Stardust Power Reports Preliminary 2025 Results and Highlights Development Progress at Muskogee Lithium Refinery

Core Insights - Stardust Power Inc. has made significant progress in the development of its lithium refinery project in Muskogee, Oklahoma, with key engineering milestones achieved and strategic supply agreements established [2][5] Refinery Project Milestones and Business Highlights - The company completed the Front-End Loading Level 3 (FEL-3) engineering study, estimating a capital expenditure of approximately $500 million for the first phase of the refinery, which aims to produce up to 25,000 metric tons of battery-grade lithium carbonate annually [2][5] - An independent review by Black & Veatch confirmed low technical and design risk for the project, indicating that Phase 1 production targets are expected to be achievable [5] - The company has entered into non-binding feedstock supply agreements totaling up to 13,500 metric tons per year of lithium carbonate equivalent, enhancing its supply chain [5] - Groundbreaking for the refinery site has commenced, and the company received its air quality construction permit from the Oklahoma Department of Environmental Quality [5] Financial Highlights - As of December 31, 2025, the company reported cash and cash equivalents of approximately $3.5 million and incurred a net loss of $15.7 million, an improvement from a loss of $23.8 million in the previous year [10] - Loss per share decreased to $2.13 from $5.55 year-over-year, attributed to lower financing charges and reduced general and administrative expenses [10] - Net cash used in operating activities decreased to $8.3 million from $9.7 million, while net cash used in investing activities was $3.4 million, down from $4.8 million [10] Subsequent Events - The company raised $13.2 million in equity capital and secured up to $10 million in debt financing to support the development of the lithium refinery [5] - A $10 million synthetic ATM equity facility was established to provide flexible access to capital [5] - The senior leadership team was strengthened with new appointments, enhancing expertise in legal, regulatory, and project development matters [5]