Stardust Power Secures LOI for 15,000 Metric Tons of Lithium Feedstock for Muskogee Refinery
SDST sits 87% above its 52-week low of $1.425 on light trading volume (0.2× avg).
Summary
Stardust Power announced a non-binding Letter of Intent (LOI) for the supply of up to 15,000 metric tons per annum of lithium carbonate equivalent (LCE) in the form of lithium chloride. This potential supply, from a California lithium brine project, is intended for their Muskogee, Oklahoma refinery, with initial deliveries targeted for the first half of 2028. This development is crucial for Stardust Power, which recently filed a 10-K disclosing a "going concern" warning and subsequently filed an 8-K confirming this LOI. The potential supply represents a significant portion (30%) of the refinery's planned 50,000 metric tons annual capacity, addressing a critical component of their operational strategy and bolstering their U.S.-based feedstock pipeline. For a company facing financial challenges, securing such a material supply agreement is a positive step towards de-risking its business plan, though traders should monitor the execution of a definitive agreement as the LOI is non-binding.
At the time of this announcement, SDST was trading at $2.66 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $26.2M. The 52-week trading range was $1.43 to $8.43. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.