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]

Core Insights - Momentum investors are attracted to fast-growing stocks, particularly in the biopharmaceuticals industry, which presents significant growth potential [2][3] Group 1: uniQure N.V. (NASDAQ: QURE) - uniQure has seen a significant share price increase, with a current price of $59.91 and a 12-month price forecast of $71.75, indicating a 19.76% upside potential [3][5] - The company is known for its adeno-associated viral (AAV) vector platform and has promising drug candidates, including AMT-130 for Huntington's disease and AMT-260 for epilepsy [3][4] - As of Q2, uniQure had $377 million in cash, providing operational runway into 2027 [4] Group 2: Omeros Corp. (NASDAQ: OMER) - Omeros experienced a price spike in mid-October after Novo Nordisk acquired licensing rights to its drug Zaltenibart for $240 million, with a 12-month price forecast of $27.50, representing a 255.30% upside [6][8] - The current price is $7.74, with analysts rating it a Moderate Buy based on 8 ratings [7][9] - Despite a recent price drop, analysts remain optimistic, projecting a potential upside of nearly 244% [9] Group 3: Stardust Power Inc. (NASDAQ: SDST) - Stardust Power, a micro-cap battery tech firm, has a current price of $4.52 and a 12-month price forecast of $51.13, indicating a potential upside of 1,031.08% [10][12] - The company has secured agreements to develop an electric substation and to secure lithium carbonate, which positions it for growth amid rising domestic demand [10][11] - Analysts are bullish, with four out of six rating it a Buy, reflecting confidence in its future prospects [12]

Core Viewpoint - Stardust Power Inc. has signed a Letter of Intent with Prairie Lithium to secure a supply of 6,000 metric tons per annum of lithium carbonate equivalent, which is crucial for the company's lithium processing operations in Oklahoma and supports its growth strategy [1][2][7]. Supply Agreement Details - The supply agreement with Prairie Lithium will provide a near-term feedstock that accelerates Stardust Power's business model and reduces risks associated with the development of Phase 1 [2][7]. - The agreement allows for flexibility in future phases to incorporate multiple chloride sources as production scales [2]. - Initial deliveries are expected to start in 2027, with the potential to scale up to 6,000 metric tons per annum, and Prairie Lithium has identified a production capacity of up to 17,000 metric tons per annum [3][7]. Strategic Location and Infrastructure - Feedstock will be delivered to the Port of Muskogee's Free Trade Zone, which offers strategic access to transportation networks and potential tariff exemptions [3]. - The Prairie Lithium Project is located in a resource-rich area with access to critical infrastructure, including electricity, water, and transportation [5][9]. Operational and Financial Implications - The agreement enhances Stardust Power's commercial position and opens new financing opportunities, including project-level debt and equity [7]. - The company is advancing in permitting and construction, with ground already broken at the Muskogee site, indicating strong operational execution [7]. Commitment to Sustainability - Stardust Power emphasizes its commitment to sustainability and aims to bolster North America's energy security through resilient supply chains [8][9]. - Prairie Lithium's project is designed to minimize environmental impact by using less freshwater and land, aligning with sustainable lithium production goals [9].

Core Insights - Stardust Power Inc. has appointed Mr. Kenneth Pitts as Construction and Subcontracts Director, emphasizing its commitment to the Muskogee Project and progress towards Phase 1 construction [1][3][5] Company Overview - Stardust Power is focused on developing battery-grade lithium carbonate to enhance America's energy security, with a lithium processing facility in Muskogee, Oklahoma, expected to produce up to 50,000 metric tons per annum [8] Leadership and Experience - Mr. Pitts brings over 25 years of experience in managing complex projects in various sectors, including oil and gas and critical minerals, and has a strong track record in multinational project delivery [4][7] - His previous roles include senior leadership positions at notable companies such as Neom Company and Fluor Corporation, where he managed large-scale project delivery and subcontract execution [7] Project Management - In his new role, Mr. Pitts will oversee major onsite projects at the Muskogee refinery, ensuring they are delivered safely, on schedule, and within budget [3][5] - The company has established a highly experienced owner's team to manage one of the largest lithium refineries in the United States, positioning itself for successful project execution [6]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - SHF Holdings, Inc. (SHFS) increased by 150% to $8.17 - Lithium Americas Corp. (LAC) rose by 69% to $5.18 - Aqua Metals, Inc. (AQMS) gained 50% reaching $6.11 - CleanCore Solutions, Inc. (ZONE) up by 44% at $2.87 - Cyclerion Therapeutics, Inc. (CYCN) increased by 33% to $4.03 - Twin Vee Powercats Co. (VEEE) rose by 17% to $2.92 - Solidion Technology, Inc. (STI) up by 11% at $5.09 - China Pharma Holdings, Inc. (CPHI) increased by 11% to $2.18 - Stardust Power Inc. (SDST) rose by 10% to $3.04 - Aligos Therapeutics, Inc. (ALGS) increased by 7% to $11.03 [3] Premarket Losers - Aytu BioPharma, Inc. (AYTU) decreased by 15% to $2.11 - Professional Diversity Network, Inc. (IPDN) down by 13% to $4.10 - STRATA Skin Sciences, Inc. (SSKN) fell by 10% to $2.31 - Cohu, Inc. (COHU) decreased by 9% to $20.68 - Super League Enterprise, Inc. (SLE) down by 9% to $7.74 - CTW Cayman (CTW) fell by 9% to $2.29 - Fitell Corporation (FTEL) decreased by 8% to $7.70 - Soluna Holdings, Inc. (SLNH) down by 8% to $2.16 - StableX Technologies, Inc. (SBLX) decreased by 5% to $5.22 - Indaptus Therapeutics, Inc. (INDP) down by 5% to $2.95 [4]

Core Insights - Stardust Power Inc. has successfully completed the FEL 3 report for its lithium processing facility in Muskogee, Oklahoma, marking a significant milestone in the project's development [1][3] Project Overview - The FEL 3 report includes advanced design optimizations aimed at improving efficiency, reducing costs, and enhancing overall project economics [2] - Phase 1 of the project is planned to produce 25,000 metric tons per annum (mtpa) of battery-grade lithium, with capital expenditures estimated at approximately $500 million, which is nearly $200 million below initial estimates [2][5] - The construction timeline is expected to be around 24 months from the start of major work to mechanical completion [5] Technical Advancements - The FEL 3 report features a comprehensive 3D process model and detailed cost estimates for construction and operations, leading to improved capital and operating cost forecasts compared to previous studies [3] - Contingency costs have been reduced from 40% in earlier phases to a significantly lower level, reflecting increased project definition and confidence [3] Strategic Importance - The completion of the FEL 3 positions Stardust Power closer to a Final Investment Decision (FID), which is crucial for launching Phase 1 of the construction [4][6] - The Muskogee facility is designed to produce up to 50,000 mtpa of battery-grade lithium carbonate at full capacity, making it one of the largest lithium refineries in the U.S. and a key contributor to the country's energy security [4][7] Commitment to Sustainability - The facility is designed with a focus on minimizing air emissions, recycling water, and safely managing by-products, aiming for zero liquid discharge [4] - The project is expected to create hundreds of well-paying jobs in engineering, construction, and operations, with a commitment to hiring locally in Muskogee and Oklahoma [4][6]