SLI · Standard Lithium Ltd.

Standard Lithium achieved significant operational and financial milestones during the fourth quarter of 2025, positioning the company for a Final Investment Decision (FID) on its flagship South West Arkansas (SWA) Project. The company strengthened its commercial footing by signing a binding offtake agreement with Trafigura Trading LLC for 8,000 metric tonnes per year of battery-quality lithium carbonate over a 10-year term. This agreement represents a critical de-risking step for the project, securing a committed revenue stream from a major global commodities trader.

On the financing front, the company received indications of interest for over $1 billion in senior secured project debt from three major Export Credit Agencies, including Export-Import Bank of the United States (EXIM) and Export Finance Norway (Eksfin). These expressions of interest exceed the targeted debt amount and offer competitive indicative terms, significantly de-risking the capital structure for the SWA Project's Phase 1 construction. The company also bolstered its liquidity through an upsized underwritten public offering in October, raising approximately $130 million in gross proceeds. As of December 31, 2025, the company reported cash of $152.3 million and working capital of $147.6 million, with no term or revolving debt obligations.

Operationally, the company filed a positive Definitive Feasibility Study (DFS) for the SWA Project, outlining initial production capacity of 22,500 tonnes per annum of battery-quality lithium carbonate over a 20-year life. Additionally, the company received unanimous approval from the Arkansas Oil and Gas Commission for its Integration Application for the Reynolds Brine Unit, providing certainty on resource access. Management expects to complete vendor contracting and the federal environmental review in the second quarter of 2026, positioning the joint venture to take FID and begin construction in 2026, with first commercial production targeted for 2029.