Stardust Power Takes Major Step in Lithium Refinery Development

Acquisition of Prime Location Near Port of Muskogee

Stardust Power acquired a 66-acre site (approximately 267,000 square metres) close to the Port of Muskogee in December 2024. This purchase follows an environmental evaluation in 2023, which confirmed the property is ideal for building a lithium refinery.

The shovel-ready site is near the country’s largest inland waterway system and extensive road and rail networks.

Strategic Benefits for Construction and Operations

The company notes that the site presents numerous advantages for both construction and operations. Its location provides access to major logistical networks and a skilled workforce, particularly those experienced in the oil and gas industries.

Potential for Future Growth

Additionally, the site is adjacent to another 40-acre parcel, for which Stardust Power has a right of first refusal, indicating plans for future expansion.

Leadership Comments on National Security Impact

CEO Roshan Pujari emphasized that the lithium refinery would be the largest of its type in the U.S. and critical for addressing national security and supply chain concerns. He stated, “By onshoring critical mineral manufacturing, we are helping to sustain America’s energy leadership. With the land acquired and necessary construction permits secured in 2024, we are excited to break ground and begin construction.”

Government Support for Local Economic Growth

Lieutenant Governor Pinnell echoed Pujari’s sentiments, labeling the decision to start construction in Muskogee as a significant advancement for Oklahoma’s role in strengthening critical mineral supply chains and enhancing national security.

Project Phases Detail Production Capacity

The project will unfold in two phases. The first phase aims to construct a production line capable of producing up to 25,000 tonnes per annum. Subsequently, the second phase will introduce an additional line, doubling the total capacity to 50,000 tonnes.

Stock Performance and Financial Update

Stardust Power’s stock plummeted nearly 28% to $1.40 by 1:50 p.m. in New York, marking a 52-week low of $1.30 earlier in the day. The company, which boasts a market capitalization of $67 million, refrained from commenting on the dip in its share price on Thursday.

New Public Offering Announcement

In a recent update, Stardust Power disclosed plans for a public offering of 4.7 million common shares at $1.20 per share. This offering may lead to stock dilution, but the company anticipates raising $5.75 million for working capital and debt repayment.