Core Insights - The conglomerate is considering expanding a refinery and doubling the production capacity at a lithium mine in Western Australia [1] Company Developments - The company is exploring options to enhance its refinery operations [1] - Plans are in place to increase lithium production capacity significantly [1] Industry Implications - The expansion in lithium production aligns with the growing demand for lithium in various sectors, particularly in electric vehicle batteries [1] - Doubling production capacity may position the company favorably in the competitive lithium market [1]

Group 1 - The U.S. government has shifted towards direct equity investments in strategic private companies to bolster national security and reduce reliance on foreign supply chains, particularly from China [1][2] - This approach has been compared to an informal "American sovereign wealth fund," leading to significant stakes in publicly traded firms, which may present compelling investment opportunities [1][2] - The focus of these investments includes sectors vital to defense, AI, electric vehicles, and energy independence, with all identified companies rated Buy by top Wall Street firms [1] Group 2 - Cameco Corp. is a leading uranium supplier with a small dividend and a significant deal with the U.S. Commerce Department to finance $80 billion in nuclear plant construction [1] - Intel Corp. has seen a government acquisition of a 10% stake through an $8.9 billion investment, positioning it as a major player in the semiconductor industry [1] - L3Harris Technologies Inc. received a $1 billion investment from the Pentagon to expand missile production, with a reliable dividend and a focus on national security technology solutions [2] - Lithium Americas Corp. is developing the Thacker Pass lithium project, which is considered a potential major investment opportunity due to its sought-after product [2] - MP Materials Corp. operates the only rare earth mine in the U.S. and secured a $400 million investment from the Department of Defense to enhance domestic production [2] - Trilogy Metals Inc. holds a 50% interest in the Upper Kobuk Mineral Projects in Alaska, with a government stake that could increase investor interest [2]

Group 1 - The article does not provide any relevant content regarding the company or industry [1]

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 ...

Group 1 - The Sprott Lithium Miners ETF (LITP) is designed to provide investors with exposure to the global lithium industry, particularly in the context of the battery market [1] - The current environment for the electric vehicle (EV) market in the US is described as challenged, while the lithium market is dominated by other factors [1] Group 2 - Michael Del Monte is identified as a buy-side equity analyst with expertise across various sectors including technology, energy, and materials [1] - Del Monte has over a decade of experience in professional services across multiple industries such as oil and gas, industrials, and consumer discretionary [1]

Company Overview - Lake Resources N.L. is a responsible lithium developer utilizing state-of-the-art ion exchange extraction technology for sustainable, high purity lithium production from its flagship Kachi Project in Catamarca Province, Argentina [3]. - The ion exchange extraction technology addresses the rising demand for high purity battery materials and offers a more sustainable, responsibly sourced solution with a low carbon footprint and significant ESG benefits [4]. Upcoming Event - David Dickson, Managing Director and CEO of Lake, will present at the Precious Metals & Critical Minerals Virtual Investor Conference on 10 February 2026, discussing the status of the Company and the Kachi Project [1]. - The Company will also be available for One-on-One investor meetings during the conference [2]. Event Platform - Virtual Investor Conferences (VIC) is a leading proprietary investor conference series that provides an interactive forum for publicly traded companies to present directly to investors [5]. - VIC offers enhanced capabilities for companies to connect with investors, schedule targeted one-on-one meetings, and enhance presentations with dynamic video content [6].

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Lithium market, particularly in relation to energy storage systems (ESS) and electric vehicles (EVs) [1][19] - **Growth Forecast**: Global lithium demand is expected to grow at a CAGR of 21% from 2026 to 2027, driven primarily by a 35% CAGR in ESS-related demand [1][19] Core Insights - **Demand Drivers**: - Incremental ESS demand is expected to enhance global lithium demand, with significant contributions from independent projects in China and increased ESS demand in the US due to power shortages linked to AI data center growth [1] - EV-related lithium demand is projected to grow at an 18% CAGR, supported by larger battery sizes and the penetration of electric heavy-duty trucks [1][19] - **Supply Dynamics**: - A narrowing supply surplus is anticipated, with global lithium capacity expected to grow by 17% in 2026 and 10% in 2027, leading to a supply surplus of 218kt in 2026 and 60kt in 2027 [2][21] - Key projects contributing to supply include Greenbushes CGP3 in Australia and Goulamina in Mali, with potential resumption of previously suspended mines [2][24] - **Price Outlook**: - Lithium carbonate prices are forecasted to average CNY180k per tonne in 2026 and CNY200k per tonne in 2027, with potential upside risks from supply shocks and downside risks from lower-than-expected demand [3][49] Additional Insights - **Sensitivity Analysis**: - ESS demand is less sensitive to lithium prices, with a CNY10k/tonne increase in lithium carbonate price leading to a 0.2pp decline in internal rates of return (IRRs) for independent ESS projects in China [4][50] - Most ESS projects in China can maintain favorable IRR levels above 6% even with lithium prices at CNY200k/tonne [4][51] - **Impact on Supply Chain**: - Rising lithium prices are expected to benefit upstream lithium miners, particularly those with cost advantages, while mid-stream cathode makers will likely pass cost increases to battery cell manufacturers [5] - **Market Trends**: - Global EV battery usage grew by 33% year-on-year to 1046GWh in 2025, with China being the major contributor [7] - ESS has emerged as a key growth driver for lithium-ion battery shipments, with global ESS battery shipments increasing by 83% year-on-year to 640GWh in 2025 [8] - **Regulatory Changes**: - China's Ministry of Finance announced a reduction in the export VAT refund rate for battery products, which may influence export demand and subsequently lithium demand [9] Risks and Challenges - **Downside Risks**: - Potential risks include worse-than-expected EV sales due to fading government subsidies, slower-than-expected resumption of suspended mines, and unexpected downward revisions of global ESS demand [52] - **Supply Chain Constraints**: - Mining permit regulations and environmental protection requirements in Jiangxi Province may impact lepidolite production in China [2][28] Conclusion - The lithium market is poised for significant growth driven by ESS and EV demand, with a tightening supply-demand balance expected in the coming years. However, various risks, including regulatory changes and market dynamics, could impact this outlook.

Summary of Tianqi Lithium Industries Inc. Conference Call Company Overview - **Company**: Tianqi Lithium Industries Inc. - **Industry**: Lithium and Materials - **Market Cap**: Rmb95,384 million - **Stock Rating**: Overweight - **Price Target**: HK$55.20 - **Current Price**: HK$55.10 (as of January 29, 2026) Key Financial Results - **Preliminary Full-Year 2025 Results**: - Net profit of Rmb369-553 million, compared to a loss of Rmb7.9 billion in 2024, but below consensus expectations of Rmb777 million [1] - **4Q25 Net Profit**: - Estimated at Rmb189-373 million, an increase from Rmb95 million in 3Q25 [2] - **Full-Year 2025 Recurring Profit**: - Rmb240-360 million, with an implied recurring net profit of Rmb170-290 million in 4Q25, up from Rmb69 million in 3Q25 [2] Market Dynamics - **Lithium Price Increases**: - Notable increase of 19% quarter-over-quarter in 4Q25, with expectations of a further 61% increase in 1Q26, positively impacting Tianqi's profitability [2] Legal and Regulatory Updates - **Supreme Court of Chile Ruling**: - Tianqi received a final judgment regarding a Partnership Agreement with SQM and Codelco, dismissing a claim of illegality. This ruling is not expected to materially impact Tianqi's current profits [3][4] Financial Projections - **Earnings Per Share (EPS)**: - Projected EPS for 2025 is Rmb0.43, with estimates increasing to Rmb2.67 in 2026 and Rmb3.01 in 2027 [6] - **Revenue Projections**: - Expected revenue of Rmb11,087 million in 2025, increasing to Rmb21,117 million in 2026 and Rmb22,983 million in 2027 [6] Valuation Methodology - **Discounted Cash Flow (DCF) Model**: - Assumes a Weighted Average Cost of Capital (WACC) of 11.5% and a terminal growth rate for free cash flow of 2% beyond the forecast period of 2025-2033 [9] Risks - **Upside Risks**: - Higher-than-expected lithium prices and output growth in upstream and midstream resources [11] - **Downside Risks**: - Lower-than-expected lithium prices and output growth in upstream and midstream resources [11] Analyst Insights - **Industry View**: - The lithium industry is viewed as attractive, with expectations of strong performance over the next 12-18 months [6][34] Additional Information - **52-Week Stock Price Range**: - HK$60.30 to HK$19.00 [6] - **Average Daily Trading Value**: - HK$180 million [6] This summary encapsulates the key points from the conference call regarding Tianqi Lithium Industries Inc., highlighting financial performance, market dynamics, legal updates, and future projections.

Price Conclusion - The market remains bullish, with prices rising from 90,000 to nearly 190,000. The IRR for energy storage projects in northern regions has decreased from 9% to 6%. Further price increases could lead to a decline in IRR, but this may not impact prices significantly [1]. Balance Sheet Update - Initially, a surplus of 30,000 to 50,000 tons was expected in 2025, but adjustments indicate a tight balance for the entire year. The balance sheet for 2026-2030 has been revised to show deficits of -15,000, -6,000, -89,000, -189,000, and -440,000 tons respectively [1]. Supply - Overall data indicates that resource supply will reach 2.05 to 2.06 million tons in 2026, an increase of 413,000 tons from 2025. Lithium salt supply is projected to rise from 1.54 million tons to 1.91 million tons, an increase of 370,000 to 380,000 tons. The main contributors to this growth include the commissioning of the first phase of the Greenbushes project in Australia and the ramp-up of various salt lake projects [2]. - In 2026, lithium spodumene is expected to contribute an increase of 230,000 tons, with Africa contributing 140,000 tons, Australia 43,000 tons, and China 49,000 tons. Lithium mica is projected to add 38,000 tons, with specific contributions from various companies [2]. - A point of contention is Nigeria, where supply is expected to remain flat at around 500,000 tons of lithium concentrate, corresponding to 60,000 tons of lithium carbonate, with no incremental increase due to previously released inventory [2]. Demand - Domestic electric vehicle demand is expected to grow by 19% in 2026, covering both passenger and commercial vehicles, with projected sales of 16 million units in 2025. Each 1% increase in growth corresponds to an additional 160,000 vehicles and 5,000 tons of lithium carbonate [3]. - For electric heavy trucks, approximately 200,000 units are expected in 2025, with a forecast of 250,000 units in 2026. The battery capacity per vehicle may increase due to enhanced applications [3]. - Overseas electric vehicle markets, particularly Europe, are expected to grow by 20% in 2026, driven by subsidies in Germany, while the impact in the US and other markets is limited [4]. Energy Storage Demand - Actual shipments for 2025 are projected to be between 620-640 GWh, representing over 80% year-on-year growth. The forecast for 2026 has been revised from 880 GWh to a likely range of 900-950 GWh, with an aggressive scenario reaching up to 1,000 GWh. Domestic registered energy storage projects are expected to reach 1,200-1,300 GWh in the coming years [5]. Impact of Lithium Prices on Energy Storage - The sensitivity of IRR to lithium prices indicates that for every 50,000 increase in lithium price, the IRR for energy storage projects decreases by 1.25 to 1.5 percentage points. A price increase from 90,000 to 190,000 results in a 3 percentage point reduction in IRR. The central IRR for major northern projects has dropped from 9% to 6%, which remains viable, but further increases could delay projects if IRR falls below 6% [6].

Core Viewpoint - Stardust Power Inc. has appointed Mr. Bruce Czachor as General Counsel to enhance its legal and governance framework as the company progresses towards constructing a lithium refinery in Muskogee, Oklahoma [2][7]. Company Overview - Stardust Power Inc. is focused on developing battery-grade lithium carbonate to strengthen America's energy security by establishing resilient supply chains [8]. - The company is developing a lithium processing facility in Muskogee, Oklahoma, with an expected production capacity of up to 50,000 metric tons per annum of battery-grade lithium carbonate [8]. Leadership Appointment - Mr. Bruce Czachor brings over 30 years of experience in legal, corporate governance, and executive leadership within publicly listed energy and mining companies [3]. - His previous role was as Executive Vice President and Chief Legal Officer at Piedmont Lithium Inc., where he advised on corporate strategy, governance, and M&A, and led a successful cross-border public merger [3][4]. - Czachor's extensive experience in the lithium sector and his established global network are expected to strengthen Stardust Power's leadership team [4]. Educational Background - Mr. Czachor holds a J.D., magna cum laude, from New York Law School and a B.A. in Political Science from Binghamton University [6]. - He completed a Corporate Governance certification from the Wharton School in 2023 and is licensed to practice in New York, New Jersey, and California [6]. Management Commentary - CEO Roshan Pujari expressed that Czachor's expertise in corporate governance and capital markets makes him a valuable addition to the leadership team, particularly as the company advances its Muskogee refinery project [7]. - Czachor himself expressed enthusiasm about joining Stardust Power at a pivotal moment in the company's growth [7].