Stardust Power Inc (SDST) 2025 Q3 法說會逐字稿

Good afternoon and welcome to Stardust Power Inc's third quarter 2025 earnings call. My name is Tawanda, and I'll be your operator today. Before this call, Stardust Power issued its financial results for the third quarter ended 2025 in a press release.

下午好，歡迎參加星塵能源公司2025年第三季財報電話會議。我叫塔萬達，今天由我來為您接聽電話。在此次電話會議之前，星塵能源公司透過新聞稿發布了截至 2025 年第三季的財務業績。

Joining us on today's call are Stardust Powers founder and CEO, Roshan Pujari and CFO, Uday Devasper. Following their remarks, we will open the call for questions. Before we begin, Johanna Gonzalez, Stardust Power's Director of Investor relations and communications, will make a brief introductory statement. Ms. Gonzalez, please proceed.

今天參加電話會議的有 Stardust Powers 的創辦人兼執行長 Roshan Pujari 和財務長 Uday Devasper。在他們發言結束後，我們將開放提問環節。在正式開始之前，星塵能源公司投資者關係與傳播總監喬安娜·岡薩雷斯將作簡短的介紹性演講。岡薩雷斯女士，請繼續。

Thank you, operator, and good afternoon, everyone. Before management begins their formal remarks today, 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.

謝謝接線員，大家下午好。在管理階層今天正式發言之前，我們想提醒大家，我們今天所作的一些陳述可能被視為證券法意義上的前瞻性陳述，並涉及許多風險和不確定性。

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.

因此，我們提醒您，有許多因素（其中許​​多因素是我們無法控制的）可能導致實際結果和事件與前瞻性聲明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.

有關我們前瞻性聲明的更詳細的風險、不確定性和假設，請參閱我們的獲利報告和向美國證券交易委員會提交的公開文件中的揭露資訊。除法律另有規定外，我們不承擔任何義務或責任更新前瞻性陳述以反映前瞻性陳述發布之日後發生的情況或事件。

We refer you to our filings with the SEC for 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 Stratus Power's SEC filings by visiting the SEC website at www.sec.gov. I would like to remind everyone this call is being recorded and will be made available for replay via a link available in the investor relations section of Stardust Power's website.

有關我們業務的詳細揭露和描述，以及不確定性和其他可變情況（包括但不限於我們在最近提交的文件中「風險因素」標題下確定的風險和不確定性），請參閱我們向美國證券交易委員會提交的文件。您可以透過造訪美國證券交易委員會（SEC）網站www.sec.gov取得Stratus Power提交給SEC的文件。我在此提醒各位，本次電話會議正在錄音，錄音回放將透過Stardust Power網站投資者關係部分的連結提供。

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

現在我將把電話交給星塵能源公司的執行長羅山·普賈裡。

Thank you, Johanna, and thank you all for joining us today. Welcome to the Stardust Power Q3 2025 earnings call. It's been an active quarter all around. Markets are aligning. Policy momentum is thriving, and government engagement in lithium and across the critical mineral sector is reaching new levels.

謝謝喬安娜，也謝謝各位今天蒞臨現場。歡迎參加 Stardust Power 2025 年第三季財報電話會議。本季各方面都非常活躍。市場正在趨於一致。政策勢頭強勁，政府對鋰及其他關鍵礦產領域的參與度正在達到新的水平。

All of this underscores the important role Stardust Power plays in securing America's energy future. It's also been an exceptionally busy time for our team as we continue advancing on all fronts of the business.

這一切都凸顯了星塵能源公司在保障美國能源未來的重要角色。對於我們的團隊來說，這段時間也異常忙碌，因為我們在業務的各個方面都在繼續前進。

At the core, Stardust Power's business model is fully aligned with US policy objectives. We aggregate and unlock the lithium supply that might not otherwise reach the market. We will refine it here in the heartland of America. Our goal is to build a secure American domestic supply chain for battery grade lithium.

從本質上講，星塵能源的商業模式與美國的政策目標完全一致。我們整合並釋放原本可能無法進入市場的鋰供應。我們將在美國腹地對其進行完善。我們的目標是建立一條安全的美國國內電池級鋰供應鏈。

We continue to be strategically aligned with national energy priorities focused on onshoring critical minerals and reducing reliance on foreign supply. As federal and state incentives accelerate investment in domestic midstream and upstream processing, we believe our speed to market and disciplined approach provide a meaningful competitive advantage. Stepping back, let's look at what's happening in the lithium market overall.

我們繼續在戰略上與國家能源優先事項保持一致，重點是將關鍵礦產資源納入國內生產，減少對外國供應的依賴。隨著聯邦和州政府的激勵措施加速對國內中游和上游加工的投資，我們相信，我們快速進入市場和嚴謹的方法將帶來顯著的競爭優勢。讓我們退後一步，看看鋰市場整體的現況。

The global lithium market is fundamentally strong demand continues to grow, driven by EVs, energy storage, handheld electronics, and other critical technologies. Globally, some regions are catching up, but in the US, the bottleneck isn't lithium or raw materials, it's processing capacity. That's the choke point in the supply chain, and building it domestically is non-negotiable if we want to secure our future.

全球鋰市場基本面強勁，在電動車、儲能、手持電子產品和其他關鍵技術的推動下，需求持續成長。在全球範圍內，有些地區正在迎頭趕上，但在美國，瓶頸不在於鋰或原料，而在於加工能力。這是供應鏈的瓶頸，如果我們想要確保未來，那麼在國內建造它是不容商榷的。

Over the upcoming years, new North American production will deliver meaningful supply, strengthening US availability and advancing a secure homegrown lithium supply chain. Stardust Power is critical to our energy security.

未來幾年，北美新的鋰產量將帶來可觀的供應，增強美國的鋰供應能力，並推動安全可靠的本土鋰供應鏈的建設。星塵能源對我們的能源安全至關重要。

The geopolitical landscape further supports our strategy. Recent US policy actions from executive orders to expanded federal and state incentives, reinforced the need for a secure domestic critical mineral supply chain.

地緣政治格局進一步支持了我們的戰略。從行政命令到擴大聯邦和州政府的激勵措施，美國近期採取的政策行動，進一步強調了建立安全可靠的國內關鍵礦產供應鏈的必要性。

At the same time, ongoing trade tensions and export restrictions from China are underscoring the strategic importance of onshoring refining in this environment. Stardust Power stands out as one of a handful of companies positioned to deliver battery grade lithium carbonate refined in America for America. Advancing both energy independence and industrial resilience in the near term.

同時，持續不斷的貿易緊張局勢和來自中國的出口限制凸顯了在當前環境下將煉油業務遷回國內的戰略重要性。Stardust Power 是少數幾家能夠為美國市場提供在美國精煉的電池級碳酸鋰的公司之一。短期內推進能源獨立和工業韌性。

Global lithium demand remains strong. Other key materials such as copper, nickel, rare earths, and other critical minerals are following similar trends, supporting steady investment and underscoring the strategic value of domestic production.

全球鋰需求依然強勁。銅、鎳、稀土和其他關鍵礦物等其他重要材料也呈現類似的趨勢，支撐著穩定的投資，凸顯了國內生產的戰略價值。

For Stardust Power, this reinforces our focus on moving quickly to market and capturing value in a growing supply constrained landscape. Momentum is also building on the policy front. The US government approach to critical minerals is evolving to strengthen domestic supply chains through strategic partnerships and equity participation.

對於 Stardust Power 而言，這更加堅定了我們快速進入市場並在日益受限的供應環境中獲取價值的決心。政策方面也正在形成一股勢頭。美國政府對關鍵礦產資源的管理方式正在轉變，旨在透過戰略夥伴關係和股權參與來加強國內供應鏈。

Notably, the DOE renegotiated its existing loan to lithium Americas, securing a 5% equity stake in the company and a further 5% economic interest in its Thacker Pass project in Nevada. Similarly, the US government has arranged to take a roughly 10% stake in Trilogy Metals, advancing the Ambler Metals Project in Alaska, and reinforcing national security objectives.

值得注意的是，美國能源部重新談判了對美洲鋰業公司的現有貸款，獲得了該公司 5% 的股權以及在該公司位於內華達州的 Thacker Pass 項目中 5% 的經濟權益。同樣，美國政府已安排收購 Trilogy Metals 約 10% 的股份，以推進阿拉斯加的 Ambler Metals 項目，並加強國家安全目標。

Meanwhile, the rare earth sector has attracted increased government participation and support, all of which create a stronger, more stable investment environment for the broader domestic critical minerals industry. While these policy and regulatory tailwinds benefit the sector and support companies directly, it is important to note that our business model is fully self-sustaining.

同時，稀土產業吸引了更多政府的參與和支持，所有這些都為更廣泛的國內關鍵礦產產業創造了更強大、更穩定的投資環境。雖然這些政策和監管方面的利多因素有利於該行業並直接支持企業，但值得注意的是，我們的商業模式是完全自給自足的。

We are not reliant on government funding to advance our project or achieve profitability. Our planned refinery, disciplined timing, and low-risk technology platform position us to capitalize on favorable market and policy conditions while delivering battery grade lithium independently and profitably.

我們推進專案或實現獲利並不依賴政府資金。我們規劃的煉油廠、嚴謹的時間表和低風險的技術平台使我們能夠利用有利的市場和政策條件，同時獨立且盈利地生產電池級鋰。

While any outside funding from the government or other state sources would be welcomed, it is additive to our project. Our business model still works if such funds are not received. The lithium market has begun to stabilize following the correction earlier this year, with prices improving modestly as inventories normalize and near-term oversupply concerns ease.

雖然我們歡迎來自政府或其他國家機構的任何外部資金，但這對我們的計畫來說是錦上添花。即使沒有收到這些資金，我們的商業模式仍然有效。今年稍早的調整後，鋰市場已開始穩定，隨著庫存恢復正常和短期供應過剩擔憂緩解，價格略有回升。

While global production continues to expand, new capacity in South America and China has faced commissioning delays in grade variability, keeping the market tighter than expected. Demand fundamentals remain strong. Supported by sustained growth in electric vehicles and stationary storage, both of which continue to exceed long-term forecast.

儘管全球產量持續成長，但南美洲和中國的新產能因鋼材等級波動而面臨投產延遲，導致市場供應比預期更緊張。需求基本面依然強勁。得益於電動車和固定式儲能的持續成長，這兩項指標均持續超過長期預測。

We are also seeing the early formation of a North American lithium pricing environment that is beginning to separate from the traditional China, Japan, re benchmark. Regional demand from battery and cathode producers seeking low carbon domestically sourced material is growing rapidly.

我們也看到北美鋰價格環境正在初步形成，並開始與傳統的中國、日本等基準價格區分開來。電池和正極材料生產商對國內低碳原料的需求正在迅速成長。

And this localized demand is helping establish a market premium for North American lithium. This decoupling represents an important structural shift, one that reinforces the strategic value of domestic refining capacity.

這種在地化需求正在幫助北美鋰建立市場溢價。這種脫鉤代表著重要的結構性轉變，強化了國內煉油能力的戰略價值。

Looking ahead, the supply-demand balance is expected to tighten again toward the latter half of the decade as slower project development and higher financing costs constrain new supply. Against this backdrop, the outlook for lithium remains strong, with steady pricing recovery anticipated through 2026.

展望未來，隨著專案開發速度放緩和融資成本上升限制了新的供應，預計到本十年後半期，供需平衡將再次收緊。在此背景下，鋰的前景依然強勁，預計到 2026 年價格將穩定回升。

These dynamics favor US refineries like Stardust Power, which can convert regional lithium chloride feedstock into high purity battery grade carbonate for the domestic market, capturing value from both the policy tailwinds and evolving regional price differentials.

這些動態有利於像 Stardust Power 這樣的美國煉油廠，它們可以將區域鋰氯化物原料轉化為高純度電池級碳酸鹽，供應國內市場，從而從政策利好和不斷變化的區域價格差異中獲取價值。

Turning to upstream sourcing and supply updates and how we're securing feedstock for our refinery. The upstream lithium market is evolving towards lithium fluoride production. Lithium fluoride production offers several advantages over lithium carbonate for upstream producers, including lower capital intensity, faster time to market, and insulation from changes in battery chemistries.

接下來我們將討論上游採購和供應的最新情況，以及我們如何確保煉油廠的原料供應。鋰上游市場正朝氟化鋰生產方向發展。與碳酸鋰相比，氟化鋰生產為上游生產商提供了幾個優勢，包括資本密集度較低、上市時間較快以及不受電池化學成分變化的影響。

These factors allow producers to operate more efficiently and respond quickly to market demand. Stardust Power is uniquely positioned to capitalize on this evolution. Our Muskogee refinery is designed to aggregate supply from multiple sources and scale the production of battery grade lithium carbonate efficiently.

這些因素使生產商能夠更有效率地運營，並快速回應市場需求。Stardust Power 擁有得天獨厚的優勢，能夠充分利用這一發展趨勢。我們在馬斯科吉的精煉廠旨在整合來自多個來源的供應，並有效率地擴大電池級碳酸鋰的生產規模。

Critically, we are building one of the only independent lithium refineries outside of China, giving us a strategic advantage in serving North American and global battery markets. Against this backdrop of strong policy support, we are translating opportunity into supply agreements that secure a reliable quality feedstock pipeline to support our refinery and long-term growth.

至關重要的是，我們正在中國以外建造為數不多的獨立鋰精煉廠之一，這使我們在服務北美和全球電池市場方面擁有戰略優勢。在強有力的政策支持下，我們正在將機會轉化為供應協議，以確保可靠的優質原料供應管道，從而支持我們的煉油廠和長期發展。

Many of these agreements start out as letters of intent, but we can then work with our project finance partners on the execution of definitive documents. We make commercial decisions with financing in mind to construct an efficient capital step.

這些協議大多以意向書的形式開始，但之後我們可以與專案融資夥伴合作，簽署最終文件。我們在製定商業決策時會考慮融資因素，以建構高效率的資本運作機制。

During the quarter, we announced a letter of intent with Prairie Lithium to supply 6,000 metric tons per year of lithium carbonate equivalent in the form of lithium chloride. This feedstock will come from Prairie's Project in Saskatchewan, Canada, and be processed at our Muskogee refinery. Its location and scale directly support our centralized refining model, aggregating regional lithium chloride sources and refining into battery grade lithium carbon.

本季度，我們宣布與 Prairie Lithium 簽署了一份意向書，每年供應 6,000 公噸碳酸鋰當量（以氯化鋰的形式）。這些原料將來自加拿大薩斯喀徹溫省的 Prairie 項目，並將在我們的馬斯科吉煉油廠進行加工。其地理位置和規模直接支持我們的集中提煉模式，將區域鋰氯化物資源集中起來，提煉成電池級鋰碳。

Prairie is developing three pad sites for production, which can provide the feedstock. Currently, Prairie is building what they refer to as the largest commercial DLE project in North America. Partnering with Prairie strengthens our commercial position, de-risk phase one, and demonstrates tangible traction behind our strategy to anchor a North American lithium supply chain in the heartland of America.

Prairie公司正在開發三個生產場地，可以提供原料。目前，Prairie 正在建造他們所謂的北美最大的商業 DLE 項目。與 Prairie 合作增強了我們的商業地位，降低了第一階段的風險，並證明了我們在美國中心地帶建立北美鋰供應鏈的策略取得了切實進展。

Building on that momentum, we also signed a letter of intent with Mandrake resources to secure 7,500 metric tons per year of lithium carbonate equivalent in the form of lithium fluoride from their Utah lithium project.

乘著這股勢頭，我們還與 Mandrake Resources 簽署了一份意向書，以確保從其猶他州鋰項目中每年獲得 7,500 公噸碳酸鋰當量（以氟化鋰的形式）。

This high-quality US brine asset located in Paradox Basin within the Colorado Plateau benefits from strong infrastructure, a stable regulatory environment, and proximity to our Muskogee refinery, reducing transport costs and providing a reliable domestic feedstock source.

位於科羅拉多高原帕拉多克斯盆地的這一優質美國鹽水資產受益於強大的基礎設施、穩定的監管環境以及靠近我們馬斯科吉煉油廠的優勢，從而降低了運輸成本，並提供了可靠的國內原料來源。

These agreements reflect our broader strategy as an aggregator of North American lithium supply, consolidating feedstock, strengthening the midstream, and efficiently delivering battery grade lithium to the market.

這些協議體現了我們作為北美鋰供應聚合商的更廣泛策略，即整合原料、加強中游環節，並有效地向市場供應電池級鋰。

By prioritizing midstream conversion and aggregating supply, we de-risk supply and build a resilient US anchored supply chain. Our approach of aggregating sourcing of lithium chloride for conversion to carbonate is an innovative model in the industry, providing tangible benefits to both producers and the broader supply chain. This innovation continues to attract upstream partners, validating the model and reinforcing Stardust Power's leadership in creating a reliable domestic lithium ecosystem.

透過優先發展中游產業並整合供應，我們降低了供應風險，並建立了以美國為核心的、具韌性的供應鏈。我們整合氯化鋰資源並將其轉化為碳酸鋰的方法，是業界一種創新模式，為生產商和更廣泛的供應鏈帶來了實際的好處。這項創新不斷吸引上游合作夥伴，驗證了該模式，並鞏固了星塵能源在打造可靠的國內鋰生態系統方面的領先地位。

Turning to engineering and operations. During the quarter, we completed our FEL 3 study for the Muskogee refinery, a major milestone that brings Stardust power within reach of a final investment decision. The FEL 3 is a comprehensive front-end loaded engineering study of the refinery's design, cost, and execution plan led by Primary USA, a globally recognized EPC firm specializing in mining and lithium processing.

轉向工程和營運。本季度，我們完成了馬斯科吉煉油廠的 FEL 3 研究，這是一個重要的里程碑，使 Stardust 的電力專案離最終投資決策更近了一步。FEL 3 是由 Primary USA 領導的一項全面的前期工程研究，研究內容包括煉油廠的設計、成本和執行計劃。 Primary USA 是一家全球知名的 EPC 公司，專門從事採礦和鋰加工。

The study confirms phase one capacity of 25,000 metric tons per year of battery grade lithium carbonate, expandable to 50,000 tons in phase two, making it one of the largest planned refineries in the US. Phase one capital expenditures are estimated at approximately $500 million, nearly $200 million below prior estimates, with a 90% probability factor inclusive of owner's cost, contingency, and escalation.

研究證實，第一期工程電池級碳酸鋰的年產能為 25,000 公噸，第二期工程產能可擴大至 50,000 公噸，使其成為美國計畫中最大的煉油廠之一。第一階段資本支出預計約為 5 億美元，比先前的估計低近 2 億美元，機率係數為 90%，其中包括業主成本、緊急費用和成本上漲。

Construction is expected to take roughly 24 months to reach mechanical completion. The study incorporates 3D modeling and the AACE Class 3 refined cost estimate, providing a clear technical definition. Budgetary analysis and reduced project risk.

預計施工大約需要 24 個月才能完成機械部分。該研究採用了 3D 建模和 AACE 3 級精細化成本估算，提供了清晰的技術定義。預算分析和降低專案風險。

Our air permit is administratively complete following an internal review by ODEQ, and we are awaiting approval once a technical review is complete. Meanwhile, our engineering team is coordinating with OG&E on site infrastructure under the updated will serve agreement for power.

經過俄勒岡州環境品質部 (ODEQ) 的內部審查，我們的空氣許可證在行政上已經完成，我們正在等待技術審查完成後的批准。同時，我們的工程團隊正在根據更新的電力服務協議，與 OG&E 就現場基礎設施​​進行協調。

As previously communicated, a third-party independent engineering firm is finalizing the validation of the FEL report findings, with completion expected in the coming weeks. We look forward to sharing the final results with investors as soon as the review is complete.

正如先前所溝通的那樣，第三方獨立工程公司正在最終驗證 FEL 報告的結果，預計將在未來幾週內完成。我們期待在審查完成後儘快與投資者分享最終結果。

Turning from our operations and engineering to our commercial update. Stardust Power continues to explore further sales agreements from our future lithium production. As previously disclosed in our form 8k filing, the company signed a letter of intent with a major global trading house to supply up to 20,000 metric tons per year of battery grade lithium carbonate to their US customers, with an option to increase volumes to 25,000 metric tons per year over an 18-year term.

接下來，我們將從營運和工程方面轉向商業方面的最新進展。星塵能源將繼續探索未來鋰生產的更多銷售協議。正如我們在 8k 表格文件中先前披露的那樣，公司與一家全球大型貿易公司簽署了一份意向書，每年向其美國客戶供應高達 20,000 公噸的電池級碳酸鋰，並可選擇在 18 年期限內將供應量增加到每年 25,000 公噸。

This represents approximately 80% of phase one capacity. And 40% of total refinery output once fully operational, with the possibility to extend to 25,000 metric tons per year, which is 100% of phase one capacity and 50% of total phase one and phase two capacity. Discussions remain active and once feedstock testing is complete, we can move toward a definitive offtake agreement.

這約佔第一期工程產能的 80%。全面投產後，將佔煉油廠總產量的 40%，並有可能擴大到每年 25,000 公噸，即一期產能的 100%，以及一期和二期總產能的 50%。討論仍在進行中，一旦原料測試完成，我們就可以著手達成最終的承購協議。

In parallel, the company is engaged in commercial discussions with additional potential buyers, including global OEMs, automakers, and battery manufacturers. While pricing remains preliminary, we anticipate a balanced structure combining fixed price uptake and spot market exposure to manage both revenue stability and upside potential.

同時，該公司正與其他潛在買家進行商業洽談，包括全球整車製造商、汽車製造商和電池製造商。雖然定價仍處於初步階段，但我們預計會採用平衡的結構，將固定價格的採用與現貨市場曝險相結合，以兼顧收入穩定性和成長潛力。

The recently announced pricing structure proposed by the Department of War for MP materials deal provides a good platform to consider other such critical commodities like lithium. Market dynamics continue to evolve in our favor with early signs of decoupling between North American and Asian lithium pricing.

美國戰爭部最近公佈的MP材料交易定價結構為考慮其他此類關鍵商品（如鋰）提供了良好的平台。市場動態持續朝著對我們有利的方向發展，北美和亞洲鋰價出現脫鉤的早期跡象。

This emerging North American premium for battery grade lithium underscores the strategic value of domestic supply and positions Stardust Power to benefit as regional demand accelerates. Beyond our commercial progress, Stardust Power remains committed to engaging with our local communities and shaping state and federal energy conversations.

北美電池級鋰的溢價正在顯現，這凸顯了國內供應的戰略價值，並使 Stardust Power 能夠在區域需求加速成長時受益。除了商業上的進展，星塵能源公司仍然致力於與當地社區互動，並參與州和聯邦層面的能源對話。

We continue to take an active role in the communities where we operate and in Oklahoma's broader energy dialogue. We're not just building a refinery, we're building relationships that matter, partnering with civic, business, and policy leaders to strengthen the state's clean energy and industrial base.

我們將繼續在我們營運所在的社區以及俄克拉荷馬州更廣泛的能源對話中發揮積極作用。我們不僅僅是在建造煉油廠，我們還在建立重要的關係，與公民、商業和政策領導人合作，以加強該州的清潔能源和工業基礎。

This quarter, we proudly sponsored and participated in the Tulsa Renewable Business Alliance's Electric Connections Summit, where our team joined more than 150 energy professionals to discuss Oklahoma's renewable future.

本季度，我們榮幸地贊助並參與了塔爾薩可再生能源商業聯盟的電力連接峰會，我們的團隊與 150 多位能源專業人士一起探討了俄克拉荷馬州可再生能源的未來。

Grid modernization, and workforce readiness. We also sponsored the 34th annual Environmental Federation of Oklahoma meeting and trade show, supporting dialogue among regulators, industry, and tribal leaders, including the Oklahoma Department of Environmental Quality, EPA Region 6, and the Cherokee Nation, as they prepare for evolving environmental frameworks from Washington DC.

電網現代化和勞動力準備。我們也贊助了俄克拉荷馬州環境聯合會第 34 屆年會暨貿易展覽會，支持監管機構、產業和部落領導人之間的對話，其中包括俄克拉荷馬州環境品質部、美國環保署第六區和切諾基民族，因為他們正在為華盛頓特區不斷變化的環境框架做好準備。

Beyond sponsorships, our team engaged directly with regional and federal stakeholders. We participated in the Tulsa Regional Chambers Congressional Forum and TRBA partner showcase, connecting with Oklahoma's energy and business leaders to share how lithium refining can strengthen domestic supply chains and attract new investment into the state.

除了贊助之外，我們的團隊還直接與地區和聯邦利益相關者進行了溝通。我們參加了塔爾薩地區商會國會論壇和TRBA合作夥伴展示會，與俄克拉荷馬州的能源和商業領袖交流，分享鋰精煉如何加強國內供應鏈並吸引新的投資進入該州。

We also contributed to the Tulsa Regional Chamber's One Voice Task Force on energy, economic development, and transportation, helping shape state and federal legislative priorities ahead of the One Voice Policy summit in November. In addition, we took part in the Oklahoma State Chamber Fall Policy Committee focused on the state's 2026 legislative agenda.

我們也為塔爾薩地區商會的「統一聲音」能源、經濟發展和交通運輸工作小組做出了貢獻，幫助制定了州和聯邦立法優先事項，為 11 月的「統一聲音」政策高峰會做準備。此外，我們還參加了俄克拉荷馬州商會秋季政策委員會，重點關注該州 2026 年的立法議程。

At the community level, our participation in Leadership Muskogee Class 32, a nine-month leadership program uniting business and civic leaders, reflects our commitment to listening and learning and contributing directly to Muskogee's growth as our project advances.

在社區層面，我們參與了為期九個月的領導力計畫“馬斯科吉領導力培訓班 32”，該計畫旨在聯合商業和公民領袖，這體現了我們致力於傾聽和學習，並在計畫推進的過程中直接為馬斯科吉的發展做出貢獻。

On the federal front, we contributed to the US Department of Energy's 2026 Critical Materials assessment update and joined the Domestic Critical Minerals and Materials supply Workshop where the administration reaffirmed domestic mineral independence as a national security priority. We intend to remain an active voice in that national discussion.

在聯邦層面，我們為美國能源部 2026 年關鍵材料評估更新做出了貢獻，並參加了國內關鍵礦產和材料供應研討會，政府重申了國內礦產獨立是國家安全的優先事項。我們打算繼續積極參與這場全國性的討論。

Together, these efforts demonstrate Stardust Power's commitment to responsible growth grounded in partnership, participation, and a clear understanding of where our work aligns with the needs of our communities, state, and country.

這些努力共同表明了星塵電力公司致力於負責任的成長，這種成長建立在夥伴關係、參與以及對自身工作與社區、州和國家需求相契合的清晰理解之上。

Turning to personnel and organizational updates, we're pleased to welcome Mr. Kenneth Pitts as Director of Construction and Subcontracts as we advance our refinery and project development. Ken brings expertise in large scale project execution, having successfully done multiple chemical and mining projects from feasibility through production. He will report to Randy Harris, project director.

在人事和組織更新方面，我們很高興地歡迎 Kenneth Pitts 先生擔任施工和分包總監，以推進我們的煉油廠和專案開發。Ken 在大型專案執行方面擁有豐富的經驗，曾成功完成多個化學和礦業項目，從可行性研究到生產製造。他將向專案總監蘭迪·哈里斯匯報工作。

His addition further strengthens our leadership team, accelerates operational readiness, and ensures we have the experience in place to execute our production and growth objectives. Earlier this quarter, we completed a one for 10 reverse stock split, a necessary step to maintain our Nasdaq listing and strengthen our position in the public markets.

他的加入進一步加強了我們的領導團隊，加快了營運準備速度，並確保我們擁有執行生產和成長目標所需的經驗。本季度早些時候，我們完成了 1 比 10 的反向股票分割，這是維持我們在納斯達克上市地位並加強我們在公開市場地位的必要步驟。

As of October 27, we are fully compliant with the Nasdaq and trading on the Nasdaq capital market, well positioned to move forward with confidence. This move was not about our fundamentals, but about ensuring continued access to capital and aligning our share structure with the long-term growth of the company. We have moved through key milestones including completing engineering and advancing permitting.

截至 10 月 27 日，我們已完全符合納斯達克的要求，並在納斯達克資本市場進行交易，我們已做好充分準備，充滿信心地向前邁進。此舉並非出於公司基本面考慮，而是為了確保持續獲得​​資金，並使我們的股權結構與公司的長期發展一致。我們已經完成了多個關鍵里程碑，包括完成工程設計和推進許可審批。

Turning now to project finance, significant progress has been made. The independent engineer's third-party validation of the FEL 3 is nearing completion, marking a key milestone to support due diligence from investors and lenders.

現在來看專案融資，已經取得了顯著進展。獨立工程師對 FEL 3 的第三方驗證即將完成，這標誌著支持投資者和貸款人進行盡職調查的關鍵里程碑。

Financial modeling is completed and we have engaged key advisors across the market in insurance and legal work streams. The prerequisite activities to reach final investment decisions are well advanced, following several key catalysts with ongoing completion of pre-detailed design and testing work, supply strategy execution, and securing full permitting ahead of debt and equity funding to support our phase one construction.

財務建模已完成，我們已聘請保險和法律領域的關鍵顧問參與相關工作。在多個關鍵催化劑的推動下，為做出最終投資決定，各項先決活動已取得良好進展，包括正在完成的詳細設計和測試工作、供應策略的執行，以及在債務和股權融資之前獲得全部許可，以支持我們的第一階段建設。

Before I hand it over to our CFO, Uday Devasper, I would like to close with a clear message. We're moving fast and we're moving with purpose. Everything we've done this quarter, advancing commercial discussions, de-risking engineering, securing feedstock, and maintaining capital discipline is aimed squarely at one thing reaching final investment decision and commissioning phase one of our Muscogee project.

在將它交給我們的財務長烏代·德瓦斯珀之前，我想以一個明確的訊息作為結尾。我們行動迅速，而且目標明確。本季我們所做的一切，包括推動商業談判、降低工程風險、確保原料供應以及保持資本紀律，都只有一個目標：達成最終投資決定並啟動我們的馬斯科吉專案第一階段。

Speed to market is imperative. Companies that can execute early with qualified product and substantive partnerships will define the US lithium landscape, and Stardust Power intends to be one of them. We're building the right foundation long-term supply optionality, strategic offtake, and growing alignment with federal and state partners who see the importance of domestic refining.

上市速度至關重要。能夠及早推出合格產品並建立實質合作夥伴關係的公司將定義美國鋰產業格局，而 Stardust Power 打算成為其中之一。我們正在建立正確的基礎，包括長期供應選擇權、策略性承購以及與聯邦和州合作夥伴日益緊密的合作，他們都看到了國內煉油的重要性。

We're focused on value creation, and every action we take is designed to deliver returns to our shareholder as the market evolves.

我們專注於創造價值，我們採取的每一項行動都是為了隨著市場的發展為股東帶來回報。

With that, I'll turn it over to Uday to review our financial performance for the quarter.

接下來，我將把發言權交給烏代，讓他來回顧我們本季的財務表現。

Thank you, Roshan, and good afternoon, everyone, and thank you for joining our earnings call for the Q3 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.

謝謝羅珊，大家下午好，感謝各位參加我們2025年第三季財報電話會議。在開始之前，我想澄清一下，本次電話會議期間我們不會提供任何前瞻性指導或預測。我們將重點討論我們過去的業績和目前的業務狀況。我們建議您查閱我們向美國證券交易委員會提交的文件，以獲取更詳細的資訊。

First, a few developments during the quarter and subsequent to the quarter end. We took several important steps to strengthen our capital market position. As Roshan noted, we successfully regained compliance with Nasdaq listing requirements, and our common stock and warrants continue to trade on the Nasdaq capital market following the completion of Nasdaq's review.

首先，介紹一下本季及季末之後發生的一些事態發展。我們採取了幾項重要措施來加強我們在資本市場的地位。正如羅珊所指出的，我們已成功重新符合納斯達克上市要求，在納斯達克完成審查後，我們的普通股和認股權證繼續在納斯達克資本市場交易。

As part of this process, we completed a one for 10 reverse stock split on September 8, a necessary step to maintain our listing and ensure ongoing access to public markets. All share and per share figures have been adjusted, and historical numbers have been restated to reflect the split.

作為此過程的一部分，我們於 9 月 8 日完成了 1 比 10 的反向股票分割，這是維持我們上市地位並確保持續進入公開市場的必要步驟。所有股份和每股數據均已調整，歷史數據已重述以反映股份拆分。

We also effectively utilize our [Bareilly] at the market facility, raising approximately $1.6 million in gross proceeds during the quarter and post-quarter to support ongoing project development supported by strong liquidity volumes.

我們還有效地利用了我們在巴雷利的市場融資管道，在本季度和季度後籌集了約 160 萬美元的總收益，以支持正在進行的項目開發，並依靠強勁的流動性規模。

Taken together, these actions leave us fully compliant with Nasdaq with a stronger balance sheet and continued access to growth capital, putting Stardust Power in a solid position to advance our project and deliver long-term shareholder value.

綜合來看，這些舉措使我們完全符合納斯達克的要求，擁有更強勁的資產負債表，並能持續獲得成長資本，使星塵電力公司處於穩固的地位，能夠推進我們的項目並為股東創造長期價值。

Subsequent to the quarter end, we entered into a warrant exchange agreement with an institutional investor. Under the agreement, the investor exchanged warrants for roughly 731,000 newly issued common shares. This transaction strengthens our capital structure and simplifies our equity base.

季度末之後，我們與一家機構投資者簽訂了認股權證交換協議。根據協議，該投資者以認股權證換取了約 731,000 股新發行的普通股。此交易增強了我們的資本結構，簡化了我們的股權基礎。

By retiring these warrants now, we've removed uncertainty regarding a sizable future dilution overhang and improved transparency around our share count. It also signals our confidence in the business and our upcoming milestones.

透過現在註銷這些認股權證，我們消除了未來可能出現的大幅股權稀釋的不確定性，並提高了我們股份數量的透明度。這也顯示了我們對公司業務和即將取得的里程碑的信心。

In short, this exchange reduces complexity, aligns our investors for the long-term, and positions as well as we move toward final investment decision and full-scale lithium carbonate production. Turning to the financials for Q3 2025, the company is pre revenue currently, as reported in our filings previously.

簡而言之，這種交換降低了複雜性，使我們的投資者能夠長期保持一致，並為我們最終做出投資決定和全面生產碳酸鋰做好準備。展望 2025 年第三季的財務狀況，正如我們先前提交的文件中所報告的那樣，該公司目前尚未實現收入。

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 borrowings to fund the company's operating and investing activities over the next year.

我們能否滿足未來 12 個月的營運資金和資本支出需求，取決於我們能否透過發行股票籌集額外資金或接受借款來為公司未來一年的經營和投資活動提供資金。

As of Q3 '25, we had cash and cash equivalents of $1.6 million on hand compared to $0.9 million as of December 31, 2024. As of current quarter end, we had no long-term debt. We have devoted substantial efforts and financial resources to invest into our project, raise capital, and organize and staff the company. As a result, the company has incurred significant operating losses.

截至 2025 年第三季度，我們手頭現金及現金等價物為 160 萬美元，而截至 2024 年 12 月 31 日，該金額為 90 萬美元。截至本季末，我們沒有長期債務。我們投入了大量精力和財力來投資我們的項目，籌集資金，並組織和配備公司人員。因此，該公司遭受了重大經營虧損。

As of Q3 '25 and Q3 '24, we had an accumulated deficit of $64.6 million and $43.1 million respectively. The company incurred a net loss of $4.5 million in Q3 '25, which was lowered by $5.6 million year over year. The decrease in net loss is primarily driven by certain expenses related to the close of the business combination incurred in the prior year.

截至 2025 年第三季及 2024 年第三季度，我們分別累計虧損 6,460 萬美元及 4,310 萬美元。該公司 2025 年第三季淨虧損 450 萬美元，比去年同期減少了 560 萬美元。淨虧損減少主要是由於前一年發生的某些與企業合併結束相關的費用所致。

As we have not yet commenced commercial production of battery grade lithium carbonate, excluding the impact of costs related to the business combination, our net loss reflects the anticipated ramp in operating expenses.

由於我們尚未開始商業化生產電池級碳酸鋰，因此，不計業務合併相關成本的影響，我們的淨虧損反映了預期營運費用的成長。

These include higher consulting and professional service costs, personnel related costs, and general operational expenditures associated with advancing the build out of our facility and laying the groundwork for execution under our supply agreements.

這些費用包括更高的諮詢和專業服務成本、人員相關成本以及與推進我們設施建設和為履行我們的供應協議奠定基礎相關的營運支出。

Our loss per share improved to $0.53 for Q3 2025 compared to $2.23 in the prior quarter, primarily driven by a decrease in general and administrative expenses costs due to lower personnel related costs and increase in weighted average common shares from the recent public offerings.

2025 年第三季度，我們的每股虧損從上一季的 2.23 美元改善至 0.53 美元，這主要是由於人員相關成本降低以及近期公開發行導致加權平均普通股數量增加，從而降低了一般及行政費用。

Net cash used in operating activities decreased to $6.5 million for the nine months ended September 30, 2025, compared to $8.5 million in the prior year. The decrease is primarily driven by certain expenses related to the close of the business combination incurred in the prior year, offset partially by our continued investment in operations and hiring of key talent.

截至 2025 年 9 月 30 日的九個月，經營活動所用現金淨額減少至 650 萬美元，而去年同期為 850 萬美元。下降的主要原因是去年發生的與業務合併結束相關的某些費用，部分被我們對營運的持續投資和關鍵人才的招聘所抵消。

Net cash used in investing activities was $3 million for the nine months ended September 30, 2025, compared to $1.3 million in the prior year, primarily driven by initial capital investments made in the anticipated building of the refinery. Net cash provided by financing activities was $10.2 million for the nine months in September 30, 2025, representing a modest increase over the $10.1 million reported for the prior year period.

截至 2025 年 9 月 30 日的九個月，投資活動使用的淨現金為 300 萬美元，而去年同期為 130 萬美元，主要原因是為預期建設煉油廠而進行的初始資本投資。截至 2025 年 9 月 30 日的九個月內，融資活動產生的淨現金為 1,020 萬美元，比去年同期報告的 1,010 萬美元略有增長。

During the current period, cash provided by financing activities was driven primarily by $12 million in net proceeds from public offerings and warrant inducements and $1.6 million proceeds from common stock issuances offset partially by the repayment of $3.8 million of short-term loans.

本期融資活動提供的現金主要來自公開發行和認股權證激勵的淨收益 1,200 萬美元，以及普通股發行收益 160 萬美元，部分被償還的 380 萬美元短期貸款所抵銷。

The prior period financing cash flow resulted from cash received from closing of the business combination, including proceeds from the pipe subscription agreements and convertible notes, net of transaction costs paid.

上期融資現金流來自企業合併完成時收到的現金，包括管道認購協議和可轉換票據的收益，扣除已支付的交易成本。

And with that, I conclude my remarks and will turn it back over to you, Roshan.

至此，我的發言就結束了，現在把發言權交還給你，羅珊。

Thanks, Uday. We are now happy to take questions in line, operator.

謝謝你，烏代。我們現在很樂意接受線上提問，接線員。

(Operator Instructions). Joseph Reagor with ROTH Capital Partners.

（操作說明）Joseph Reagor，ROTH Capital Partners 合夥人。

Hey Roshan, Uday and the rest of the team, thanks for taking my questions. I guess the first thing you mentioned government financing. Is there any additional color you can give us as far as the type of conversations you're having with the government given the investments they've been making?

嗨，Roshan、Uday 和團隊其他成員，感謝你們回答我的問題。我想你首先提到的應該是政府融資。鑑於政府的投資，您能否就您與政府的對話內容提供更多細節？

Hi, Joe. Thanks so much for joining us this evening. So we are in deep conversations with the government at multiple levels, as we've all witnessed and referenced in the earnings report that there's strong federal interest in the area marked by equity investments and other forms of investment.

嗨，喬。非常感謝你今晚能來。因此，我們正在與各級政府進行深入對話，正如我們在獲利報告中所看到的和提到的，聯邦政府對這一領域表現出濃厚的興趣，這體現在股權投資和其他形式的投資上。

So we have been in deep discussion about our project which we believe is at the core of the government interest in promoting onshoring processing capacity. As the conversations progress, we're happy to keep you informed, that some of these conversations are ongoing.

因此，我們一直在深入討論我們的項目，我們認為該項目符合政府促進加工能力回流到國內的核心利益。隨著對話的進行，我們很高興地向您通報，其中一些對話仍在進行中。

Okay, thanks for the color there, and then if you think about, keeping the balance sheet afloat in the meantime, while you're working towards an FID and project level financing, what are the liquidity options you guys have, to maintain the balance sheet, and what do you think, we should expect for corporate expense over the next four quarters.

好的，謝謝你提供的這些資訊。那麼，如果你考慮一下，在你們努力做出最終投資決定和進行專案融資的同時，如何保持資產負債表的穩健，你們有哪些流動性選擇來維持資產負債表的穩定？你認為我們應該對未來四個季度的公司支出抱持什麼樣的預期？

Let me answer the first part of that question I'd like to turn it over to Uday, but you know there's a lot of optionality we have, increased volume since the summer gives us flexibility and how we can raise capital at the public company, including other types of options.

讓我來回答這個問題的第一部分。我想把它交給 Uday，但你知道我們有很多選擇，自夏季以來交易量的增加給了我們靈活性，也讓我們能夠以上市公司的形式籌集資金，包括其他類型的選擇。

So given that the non-project finance capital costs have already been incurred and largely paid for, including buying the land at 1.6. The 66 acres in Oklahoma and paying for the substantial fell three expense we have a limited, non-project capital costs moving forward and finality in how we can pay for those, regarding Outlook, maybe I'll turn it over to you then.

鑑於非專案融資資本成本已經發生並基本支付完畢，包括以 1.6 的價格購買俄克拉荷馬州 66 英畝土地以及支付大量的秋季費用，我們未來的非項目資本成本有限，而且關於如何支付這些成本的最終方案也已確定，關於前景展望，也許到時候我會把這個問題交給你來討論。

Hi Joe, nice to talk to you again and thanks for joining us. Yeah, as far as, forecast for the next four quarters, we don't provide forecast, but I think it's safe to say that, from an operational standpoint, the cost will be similar to what you're seeing right now, like Roshin mentioned.

嗨，喬，很高興再次和你聊天，感謝你加入我們。是的，至於未來四個季度的預測，我們不提供預測，但我認為可以肯定的是，從營運角度來看，成本將與目前的情況類似，就像羅辛提到的那樣。

Excluding project costs and CapEx that comes that will probably be, incurred as we move along in these next four quarters, from an operational perspective we've, we're trying to run a lean efficient ship, so, I would expect cost to be in a similar range, and again from an operational and, funding standpoint like Roshan mentioned there are multiple options available to us, including access to public markets.

撇開專案成本和未來四個季度可能產生的資本支出不談，從營運角度來看，我們正在努力實現精簡高效的運營，因此，我預計成本將處於類似的範圍內。同樣，從營運和融資的角度來看，正如羅珊所提到的，我們有多種選擇，包括進入公開市場。

Okay, thanks guys I'll turn it over.

好的，謝謝各位，我這就翻過來。

Thanks, Joe.

謝謝你，喬。

Thank you. As a reminder, ladies and gentlemen, press star 11 to ask the question. I'm showing no further questions in the queue. That concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。再次提醒各位，女士們先生們，按星號 11 提問。隊列中不再顯示其他問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。