Stardust Power signs lithium supply deal with Mandrake Resources

Stardust Power Inc. (NASDAQ: SDST) entered into a letter of intent with Mandrake Resources Limited to secure 7,500 metric tons per annum of lithium carbonate equivalent in the form of lithium chloride from Mandrake's Utah Lithium Project, according to a company statement.

The lithium chloride will supply Stardust Power's processing facility in Muskogee, Oklahoma. The agreement covers a twelve-year term with an optional six-year extension at Stardust Power's discretion.

The agreement is non-binding and subject to execution of a definitive purchase agreement. The lithium chloride will be delivered to the Port of Muskogee, located near the Stardust Power site.

Mandrake's Utah Lithium Project is located in the northern Paradox Basin and contains an Inferred Resource of 3.3 million tonnes of lithium carbonate equivalent. The site has access to shallow and deep aquifers suitable for brine extraction and proximity to established mineral operations and infrastructure.

"We see strong strategic alignment between Mandrake's Utah Lithium Project and our vision for a fully integrated American lithium supply chain," said Pablo Cortegoso, Chief Technical Officer and Co-Founder of Stardust Power.

Stardust Power is building a lithium refinery in Muskogee, Oklahoma, with capacity to produce up to 50,000 metric tons of battery-grade lithium carbonate annually. The company continues to advance permitting and site preparation activities.

James Allchurch, Managing Director of Mandrake Resources Limited, said the agreement strengthens the domestic lithium supply chain through a long-term partnership in producing battery-grade materials.

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