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Here are 1-3 brief analogies for Stardust Power (SDST):

• The Shell or ExxonMobil of lithium refining.
• The Alcoa of battery-grade lithium.

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• Battery-grade lithium: High-purity lithium compounds essential for the manufacturing of electric vehicle batteries and other energy storage solutions.

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Roshan Pujari Founder & Chief Executive Officer

Roshan Pujari is the founder and CEO of Stardust Power. He brings over 20 years of experience in investments and transactions. Prior to founding Stardust Power, he established the diversified investment firm VIKASA Capital and led its clean energy practice, gaining a deep understanding of lithium. He is also the chairman of the Pujari Foundation, a philanthropic organization.

Uday Devasper Chief Financial Officer

Uday Devasper has 22 years of experience in North America and Asia, leading finance and accounting teams in public accounting, accounting advisory, and publicly traded organizations. He was part of the founding team at Effectus Group, where he drove double-digit growth and led more than 15 de-SPAC/IPO transactions in the Technology Industry vertical. Mr. Devasper previously held positions at KPMG, Synopsys, and Echelon.

Pablo Cortegoso Co-Founder & Chief Technical Officer

Pablo Cortegoso is a Co-Founder of Stardust Power and serves as its Chief Technical Officer. He has over a decade of experience in civil and mining projects, with a specialization in lithium. His prior experience includes working with Aurora Lithium and SRK Consulting.

Chris Celano Chief Operating Officer

Chris Celano brings over 20 years of executive leadership experience, having served as a CEO, securities attorney, and being a graduate of MIT. He previously held the role of President and CEO of IHI E&C International from 2016 to 2024, where he managed complex project deliveries. At Vantage Drilling, he contributed to developing a backlog exceeding $2 billion and a drilling program that reached depths of 30,000 feet. His expertise spans the energy, drilling, engineering, procurement, and construction (EPC) fields.

Paramita Das Chief Strategy Officer and Senior Advisor to the Chief Executive Officer

Paramita Das holds the titles of Chief Strategy Officer and Senior Advisor to the Chief Executive Officer at Stardust Power. Chris Celano, the Chief Operating Officer, reports to her.

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The key risks to Stardust Power (SDST) are:

1. Financial Health and Project Financing: Stardust Power is in a nascent stage of its operational lifecycle and faces significant financial challenges. The company has reported weak financial health, including zero revenue growth, negative earnings per share (EPS), and potential liquidity constraints as evidenced by low current and quick ratios. Furthermore, its balance sheets have indicated negative stockholder's equity, suggesting financial strain that requires efficient strategizing to manage debt. The successful completion and ramp-up of its $1.2 billion lithium refinery project in Muskogee, Oklahoma, are heavily dependent on securing adequate financing.
2. Operational Execution and Feedstock Supply: While an independent review has indicated low technical and design risk for the Muskogee refinery and achievable Phase 1 production targets, the company still faces the substantial challenge of successfully constructing and bringing the large-scale facility online. Stardust Power's business strategy relies on securing multiple sources of feedstock from various lithium producers, and its ability to source lithium brine is crucial. Any delays in construction, unforeseen operational issues during the ramp-up phase, or difficulties in establishing and maintaining a consistent and diverse supply chain for lithium feedstock could significantly impact its ability to meet production goals.
3. Market Fluctuations and Competition: As a participant in the industrial sector, Stardust Power is exposed to market fluctuations and broader supply chain challenges. The electric vehicle (EV) market, which the company targets with its battery-grade lithium, is subject to evolving consumer demand, competitive pressures, and rapid technological developments. Additionally, fluctuations in lithium prices can impact profitability, and the company faces competition from other established and emerging players in the lithium production and refining space.

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The following are clear emerging threats for Stardust Power:

• The rise and increasing adoption of alternative battery chemistries, such as sodium-ion batteries. These technologies offer a substitute for lithium-ion batteries in certain applications, particularly for grid storage and lower-cost electric vehicles, potentially moderating the growth trajectory for demand for battery-grade lithium.
• Rapid advancements and commercialization of Direct Lithium Extraction (DLE) technologies by competitors. If DLE proves to be significantly more cost-effective, environmentally friendly, or efficient than traditional lithium refining processes, it could create a competitive disadvantage for companies reliant on conventional methods, potentially disrupting existing refining supply chains.

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The addressable markets for Stardust Power's main product, battery-grade lithium, include the overall lithium market and the battery-grade lithium carbonate market.

For the **U.S. market**, the lithium market was valued at USD 1.06 billion in 2023 and is projected to reach USD 2.38 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 12.6% from 2024 to 2030. Another estimate places the U.S. lithium market size at USD 1.14 billion in 2024, with a projected growth to USD 3.69 billion by 2034 at a CAGR of 12.48% from 2025 to 2034.

For the **global market**, the overall lithium market size is estimated at USD 11.05 billion in 2025 and is predicted to grow to approximately USD 34.43 billion by 2035, expanding at a CAGR of 12.04% from 2026 to 2035.

More specifically for **battery-grade lithium carbonate**, the global market size was valued at USD 30.86 billion in 2025 and is projected to grow to USD 111.92 billion by 2034, exhibiting a CAGR of 15.39% during the forecast period. The North American battery-grade lithium carbonate market is valued at USD 31.4 million in 2025 and is expected to reach USD 79.6 million by 2034, growing at a CAGR of 10.41%. Within North America, the U.S. leads with a market size of USD 22.8 million, holding a market share of 28.6%, and growing at a CAGR of 10.47%.

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Here are the expected drivers of future revenue growth for Stardust Power (SDST) over the next 2-3 years:

1. Commercial Operation and Ramp-up of the Muskogee, Oklahoma Lithium Refinery: Stardust Power's primary driver of future revenue will be the successful completion and commercial operation of its large-scale lithium refinery in Muskogee, Oklahoma. The company is currently in a pre-revenue, developmental stage, and the refinery is projected to have an annual capacity of up to 50,000 metric tons of battery-grade lithium. Initial production capacity is planned for 25,000 metric tons annually in Phase 1, with an expansion to 50,000 metric tons in Phase 2. The facility has secured the necessary permits for construction and commissioning.
2. Growth in Demand from Electric Vehicle (EV) and Energy Storage Markets: The burgeoning demand for battery-grade lithium from the electric vehicle and energy storage sectors is expected to be a significant driver. Stardust Power aims to capitalize on the projected increase in EV adoption rates, which are forecast to rise from 14% to 30% between 2022 and 2026. The U.S. lithium market alone is anticipated to reach 321,000 tons of Lithium Carbonate Equivalent (LCE) by 2030.
3. Securing and Fulfilling Long-Term Off-Take Agreements: Establishing and executing long-term off-take agreements with major battery manufacturers is crucial for Stardust Power to ensure a consistent customer base and stable revenue streams once its refinery becomes operational. The company has already secured off-take agreements with GeoLithium and QX Resources for North American lithium supply.
4. Diversification of Lithium Feedstock Sources: Stardust Power's strategy to source lithium from multiple avenues, including lithium brine assets, produced water from oil and gas producers, and technical or crude grade lithium, aims to create a resilient and diversified supply chain. This approach can help mitigate supply risks and ensure a steady input for the refinery, thereby supporting continuous production and revenue generation.

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Share Issuance

• Stardust Power became a publicly listed company in July 2024 through a business combination with Global Partner Acquisition Corp II (GPAC II), with an implied pro forma enterprise value of $490 million.
• In January 2025, Stardust Power priced a public offering of up to 4.79 million shares and warrants, expecting gross proceeds of approximately $5.75 million.
• In June 2025, the company completed an underwritten public offering of 21.5 million shares at $0.20 per share, generating approximately $4.3 million in gross proceeds, which increased to approximately $4.52 million after the exercise of an over-allotment option.

Inbound Investments

• Stardust Power completed a business combination with Global Partner Acquisition Corp II (GPAC II) in July 2024, resulting in an implied pro forma enterprise value of $490 million for the combined entity.
• In January 2025, a public offering that raised $5.75 million included investment from a large institutional investor.
• In February 2026, the company secured an Equity Facility with B. Riley Principal Capital II, LLC, providing the ability to raise up to $10.0 million in common equity over 36 months.

Capital Expenditures

• Stardust Power's primary focus for capital expenditures is the development and construction of its lithium refinery in Muskogee, Oklahoma.
• The estimated capital expenditure for Phase 1 of the Muskogee refinery is approximately $500 million, which is about $200 million below a prior estimate, and is designed to produce 25,000 metric tons per annum of battery-grade lithium.
• In the last 12 months, capital expenditures totaled -$3.84 million.