De-Risked DLE Execution and Strategic Partnerships Underpin Buy Rating on Standard Lithium

In a report released yesterday, Raj Ray from BMO Capital maintained a Buy rating on Standard Lithium Ltd, with a price target of $10.00.

Raj Ray has given his Buy rating due to a combination of factors tied to Standard Lithium’s technical progress and strategic positioning. After visiting the Arkansas demonstration plant, he concluded that years of continuous operation on live brine have materially reduced technical risk, especially relative to peers that rely on less complex, stored brine testing. The company’s commercial-scale DLE column, already running on variable real-world feed, supports confidence that the process can be scaled effectively. These demonstration results, combined with a flowsheet for the Southwest Arkansas (SWA) project that largely mirrors the proven demo setup, underpin his view that Standard can successfully move into full commercial production around 2028.
In addition, Ray highlights that improving lithium market sentiment, heightened investor focus on U.S. critical minerals, and Standard’s nearly fully funded status justify a higher valuation, reflected in his C$10.00 target price. He also notes that the company’s partnership with Equinor on premium U.S. brine resources and a phased development strategy further mitigate development risk. Longer-term upside from the East Texas assets, where early results have been encouraging, adds to the growth potential beyond the initial SWA phase. Upcoming milestones, including offtake agreements, finalizing debt financing, and a final investment decision expected in the first half of 2026, provide visible catalysts that support maintaining a Buy (Outperform, Speculative) stance.

In another report released yesterday, TipRanks – Google also initiated coverage with a Buy rating on the stock with a C$8.50 price target.