SLI · Standard Lithium Ltd.

The completion of the National Environmental Policy Act (NEPA) review with a Finding of No Significant Impact (FONSI) represents a critical de-risking milestone for the South West Arkansas (SWA) Project. This approval, issued by the U.S. Department of Energy (DOE), confirms that the Environmental Assessment found no significant environmental impact, imposing no further mitigation measures or conditions. The process was expedited through the project's designation as a priority critical mineral project under the Fast-41 Program (Executive Order 14241), enabling a timely review. This FONSI fulfills a key prerequisite linked to the $225 million DOE grant awarded in January 2025 from the Office of Critical Minerals and Energy Innovation, supporting initial phase development. Importantly, no additional federal government reviews or approvals are required before the partnership can proceed to a Final Investment Decision (FID). Smackover Lithium, formed in May 2024 with Standard Lithium holding a 55% operating interest and Equinor 45%, is advancing parallel workstreams including EPCC/EPCM contracts, customer offtake agreements, and project financing. Management, including CEO David Park and Equinor VP Allison Kennedy Thurmond, emphasized the streamlined permitting's role in advancing U.S. critical minerals security and responsible lithium production via direct lithium extraction (DLE). With FID and construction targeted for 2026 and first production in 2029, this regulatory green light significantly enhances project certainty for investors.