Stardust Power Inc.

Good day and welcome to the Stardust Power Q1 2025 earnings call. At this time all participants are in a listen only mode. After the speaker presentation there will be a question and answer session. To ask a question during the session you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker Ms. Joanna Gonzalez, Director of Investor Relations and Communications. Please go ahead.

Thank you, operator. Good afternoon, everyone. Before management begins their formal remarks, we would like to remind everyone that some statements we're making today may be considered forward-looking statements under securities laws and involve a number of risks and uncertainties. As a result, we caution you that there are a number of factors, many of which are beyond our control. which could cause actual results and events to differ materially from those described in the forward-looking statements. For more detailed risks, uncertainties, and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and public filings made with the SEC. We disclaim any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. We refer you to our filings with the SEC, the detailed disclosures and descriptions of our business, as well as uncertainties and other variable circumstances, including but not limited to risks and uncertainties identified under the caption risk factors in our recent filings. You may get Stardust Power's SEC filings by visiting the SEC website at www.sec.gov. I would like to remind everyone today this call is being recorded and will be made available for replay via a link available in the Investor Relations section of Stardust Power's website. Now, I will turn the call over to Stardust Power's CEO, Roshan Kajari. Roshan?

Thank you, Joanna, and thank you all for joining us today. Welcome to the Stardust Power Q1 2025 earnings call. As referenced on our year-end earnings call in March, the macro outlook for lithium remains highly compelling and continues to strengthen, according to industry analysts. Global demand is set to more than double by 2030, fueled by structural growth across multiple verticals, such as electric vehicles, energy storage systems, AI, and broader electrification trends. This growing demand supply imbalance is creating significant pricing support and a long-term tailwind for lithium refiners with scalable, reliable production capacity, especially in geopolitically stable jurisdictions like the United States. We remain focused on the medium to long term, while as a company, we are moving forward in the short term. At Stardust Power, we view these market conditions as a generational opportunity. we are advancing one of the largest lithium refineries in America, strategically positioned to address the critical shortage of domestic refining capacity. Our project is designed to be both scalable and sustainable, aligned with federal priorities around clean energy and U.S. supply chain security and energy independence. We believe this position start us power not only as a key enabler of the energy transition, but also as a high-impact value creator in a market where refined lithium supply is becoming increasingly valuable. As we approach the construction stage, we are focused on delivering long-term returns for our shareholders. The evolving landscape of US trade market by recent tariffs and China's retaliatory export restrictions has introduced significant volatility into the market, touching all sectors. These developments have heightened concerns about supply chain disruptions and increased costs for downstream industries, potentially dampening enthusiasm for projects reliant on imported materials. However, this shifting environment also underscores the strategic advantage and need for domestic integrated operations. Stardust powers model, encompassing brines-based sourcing, refining, and distribution of battery-grade lithium carbonate positions the company to mitigate risk associated with international trade tensions. By aligning with national initiatives to bolster domestic critical mineral supply chain security, Stardust Power not only seeks to insulate itself from current market volatilities, but also appeals to investors seeking resilient and forward-looking opportunities in the energy sector. The world is paying attention to critical minerals, and stardust power is invaluable to building resilient American supply chains. The broader stock market has experienced notable volatility in recent months, driven by a mix of macroeconomic factors, trade policy, and geopolitical uncertainties. While market fluctuations can impact sentiment and cause short-term price swings, it's an opportunity for investors to focus on the fundamentals. Companies like ours with a clear path to production and integrated business model and strategic alignment with national initiatives for critical minerals are well positioned for long-term success. In times of market uncertainty, disciplined investors should consider focusing on sound business models and growth potential rather than letting short-term sentiment drive decisions. So far this year, a series of executive orders passed by the President have significantly advanced the U.S. strategy to strengthen domestic critical mineral production, potentially benefiting companies like Stardust Power. These measures include streamlining regulatory processes, prioritizing U.S.-based sourcing in federal contracts, and initiating investigations that could limit reliance on foreign processed minerals. For Stardust Power, who is developing an integrated lithium refinery in Oklahoma, these policies reduce barriers, increase potential for federal support, and reinforce the company's alignment with national security goals. As the U.S. sharpens its focus on energy independence and resilient supply chains, Stardust Power stands well positioned to contribute and to offer investors a compelling, future-ready opportunity in the critical mineral space. Stardust Power is committed to ongoing dialogue with policymakers to support the industry. This includes substantiating available programs under the Department of Energy, Department of Defense, and other federal entities aligned with domestic resource development. The company is also engaging with state-level authorities and public-private initiatives to maximize support for its refinery projects. These efforts are part of a broader strategy to align with national priorities and secure the backing needed to accelerate project timelines and reduce financial risks. Turning to sourcing, supply, or feedstock, we're seeing a ramp-up in lithium development across key resource basins, driven by accelerating market demand and strong federal backing through the Inflation Reduction Act and DOE initiatives. Projects in Canada and the Smackover region are poised to become globally significant lithium hubs. Successful unitization efforts in Arkansas mark a major legislative milestone for the region, clearing the way for more coordinated development. At the same time, DLE methods are gaining traction, particularly in oil and gas produced water projects, presenting new opportunities for offtake and strategic collaboration. Altogether, these developments signal a maturing U.S. lithium market, one in which Stardust Power is well positioned to play a central enabling role. Across the western U.S., many brine exploration efforts are underway, and an increasing number of oil and gas producers are piloting DLE technology to recover lithium from produced water streams. These innovations are accelerating the pace of upstream lithium development and broadening the pool of potential suppliers. In addition, Stardust Power's own controlled assets, 35,000 acres currently under exclusive option, present a promising medium-term supply opportunity we are actively evaluating. As a future U.S.-based manufacturer, we are proud to support this expanding ecosystem and play a role in building resilient domestic lithium supply chains aligned with national security and sustainability goals. In doing so, Stardust Power will also serve as a key aggregator of lithium supply, connecting upstream producers with downstream battery manufacturers to ensure a stable, efficient flow of domestically sourced lithium across the entire value chain. Turning to an update on project financing, The company continues to work with our lead advisor, MUFG, who has made substantive progress on the project financing front. The financing efforts will accelerate with the upcoming release of the definitive feasibility study to support the determination of the FID before year end. We have engaged a leading independent expert to validate our studies for the benefit of institutional investors. We are working with a best in class insurance advisor and risk management consultant to optimize our insurance strategy while minimizing both cost and risk for the Muskogee project specifically and for Stardust Power overall. Now for some operational updates regarding our permitting and project development progress. Our team has been hard at work on permitting and we continue to make steady progress on this front. To date, we have secured our general stormwater permit for construction activities. Once operational, the facility will be subject to stormwater discharge permitting. We anticipate stormwater permitting to be achieved through the use of Oklahoma's general permit. Our minor source air permit has been deemed administratively complete by the Oklahoma Department of Environmental Quality, and the agency has begun its technical review. Our team is actively engaged in responding to information requests as part of that process. On the wastewater permitting front, we had a productive meeting with ODEQ's industrial wastewater permitting leadership in March. Based on our planned operations, specifically the fact that we have a closed-loop system and will not be discharging wastewater to either a public treatment facility or to Oklahoma waterways, our team has confirmed that no industrial wastewater permit is required. This represents meaningful advantages to the execution of our business plan, including faster project timelines for new facilities or expansion, reduced regulatory monitoring and reporting resources and cost, and increased operational flexibility since modifications or variations in production processes or schedules won't require complex and expensive water permit modifications. In parallel, we have completed our Front End Loading 3, or FELL 3, engineering study. Primary USA is in the final review stages of the report, and once finalized, it will serve as a comprehensive technical foundation as we move into the next stage of project development. This is a key milestone that strengthens our position as we continue advancing toward final investment decisions. Recently, we executed a key service agreement with Oklahoma Gas and Electric to develop a dedicated electric substation at the site of our planned lithium refinery in Muskogee, signaling a critical operational step forward. This agreement underscores the strong partnership we're building with OG&E and ensures long-term scalable power up to 40 megawatts for our facility in future expansion. The collaboration aligns with our commitment to sustainability and domestic lithium production and supports the next phase of development as we move forward. Getting a head start on this work allows us to begin critical pre-construction activities for the electrical substation, ensuring it will be already well underway by the time full construction begins. This kind of proactive planning and execution by our team reflects thoughtful, strategic approach we are taking to streamline the build up and accelerate progress once a final investment decision is made. Onto some community focus updates and a recent new hire. Stardust Power is a proud, committed community partner. Over the past few months, we've continued to show up and support key events like the Oklahoma Business Roundtable, Muskogee Day at the Capitol, and the 101st Annual Chamber Banquet. We've also had the honor of engaging with local civic groups, including the Muskogee Exchange Club, Muskogee Patriots Club, and Leadership Muskogee Class 31, to deepen our ties and share our vision. Our leadership team recently met with members of Oklahoma's congressional delegation in Washington, D.C., to champion American mineral independence and discuss how our proposed lithium refinery can play a vital role in securing a U.S.-based lithium supply chain. As we continue to move forward with our project, our commitment to building strong partnerships and contributing to Muskogee's economic future remains at the heart of everything we do, including creating well-paying jobs for the state of Oklahoma. In April, we were proud to have served as the premier sponsor of the Northeast Oklahoma Regional Powerlifting Tournament in Muskogee, Oklahoma. This incredible event brought together 845 student athletes from 116 schools across Northeast Oklahoma, showcasing the spirit, strength, and determination of our region's youth. Supporting events like this is about more than visibility. It reflects our deep-rooted commitment to investing in our local communities and helping them thrive. We believe that doing good for the community isn't just good business, it's the right thing to do. By partnering with initiatives that bring people together and empower the next generation, we're proud to play a role in building a stronger, more connected Muskogee and Northeast Oklahoma. In April, We are pleased to announce the appointment of Carlos Urquella as Senior Advisor to Stardust Power. Carlos brings over three decades of experience in metals and mining finance, having led more than $40 billion in transactions during his tenure at leading institutions including BNP Paribas, Citi, and Appian Capital. He will be advising our project financing efforts for the Muskogee facility from both a debt and equity perspective and working with our lead financial advisor, MUFG. His deep expertise in structuring complex deals, particularly within the EV battery metal supply chain, will be instrumental as we pursue final investment decision and advance our growth plan. And with that, I now turn you to Uday Devaskar, our Chief Financial Officer, for his remarks on financials.