Standard Lithium Reports Third Quarter 2026 Results

Rhea-AI Summary

Standard Lithium (SLI) reported third-quarter results and completed customer offtake contracting for its South West Arkansas lithium project. Binding agreements with LG Energy Solution and Trafigura cover up to 20,000 tonnes annually for 10 years, exceeding the initial target of roughly 18,000 tonnes. Cash was $118.1 million and working capital $114.4 million at September 30, 2026, with no term or revolving debt.

Smackover Lithium now expects a final investment decision by the end of Q1 2027, followed shortly by construction. Financing remains outstanding and has taken longer than anticipated; targeted senior secured project debt exceeds $1.2 billion. The Franklin Project preliminary economic assessment contemplates up to 70,000 tonnes of annual lithium carbonate capacity, with an estimated unlevered pre-tax net present value of $5.9 billion and an internal rate of return of 25.7%.

12 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 4 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointBinding offtake commitments reached up to 20,000 tonnes annually for 10 years, exceeding the roughly 18,000-tonne target.
• Moderate pointSWA construction vendor contracts were executed, and federal National Environmental Policy Act approval was received.
• Moderate pointCash of $118.1 million and working capital of $114.4 million were reported at September 30, 2026.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Targeted senior secured project debt exceeds $1.2 billion, versus initial expectations of up to $1.1 billion. 3.5× market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Franklin estimated unlevered pre-tax net present value is $5.9 billion, with a 25.7% internal rate of return.
• Moderate pointFranklin Mineral Resource was upgraded and increased in size.

6 minor points

• Minor pointNo term or revolving debt obligations existed at September 30, 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Franklin preliminary economic assessment contemplates up to 70,000 tonnes of annual battery-quality lithium carbonate capacity.
• Minor point. Forward-looking: it has not happened yet and may not happen.Franklin preliminary assessment estimates a three-year payback period.
• Minor point. Forward-looking: it has not happened yet and may not happen.Franklin average annual lithium cash operating cost is estimated at $4,226/t, with capital intensity of $49,945/t.
• Minor point. Forward-looking: it has not happened yet and may not happen.Smackover Lithium targets over 100,000 tonnes of annual lithium chemical production in Texas through multiple phases and projects.
• Minor point. Forward-looking: it has not happened yet and may not happen.Standard Lithium and Equinor anticipate evaluating potential commercial opportunities for bromine and potash.

Negative

• Moderate pointSWA financing remains outstanding; the export credit agency process has taken longer than initially anticipated.
• Moderate point. Forward-looking: it has not happened yet and may not happen.SWA final investment decision is now expected by the end of Q1 2027, with construction shortly thereafter.
• Minor pointReserve facility funding requirements, binding legal agreements and credit approvals remain to be finalized.
• Minor pointFranklin economics remain preliminary; the assessment recommends advancing to a Preliminary Feasibility Study.

News Explained

The debt target is not completed project financing, so financing still gates FID despite substantially completed ECA due diligence.

For the South West Arkansas (SWA) Project, three of four stated pre-FID deliverables are complete, leaving project financing as the remaining milestone; EPC and EPCM vendors have worked under a Limited Notice to Proceed for six months, with a Full Notice expected after positive FID.

Smackover Lithium targets over $1.2 billion in senior secured project debt; ECA due diligence is substantially complete without material concerns, but reserve-facility funding, binding legal agreements and ECA credit approvals remain unfinished.

Key Figures

Total offtake commitments: up to 20,000 tonnes per year Production capacity: up to 70,000 tonnes per year Unlevered pre-tax NPV: $5.9 billion +5 more

Total offtake commitments

up to 20,000 tonnes per year

SWA Project; 10 years

Production capacity

up to 70,000 tonnes per year

Franklin Project PEA; battery-quality lithium carbonate

Unlevered pre-tax NPV

$5.9 billion

Franklin Project PEA

Internal rate of return

25.7%

Franklin Project PEA; pre-tax

Payback period

three years

Franklin Project PEA

Average annual lithium cash operating cost

$4,226/t

Franklin Project PEA

Targeted senior secured project debt

over $1.2 billion

SWA Project financing target

Cash

$118.1 million

As of September 30, 2026

Previous Earnings Reports

2 past events · Latest: Aug 10

Same Type 2 events

1. Aug 10

   Quarterly project update

   24h Move

   +6.8%

   NEPA review cleared and construction contracts executed, advancing SWA toward FID.

2. May 11

   Quarterly project update

   24h Move

   +4.8%

   First binding Trafigura offtake established an 8,000-tonne annual customer commitment.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

preliminary economic assessment, fid, epcc, epcm, +1 more

5 terms

preliminary economic assessment technical

"Preliminary Economic Assessment (“PEA”) for the Franklin Project"

A preliminary economic assessment is an initial analysis that estimates the potential profitability and feasibility of a project or resource, such as a new mineral deposit or development venture. It provides a rough idea of costs, benefits, and risks, helping investors decide whether to pursue more detailed studies. This early evaluation is important because it offers a snapshot of whether the project is worth further investment and development.

fid technical

"Final Investment Decision (“FID”)"

A Final Investment Decision (FID) is the formal approval by a company or project partners to commit the money and contracts needed to build and operate a major project, such as a factory, mine, pipeline, or energy plant. For investors it’s a clear signal that the project is considered bankable and will move from planning to construction and spending, which affects future cash flow, construction risk and the company’s capital needs—like a family signing a mortgage to start building a house.

epcc technical

"engineering, procurement, construction and commissioning (EPCC)"

EPCC stands for Engineering, Procurement, Construction and Commissioning — a type of turnkey contract where a single contractor designs a project, buys the equipment and materials, builds the facility, and brings it into operation. For investors, EPCC matters because it concentrates project responsibility and often fixes price and schedule risks with the contractor, much like hiring one builder to deliver a finished house instead of managing multiple trades yourself.

epcm technical

"engineering, procurement and construction management (EPCM)"

EPCM stands for engineering, procurement and construction management, a contract model where a firm designs a project, buys major equipment and manages contractors rather than doing the actual building work itself. For investors, an EPCM arrangement matters because it usually keeps the project owner more directly responsible for contractor costs, schedules and on-site risks, which can affect budget certainty, timelines and the likelihood of delays or cost overruns. Think of it as hiring an architect and general manager who arranges and oversees the builders rather than having a single company deliver the whole job.

nepa regulatory

"National Environmental Policy Act (NEPA) approval"

The National Environmental Policy Act (NEPA) is a U.S. law that requires federal agencies to evaluate and report the environmental impacts of major projects, like permitting, construction, or resource development. For investors, NEPA is important because its reviews and required studies can delay, alter, or block projects—much like a safety inspection that must be passed before a vehicle is allowed on the road—affecting timelines, costs and the potential revenue of affected companies.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

• Announced and Filed Positive Preliminary Economic Assessment (“PEA”) for the High-Grade 70,000 Tonnes Per Year Franklin Project
• Completed South West Arkansas Project (“SWA Project”) Customer Offtake Process through Binding Agreements with LG Energy Solution and Trafigura
• Advanced SWA Project Financing Process, the Key Remaining Workstream Prior to a Final Investment Decision (“FID”)
• Expect to Take FID by Q1 2027 Followed Promptly by Construction

VANCOUVER, British Columbia, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV: SLI) (NYSE.A: SLI), a leading near-commercial lithium company, today announced its financial and operating results for the three- and nine-month periods ended September 30, 2026.

“We had a busy and productive third quarter as we continue to advance important milestones and complete key workstreams for the Company,” said David Park, Chief Executive Officer and Director of Standard Lithium. “We secured long-term commercial agreements with one of the world’s leading battery producers in LG Energy Solution as well as one of the largest global commodity traders in Trafigura. Our expanding partnerships are a testament to the high quality of the SWA Project and the importance of our role in developing a scalable and competitive domestic lithium supply chain. We also released a Preliminary Economic Assessment for the Franklin Project highlighting the strength of one of the biggest and highest-quality lithium brine resources in North America and our pathway to building a substantial portfolio of lithium projects.”

“With our customer offtake process now complete, we have moved to finalizing and closing the SWA Project financing as quickly as possible before taking FID and moving into construction.”

Highlights Subsequent to the Three-Month Period Ended September 30, 2026

All amounts are in US dollars unless otherwise indicated. All terms not otherwise defined have the meaning given to them under the CIM Definition Standards for mineral resources and mineral reserves.

• Files Positive PEA for Up to 70,000 Tonnes Per Year Battery-Quality Lithium Carbonate Franklin Project
  The PEA for the Franklin Project, the first defined project area of Smackover Lithium, the Company’s partnership with Equinor, in the East Texas region of the Smackover Formation, highlights the globally significant size and high quality of its brine position. It marks a key step towards Smackover Lithium’s goal of reaching over 100,000 tonnes of lithium chemical production per year in Texas through multiple phases and projects. The principal recommendation of the PEA is to advance the Franklin Project to a Preliminary Feasibility Study.
• Appoints Ralph Alexander to the Board of Directors
  On October 13, 2026, the Company announced the appointment of Ralph Alexander as an independent member of the Board of Directors, effective immediately. Mr. Alexander brings more than four decades of leadership across the global energy, chemicals, power and infrastructure sectors. His extensive operating, investment and public company governance experience will add valuable perspective as Standard Lithium advances its portfolio of large-scale projects.

Highlights From Three-Month Period Ended September 30, 2026

• Exceeds Targeted Customer Offtake Volumes for SWA Project
  Amended binding commercial offtake agreement with Trafigura, a market leader in the global commodities industry. The amendment provided the additional offtake volumes to complete the SWA Project’s customer offtake process and move to finalizing the ongoing debt financing process. The initial target was to secure customer offtake agreements for roughly 80% (18,000 tonnes) of the 22,500 tonnes of annual nameplate battery-quality lithium carbonate capacity in its initial phase. Together with the agreement with LG Energy Solution, total commitments have reached up to 20,000 tonnes per year for 10 years.
• Signs Binding Customer Offtake with LG Energy Solution (“LGES”) for the SWA Project
  Signed a second binding commercial offtake agreement with LGES, a leading global manufacturer of lithium-ion batteries. The SWA Project will supply LGES with 8,000 tonnes per year of battery-quality lithium carbonate over a 10-year period following the start of commercial production. Pricing and other key commercial terms are subject to confidentiality but have been structured to support the SWA Project financing.
• Announces Positive PEA for the Franklin Project, its First Lithium Project in East Texas
  The PEA, which contemplates annual production capacity of up to 70,000 tonnes of battery-quality lithium carbonate, is highlighted by attractive economics including an unlevered pre-tax net present value of $5.9 billion, an internal rate of return of 25.7% and a three-year payback period, along with average annual lithium cash operating cost of $4,226/t and a capital intensity of $49,945/t. Additionally, it includes an upgraded and upsized Mineral Resource with some of the highest lithium-in-brine concentrations reported in North America. The PEA also considers a scenario based on a co-located bromine facility of 50,000 tonnes per year alongside the lithium operation. Standard Lithium and Equinor anticipate further evaluating potential commercial opportunities for both bromine and potash given the significant scale and quality of the resources, as well as the designation of potash as a U.S. critical mineral in 2025.
• Demonstrates Successful Use of South West Arkansas Lithium Carbonate in North American LFP Battery Cells
  Lithium carbonate produced from the SWA Project pilot plant was successfully used by Nano One® to manufacture lithium iron phosphate cathode active material and battery cells in North America. The testing provides further validation of SWA Project’s process flowsheet and the suitability of its battery-quality lithium carbonate in downstream applications and advances the Company’s commitment to technological innovation and support for the development of a domestic, fully integrated energy storage supply chain.

• Cash and working capital of $118.1 million and $114.4 million, respectively, as of September 30, 2026.
• The Company has no term or revolving debt obligations as of September 30, 2026.
  
  

SWA Project Final Investment Decision

Significant progress has been made year-to-date, with three of the four primary deliverables required prior to taking FID at the SWA Project completed: executing the engineering, procurement, construction and commissioning (EPCC) and the engineering, procurement and construction management (EPCM) construction vendor contracts, receiving National Environmental Policy Act (NEPA) approval from federal regulators, and concluding the customer offtake process.

The EPC and EPCM have been operating under a Limited Notice to Proceed for the last six months, focusing on key activities to de-risk the SWA Project and optimize the construction schedule. This includes detailed engineering, identifying long-lead time items with vendors, completing relevant construction permitting, team building and community engagement. They are expected to transition to a Full Notice to Proceed promptly following a positive FID.

Smackover Lithium continues to advance the project financing workstream as the key remaining milestone for achieving FID. The Company has been working closely with the Export Credit Agencies (“ECAs”), including the Export-Import Bank of the United States (EXIM), Export Development Canada (EDC) and Export Finance Norway (Eksfin), each of which remains highly interested in supporting the SWA Project. While the ECA financing process has taken longer than initially anticipated, the comprehensive due diligence review is substantially complete without any material concerns.

Smackover Lithium is now targeting over $1.2 billion in total senior secured project debt, exceeding its initial expectations of up to $1.1 billion. The Company is actively working to finalize all reserve facility funding requirements, which will inform the final SWA Project sources and uses and enable the completion of binding legal agreements and the credit approval processes by the ECAs as quickly as possible. Based on the current financing timeline, Smackover Lithium now expects to take FID by the end of the first quarter of 2027, with construction beginning shortly thereafter.

Three-Month Period Ended September 30, 2026 Webcast

The Company will hold a webcast to discuss its three-month period ended September 30, 2026 on Monday, November 16^th at 4:30 p.m. ET. Live access as well as a replay will be available via webcast.

Webcast Details
Standard Lithium Q3 2026 Earnings Call and Webcast
November 16, 2026 4:30 p.m. Eastern Time (USA and Canada)

Attendee Webcast Link: https://events.q4inc.com/attendee/170915932

Consolidated Financial Statements

This news release should be read in conjunction with the Company’s Consolidated Financial Statements and MD&A for the three- and nine-month periods ended September 30, 2026, which are available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

Qualified Person

All scientific and technical disclosure in this release was reviewed and approved by Mr. Stephen Ross, P.Geo., British Columbia, Vice President of Resource Development for Standard Lithium and a Qualified Person for purposes of, and as that term is defined in, National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Ross is not independent of the Company.

About Standard Lithium Ltd.

Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by high-grade resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated direct lithium extraction and purification process. The Company’s flagship projects are in the Smackover Formation, an attractive lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is advancing the SWA Project, a greenfield project located in southern Arkansas, and actively advancing a promising lithium brine resource position in East Texas, including the highest known lithium brine grade project in North America, the Franklin Project.

Standard Lithium trades on both the TSX Venture Exchange (“TSXV”) and the NYSE American under the symbol “SLI”. Visit the Company’s website at www.standardlithium.com for more information.

Department of Energy Acknowledgement and Disclaimer

This material is based upon work supported by the U.S. Department of Energy's Office of Critical Minerals and Energy Innovation under award Number DE-MS0000099. The views expressed herein do not necessarily represent the views of the U.S. Department of Energy or the United States Government.

Investor Inquiries
Daniel Rosen
+1 604 409 8154
investors@standardlithium.com

Media Inquiries
media@standardlithium.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “contemplate”, “target”, “plan”, “forecast”, “may”, “could”, “will”, “would”, “should”, “schedule”, “predict”, “budget”, “project”, “potential” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the cost and timing of any development of the SWA Project, construction of, and production at, the SWA Project, expected attributes of the SWA Project, regulatory or government requirements or approvals, continued exploration and advancement of the Franklin Project, the anticipated timing of FID, the anticipated timing of a Preliminary Feasibility Study on the Franklin Project, the size and quality of the Franklin Project brine position, future expansion of leaseholds in East Texas, the timing and ability to complete vendor contracts and SWA Project debt agreements, the timing and success of the commercial bank process, and its ability to provide a portion of the financing package under both ECA-covered and uncovered tranches, Mr. Alexander’s experience adding value to the Company’s board of directors, the Company’s ability to create a scalable and competitive domestic lithium supply chain and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much lithium will Standard Lithium supply under its SWA offtake agreements?

Binding commitments with LG Energy Solution and Trafigura cover up to 20,000 tonnes per year for 10 years. LG Energy Solution will receive 8,000 tonnes annually for 10 years following the start of commercial production. SWA's initial-phase annual nameplate capacity is 22,500 tonnes of battery-quality lithium carbonate.

When does Standard Lithium expect the SWA final investment decision?

Smackover Lithium expects the SWA final investment decision by the end of the first quarter of 2027, with construction beginning shortly thereafter. Project financing is the remaining primary milestone before that decision.

Which agencies are involved in Standard Lithium's SWA financing process?

The financing process involves the Export-Import Bank of the United States, Export Development Canada and Export Finance Norway. The company said the due diligence review is substantially complete without material concerns. Reserve facility funding requirements still need to be finalized before completion of binding legal agreements and agency credit approvals.