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PS here are some highlight quotes from CEO David Park at the Citi conference for anyone who hasn't gotten to listen to it. It I'm pumped for this month and Q1.
On permitting / NEPA timeline
“We are under a federal review but we expect that to run its course, successfully, by year end.”
“And then our finalization of the NEPA process by the end of the year.”
On U.S. government action vs China
“Commerce just finished a Section 232 investigation into China’s manipulating the [lithium] markets. We're told that report is on the president's desk.”
“Someone at Commerce said that they have 15 different tools to deal with [Chinese market manipulation]. I don't know what all 15 are, but I can tell you they're talking about price supports, they're talking about investments, tariffs…”
On Exxon, Chevron, Oxy in the Smackover
“Our neighbors in southern Arkansas and in east Texas, adjacent lands, Exxon, Chevron, Oxy, they're all there. They're all advancing. Exxon came in about 2 years ago — we've been there 7 or so. They all have very strong balance sheets. They all have very good engineers. They all have very smart people, they will figure it out. But they haven't selected their technology, they haven't demonstrated technology. They're still building out their land bases. They have aggressive plans. I think they'll be successful eventually.
But right now I think they're watching in this period. And positioning themselves to be fast followers, or potentially acquirers down the road.”
On offtake + financing progress
“Looking forward from the SWA Arkansas project, we’ve been working for the last 9 months or so with an advisor helping us put in place our offtake agreements and our debt project financing.
We are in very short order going to be able to announce our letters of intent for our debt financing package.
So that looks very good. I was hoping to be able to say something today. I can't, but we're close (chuckles).”
“Those [financing] agreements will need to be supported with long-term take-or-pay agreements from offtakers. We've been involved in dialogue with a large group of offtakers over the last year.
We believe we're going to be in position to make some positive announcements on that side in the coming weeks as well.”
On the development timeline
“And so those are upcoming milestones getting us to construction in 2026 and production in 2028.”
On East Texas
“We believe our best projects that get built will be our portfolio projects in East Texas.”
“The way we're looking at it now from a development timeline is we see ourselves having 22,500 tons of production from Southern Arkansas in 2028 and then we start layering on in every 2 or 3 years additional projects from there.”
“In East Texas, we believe there's three or four large projects there so our plan by 2035 would be to try to build out about 150,000 tons of lithium production there, with each project successfully having better economics.”
On the recent offering
“We were able to do a financing — let's say an opportunistic financing — on the heels of a roadshow based off the interest we had about a month ago.”
On technical validation
“I think the fact that we were able to survive diligence from Koch Industries, from Equinor, from the Department of Energy, has helped.”
“And then with export credit agencies, we have now gone through the lender technical advisor diligence process and got out the back end of that successfully as well.”
“Is there some novelty or newness with what we're doing? Absolutely. But we’ve de-risked it as much as we possibly can, and it's time to build it.”
On customer offtaker conversations
“We are in active dialogue with a number of players looking to procure lithium in the 2028 and beyond timeframe.”
On offtake price structure
Questioner asked about prepays and fixed-price structures.
Park replied:
“For a resource developer, it's an interesting balance where we want to support the debt but we don't want to kill the equity story. And so there's a willingness to enter into floor pricing discussions, but the art is setting the floors at a level that doesn't cause a ceiling to be put in place at a level that kills your upside.”
“So there's price discovery underway… we're first quartile cost structure — we're under $6,000 a ton with sustaining capital and royalties and everything thrown in there.
We're a long-life asset, 20-plus-year reserve life. We can survive and prosper in volatile markets.
We just need to get it built.”
On permitting / NEPA timeline
“We are under a federal review but we expect that to run its course, successfully, by year end.”
“And then our finalization of the NEPA process by the end of the year.”
On U.S. government action vs China
“Commerce just finished a Section 232 investigation into China’s manipulating the [lithium] markets. We're told that report is on the president's desk.”
“Someone at Commerce said that they have 15 different tools to deal with [Chinese market manipulation]. I don't know what all 15 are, but I can tell you they're talking about price supports, they're talking about investments, tariffs…”
On Exxon, Chevron, Oxy in the Smackover
“Our neighbors in southern Arkansas and in east Texas, adjacent lands, Exxon, Chevron, Oxy, they're all there. They're all advancing. Exxon came in about 2 years ago — we've been there 7 or so. They all have very strong balance sheets. They all have very good engineers. They all have very smart people, they will figure it out. But they haven't selected their technology, they haven't demonstrated technology. They're still building out their land bases. They have aggressive plans. I think they'll be successful eventually.
But right now I think they're watching in this period. And positioning themselves to be fast followers, or potentially acquirers down the road.”
On offtake + financing progress
“Looking forward from the SWA Arkansas project, we’ve been working for the last 9 months or so with an advisor helping us put in place our offtake agreements and our debt project financing.
We are in very short order going to be able to announce our letters of intent for our debt financing package.
So that looks very good. I was hoping to be able to say something today. I can't, but we're close (chuckles).”
“Those [financing] agreements will need to be supported with long-term take-or-pay agreements from offtakers. We've been involved in dialogue with a large group of offtakers over the last year.
We believe we're going to be in position to make some positive announcements on that side in the coming weeks as well.”
On the development timeline
“And so those are upcoming milestones getting us to construction in 2026 and production in 2028.”
On East Texas
“We believe our best projects that get built will be our portfolio projects in East Texas.”
“The way we're looking at it now from a development timeline is we see ourselves having 22,500 tons of production from Southern Arkansas in 2028 and then we start layering on in every 2 or 3 years additional projects from there.”
“In East Texas, we believe there's three or four large projects there so our plan by 2035 would be to try to build out about 150,000 tons of lithium production there, with each project successfully having better economics.”
On the recent offering
“We were able to do a financing — let's say an opportunistic financing — on the heels of a roadshow based off the interest we had about a month ago.”
On technical validation
“I think the fact that we were able to survive diligence from Koch Industries, from Equinor, from the Department of Energy, has helped.”
“And then with export credit agencies, we have now gone through the lender technical advisor diligence process and got out the back end of that successfully as well.”
“Is there some novelty or newness with what we're doing? Absolutely. But we’ve de-risked it as much as we possibly can, and it's time to build it.”
On customer offtaker conversations
“We are in active dialogue with a number of players looking to procure lithium in the 2028 and beyond timeframe.”
On offtake price structure
Questioner asked about prepays and fixed-price structures.
Park replied:
“For a resource developer, it's an interesting balance where we want to support the debt but we don't want to kill the equity story. And so there's a willingness to enter into floor pricing discussions, but the art is setting the floors at a level that doesn't cause a ceiling to be put in place at a level that kills your upside.”
“So there's price discovery underway… we're first quartile cost structure — we're under $6,000 a ton with sustaining capital and royalties and everything thrown in there.
We're a long-life asset, 20-plus-year reserve life. We can survive and prosper in volatile markets.
We just need to get it built.”
1
re: Diving deeper on Standard Lithium?
Posted by ev247 on 12/5/25 at 1:02 pm to SmackoverHawg
I had always hoped SLI wouldn't be acquired before derisking East Texas a whole lot. Was a little deflated when the deal with Equinor was announced because East Texas was too young to be compensated much for it relative to its value. But I'm glad Equinor is here now and don't think the $225M grant happens without them. Who knows if the royalty, on-time DFS, political mentions etc happen without Equinor. I like where we are :cheers:
re: Diving deeper on Standard Lithium?
Posted by ev247 on 12/2/25 at 3:54 pm to SmackoverHawg
Right into the Citi conference tomorrow morning
re: Diving deeper on Standard Lithium?
Posted by ev247 on 11/26/25 at 12:20 pm to SECCaptain
Really looking forward to your breakdown! Thank you for taking the time
Oh today was the last day for the 4M+ additional shares to be bought through the equity offering at like $4.35/share. Did that contribute to the price running up this morning?
Cruising pre market, $4.60 on 67k volume so far
re: Diving deeper on Standard Lithium?
Posted by ev247 on 11/13/25 at 7:12 pm to SmackoverHawg
Maybe he can start buying Robert Cross's shares behind closed doors, keep Cross's sells from hurting sentiment
Edit- what Wraytex said
Edit- what Wraytex said
Listening to Joe Lowry's podcast from the recent summit in Arkansas. I thought so but now it's more official that FID is pushed into 2026.
Joe Lowry: "When do you have to have an FID to be in production by 2028, in your mind?"
Allie Kennedy Thurmond: "In my mind we're targeting Q1, early next year."
Joe Lowry: "When do you have to have an FID to be in production by 2028, in your mind?"
Allie Kennedy Thurmond: "In my mind we're targeting Q1, early next year."
He created the DLE tech that Standard owns/isn't using and the better DLE tech that Standard is licensing to use
Basically
1. Landowner lets Lanxess extract their brine
2. Lanxess is required to compensate landowner for what's in the brine
3a. Lanxess pays landowner a royalty for the brine itself
3b. Lanxess pays landowner a royalty for the bromine in the brine
3c. Lanxess cannot pay landowner a royalty for the lithium in the brine until there's a lithium royalty amount set for that specific region, so Lanxess can't sell the lithium
PS they would make next to nothing even if they could sell the tiny amount being produced at the Lanxess site
1. Landowner lets Lanxess extract their brine
2. Lanxess is required to compensate landowner for what's in the brine
3a. Lanxess pays landowner a royalty for the brine itself
3b. Lanxess pays landowner a royalty for the bromine in the brine
3c. Lanxess cannot pay landowner a royalty for the lithium in the brine until there's a lithium royalty amount set for that specific region, so Lanxess can't sell the lithium
PS they would make next to nothing even if they could sell the tiny amount being produced at the Lanxess site
They can’t sell from their current setup because the royalty that was given was for a brine unit located within the SWA territory. There isn’t a royalty set for the Lanxess area at this time
Wow, the letter is basically 3 senators requesting another grant for SLI from what i understand :)
Robert Cross has been (only) selling shares the entire 3ish years I’ve been invested here so I just block it out
Mine were also lent for the last several months up until last week. Through Fidelity
Maybe this is why they made that subtle change to the investor presentation where in August it said FID “by end of 2025” then Sep FID “around” end of 2025.
Either way we’ve waited this long what’s another month or two to clear permitting and FID closer to March
Either way we’ve waited this long what’s another month or two to clear permitting and FID closer to March
ETx report within the next two weeks certainly shouldn’t hurt :)
re: Diving deeper on Standard Lithium?
Posted by ev247 on 9/9/25 at 9:58 pm to Elusiveporpi
edit my math above doesn’t work but the bottom line is that he said $150M for SLI’s equity portion. Will need to relisten and update my post later
Just finished the Fireside chat with CFO. One major new piece of info for us shareholders is the capex breakdown. If I caught what the CFO said correctly:
$1.45B total capex - $1B debt assumed - $225M grant - $40M conditional payments from Equinor after FID = $300M equity needed
Equinor’s 45% of that $300M = $135M
SLI’s 55% of that $300M = 165M
Maybe I missed a piece because CFO said SLI would be responsible for only $150M in equity. Also said something like there being creative options that shareholders would appreciate (offtakes included in equity portion?). I was expecting more equity needed. Maybe that massive $1B shelf offering was just a formality to decrease risk for lenders (that SLI could repay them using the shelf if needed)
$1.45B total capex - $1B debt assumed - $225M grant - $40M conditional payments from Equinor after FID = $300M equity needed
Equinor’s 45% of that $300M = $135M
SLI’s 55% of that $300M = 165M
Maybe I missed a piece because CFO said SLI would be responsible for only $150M in equity. Also said something like there being creative options that shareholders would appreciate (offtakes included in equity portion?). I was expecting more equity needed. Maybe that massive $1B shelf offering was just a formality to decrease risk for lenders (that SLI could repay them using the shelf if needed)
I see it scheduled for tomorrow at 10am. Looking forward to it
re: Diving deeper on Standard Lithium?
Posted by ev247 on 9/5/25 at 5:27 pm to SmackoverHawg
Yeah they did the field pilot at SWA and didn’t even tell us they were gonna do that so it cant be that big of an ordeal..
It’s beautiful seeing SLI doing what they say they’ll do.
Also, heads up that the September management presentation dropped today and the one change that stands out from the August one is that the August one says “FID targeted BY” end of 2025 and September one says “Targeted AROUND” end of 2025. Im not a wordician but am primed for it to possibly come in January.
It’s beautiful seeing SLI doing what they say they’ll do.
Also, heads up that the September management presentation dropped today and the one change that stands out from the August one is that the August one says “FID targeted BY” end of 2025 and September one says “Targeted AROUND” end of 2025. Im not a wordician but am primed for it to possibly come in January.
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