Pantera stake gains backing from Chile deal
Italian energy group Eni has agreed to invest US$225 million for a 25% interest in EnergyX’s Black Giant lithium project in Chile, giving fresh commercial backing to the company’s direct lithium extraction technology.
The transaction covers the flagship project in Chile’s Antofagasta region. It also completes funding for the first two stages of development when combined with a previously announced letter of intent from the United States Export-Import Bank for up to US$690 million.
As part of the agreement, Eni will also gain the right to buy up to 25% of future lithium output from Black Giant. That supply option shows how large energy companies are trying to lock in long-term access to critical minerals.
For ASX-listed Pantera Minerals, the deal adds weight to its investment in privately held EnergyX. Pantera owns 2.34 million EnergyX shares, which the company values at about $42 million based on EnergyX’s latest priced capital raising.
Antofagasta project approvals target mid-2027
Black Giant uses EnergyX’s proprietary Direct Lithium Extraction process rather than older brine recovery methods. The project still needs key regulatory steps, including a CEOL permit and environmental approval, with both targeted by mid-2027.
Pantera announced the update from Perth, Western Australia, on 7 July 2026. The company framed Eni’s entry as external validation of its strategy to hold equity in lithium technology developer EnergyX while also building its own critical minerals exploration portfolio in the United States.
Pantera chairman and chief executive Barnaby Egerton-Warburton called the investment “a powerful endorsement” of EnergyX’s technology and project portfolio.
His comments also highlighted the combined effect of the Eni funding and the US Exim financing proposal. Together, those commitments cover the first two stages of Black Giant and strengthen the case Pantera has made for its strategic position in the private company.
The Black Giant deal matters beyond Pantera’s balance sheet. It signals that major industry players are prepared to fund newer lithium extraction systems in Chile if they can improve recovery rates and secure future supply from brine resources.
