Stardust Power (SDST) investor relations material

Executive summary

• Advanced commercial discussions, de-risked engineering, and secured feedstock position the Muskogee lithium refinery project for a final investment decision, with FEL-3 engineering confirming Phase 1 capacity of 25,000 mtpa, expandable to 50,000 mtpa, and a CapEx estimate of $500 million for Phase 1.

• Strategic supply agreements and letters of intent signed with Prairie Lithium, Mandrake Resources, and Sumitomo for lithium chloride feedstock, supporting a resilient U.S.-anchored supply chain.

• Vertically integrated supply model aggregates North American and allied-country brine sources, reducing sourcing risk and ensuring steady feedstock.

• Strong state and federal incentive support, including up to $257 million in Oklahoma incentives, and strategic partnerships with leading engineering and technology firms.

• Management and board bring deep expertise in mining, finance, engineering, and large-scale project execution.

Financial highlights

• No commercial production or revenue to date; all expenses relate to development, administration, and financing.

• Net loss of $4.5 million for Q3 2025, improved from $10.1 million in Q3 2024; loss per share improved to $0.53 from $2.23.

• Cash and cash equivalents of $1.6 million as of September 30, 2025, with total assets of $10.04 million and no long-term debt.

• Net cash used in operating activities decreased to $6.5 million for the nine months ended September 30, 2025, from $8.5 million in the prior year.

• Net cash provided by financing activities was $10.2 million for the nine months ended September 30, 2025, mainly from public offerings and warrant inducements.

Outlook and guidance

• Advancing toward final investment decision and construction start for the Muskogee refinery, with additional supply agreements in progress.

• No forward-looking financial guidance provided; operational costs expected to remain similar over the next four quarters.

• Anticipates a tightening lithium supply-demand balance and steady pricing recovery through 2026, favoring domestic refineries.

• Projected to supply up to 10-11% of the U.S. EV market by 2035 with full refinery output.

• Ongoing efforts to secure further equity and debt financing, with plans to fund the $500 million Phase 1 refinery through a mix of debt, equity, and potential government grants.