Stardust Power Completes Front End Loading 3 Report (FEL 3) for Its Oklahoma Lithium Refinery
Stardust Power (NASDAQ:SDST) has completed its Front End Loading 3 (FEL 3) report for its planned lithium processing facility in Muskogee, Oklahoma. The report reveals significant optimizations, with Phase 1 capital expenditures reduced by $200 million to approximately $500 million, with 90% probability of achievement.
The facility's Phase 1 will produce 25,000 metric tons per annum of battery-grade lithium, expandable to 50,000 metric tons in Phase 2, positioning it as one of the largest planned lithium refineries in the U.S. Construction is expected to take 24 months from major construction start to mechanical completion.
The FEL 3 report, completed by Primero USA, includes comprehensive 3D process modeling and detailed cost estimates, with reduced contingency levels reflecting increased project definition. The facility will feature zero liquid discharge technology and create hundreds of local jobs in Oklahoma.
Stardust Power (NASDAQ:SDST) ha completato il report Front End Loading 3 (FEL 3) per l'impianto di trattamento del litio pianificato a Muskogee, Oklahoma. Il documento evidenzia significative ottimizzazioni: la spesa in conto capitale per la Fase 1 è stata ridotta di 200 milioni di dollari, arrivando a circa 500 milioni di dollari, con una probabilità di raggiungimento del 90%.
La Fase 1 dell'impianto produrrà 25.000 tonnellate metriche all'anno di litio per batterie, con possibilità di espansione a 50.000 tonnellate metriche nella Fase 2, collocando l'impianto tra i maggiori progetti di raffinazione del litio previsti negli Stati Uniti. La costruzione è stimata durare 24 mesi dal via dei lavori principali al completamento meccanico.
Il report FEL 3, redatto da Primero USA, comprende un dettagliato modello di processo 3D e stime dei costi approfondite, con livelli di contingenza ridotti grazie a una maggiore definizione del progetto. L'impianto adotterà tecnologia a scarico liquidi zero e creerà centinaia di posti di lavoro locali in Oklahoma.
Stardust Power (NASDAQ:SDST) ha completado su informe Front End Loading 3 (FEL 3) para la planta de procesamiento de litio proyectada en Muskogee, Oklahoma. El informe muestra importantes optimizaciones: el gasto de capital de la Fase 1 se ha reducido en 200 millones de dólares, hasta aproximadamente 500 millones de dólares, con una probabilidad de logro del 90%.
La Fase 1 de la planta producirá 25.000 toneladas métricas por año de litio de calidad para baterías, ampliable a 50.000 toneladas métricas en la Fase 2, situándola entre las mayores refinerías de litio previstas en EE. UU. La construcción se espera que dure 24 meses desde el inicio de la obra mayor hasta la finalización mecánica.
El informe FEL 3, realizado por Primero USA, incluye modelado de proceso 3D y estimaciones de costos detalladas, con niveles de contingencia reducidos que reflejan una mayor definición del proyecto. La planta contará con tecnología de descarga cero de líquidos y generará cientos de empleos locales en Oklahoma.
Stardust Power (NASDAQ:SDST)가 오클라호마주 머스코기에서 계획 중인 리튬 처리 설비에 대한 Front End Loading 3(FEL 3) 보고서를 완료했습니다. 보고서는 중요한 최적화 내용을 담고 있으며 1단계 자본비용을 2억 달러 절감하여 약 5억 달러로 낮췄고 달성 확률은 90%로 제시했습니다.
1단계에서는 배터리급 리튬을 연간 25,000톤 생산하고, 2단계에서는 50,000톤으로 확장할 수 있어 미국에서 계획된 리튬 정제시설 중 최대 규모에 속하게 됩니다. 주요 공사 착수부터 기계적 완공까지는 24개월이 소요될 것으로 예상됩니다.
Primero USA가 완성한 FEL 3 보고서는 3D 공정 모델링과 상세한 비용 산출을 포함하며, 프로젝트 정의가 명확해짐에 따라 유보비(contingency)가 축소되었습니다. 설비에는 무액체 배출(zero liquid discharge) 기술이 적용되며 오클라호마 지역에 수백 개의 일자리를 창출할 것입니다.
Stardust Power (NASDAQ:SDST) a finalisé son rapport Front End Loading 3 (FEL 3) pour l'usine de traitement du lithium prévue à Muskogee, Oklahoma. Le rapport révèle des optimisations significatives : les dépenses en capital de la Phase 1 ont été réduites de 200 millions de dollars pour s'établir à environ 500 millions de dollars, avec une probabilité de réalisation de 90 %.
La Phase 1 produira 25 000 tonnes métriques par an de lithium de qualité batterie, extensible à 50 000 tonnes métriques en Phase 2, ce qui positionne l'usine parmi les plus grandes raffineries de lithium prévues aux États-Unis. La construction devrait durer 24 mois entre le début des travaux majeurs et l'achèvement mécanique.
Le rapport FEL 3, réalisé par Primero USA, comprend une modélisation de procédé 3D complète et des estimations de coûts détaillées, avec des niveaux de contingence réduits reflétant une définition de projet plus avancée. L'usine intégrera une technologie à rejet liquide nul et créera des centaines d'emplois locaux en Oklahoma.
Stardust Power (NASDAQ:SDST) hat den Front End Loading 3 (FEL 3)-Bericht für die geplante Lithiumverarbeitungsanlage in Muskogee, Oklahoma, abgeschlossen. Der Bericht zeigt erhebliche Optimierungen: die Investitionskosten für Phase 1 wurden um 200 Millionen US-Dollar auf etwa 500 Millionen US-Dollar gesenkt, mit einer 90%igen Realisierungswahrscheinlichkeit.
Phase 1 der Anlage wird 25.000 metrische Tonnen pro Jahr batterietaugliches Lithium produzieren und lässt sich in Phase 2 auf 50.000 metrische Tonnen erweitern, womit sie zu den größten geplanten Lithiumraffinerien in den USA zählen würde. Der Bau wird voraussichtlich 24 Monate vom Beginn der Hauptarbeiten bis zur mechanischen Fertigstellung dauern.
Der von Primero USA erstellte FEL 3-Bericht enthält umfassende 3D-Prozessmodellierung und detaillierte Kostenschätzungen; aufgrund der höheren Projektdefinition wurden die Risikoreserven reduziert. Die Anlage wird eine Zero-Liquid-Discharge-Technologie einsetzen und Hunderte lokale Arbeitsplätze in Oklahoma schaffen.
- None.
- 24-month construction timeline indicates significant time before revenue generation
- Final Investment Decision (FID) still pending
- Requires third-party engineering review before proceeding to construction
Insights
Stardust Power's FEL 3 completion reveals $200M capex reduction and advanced engineering for its planned 25,000 mtpa Oklahoma lithium refinery.
The completion of the Front End Loading 3 (FEL 3) report represents a critical engineering milestone for Stardust Power's Oklahoma lithium refinery project. The most significant finding is the $200 million reduction in capital expenditure requirements, bringing Phase 1 costs down to approximately
The technical specifications reveal plans for a 25,000 metric ton per annum initial capacity, positioning this as one of the largest planned lithium refineries in the United States. The two-phase approach allows for doubling capacity to 50,000 mtpa, representing significant production potential in the domestic supply chain. The 24-month construction timeline from groundbreaking to mechanical completion is reasonable and aligned with industry standards for projects of this scale.
From an engineering perspective, the completion of 3D process modeling and detailed construction/operations cost estimates suggests a high level of project definition and technical maturity. The reduction in contingency from
The zero liquid discharge design and environmental controls demonstrate appropriate consideration of sustainability requirements, which is essential for permitting and social license to operate. As one of the final pre-construction milestones, this FEL 3 completion positions Stardust at the threshold of Final Investment Decision (FID), with third-party validation adding further credibility to the technical and economic assessments.
The $200 million reduction in capital expenditure to
The significant reduction in contingency from
This milestone marks Stardust's transition from early-stage development (higher risk) to late-stage development (lower risk), a critical inflection point for valuation. With FEL 3 complete, the company has significantly de-risked the project technically and financially before major capital deployment, potentially unlocking access to project financing, strategic partnerships, or other funding mechanisms.
The planned two-phase approach allows for staged capital deployment, with the potential to fund Phase 2 expansion (additional 25,000 mtpa) partially through Phase 1 operating cash flows. This creates a more manageable financing pathway and reduces dilution risk for current shareholders.
The engagement of an independent third-party engineering firm for validation adds another layer of credibility for potential investors and lenders. This approach demonstrates financial discipline and transparency ahead of Final Investment Decision – qualities that typically command valuation premiums in the development-stage resource sector.
Key findings from the FEL 3 report include:
- Phase 1 Capacity: 25,000 metric tons per annum of battery-grade lithium, expandable to 50,000 metric tons per annum in Phase 2, one of the largest planned refineries in the U.S.
- Capital Expenditures: ~
$500 million for Phase 1, nearly$200 million below prior disclosed estimates, with a90% probability of achievement. This figure includes owner’s cost, contingency and escalation. - Construction Timeline: ~24 months from start of major construction to mechanical completion.
GREENWICH, Conn., Sept. 09, 2025 (GLOBE NEWSWIRE) -- Stardust Power Inc. (Nasdaq: SDST) (“Stardust Power” or the “Company”), an American developer of battery-grade lithium products, today announced the successful completion of the FEL 3 report, also referred to as the Front-End Loading 3 Report (“FEL 3”) for its lithium processing facility located in Muskogee, Oklahoma. The report was led by Primero USA (“Primero”), a globally recognized engineering, procurement, and construction (“EPC”) firm with deep expertise in lithium processing projects.
The FEL 3 delivers an advanced design with key optimizations to improve efficiency, reduce costs, and strengthen overall project economics. Phase 1 is planned at 25,000 metric tons per annum (mtpa) of battery-grade lithium, with estimated capital expenditures of approximately
Completion of the FEL 3 represents one of the most significant milestones in the development of Stardust Power’s processing facility. The report incorporates key technical advancements, including a comprehensive 3D process model and a detailed cost estimate for both construction and operations. As a result, capital and operating cost forecasts have improved meaningfully from previous studies, including those established during the FEL 1 phase completed in August 2024, with contingency reduced from the prior
“This milestone brings Stardust Power within clear reach of a Final Investment Decision and meaningfully reduces risk for our investors and stakeholders,” said Roshan Pujari, Founder and Chief Executive Officer of Stardust Power. “Working closely with Primero, we have validated our technical assumptions and strengthened the efficiency and economics of the project. The completion of the FEL 3 marks a clear inflection point, signaling our readiness to transition from developer to operator with improved cost certainty, defined scope, and a clear path to major construction. The FEL 3 is one of the last major capital-intensive steps before construction. With key milestones now achieved, we are preparing to build a cornerstone of America’s energy infrastructure.”
Primero USA was selected as the Company’s FEL 3 engineering partner in August 2024 following an exhaustive and competitive selection process. Primero’s selection was based on its proven capabilities in lithium refining and EPC project execution. Matthew Taylor, General Manager, Operations, North America for Primero Group commented, “The Primero USA team is proud to have supported Stardust Power in reaching this milestone on their lithium refinery project. The FEL3 report highlights the strength of our collaboration and reinforces Primero’s position as a trusted industry partner. We are excited to see Stardust Power’s progress, bringing a next-generation lithium refinery closer to operation and advancing domestic production capabilities, while supporting the growth of the USA’s critical minerals industry.”
The Muskogee refinery is planned in two phases, each designed to produce up to 25,000 mtpa of battery-grade lithium carbonate. At full capacity, the facility will deliver 50,000 mtpa, positioning it among one of the largest lithium refineries in the United States and a key contributor to America’s energy security and domestic battery supply chain. The FEL 3 not only advances engineering and project economics, but also reinforces Stardust Power’s commitment to health, safety, environmental responsibility, and community impact. The facility is designed to minimize air emissions, recycle water, safely manage by-products, and operate with zero liquid discharge. In parallel, the project is expected to create hundreds of well-paying jobs across engineering, construction, and operations. Stardust Power is committed to hiring locally in Muskogee and across Oklahoma, leveraging the state’s strong energy workforce and Tulsa’s deep labor pool, while drawing on national expertise where needed.
“We are committed to the highest standards of health, safety, and environmental performance,” said Chris Celano, Chief Operating Officer at Stardust Power. “Our project plans reflect that commitment, ensuring that the Muskogee facility is not only modern and efficient but also a responsible and engaged member of the local and regional community.”
With the FEL 3 now complete, Stardust Power is rapidly advancing toward its FID, the critical step that will launch Phase 1 major construction of its Oklahoma lithium refinery. To further de-risk the project and provide transparency for stakeholders, an independent third-party engineering firm has been engaged to conduct a comprehensive review of the FEL 3, validating assumptions, assessing risks, and identifying potential areas of optimization ahead of FID.
About Stardust Power Inc.
Stardust Power is a developer of battery-grade lithium products designed to bolster America’s energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium processing facility in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The Company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol “SDST.”
About Primero USA
Primero, a subsidiary of NRW Holdings, is a multi-national engineering, procurement and construction business with a global reach. Primero was founded in 2011 with a vision to create a vertically integrated business in the mineral processing, energy, iron ore and non-process infrastructure (NPI) market segments as a turnkey project solution provider. From major greenfield projects through to brownfield projects on operating sites, Primero’s team of professionals work with clients from the outset to solve complex engineering challenges and create fit for purpose design and construction solutions.
Forward-Looking Statements
The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company’s product development and business prospects, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans, including but not limited to: whether or not the Company will be able to raise capital through the sale of securities or consummate the offering; the satisfaction of customary closing conditions and prevailing market conditions. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the security laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.
For Investors:
Johanna Gonzalez
investor.relations@stardust-power.com
For Media:
Michael Thompson
media@stardust-power.com
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