Stardust Power Receives Independent Review Of Its Muskogee Lithium Refinery
Rhea-AI Summary
Stardust Power (NASDAQ: SDST) announced Black & Veatch completed an independent engineering "red flag" review of its FEL 3 study for the Muskogee, Oklahoma lithium carbonate refinery on Dec. 10, 2025.
The IE report found low technical and design risk, confirmed the Muskogee site is suitable with municipal power, gas and water, validated a Phase 1 target of 25,000 mtpa and the 50,000 mtpa ultimate design, and judged the 24-month construction and 12-month ramp-up timelines achievable. Procurement, permitting progress, QA and contractor vetting were assessed as reasonable and aligned with industry practice.
Positive
- Low technical and design risk confirmed by independent IE report
- Phase 1 target of 25,000 metric tons per year validated
- Site suitability confirmed with access to power, gas and water
- Construction and ramp timeline of 24-month build and 12-month ramp judged achievable
- Procurement and permitting strategies deemed reasonable and industry-aligned
Negative
- None.
Key Figures
Market Reality Check
Peers on Argus
Key peers like ELVA (+1.7%), NVX (+2.75%) and TE (+12.73%) were up while SDST was down 0.28% over 24h, pointing to more stock-specific dynamics than a broad sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Earnings update | Positive | -14.5% | Q3 2025 results with lower FEL-3 CapEx and defined Phase 1 plan. |
| Nov 04 | Earnings call notice | Neutral | -4.8% | Announcement of Q3 2025 earnings release date and conference call. |
| Nov 03 | Supply LOI | Positive | -9.8% | Non-binding LOI with Mandrake for 7,500 mtpa lithium feedstock. |
| Oct 31 | Listing compliance | Positive | -5.4% | Nasdaq confirmation of full compliance with continued listing rules. |
| Oct 21 | Supply LOI | Positive | -11.4% | Non-binding LOI with Prairie Lithium for 6,000 mtpa LCE supply. |
Across the last five news and earnings items, SDST showed consistently negative 24-hour price reactions, including selloffs on operationally positive and de-risking announcements.
Over the past few months, Stardust Power has focused on advancing and de-risking its Muskogee lithium refinery. Agreements with Prairie Lithium and Mandrake Resources secured long-term lithium chloride feedstock, while a Nasdaq compliance update confirmed continued listing. Q3 2025 results detailed FEL-3 engineering, a 24-month build plan and lower estimated CapEx, but also highlighted limited cash and ongoing losses. Despite these strategic and operational milestones, each of these prior announcements saw negative 24-hour price reactions, framing today’s independent engineering validation within a pattern of cautious market response.
Market Pulse Summary
This announcement details an independent engineering review that characterizes Stardust Power’s Muskogee lithium refinery as low technical risk, with Phase 1 output of 25,000 mtpa and a 24-month build plus 12-month ramp-up seen as achievable. It reinforces earlier FEL-3 planning and supply LOIs by validating the project’s design and execution approach. Against a backdrop of no current revenue and a modest $35.54M market cap, future updates on financing, permitting and construction progress remain key watch points.
AI-generated analysis. Not financial advice.
Independent review by Black & Veatch affirms Stardust Power’s Muskogee lithium refinery meets industry standards
The independent review delivered the following key findings:
- Low technical and design risk.
- Phase 1 production targets deemed achievable.
GREENWICH, Conn., Dec. 10, 2025 (GLOBE NEWSWIRE) -- Stardust Power Inc. (NASDAQ: SDST) (“Stardust Power” or the “Company”), an American developer of battery-grade lithium carbonate, today announced the completion of an independent third-party review of its Front-End Loading 3 (“FEL 3”) engineering study for its lithium carbonate refinery project in Muskogee, Oklahoma.
Stardust Power engaged Black & Veatch, a global engineering, construction and consulting company providing infrastructure solutions to clients around the world, to conduct a rigorous Independent Engineering Red Flag Report (the “IE Report”) assessing the Company’s plans to construct a 50,000 metric-ton-per-annum battery-grade lithium carbonate facility starting with a Phase 1 of 25,000 mtpa.
The IE Report covered Stardust Power’s assumptions concerning, among other topics:
- Site and infrastructure conditions — Muskogee, Oklahoma site confirmed as suitable, with access to municipal power, gas and water;
- Construction schedule — 24-month construction duration and 12 month ramp up duration considered achievable;
- Procurement and supply chain strategy — Determined to be reasonable and in line with industry practices;
- Permitting status — Environmental studies and permitting progress determined to be reasonable;
- Technical and design basis — Evaluation of the project’s technical design, engineering documentation, and major process flows confirmed compliance with current industry norms and the likelihood that the technology will perform as intended.
The independent review by Black & Veatch validated the Company’s project design is based on proven lithium processing systems, with modifications that allow it to handle a wider range of feedstocks and still recover lithium efficiently. The review found the technology risk to be low, reflecting the similarity of the design to established operations worldwide. It also confirmed that phase one production of 25,000 metric tons per year and the expected lithium recovery rate are achievable. Assumptions about long term operating availability and ramp-up were evaluated as consistent with industry experience for this type of facility, providing a solid foundation for early production planning. With the project’s specifications and design basis determined to be consistent and supportable, and its procurement strategy determined to be reasonable, Stardust Power considers the project’s production targets and execution plans to be validated against industry practices.
On the execution side, the report found that the Company’s quality assurance, risk management, and contractor vetting processes were aligned with industry practices, providing an added layer of confidence as the project moves toward construction.
“Completing this independent engineering review is a major milestone for Stardust Power’s commitment to deliver battery-grade lithium carbonate to support America’s energy security and industrial resilience,” said Chris Celano, Chief Operating Officer. “It validates the foundational assumptions underlying the Company’s FEL 3 study and advances our project to the next stage of development. This IE report provides to investors and stakeholders additional third-party validation of the project’s technical bases underlying its modeling and confirming that the project’s assumptions are realistic, achievable and adequately benchmarked against industry norms”.
Roshan Pujari, Founder and CEO, added, “Black & Veatch’s independent validation reinforces the technical integrity and feasibility of our approach. We continue to de-risk this critical piece of national infrastructure and with this successful review complete, we are ideally positioned to optimize Stardust Power’s project execution.”
With the completion of the FEL 3 and independent validation, Stardust Power continues to advance the Muskogee project toward major construction, maintaining focus on speed to market, operational excellence and domestic supply chain resilience.
About Stardust Power Inc.
Stardust Power is a developer battery-grade lithium carbonate designed to bolster America’s energy security through resilient supply chains. The Company is building a strategically located lithium refinery in Muskogee, Oklahoma, with the capacity to produce up to 50,000 metric tons of battery-grade lithium carbonate annually. Committed to sustainability at every stage, Stardust Power trades on Nasdaq under the ticker “SDST.”
For more information, visit www.stardust-power.com
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. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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. These statements may include, without limitation, statements regarding management’s expectations about future business strategies, financial performance, operating results, growth opportunities, market developments, competitive position, regulatory outlook, our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “model,” “outlook,” “plan,” “predict,” “project,” “seek,” “target,” “will,” “could,” “should,” or similar expressions.
Forward-looking statements are not guarantees of future performance. They are based on current expectations, estimates, forecasts, and assumptions that involve significant risks and uncertainties, many of which are beyond the Company’s control and are difficult to predict. Actual results may differ materially from those expressed or implied by such forward-looking statements as a result of various factors, including but not limited to: macroeconomic conditions; inflationary pressures; changes in interest rates; supply chain disruptions; evolving consumer demand; competitive and technological developments; regulatory or legal changes; litigation exposure; cybersecurity threats; and fluctuations in foreign exchange rates. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made only as of the date of this press release. Except as required by law, the Company assumes no obligation and expressly disclaims any duty to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, even if subsequent events cause expectations to change.
You should consult our filings with the U.S. Securities and Exchange Commission (SEC), including the “Risk Factors” section of its most recent Annual Report on Form 10-K and subsequent filings on Form 10-Q, for additional detail about the factors that could affect our financial and other results.
Stardust Power Contacts
For Investors:
Johanna Gonzalez
investor.relations@stardust-power.com
For Media:
Michael Thompson
media@stardust-power.com
FAQ
What did Black & Veatch conclude about Stardust Power's Muskogee refinery (SDST) on Dec. 10, 2025?
Does the IE report confirm the Muskogee site for Stardust Power (SDST) has utilities and infrastructure?
What construction and ramp-up timelines did Black & Veatch deem achievable for SDST's project?
Did the independent review validate Stardust Power's technology and recovery assumptions for SDST's Muskogee plant?
How does the IE report affect Stardust Power's path to construction for the Muskogee refinery (SDST)?
