Financial Data and Key Metrics Changes - As of December 31, 2025, the company had cash and cash equivalents of $3.5 million, an increase from $913,000 as of December 31, 2024 [23] - The net loss for the year ended December 31, 2025, was $15.7 million, an improvement from a net loss of $23.8 million in the prior year [23] - Loss per share for the fiscal year ending December 31, 2025, was $2.13, compared to $5.55 for the prior period [24] Business Line Data and Key Metrics Changes - The company is currently pre-revenue, with operating expenses expected to increase as it prepares for commercial production of battery-grade lithium carbonate [22] - Net cash used in operating activities totaled $8.3 million for the current fiscal year, compared to $9.7 million for the prior year [25] - Net cash used in investing activities was $3.4 million for the current fiscal year, down from $4.8 million for the prior year [25] Market Data and Key Metrics Changes - Global lithium-ion battery demand grew roughly 20% in 2025, driven by both EVs and rapidly expanding battery energy storage systems [5] - Battery-grade lithium carbonate is currently trading in the $24,000 per metric ton range, up three times from its lows in 2025 [7] Company Strategy and Development Direction - The company is focused on securing project-level financing aligned with construction, with the majority of capital expected to be funded through a combination of debt and strategic equity [8][30] - The Muskogee Lithium Refinery is designed to produce up to 50,000 metric tons per year of battery-grade lithium carbonate at full capacity [15] - The company aims to strengthen its commercial foundation through additional feedstock discussions and advancing potential offtake and strategic partnerships [30] Management's Comments on Operating Environment and Future Outlook - The management highlighted that the U.S. cannot scale grid storage, AI infrastructure, defense electrification, or EVs without secure access to battery-grade lithium [4] - The need for domestic lithium refining capacity in the United States remains clear, with a focus on executing key milestones required to secure project finance and advance the refinery into construction [30] Other Important Information - The company received its air quality construction permit from the Oklahoma Department of Environmental Quality, allowing the project to proceed with construction [14] - The company has been active in community engagement and workforce initiatives, reflecting its commitment to being an active partner in the communities where it operates [16][17] Q&A Session Summary - No questions were asked during the Q&A session, and the call concluded without any inquiries from participants [31]

Financial Data and Key Metrics Changes - As of December 31, 2025, the company had cash and cash equivalents of $3.5 million, up from $913,000 as of December 31, 2024 [24] - The net loss for the year ended December 31, 2025, was $15.7 million, an improvement from a net loss of $23.8 million in the prior year [24] - Loss per share for the fiscal year ending December 31, 2025, was $2.13, compared to $5.55 for the prior period [25] Business Line Data and Key Metrics Changes - The company is currently pre-revenue, with operating expenses expected to increase as it prepares for commercial production of battery-grade lithium carbonate [24] - Net cash used in operating activities totaled $8.3 million for the current fiscal year, compared to $9.7 million for the prior year [26] - Net cash used in investing activities was $3.4 million for the current fiscal year, down from $4.8 million for the prior year [26] Market Data and Key Metrics Changes - Global lithium-ion battery demand grew roughly 20% in 2025, driven by both EVs and rapidly expanding battery energy storage systems [5] - Battery-grade lithium carbonate is currently trading in the U.S. at around $24,000 per metric ton, up three times from its lows in 2025 [6] Company Strategy and Development Direction - The company is focused on advancing one of the largest planned lithium refineries in the U.S. and is transitioning into the next stage of project development, including securing project-level financing [4][8] - Strategic initiatives include an exclusive licensing agreement for lithium brine material concentration technology and partnerships with Ohio State to advance lithium refining technologies [10] - The company aims to produce up to 50,000 metric tons per year of battery-grade lithium carbonate at full capacity [16] Management's Comments on Operating Environment and Future Outlook - Management highlighted the critical gap in the supply chain for processing raw lithium into battery-grade materials and emphasized the need for domestic lithium refining capacity in the U.S. [5][31] - The company is actively pursuing multiple funding options and aims to secure the right financing partners to move the project from development into construction [31] Other Important Information - The company received its air quality construction permit from the Oklahoma Department of Environmental Quality, allowing the project to proceed with construction [15] - The company has been engaging with community leaders and policymakers to strengthen domestic critical mineral supply chains [17][18] Q&A Session Summary - No questions were asked during the Q&A session, and the call concluded without any inquiries from participants [32]

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]

Core Insights - Stardust Power Inc. has joined the Cornerstone Consortium, a collaborative framework aligned with the U.S. Department of Defense, aimed at strengthening the domestic industrial base and securing critical supply chains [1][2][3] Group 1: Company Participation - Stardust Power's involvement in the Cornerstone Consortium supports national efforts to reduce reliance on foreign-sourced critical minerals and enhance the U.S. industrial ecosystem for energy storage and defense technologies [3][4] - The company is advancing its Muskogee refinery project, which is expected to produce up to 50,000 metric tons of battery-grade lithium carbonate annually, reinforcing its commitment to U.S.-based lithium supply chains [5][4] Group 2: Consortium Objectives - The Cornerstone Consortium includes a diverse range of organizations, such as defense contractors, small businesses, and academic institutions, focusing on collaboration across 18 industrial sectors to address supply chain vulnerabilities and enhance manufacturing resiliency [2] - The consortium operates under a government-managed framework that facilitates collaboration between the Department of Defense and industry participants, aiming to expand the industrial base and accelerate the delivery of mission-critical capabilities [4]

As filed with the Securities and Exchange Commission on February 12, 2026 No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 STARDUST POWER INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 2800 99-3863616 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 15 E. Putnam Ave, Suite 378 Greenwi ...

As filed with the Securities and Exchange Commission on February 3, 2026 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 STARDUST POWER INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 (I.R.S. Employer Identification Number) 15 E. Putnam Ave, Suite 378 Greenwich, CT 06830 (800) 742 3095 (Address, Including Zip Code, and Telep ...

Core Viewpoint - Stardust Power Inc. has received its air quality construction permit for its lithium refinery in Muskogee, Oklahoma, marking a significant milestone in the development of one of the largest lithium refineries in the U.S. [1][2] Regulatory Approvals - The air quality construction permit is the final significant permit required for construction and commissioning, reducing regulatory timeline risks for the Muskogee project [1][2] - The permit confirms that the planned refinery qualifies as a minor source under state and federal air regulations, with emissions below major source thresholds [2][3] - Prior environmental approvals include a determination that no industrial wastewater discharge permit is required and a General Permit for Stormwater Discharges, reflecting the company's commitment to environmental stewardship [3] Construction and Production Plans - With construction permitting complete, the company is moving towards a Final Investment Decision (FID), with major construction expected to commence after project financing is secured [4] - Once operational, the refinery is projected to produce up to 50,000 metric tons per annum of battery-grade lithium carbonate, supporting the North American energy storage and electric vehicle markets [4][5] Company Overview - Stardust Power Inc. is focused on developing battery-grade lithium carbonate to enhance America's energy security through resilient supply chains [5] - The company is strategically located in Muskogee, Oklahoma, and is committed to sustainability throughout its operations [5]

Core Viewpoint - Tesla has launched the largest and most advanced lithium refinery in the United States, marking a significant step towards achieving energy independence for North America and reducing reliance on China's lithium supply [1][6]. Group 1: Operational Details - The Tesla Lithium Refinery, located near Corpus Christi, Texas, is now operational just two years after construction began [1][2]. - The refinery employs a unique process that converts spodumene ore directly into battery-grade lithium hydroxide, making it the first of its kind in North America [2][4]. Group 2: Technological Advancements - Tesla utilizes a new technology platform that simplifies and cleans the process of obtaining battery-grade lithium, resulting in a more sustainable operation [3][5]. - The refinery's process eliminates hazardous byproducts and produces a co-product, anhydrite, which can be used in concrete mixes [5]. Group 3: Strategic Implications - The establishment of the lithium refinery allows Tesla to regionalize supply chains for battery minerals, create jobs, and reduce emissions associated with transportation [6]. - This initiative is part of a broader U.S. effort to diminish dependence on foreign sources of critical minerals essential for battery technology and other industries [7].

Core Insights - Mangrove Lithium has secured up to $85 million USD ($118 million CAD) in structured financing to advance its lithium refinement technology for electric vehicles (EVs) [1][6] - The Canada Growth Fund is contributing up to $65 million USD ($90 million CAD) to this financing round, with participation from existing investors including Bill Gates' Breakthrough Energy Ventures and BMW iVentures [1][6] Funding and Development Plans - National Bank of Canada is underwriting a $9 million CAD loan backed by a Clean Technology Manufacturing Investment Tax Credit, which will support the establishment of Mangrove's first commercial lithium refinement facility in Delta, BC [2] - The Delta facility is expected to produce enough battery-grade materials to power 25,000 EVs annually, with plans for a second, larger plant that could eventually power 500,000 EVs per year [2][3] Technology and Market Position - Founded in 2017, Mangrove has developed patented electrochemical lithium refining technology that is claimed to be more cost-effective, produce less waste, and require fewer chemicals than traditional methods [4] - The company has been recognized on the Global Cleantech 100 list for four consecutive years, indicating its strong position in the cleantech sector [4][5] Strategic Importance - This financing is part of the Canadian government's broader initiative to enhance the country's critical minerals capabilities and reduce reliance on China, thereby ensuring Canadian sovereignty in the sector [6]

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].