On December 2, 2024, Governor of Oklahoma, J. Kevin Stitt, met with Roshan Pujari, the Founder and CEO of Stardust Power. This significant event marked the beginning of discussions regarding the upcoming construction of Stardust Power's lithium refinery in Muskogee, Oklahoma. Stardust Power, an American developer of battery-grade lithium products, has achieved a major milestone with the completion of its 66-acre site acquisition at the Southside Industrial Park. The General Permit for Stormwater Discharges from Construction Activities is in place, and with finalizing project financing, construction can now commence.

Key Permitting and Environmental Compliance

Stardust Power received the crucial permit from the Oklahoma Department of Environmental Quality and completed its Stormwater Pollution Prevention Plan (SWPPP). This plan incorporates best-in-class management practices to control stormwater discharges during construction and ensure compliance with environmental standards. It minimizes potential impacts on the surrounding area. In the coming weeks, the company plans to submit the remaining necessary permits, completing the final regulatory steps. This is a significant milestone for the company's mission to onshore manufacturing of battery grade lithium for US energy independence.

Site Selection and Advantages

In January 2024, Stardust Power chose Muskogee, Oklahoma for its lithium refinery. The state's central location and excellent access to multi-modal logistics were key factors. The site benefits from proximity to the country's largest inland waterway system, robust road and rail networks, and a skilled workforce with a foundation in the oil and gas sector. Oklahoma's leadership in sustainable energy aligns with Stardust Power's commitment to reducing its carbon footprint. The shovel-ready site near the Port of Muskogee offers construction and operational advantages, potentially speeding up timelines. After thorough due diligence, including environmental, technical, cultural, and logistical reviews, the site was confirmed as ideal. It also has an adjacent 40-acre parcel of land with a right of first refusal for future expansion.Roshan Pujari, Founder and CEO of Stardust Power, expressed excitement about entering the construction phase. He said, "With the land purchase complete and key permitting secured, we are excited to enter the construction phase in Muskogee. This milestone brings us closer to our mission of becoming a leading supplier of American battery-grade lithium. We are deeply grateful for the ongoing support from Governor Stitt, the Department of Environmental Quality, the Oklahoma Department of Commerce, the Tulsa Chamber, and the City and Port of Muskogee. Together, we endeavor to create hundreds of high-quality manufacturing jobs and keep Oklahoma at the forefront of America’s energy leadership. While the site’s infrastructure and logistics are outstanding, the true asset of Oklahoma is its people."

Support from Local Authorities and TIF District

Earlier this year, the City and County of Muskogee established a $27 million Tax Increment Financing ("TIF") district to support the project. The TIF is expected to fund key infrastructure improvements in the area, including upgrades to industrial roads, rail line rehabilitation, and the replacement of a trestle bridge. These improvements are crucial for the successful development of the refinery. Stardust Power intends to claim back certain related costs from TIF, which could reduce overall project costs and improve margins.

About Stardust Power Inc.

Stardust Power is a developer of battery-grade lithium products dedicated to bolstering America's energy leadership by building resilient supply chains. It is developing a strategically central lithium refinery in Muskogee, Oklahoma, with an anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The company is committed to sustainability at every stage. It trades on the Nasdaq under the ticker symbol "SDST." For more information, visit www.stardust-power.com.Stardust Power ContactsFor Investors: Johanna Gonzalez, investor.relations@stardust-power.comFor Media: Michael Thompson, media@stardust-power.comCautionary Note Regarding Forward-Looking StatementsCertain statements in this press release constitute "forward-looking statements." Such forward-looking statements are often identified by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "forecasted," "projected," "potential," "seem," "future," "outlook," and similar expressions that predict or indicate future events or trends or otherwise indicate statements that are not of historical matters. The foregoing list of factors is not exhaustive.Stockholders and prospective investors should carefully consider the foregoing factors, and the other risks and uncertainties described in documents filed by Stardust Power from time to time with the SEC.Stockholders and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which only speak as of the date made, are not a guarantee of future performance and are subject to a number of uncertainties, risks, assumptions and other factors, many of which are outside the control of Stardust Power. Stardust Power expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations of Stardust Power with respect thereto or any change in events, conditions or circumstances on which any statement is based.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/517788f6-c251-44e2-a037-b55a5adc0eab