Standard Lithium has cash of $32.1M (U.S.) at Sept. 30

Executive Summary

• Standard Lithium Ltd. reported financial and operating results for the three- and nine-month periods ended September 30, 2025, highlighting a positive Definitive Feasibility Study (DFS) for its South West Arkansas (SWA) project and a maiden inferred resource for its Franklin project in East Texas.
• Following the quarter close, the company completed an upsized $130-million underwritten public follow-on equity offering, raising approximately $130 million to support progress toward a Final Investment Decision (FID) for the SWA project and development of other Texas assets.
• The company reported cash and working capital of $32.1 million and $29.0 million respectively, with no debt obligations, while announcing key operational milestones including AOGC approval for the SWA project and the acquisition of DLE technology assets by partner Aquatech.

Key Details

• Financing: Closed an underwritten public offering on Oct. 20 of 29,885,057 common shares at $4.35 per share for aggregate gross proceeds of approximately $130 million. The transaction was oversubscribed, allowing an increase of $10 million from the original size.
• SWA Project DFS: Released positive DFS for the South West Arkansas project, featuring:
  • 20.2% unlevered pre-tax internal rate of return (IRR).
  • Average cash operating costs of $4,516/tonne and all-in costs of $5,924/tonne.
  • All-in Class III capex estimate of $1.45 billion (including 12.3% contingency).
  • Initial production capacity of 22,500 tonnes per annum of battery-quality lithium carbonate.
  • Proven reserves of 447,000 tonnes of lithium carbonate equivalent (LCE), representing 38% of in situ measured and indicated resources.
  • Average lithium concentration of 549 mg/L, processing 0.20 cubic kilometre of brine over a 20-year life.
  • Construction expected to commence in 2026 after FID, with first production targeted in 2028.
• Franklin Project Resource: Released maiden inferred resource for the Franklin project in East Texas:
  • 2.2 million tonnes of LCE at an average lithium grade of 668 mg/L.
  • 15.4 million tonnes of potash (as potassium chloride).
  • 2.6 million tonnes of bromide.
  • Described as containing the highest reported lithium-in-brine grades in North America.
• Exploration Results: Completed sampling from the Lester well in the SWA project area:
  • Highest lithium concentration reported to date from the SWA area: 616 mg/L.
  • Average lithium concentration in brine from the Lester well: 582 mg/L.
  • Concluded all subsurface exploration activities for phase 1 of the SWA project.
• Regulatory Approval: Received unanimous approval from the Arkansas Oil and Gas Commission (AOGC) for the integration application for the Reynolds brine unit, securing access to brine and protecting mineral owner rights.
• Strategic Partnership: Aquatech acquired Koch Technology Solutions' direct lithium extraction (Li-pro™) business on Sept. 16. Aquatech assumed Koch's role under existing arrangements with Standard Lithium for the SWA project demonstration plant with no material changes to terms.
• Financial Position:
  • Cash and working capital: $32.1 million and $29.0 million, respectively, as of Sept. 30, 2025.
  • No term or revolving debt obligations as of Sept. 30, 2025.
• Management: Appointed Michael Lutgring as general counsel.
• Upcoming Events: Webcast to discuss Q3 2025 results scheduled for Nov. 11, 2025, at 8 a.m. ET.

Notable Quotes

• "We had a busy and productive third quarter as we successfully executed on multiple key milestones that we had set out to achieve," said David Park, chief executive officer and director of Standard Lithium. "We released a definitive feasibility study for the SWA project, highlighting the attractiveness and cost-competitiveness of our first commercial project. We also released a maiden inferred resource for our first project in East Texas, the Franklin project. With some of the highest reported lithium-in-brine grades in North America, it provides a strong foundation for future scalable production in the Smackover as we expand our portfolio of high-quality lithium assets."
• "Following quarter close, we took a further derisking step by completing a capital raise, supported by strong investor demand, that will put us in a position to reach FID at SWA, as well as progress our Franklin and other projects in East Texas."
• "Looking ahead, we expect to provide multiple updates in the coming months as we seek to conclude our ongoing project financing and customer offtake processes, finalize selection of our key SWA project vendors and approve FID before beginning construction at SWA in 2026."