re: Diving deeper on Standard Lithium?

I listened to the earnings call. All good news, but still no clarity on what’s going on with the AOGC setting the royalty rate. The CFO mentioned the royalty rate, but made it sound like the ball was in the AOGC’s court.

Other items of note were the following:

- Equinor has already paid the $30M to Standard Lithium

- The value of Standard Lithium implied by the Equinor deal is significantly higher than SLI’s current market cap.

- SLI is fully funded for expansion of leasing in East Texas and fully funded through completion of the DFS and FEED for SWA.

-FID for Lanxess project is pending final agreement with Lanxess regarding the brine feed and royalty determination by the AOGC.

-SLI still has no debt.

- SWA FID will be sometime in 2025, would not say 1H or 2H.

- Lithium brine grade is the single biggest lever to reduce operation cost, making East Texas and SWA significantly cheaper to operate than the Lanxess project.

-Commercial column in place at the pilot plant is the exact same as what will be used in the commercial plants. SLI has processed 17M gallons of brine through 8,500 cycles. SLI has the most robust understanding of DLE of any company in the space.

- Equinor has several years of experience in the DLE space, has an investment in another DLE project in France, and Equinor had been in communication with SLI since 2018. Equinor vetted the tech used by SLI and was happy with it.

- SLI has been receiving significant interest in offtake agreements domestically and internationally from Europe, Japan, and Korea. SLI expects the Equinor partnership to open additional doors related to offtake agreements.