Financial Data and Key Metrics Changes - For the fiscal third quarter, the company reported a net loss of $10.4 million, or $0.06 per share, and for the nine months ended, a net loss of $30.3 million, or $0.17 per share, primarily driven by expenses at the demonstration plant [57][39][76] - The cash balance remained flat from the second to the third quarter, with positive working capital and no term or revolving debt obligations [76] Business Line Data and Key Metrics Changes - The company successfully commissioned the first commercial-scale Direct Lithium Extraction (DLE) column at its demonstration plant, which is expected to enhance project economics [49][45] - Lithium recoveries at the demonstration plant averaged over 97%, with impurity rejection greater than 99%, indicating strong operational performance [52] Market Data and Key Metrics Changes - The lithium industry is experiencing challenges, including rising project costs and difficulties in accessing capital, but there are signs of stability returning to the sector with increasing pricing and investor interest [41][39] - The company noted that the lithium grade in brine is the most significant factor influencing project economics, with higher grades leading to lower extraction costs [73][74] Company Strategy and Development Direction - The partnership with Equinor is seen as a strategic move to enhance project development capabilities and secure necessary funding for the Southwest Arkansas and East Texas projects [42][79] - The company aims to maintain majority control over its projects while leveraging Equinor's expertise in project finance and development [15][68] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the complex economic environment, including inflation and rising interest rates, but expressed confidence in the partnership with Equinor to navigate these challenges [44][39] - The company believes that having high-quality assets will position it favorably against competitors, regardless of market fluctuations [47] Other Important Information - The company has engaged in a definitive feasibility study and front-end engineering design work for the Southwest Arkansas project, indicating progress towards project milestones [40][54] - The partnership with Equinor provides an immediate liquidity injection of $30 million and alleviates $60 million in near-term capital requirements for the projects [76][78] Q&A Session Summary Question: Can you provide an overview of financing for the Phase 1A Lanxess project? - The company indicated that the critical path items include negotiating the brine fee with Lanxess and establishing a royalty rate in Arkansas [80] Question: Have you received the $30 million from Equinor? - The company confirmed that it has received the funds [82] Question: How did you structure the Equinor deal? - The company emphasized the importance of retaining ownership while balancing the expertise and resources that Equinor brings to the partnership [83][102] Question: What is the timeline for the final investment decision for SWA? - The company is comfortable providing a 2025 timeline for the final investment decision, with significant work to be completed before then [104] Question: Can you elaborate on the DLE column at the demonstration plant? - The company highlighted that the same column design will be used in commercial plants, with extensive operational data gathered to optimize the process [90][106]

Financial Performance - The company experienced a net loss of CAD 30,289,000 for the nine months ended March 31, 2024, compared to a net loss of CAD 15,539,000 for the same period in 2023, representing a 95% increase in losses[4] - The company reported a total comprehensive loss of CAD 27,959,000 for the nine months ended March 31, 2024, compared to CAD 13,050,000 for the same period in 2023, representing a 115% increase in comprehensive losses[4] - The total operations costs for the demonstration plant were $7,085 million for the nine months ended March 31, 2024, down from $10,403 million in the same period of 2023, showing a decrease of approximately 32%[17] Assets and Liabilities - As of March 31, 2024, Standard Lithium Ltd. reported total assets of CAD 171,086,000, a decrease from CAD 173,497,000 as of June 30, 2023[2] - The company reported total liabilities of CAD 11,799,000 as of March 31, 2024, down from CAD 14,121,000 as of June 30, 2023, indicating a reduction of approximately 16%[2] - Total equity as of March 31, 2024, was CAD 159,287,000, slightly down from CAD 159,376,000 as of June 30, 2023[2] Cash and Cash Equivalents - Cash reserves decreased significantly to CAD 15,716,000 as of March 31, 2024, down from CAD 59,612,000 at the end of June 2023, indicating a cash reduction of approximately 74%[2][6] - As of March 31, 2024, the company has a working capital of CAD 7,670, a decrease from CAD 48,800 as of June 30, 2023[35] Shareholder Equity and Stock Options - The weighted average number of common shares outstanding increased to 178,223,074 for the three months ended March 31, 2024, compared to 168,790,419 for the same period in 2023[4] - The company has authorized a stock option plan allowing for the grant of options to acquire up to 10% of the issued and outstanding common stock[21] - The company has a total of 9,820,000 stock options outstanding with a weighted average exercise price of CAD 4.38 as of March 31, 2024[8] Investments and Assets Valuation - Exploration and evaluation assets increased to CAD 143,210,000 as of March 31, 2024, up from CAD 99,952,000 as of June 30, 2023, reflecting a growth of approximately 43%[2] - The net book value of property, plant, and equipment increased from $2,765 million on June 30, 2023, to $3,180 million by March 31, 2024, representing a rise of 15%[14] - The carrying value of intangible assets decreased from $1,432 million on June 30, 2023, to $1,368 million by March 31, 2024, reflecting a reduction of 4.5%[16] - The company's investment in Aqualung increased from $3,314 million on June 30, 2023, to $3,386 million by March 31, 2024, reflecting a fair value change of $72 million[13] Share-Based Payments - Share-based payments for the nine months ended March 31, 2024, totaled CAD 9,971,000, a significant increase from CAD 1,135,000 for the same period in 2023[4] - The company recorded share-based payment expenses of CAD 9,282 for key management compensation during the nine months ended March 31, 2024, compared to CAD 1,579 in the same period of 2023[26] - The company has recorded CAD 4,929 in share-based payment expense related to the DSU grant during the nine-month period ended March 31, 2024[24] Other Financial Activities - Standard Lithium Ltd. raised CAD 19,263,000 through the issuance of shares under its at-the-market offering during the nine months ended March 31, 2024[6] - The company issued 9,320,559 common shares for proceeds of $19,263 million under the ATM offering during the nine months ended March 31, 2024, compared to $0 in the same period of the previous year[20] - The company issued 1,292,500 common shares for proceeds of CAD 2,046 net of transaction costs of CAD 103 under its ATM offering subsequent to March 31, 2024[38] Legal and Regulatory Matters - The company has not recorded any provision for the ongoing securities class action lawsuit as the outcome is undeterminable at this time[37] Currency Exposure - The company is exposed to a potential change of approximately CAD 620 in comprehensive loss due to a 10% fluctuation in the US dollar relative to the Canadian dollar as of March 31, 2024[36]

Financial Data and Key Metrics Changes - For the fiscal second quarter, the company reported a net loss of $10.2 million, or $0.06 per share, and a net loss of $19.9 million, or $0.12 per share for the six months ended December 31, 2023 [31] - The company experienced negative free cash flow of approximately $23.6 million, primarily due to the completion of the East Texas drilling program and the definitive feasibility study on Phase 1A [66] Business Line Data and Key Metrics Changes - The company highlighted the successful completion of the definitive feasibility study for the Phase 1A project and the preliminary feasibility study for the South West Arkansas project, indicating high-quality resources available [69] - The East Texas expansion has uncovered the highest lithium brine values ever reported in North America, emphasizing the potential value of this strategy [50] Market Data and Key Metrics Changes - The lithium market has seen an 80% reduction in prices from their all-time highs in 2023, impacting the entire industry [60] - Despite the current pricing environment, the long-term prospects for lithium remain strong, with expectations of higher prices when the company begins production [104] Company Strategy and Development Direction - The company aims to build a significant lithium-producing business in North America, focusing on high-quality resources, proven extraction technology, and community support [55] - The strategic approach includes engaging with strong partners for financing and offtake agreements to advance projects in a non-dilutive manner [93] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the project's attractiveness due to favorable permitting, infrastructure, and stakeholder support, despite the challenging market conditions [88] - The company is actively pursuing federal grant packages to improve returns for shareholders, which could significantly enhance project funding [79] Other Important Information - The company has established an at-the-market offering program to provide liquidity for project advancement while minimizing dilution [67] - The relationship with Lanxess is crucial for leveraging operations and infrastructure to advance the direct lithium extraction process [115] Q&A Session All Questions and Answers Question: What is left to be done before breaking ground on construction for Phase 1A? - The company is continuing discussions with the Arkansas Oil and Gas Commission for further clarification and is confident that their proposal will be well received [83] Question: What are the most important points of negotiation with potential partners? - Key negotiations focus on securing strong partners with financial and technical capabilities, long-term offtake agreements, and alignment on project value [92][94] Question: When can the company expect to hear from the DOD and DOE on grant money requests? - The company is active in several programs with the DOE and is hopeful for positive outcomes, although there is uncertainty in the process [106] Question: Can you describe the upcoming event in Little Rock and its importance for Standard Lithium? - The event will feature key stakeholders and is expected to garner significant media attention, highlighting the company's efforts in building a lithium industry in Arkansas [133]

[Condensed Consolidated Interim Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) [Condensed Consolidated Interim Statements of Financial Position](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Financial%20Position) The company's financial position weakened as total assets and equity declined, driven by a significant decrease in cash Statement of Financial Position Highlights (in thousands of CAD) | Account | Dec 31, 2023 | June 30, 2023 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$160,337** | **$173,497** | **-$13,160** | | Cash | $15,831 | $59,612 | -$43,781 | | Exploration and evaluation assets | $134,168 | $99,952 | +$34,216 | | **Total Liabilities** | **$11,948** | **$14,121** | **-$2,173** | | **Total Equity** | **$148,389** | **$159,376** | **-$10,987** | [Condensed Consolidated Interim Statements of Comprehensive Income (Loss)](index=3&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Comprehensive%20Income%20(Loss)) The company's net loss more than doubled year-over-year, primarily due to a substantial increase in share-based payments Comprehensive Income (Loss) Summary (in thousands of CAD, except per share amounts) | Metric | Six Months Ended Dec 31, 2023 | Six Months Ended Dec 31, 2022 | | :--- | :--- | :--- | | Share-based payments | $6,357 | $1,092 | | Demonstration plant operations | $5,202 | $5,975 | | Loss from operations | ($20,779) | ($9,941) | | **Net loss for the period** | **($19,931)** | **($8,439)** | | **Basic and diluted loss per share** | **($0.12)** | **($0.05)** | [Condensed Consolidated Interim Statements of Changes in Equity](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Changes%20in%20Equity) Total equity declined by $11 million, as the period's net loss outpaced capital raised from share issuances Equity Reconciliation for Six Months Ended Dec 31, 2023 (in thousands of CAD) | Description | Amount | | :--- | :--- | | **Balance, June 30, 2023** | **$159,376** | | Net loss for the period | ($19,931) | | Share-based payment | $6,357 | | Shares issues under ATM offering | $4,177 | | Share issuance costs | ($902) | | Stock options exercised | $140 | | Currency translation differences | ($828) | | **Balance, December 31, 2023** | **$148,389** | [Condensed Consolidated Interim Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Cash%20Flows) The company experienced a net cash decrease of $43.8 million, driven by operating and investing activities Cash Flow Summary (in thousands of CAD) | Activity | Six Months Ended Dec 31, 2023 | Six Months Ended Dec 31, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($14,151) | ($11,873) | | Net cash used in investing activities | ($33,458) | ($13,356) | | Net cash from financing activities | $3,104 | $16 | | **Net change in cash** | **($43,781)** | **($21,696)** | | **Cash, end of period** | **$15,831** | **$107,369** | [Notes to the Condensed Consolidated Interim Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) [Note 1. Nature of Operations](index=6&type=section&id=1.%20Nature%20of%20Operations) The company focuses on developing lithium brine properties in the USA and is publicly listed on multiple exchanges - The company's primary business is the exploration and development of lithium brine properties in Arkansas and Texas, USA[7](index=7&type=chunk) - The company's shares are publicly traded on the TSX Venture Exchange and NYSE American under the symbol **"SLI"**, and on the Frankfurt Exchange as **"S5L"**[8](index=8&type=chunk) [Note 2. Basis of Presentation](index=6&type=section&id=2.%20Basis%20of%20Presentation) These unaudited interim financial statements were prepared in accordance with IFRS Accounting Standards under IAS 34 - The financial statements adhere to IFRS Accounting Standards applicable to interim financial statements under IAS 34[9](index=9&type=chunk) - These statements are condensed and should be read alongside the Company's annual consolidated financial statements for the year ended June 30, 2023[10](index=10&type=chunk) [Note 4. Property, Plant and Equipment](index=7&type=section&id=4.%20Property,%20Plant%20and%20Equipment) The net book value of property, plant, and equipment increased due to additions for a carbon capture plant and land purchase Net Book Value of Property, Plant and Equipment (in thousands of CAD) | Asset Category | Dec 31, 2023 | June 30, 2023 | | :--- | :--- | :--- | | Demonstration plant | $795 | $795 | | Aqualung Carbon Capture pilot plant | $1,445 | $1,778 | | Land for future South West Arkansas Project plant | $939 | $0 | | Other | $187 | $192 | | **Total** | **$3,366** | **$2,765** | [Note 5. Exploration and Evaluation Assets](index=8&type=section&id=5.%20Exploration%20and%20Evaluation%20Assets) Exploration and evaluation assets grew by $34.2 million, driven by significant investments in Texas and Arkansas projects Exploration and Evaluation Asset Growth (in thousands of CAD) | Project | Dec 31, 2023 | June 30, 2023 | | :--- | :--- | :--- | | South West Arkansas Project | $36,675 | $29,731 | | Commercial Plant Evaluation (Lanxess 1A) | $35,363 | $25,356 | | Texas Properties | $36,205 | $19,060 | | California Property | $25,925 | $25,805 | | **Total** | **$134,168** | **$99,952** | - On October 31, 2023, the Company exercised its option with TETRA Technologies, Inc to acquire brine productions rights for the South West Arkansas Project at **no additional cost**[14](index=14&type=chunk) [Note 7. Demonstration Plant Operations](index=9&type=section&id=7.%20Demonstration%20Plant%20Operations) Operating costs for the demonstration plant decreased year-over-year due to lower supply and personnel expenses Demonstration Plant Operating Costs (in thousands of CAD) | Cost Category | Six Months Ended Dec 31, 2023 | Six Months Ended Dec 31, 2022 | | :--- | :--- | :--- | | Personnel | $2,626 | $3,042 | | Testwork | $1,049 | $561 | | Reagents | $566 | $584 | | Supplies | $488 | $1,682 | | **Total** | **$5,202** | **$5,975** | [Note 8. Share Capital](index=10&type=section&id=8.%20Share%20Capital) The company engaged in significant share capital activities, including ATM offerings, option exercises, and incentive plan grants [Share Issuances](index=10&type=section&id=8.1%20Share%20Issuances) Capital was raised through an At-The-Market offering and the exercise of stock options - Issued **1,426,359 common shares** under the ATM offering for net proceeds of **$4,177 thousand** during the six months ended Dec 31, 2023[19](index=19&type=chunk) - Issued **100,000 common shares** from the exercise of stock options for proceeds of **$140 thousand**[18](index=18&type=chunk) [Options](index=10&type=section&id=8.2%20Options) The company granted 1.75 million new stock options, increasing the total outstanding options to 9.82 million Stock Option Transactions | Transaction | Number of options | Weighted average exercise price | | :--- | :--- | :--- | | **Balance at June 30, 2023** | **8,170,000** | **$4.43** | | Options exercised | (100,000) | $1.40 | | Options granted | 1,750,000 | $4.00 | | **Balance at December 31, 2023** | **9,820,000** | **$4.38** | [Long-term Incentive Plan](index=11&type=section&id=8.3%20Long-term%20Incentive%20Plan) A grant of nearly 2 million DSUs to the Board and Management resulted in a $4.9 million share-based payment expense - Granted **1,991,004 Deferred Share Units (DSUs)** to the Board of Directors and Management[23](index=23&type=chunk) - Recorded **$4,929 thousand** in share-based payment expense related to the DSU grant during the six-month period[23](index=23&type=chunk) [Note 9. Related Party Transactions](index=12&type=section&id=9.%20Related%20Party%20Transactions) Key management compensation increased sharply due to share-based payments, and services were procured from a related entity Key Management Compensation (in thousands of CAD) | Component | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Management and director fees | $1,314 | $1,024 | | Share-based payments | $4,929 | $0 | | **Total** | **$6,255** | **$1,024** | - The company incurred **$760 thousand** in R&D costs from Telescope Innovations Corp, a related party, under a Master Services Agreement[26](index=26&type=chunk) [Note 10. Financial Instruments and Financial Risk Management](index=13&type=section&id=10.%20Financial%20Instruments%20and%20Financial%20Risk%20Management) The company faces significant liquidity risk due to a sharp decline in working capital and manages foreign exchange risk [Risk Management](index=14&type=section&id=10.1%20Risk%20Management) The company faces significant liquidity risk with a sharp drop in working capital and is exposed to foreign currency fluctuations - The company faces liquidity risk as working capital has decreased significantly to **$5,668 thousand** at Dec 31, 2023, from **$48,800 thousand** at June 30, 2023[34](index=34&type=chunk) - The company is exposed to foreign currency risk through its US dollar-denominated cash and accounts payable; a **10% change** in the USD/CAD rate would change comprehensive loss by approximately **$316 thousand**[35](index=35&type=chunk) [Note 11. Contingencies](index=15&type=section&id=11.%20Contingencies) The company is defending against a securities class action lawsuit alleging misrepresentation of its DLE technology - A securities class action lawsuit was filed against the company and certain officers, alleging misrepresentations about its LiSTR DLE technology and recovery percentages between May 2020 and February 2022[36](index=36&type=chunk) - The company is vigorously defending against the action and has not recorded any provision as the outcome is undeterminable[36](index=36&type=chunk) [Note 12. Subsequent Event](index=15&type=section&id=12.%20Subsequent%20Event) The company continued its ATM offering after the period end, raising an additional $7.2 million in net proceeds - After December 31, 2023, the company issued **3,218,200 common shares** under its ATM offering, raising proceeds of **$7,157 thousand** net of transaction costs[37](index=37&type=chunk)

[Condensed Consolidated Interim Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) [Statements of Financial Position](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Financial%20Position) Standard Lithium's total assets slightly decreased to $170.9 million as of September 30, 2023, driven by lower cash partially offset by higher exploration assets | | September 30, 2023 (in thousands CAD) | June 30, 2023 (in thousands CAD) | | :--- | :--- | :--- | | **Total Current Assets** | $38,606 | $62,049 | | **Total Non-current Assets** | $132,269 | $111,448 | | **TOTAL ASSETS** | **$170,875** | **$173,497** | | **Total Current Liabilities** | $14,761 | $13,249 | | **Total Non-current Liabilities** | $789 | $872 | | **TOTAL LIABILITIES** | **$15,550** | **$14,121** | | **TOTAL EQUITY** | **$155,325** | **$159,376** | - Cash decreased significantly by **37.6%** from **$59.6 million** to **$37.2 million** during the quarter[2](index=2&type=chunk) - Exploration and evaluation assets increased by **22.2%** from **$99.9 million** to **$122.1 million**[2](index=2&type=chunk) [Statements of Comprehensive Income (Loss)](index=3&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) The company reported a net loss of **$9.7 million** for the three months ended September 30, 2023, a substantial increase from the prior year, driven by higher operating and share-based payment expenses | Metric (in thousands CAD) | Three months ended Sep 30, 2023 | Three months ended Sep 30, 2022 | | :--- | :--- | :--- | | Demonstration plant operations | $3,383 | $2,876 | | Share-based payments | $2,740 | $790 | | Consulting fees | $1,151 | $501 | | **Loss from operations** | **($10,288)** | **($2,113)** | | **Net loss for the period** | **($9,734)** | **($1,558)** | | **Total comprehensive (loss) income** | **($6,918)** | **$2,058** | - Basic and diluted loss per share was **($0.06)** for the quarter, compared to **($0.01)** for the same period in the prior year[3](index=3&type=chunk) [Statements of Changes in Equity](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Changes%20in%20Equity) Total equity decreased by **$4.1 million** to **$155.3 million** at September 30, 2023, primarily due to the net loss, partially offset by share-based payments and currency translation adjustments | Equity Component (in thousands CAD) | Balance, June 30, 2023 | Changes in Q1 2024 | Balance, Sep 30, 2023 | | :--- | :--- | :--- | :--- | | Share capital | $272,419 | $253 | $272,672 | | Reserves | $35,888 | $2,614 | $38,502 | | Deficit | ($148,707) | ($9,734) | ($158,441) | | Accumulated other comprehensive loss/income | ($224) | $2,816 | $2,592 | | **Total Equity** | **$159,376** | **($4,051)** | **$155,325** | [Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Cash%20Flows) The company experienced a net decrease in cash of **$22.4 million** during the quarter, primarily due to significant cash usage in investing and operating activities | Cash Flow Activity (in thousands CAD) | Three months ended Sep 30, 2023 | Three months ended Sep 30, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($6,442) | ($6,849) | | Net cash used in investing activities | ($16,725) | ($4,581) | | Net cash from (used in) financing activities | ($29) | $69 | | **Net change in cash** | **($22,429)** | **($4,995)** | | **Cash, end of period** | **$37,183** | **$124,070** | - Cash used in investing activities increased significantly year-over-year, driven by a **$15.7 million** investment in exploration and evaluation assets[5](index=5&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) [Note 1: Nature of Operations](index=6&type=section&id=1.%20Nature%20of%20Operations) Standard Lithium Ltd. is a Canadian company focused on the exploration and development of lithium brine properties in the United States - The Company's principal operations involve the exploration and development of lithium brine properties in the USA[6](index=6&type=chunk) [Note 5: Exploration and Evaluation Assets](index=8&type=section&id=5.%20Exploration%20and%20Evaluation%20Assets) The company's exploration and evaluation assets grew to **$122.1 million** as of September 30, 2023, primarily due to significant investments in Texas Properties and the South West Arkansas Project | Project (in thousands CAD) | Balance, June 30, 2023 | Balance, Sep 30, 2023 | Change | | :--- | :--- | :--- | :--- | | California Property | $25,805 | $26,562 | $757 | | South West Arkansas Project | $29,731 | $33,365 | $3,634 | | Commercial Plant Evaluation (Lanxess 1A) | $25,356 | $30,285 | $4,929 | | Texas Properties | $19,060 | $31,907 | $12,847 | | **Total** | **$99,952** | **$122,119** | **$22,167** | [Note 7: Demonstration Plant](index=9&type=section&id=7.%20Demonstration%20Plant%20%28formerly%20Pilot%20Plant%29) Operating costs for the demonstration plant totaled **$3.4 million** for the quarter, an increase from the prior year, primarily driven by personnel, testwork, and reagents | Cost Component (in thousands CAD) | Three months ended Sep 30, 2023 | Three months ended Sep 30, 2022 | | :--- | :--- | :--- | | Personnel | $1,190 | $1,309 | | Testwork | $785 | $322 | | Reagents | $629 | $435 | | Supplies | $385 | $751 | | Repairs and maintenance | $338 | $7 | | **Total Costs** | **$3,383** | **$2,876** | [Note 8: Share Capital](index=9&type=section&id=8.%20Share%20Capital) This section details the company's equity structure, including stock options and long-term incentive plans, with new grants and a **$2.5 million** share-based payment expense recorded [Stock Options](index=9&type=section&id=8.b%20Options) During the quarter, **1.75 million** new stock options were granted and **100,000** exercised, resulting in **9.82 million** options outstanding at quarter-end | Stock Option Transactions | Number of options | Weighted average exercise price | | :--- | :--- | :--- | | Balance at June 30, 2023 | 8,170,000 | $4.43 | | Options exercised | (100,000) | $1.40 | | Options granted | 1,750,000 | $4.00 | | **Balance at Sep 30, 2023** | **9,820,000** | **$4.38** | - Of the **9.82 million** options outstanding at September 30, 2023, a total of **8.07 million** were exercisable[19](index=19&type=chunk) [Long-term Incentive Plan](index=11&type=section&id=8.c%20Long-term%20Incentive%20Plan) The company recorded a **$2.5 million** share-based payment expense related to **1,991,004** DSUs granted to the Board and Management under its equity incentive plan - The company granted **1,991,004** DSUs to its Board and Management, which vest on April 11, 2024[20](index=20&type=chunk) - A share-based payment expense of **$2,549 thousand** was recorded in the three-month period related to this DSU grant[20](index=20&type=chunk) [Note 9: Related Party Transactions](index=12&type=section&id=9.%20Related%20Party%20Transactions) Compensation to key management totaled **$3.1 million** for the quarter, largely non-cash share-based payments, with additional R&D costs incurred from a related party | Compensation to Key Management (in thousands CAD) | Sep 30, 2023 | Sep 30, 2022 | | :--- | :--- | :--- | | Management and director fees | $586 | $514 | | Share-based payments | $2,549 | — | | **Total** | **$3,142** | **$514** | - The company has a Master Services Agreement with Telescope Innovations Corp., a related party, for R&D services, incurring **$583 thousand** in costs during the period[23](index=23&type=chunk) [Note 10: Financial Instruments and Financial Risk Management](index=12&type=section&id=10.%20Financial%20Instruments%20and%20Financial%20Risk%20Management) The company actively manages financial risks, including liquidity and foreign exchange, with working capital decreasing to **$23.8 million** and exposure to USD/CAD exchange rate fluctuations [Liquidity Risk](index=14&type=section&id=10.ii%20Liquidity%20risk) The company's working capital significantly decreased to **$23.8 million** at September 30, 2023, from **$48.8 million** at June 30, 2023, indicating reduced liquidity - At September 30, 2023, the Company has working capital of **$23,845 thousand**, a significant decrease from the June 30, 2023 balance of **$48,800 thousand**[29](index=29&type=chunk) [Foreign Exchange Risk](index=14&type=section&id=10.iii%20Foreign%20exchange%20risk) The company is exposed to foreign exchange risk from U.S. dollar-denominated assets and liabilities, with a 10% USD/CAD rate change impacting comprehensive loss by approximately **$1.4 million** | USD Denominated Items (in thousands CAD) | Sep 30, 2023 | June 30, 2023 | | :--- | :--- | :--- | | Cash | $23,472 | $42,745 | | Accounts payable | ($9,223) | ($5,926) | - A **10%** fluctuation in the USD/CAD exchange rate would impact the comprehensive loss by approximately **$1,425 thousand**[30](index=30&type=chunk) [Note 11: Contingencies](index=14&type=section&id=11.%20Contingencies) Standard Lithium is defending a securities class action lawsuit alleging misrepresentations regarding its DLE technology and lithium recovery rates, with no provision recorded as the outcome is undeterminable - A securities class action lawsuit was filed against the Company in January 2022, alleging violations of the U.S. Securities Exchange Act[31](index=31&type=chunk) - The complaint alleges misrepresentation regarding the Company's LiSTR DLE technology and lithium recovery percentages at its Demonstration Plant[31](index=31&type=chunk) - The company has not recorded any provision for this lawsuit as the outcome is currently undeterminable[31](index=31&type=chunk) [Note 12: Subsequent Event](index=14&type=section&id=12.%20Subsequent%20Event) Subsequent to the reporting period, on October 31, 2023, the company exercised its option with TETRA Technologies, Inc. to secure brine production rights for the South West Arkansas Project - On October 31, 2023, the Company exercised its option agreement with TETRA Technologies, Inc. to acquire brine production rights for the South West Arkansas Project[32](index=32&type=chunk)

Exhibit 99.1 STANDARD LITHIUM ANNOUNCES RESULTS OF 2023 ANNUAL GENERAL AND SPECIAL MEETING El Dorado, Arkansas – April 4, 2023 – Standard Lithium Ltd. ("Standard Lithium" or the "Company") (TSXV: SLI) (NYSE American: SLI) (FRA: S5L), a leading near-commercial lithium company, is pleased to announce the detailed voting results from its Annual General and Special Meeting held on April 4, 2023 (the "Meeting"). A total of 42,664,744 common shares were represented at the Meeting, representing 25.42% of the issue ...