Stardust Power Inc (SDST) 2025 Q1 法說會逐字稿

Good day, and welcome to the Stardust Power Q1 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 Stardust Power 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker, Miss Johanna Gonzalez, Director of Investor Relations and Communications. Please go ahead.

現在，我想將會議交給發言人、投資者關係和傳播總監 Johanna Gonzalez 女士。請繼續。

Thank you, operator. Good afternoon, everyone. Before management begins their formal remarks, we would like to remind everyone that some statements we're making today may be considered forward-looking statements under securities laws and involve a number of risks and uncertainties. As a result, we caution you that there are a number of factors, many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward-looking statements.

謝謝您，接線生。大家下午好。在管理階層開始正式發言之前，我們想提醒大家，我們今天所做的一些聲明可能會根據證券法被視為前瞻性聲明，並涉及許多風險和不確定性。因此，我們提醒您，有許多因素，其中許多是我們無法控制的，可能導致實際結果和事件與前瞻性陳述中描述的結果和事件有重大差異。

For more detailed risks, uncertainties and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and public filings made with the SEC. We disclaim any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. We refer you to our filings with the SEC, the detailed disclosures, and descriptions of our business, as well as uncertainties and other variable circumstances, including but not limited to risks and uncertainties identified under the caption Risk Factors in our recent filings. You may get status powers SEC filings by visiting the SEC website at www.sec.gov.

有關我們前瞻性陳述的更多詳細風險、不確定性和假設，請參閱我們的收益報告和向美國證券交易委員會提交的公開文件中的揭露內容。除非法律要求，我們不承擔更新前瞻性陳述以反映前瞻性陳述作出日期之後發生的情況或事件的義務或承諾。請您參閱我們向美國證券交易委員會提交的文件、詳細揭露和業務描述，以及不確定性和其他可變情況，包括但不限於我們最近提交的文件中「風險因素」標題下確定的風險和不確定性。您可以透過造訪美國證券交易委員會 (SEC) 網站 www.sec.gov 取得美國證券交易委員會備案的狀態權。

I would like to remind everyone today this call is being recorded and will be made available for replay via a link available in the investor relations section of Status Power's website.

今天我想提醒大家，本次電話會議已被錄音，並將透過 Status Power 網站投資者關係部分提供的連結提供重播。

Now I will turn the call over to Stardust Power's CEO, Roshan Pujari. Roshan?

現在我將電話轉給 Stardust Power 的執行長 Roshan Pujari。羅山？

Thank you, Johanna, and thank you all for joining us today. Welcome to the Stardust Power Q1 2025 earnings call.

謝謝你，喬安娜，也謝謝大家今天加入我們。歡迎參加 Stardust Power 2025 年第一季財報電話會議。

As referenced on our year-end earnings call in March, the macro outlook for lithium remains highly compelling and continues to strengthen, according to industry analysts. Global demand is set to more than double by 2030, fueled by structural growth across multiple verticals such as electric vehicles, energy storage systems, AI, and broader electrification trends. This growing demand supply imbalance is creating significant pricing support and a long-term tailwind for lithium refiners with scalable, reliable production capacity, especially in geopolitically stable jurisdictions like the United States.

正如我們 3 月的年終收益電話會議上所提到的，產業分析師表示，鋰的宏觀前景仍然非常引人注目且持續增強。到 2030 年，全球需求預計將增加一倍以上，這得益於電動車、儲能係統、人工智慧和更廣泛的電氣化趨勢等多個垂直領域的結構性成長。這種日益加劇的供需失衡正在為具有可擴展、可靠生產能力的鋰精煉廠創造顯著的價格支撐和長期的順風，尤其是在美國等地緣政治穩定的地區。

We remain focused on the medium to long term, while as a company, we are moving forward in the short term. At Stardust Power, we view these market conditions as a generational opportunity.

我們仍然專注於中長期發展，而作為一家公司，我們正在短期內向前邁進。在 Stardust Power，我們將這些市場條件視為一代人的機會。

We are advancing one of the largest lithium refineries in America, strategically positioned to address the critical shortage of domestic refining capacity. Our project is designed to be both scalable and sustainable, aligned with federal priorities around clean energy and US supply chain security and energy independence. We believe this position startus power not only as a key enabler of the energy transition. But also as a high impact value creator in a market where we find lithium supply is becoming increasingly valuable. As we approach the construction stage, we are focused on delivering long-term returns for our shareholders.

我們正在推進美國最大的鋰精煉廠之一的建設，其戰略定位是解決國內精煉能力嚴重短缺的問題。我們的計畫旨在具有可擴展性和永續性，符合聯邦政府在清潔能源、美國供應鏈安全和能源獨立方面的優先事項。我們相信，這一立場不僅是能源轉型的關鍵推動因素，更是開啟我們的力量。而且，我們發現，在鋰供應越來越有價值的市場中，我們也是一個具有高影響力的價值創造者。隨著我們接近建設階段，我們專注於為股東帶來長期回報。

The evolving landscape of US trade market by recent tariffs in China's retaliatory export restrictions has introduced significant volatility into the market, touching all sectors. These developments have heightened concerns about supply chain disruptions and increased costs for downstream industries, potentially dampening enthusiasm for projects reliant on imported materials. However, this shifting environment also underscores the strategic advantage and need for domestic integrated operations. Stardust Power's model encompassing brines-based sourcing, refining, and distribution of battery grade lithium carbonate, positions the company to mitigate risk associated with international trade tensions.

近期，中國採取的報復性出口限制措施和關稅措施導緻美國貿易市場格局不斷變化，為市場帶來了巨大波動，影響所有產業。這些發展加劇了人們對供應鏈中斷和下游產業成本增加的擔憂，可能會抑制依賴進口材料的專案的熱情。然而，這種不斷變化的環境也凸顯了國內一體化營運的戰略優勢和必要性。Stardust Power 的模式包括基於鹽水的電池級碳酸鋰的採購、精煉和分銷，這使該公司能夠減輕與國際貿易緊張局勢相關的風險。

By aligning with national initiatives to bolster domestic critical mineral supply chain security, Stardust Power not only seeks to insulate itself from current market volatilities, but also appeals to investors seeking resilient and forward-looking opportunities in the energy sector. The world is paying attention to critical minerals, and Stardust Power is invaluable to building resilient American supply chains.

透過配合國家加強國內關鍵礦產供應鏈安全的舉措，星塵電力不僅力求使自己免受當前市場波動的影響，而且還吸引了尋求能源領域具有彈性和前瞻性機會的投資者。全世界都在關注關鍵礦產，而星塵電力對於建立有彈性的美國供應鏈至關重要。

The broader stock market has experienced notable volatility in recent months, driven by a mix of macroeconomic factors, trade policy, and geopolitical uncertainties. While market fluctuations can impact sentiment and cause short-term price swings. It's an opportunity for investors to focus on the fundamentals. Companies like ours with a clear path to production, and integrated business model, and strategic alignment with national initiatives for critical minerals are well positioned for long-term success. In times of market uncertainty, disciplined investors should consider focusing on sound business models and growth potential rather than letting short-term sentiment drive decisions.

近幾個月來，受宏觀經濟因素、貿易政策和地緣政治不確定性等因素的影響，股市整體經歷了顯著波動。而市場波動會影響情緒並導致短期價格波動。這是投資人關注基本面的機會。像我們這樣擁有清晰的生產路線、綜合商業模式、並與國家關鍵礦產計畫進行策略協調的公司，將有利於實現長期成功。在市場不確定時期，自律的投資人應該考慮專注於合理的商業模式和成長潛力，而不是讓短期情緒驅動決策。

So far this year, a series of executive orders passed by the President have significantly advanced the US strategy to strengthen domestic critical mineral production, potentially benefiting companies like Stardust Power.

今年迄今為止，總統通過的一系列行政命令大大推進了美國加強國內關鍵礦產生產的策略，可能使星塵電力等公司受益。

These measures include streamlining regulatory processes, prioritizing US-based sourcing in federal contracts, And initiating investigations that could limit reliance on foreign processed minerals. For Stardust Power, who's developing an integrated lithium refinery in Oklahoma, these policies reduce barriers, increase potential for federal support, and reinforce the company's alignment with national security goals.

這些措施包括簡化監管流程、在聯邦合約中優先考慮美國採購，以及啟動可能限制對外國加工礦物依賴的調查。對於正在俄克拉荷馬州開發綜合鋰精煉廠的星塵電力公司來說，這些政策減少了障礙，增加了獲得聯邦政府支持的可能性，並加強了公司與國家安全目標的一致性。

As the US sharpens its focus on energy independence and resilient supply chains, Stardust Power stands well positioned to contribute and to offer investors a compelling future ready opportunity in the critical mineral space.

隨著美國更加重視能源獨立和彈性供應鏈，星塵電力已做好準備，為投資者在關鍵礦產領域提供極具吸引力的未來機會。

Stardust Power is committed to ongoing dialogue with policymakers to support the industry. This includes substantiating available programs under the Department of Energy, Department of Defense, and other federal entities aligned with domestic resource development.

Stardust Power 致力於與政策制定者持續對話以支持該行業。這包括證實能源部、國防部和其他與國內資源開發相關的聯邦實體下屬的現有計畫。

The company is also engaging with state level authorities and public private initiatives to maximize support for its refinery project. These efforts are part of a broader strategy to align with national priorities and secure the backing needed to accelerate project timelines and reduce financial risks.

該公司還與州級當局和公私合作組織合作，以最大限度地支持其煉油廠項目。這些努力是更廣泛策略的一部分，旨在與國家優先事項保持一致，並獲得加快專案進度和降低財務風險所需的支持。

Turning to sourcing, supply, or feedstock, we're seeing a ramp up in lithium development across key resource basins, driven by accelerating market demand and strong federal backing through the inflation Reduction Act and DOE initiatives. Projects in Canada and the Smackover region are poised to become globally significant lithium hubs. Successful unitization efforts in Arkansas mark a major legislative milestone for the region, clearing the way for more coordinated development.

談到採購、供應或原料，我們看到主要資源盆地的鋰開發正在加速，這得益於市場需求的加速增長以及聯邦政府透過通膨削減法案和能源部舉措提供的大力支持。加拿大和斯馬科弗地區的計畫有望成為全球重要的鋰業中心。阿肯色州的成功聯合化努力標誌著該地區立法的一個重要里程碑，為更協調的發展掃清了道路。

At the same time, GLE methods are gaining traction, particularly in oil and gas produced water projects, presenting new opportunities for off-take and strategic collaboration. Altogether, these developments signal a maturing US lithium market, one in which Stardust Power is well positioned to play a central enabling role.

同時，GLE 方法正受到越來越多的關注，尤其是在石油和天然氣採出水項目中，為承購和戰略合作提供了新的機會。總而言之，這些發展標誌著美國鋰市場日益成熟，而星塵電力公司在該市場中佔據有利地位，可以發揮核心推動作用。

Across the Western US, many brine exploration efforts are underway, and an increasing number of oil and gas producers are piloting GLE technology to recover lithium from produced water streams. These innovations are accelerating the pace of upstream lithium development and broadening the pool of potential suppliers. In addition, Stardust Power's own controlled assets, 35,000 acres currently under exclusive option, present a promising medium-term supply opportunity we are actively evaluating.

在美國西部，許多鹽水勘探工作正在進行中，越來越多的石油和天然氣生產商正在試用 GLE 技術從採出水中回收鋰。這些創新正在加速上游鋰開發的步伐並擴大潛在供應商的範圍。此外，Stardust Power 本身控制的資產（目前處於獨家選擇之下）為 35,000 英畝，為我們提供了一個有希望的中期供應機會，我們正在積極評估。

As a future US-based manufacturer, we are proud to support this expanding ecosystem and play a role in building resilient domestic lithium supply chains aligned with national security and sustainability goals. In doing so, Stardust Power will also serve as a key aggregator of lithium supply, connecting upstream producers with downstream battery manufacturers to ensure a stable, efficient flow of domestically sourced lithium across the entire value chain.

作為未來的美國製造商，我們很自豪能夠支持這個不斷擴大的生態系統，並在建立符合國家安全和永續發展目標的彈性國內鋰供應鏈方面發揮作用。透過這種方式，星塵電力也將充當鋰供應的關鍵聚合商，連接上游生產商與下游電池製造商，確保整個價值鏈中國內採購的鋰的穩定、高效流動。

Turning to an update on project financing. The company continues to work with our lead adviser MUFG who has made substantive progress on the project financing front. The financing efforts will accelerate with the upcoming release of the definitive feasibility study to support the determination of the FID before year end. We have engaged a leading independent expert to validate our studies for the benefit of institutional investors.

轉向專案融資的最新進展。該公司繼續與我們的首席顧問三菱日聯金融集團 (MUFG) 合作，後者在專案融資方面取得了實質進展。隨著最終可行性研究報告即將發布，融資工作將會加速，以支持在年底前確定最終投資決定。我們聘請了一位領先的獨立專家來驗證我們的研究，以造福機構投資者。

We are working with a best-in-class insurance advisor and risk management consultant to optimize our insurance strategy while minimizing both cost and risk for the Muskogee Project, specifically and for Stardust Power overall.

我們正在與一流的保險顧問和風險管理顧問合作，以優化我們的保險策略，同時最大限度地降低馬斯科吉專案（特別是星塵電力）的成本和風險。

Now for some operational updates regarding our permitting and project development progress. Our team has been hard at work on permitting, and we continue to make steady progress on this front. To date, we have secured our general stormwater permit for construction activities. Once operational, the facility will be subject to stormwater discharge permitting. We anticipate stormwater permitting to be achieved through the use of Oklahoma's general permit.

現在介紹一些有關我們的許可和專案開發進度的營運更新。我們的團隊一直在努力爭取許可，我們在這方面繼續取得穩步進展。到目前為止，我們已經獲得了建築活動的通用雨水許可證。一旦投入運營，該設施將需要獲得雨水排放許可。我們預計雨水許可證將透過使用俄克拉荷馬州的通用許可證來實現。

Our minor source air permit has been deemed administratively complete by the Oklahoma Department of Environmental Quality, and the agency has begun its technical review. Our team is actively engaged in responding to information requests as part of that process.

俄克拉荷馬州環境品質部門已認定我們的次要源空氣許可證在行政上已完成，並且該機構已開始進行技術審查。作為過程的一部分，我們的團隊積極參與回應訊息請求。

On the wastewater permitting front, we had a productive meeting with ODEQ's industrial wastewater permitting leadership in March. Based on our planned operations, specifically the fact that we have a closed loop system and will not be discharging wastewater to either a public treatment facility or to Oklahoma waterways. Our team has confirmed that no industrial wastewater permit is required.

在廢水許可方面，我們於三月與 ODEQ 的工業廢水許可領導層進行了富有成效的會議。根據我們的計劃運營，具體來說，我們有一個閉環系統，不會將廢水排放到公共處理設施或俄克拉荷馬州水道。我們的團隊已確認不需要工業廢水許可證。

This represents meaningful advantages to the execution of our business plan, including faster project timelines for new facilities or expansion, reduced regulatory monitoring and reporting resources and cost, and increased operational flexibility since modifications or variations in production processes or schedules won't require complex and expensive water permit modifications.

這對我們業務計劃的執行具有重大優勢，包括加快新設施或擴建專案的時間表、減少監管監測和報告資源和成本，以及提高營運靈活性，因為生產流程或計劃的修改或變化不需要複雜而昂貴的水許可證修改。

In parallel, we have completed our front-end loading 3, or FEL3 engineering study. Primary USA is in the final review stages of the report and once finalized, it will serve as a comprehensive technical foundation as we move into the next stage of project development. This is a key milestone that strengthens our position as we continue advancing toward final investment decision.

同時，我們已經完成了前端裝載 3 或 FEL3 工程研究。Primary USA 正處於報告的最後審查階段，一旦完成，它將作為我們進入下一階段專案開發的全面技術基礎。這是一個重要的里程碑，它將鞏固我們在繼續推進最終投資決策過程中的地位。

Recently, we executed a key service agreement with Oklahoma Gas and Electric to develop a dedicated electric substation at the site of our planned lithium refinery in Muskogee, signaling a critical operational step forward. This agreement underscores the strong partnership we're building with OGNE and ensures long-term scalable power up to 40 megawatts for our facility and future expansion.

最近，我們與俄克拉荷馬天然氣電力公司簽署了一項重要服務協議，在我們計劃中的馬斯科吉鋰精煉廠所在地開發一個專用變電站，這標誌著我們在營運方面邁出了關鍵的一步。該協議強調了我們與 OGNE 建立的牢固合作夥伴關係，並確保我們的設施和未來擴建能夠長期擴展到 40 兆瓦。

The collaboration aligns with our commitment to sustainability and domestic lithium production and supports the next phase of development as we move forward. Getting a head start on this work allows us to begin critical pre-construction activities for the electrical substation, ensuring it will be already well underway by the time full construction begins. This kind of proactive planning and execution by our team reflects thoughtful, strategic approach we are taking to streamline the buildup and accelerate progress once a final investment decision is made.

此次合作符合我們對永續發展和國內鋰生產的承諾，並支持我們未來的下一階段發展。提前開始這項工作使我們能夠開始變電站的關鍵施工前活動，確保在全面開始施工時一切順利進行。我們團隊的這種積極主動的規劃和執行反映了我們採取的深思熟慮的戰略方法，以便在做出最終投資決定後簡化建設並加快進度。

Onto some community focused updates and a recent new hire. Stardust Power is a proud, committed community partner. Over the past few months, we've continued to show up and support key events like the Oklahoma Business Roundtable, Muskogee Day at the Capitol, and the 101st Annual Chamber Banquet. We've also had the honor of engaging with local civic groups, including the Muskogee Exchange Club, Muskogee Patriots Club, and Leadership Muskogee Class 31 to deepen our ties and share our vision.

關註一些以社區為中心的更新和最近的新員工。Stardust Power 是一家值得驕傲、盡職盡責的社群合作夥伴。在過去的幾個月裡，我們繼續出席並支持重要活動，如俄克拉荷馬州商業圓桌會議、國會大廈的馬斯科吉日和第 101 屆年度商會宴會。我們也很榮幸能與當地民間團體合作，包括馬斯科吉交流俱樂部、馬斯科吉愛國者俱樂部和馬斯科吉領導力第 31 班，以加深我們的聯繫並分享我們的願景。

Our leadership team recently met with members of Oklahoma's congressional delegation in Washington DC to champion American mineral independence and discuss how our proposed lithium refinery can play a vital role in securing a US-based lithium supply chain.

我們的領導團隊最近在華盛頓特區會見了俄克拉荷馬州國會代表團成員，倡導美國礦產獨立，並討論我們擬建的鋰精煉廠如何在確保美國鋰供應鏈方面發揮重要作用。

As we continue to move forward with our project, our commitment to building strong partnerships and contributing to Muskogee's economic future remains at the heart of everything we do, including creating well-paying jobs for the state of Oklahoma.

隨著我們繼續推進我們的項目，我們致力於建立強大的合作夥伴關係並為馬斯科吉的經濟未來做出貢獻，這仍然是我們所做的一切的核心，包括為俄克拉荷馬州創造高薪工作。

In April, we were proud to have served as the premier sponsor of the Northeast Oklahoma Regional Powerlifting Tournament in Muskogee, Oklahoma. This incredible event brought together 845 student athletes from 116 schools across Northeast Oklahoma, showcasing the spirit, strength, and determination of our region's youth. Supporting events like this is about more than visibility. It reflects our deep-rooted commitment to investing in our local communities and helping them thrive.

四月份，我們很榮幸成為俄克拉荷馬州馬斯科吉東北俄克拉荷馬地區舉重錦標賽的主要贊助商。這次精彩的活動匯集了來自俄克拉荷馬州東北部 116 所學校的 845 名學生運動員，展現了我們地區青年的精神、力量和決心。支持這樣的活動不僅僅是為了提高知名度。它體現了我們投資當地社區並幫助其繁榮發展的堅定承諾。

We believe that doing good for the community isn't just good business, it's the right thing to do. By partnering with initiatives that bring people together and empower the next generation, we're proud to play a role in building a stronger, more connected Muskogee and Northeast Oklahoma.

我們相信，為社區做好事不僅僅是好的生意，而且是正確的事。透過與將人們團結在一起並賦予下一代權力的倡議合作，我們很自豪能夠為建立更強大、更緊密聯繫的馬斯科吉和俄克拉荷馬州東北部發揮作用。

In April, we were pleased to announce the appointment of Carlos Urquiaga as Senior Advisor to Stardust Power. Carlos brings over three decades of experience in metals and mining finance, having led more than $40 billion in transactions during his tenure at leading institutions, including BNP Paribas, Citi, and Appian Capital. He will be advising our project financing efforts for the Muskogee facility from both a debt and equity perspective and working with our lead financial adviser MUFG. His deep expertise in structuring complex deals, particularly within the EV battery metal supply chain, will be instrumental as we pursue final investment decision and advance our growth plans.

四月，我們很高興地宣布任命 Carlos Urquiaga 為 Stardust Power 的高級顧問。卡洛斯在金屬和礦業融資領域擁有超過三十年的經驗，在法國巴黎銀行、花旗銀行和 Appian Capital 等領先機構任職期間，曾領導超過 400 億美元的交易。他將從債務和股權的角度為我們的馬斯科吉工廠專案融資工作提供建議，並與我們的財務顧問 MUFG 合作。他在建立複雜交易方面的深厚專業知識，尤其是在電動車電池金屬供應鏈領域，將在我們尋求最終投資決策和推進成長計畫時發揮重要作用。

And with that, I now turn you to Uday Devasper, our Chief Financial Officer, for his remarks on financials. Ude.

現在，我請我們的財務長 Uday Devasper 就財務問題發表評論。烏德。

Thank you, Roshan, and good afternoon, everyone, and thank you for joining our earnings call for the Q1 2025 earnings period. Before we begin, I want to clarify that we will not be providing forward-looking guidance or estimates during this call. Our focus will be on discussing our past performance and the current state of our business. We encourage you to refer to our filings with the SEC for more detailed information.

謝謝你，Roshan，大家下午好，謝謝你們參加我們 2025 年第一季財報電話會議。在我們開始之前，我想澄清一下，我們不會在本次電話會議中提供前瞻性的指導或估計。我們的重點將放在討論我們過去的表現和當前的業務狀況。我們鼓勵您參閱我們向美國證券交易委員會提交的文件以獲取更多詳細資訊。

First, a quick update on some developments from the quarter and subsequent events just after the quarter end. In December 2024, we entered into short term loan agreements amounting to $3.55 million with certain investors bearing 15% annual interest and maturing in March 2025.

首先，簡要介紹本季的一些發展以及季度結束後的後續事件。2024 年 12 月，我們與某些投資者簽訂了金額為 355 萬美元的短期貸款協議，年利率為 15%，到期日為 2025 年 3 月。

As of March 31, 2025, i.e. Q1 '25, we have fully repaid the loan principal and accrued interest, thereby reflecting a debt-free balance sheet as of Q125. And subsequent to the court friend have issued the related equity and warrants in accordance with the agreed terms.

截至 2025 年 3 月 31 日，即 2025 年第一季度，我們已全額償還貸款本金和應計利息，從而反映出截至 2025 年第一季的無債務資產負債表。並於後續依照約定的條款向法院朋友發行了相關股權及認股權證。

Now turning to the financials for Q1 '25, the company is pre-revenue currently. As previously reported in our filings, our ability to meet working capital and capital expenditure requirements for the next 12 months is dependent upon our plan to raise additional capital from issuance of equity or receive additional borrowings to fund the companies operating and investing activities over the next year.

現在來看 25 年第一季的財務狀況，該公司目前尚未獲利。正如我們之前在文件中報告的那樣，我們滿足未來 12 個月營運資金和資本支出需求的能力取決於我們透過發行股票籌集額外資金或獲得額外借款來為公司明年的營運和投資活動提供資金的計劃。

As of Q1 '25, we had cash and cash equivalents of $1.6 million on hand compared to $0.9 million as December 31, 2024, i.e. FY24. As mentioned above, as of the current quarter end, we have no long-term debt. We have devoted substantial efforts and financial resources to raising capital and organizing and staffing the company and as a result, having significant operating losses. As of Q1 '25 and FY24, we had an accumulated deficit of $56.4 million and $52.6 million, respectively.

截至 2025 年第一季度，我們手頭上的現金和現金等價物為 160 萬美元，而 2024 年 12 月 31 日為 90 萬美元。24 財年。如上所述，截至本季末，我們沒有長期債務。我們投入了大量的精力和財力來籌集資金、組織和配備公司人員，但結果卻造成了巨大的營運損失。截至 2025 年第一季及 2024 財年，我們的累計赤字分別為 5,640 萬美元及 5,260 萬美元。

The company incurred a net loss of $3.8 million in Q125, which was higher by $2.4 million year over year. Since the company has yet to start commercial production of battery grade lithium, the operating expenses are expected to increase as the company starts to recruit more personnel to perform general operational tasks and set up the facility.

該公司 2025 年第一季淨虧損 380 萬美元，年增 240 萬美元。由於該公司尚未開始電池級鋰的商業化生產，隨著公司開始招募更多人員執行一般營運任務和建立設施，預計營運費用將會增加。

Loss per share was a negative $0.07 for Q1 '25 compared to $0.04 in the prior year. The increase being driven primarily by higher general and administrative costs due to personnel-related costs and finance charges for short-term loans.

2025 年第一季每股虧損為負 0.07 美元，去年同期為 0.04 美元。成長的主要原因是人員相關成本和短期貸款的財務費用導致的一般及行政費用增加。

Net cash used in operating activities totaled $2.9 million for the quarter compared to $0.9 million in the prior year. The increase is driven by continued investment in operations, hiring of key talent, and certain expenses related to the close of the business combination.

本季經營活動所用淨現金總計 290 萬美元，去年同期為 90 萬美元。成長的動力來自於對營運的持續投資、關鍵人才的聘用以及與業務合併結束相關的某些費用。

Net cash used in investing activities was $1 million for the quarter, driven by our initial capital investments made in the anticipated building of the refinery.

本季投資活動所用的淨現金為 100 萬美元，主要得益於我們為預期建設煉油廠所做的初始資本投資。

Net cash provided by financing activities was $4.5 million for the quarter, driven primarily by $8 million in cash received from public offering and warrant inducements, net of offering costs offset partially by the repayment of $3.7 million of short-term loans. The funds were used to meet working capital needs and make capital investments as described above.

本季度融資活動提供的淨現金為 450 萬美元，主要來自公開發行和認股權證誘導收到的 800 萬美元現金，扣除發行成本，部分被償還 370 萬美元短期貸款所抵銷。這些資金用於滿足營運資金需求並進行如上所述的資本投資。

We continue to execute with discipline and strong momentum against our business plan. Our project remains on schedule, and we're hitting critical milestones that move us closer to the final investment decision. We're encouraged by the continued support from industry stakeholders and the alignment of our mission with national priorities around domestic lithium production. We remain focused, well positioned, and excited about the path ahead.

我們將繼續嚴格按照業務計劃，以強勁的勢頭執行。我們的專案仍在按計劃進行，我們正在達到關鍵的里程碑，使我們更接近最終的投資決策。我們對行業利益相關者的持續支持以及我們的使命與國內鋰生產的國家優先事項的一致性感到鼓舞。我們始終保持專注、做好定位並對未來的道路充滿期待。

That concludes my remarks, and I turned back to Roshan.

我的發言到此結束，然後我轉身面對羅山。

Thanks, Uday. With that, we are now happy to take your questions. Operator?

謝謝，烏代。現在我們很高興回答您的問題。操作員？

(Operator Instructions) Nick Giles, B. Riley Securities.

（操作員指示）Nick Giles，B. Riley Securities。

Thank you operator and good afternoon everyone. This is Henry Hearle on for Nick Giles. To start off, guys, do you have an approximate timeline of when the final report of the engineering study might be released?

謝謝接線員，大家下午好。這是亨利·赫爾 (Henry Hearle) 為尼克·吉爾斯 (Nick Giles) 主持的節目。首先，各位，你們能知道工程研究最終報告大概什麼時候發布嗎？

Hi Henry, thanks for joining us today on our earnings call, and we're looking to release that this quarter.

你好，亨利，感謝您今天參加我們的收益電話會議，我們希望在本季度發布收益報告。

Okay, so, I guess we're pretty close, it'll probably closer to the end of the quarter then given that we're about halfway through.

好的，我想我們已經非常接近了，考慮到我們已經完成了一半，它可能會接近本季末。

Around that scope we have, finalized the majority of report and in the final revision stages, so it should be done shortly.

圍繞著該範圍，我們已經完成了報告的大部分內容，並處於最後的修訂階段，因此應該很快就會完成。

Okay, thanks for that. And then you guys also mentioned how the federal support of critical minerals has improved under this new administration, but then in your opinion, do you think this development outweighs the recent pressures we're seeing on green energy initiatives? Thanks.

好的，謝謝。然後你們也提到，在新政府的領導下，聯邦政府對關鍵礦產的支持有所改善，但你們認為這種發展是否超過了我們最近在綠色能源計畫中看到的壓力？謝謝。

Yeah, great question, and really hard to understand given the evolving landscape, first I can comment that in our financial model we do not assume government support and we see it as an added advantage on top for the benefit of stakeholders. So with changes and updates in the national direction of critical minerals policy, we see a prioritization of American mineral security under the new administration and different avenues previous different than the previous are opening up such as the council Energy dominant council.

是的，這個問題問得很好，而且考慮到不斷變化的情況，這個問題確實很難理解。首先我可以說，在我們的財務模型中，我們不假設政府支持，我們認為這是利害關係人受益的額外優勢。因此，隨著國家關鍵礦產政策方向的變化和更新，我們看到新政府將美國礦產安全列為優先事項，並開闢了與以前不同的途徑，例如能源主導委員會。

So we see further opportunities given the impact of trade markets and the volatility in trade policy, we see that largely as a potential benefit to Stardust Power as it once again reprioritizes domestic critical minery supply chains and the decoupling from China and creating more impetus to manufacture these materials here in the US. So we see both as tailwinds for our project.

因此，考慮到貿易市場的影響和貿易政策的波動，我們看到了進一步的機會，我們認為這在很大程度上對星塵電力來說是一個潛在的好處，因為它再次重新調整了國內關鍵礦產供應鏈的優先順序以及與中國的脫鉤，並為在美國製造這些材料創造了更多動力。因此，我們認為這兩者都是我們專案的順風。

Got it. Thanks for the commentary and continuing best of luck.

知道了。感謝您的評論並祝您好運。

Thank you Henry.

謝謝你，亨利。

Jake Sekelsky, Alliance Global Partners.

傑克‧塞克爾斯基 (Jake Sekelsky)，聯盟全球合作夥伴。

Hey, Roshan. Thanks for taking my questions.

嘿，Roshan。感謝您回答我的問題。

Thanks for joining us today, Jake.

感謝您今天加入我們，傑克。

Hi, Jake. Thank you for joining.

你好，傑克。感謝您的加入。

You touched on some domestic feedstock starting to come online over the next little while here I'm just curious how far along are you in discussions with respect to securing feedstock and you know potentially keeping some of this material inside the the domestic supply chain through refi refining.

您提到了一些國內原料將在未來一段時間內開始上線，我只是好奇您在確保原料安全方面的討論進展如何，您是否知道有可能透過再融資煉油將其中一些原料保留在國內供應鏈中。

Yeah, so happy to report that we are very well progressed on multiple supply opportunities given that up to 80% of lithium feedstocks are sent to China for processing up to 85%, we've seen a very receptive market to refine and manufacture battery grade lithium products domestically in the United States. So we are having multiple conversations. And very progressed and look forward to sharing some updates on that as they come available.

是的，我很高興地報告，我們在多個供應機會方面取得了很大進展，因為高達 80% 的鋰原料被送往中國進行加工，高達 85% 的鋰原料被送往中國進行加工，我們看到美國國內市場對精煉和製造電池級鋰產品非常感興趣。所以我們進行了多次對話。而且進展非常順利，期待在更新發布後分享一些相關資訊。

Okay, that's helpful, and then just can you touch on any outstanding permits that you guys might need prior to the FID and, a construction decision?

好的，這很有幫助，那麼您能否談談在 FID 和建設決策之前您可能需要的任何未完成的許可證？

Sure, we've been making substantial progress on the permitting front, so as mentioned we have our storm water and general permit which allows us for the start of major construction. So we are permitted to move forward in the construction phase as recently announced we have gotten confirmation that we do not need an industrial water permit, given our closed end system and how sustainable we are, especially in terms of water usage, so that is a not a required permit and also as mentioned we have applied for a minor air permit.

當然，我們在許可方面取得了實質進展，正如前面提到的，我們擁有雨水和一般許可證，這使我們能夠開始進行重大建設。因此，我們被允許繼續進行施工階段的工作，正如最近宣布的那樣，我們已得到確認，我們不需要工業用水許可證，考慮到我們的封閉式系統以及我們的可持續性，特別是在用水方面，所以這不是必需的許可證，而且正如所提到的，我們已經申請了小型空氣許可證。

Given that most of our production lines are designed as fully electric except for a couple of natural gas boilers, very limited emissions, and we, it's indicative that we only need a minor permit, we have made our application. For that permit and been administratively approved, the ODEQ is working on writing the permit, and we hope to have a full permit in the coming months, and those will be the major permits required for construction and operation of the facility.

鑑於我們的大多數生產線（除了幾個天然氣鍋爐外）都是全電動設計的，排放量非常有限，而且我們只需要一個小許可證，所以我們已經提出了申請。對於該許可證，並獲得行政批准，ODEQ 正在起草許可證，我們希望在未來幾個月內獲得完整的許可證，這些將是該設施建設和運營所需的主要許可證。

Okay, that's helpful. That's all for me. Thanks again.

好的，這很有幫助。對我來說就這些了。再次感謝。

Thanks Jake.

謝謝傑克。

Greg Mesniaeff, Kingswood Capital Partners.

Kingswood Capital Partners 的 Greg Mesniaeff。

Yes, thank you. Question on your cash flow, you mentioned that operating cash flow was $2.9 million for the quarter versus $900,000 a year ago. Is that increase primarily head count related or is it some other operational items?

是的，謝謝。關於現金流的問題，您提到本季的營運現金流為 290 萬美元，而去年同期為 90 萬美元。增加的數量主要與員工人數有關嗎，還是與其他一些營運項目有關？

Hi, Greg. Thanks for joining. Happy to give you some information of who they'd like to add in. It also represents significant project development costs as we've been moving the project forward on schedule, engineering and other related project development costs are included in that. Uday, if you have anything to add.

你好，格雷格。感謝您的加入。很高興向您提供一些他們想要添加的人的信息。這也代表著大量的項目開發成本，因為我們一直在按計劃推進項目，其中包括工程和其他相關的項目開發成本。Uday，如果您還有什麼要補充的話。

Yeah, no, Roshan, that's right. And also, Greg, to your point, yes, a lot of it when you look year over year is primarily operational cost increases, with going public as well as, additional hires that we've had over the past year have contributed that significantly as well.

是的，不，Roshan，沒錯。而且，格雷格，正如你所說，是的，如果你逐年觀察，其中很大一部分主要是營運成本的增加，而上市以及我們在過去一年中招募的更多員工也對此做出了重大貢獻。

Got you. Okay. Thank you.

明白了。好的。謝謝。

Thanks, Greg.

謝謝，格雷格。

(Operator Instructions) Tate Sullivan, Maxim Group.

（操作員指示）泰特·沙利文（Tate Sullivan），馬克西姆集團（Maxim Group）。

Thank you, Roshan, can you review your comments? Have you seen more BLE equipment pilot facilities installed at at locations of oil runoff production runoff water? Is that what you mentioned earlier?

謝謝你，Roshan，你能回顧一下你的評論嗎？您是否看過更多在石油徑流生產徑流水位置安裝的BLE設備試辦設施？這就是你之前提到的嗎？

Hi Tate, thanks for the question. Yeah, we've seen ramp up in upstream activity, from both a traditional lithium supply chain and oil and gas produced water, so multiple commercial grade DLE columns have been deployed as well as more testing from a pilot perspective on produced water throughout the United States. So we see a ramp up in both of those activities.

你好，Tate，謝謝你的提問。是的，我們看到上游活動不斷增加，包括傳統的鋰供應鏈和石油和天然氣生產水，因此已經部署了多個商業級 DLE 柱，並從試點角度對全美各地的生產水進行了更多測試。因此，我們看到這兩項活動都在增加。

And then might it be part of the fell or the final engineering, the engineering study that you're scheduled to receive the final of this quarter in in terms of will you have to have a pilot facility yourselves first to shows.

那麼它可能是最終工程的一部分，或者是您計劃在本季度收到的最終工程研究，就您是否必須先擁有一個試點設施來進行展示而言。

Future customers that you are producing battery grade from the equipment process or or is that not are you just going first the train one construction and then running low capacity initially to provide samples of battery grade lithium.

未來的客戶，您正在從設備流程中生產電池級產品，或者您不是先進行一次列車建設，然後最初運行低容量以提供電池級鋰樣品。

Yeah, so we've made the determination that for our midstream conversion processing facility we are using proven and established off the shelf technology that has been industry proven for a long time so a pilot facility for the midstream is not what's required for upstream feedstock supplies, piloting is required so you know there are pilots. An upstream perspective and we are able to create, potentially create samples using our existing process in concert with our vendors for, potential qualification opportunities.

是的，所以我們已經決定，對於我們的中游轉化處理設施，我們將使用經過行業長期驗證的成熟現成技術，因此中游的試點設施不是上游原料供應所需要的，試點是必需的，所以你知道有試點。從上游的角度來看，我們能夠利用現有流程與供應商協作來創建樣品，以獲得潛在的資格認證機會。

So given that it these are proven and established off the shelf technologies that we can resize as needed, it limits a lot of that technology risk from the processing.

因此，鑑於這些都是經過驗證和建立的現成技術，我們可以根據需要調整其大小，這限制了處理過程中的許多技術風險。

And last for me you mentioned being off the shelf technologies and equipment has is is part of what Primera is doing to identifying potential domestic suppliers of equipment? Can this be be from custom manufacturing outsourcing facilities, or will there still be an amount of equipment that you'll have to insource or or import rather or to be determined.

最後，您提到現成的技術和設備是 Primera 為尋找潛在的國內設備供應商所做工作的一部分嗎？這可以來自客製化製造外包設施嗎，或者是否仍需要內部採購或進口一定數量的設備，或者有待確定。

Yeah, good question relevant in our times now. And so we have made a considerable effort to source domestically as much as possible.

是的，這個問題問得非常好，與我們現在的時代息息相關。因此，我們做出了巨大努力，盡可能在國內採購。

We have made a deliberate effort to exclude any equipment or technology from foreign entities of concern, including China, and so we've created a lot of guardrails on sourcing. And procuring products, there will be some machinery that comes outside of the United States but from friendly jurisdictions, and then we also have the ability to leverage the free trade zone at Port Muskogee for additional offsets to potential tariffs, critical minerals, especially lithium and refining has been carved out as per my understanding, from these tariffs as well.

我們刻意排除包括中國在內的令人擔憂的外國實體的任何設備或技術，因此我們在採購方面設置了許多障礙。在採購產品時，會有一些機械來自美國境外但友好的司法管轄區，然後我們還可以利用馬斯科吉港的自由貿易區來額外抵消潛在的關稅，關鍵礦物，特別是鋰和精煉，根據我的理解，也已從這些關稅中剔除。

Thank you very much.

非常感謝。

Thank you, Tate. Thanks for joining us today.

謝謝你，泰特。感謝您今天加入我們。

Thank you. That is all the time we have for questions and answers. This concludes today's program. Thank you all for participating. You may now disconnect.

謝謝。這就是我們用來提問和回答的所有時間了。今天的節目到此結束。感謝大家的參與。您現在可以斷開連線。