Mr. Chris Lang reports

STANDARD LITHIUM AND EQUINOR FINALIZE $225 MILLION GRANT FROM THE U.S. DEPARTMENT OF ENERGY FOR THE SOUTH WEST ARKANSAS PROJECT

Standard Lithium Ltd. and Equinor's jointly owned United States subsidiary, SWA Lithium LLC, has closed the $225-million (U.S.) grant from the U.S. Department of Energy's (DOE) Office of Manufacturing & Energy Supply Chains. The grant will support construction of phase 1 of the South West Arkansas (SWA) project.

"Closing of the DOE grant is a testament to the calibre of the South West Arkansas project," said David Park, chief executive officer and director of Standard Lithium. "SWA is one of the highest-grade lithium brine projects in North America, and through the use of DLE technology, a near-term, sustainable opportunity to help secure America's domestic lithium supply chain."

"The U.S. Department of Energy's support demonstrates the project's maturity and strengthens its financial robustness as we work towards a final investment decision. We look forward to working with Standard Lithium and alongside the local community to enhance the U.S. lithium supply chain by deploying innovative technology," says Hege Skryseth, executive vice-president for technology, digital and innovation in Equinor.

The SWA project is expected to be one of the world's first commercial-scale direct lithium extraction (DLE) facilities. The project, located in Lafayette and Columbia counties, Arkansas, is expected to produce 45,000 tonnes per annum of lithium carbonate, developed in two phases of 22,500 tonnes each. It is being developed in partnership with global energy leader Equinor, with ownership shared at 55 per cent by Standard Lithium and 45 per cent by Equinor.

A definitive feasibility study and front-end engineering design for the project are currently under way. The partnership is targeting a final investment decision (FID) by the end of 2025 with phase 1 production commencing as soon as 2028.

As part of receiving the grant, the project is subject to the National Environmental Policy Act (NEPA) and will require completion of an environmental assessment (EA). The company expects to complete the EA this year, prior to reaching FID. More information, including the opportunity for public comment and review, will be shared as the process progresses beginning in 2025.

David Park stated: "We're committed to ensuring this project is a win for the Lewisville and southwest Arkansas communities. For us that means adding approximately 100 direct, long-term jobs and 300 construction jobs, with a commitment to hire at least 40 per cent of the operations work force locally."

Additionally, this project will further benefit the local community through infrastructure improvements, health care initiatives, educational partnerships and work force development programs.

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 through the application of a scalable and fully integrated direct lithium extraction and purification process. The company's signature project, the South West Arkansas project, is located on the Smackover formation in Southern Arkansas, 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 eastern Texas and is conducting an extensive brine leasing program in this region. The company is developing the South West Arkansas project and the eastern Texas project in a 55/45 joint venture with Equinor ASA. 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 Venture Exchange and the NYSE American under the symbol SLI; and on the Frankfurt Stock Exchange under the symbol S5L.

Qualified person

Steve Ross, PGeol, a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and vice-president of resource development for Standard Lithium, has reviewed and approved the relevant scientific and technical information in this news release.

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