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EnergyX signs 10-year lithium deal with Trafigura. Oct 12, 2026, 10:30 ET EnergyX's first announced commercial offtake deal is a 10-year, 100,000 tonne agreement with one of the world's largest commodity traders worth approximately $2.0 billion at current lithium prices. * EnergyX has signed a binding, definitive offtake agreement with Trafigura for 100,000 metric tons of battery-grade lithium products over a 10-year term. * At current market prices, the agreement is worth more than $2.0 billion in revenue for EnergyX projects across lithium carbonate coming from Project Black Giant(TM) in Chile and lithium hydroxide coming from Project Lonestar(TM) in Texas. * This is EnergyX's first publicly announced lithium offtake agreement turning years of technology validation and project development into long-term commercial sales with a globally recognized buyer. * Trafigura will take 66% of Phase 1 offtake from Black Giant(TM) and 30% of Phase 1 from Lonestar(TM). EnergyX is in active discussions with additional prospective buyers to reach 80% offtake as it moves toward commercial-scale production in 2028. * The agreement supports EnergyX's financing initiatives with offtake being a key requirement for the $690 million Letter of Intent from the U.S. EXIM Bank and additional project-finance lenders. AUSTIN, Texas, Oct. 12, 2026 /PRNewswire/ - Energy Exploration Technologies, Inc. (EnergyX), a leading energy technology company focused on advanced lithium production and critical mineral supply chain infrastructure, founded by Teague Egan in 2018, today announced that it has signed a binding, definitive lithium offtake agreement with Trafigura, one of the world's largest independent commodity trading companies. Under the take-or-pay agreement, Trafigura will purchase 100,000 metric tons of battery-grade lithium products from EnergyX over a 10-year term. Based on current market prices of approximately $20,000 per metric ton, the agreement represents more than $2.0 billion in revenue for EnergyX over its term. It is EnergyX's first publicly announced offtake agreement and a defining commercial milestone for the company. The agreement covers lithium products from both of EnergyX's first two flagship projects with lithium carbonate supplied from Black Giant(TM) in Chile and lithium hydroxide from Project Lonestar(TM) in Texas. A significant share will be directed to the U.S. battery supply chain. Trafigura's offtake agreement is a turning point for EnergyX. The company has proven its technology in the lab, at pilot scale, and now at the company's demonstration plants in both its U.S. and Chile projects, each of which is the largest DLE plant in its respective country. The agreement builds on EnergyX's recent financing momentum, including Eni's $225 million strategic investment in Project Black Giant(TM) in Chile and a $690 million Letter of Intent from the U.S. EXIM Bank to provide debt financing for the project. "Offtake agreements are among the most important steps in taking a lithium project from development to production," said Teague Egan, Founder and CEO of EnergyX. "A long-term purchase commitment from a counterparty of Trafigura's scale and credit quality shows that the market wants EnergyX's product. It also gives lenders and investors the revenue visibility they need before committing capital to commercial construction." EnergyX's production will be powered by its proprietary GET-Lit(TM) direct lithium extraction (DLE) and refining technology platform, which is covered by more than 150 patents. EnergyX commissioned Project Lonestar(TM), the largest DLE lithium production plant in the United States, in Texas in April 2026. The company is advancing commercial-scale projects across North and South America, including the 52,500 tpa Project Black Giant(TM) in Chile and its Smackover operations in Texas and Arkansas. Daniel von Arx, Head of Battery Metals at Trafigura, said, "We are pleased to support EnergyX as it develops its lithium projects in Chile and the US. Long-term offtake is an important step in moving projects into production, and this agreement reflects our ability to help bring strategic critical minerals projects online and build secure, diversified supply chains. Drawing on our logistics network and market expertise, we look forward to supplying these battery-grade lithium products to customers, supporting supply chains for the US automotive and energy storage industries." EnergyX continues to advance discussions with additional prospective offtake partners across the battery, automotive, and energy storage markets. As global lithium demand accelerates, the company is well positioned to deliver a reliable, geopolitically aligned supply of lithium for the energy transition, advanced manufacturing, and national defense priorities. About EnergyX EnergyX is a sustainable energy technology company transforming critical mineral production and technology for the battery and nuclear material supply chains. The company is developing lithium projects across North and South America, as well as its GET-Lit(TM) direct lithium extraction (DLE) technology platform and NUKE-it(TM) nuclear technology platform. Founded in 2018 by CEO Teague Egan, EnergyX is incorporated out of Puerto Rico, and currently has offices and commercial facilities in Austin, Texas, and operations throughout Chile in the South American Lithium Triangle. Learn more at energyx.com. About Trafigura Trafigura provides critical resources to the world. Founded over 30 years ago and owned by its employees, the Group uses its deep understanding of commodity markets and its infrastructure, logistics and financing expertise to make global supply chains more efficient, secure and sustainable. Trafigura supplies oil and petroleum products, metals and minerals, and gas and power, while investing in lower-carbon solutions for the future. The Group employs approximately 14,500 people and operates in over 150 countries. Media Contact EnergyX Communications Kellee Khalil, Chief Marketing Officer [email protected] Forward-Looking Statements This press release contains forward-looking statements about future commercial relationships, supply and delivery volumes, anticipated revenue, project development timelines, financing, and market opportunities. Revenue figures are illustrative estimates based on current market prices for lithium carbonate and lithium hydroxide, and actual revenue will vary with market prices and delivered volumes. Deliveries under the agreement are subject to customary conditions, including product qualification and facility commissioning. These statements are subject to risks and uncertainties, and actual results may differ materially from those projected. SOURCE EnergyX

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Oil tanker freight rates reach $40 per barrel. Shipping oil from the Gulf of Mexico to China has cost approximately $40 per barrel this compares to $8.60 before the conflict between the United States and Israel against Iran, which began in February, the difference reflects the pressure facing the oil market and represents a considerable increase in the costs associated with supplying US crude to Asia. According to market data cited by shipping operators, freight costs currently amount to almost half the price of West Texas Intermediate (WTI) futures. For refineries, this situation presents a commercial challenge, as the cost of oil depends not only on its purchase price but also on the transportation required to deliver it to the processing facilities. When maritime tariffs rise so sharply, the economic advantages of acquiring oil in distant markets can disappear. This scenario has led to the closure of the so-called oil arbitrage window, a commercial mechanism that allows you to buy crude oil in one region and sell it in another when the difference between prices covers transportation costs and leaves a profit margin. With current freight rates, many US oil shipping operations to Asia have lost economic appeal, which is changing the purchasing decisions of operators. Asian refineries seek alternatives to US crude. Faced with rising import costs from the United States, Asian refineries are considering other types of oil that may offer more favorable commercial conditions, among the alternatives, the following stands out Murban crude oil from the United Arab Emirates whose market premium exceeded $11 per barrel compared to the Dubai benchmark. According to an oil analyst from a trading company, Murban was approximately $2 per barrel cheaper than US WTI when comparing both products once delivered in Asia. This difference is relevant for buyers, since the final price of crude includes both the value of the raw material and the expenses necessary to transport it to its destination. Another option being considered by operators is Medanito crude from Argentina, its inclusion would allow for expanded supply sources and reduce dependence on a maritime route that currently presents high costs. However, price is not the only factor determining business decisions. Some refineries may continue to purchase US oil, even with higher transportation rates, to maintain continuity of supply. In a market affected by logistical disruptions and changes in shipping routes, having suppliers capable of guaranteeing deliveries remains an important aspect for refining companies. The uptake of VLCCs reflects the pressure on rates. The increase in maritime costs is also reflected in recent negotiations to hire tankers for transporting US crude, the Japanese refiner Cosmo Oil has provisionally agreed to hire a VLCC vessel for $81 million with a loading window expected between November 19 and 21, according to trade and maritime industry sources. The value of this transaction reflects the high rates reached on a route that requires vessels capable of transporting large volumes of oil. SK Energy and Trafigura, for their part, attempted to contract tankers with similar characteristics, submitting bids between $76 and $77 million. However, these negotiations did not come to fruition. Difficulties in securing vessel availability have led some operators to consider smaller vessels, such as Aframax tankers. Trafigura contracted the Torm Hilde the vessel, with an approximate capacity of 600,000 barrels, for $24 million, is scheduled to load US oil bound for Japan on November 1. In another negotiation, Vitol sought to charter the Aframax Riverside for $27 million to transport crude oil to South Korea in early November, however, this deal also fell through. Although Aframax vessels carry less oil than VLCCs, they can be an alternative when securing larger vessels is difficult or when market conditions favor smaller shipments. These operations reflect how companies are adjusting their transportation strategies in response to rising freight rates and limited tanker availability on certain routes. The closure of the Strait of Hormuz exacerbates the shortage of ships. Disruptions to major oil shipping routes are also contributing to higher international freight rates. June Goh, senior analyst at Sparta Commodities, noted that VLCC tanker rates between the Gulf of Mexico and Asia, as well as on routes from Fujairah to eastern markets, have increased by more than 300 % since mid-August. According to the specialist, one of the factors explaining this situation is the reorganization of maritime operations following the closure of the Strait of Hormuz, a route commonly used for international shipping hydrocarbons companies have resorted to ship-to-ship (STS) oil transfer operations to adapt their activities to existing restrictions. However, these transfers can require additional maneuvers and prolong the time vessels are occupied, consequently reducing the availability of ships to handle new transport requests, this situation is compounded by the increase in oil shipments from the Atlantic basin to the Far East, which is driving up the demand for tankers to cover long-distance voyages. The combination of both factors puts pressure on the available fleet and contributes to raising contract prices, in addition, expectations of new oil releases from the United States' strategic reserves could sustain demand for maritime transport, depending on the volumes and destinations of the shipments. Refining margins will determine future purchases. Rising transportation costs are forcing Asian refineries to carefully review their oil acquisition costs and the revenue they can expect from selling their refined products. June Goh warned that refining margins will need to remain high so that companies can absorb the increased logistics expenses without compromising the profitability of their operations. This relationship between the cost of delivered crude oil and the value of produced fuels will be one of the factors that will determine upcoming business decisions, if freight rates remain high, US exporters may need to adjust their bids to remain competitive against producers in other regions. At the same time, refineries will need to compare supply conditions from different markets, considering not only the price of oil, but also the availability of vessels and the risks associated with each route. For now, the scenario favors greater diversification of suppliers and keeps attention on trade movements between the Atlantic and Asia. Although rising freight rates limit arbitrage opportunities for US crude, potential supply disruptions in Middle East they could maintain demand for shipments from other regions, the evolution of maritime rates, refining margins, and oil availability will determine the extent to which Asian refineries will continue to buy US crude or give more participation to alternative suppliers. Verified Author Moises Carrasquero is a mechanical engineer and writer specializing in technology, engineering, and industrial development, with a focus on the advancements that are transforming these sectors. My goal is to turn complex technical information into clear, accurate, and relevant journalistic content.