Stardust Power Inc. Q2 FY2026 earnings call

• Project Development and Site Preparation • Completed third-party geotechnical and subsurface investigations at the Mississauga site to support detailed design, constructability planning, and reduce execution risk • All key construction and commissioning permits are already in place, positioning the project for EPC contracting once commercial and financing milestones are met • Selected as the industrial partner for a U.S. Department of Energy-funded research initiative led by Ohio University focused on next-generation lithium extraction technologies, strengthening the company's position in the U.S. critical minerals ecosystem and supporting evaluation of future domestic feedstock sources

• Community and Government Engagement • Expanded engagement with the Muscogee community and state of Oklahoma through workforce development, regulatory, and community initiatives, including sponsorship of local events • Strengthened local relationships through leadership development programming for the company's Oklahoma managing director • Post-quarter, executive leadership met with Oklahoma's congressional delegation and key federal agency representatives in Washington D.C. to reinforce the strategic importance of domestic critical mineral processing capacity

• Commercial and Financing Progress • Maintained active discussions with prospective feedstock suppliers, off-take counterparties, government stakeholders, and potential strategic financing partners; no material developments were announced in the quarter • Construction financing remains the company's highest corporate priority, with a continued focus on disciplined capital allocation while advancing project readiness

• Financial Position Updates • Established two new capital access facilities: a $10 million equity line of credit (ELOC) with B. Riley Principal Capital II in Q1 2026, and a $5 million at-the-market (ATM) equity program with BID Securities in Q2 2026 • The company drew on these facilities during and after the quarter: the ATM raised ~$151,000 gross in Q2, and an additional ~$2.9 million net proceeds post-quarter, increasing financial flexibility for ongoing operations and project development

Stardust Power is a pre-revenue development-stage company advancing the Muscogee Refinery lithium project. No active product segments are currently generating revenue, so no segment financial performance or revenue contribution percentages are available to report.

• Management explicitly stated that no forward-looking guidance or estimates would be provided during this Q2 2026 earnings call, and directed stakeholders to recent SEC filings for additional information • No upward, downward, or maintained prior guidance revisions were shared on the call

• Forward-looking statements made on the call are subject to material risks and uncertainties that could cause actual outcomes to differ materially from expectations, with key risk factors detailed in the company's recent SEC filings • The company's ability to meet working capital and capital expenditure requirements over the next 12 months is entirely dependent on securing additional capital through equity, debt, or other financing sources • The company is not currently in compliance with NASDAQ's minimum market value listing requirements, and while management is evaluating all alternatives to maintain its listing, compliance is not guaranteed • Large-scale industrial lithium refinery development carries inherent execution and financing risks, with milestones that may not progress on visible quarter-to-quarter timelines • Lithium price volatility, with prices having recovered from late 2025 lows, creates uncertainty for project economics

No questions were entered into the Q&A queue after management's prepared remarks, so no Q&A exchanges occurred during this call.