Standard Lithium Reports Fiscal Third Quarter 2024 Results, Schedules Investor Update Call STRATEGIC EXECUTION SECURES LEADING GLOBAL ENERGY PARTNER, EQUINOR. INJECTS IMMEDIATE LIQUIDITY THROUGH DIRECT INVESTMENTS IN SOUTH WEST ARKANSAS AND EAST TEXAS PROJECTS
Standard Lithium Reports Fiscal Third Quarter 2024 Results, Schedules
Investor Update Call
STRATEGIC EXECUTION SECURES LEADING GLOBAL ENERGY PARTNER, EQUINOR. INJECTS IMMEDIATE
LIQUIDITY THROUGH DIRECT INVESTMENTS IN SOUTH WEST ARKANSAS AND EAST TEXAS PROJECTS
PARTNERSHIP BRINGS WORLD-CLASS PROJECT DEVELOPMENT CAPABILITIES, ACCELERATING SMACKOVER
DEVELOPMENT PATH
VANCOUVER, British Columbia, May 09, 2024 -- Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLI)
(NYSE American:SLI) (FRA:S5L), a leading near-commercial lithium development company, today reported its financial and
operating results for the fiscal third quarter ended March 31, 2024.
"In Q3, Standard Lithium continued to execute on our strategic plan, responsibly and efficiently advancing our projects,” stated
Standard Lithium CEO Robert Mintak. “While the lithium sector has experienced challenges over the past year, we see
positive indicators pointing toward stability, and the fundamentals of the lithium market remain strong. This presents a timely
moment to showcase our strengths: a strong asset base, favorable jurisdictions, and an industry-leading Direct Lithium
Extraction platform. This transformative partnership with Equinor, a global energy company and recognized leader in
renewables and low carbon solutions, validates our strategic path to leverage our Smackover resources and become a
globally significant contributor within the lithium market. It strengthens our finances, provides essential expertise, manages
risk, and accelerates our progress towards this goal, unlocking long-term value for our shareholders."
Salah Gamoudi, CFO of Standard Lithium stated: “Since joining the Company, we’ve prioritized financial efficiency, by
securing capital that was minimally dilutive to our shareholders, but allowed us to ensure project continuity throughout our
pursuit of securing a strategic partnership. This approach perfectly aligns with the transformative partnership we’ve secured
with Equinor. It enables us to advance our projects in the most value-accretive way for our shareholders while minimizing
dilution, cost of capital, and meaningfully lowers future capital requirements. To further take advantage of this momentum, we
recently established an office in Austin, Texas. This move enables us to attract top energy sector talent, and allows us to
best serve our field and plant employees and communities. Building on our existing strong team with this expertise will
empower us to accelerate our execution and advance our projects toward Final Investment Decisions all while collaborating
with stakeholders to establish a global model for sustainable development in this uniquely suited region.”
Highlights of the Third Fiscal Quarter Ended March 31, 2024
• Installed the first commercial-scale direct lithium extraction (“DLE”) column in partnership with Koch
Technology Solutions (“KTS”) . The Company installed a commercial-scale DLE column at its Demonstration Plant
near El Dorado, Arkansas. The column is a Li-Pro™ Lithium Selective Sorption (“LSS”) unit supplied by KTS. The
Company intends to test and derisk the LSS unit for commercial use at its Smackover projects.
• Advanced the South West Arkansas Project (“SWA”) with engineering firm selection. The Company selected
Ausenco Engineering Canada ULC to lead the front-end engineering design (“FEED”) and the Definitive Feasibility Study
(“DFS”). The Company is now progressing SWA through FEED and DFS.
The Company continued an at-the-market offering program during the fiscal third quarter, issuing a total of 1,284,300 common
shares on the TSX Venture Exchange and 6,609,000 common shares on the NYSE American LLC, providing gross proceeds
of Ca$2.4 million and US$9.5 million, respectively. For the nine months ended March 31, 2024, the Company issued
1,384,400 common shares on the TSX Venture Exchange and 7,936,159 common shares on the NYSE American LLC,
providing gross proceeds of Ca$2.7 million and US$12.3 million, respectively.
• Cash and cash equivalents and working capital of Ca$15.7 million and Ca$7.7 million, respectively, as of March 31,
2024.
• The Company has no term or revolving debt obligations as of March 31, 2024.
Highlights Subsequent to the Third Fiscal Quarter Ended March 31, 2024
• Company announced outstanding results from successful commissioning of first commercial-scale DLE
column at Demonstration Plant near El Dorado, Arkansas. The Company reported that during a representative
period of continuous operation, the commercial-scale column exceeded design parameters, achieving an average
lithium recovery of 97.3% and rejecting, on average, over 99% of key contaminants. To the best of the Company’s
knowledge, the Li-ProTM LSS unit is the only commercial-scale DLE unit operating in North America.
• Equinor acquired interest in South West Arkansas and East Texas projects for total project-level investment
of $160 million. On May 7, 2024, Equinor ASA, an arms-length party, acquired an interest in two Standard Lithium
subsidiaries, one of which holds Standard Lithium’s South West Arkansas Project and the other the East Texas
properties. Pursuant to the terms of the transaction, Equinor acquired a 45% interest in each of the subsidiaries for an
initial cash payment of US$30 million to Standard Lithium and the commitment to invest up to an additional US$130
million as follows:
• Equinor to solely fund the first US$40 million of development costs at the South West Arkansas Project, after
which all additional capital expenditures will be funded on a pro-rata basis;
• Equinor to solely fund the first US$20 million in exploration and development costs at the East Texas properties,
after which all additional capital expenditures will be funded on a pro-rata basis; and
• Standard Lithium will receive up to US$70 million in milestone payments associated with the South West
Arkansas Project and East Texas subject to final investment decisions being made by certain dates.
Consolidated Financial Statements
The Company’s interim financial statements and management's discussion and analysis for the third quarter 2024 ended
March 31, 2024, are available on the Company's website at https://www.standardlithium.com/ and under the Company’s
profiles on SEDAR+ at www.sedarplus.com and EDGAR at www.sec.gov.
Updated Company Presentation
Investors and interested parties can find an updated Company presentation as of May 2024 at
https://www.standardlithium.com/investors under “Company Presentation.”
Q3 FISCAL RESULTS CONFERENCE CALL AND WEBCAST
The Company will hold a conference call and webcast to discuss its third quarter fiscal results and the Equinor transaction on
Monday, May 13 at 11:00 a.m. EST. Access to the call is available via webcast or direct dial. A link to the webcast and direct
dial numbers are provided below:
Conference Call and Webcast Details:
Standard Lithium Fiscal Q3 Earnings Call and Webcast
May 13, 2024 11:00 AM (GMT-05:00) Eastern Time (US and Canada)
Participant Information:
USA / International Toll +1 (646) 307-1963
USA - Toll-Free (800) 715-9871
Canada - Toronto (647) 932-3411
Canada - Toll-Free (800) 715-9871
Attendee Webcast Link:
https://events.q4inc.com/attendee/978551149
Qualified Person
Steve Ross, P.Geol., a qualified person as defined by National Instrument 43-101, and Vice President Resource Development
for the Company, has reviewed and approved the relevant scientific and technical information in this news release.
About Standard Lithium Ltd.
Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a
portfolio of lithium-brine bearing properties in the United States. The Company prioritizes brine projects characterized by high-
grade resources, robust infrastructure, skilled labor, and streamlined permitting. The Company aims to achieve sustainable,
commercial-scale lithium production via the application of a scalable and fully-integrated Direct Lithium Extraction (“DLE”) and
purification process. The Company’s signature projects, the Phase 1A Project and the South West Arkansas Project, are
located on the Smackover Formation in southern Arkansas, a region with a longstanding and established brine processing
industry. The Company has also identified a number of highly prospective lithium brine project areas in the Smackover
Formation in East Texas and began an extensive brine leasing program in the key project areas. In addition, the Company has
an interest in certain mineral leases located in the Mojave Desert in San Bernardino County, California.
Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol “SLI”; and on the
Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at www.standardlithium.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain
“Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”,
“target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or
information. These forward-looking statements or information may relate to intended development timelines, future prices of
commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government
requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure,
fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada
and the United States, and other factors or information. Such statements represent the Company’s current views with respect
to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable
by the Company, are inherently subject to significant business, economic, competitive, political and social risks,
contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements
to be materially different from the results, performance or achievements that are or may be expressed or implied by such
forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-
looking statements or information to reflect changes in assumptions or changes in circumstances or any other events
affecting such statements and information other than as required by applicable laws, rules and regulations.
Investor and Media Inquiries
Allysa Howell
Vice President, Corporate Communications
+1 720 484 1147
Twitter: @standardlithium
LinkedIn: https://www.linkedin.com/company/standard-lithium/