted Market Price because EnergyX is unlisted. The announcement gave an estimated carrying value of about A$42 million based on the most recent priced transaction.

Sector backdrop

Lithium developers need offtake agreements and project finance before construction, and take-or-pay structures commit a buyer to take volumes irrespective of need. Direct lithium extraction projects, which EnergyX develops, are at earlier commercial stages than conventional brine or hard rock operations.

Indirect holdings in unlisted companies are valued by reference to funding rounds rather than market trading, which makes carrying values harder to verify.

Risks shareholders should weigh

Pantera’s exposure to EnergyX is through an unlisted holding with no market price, and the carrying value is an estimate. The financing for EnergyX’s projects has not reached financial close, and production targets are 2028 and 2029.

The offtake’s headline value is an indicative estimate based on an assumed lithium price, and key contract terms are not disclosed. Pantera does not control EnergyX’s decisions.

What’s next

Items to watch include progress towards financial close on EnergyX’s project financing, any further offtake agreements, EnergyX’s construction milestones for Black Giant and Lonestar and updates on the carrying value of Pantera’s holding.