Stardust Power Inc.

Good afternoon, and welcome to Stardust Power, Inc.' 's third quarter 2025 earnings call. My name is Tawanda, and I'll be your operator today. Before this call, Stardust Power issued its financial results for the third quarter ended 2025 in a press release. Joining us on today's call are Stardust Power's founder and CEO, Roshan Prajari, and CFO, Uday Devaspur. Following their remarks, we will open the call for questions. Before we begin, Joanna Gonzalez, Startus Powers Director of Investor Relations and Communications, will make a brief introductory statement. Ms.

Gonzalez, please proceed. Thank you, Operator, and good afternoon, everyone. Before management begins their formal remarks today, 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 for 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 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 Pajari.

Thank you, Joanna, and thank you all for joining us today. Welcome to the Stardust Power Q3 2025 earnings call. It's been an active quarter all around, markets are aligning, policy momentum is thriving, and government engagement in lithium and across the critical mineral sector is reaching new levels. All of this underscores the important role Stardust Power plays in securing America's energy future. It's also been an exceptionally busy time for our team as we continue advancing on all fronts of the business. At the core, Stardust Power's business model is fully aligned with U.S. policy objectives. We aggregate and unlock the lithium supply that might not otherwise reach the market. We will refine it here in the heartland of America. Our goal is to build a secure American domestic supply chain for battery-grade lithium. We continue to be strategically aligned with national energy priorities focused on onshoring critical minerals and reducing reliance on foreign supply. As federal and state incentives accelerate investment in domestic midstream and upstream processing, we believe our speed to market and disciplined approach provide a meaningful competitive advantage. Stepping back, let's look at what's happening in the lithium market overall. The global lithium market is fundamentally strong. Demand continues to grow, driven by EVs, energy storage, handheld electronics, and other critical technologies. Globally, some regions are catching up, but in the U.S., the bottleneck isn't lithium or raw materials. It's processing capacity. That's the choke point in the supply chain, and building it domestically is non-negotiable if we want to secure our futures. Over the upcoming years, new North American production will deliver meaningful supply, strengthening U.S. availability, and advancing a secure homegrown lithium supply chain. Stardust power is critical to our energy security. The geopolitical landscape further supports our strategy. Recent U.S. policy actions from executive orders to expanded federal and state incentives reinforce the need for a secure domestic critical mineral supply chain. At the same time, ongoing trade tensions and export restrictions from China are underscoring the strategic importance of on-shoring refining. In this environment, Stardust Power stands out as one of a handful of companies positioned to deliver battery-grade lithium carbonate refined in America for America, advancing both energy independence and industrial resilience in the near term. Global lithium demand remains strong. Other key materials such as copper, nickel, rare earths, and other critical minerals are following similar trends, supporting steady investment and underscoring the strategic value of domestic production. For Stardust Power, this reinforces our focus on moving quickly to market and capturing value in a growing supply-constrained landscape. Momentum is also building on the policy front. The US government approach to critical minerals is evolving to strengthen domestic supply chains through strategic partnerships and equity participation. Notably, the DOE renegotiated its existing loan to Lithium Americas, securing a 5% equity stake in the company and a further 5% economic interest in its Thacker Pass project in Nevada. Similarly, The U.S. government has arranged to take a roughly 10% stake in Trilogy Metals, advancing the Ambler Metals Project in Alaska, and reinforcing national security objectives. Meanwhile, the rare earth sector has attracted increased government participation and support, all of which create a stronger, more stable investment environment for the broader domestic critical minerals industry. While these policy and regulatory tailwinds benefit the sector and support companies directly, it is important to note that our business model is fully self-sustaining. We are not reliant on government funding to advance our project or achieve profitability. Our planned refinery, disciplined timing, and low-risk technology platform position us to capitalize on favorable market and policy conditions while delivering battery-grade lithium independently and profitably. While any outside funding from the government or other state sources would be welcomed, it is additive to our project. Our business model still works if such funds are not received. The lithium market has begun to stabilize following the correction earlier this year, with prices improving modestly as inventories normalize and near-term oversupply concerns ease. While global production continues to expand, New capacity in South America and China has faced commissioning delays in grade variability, keeping the market tighter than expected. Demand fundamentals remain strong, supported by sustained growth in electric vehicles and stationary storage, both of which continue to exceed long-term forecasts. We are also seeing the early formation of a North American lithium pricing environment that is beginning to separate from the traditional China-Japan-Korea benchmark. Regional demand from battery and cathode producers seeking low-carbon domestically sourced material is growing rapidly, and this localized demand is helping establish a market premium for North American lithium. This decoupling represents an important structural shift, one that reinforces the strategic value of domestic refining capacities. Looking ahead, the supply-demand balance is expected to tighten again toward the latter half of the decade as slower project development and higher financing costs constrain new supply. Against this backdrop, the outlook for lithium remains strong, with steady pricing recovery anticipated through 2026. These dynamics favor U.S. refineries like Stardust Power, which can convert regional lithium chloride feedstock into high-purity battery-grade carbonate. for the domestic market, capturing value from both the policy tailwinds and evolving regional price differentials. Turning to upstream sourcing and supply updates and how we're securing feedstock for our refinery. The upstream lithium market is evolving towards lithium chloride production. Lithium fluoride production offers several advantages over lithium carbonate for upstream producers, including lower capital intensity, faster time to market, and insulation from changes in battery chemistries. These factors allow producers to operate more efficiently and respond quickly to market demand. Stardust Power is uniquely positioned to capitalize on this evolution. Our Muskogee refinery is designed to aggregate supply from multiple sources and scale the production of battery-grade lithium carbonate efficiently. Critically, we are building one of the only independent lithium refineries outside of China, giving us a strategic advantage in serving North American and global battery markets. Against this backdrop of strong policy support, we are translating opportunity into supply agreements that secure a reliable, quality feedstock pipeline to support our refinery and long-term growth. Many of these agreements start out as letters of intent, but we can then work with our project finance partners on the execution of definitive documents. We make commercial decisions with financing in mind to construct an efficient capital stack. During the quarter, we announced a letter of intent with Prairie Lithium to supply 6,000 metric tons per year of lithium carbonate equivalent in the form of lithium chloride. This feedstock will come from Prairie's project in Saskatchewan, Canada, and be processed at our Muskogee refinery. Its location and scale directly support our centralized refining model, aggregating regional lithium chloride sources and refining into battery-grade lithium carbonate. Prairie is developing three pad sites for production, which can provide the feedstock. Currently, Prairie is building what they refer to as the largest commercial DLE project in North America. Partnering with Prairie strengthens our commercial position, de-risk phase one, and demonstrates tangible traction behind our strategy to anchor a North American lithium supply chain in the heartland of America. Building on that momentum, We also signed a letter of intent with Mandrake Resources to secure 7,500 metric tons per year of lithium carbonate equivalent in the form of lithium chloride from their Utah lithium project. This high-quality U.S. brine asset, located in Paradox Basin within the Colorado Plateau, benefits from strong infrastructure, a stable regulatory environment, and proximity to our Muskogee refinery, reducing transport costs and providing reliable domestic feedstock source. These agreements reflect our broader strategy as an aggregator of North American lithium supply, consolidating feedstock, strengthening the midstream, and efficiently delivering battery-grade lithium to the market. By prioritizing midstream conversion and aggregating supply, we de-risk supply and build a resilient US anchored supply chain. Our approach of aggregating sourcing of lithium chloride for conversion to carbonate is an innovative model in the industry, providing tangible benefits to both producers and the broader supply chain. This innovation continues to attract upstream partners, validating the model and reinforcing Stardust Power's leadership in creating a reliable domestic lithium ecosystem turning to engineering and operations during the quarter we completed our fell three study for the muskogee refinery a major milestone that brings stardust power within reach of a final investment decision the fell three is a comprehensive front-end loaded engineering study of the refinery's design cost, and execution plan led by Primera USA, a globally recognized EPC firm specializing in mining and lithium processing. The study confirms phase one capacity of 25,000 metric tons per year of battery grade lithium carbonate, expandable to 50,000 tons in phase two, making it one of the largest planned refineries in the US. Phase 1 capital expenditures are estimated at approximately $500 million, nearly $200 million below prior estimates, with a 90% probability factor inclusive of owner's cost, contingency, and escalation. Construction is expected to take roughly 24 months to reach mechanical completion. The study incorporates 3D modeling and AACE Class III refined cost estimate, providing a clear technical definition, budgetary analysis, and reduced project risk. Our air permit is administratively complete, following an internal review by ODEQ, and we are awaiting approval once a technical review is complete. Meanwhile, our engineering team is coordinating with OG&E on site infrastructure under the updated Will Serve Agreement for Power. As previously communicated, a third-party independent engineering firm is finalizing the validation of the Felth report findings, with completion expected in the coming weeks. We look forward to sharing the final results with investors as soon as the review is complete. Turning from our operations and engineering to our commercial update. Sardis Power continues to explore further sales agreements from our future lithium production. As previously disclosed in our form 8K filing, the company signed a letter of intent with a major global trading house to supply up to 20,000 metric tons per year of battery-grade lithium carbonate to their U.S. customers, with an option to increase volumes to 25,000 metric tons per year over an 18-year term. This represents approximately 80% of Phase I capacity and 40% of total refinery output once fully operational. with the possibility to extend to 25,000 metric tons per year, which is 100% of phase one capacity and 50% of total phase one and phase two capacity. Discussions remain active, and once feedstock testing is complete, we can move toward a definitive offtake agreement. In parallel, the company is engaged in commercial discussions with additional potential buyers, including global OEMs, automakers, and battery manufacturers. While pricing remains preliminary, we anticipate a balanced structure combining fixed price offtake and spot market exposure to manage both revenue stability and upside potential. The recently announced pricing structure proposed by the Department of War for MP materials deal provides a good platform to consider other such critical commodities like lithium. Market dynamics continue to evolve in our favor, with early signs of decoupling between North American and Asian lithium pricing. This emerging North American premium for battery-grade lithium underscores the strategic value of domestic supply and positions Stardust Power to benefit as regional demand accelerates. Beyond our commercial progress, Stardust Pirate remains committed to engaging with our local communities and shaping state and federal energy conversations. We continue to take an active role in the communities where we operate and in Oklahoma's broader energy dialogue. We're not just building a refinery. We're building relationships that matter, partnering with civic, business, and policy leaders to strengthen the state's clean energy and industrial base. This quarter, we proudly sponsored and participated in the Tulsa Renewable Business Alliance's Electric Connections Summit, where our team joined more than 150 energy professionals to discuss Oklahoma's renewable future, grid modernization, and workforce readiness. We also sponsored the 34th Annual Environmental Federation of Oklahoma meeting and trade show, supporting dialogue among regulators, industry, and tribal leaders, including the Oklahoma Department of Environmental Quality, EPA Region 6, and the Cherokee Nation, as they prepare for evolving environmental frameworks from Washington, D.C. Beyond sponsorships, our team engaged directly with regional and federal stakeholders. We participated in the Tulsa Regional Chamber's Congressional Forum and TRBA Partner Showcase connecting with Oklahoma's energy and business leaders to share how lithium refining can strengthen domestic supply chains and attract new investment into the state. We also contributed to the Tulsa Regional Chamber's One Voice Task Force on Energy, Economic Development, and Transportation, helping shape state and federal legislative priorities ahead of the One Voice Policy Summit in November. In addition, We took part in the Oklahoma State Chamber Fall Policy Committee, focused on the state's 2026 legislative agenda. At the community level, our participation in Leadership Muscogee Class 32, a nine-month leadership program uniting business and civic leaders, reflects our commitment to listening and learning and contributing directly to Muscogee's growth as our project advances. On the federal front, we contributed to the U.S. Department of Energy's 2026 Critical Materials Assessment Update and joined the Domestic Critical Minerals and Materials Supply Workshop, where the administration reaffirmed domestic mineral independence as a national security priority. We intend to remain an active voice in that national discussion. These efforts demonstrate Stardust Power's commitment to responsible growth grounded in partnership, participation, and a clear understanding of where our work aligns with the needs of our communities, state, and country. Turning to personnel and organizational updates, we're pleased to welcome Mr. Kenneth Pitts as Director of Construction and Subcontracts as we advance our refinery and project developments. Ken brings expertise in large-scale project execution, having successfully done multiple chemical and mining projects from feasibility through production. He will report to Randy Harris, project director. His addition further strengthens our leadership team, accelerates operational readiness, and ensures we have the experience in place to execute our production and growth objectives. Earlier this quarter, we completed a one for 10 reverse stock split, a necessary step to maintain our NASDAQ listing and strengthen our position in the public markets. As of October 27th, we are fully compliant with the NASDAQ and trading on the NASDAQ capital market, well positioned to move forward with confidence. This move was not about our fundamentals, but about ensuring continued access to capital and aligning our share structure with the long-term growth of the company. We have moved through key milestones, including completing engineering and advancing permitting. Turning now to project finance, significant progress has been made. The independent engineer's third-party validation of the FFEL III is nearing completion, marking a key milestone to support due diligence from investors and lenders. Financial modeling is completed, and we have engaged key advisors across the market in insurance and legal work streams. The prerequisite activities to reach final investment decisions are well advanced following several key catalysts with ongoing completion of pre-detailed design and testing work, supply strategy execution, and securing full permitting ahead of debt and equity funding to support our phase one construction. Before I hand it over to our CFO, Uday Devaspur, I would like to close with a clear message. We're moving fast and we're moving with purpose. Everything we've done this quarter, advancing commercial discussions, de-risking engineering, securing feedstock, and maintaining capital discipline is aimed squarely at one thing, reaching final investment decision and commissioning phase one of our Muskogee project. Speed to market is imperative. Companies that can execute early with qualified product and substantive partnerships will define the U.S. lithium landscape, and Stardust Power intends to be one of them. We're building the right foundation, long-term supply optionality, strategic offtake, and growing alignment with federal and state partners who see the importance of domestic refining. We're focused on value creation. And every action we take is designed to deliver returns to our shareholder as the market evolves. With that, I'll turn it over to Uday to review our financial performance for the quarter.