Mr. David Park reports

SMACKOVER LITHIUM CONCLUDES NATIONAL ENVIRONMENTAL POLICY ACT REVIEW FOR SOUTH WEST ARKANSAS PROJECT WITH FINDING OF NO SIGNIFICANT IMPACT

Standard Lithium Ltd. and Equinor's partnership, Smackover Lithium, through subsidiaries of Equinor ASA, has been informed that the U.S. Department of Energy (DOE) has concluded its review of the South West Arkansas project (SWA) under the National Environmental Policy Act (NEPA). The DOE issued a Finding of No Significant Impact (FONSI) based on the environmental assessment prepared and did not impose any further mitigation measures or conditions on the project. This outcome reflects the detailed project plans, which minimize environmental disturbance and align with the partnership's commitment to responsible lithium production. The FONSI and final environmental assessment documents are available on the DOE website.

Receipt of a FONSI marks the successful completion of the U.S. federal government's NEPA review process for the SWA project, which was required in connection with the awarding of a $225-million grant from the DOE's Office of Critical Minerals and Energy Innovation to support development of the initial phase of the project. The DOE grant was awarded in January, 2025. The project was assisted in this timely review process by its designation as a priority critical mineral project in the Fast-41 program under Executive Order 14241: Immediate Measures to Increase American Mineral Production. There are no further federal government reviews or approvals expected in order to take a final investment decision (FID) for the project.

David Park, chief executive officer of Standard Lithium, commented: "Concluding the NEPA process with a clear green light to proceed is a significant milestone for Smackover Lithium and we appreciate our work and partnership with the DOE, the Federal Permitting Council and all stakeholders who engaged in the review process. We appreciate the administration's commitment to streamlined, predictable permitting that enables the timely development of projects critical to U.S. national and economic security. This was one of the key deliverables required prior to taking a final investment decision for the SWA project and we continue to make significant progress on all remaining fronts."

Smackover Lithium continues advancing key construction contracts (EPCC/EPCM), customer offtake and project financing work streams required ahead of FID for the SWA project. Further updates on these efforts will be provided as progress is made and deliverables are achieved. The partnership expects to take FID and begin construction in 2026, and to achieve first commercial production in 2029.

About Smackover Lithium

Smackover Lithium is a partnership between Standard Lithium and Equinor, through subsidiaries of Equinor ASA. Formed in May, 2024, Smackover Lithium is developing multiple direct lithium extraction (DLE) projects in southwest Arkansas and East Texas. Standard Lithium owns a 55-per-cent interest and Equinor holds the remaining 45-per-cent interest in the projects, with Standard Lithium maintaining operatorship.

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.

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