Pantera Lithium (ASX:PFE) said that the Arkansas Senate Bill 568 (SB568), de-risks the company's operational and fiscal outlook, and shows strong government support for lithium development, according to a Thursday filing with the Australian bourse.
The bill, under review by the Arkansas Senate, offers tax exemptions for lithium exploration and processing and updates severance tax laws to classify lithium as a critical mineral, the filing said.
The company expects the legislation to reduce costs and improve project economics at its lithium brine project in Southwest Arkansas, the filing added.
PFE now plans to begin a high-impact drilling program at the project, with discussions ongoing with strategic partners.
Shares of the company rose 29% on market close.
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