Standard Lithium (SLI) Q3 2025 earnings summary

Executive summary

• Completed definitive feasibility study (DFS) for South West Arkansas (SWA) Project, confirming cost competitiveness and strong resource base with JV partner Equinor, and progressing toward a Final Investment Decision (FID).

• Released maiden inferred resource report for Franklin Project in East Texas, highlighting the highest reported lithium-in-brine grades in North America and significant potash and bromide resources.

• Closed an upsized underwritten public offering, raising $130 million in gross proceeds to support project milestones and strengthen financial position, with strong institutional demand.

• Received unanimous final regulatory approval from Arkansas Oil and Gas Commission for SWA, de-risking resource access.

• Expanded leadership team with appointment of a new General Counsel to support growth.

Financial highlights

• Reported net loss of $6.1 million for Q3 2025, compared to $4.8 million loss in Q3 2024.

• G&A expenses increased by $0.3 million year-over-year, mainly due to team expansion.

• Share-based compensation rose by $0.9 million, reflecting new incentive plans.

• Ended quarter with $32.1 million in cash and $29 million in working capital, excluding $122.2 million net proceeds from October equity offering.

• No term or revolving debt obligations as of September 30, 2025.

Outlook and guidance

• Construction at SWA expected to begin in 2026 after FID, with first production targeted for 2028.

• Key milestones before FID include environmental assessment, vendor selection, project financing, and customer offtake agreements, all targeted for completion by year-end.

• Aiming to move Franklin Project towards preliminary feasibility study in 2026 and expand resource definition in East Texas.