Stardust Power (SDST) investor relations material

Executive summary

• Plans to build one of North America's largest lithium brine processing facilities in Muskogee, Oklahoma, targeting up to 50,000 metric tons of battery-grade lithium annually for the EV and energy storage markets, addressing US supply chain gaps and national security priorities.

• Vertically integrated supply model aggregates multiple brine streams, supported by signed offtake agreements, strategic partnerships, and a phased approach to scaling production.

• Significant progress in permitting, site acquisition, engineering, and community engagement, with strong regulatory compliance and local partnerships.

• Recent public offerings raised $4.52M and $5.75M, supporting key engineering milestones and strengthening the financial position.

• Substantial doubt exists regarding ability to continue as a going concern without additional capital.

Financial highlights

• Pre-revenue status; no commercial production or revenue recognized to date.

• Net loss of $3.7M in Q2 2025, up from $2.7M in Q2 2024, mainly due to increased operating expenses.

• Cash and cash equivalents at $2.6M as of June 30, 2025, up from $0.9M at December 31, 2024.

• Net cash used in operating activities was $4.5M for the six months ended June 30, 2025; financing activities provided $8.4M.

• Accumulated deficit reached $60.1M as of June 30, 2025.

Outlook and guidance

• No forward-looking financial guidance provided; company expects continued operating losses and negative cash flows until commercial production begins.

• Project remains on track for final investment decision after key catalysts, including FEL3 results, permitting, and financing.

• Ongoing engagement with federal and state governments for potential grants and support.

• Plans to use recent offering proceeds for feasibility studies and facility construction.

• Substantial doubt about ability to continue as a going concern for the next twelve months without further financing.