Core Viewpoint - Stardust Power Inc. has secured up to $15 million in senior secured convertible debt financing to support the construction of its lithium refinery project in Muskogee, Oklahoma [1][2]. Financing Details - The financing includes an initial drawdown of $4 million and is designed to provide flexible capital for engineering, infrastructure, and procurement activities as the company progresses towards construction [2]. - The financing has a 24-month term, includes an initial repayment moratorium, and allows the company to repay in cash or common stock [2]. Project Overview - The company is developing a lithium refinery with a capacity of 50,000 metric tons per annum of battery-grade lithium carbonate, aimed at enhancing America's energy security through resilient supply chains [4]. - The financing is intended to support near-term development activities and may serve as bridge financing as the company seeks project-level construction financing [2][3]. Management Insights - The CEO of Stardust Power emphasized the importance of this financing as a step towards construction, highlighting the flexibility it provides in executing the next phase of the project [3]. - The company aims to minimize public equity dilution and maximize shareholder value through a combination of asset-level equity and debt financing [3].

Core Viewpoint - Stardust Power's lithium refinery project in Muskogee, Oklahoma has been validated by an independent review from Black & Veatch, confirming that it meets industry standards and is positioned for successful execution [1][3][5]. Project Overview - The project aims to construct a battery-grade lithium carbonate facility with a capacity of 50,000 metric tons per annum, starting with a Phase 1 production target of 25,000 metric tons per annum [2][3]. - The independent engineering review assessed various assumptions related to the project, including technology risk, production targets, and operational availability [3][5]. Technical Validation - The review confirmed that the project design is based on proven lithium processing systems, with modifications for a wider range of feedstocks, resulting in low technology risk [3][6]. - The expected lithium recovery rate and production targets for Phase 1 were deemed achievable, aligning with industry experience [3][7]. Execution and Management - The report highlighted that the company's quality assurance, risk management, and contractor vetting processes are consistent with industry practices, enhancing confidence in project execution [4][6]. - The construction schedule is projected to last 24 months, followed by a 12-month ramp-up period, which is considered achievable [7]. Infrastructure and Compliance - The Muskogee site has been confirmed as suitable, with access to essential utilities such as municipal power, gas, and water [7]. - Progress on environmental studies and permitting has been evaluated as reasonable, ensuring compliance with current industry norms [7]. Strategic Importance - The completion of the independent engineering review is seen as a significant milestone for Stardust Power, reinforcing its commitment to enhancing America's energy security through domestic lithium production [5][8].

Financial Data and Key Metrics Changes - As of Q3 2025, the company had cash and cash equivalents of $1.6 million, an increase from $0.9 million as of December 31, 2024 [28] - The company incurred a net loss of $4.5 million in Q3 2025, which was lower by $5.6 million year over year, primarily due to reduced expenses related to the business combination [29] - The loss per share improved to $0.53 for Q3 2025 compared to $2.23 in the prior year quarter, driven by decreased general and administrative expenses [30] Business Line Data and Key Metrics Changes - The company is pre-revenue and has not yet commenced commercial production of battery-grade lithium carbonate, reflecting anticipated ramp-up in operating expenses [29] - The Muskogee refinery is designed to have a phase I capacity of 25,000 metric tons per year of battery-grade lithium carbonate, expandable to 50,000 tons in phase II [16] Market Data and Key Metrics Changes - The lithium market has begun to stabilize following earlier corrections, with prices improving modestly as inventories normalize [9] - A North American lithium pricing environment is forming, separating from traditional benchmarks, which is expected to create a market premium for domestically sourced lithium [10] Company Strategy and Development Direction - The company aims to build a secure American domestic supply chain for battery-grade lithium, aligning with U.S. policy objectives focused on onshoring critical minerals [4][5] - The company is not reliant on government funding to advance its projects, indicating a self-sustaining business model [9] Management's Comments on Operating Environment and Future Outlook - Management highlighted strong demand for lithium driven by electric vehicles and energy storage, with expectations for a tightening supply-demand balance toward the latter half of the decade [10] - The geopolitical landscape and U.S. policy actions reinforce the strategic importance of domestic critical mineral supply chains [6] Other Important Information - The company completed a 1-for-10 reverse stock split to maintain its NASDAQ listing and strengthen its position in public markets [23] - The company signed letters of intent with Prairie Lithium and Mandrake Resources to secure lithium chloride feedstock, supporting its centralized refining model [12][14] Q&A Session Summary Question: Government financing discussions - Management is in deep conversations with the government regarding equity investments and promoting onshoring processing capacity [32][33] Question: Liquidity options and corporate expenses outlook - Management indicated multiple options for maintaining liquidity, with operational costs expected to remain similar to current levels [34][35]

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 - LibertyStream Infrastructure Partners Inc. is making significant progress in the installation of its lithium carbonate refining unit in Texas, which is a crucial step in its strategy to enhance domestic lithium production [1] - The company, in collaboration with Wellspring Hydro, has received a US$500,000 grant from the State of North Dakota to support its initiatives [1] Company Developments - The refining unit installation in Texas represents a key milestone for LibertyStream in scaling up lithium production [1] - The partnership with Wellspring Hydro and the grant from North Dakota highlight the company's efforts to secure funding and support for its projects [1]

Core Insights - Rock Tech Lithium Inc. has announced a significant milestone in the development of the Guben Lithium Converter, with a revised CapEx estimate of approximately €680 million, down from €730 million, reflecting a reduction of about €50 million (approximately 6.9%) [1][4] - The company has also modeled a 23% reduction in operating expenditures (OpEx), which is expected to enhance the project's competitiveness in the international lithium market [2][7] CapEx and OpEx Summary - The CapEx reduction is attributed to targeted optimizations across various project components, resulting in gross savings of approximately €62 million, partially offset by €12 million in increased costs, leading to a net reduction of €50 million [3][5] - The OpEx reduction is projected to decrease from approximately €5,033 to €3,878 euros per tonne of lithium hydroxide, significantly lowering production costs and improving competitiveness [7] Project Optimizations - Specific areas of cost savings include: - Optimized plant design adjustments expected to save approximately €22 million [5] - Adjusted storage capacities leading to a saving of €7 million [5] - Process optimizations anticipated to save an additional €14 million [5] - Updated supplier estimates resulting in potential savings of around €16 million [5] - Contingency expenses adjusted to save €3 million [5] - Further optimizations are planned, particularly focusing on owner's costs and external costs, with expectations of additional savings [6] Strategic Collaborations - Rock Tech has signed a non-binding memorandum of understanding (MoU) with Sichuan Calciner Technology (SCT) for potential engineering collaboration, which could enhance the project's efficiency and cost-effectiveness [4][8] - SCT is recognized for its expertise in lithium refining and has previously designed and built over 60 lithium converter trains globally [9] Project Overview - The Guben Lithium Converter aims to produce 24,000 tonnes of battery-grade lithium hydroxide annually, sufficient to supply batteries for approximately 500,000 electric vehicles per year [11][12] - The project is strategically located to strengthen Europe's battery supply chain and is recognized as a strategic initiative under the EU's Critical Raw Materials Act [14][16]

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]

Financial Data and Key Metrics Changes - As of Q2 2025, the company had cash and cash equivalents of $2.6 million, up from $0.9 million as of June 30, 2024 [31] - The company incurred a net loss of $3.7 million in Q2 2025, which was an increase of $1 million year-over-year [32] - The accumulated deficit increased to $60.1 million in Q2 2025 from $52.6 million in Q2 2024 [32] - Loss per share improved to $0.06 for Q2 2025 compared to $0.07 in the prior year quarter [32] Business Line Data and Key Metrics Changes - The company remains pre-revenue, with significant operating losses due to ongoing capital expenditures and operational investments [31][32] - Net cash used in operating activities increased to $4.5 million for the six months ended June 30, 2025, compared to $2.1 million in the prior year [33] - Net cash used in investing activities was $2.2 million for the same period, driven by initial capital investments for the refinery [33] Market Data and Key Metrics Changes - Lithium carbonate spot prices have stabilized, with a rebound of over 7% in July 2025, supported by tightening global supply expectations and stronger downstream investment [7] - The demand for lithium is driven by electric vehicles and energy storage systems, reinforcing long-term demand fundamentals [8] Company Strategy and Development Direction - The company aims to become a leading US refiner of battery-grade lithium, addressing the gap in domestic refining capacity [10][11] - The strategic focus includes centralizing and converting multiple streams of lithium brine into high-purity products on US soil [10] - The company is advancing efforts to secure inputs from multiple lithium brine developers across North and South America [19] Management's Comments on Operating Environment and Future Outlook - The macro environment for lithium is strengthening, with the US prioritizing energy independence and domestic supply chain resilience [6] - Recent geopolitical developments, including export controls from China, are reshaping the global lithium landscape and increasing the urgency for domestic capabilities [12][13] - The company is optimistic about federal support for strategic lithium infrastructure, which is crucial as lithium demand accelerates [17] Other Important Information - The company successfully raised $4.52 million in gross proceeds through a public offering in June 2025, which was used to fund the FEL III engineering study [29] - The company is actively evaluating options to address NASDAQ compliance matters, including potential reverse stock splits [34] Q&A Session Summary Question: Impact on brine supply availability for Phase One plant - Management acknowledged changes in the market, noting that while some projects have not advanced, there remain ample opportunities for upstream supply [38][40] Question: Conversations with the US government regarding financing - Management confirmed ongoing engagement with the government and applications for federal and state opportunities, expressing confidence in achieving material results [41][43] Question: Plans to address NASDAQ listing issues - The CFO indicated that there is about a month left to address the initial deficiency and mentioned the approval for a reverse stock split as one of the options [44][45]

Core Insights - Stardust Power Inc. has signed a Memorandum of Understanding (MOU) with Ohio University to collaborate on advanced lithium extraction and refining technologies, particularly focusing on Direct Lithium Extraction (DLE) [1][2][3] - The partnership aims to enhance research on domestic lithium processing innovations, with Stardust Power providing industry expertise and support [2][3] - This collaboration is expected to secure lithium brine feedstock for Stardust Power's lithium refinery in Muskogee, Oklahoma, which is projected to produce up to 50,000 metric tons of battery-grade lithium annually [3][5] Company Overview - Stardust Power is an American developer of battery-grade lithium products, committed to building resilient supply chains to bolster America's energy leadership [5] - The company is focused on sustainability throughout its processes and is publicly traded on Nasdaq under the ticker symbol "SDST" [5] Strategic Goals - The partnership reflects a commitment to workforce development and educational excellence, aiming to cultivate the next generation of engineers and scientists in lithium extraction and advanced battery technologies [4] - The collaboration is positioned to support U.S. energy independence and meet the growing demand for domestic battery materials [4]

Financial Data and Key Metrics Changes - The company is currently pre-revenue and has an accumulated deficit of $56.4 million as of Q1 2025, compared to $52.6 million in FY 2024, indicating a significant increase in losses year-over-year [26] - The net loss for Q1 2025 was $3.8 million, which is $2.4 million higher than the previous year, driven primarily by increased general and administrative costs [26] - Cash and cash equivalents increased to $1.6 million in Q1 2025 from $0.9 million at the end of FY 2024, reflecting improved liquidity [25] Business Line Data and Key Metrics Changes - The company has incurred substantial operating losses as it prepares for commercial production of battery-grade lithium, with operating expenses expected to rise as personnel are recruited [26] - Net cash used in operating activities totaled $2.9 million for the quarter, up from $0.9 million in the prior year, indicating increased investment in operations and hiring [27] Market Data and Key Metrics Changes - The macro outlook for lithium remains strong, with global demand expected to more than double by 2030, driven by sectors such as electric vehicles and energy storage [4] - The evolving landscape of U.S. trade policies and tariffs has introduced volatility, but also highlights the strategic advantage of domestic operations for the company [6][9] Company Strategy and Development Direction - The company is advancing one of the largest lithium refineries in America, aimed at addressing the domestic refining capacity shortage and aligning with federal clean energy priorities [5] - The focus is on building a resilient supply chain for critical minerals, with efforts to engage with policymakers and align with national initiatives [10][19] Management's Comments on Operating Environment and Future Outlook - Management views current market conditions as a generational opportunity, emphasizing the importance of domestic lithium production amid geopolitical uncertainties [5][8] - The company is optimistic about the support from the U.S. government for critical minerals, which is expected to benefit its operations and align with national security goals [9][36] Other Important Information - The company has secured necessary permits for construction, including a general stormwater permit, and has confirmed that no industrial wastewater permit is required due to its closed-loop system [15][46] - A key service agreement has been executed with Oklahoma Gas and Electric to develop a dedicated electric substation, ensuring scalable power for the facility [17] Q&A Session Summary Question: Timeline for the final report of the engineering study - The company expects to release the final report of the engineering study within the current quarter [30][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 that may outweigh pressures on green energy initiatives [34][36] Question: Progress on securing feedstock for domestic supply - The company is well advanced in discussions regarding multiple supply opportunities for lithium feedstock, with a receptive market for domestic refining [44] Question: Outstanding permits needed before construction - The company has made substantial progress on permitting and is permitted to move forward with construction, having received necessary stormwater and minor air permits [45][46] Question: Increase in operating cash flow - The increase in operating cash flow is attributed to project development costs and operational cost increases related to going public and additional hires [51][52] Question: DLE equipment pilot facilities - The company has observed a ramp-up in upstream activity related to DLE technology and is using proven off-the-shelf technology for its midstream processing facility [56][58] Question: Sourcing of equipment and technology - The company is making efforts to source equipment domestically and has established guardrails to exclude equipment from foreign entities of concern, while some machinery may still be sourced from friendly jurisdictions [60]