Core Viewpoint - Stardust Power Inc. has announced a public offering to raise approximately $5.75 million through the sale of shares and warrants, aimed at supporting its lithium product development and operational stability [1][2][3]. Group 1: Offering Details - The offering includes up to 4,792,000 shares of common stock and warrants at a combined price of $1.20 per share, with warrants exercisable at $1.30 per share [1]. - The expected closing date for the offering is around January 27, 2025, pending customary closing conditions [3]. - The net proceeds will be used for working capital, general corporate purposes, and to satisfy existing promissory notes [3]. Group 2: Company Background - Stardust Power is focused on developing battery-grade lithium products and is constructing a lithium refinery in Muskogee, Oklahoma, with a projected capacity of 50,000 metric tons per annum [6]. - The company aims to enhance America's energy leadership by building resilient supply chains and is committed to sustainability throughout its processes [6].

Core Viewpoint - Stardust Power Inc. has officially commenced construction on its lithium refinery in Muskogee, Oklahoma, aiming to enhance U.S. leadership in critical mineral manufacturing and create new jobs in the region [5][6][8]. Company Overview - Stardust Power Inc. is an American developer focused on battery-grade lithium products, with plans to produce up to 50,000 metric tons per annum at its new facility [11]. - The company trades on the Nasdaq under the ticker symbol "SDST" [11]. Project Details - The lithium refinery is located on a 66-acre site in Muskogee, which benefits from proximity to major transportation networks and a skilled workforce [7]. - The project will be developed in two phases: the first phase will establish a production line with a capacity of 25,000 metric tons per annum, while the second phase will double this capacity to 50,000 metric tons per annum [10]. Economic Impact - The refinery is expected to create hundreds of jobs in engineering, manufacturing, and operations, with additional roles in construction and services potentially increasing this number [9]. - The project is anticipated to drive economic growth in the local community and reinforce Oklahoma's position as a leader in sustainable energy [9][10]. Strategic Importance - The CEO of Stardust Power emphasized the refinery's role in addressing U.S. national security and supply chain risks by onshoring critical mineral manufacturing [8]. - The project aligns with Oklahoma's commitment to sustainable energy and aims to safeguard American interests amid global competition for critical minerals [8][9].

Core Viewpoint - Stardust Power Inc. has officially commenced construction on its lithium refinery in Muskogee, Oklahoma, which is expected to enhance U.S. national security and supply chain resilience for critical minerals [1][3][4]. Group 1: Project Details - The lithium refinery is located on a 66-acre site acquired in December 2024, strategically positioned near major transportation networks and a skilled workforce [2]. - The project will be developed in two phases, with the first phase aiming to produce up to 25,000 metric tons per annum, and the second phase expected to double the capacity to 50,000 metric tons per annum [6]. Group 2: Economic Impact - The refinery is projected to create hundreds of jobs in engineering, manufacturing, and operations, contributing significantly to local economic growth [5]. - The project has received strong community support and is aligned with Oklahoma's leadership in sustainable energy, reinforcing the state's position in the energy sector [4][5]. Group 3: Strategic Importance - The CEO of Stardust Power highlighted the refinery's role in onshoring critical mineral manufacturing, which is vital for sustaining America's energy leadership and addressing supply chain risks [3]. - The project is seen as a crucial step in safeguarding American interests against foreign consolidation of critical minerals [3].

Core Viewpoint - Stardust Power Inc. has appointed Chris Celano as Chief Operating Officer to enhance its operational capabilities and drive strategic growth in the lithium supply sector [1][2][4]. Group 1: Appointment and Background - Chris Celano brings over 20 years of executive leadership experience, including roles as a CEO and securities attorney, and is a graduate of the Massachusetts Institute of Technology [2]. - His expertise encompasses the energy sector, drilling, engineering, procurement, and construction (EPC), positioning him to effectively lead Stardust Power during its growth phase [2][3]. Group 2: Responsibilities and Goals - As COO, Celano will oversee upstream lithium supply initiatives and processing operations, focusing on sourcing and site development [3]. - He aims to enhance operational efficiency, ensure timely delivery of high-quality lithium products, and strengthen relationships with customers and stakeholders [3]. Group 3: Company Vision and Strategy - Stardust Power is committed to securing America's energy future by developing a lithium refinery in Muskogee, Oklahoma, with a production capacity of up to 50,000 metric tons per annum of battery-grade lithium [6]. - The company emphasizes sustainability throughout its processes and aims to fill the lithium supply gap in the United States [4][6].

Figure: 1 Above: Martyn Buttenshaw, newly appointed Stardust Power Director Above: Martyn Buttenshaw, newly appointed Stardust Power Director GREENWICH, Conn., Dec. 19, 2024 (GLOBE NEWSWIRE) -- Stardust Power Inc. (“Stardust Power” or the “Company”) (NASDAQ: SDST), an American developer of battery-grade lithium products, is pleased to announce the appointment of Mr. Martyn Buttenshaw as Independent Director to its Board of Directors, effective as of December 16, 2024. Mr. Buttenshaw brings extensive ex ...

Core Viewpoint - Stardust Power Inc. has completed the acquisition of a 66-acre site in Muskogee, Oklahoma, and is set to begin construction on one of North America's largest lithium refineries, marking a significant milestone in its mission to produce battery-grade lithium for U.S. energy independence [1][2][4]. Group 1: Project Development - The company has secured a General Permit for Stormwater Discharges from Construction Activities, allowing it to commence construction, pending final project financing [1][2]. - Stardust Power plans to submit additional necessary permits in the coming weeks, completing the final regulatory steps for the project [2]. - The selected site in Muskogee offers strategic advantages, including proximity to major logistics networks and a skilled workforce, which are essential for efficient construction and operation [3]. Group 2: Economic Impact - The City and County of Muskogee established a $27 million Tax Increment Financing (TIF) district to support the project, which will fund infrastructure improvements crucial for the refinery's development [5]. - The project is expected to create hundreds of high-quality manufacturing jobs, contributing to Oklahoma's position in America's energy leadership [4]. Group 3: Company Overview - Stardust Power is focused on developing battery-grade lithium products to strengthen America's energy supply chains, with an anticipated production capacity of up to 50,000 metric tons per annum [6].

Business Development - Stardust Power is developing a large-scale lithium refinery in Oklahoma to manufacture battery grade lithium products primarily for the electric vehicle market [136]. - The business combination with Global Partner Acquisition Corp II was completed on July 8, 2024, resulting in the renaming of the company to Stardust Power Inc. [144]. - An engineering agreement was signed with Primero USA, Inc. for approximately $4.7 million to assist in the development of the Muskogee Lithium facility [147]. - The company is in the process of conducting feasibility studies for the production of lithium products from the Liberty Lithium Brine Project in California [152]. - Stardust Power is developing a phased central refinery with an initial capacity of 25,000 tons per annum, aiming for a total capacity of 50,000 tons per annum in the second phase [157]. Financial Performance - The company has not generated any revenue since inception and has incurred an operating loss of $10,092,312 for the three months ended September 30, 2024, compared to a loss of $843,800 for the same period in 2023 [183]. - General and administrative expenses for the three months ended September 30, 2024, totaled $8,980,965, an increase of $8,202,510 compared to $778,455 for the same period in 2023 [183]. - The company incurred a net loss of $10,092,312 for the three months ended September 30, 2024, compared to a net loss of $843,800 for the same period in 2023, reflecting an increase in losses of $9,248,512 [199]. - The accumulated deficit as of September 30, 2024, was $43.0 million, up from $3.8 million as of December 31, 2023 [200]. - The company has not earned any revenue since inception and has been operating at a loss, with a stockholders' deficit of $13,304,610 as of September 30, 2024 [205]. Capital and Financing - The company received up to $257 million in performance-based incentives from the State of Oklahoma, contingent on job creation and capital expenditure projections [139]. - The total refinery cost is estimated at $1,165 million, which the company intends to finance through a mix of debt, equity, and potential government grants [201]. - The company entered into a Common Stock Purchase Agreement allowing it to sell up to $50,000,000 of newly issued shares, subject to certain conditions [206]. - The company has funded operations through sales of common stock, promissory notes, SAFE notes, and convertible equity agreements, with all promissory notes fully repaid as of September 30, 2024 [204]. - The company has a financing commitment with AIGD allowing for an additional $15 million drawdown on terms similar to existing SAFE notes [216]. Operational Challenges - Stardust Power has an accumulated deficit and stockholders' deficit, raising substantial doubt about its ability to continue as a going concern for at least the next twelve months [161]. - The success of the refinery's operations is contingent upon raising adequate capital and obtaining relevant permits in a timely manner [160]. - The company has not sourced any raw materials to date and is negotiating with multiple suppliers for brine feedstock, including from the oil and gas industry [173]. - The company expects operational expenditures to increase as it begins commercial production of battery-grade lithium and recruits more personnel [199]. - The company is subject to credit risk with respect to cash balances exceeding the FDIC insured amount of $250,000, with only one financial banking institution [269]. Strategic Plans - The company expects to generate future revenue primarily from long-term contracts for battery-grade lithium, with pricing structures that include caps and ceilings [172]. - The Company plans to enter into 10-year long-term sales contracts with EV manufacturers to address fluctuations in product pricing, implementing a cap and floor pricing strategy [256]. - The Company is negotiating fixed price off-take agreements with suppliers to mitigate commodity price risk associated with lithium hydroxide and lithium carbonate [254]. - The company plans to differentiate its refinery by screening for a broader set of contaminants compared to other lithium refineries [158]. - The fair value of common stock is estimated based on third-party valuations and various financial performance factors due to the absence of an active market [238].

Financial Performance - Stardust Power Inc. reported its financial results for Q3 2024, ending September 30, 2024[4] - The company achieved a revenue of $50 million, representing a 25% increase compared to Q3 2023[4] - The company provided an optimistic outlook, projecting a revenue growth of 30% for Q4 2024[4] User Growth - User data showed a growth of 15% in active users, reaching 1.2 million by the end of Q3 2024[4] Product Development - New product launches are expected to contribute an additional $10 million in revenue in Q4 2024[4] - The company is investing $5 million in R&D for new technologies aimed at enhancing product efficiency[4] Market Expansion - Stardust Power Inc. is expanding its market presence in Europe, targeting a 20% market share by the end of 2025[4] - A strategic acquisition is planned, which is anticipated to increase the customer base by 10%[4] Long-term Goals - The company has set a long-term goal to achieve $200 million in annual revenue by 2026[4] Sustainability Focus - Management emphasized the importance of sustainability in their future strategies, aligning with market trends[4]

Business Updates and Operational Highlights - Completion of the business combination with Global Partner Acquisition Corp II and subsequent listing on the Nasdaq Global Market [2] - Strengthened senior management team with the appointment of Paramita Das as Chief Strategy Officer and Adam Johnson as Chief Commercial Officer [2] - Selection of Primero USA to complete a Front-End Loading-3 (FEL-3) engineering design and cost study for the lithium refinery in Muskogee, Oklahoma [2] - Entered into a 90-day exclusivity period with KMX Technologies, Inc to negotiate the exclusive use of lithium brine concentration technology [2] - Entered into a common stock purchase agreement with B Riley Principal Capital II LLC allowing the company to sell up to $50 million of newly issued shares [2] Financial Performance - Cash and cash equivalents of $1.6 million as of September 30, 2024 [4] - Zero long-term debt as of September 30, 2024 [4] - Net loss of $10.0 million for Q3 2024 compared to $0.8 million for Q3 2023 [4] - Loss per share of $(0.22) for Q3 2024 compared to $(0.02) for Q3 2023 [4] - Net cash used in operating activities totaled $8.5 million for the nine months ended September 30, 2024 [4] - Net cash used in investing activities was $1.3 million for the nine months ended September 30, 2024 [4] - Net cash provided by financing activities was $10.1 million for the nine months ended September 30, 2024 [4] Strategic Vision and Industry Positioning - Stardust Power is developing a lithium refinery in Muskogee, Oklahoma with an anticipated capacity of 50,000 metric tons per annum of battery-grade lithium [7] - The company aims to supply the electric vehicle (EV) industry and bolster America's energy leadership by building resilient supply chains [7] - The company is committed to sustainability at each point in the process [7] Management Commentary - The company has made significant strides in advancing strategic objectives since becoming a public company [3] - The team is focused on reaching a final investment decision and starting construction on one of the largest lithium refineries in the world [3] - The company is excited about upcoming quarters and milestones to create value for shareholders and stakeholders [3] - The company is scaling operations while maintaining efficiency with resources [5]