Core Viewpoint - Stardust Power Inc. has secured up to $15 million in senior secured convertible debt financing to support the construction of its lithium refinery project in Muskogee, Oklahoma [1][2]. Financing Details - The financing includes an initial drawdown of $4 million and is designed to provide flexible capital for engineering, infrastructure, and procurement activities as the company progresses towards construction [2]. - The financing has a 24-month term, includes an initial repayment moratorium, and allows the company to repay in cash or common stock [2]. Project Overview - The company is developing a lithium refinery with a capacity of 50,000 metric tons per annum of battery-grade lithium carbonate, aimed at enhancing America's energy security through resilient supply chains [4]. - The financing is intended to support near-term development activities and may serve as bridge financing as the company seeks project-level construction financing [2][3]. Management Insights - The CEO of Stardust Power emphasized the importance of this financing as a step towards construction, highlighting the flexibility it provides in executing the next phase of the project [3]. - The company aims to minimize public equity dilution and maximize shareholder value through a combination of asset-level equity and debt financing [3].

Core Viewpoint - Stardust Power's lithium refinery project in Muskogee, Oklahoma has been validated by an independent review from Black & Veatch, confirming that it meets industry standards and is positioned for successful execution [1][3][5]. Project Overview - The project aims to construct a battery-grade lithium carbonate facility with a capacity of 50,000 metric tons per annum, starting with a Phase 1 production target of 25,000 metric tons per annum [2][3]. - The independent engineering review assessed various assumptions related to the project, including technology risk, production targets, and operational availability [3][5]. Technical Validation - The review confirmed that the project design is based on proven lithium processing systems, with modifications for a wider range of feedstocks, resulting in low technology risk [3][6]. - The expected lithium recovery rate and production targets for Phase 1 were deemed achievable, aligning with industry experience [3][7]. Execution and Management - The report highlighted that the company's quality assurance, risk management, and contractor vetting processes are consistent with industry practices, enhancing confidence in project execution [4][6]. - The construction schedule is projected to last 24 months, followed by a 12-month ramp-up period, which is considered achievable [7]. Infrastructure and Compliance - The Muskogee site has been confirmed as suitable, with access to essential utilities such as municipal power, gas, and water [7]. - Progress on environmental studies and permitting has been evaluated as reasonable, ensuring compliance with current industry norms [7]. Strategic Importance - The completion of the independent engineering review is seen as a significant milestone for Stardust Power, reinforcing its commitment to enhancing America's energy security through domestic lithium production [5][8].

Financial Data and Key Metrics Changes - As of Q3 2025, the company had cash and cash equivalents of $1,600,000, an increase from $900,000 as of December 31, 2024 [41] - The net loss for Q3 2025 was $4,500,000, which is a decrease of $5,600,000 year-over-year, primarily due to reduced expenses related to the business combination [42] - The loss per share improved to $0.53 for Q3 2025 compared to $2.23 in the prior year quarter [43] Business Line Data and Key Metrics Changes - The company is currently pre-revenue as it has not yet commenced commercial production of battery-grade lithium carbonate [40] - The Muskogee refinery is designed to have a Phase one capacity of 25,000 metric tons per year of battery-grade lithium carbonate, expandable to 50,000 tons in Phase two [22] Market Data and Key Metrics Changes - The lithium market has begun to stabilize following earlier corrections, with prices improving modestly as inventories normalize [13] - A North American lithium pricing environment is forming, which is beginning to separate from traditional benchmarks in China, Japan, and Korea [14] Company Strategy and Development Direction - The company aims to build a secure American domestic supply chain for battery-grade lithium, aligning with U.S. policy objectives [6] - The focus is on aggregating and unlocking lithium supply that might not otherwise reach the market, emphasizing onshoring critical minerals [7] - The company is actively securing feedstock through agreements with upstream partners, such as Prairie Lithium and Mandrake Resources [18][19] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strong demand for lithium driven by electric vehicles and energy storage, with expectations for continued growth [7] - The geopolitical landscape and U.S. policy actions reinforce the need for a secure domestic critical mineral supply chain [9] - The outlook for lithium remains strong, with steady pricing recovery anticipated through 2026 [14] Other Important Information - The company completed a one-for-ten reverse stock split to maintain its NASDAQ listing [31] - Significant progress has been made in project finance, with independent engineers' validation of the FEL3 nearing completion [32] Q&A Session Summary Question: Additional color on government financing conversations - Management confirmed ongoing discussions with the government regarding equity investments and support for onshoring processing capacity [47] Question: Liquidity options to maintain the balance sheet - Management indicated multiple options for raising capital, including increased volume since summer and limited non-project capital costs moving forward [48][49] - Operational costs are expected to remain similar to current levels, with a focus on running a lean operation [51]

Financial Data and Key Metrics Changes - As of Q3 2025, the company had cash and cash equivalents of $1.6 million, an increase from $0.9 million as of December 31, 2024 [28] - The company incurred a net loss of $4.5 million in Q3 2025, which was lower by $5.6 million year over year, primarily due to reduced expenses related to the business combination [29] - The loss per share improved to $0.53 for Q3 2025 compared to $2.23 in the prior year quarter, driven by decreased general and administrative expenses [30] Business Line Data and Key Metrics Changes - The company is pre-revenue and has not yet commenced commercial production of battery-grade lithium carbonate, reflecting anticipated ramp-up in operating expenses [29] - The Muskogee refinery is designed to have a phase I capacity of 25,000 metric tons per year of battery-grade lithium carbonate, expandable to 50,000 tons in phase II [16] Market Data and Key Metrics Changes - The lithium market has begun to stabilize following earlier corrections, with prices improving modestly as inventories normalize [9] - A North American lithium pricing environment is forming, separating from traditional benchmarks, which is expected to create a market premium for domestically sourced lithium [10] Company Strategy and Development Direction - The company aims to build a secure American domestic supply chain for battery-grade lithium, aligning with U.S. policy objectives focused on onshoring critical minerals [4][5] - The company is not reliant on government funding to advance its projects, indicating a self-sustaining business model [9] Management's Comments on Operating Environment and Future Outlook - Management highlighted strong demand for lithium driven by electric vehicles and energy storage, with expectations for a tightening supply-demand balance toward the latter half of the decade [10] - The geopolitical landscape and U.S. policy actions reinforce the strategic importance of domestic critical mineral supply chains [6] Other Important Information - The company completed a 1-for-10 reverse stock split to maintain its NASDAQ listing and strengthen its position in public markets [23] - The company signed letters of intent with Prairie Lithium and Mandrake Resources to secure lithium chloride feedstock, supporting its centralized refining model [12][14] Q&A Session Summary Question: Government financing discussions - Management is in deep conversations with the government regarding equity investments and promoting onshoring processing capacity [32][33] Question: Liquidity options and corporate expenses outlook - Management indicated multiple options for maintaining liquidity, with operational costs expected to remain similar to current levels [34][35]

Company Overview - Stardust Power aims to secure U S energy leadership through battery-grade lithium production[10] - The company is developing one of the largest lithium refineries in the US, with a capacity of 50,000 metric tons per annum[20] - The refinery is strategically located in Muskogee, Oklahoma, with access to major transportation infrastructure[15, 55] Market Opportunity - Lithium demand is expected to increase more than 20-fold due to the growth of electric vehicles[22, 82] - The US lithium market is projected to reach 321,000 tons LCE by 2030[78] - Stardust Power plans to produce up to 50,000 metric tons of battery-grade lithium products per year[55, 78] Financials and Incentives - The company has common shares outstanding of 982 million, warrants of 1043 million, and insider ownership of 2926%[72] - Stardust Power could receive up to $257 million in performance-based incentives from the State of Oklahoma for Phase 1 and 2[20, 64] Risk Factors - The presentation includes a detailed list of risk factors related to Stardust Power's business, industry, and economic condition[117, 119]

Project Development - Stardust Power is developing a large-scale lithium refinery in Oklahoma to manufacture battery-grade lithium carbonate for the EV and ESS markets [165]. - The FEL-3 report estimates Phase 1 production capacity at 25,000 metric tons per annum of battery-grade lithium, with capital expenditures of approximately $500 million [179]. - The Company is in the development stage, having completed various site assessments and submitted necessary permit applications for its planned refinery [193][194]. - The estimated cost to build phase 1 of the refinery for battery grade lithium carbonate is approximately $500 million, with plans to finance through a mix of debt, equity, and potential government grants [240]. Financial Incentives and Agreements - The company received up to $257 million in performance-based incentives from the State of Oklahoma, contingent on job creation and capital expenditures [168]. - A long-term offtake agreement with Sumitomo Corporation is contemplated for 20,000 metric tons of lithium carbonate per year, with a potential increase to 25,000 metric tons [182]. - A non-binding agreement with Prairie Lithium Limited for 6,000 metric tons per annum of lithium chloride was established, with a 6-year initial term [176]. - The company has plans to source lithium chloride feedstock from various suppliers and may invest upstream to secure additional feedstock [166]. Financing and Capital Structure - The company raised approximately $5,750,000 from a public offering of 479,200 shares at $12.00 per share on January 27, 2025 [172]. - The Company entered into a loan agreement totaling $1,750,000 with a 15% annual interest rate, maturing in March 2025, and pledged 550,000 shares as collateral [185]. - An additional loan agreement was established for $1,800,000, also at a 15% interest rate, with 340,000 shares pledged as collateral, and an equity kicker of $2,700,000 in Common Stock [186]. - The company has fully repaid short-term loans totaling $1,750,000 and $1,800,000, which were secured against shares of common stock owned by the CEO [253][255]. - The company may seek additional equity or debt financing to fund its operating and investing activities in the future [262]. Operational Performance - The Company has not generated any revenue to date and has been operating at a loss since inception, with an accumulated deficit [200]. - For the three months ended September 30, 2025, the company incurred a net loss of $4,459,764, compared to a net loss of $10,092,312 for the same period in 2024, indicating a 56% improvement year-over-year [238]. - The accumulated deficit as of September 30, 2025, was $64,592,850, up from $52,618,948 as of December 31, 2024, reflecting ongoing operational losses since inception [239]. - The company has not earned any revenue and has been operating at a loss since inception, raising substantial doubt about its ability to continue operations over the next twelve months [262]. Expenses and Cash Flow - General and administrative expenses are anticipated to increase as the Company invests in setting up its facility and hiring additional employees [207]. - The net cash used in operating activities for the nine months ended September 30, 2025, was $6,548,760, a decrease of $1,965,401 compared to $8,514,161 for the same period in 2024 [256]. - For the nine months ended September 30, 2025, net cash used in investing activities was $3,001,632, primarily for capital project costs related to the construction of the refinery [258]. - For the nine months ended September 30, 2025, net cash provided by financing activities was $10,222,822, mainly from public offerings gross proceeds of $10,270,400 [260]. Market and Compliance Issues - The Company received a notice from Nasdaq regarding non-compliance with listing standards due to a market value below $15,000,000, but regained compliance by September 2025 [187]. - The Company also faced a minimum bid price notice for shares closing below $1.00, which was resolved by September 2025 [188]. - A reverse stock split of 1-for-10 was executed on September 8, 2025, approved by stockholders, affecting outstanding shares and warrants [190][191]. Investment and Losses - Stardust Power invested $1,600,000 in 10,000,000 shares of IRIS Metals Limited, later selling the investment for $570,255, resulting in a loss of $84,626 [180]. - The loss on sale of investments in equity securities was $84,626 for the three months and $179,805 for the nine months ended September 30, 2025 [235]. - The company recorded a loss of $232,481 related to the write-off of a promissory note and deposit for the nine months ended September 30, 2025 [236]. Risk Factors - The Company is subject to credit risk for cash balances exceeding the FDIC insured amount of $250,000, with only one financial banking institution [293]. - The Company is currently operating in a volatile inflationary environment, which could impact its financial condition and results of operations [294]. - The company anticipates that cash on hand and additional investments will be inadequate to satisfy working capital and capital expenditure requirements for at least the next twelve months [243].

Core Viewpoint - Stardust Power Inc. reported strong operational progress and financial improvements in Q3 2025, with significant advancements towards establishing a major U.S. source of battery-grade lithium [2][5]. Operational Highlights - The completion of FEL-3 engineering for the Muskogee lithium refinery, with a Phase 1 capacity of 25,000 metric tons per annum (mtpa), expandable to 50,000 mtpa [5]. - Estimated capital expenditure (CapEx) for the project is approximately $500 million, which is about $200 million lower than previous estimates [5]. - A 24-month construction timeline is outlined with a 90% probability of cost achievement [5]. - Two supply agreements were executed post-quarter end, securing 13,500 metric tons of lithium carbonate equivalent (LCE) for the refinery [5]. Financial Highlights - The company reported a net loss of $4.5 million for Q3 2025, an improvement from a net loss of $10.1 million in Q3 2024 [6]. - Net loss per share improved to $(0.53) from $(2.23) year-over-year [6]. - Cash and cash equivalents stood at approximately $1.6 million as of September 30, 2025 [6]. - Net cash used in operating activities decreased to $6.5 million for the nine months ended September 30, 2025, compared to $8.5 million in the prior year [6]. - Net cash used in investing activities was $3.0 million for the nine months ended September 30, 2025, up from $1.3 million in the prior year [6]. - Net cash provided by financing activities was $10.2 million for the nine months ended September 30, 2025, compared to $10.1 million in the prior year [6]. Company Overview - Stardust Power is focused on developing battery-grade lithium carbonate to enhance America's energy security through resilient supply chains [7]. - The company is building a strategically located lithium refinery in Muskogee, Oklahoma, with a production capacity of up to 50,000 metric tons of battery-grade lithium carbonate annually [7].

Core Viewpoint - Stardust Power Inc. is set to release its third quarter 2025 financial results on November 13, 2025, and will host a conference call to discuss these results [1]. Company Overview - Stardust Power Inc. is an American developer of battery-grade lithium carbonate, aimed at enhancing America's energy security through resilient supply chains [3]. - The company is constructing a lithium refinery in Muskogee, Oklahoma, with an annual production capacity of up to 50,000 metric tons of battery-grade lithium carbonate [3]. - Stardust Power is committed to sustainability at every stage of its operations and is publicly traded on Nasdaq under the ticker "SDST" [3]. Conference Call Details - The conference call will be hosted by Roshan Pujari, the Founder and CEO, and Uday Devasper, the CFO, at 5:30 PM ET on November 13, 2025 [1]. - Participants can access the call through a registration link to receive dial-in information and a unique PIN [2]. - A live audio webcast will also be available for participants to listen in [2].

Core Insights - Stardust Power Inc. has signed a Letter of Intent with Mandrake Resources Limited to secure 7,500 metric tons per annum of lithium carbonate equivalent from Mandrake's Utah Lithium Project, enhancing its supply chain for battery-grade lithium carbonate [1][5] - The agreement is non-binding and covers a twelve-year term with an optional six-year extension, potentially providing up to 18 years of supply [5] - The Utah Lithium Project is strategically located in a region known for lithium-rich brines, with an Inferred Resource of 3.3 million tonnes of lithium carbonate equivalent [6][9] Company Strategy - The partnership with Mandrake aligns with Stardust Power's vision for a fully integrated American lithium supply chain, leveraging the project's scale and existing infrastructure [3][4] - The geographic advantage of the Utah project allows for efficient sourcing from multiple suppliers, reinforcing Stardust Power's role as a critical hub for domestic lithium supply [4][6] - The agreement enhances financing options and reduces development risk, demonstrating progress toward full-scale operations at the Muskogee site [5] Market Context - The Utah project benefits from regulatory stability and federal support for domestic critical minerals development, making it a compelling jurisdiction for lithium growth [3][9] - The partnership aims to support the growing North American electric vehicle and energy storage markets by ensuring a reliable supply of battery-grade materials [7][8]

Core Points - Stardust Power Inc. has received confirmation from Nasdaq that it is in compliance with continued listing requirements as of October 28, 2025 [1][2] - The company was previously set to appeal a non-compliance determination, but this hearing has been canceled, and the matter is now resolved [2] - Stardust Power is progressing towards a Final Investment Decision for one of America's largest lithium refineries, enhancing its project execution [3] Company Overview - Stardust Power is focused on developing battery-grade lithium carbonate to strengthen America's energy security through resilient supply chains [4] - The company is constructing a lithium processing facility in Muskogee, Oklahoma, with a projected capacity of up to 50,000 metric tons per annum of battery-grade lithium carbonate [4] - Sustainability is a core commitment throughout the company's operational processes [4]