Financial Data and Key Metrics Changes - The company is currently pre-revenue and reported cash and cash equivalents of $1.6 million as of Q1 2025, up from $0.9 million as of December 31, 2024 [25] - The accumulated deficit increased to $56.4 million in Q1 2025 from $52.6 million in FY 2024 [26] - The net loss for Q1 2025 was $3.8 million, an increase of $2.4 million year-over-year, with a loss per share of negative $0.07 compared to negative $0.04 in the prior year [26] - Net cash used in operating activities totaled $2.9 million for the quarter, compared to $0.9 million in the prior year [27] Business Line Data and Key Metrics Changes - The company is focused on advancing one of the largest lithium refineries in America, which is designed to be scalable and sustainable [5] - The operational expenses are expected to increase as the company recruits more personnel and sets up the facility [26] Market Data and Key Metrics Changes - Global demand for lithium is projected to more than double by 2030, driven by growth in electric vehicles, energy storage systems, and electrification trends [4] - The U.S. market is experiencing significant volatility due to recent tariffs and China's export restrictions, which has heightened concerns about supply chain disruptions [6] Company Strategy and Development Direction - The company aims to address the critical shortage of domestic refining capacity and is strategically positioned to support U.S. supply chain security and energy independence [5] - Stardust Power is committed to aligning with national initiatives to bolster domestic critical mineral supply chain security [8] - The company is actively engaging with policymakers to support the industry and maximize support for its refinery project [10] Management's Comments on Operating Environment and Future Outlook - Management views current market conditions as a generational opportunity and believes the evolving landscape of U.S. trade policy will benefit domestic operations [6][9] - The company is encouraged by federal support for critical minerals and sees it as a tailwind for their project [36] Other Important Information - The company has secured its general stormwater permit for construction activities and has confirmed that no industrial wastewater permit is required due to its closed-loop system [16][45] - A key service agreement has been executed with Oklahoma Gas and Electric to develop a dedicated electric substation for the planned lithium refinery [18] Q&A Session Summary Question: Timeline for the final report of the engineering study - Management expects to release the final report of the engineering study within the current quarter [31][33] Question: Impact of federal support on green energy initiatives - Management believes that the prioritization of American mineral security under the new administration creates opportunities despite pressures on green energy initiatives [36] Question: Progress on securing feedstock for refining - Management reports significant progress in discussions regarding securing domestic feedstock for refining [43] Question: Outstanding permits needed prior to FID - Management confirmed that they have secured necessary permits to move forward with construction, including stormwater and minor air permits [44][46] Question: Increase in operating cash flow - The increase in operating cash flow is attributed to project development costs and operational cost increases due to going public and additional hires [50][52] Question: DLE equipment pilot facilities - Management noted a ramp-up in upstream activity related to DLE technology and confirmed that they are using proven off-the-shelf technology for their midstream processing facility [56][58] Question: Domestic suppliers of equipment - The company is making efforts to source equipment domestically and has established guardrails to exclude equipment from foreign entities of concern [60]