Stardust Power Completes $500M Study, Secures 13.5k tpy Feedstock, Gains Permit and $23M Financing
Stardust Power completed a $500 million FEL-3 engineering study for Phase I of its Muskogee lithium refinery, targeting 25,000 metric tons per year and securing feedstock deals for up to 13,500 tpy. It raised $13.2 million in equity, secured $10 million in debt, received its air quality permit and appointed three senior executives.
1. Project Engineering and Design
Stardust Power completed its FEL-3 front-end engineering study for the Muskogee lithium refinery, establishing a $500 million Phase I CapEx estimate and confirming a design capacity of 25,000 metric tons per year. An independent Black & Veatch review rated the project as low technical and design risk with achievable production targets.
2. Feedstock Arrangements
The company signed non-binding lithium chloride supply agreements with Mandrake Resources and Prairie Lithium, securing up to 13,500 metric tons per year of lithium carbonate equivalent to underpin future refinery operations and diversify its feedstock pipeline.
3. Financing, Permits and Leadership
During 2025, Stardust Power raised $13.2 million in equity and secured up to $10 million in debt, established a $10 million synthetic issuance facility, obtained its Oklahoma air quality construction permit, and appointed Carlos Urquiaga, Kenneth Pitts and Bruce Czachor to its senior leadership team.
4. 2025 Financial Results
As of December 31, 2025, the company held $3.5 million in cash and cash equivalents, reported a net loss of $15.7 million (down from $23.8 million), and saw operating cash use fall to $8.3 million while financing activities provided $14.2 million.