Stardust Power annunces LoI with Mandrake Resources

Stardust Power (SDST) announced that it has entered into a Letter of Intent, or LoI, with Mandrake Resources Limited to secure 7,500 metric tons per annum of lithium carbonate equivalent, or LCE, in the form of lithium chloride from Mandrake’s Utah Lithium Project. The lithium chloride will feed directly into Stardust Power’s processing facility in Muskogee, Oklahoma, providing a reliable, U.S. sourced supply as the Company advances toward its Final Investment Decision and the start of major construction. The Utah project benefits from proximity to key transport routes and established infrastructure, enabling straightforward delivery to the Port of Muskogee, situated in close proximity to the Stardust Power site. The Utah supply deal further validates Stardust Power’s model of a large central refinery strategically located in the center of the country. The Agreement covers a twelve-year term with an optional six-year extension at the Company’s discretion, potentially providing up to 18 years of dependable supply. The agreement is non-binding and is subject to the execution of a definitive purchase agreement. This strategic step enhances Stardust Power’s financing options, reduces development risk, and demonstrates tangible progress toward full-scale operations at the Muskogee, Oklahoma site.