Resources Top 5: Smackover sale sees Pantera Lithium skyrocket

• Pantera Lithium is selling its Smackover lithium brine project in Arkansas, USA
• PEC has intersected continuous mineralised LCT pegmatites over 200m of strike at Igrejinha
• A multi-well production testing program at ER315 in South Africa is returning positive results

Your standout small cap resources stocks for Wednesday, July 9, 2025

Pantera Lithium (ASX:PFE)

A shining light among ASX small caps on Wednesday was Pantera Lithium after entering an agreement to sell its Smackover lithium brine project in Arkansas, USA, in a head-turning $40 million deal.

A binding term sheet agreement with Energy Exploration Technologies Inc., a Texas-based lithium powerhouse and technology innovator, will see PFE receive $6m in cash and EnergyX stock valued at $34m.

It has seen PFE shares reach a top of 3.4c, an increase of 183.4% on the previous close, and more than 146m shares change hands.

Not only will the $6m capital injection enhance Pantera’s capacity to pursue further value in mineral and critical mineral sectors without diluting existing shareholders, the company retains exposure to the recovering lithium market via its EnergyX stake.

Another benefit for PFE will be exposure to EnergyX’s globally recognised lithium technology, and strategically significant lithium assets in the Americas, including Project Black Giant in Chile, which is well advanced with recent PFS and demonstration plant completion, and Project Lonestar in the Texas Smackover play.

“This is a game-changing transaction for Pantera. It confirms the significant potential of our Smackover project,” executive chairman Barnaby Egerton-Warburton said.

“EnergyX, backed by major global players like General Motors, POSCO and Eni, is a recognised leader in lithium extraction, bringing not only cutting-edge technology, but also deep operational experience and a clear strategic vision that complements our own.

“This deal allows Pantera to retain strong exposure to the Smackover play, which is now the most sought-after lithium province in the United States, while also gaining exposure to EnergyX’s large-scale Project Black Giant in Chile, a project which is targeting production in 2027.

“By aligning Pantera’s Smackover project with this powerhouse, we’ve created a synergistic platform that connects one of North America’s most prospective lithium brine basins with EnergyX’s advanced extraction technology and downstream ambitions.”

Pantera’s management is reviewing several global critical mineral projects in a bid to enhance shareholder value.

The transaction is expected to complete in early October 2025, subject to satisfaction of certain conditions, including Pantera gaining shareholder approval for the disposal of its main undertaking.

“By vertically integrating a world-class lithium resource with our advanced LiTAS DLE technology platform, we will accelerate our roadmap in building Project Lonestar to become a full-spectrum, low cost lithium producer,” EnergyX CEO Teague Egan said.

Perpetual Resources (ASX:PEC)

The potential of the Igrejinha project in Brazil’s renowned Lithium Valley to provide critical minerals to help feed future demand growth has been enhanced by preliminary results from maiden drilling.

Perpetual Resources reports that the drilling intersected continuous mineralised LCT pegmatites over 200m of strike, showcasing the project’s potential scale.

Investors welcome the results and, like the company, are eagerly awaiting the assays which are expected to start rolling in from the middle of July.

Shares increased 54.6% to a daily high of 1.7c before easing back to 1.4c on volume of more than 44m.

Drilling beneath historic workings has identified spodumene and potentially high-value pollucite based on visual observations and pXRF readings, which positions Igrejinha as one of the few active caesium exploration plays globally.

Portable XRF readings from artisanal workings returned up to 41.5% caesium, while rock chips delivered up to 7.6% and 7.5% Li2O, as well as 5.3% caesium. 

Reverse circulation drilling is ongoing at Target 1, where the maiden program continues to intersect LCT-style pegmatites and where pollucite (the main caesium mineral) has been identified in RC chips.

Around 50% of the drill program has been completed with the remainder of drilling designed to test further strike and depth potential as well as for parallel structures and new pegmatites in the south-eastern part of the licence area.

“Field observations suggest potential for a pollucite-bearing system – the primary caesium-bearing mineral – beneath the historical workings, which were previously mined for both pollucite and spodumene,” Perpetual’s executive chairman Julian Babarczy said.

“With only a handful of caesium mines globally, Igrejinha is shaping up as a high-quality project with strategic importance. 

“With few active caesium explorers globally – Power Metals Corp in Canada being a notable example – the company sees an opportunity to advance a high-potential target in Brazil. 

“And with half of our drill program still to come, we’re only just scratching the surface,” he added.

D3 Energy (ASX:D3E)

Investors are applauding the progress of D3 Energy in providing a new energy source for South Africa from its ER315 licence at Bloemskraal in the Free State, sending shares 25% higher to 22.5c.

A multi-well production testing program at ER315 is returning positive results.

At the end of June the company reported that RBD03 well flowed gas at an average rate of 194 Mscfd for a 14-day period, 32% higher than the previous flow rate measured before well clean-out operations.

The latest round of testing followed a clean-out aimed at removing legacy drilling materials and improving borehole integrity. 

The well, originally drilled in 1982, continues to deliver valuable insights into the reservoir’s long-term productivity.

“With enhanced flow rate stability and consistently high measured helium concentrations across all holes tested to date, this result supports our belief in the long-term potential of the Bloemskraal area,” MD and CEO David Casey said.

“These results, alongside our broader appraisal data, are feeding directly into our reserve certification process and the Production Right application, which we expect to submit significantly ahead of schedule and under budget.” 

Rey Resources (ASX:REY)

Rey Resources, an energy resources explorer in Western Australia’s Canning Basin, jumped 20% to 3c after fielding an off-market takeover bid on July 8 from Vigorous Resources.

The all-cash offer at 2.8c per share represents a 155% premium to the last closing price of REY on July 7, 2025, of 1.1c  and a 160% premium to the 30-day VWAP of 1.08c as at the announcement date.

Vigorous Resources, which is a shareholder in REY with a stake of 16.10%, believes the offer provides REY shareholders “a compelling opportunity to realise both optimal and immediate value”.

In a Target’s Statement, REY chairman Min Yang said: “Directors of the company have carefully considered the offer in all the current circumstances (including the prospects for the company in the absence of the offer) and recommend that, in the absence of a superior proposal, you should ACCEPT the offer.

“Each director who holds or controls REY shares intends to accept the offer.”

Arcadia Minerals (ASX:AM7)

(Up on no news)

It has been a big few days for critical minerals and gold explorer Arcadia Minerals (ASX:AM7) despite there being no news.

After closing at 1.8c on July 3, the Namibian explorer increased 61.12% to 2.9c with a rise of around 33% on July 8 followed by another 20% on July 9.

Arcadia is targeting a range of metals, including tantalum, lithium, nickel, PGEs, copper and gold, across projects in Namibia.

In late May the company received positive stream sediment results from its TVC lithium and tantalum, and TVC nickel and PGE projects in the Tantalite Valley Ultra Mafic Intrusive Complex (TVC Complex).

The objective was to identify additional potential source areas of mineralisation to guide further exploration and potential drilling with 97 samples collected from drainage systems.

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Perpetual Resources is a Stockhead advertiser, they did not sponsor this article.