Ms. Allysa Howell reports

STANDARD LITHIUM ANNOUNCES US$50 MILLION AT-THE-MARKET EQUITY OFFERING PROGRAM

Standard Lithium Ltd. has established an at-the-market equity program that allows the company to issue and sell, from time to time through agents, up to $50-million (U.S.) (or the Canadian-dollar equivalent) of its common shares from treasury to the public, at the company's discretion.

Sales of offered shares, if any, under the ATM program are anticipated to be made in transactions that are deemed to be at-the-market distributions, as defined in National Instrument 44-102 -- Shelf Distributions, and an at-the-market offering within the meaning of the U.S. Securities Act of 1933, as amended, including sales made directly on the TSX Venture Exchange, the NYSE American LLC or any other trading market for the offered shares in Canada or the United States, at the prevailing market price at the time of sale. The volume and timing of sales under the ATM program, if any, will be determined in the company's sole discretion and at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. Distributions of the offered shares through the ATM program, if any, will be made pursuant to the terms of an at-the-market sales agreement between the company and Citigroup and Canaccord Genuity. The ATM program will be effective until the issuance and sale of all of the offered shares issuable pursuant to the ATM program, unless terminated prior to such date by the company or the agents in accordance with the terms of the sales agreement.

The company expects to use the net proceeds of the offering for advancement of the Southwest Arkansas project, the Lanxess property project, the demonstration plant, the expansion in east Texas, for working capital and for general corporate purposes.

Listing of the offered shares sold pursuant to the ATM program on the TSX Venture Exchange and/or the NYSE American will be subject to fulfilling all applicable listing requirements.

The sale of offered shares through the ATM program is being made pursuant to a prospectus supplement dated Nov. 17, 2023, to the company's short-form base shelf prospectus dated July 26, 2023, filed with the securities commissions in each of the provinces and territories of Canada, and in the United States pursuant to a prospectus supplement dated Nov. 17, 2023, to the company's short-form base shelf prospectus contained in the company's effective registration statement on Form F-10 (file No. 333-273462) filed with the U.S. Securities and Exchange Commission (the SEC) under the U.S./Canada multijurisdictional disclosure system. The prospectus supplement, the base prospectus, the U.S. prospectus supplement and the registration statement contain important detailed information about the company and the ATM program. Prospective investors should read the prospectus supplement, the base prospectus, the registration statement, the U.S. prospectus supplement and the other documents the company has filed for more complete information about the company and the ATM program before making an investment decision. Copies of the prospectus supplement and the base prospectus are available on SEDAR+, and copies of the U.S. prospectus supplement and the registration statement are available on EDGAR.

About Standard Lithium Ltd.

Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of lithium-brine-bearing properties in the United States. The company prioritizes brine projects characterized by high-grade resources, robust infrastructure, skilled labour and streamlined permitting. The company 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 signature projects, the Phase 1A project and the Southwest Arkansas project, are located on the Smackover formation in southern Arkansas near the Louisiana state line, a region with a long-standing and established brine processing industry. The company has also identified a number of highly prospective lithium brine project areas in the Smackover formation in east Texas and began an extensive brine leasing program in the key project areas. In addition, the company has an interest in certain mineral leases located in the Mojave Desert in San Bernardino county, California.

Standard Lithium trades on both the TSX-V and the NYSE American under the symbol SLI.

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