Pantera Minerals has completed its first modern exploration at the Gillham Project in Arkansas, confirming high-grade antimony and defining multiple drill targets. The company also benefits from a re-rated EnergyX stake valued at A$42.6 million.
- High-grade antimony up to 3.92% Sb confirmed at Gillham
- Multiple coherent drill targets defined over 2km strike
- Previously undocumented workings expand project scale
- EnergyX stake revalued at A$42.6 million after capital raise
- Strong balance sheet with A$941,000 cash and upcoming payments
Gillham Exploration Uncovers High-Grade Antimony and Polymetallic Zones
Pantera Minerals (ASX:PFE) has marked a pivotal shift in its Arkansas exploration campaign by completing the first modern, systematic program across its 100%-owned Gillham Silver-Antimony Project. The extensive geochemical survey, comprising 1,408 soil and 47 rock samples, has validated the presence of high-grade antimony mineralisation, with rock chip assays peaking at 3.92% Sb alongside 10.3g/t silver. These results confirm the district’s potential and set the stage for a maiden drilling program.
The exploration effort also revealed a suite of polymetallic anomalies, including lead, copper, zinc, and gold, broadening the project’s strategic appeal. Notably, Pantera identified previously undocumented historic workings, materially expanding the geological footprint and enhancing the scale potential of the Gillham district.
Large-Scale Drill Targets and Geological Insights Drive Next Phase
Two coherent, high-priority drill targets have emerged, underpinned by strong antimony-arsenic-zinc-lead anomalism extending over a 2km strike length. Soil sampling returned peak values of 2,660ppm antimony and significant lead and zinc concentrations, reinforcing the continuity of mineralisation and supporting drill readiness. The Stewart and May trends in the eastern licence area stand out as immediate focus zones, with the Davis Mine and newly identified South-East Davis gold prospect in the west providing additional targets.
These findings represent a critical transition from historical data interpretation to a data-driven exploration strategy, significantly reducing risk ahead of drilling. The company plans detailed geological mapping, infill soil sampling, and target refinement as it advances toward permitting and execution of its maiden drill program.
Strategic Lithium Exposure Maintained Through EnergyX Stake
Beyond Arkansas, Pantera continues to hold a strategic equity position in EnergyX, a lithium technology company advancing direct lithium extraction (DLE) methods in the United States. Pantera’s 2.34 million EnergyX shares have recently been revalued at approximately A$42.6 million following EnergyX’s increase in its Regulation A capital raise price to US$13 per share, a 37% uplift from Pantera’s entry price. This valuation boost reflects growing market confidence in EnergyX’s Lonestar lithium demonstration plant in Texas, which is progressing toward a 50,000 tonne per annum lithium hydroxide production target.
Pantera’s exposure to EnergyX offers leveraged upside to the US lithium sector, complementing its critical minerals portfolio focused on antimony, silver, and polymetallic systems. The recent EnergyX stake re-rated to A$42.6M coverage details this re-rating and the underlying operational milestones driving it.
Financial Position and Outlook
As at 31 March 2026, Pantera held cash reserves of approximately A$941,000, down from A$1.43 million at the end of December 2025, reflecting ongoing exploration expenditure of A$277,000 for the quarter. The company expects to receive deferred payments totalling A$4 million from the sale of its Smackover Lithium Brine Project, with the next tranche due in July 2026. This cash inflow underpins Pantera’s near-term funding position, which is estimated to cover approximately 1.8 quarters of operations at current expenditure rates.
With a solid balance sheet and validated drill targets, Pantera is poised to advance Gillham toward its next exploration phase. The company’s immediate focus includes detailed geological mapping, infill sampling, drill target prioritisation, and permitting activities. This methodical approach aims to unlock the district’s scale and mineralisation potential while maintaining strategic exposure to the US lithium market through EnergyX.
Bottom Line?
Pantera’s transition from data gathering to drill-ready targets at Gillham, combined with a re-rated lithium investment, sets a clear path, but execution of maiden drilling will be the true test.
Questions in the middle?
- Will Pantera’s maiden drilling at Gillham confirm the scale and grade suggested by surface sampling?
- How will EnergyX’s lithium project milestones influence Pantera’s valuation and strategic focus?
- Can Pantera secure additional funding or partnerships to accelerate exploration beyond the current cash runway?