Stardust Power Obtains Permit, Secures $150M Financing LOI for Muskogee Refinery
Stardust Power secured an air quality construction permit for its Muskogee refinery and signed LOIs for $150 million in project financing and 15,000 tpa lithium chloride feedstock. It reported a $5.2 million Q1 net loss, cash dropped to $1.2 million and operating cash burn totaled $2.1 million.
1. Operational Milestones
During Q1 the company secured its air quality construction permit for the Oklahoma refinery, signed an LOI for up to $150 million in project-level financing and obtained an LOI for 15,000 tpa of lithium chloride feedstock from a California brine project. It also expanded domestic supply pipeline arrangements and joined LRIC and the Cornerstone Consortium to strengthen U.S. lithium supply chain positioning.
2. Financial Performance
Financial highlights include a $5.2 million net loss for Q1, an improvement in loss per share to $0.53 driven by higher share count and warrant liability changes, and cash and equivalents falling to $1.2 million from $3.5 million. Operating cash use was $2.1 million, with investing outflows of $0.2 million and minimal financing cash activity.
3. Financing and Outlook
Management advanced its capital strategy by entering an at-market issuance agreement for up to $5 million in common stock sales and continued engaging institutional, strategic and government-supported funding. With construction permits secured and financing momentum, the company aims to transition into major construction and commissioning of its 50,000 tpa refinery.