"2025 marked a year of meaningful progress for Stardust Power as we advanced the technical, commercial and regulatory foundations of our lithium refinery in Muskogee," said Roshan Pujari, Founder and Chief Executive Officer of Stardust Power. "During the year, we completed key engineering milestones, including our FEL-3 study, entered into strategic feedstock supply agreements and received independent third-party validation of the refinery design. Phase I is expected to produce up to 25,000 metric tons per year of battery-grade lithium carbonate, forming the first stage of a planned 50,000 metric tons per-year refining platform, with estimated Phase I CapEx of approximately $500 million. The refinery is designed to support the development of a more secure domestic lithium supply chain. Following year-end, we also received our air quality construction permit from the Oklahoma Department of Environmental Quality, which helps position the refinery to move toward construction."
2025 Refinery Project Milestones and Business Highlights:
Completed the Front-End Loading Level 3 ("FEL-3") engineering study by Primero for the planned lithium refinery in Muskogee, Oklahoma, providing engineering and project definition and establishing an estimated capital cost of approximately $500 million to support the next stage of development and construction planning. The Company continues to evaluate a range of project financing alternatives, including potential strategic partners, government-supported financing programs and capital markets transactions, to support the development and construction of the Muskogee lithium refinery.
Completed an independent third-party review of the Muskogee lithium refinery by Black & Veatch, which concluded that the project presents low technical and design risk and that Phase 1 production targets are expected to be achievable.
Broke ground at the site in Muskogee, Oklahoma, initiating early site preparation as the refinery advances toward construction.
Entered into non-binding lithium chloride feedstock supply arrangements with Mandrake Resources and Prairie Lithium totaling up to 13,500 metric tons per year of lithium carbonate equivalent ("LCE"), which is a positive step towards establishing a diversified supply pipeline to support future refining operations.
Raised $13.2 million in equity capital and secured up to $10.0 million in debt financing, supporting continued advancement of the Company's lithium refinery.
Strengthened senior leadership team with the appointments of Carlos Urquiaga, Kenneth Pitts and Bruce Czachor, adding deep experience across legal and regulatory matters, project development, capital markets and the global battery materials supply chain.
Continued development and planning for the Muskogee lithium refinery, including engineering, feedstock sourcing and permitting milestones supporting the refinery's progression toward a final investment decision.
Subsequent Events since Year-End 2025
Received the final air quality construction permit from the Oklahoma Department of Environmental Quality for the Muskogee lithium refinery, positioning the project to advance toward construction and commissioning.
Established a $10.0 million synthetic ATM equity facility with B. Riley Principal Capital II, providing flexible access to capital to support project advancement.
Engaged Washington, D.C.– based 38 North Solutions to support federal government relations, policy engagement and funding initiatives related to domestic critical-minerals supply chains.
2025 Financial Highlights
As of December 31, 2025, the Company had cash and cash equivalents of approximately $3.5 million and continued to deploy capital toward engineering, permitting and development activities for its planned Muskogee lithium refinery.
For the year ended December 31, 2025 and December 31, 2024, the Company incurred a net loss of $15.7 million and $23.8 million, respectively. The improvement was primarily driven by lower financing charges and reduced general and administrative expenses compared to the prior year, which included costs associated with being a public company.
Loss per share was $2.13 for the current year, compared to ...
