N A S D A Q : S D S T Leading the Charge on America's Energy Future: Manufacturing Battery-Grade Lithium I N V E S T O R P R E S E N T A T I O N Q2 2025 Li 3 6.94 RISK FACTORS For a description of the risks relating to an investment in Stardust Power, including in business and operations, we refer you to "Risk Factors" in the Appendix to this presentation. I n v e s t o r P r e s e n t a t Forward-Looking Statements and Disclaimers The information included herein and in any oral statements made in connectio ...

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]

Lithium Refinery Development - Stardust Power is developing a large-scale lithium refinery in Oklahoma to supply battery-grade lithium primarily for the electric vehicle market [171]. - The company plans to construct a refinery with a phased approach, starting with a production line of up to 25,000 metric tons per annum, with a second line to increase total capacity to 50,000 metric tons per annum [193]. - The total refinery cost is estimated at $1,165 million, with plans to finance through a mix of debt, equity, and potential government grants [232]. Financial Performance and Funding - The company has not generated any revenue since inception and has been operating at a loss, with a net loss of $3,809,700 for the three months ended March 31, 2025, compared to a net loss of $1,399,213 for the same period in 2024 [217]. - General and administrative expenses increased significantly to $5,748,648 for the three months ended March 31, 2025, up from $1,235,366 in the same period of 2024, reflecting an increase of $4,513,282 [217]. - The company has an accumulated deficit and has not earned any revenue since inception, raising concerns about its ability to continue operations without additional capital [252]. - The company anticipates funding its near-term operations through the sale of equity securities, promissory notes, and debt financing [233]. - For the three months ended March 31, 2025, net cash used in operating activities was $2,875,187, a significant increase from $934,680 in the same period of 2024 [246][247]. - The Company reported net cash provided by financing activities of $4,511,080 for the three months ended March 31, 2025, primarily from a public offering that raised $5,750,400 [250]. Agreements and Partnerships - Stardust Power executed a non-binding letter agreement with Sumitomo for a long-term offtake agreement to supply 20,000 metric tons of lithium carbonate annually, with potential for increase [182]. - The company is in the process of negotiating with multiple suppliers for brine feedstock, including producers from the oil and gas industry, to source raw materials for lithium production [203]. - The Company entered into a consulting agreement with DRE Chicago LLC for $500,000 and a loan of $250,000 at 15% interest, maturing in March 2025, with an equity kicker of $375,000 in Common Stock [268]. - A binding term sheet was established with Endurance Antarctica Partners II, LLC for a loan of $1,750,000 at 15% interest, maturing in March 2025, along with $3,500,000 in Common Stock as an equity kicker [269]. Compliance and Regulatory Issues - The company received notices from Nasdaq regarding non-compliance with listing standards due to market value and bid price issues [186]. - The company has a 180-day compliance period until September 15, 2025, to regain compliance with Nasdaq's Minimum Price Rule, requiring a minimum bid price of $1.00 per share for 10 consecutive business days [187]. - The company also has until September 30, 2025, to comply with the MVLS Rule, which requires a market value of publicly held shares to close at $50,000,000 or more for 10 consecutive business days [189]. Investments and Equity - The company invested $1.6 million in IRIS Metals Limited, acquiring approximately 6% of its total equity, to explore strategic partnerships [181]. - The company issued 3,981 shares of common stock during the three months ended March 31, 2025, generating net proceeds of $15,922 [238]. - The fair value of the Company's Common Stock is determined based on third-party appraisals and various market conditions, impacting stock-based compensation measurements [261]. Market and Economic Conditions - The Company is currently facing a volatile inflationary environment, which could impact its financial condition and operations [289]. - The Company is subject to credit risk for cash balances exceeding the FDIC insured amount of $250,000, with only one financial banking institution [288]. - As of March 31, 2025, the Company had no significant risk related to changes in interest rates [287].

GREENWICH, Conn., May 14, 2025 (GLOBE NEWSWIRE) -- Stardust Power Inc. (“Stardust Power” or the “Company”) (Nasdaq: SDST), an American developer of battery-grade lithium products, today announced its results for the first quarter ended March 31, 2025.   First Quarter 2025 Business Updates and Subsequent Events Operational highlights for the first quarter of 2025 include: Confirmed with Oklahoma regulators the Muskogee facility will not require an industrial wastewater permit thanks to its closed-loop water ...

GREENWICH, Conn., May 13, 2025 (GLOBE NEWSWIRE) -- Stardust Power Inc. ("Stardust Power" or the "Company"), an American developer of battery-grade lithium products, today announced a significant update to its permitting process. Following a determination process by the Oklahoma Department of Environmental Quality (ODEQ), the Company has confirmed that no industrial wastewater discharge permit will be required for its planned lithium processing facility in Muskogee, Oklahoma. This determination stems from St ...

GREENWICH, Conn., May 06, 2025 (GLOBE NEWSWIRE) -- Stardust Power Inc. (NASDAQ: SDST) (“Stardust Power” or the “Company”), an American developer of battery-grade lithium products, today announced that it will release its first quarter 2025 financial results after market close on Wednesday 14 May, 2025. Roshan Pujari, Founder and Chief Executive Officer and Uday Devasper, Chief Financial Officer will host a conference call at 5:30pm ET on Wednesday 14 May, 2025 to discuss the Company’s results. Participants ...

Core Viewpoint - Stardust Power Inc. has appointed Mr. Carlos Urquiaga as Senior Advisor to guide the company through critical stages, particularly in capital raising and achieving Final Investment Decision (FID) for its lithium production initiatives [1][4][5]. Company Overview - Stardust Power Inc. is an American developer focused on battery-grade lithium products, aiming to enhance America's energy leadership by establishing resilient supply chains [6]. - The company is developing a lithium refinery in Muskogee, Oklahoma, with an expected production capacity of up to 50,000 metric tons per annum of battery-grade lithium [6]. Appointment of Carlos Urquiaga - Mr. Urquiaga brings over 30 years of experience in the metals and mining, energy, and infrastructure sectors, with a specialization in capital raising and financial advisory services [2]. - He has successfully delivered over $40 billion in financing and advisory transactions throughout his career, including significant projects in the electric vehicle battery materials supply chain [2][3]. - His previous roles include senior leadership positions at BNP Paribas, Citi, and Appian Capital, where he was involved in high-value transactions such as Teck's Quebrada Blanca Phase 2 project and Freeport's Cerro Verde expansion [3]. Strategic Focus - As Senior Advisor, Mr. Urquiaga will lead efforts to achieve FID and support capital raising activities through both debt and equity financing [4]. - He will also assist in advancing the company's strategic initiatives to scale lithium production and meet the growing demand for battery-grade materials [4][5].

Financial Data and Key Metrics Changes - As of December 31, 2024, the company had cash and cash equivalents of $0.9 million, down from $1.3 million as of December 31, 2023 [56] - The company incurred a net loss of $23.8 million for the year ended December 31, 2024, compared to a net loss of $3.8 million for the prior period [57] - Loss per share was 55 cents for the current year compared to 9 cents for the prior period, driven primarily by higher general and administrative costs [58] Business Line Data and Key Metrics Changes - The company is currently pre-revenue and has devoted substantial efforts to raising capital and organizing the company, resulting in significant operating losses [57][58] - Net cash used in operating activities totaled $9.7 million for the current fiscal year compared to $3 million for the prior period [58] - Net cash provided by financing activities was $14.1 million for the current fiscal year compared to $4.5 million for the prior period, driven primarily by cash received from subscription agreements and short-term loans [59] Market Data and Key Metrics Changes - The global lithium market is experiencing a slight improvement in pricing, with expectations for a significant surge in prices around 2026 to 2027 [7] - Demand for lithium is expected to remain strong, driven by applications beyond just the EV market, including energy storage systems and military applications [13][14] Company Strategy and Development Direction - The company aims to bridge the critical refining gap in the lithium supply chain, positioning itself as a North American source for refined lithium [10] - The company has secured a construction-ready site in Muskogee, Oklahoma, and is on track for final approvals to begin construction [17][18] - A long-term supply agreement with Sumitomo Corporation outlines a potential supply deal for 20,000 metric tons of lithium carbonate annually, with the possibility of increasing that amount [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook for lithium, driven by increasing demand across multiple sectors [8][9] - The company is focused on executing its strategic initiatives and positioning itself for future growth despite recent stock price volatility [39][43] - Management highlighted the importance of upcoming catalysts, including the completion of engineering studies and securing upstream supply [44][45] Other Important Information - The company has made significant investments in technology, including an exclusive licensing agreement with KMX Technologies for advanced lithium concentration technology [24] - The company has added key personnel to its team, including a new Chief Operating Officer and an accounting manager, to enhance operational efficiency [32][34] Q&A Session Summary Question: What are the necessary factors needed to see recovery in lithium pricing? - Management noted that while there is speculation about oversupply and price manipulation, there is consensus about strong demand for battery-grade lithium, especially in 2026 and 2027 [71][72] Question: What does the recent development in EV markets mean for the U.S. EV market and domestically produced lithium? - Management indicated that improvements in infrastructure, such as charging systems, will support increased EV adoption, creating substantial demand that will outpace supply [75] Question: Are there any plans for additional test work with the KMX licensing agreement? - Management confirmed excitement about the KMX agreement and indicated plans for further test work and exploration of feedstock procurement strategies [78][82] Question: How will rising freight costs impact operational outlook? - Management explained that creating a North American ecosystem for raw materials and refining could lead to significant savings compared to competitors who transport goods to China [87] Question: Will the KMX technology be used exclusively at the lithium brine production location? - Management clarified that while the initial use will be closer to the wellhead, there are opportunities to use the technology across the refining process [92]

Stardust Power (SDST) Q4 2024 Earnings Call March 27, 2025 05:30 PM ET Company Participants Johanna Gonzalez - Director of Investor Relations and CommunicationsRoshan Pujari - Founder & CEOUday Devasper - CFOJake Sekelsky - MD & Head of Metals & Mining Research Conference Call Participants Henry Hurrell - AnalystGreg Mesniaeff - Research AnalystTate Sullivan - Senior Research Analyst Operator Thank you for standing by, and welcome to the Stardust Power's Fourth Quarter twenty twenty four Earnings Call. At t ...

Financial Incentives and Funding - Stardust Power has received an illustrative incentives package of up to $257 million from the State of Oklahoma, contingent on meeting specific milestones [181]. - The Oklahoma Quality Jobs Program could provide $100,332,936 based on an annual payroll of $99,562,000 over 10 years, requiring an average wage of $120,071 and the creation of at least 10 new jobs [186]. - The Company has engaged industry experts to assist in applying for government grants, with potential grants totaling up to $27.5 million from the Department of Defense and $150 million from the Department of Energy [188]. - The Company has entered into binding term sheets for a private placement to raise $550,000 for capital expenditures and working capital [183]. Production and Supply Chain - The Company has not yet commenced production and has no existing customers, but has received non-binding letters of intent from industry participants [192]. - The Company has entered into a non-binding letter agreement with Sumitomo for a potential long-term commercial offtake agreement to supply 20,000 metric tons of lithium carbonate per year, with the possibility to increase to 25,000 metric tons [193]. - The Department of Energy plans to invest over $7 billion in the battery supply chain from fiscal years 2022 to 2026, focusing on sustainable sourcing and processing of critical minerals [187]. - The Company intends to utilize brine feedstock to reduce dependency on imported raw materials, potentially lowering costs and speeding up time to market [196]. Environmental and Regulatory Compliance - The company has received a general permit for stormwater discharges and is under technical review for its air emissions permit application submitted on January 20, 2025 [202]. - Stardust Power is engineering its facility based on Zero Liquid Discharge (ZLD) technologies, minimizing environmental impact [218]. - The company has submitted an air emissions permit application, which is currently under technical review, indicating progress in regulatory compliance [202]. - Compliance with environmental regulations may impose substantial costs and affect operational results [201]. Workforce and Human Capital - As of December 31, 2024, Stardust Power has eight employees, indicating a small workforce [214]. - The company intends to focus hiring efforts on local communities near project areas, promoting social responsibility [219]. - The company intends to offer competitive compensation and educational opportunities to retain human capital [513]. - Human capital risks are present if the company fails to attract and retain qualified individuals, particularly in specialized technical roles [513]. Risk Management - The company is exposed to market risks, including interest rate risk and liquidity risk, which could impede growth plans [509][510]. - The company is currently operating in a volatile inflationary environment, which has led to higher costs impacting its business [518]. - The company is subject to credit risk with cash balances exceeding the FDIC insured amount of $250,000 [517]. - The company has only one financial banking institution, which contributes to its credit risk exposure [517]. - Legal and regulatory risks include potential non-compliance with extensive regulations across various jurisdictions [515]. - The company has established procedures to ensure compliance with statutory and regulatory requirements, including public company reporting obligations [515]. - The company is developing policies to manage operational risk and ensure compliance with corporate policies and limits [512]. - The company has implemented business continuity plans to cover critical processes on a company-wide basis [512]. Management and Strategy - The management team has decades of experience in lithium-ion technology and capital raising, which is expected to support the Company's growth strategy [196]. - The Company plans to optimize its refinery for multiple inputs, which is expected to reduce risks and costs, differentiating it in the industry [196]. - Stardust Power is competing with established companies in lithium production, which may affect product pricing due to market fluctuations [198]. - The company plans to source energy for its refinery from sustainable sources, including solar and wind power [217]. - Stardust Power is committed to transparency and has established various corporate governance policies [220].