Stardust Power Inc. · NASDAQ:SDST
Stardust Power — Q3 2025 Earnings Presentation
31 slides from Stardust Power's earnings presentation, Nov 13, 2025
Slide 1: Leading the Charge on America's Energy Future: Manufacturing Battery-Grade Lithium
NASDAQ: SDST 3 Li 6.94 Leading the Charge on America’s Energy Future: Manufacturing Battery-Grade Lithium INVESTO R PRESENTATION Q4 2025
Slide 2: Forward-Looking Statements and Disclaimers
Forward-Looking Statements and Disclaimers The information included herein and in any oral statements made in connection herew ith include “forward- looking statements” within the meaning of Sec tion 21E of the Sec urities Exc hange Act of 1934, as amended (the “Exchange Act”). All statements, other
Slide 3: Stardust Power's Mission is to Secure U.S. Energy Leadership
Stardust Power’s Mission is to Secure U.S. Energy Leadership Through the Production of Battery-Grade Lithium Present at ion In ve st or 3 Li 6.94 2025 3
Slide 4: Stardust Power Inc. At a Glance
Stardust Power Inc. At a Glance • American manufacturer of battery-grade lithium products designed for advanced energy storage systems and other critical technologies • Designed to supply the electric vehicle (EV) and Present at ion ESS industries and bolster America’s energy leadership by building
Slide 5: Company Attributes
Company Attributes Significant Scale Centralized Logistics • Development of one of the largest lithium refineries in the US – 50,000 metric • Centrally located near multiple US battery manufacturers tons per annum of battery-grade lithium • Access to multiple U.S. and allied country brine resources
Slide 6: Key Investment Summary
Key Investment Summary Unprecedented Lithium Demand • Lithium demand driven by more than 20-fold increase from use in EVs essential to the global electrification transition1 Lack of Battery Grade Lithium Product Supply • While forecasted demand and supply indicates a balanced industry for the Presen
Slide 7: Board of Directors
BOARD OF DIRECTORS Roshan Pujari – Founder, CEO & Chairman of the Board Michael Earl (Mick) Cornett Sr. – Independent Director Roshan Pu jari f ou nded Stardust Power and h as served as CEO sinc e its Mic hael (Mick) Cornett, a distinguished Americ an pu blic servant and business inception . W ith o
Slide 8: Experienced Management Team
EXP ERIENCED M ANAGEM ENT TEAM Roshan Pujari – Founder, Chief Executive Officer Pablo Cortegoso – Co-Founder, Chief Technical Officer • CEO and Founder of Stardust Power. • Co-Founder and CTO of Stardust Power. • Over 20 years of experience in investments and transac tions and • Over 15 years of exp
Slide 9: Bridging the Gap is Critical
Bridging the Gap is Critical Refining capacity is the critical gap in the American supply chain 1. Upstream • Network of upstream partners • Offtake agreements under negotiation 2 . Raw Material Extraction • Brine assets are more environmentally friendly and cost efficient than open pit and large ev
Slide 10: Aggregating Resources to Secure U.S. Lithium Supply
Aggregating Resources to Secure U.S. Lithium Supply Raw Material Vertically Integrated Domestic Refining Capacity Supply Approach • Sourced from North American and • LOI-controlled assets provide potential • First large-scale lithium allied-country brine and other lithium- future feedstock for in-h
Slide 11: Lithium Refinery in Heartland of the United States
STARDU ST POW ER’ S SOLU TION Lithium Refinery in Heartland of the United States • Stardust Power owns approximately 66 acres at Southside Industrial Park in Muskogee, Oklahoma to build the plant. • The strategic location is advantageous from a supply and offtake perspective. • The site has access t
Slide 12: Pathway to Vertical Integration
P ATHWAY TO V ERTIC AL I NTEG RATI ON Phased Approach Phase 1 Phase 2 Maximum Total Annual Lithium Capacity (in metric tons)1 25,000 50,000 Resource Ownership Lithium Refining (Battery Grade) Present at ion Greenfield Exploration Strategic Partnerships In ve st or Vertical Integration1 2025 1. Phase
Slide 13: Up to $257 Million in State Incentives May Be Available
Up to $257 Million in State Incentives May Be Available Strong state support to strengthen Oklahoma’s industrial base. There are numerous incentives to take advantage of. Present at ion Cash Incentives The Oklahoma Department of Commerce provides a robust incentive package including 5% cash rebates
Slide 14: Outstanding Partnerships
OU TSTANDING P ARTNERSHIP S Best in Class, Established, Proven Technology Partners Site Due Diligence Partner Strategic Partners An industry leading minerals processing A leading global provider of services to the lithium brine industry Present at ion engineering group Engaged for assessment and fea
Slide 15: Anticipated Milestones & Upcoming Catalysts
Anticipated Milestones & Upcoming Catalysts End End Environmental Q4 Q4 KMX Tech Exclusive Jackpot Lake Assessment Report 2023 2024 Exclusive Option License Start Line 1 Issued Mar 15, 2024 Feb 10, 2025 Pre-commissioning Aug 9, 2023 Sumitomo Ohio University OK State FEL 1 IGX Exclusive Americas Corp
Slide 16: Trading Information and Capital Structure
Trading Information and Capital Structure Trading Information Share Capital Structure – November 6, 2025 Ticker NASDAQ: SDST Common shares outstanding: 9.82 million Recent close (November 5): $4.04 Warrants: 10.43 million Present at ion 52 week high/low: $79.70-$1.43 Insider ownership: 29.26% Market
Slide 17: Lithium Market Overview
3 Li 6.94 Lithium Market Overview
Slide 18: Macro Backdrop
Macro Backdrop Generational Shift1 • Consumer demand and policy initiatives are transforming energy and transportation 321k Size of the U.S. lithium • Lithium is expected to play a large role in these multi-decade electrification trends market in tons LCE by 20302 • The United States lithium supply
Slide 19: Unprecedented Projected Lithium Demand
U NP RECEDENTED P ROJEC TED LITHIU M DEM AND EV Leading the Charge for Lithium Demand Electric Vehicle Sales1 Lithium demand driven by more than 20-fold increase from use in EVs essential to the global electrification transition2 The global fleet of passenger electric vehicles is expected Present at
Slide 20: Significant Supply Deficit Expected
SI GNIF ICANT S UPPLY DEFI CI T EX PECTED Battery Grade Supply and Demand Forecast (KT LCE) "Investment has to continue, otherwise there will be more delays to (lithium) timelines that are already Demand Supply massively long" - Tara Berrie of EV maker Rivian 620 624 629 615 599 583 559 563 567 “Som
Slide 21: U.S. Lithium Independence Is a Priority
U .S. LI THI UM INDEPENDENC E I S A P RIORITY Defense Production Act $500 Billion $3 Billion Lithium is a National Security Priority Of Federal Grants Estimated total spending and tax incentives In 2022 President B iden ordered the Department of Defense to The D epart men t of E n ergy (“DOE ”) f u
Slide 22: Contact Information
NASDAQ: SDST Present at ion CONTACT INF ORMATI ON i nvestor . rel atio ns@sta r dust -po wer. com + 1 800 742 3095 In ve st or M ai li ng Ad dress St ar dust Po wer, Inc . 6608 N Wester n A ve, 466 Okl a homa Ci ty, OK 7 3116 Uni ted States 2025
Slide 23: Appendix
~ STARDUST POWER ~~ Appendix
Slide 24: Public Comparable Benchmarking
P UBLI C C OM PARABLE BENCHM ARKI NG EV / Total Stated Capacity (ktpa LCE) US Listed Public Comps International Public Comps Mean: 13.5x Mean: 9.2x Median: 4.4x Median: 10.0x 34.9x Present at ion 2 14.3x 10.0x 8.9x 4.4x 3 In ve st or 3.4x 1 1.4x 2025 Source: FactSet as of 4/8/2024, public filings 1.
Slide 25: Lithium Market | U.S. Demand
LITHI UM M ARKET | U. S. DEM AND Significant Battery Manufacturing Capacity (Gigafactories) Coming1 ~1.2M Electric Vehicles Supplied by Stardust Power* Up to 50,000 tpa of BGLC can supply approximately 10%-11% of the U.S. EV market by 20352 ~321k Present at ion Tons LCE Estimated U.S. Lithium market
Slide 26: Support for Lithium Mining From Government and Industry
SU P PORT FOR LITHIU M M INING F ROM GOV ERNM ENT AND INDU STRY "First of all, batteries are the constraint here," Ford CEO Jim Farley told Yahoo Finance Live (video “By 2030, the United States and its partners will establish a secure battery materials and above). "Both lithium and nickel are really
Slide 27: Success Through People, Partnerships and Process
SU C CES S THROU GH PEOP LE, P ARTNERSHIP S AND PROC ESS Local Workforce Development Quality Jobs Program1 Workforce Training & Job Placement Services2 • 5% of quarterly payroll reimbursed as cash incentive • Customized labor market analysis • 10+ new jobs in first three years • Talent Acquisition S
Slide 28: Central Refinery Supply Model
C ENTRAL REFINERY S UP P LY M ODEL A Central Refinery Has the Ability to Accept Multiple Inputs Multiple sources of supply provides diversification of Stardust’s supply chain Central Refinery Lithium DLE Resources Processing or Assets Present at ion Lithium Chloride Ship by Battery-Grade In ve st or
Slide 29: Standard Process Flowsheet
STANDARD PROCESS F LOWSHEET Flowsheet and Engineering in Phases is Based on Proven Technology Present at ion In ve st or 2025 29
Slide 30: Certain Risk Factors (1/2)
Certain Risk Factors (1/2) Risks Related to Stardust Power’s Business, Industry and Economic Condition incentives may not be released to us as qu ic kly or efficiently as we antic ipate or at all. • Our fu tu re performance is difficult to evaluate because we have a limited operating history in the
Slide 31: Certain Risk Factors (2/2)
Certain Risk Factors (2/2) • If we are unable to protec t the confidentiality of our proprietary information or trade sec rets, our bu siness provision s, that limit the ability of stoc kholders to take certain actions and cou ld delay or disc ourage and competitive position may be harmed. takeover