Stardust Power Establishes Key Lithium Supply Partnership in North America with Prairie Lithium

Stardust Power's Agreement with Mandrake Resources: Stardust Power Inc. has signed a Letter of Intent with Mandrake Resources to secure 7,500 metric tons per annum of lithium chloride from Mandrake's Utah Lithium Project, which will supply Stardust's processing facility in Oklahoma.

Strategic Importance of the Utah Project: The Utah Lithium Project is positioned in a favorable regulatory environment and benefits from established infrastructure, making it a key asset for domestic lithium supply and supporting Stardust Power's vision for an integrated American lithium supply chain.

Long-term Supply Agreement: The agreement spans twelve years with an option for a six-year extension, potentially ensuring a reliable supply of lithium chloride for up to 18 years, which enhances Stardust Power's financing options and reduces development risks.

Advancements in Lithium Production: Stardust Power is progressing with permitting and site preparations for its lithium refinery in Muskogee, Oklahoma, aiming to produce battery-grade lithium carbonate to support the growing North American electric vehicle and energy storage markets.

Compliance with Nasdaq: Stardust Power Inc. has received confirmation from Nasdaq that it is in compliance with continued listing requirements, closing a previous non-compliance matter that was set for appeal.

Project Advancements: The company is making significant progress towards a Final Investment Decision for one of America's largest lithium refineries, enhancing its project execution and risk management.

Production Capacity: Stardust Power 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.

Sustainability Commitment: The company emphasizes sustainability throughout its operations, aiming to strengthen America's energy security by building resilient supply chains for lithium production.

Supply Agreement: Stardust Power Inc. has signed a Letter of Intent with Prairie Lithium to secure 6,000 metric tons per annum of lithium chloride, which will be used as feedstock at its lithium processing facility in Oklahoma, marking a significant step towards its Final Investment Decision and construction phase.

Strategic Location and Infrastructure: The feedstock will be delivered to the Port of Muskogee's Free Trade Zone, providing strategic access to transportation networks and potential tariff exemptions, with initial deliveries expected to start in 2027.

Operational Efficiency and Growth: The agreement enhances Stardust Power's operational capabilities and positions it as a key player in North America's lithium supply chain, allowing for scalable production and the potential for additional feedstock sources in future phases.

Commitment to Sustainability: Stardust Power is focused on sustainable lithium production, with the Prairie Lithium Project designed to minimize environmental impact while supporting the growing demand for domestic lithium supply in the clean energy sector.

Appointment Announcement: Stardust Power Inc. has appointed Kenneth Pitts as Construction and Subcontracts Director, responsible for overseeing major projects at the Muskogee, Oklahoma refinery, ensuring they are completed safely, on time, and within budget.

Experience and Role: Mr. Pitts brings over 25 years of experience in managing large-scale projects in various sectors, and his leadership is expected to enhance operational excellence as Stardust Power transitions from a development to an operating company.

Project Overview: Stardust Power Inc. has completed its FEL 3 report for a lithium processing facility in Muskogee, Oklahoma, which will produce 25,000 metric tons per annum of battery-grade lithium in Phase 1, expandable to 50,000 metric tons in Phase 2.

Financial and Construction Details: The estimated capital expenditure for Phase 1 is approximately $500 million, nearly $200 million below previous estimates, with a construction timeline of about 24 months from the start of major work to mechanical completion.

Upcoming Financial Results Announcement: Stardust Power Inc. will release its second quarter 2025 financial results on August 13, 2025, followed by a conference call at 5:30 PM ET hosted by CEO Roshan Pujari and CFO Uday Devasper.

Company Overview: Stardust Power is focused on developing battery-grade lithium products and is establishing a lithium refinery in Muskogee, Oklahoma, with a production capacity of up to 50,000 metric tons per year, emphasizing sustainability in its operations.