Stardust Power Narrows Losses, Advances Muskogee Lithium Refinery
Lithium mining operator Stardust Power Inc. reported its losses in 2025 were less than the previous year and it is making permitting progress to advance toward construction and commissioning of its Muskogee lithium refining project.
The developer of battery-grade lithium carbonate released its fourth quarter and year-ended 2025 financial report.
“2025 marked a year of meaningful progress for Stardust Power as we advanced the technical, commercial and regulatory foundations of our lithium refinery in Muskogee,” said Roshan Pujari, Founder and Chief Executive Officer of Stardust Power.
Financial Results Show Improvement
The final report showed the company had $3.5 million in cash at the end of 2025 and continued to deploy capital toward engineering, permitting and development activities for its planned Muskogee lithium refinery. Stardust also recorded a net loss of $15.7 million for year-end 2025, down from the $23.8 million recorded in 2024. The improvement was primarily driven by lower financing charges and reduced general and administrative expenses compared to the prior year, which included costs associated with being a public company.
The loss per share was $2.13 in 2025 compared to $5.55 for 2024 and Stardust. The company’s net cash used in operating activities also declined from $9.7 million in 2024 to $8.3 million in the just-concluded business year. Net cash used in investing activities was $3.4 million for the current year, compared to $4.8 million for the prior year, primarily driven by the company’s initial capital investments made in the anticipated building of the Muskogee lithium refinery.
Net cash from financing activities remained unchanged at $14.2 million.
Permitting Progress and Project Scope
“Phase I is expected to produce up to 25,000 metric tons per year of battery-grade lithium carbonate, forming the first stage of a planned 50,000 metric tons per-year refining platform, with estimated Phase I CapEx of approximately $500 million. The refinery is designed to support the development of a more secure domestic lithium supply chain. Following year-end, we also received our air quality construction permit from the Oklahoma Department of Environmental Quality, which helps position the refinery to move toward construction,” said Pujari.
2025 Refinery Project Milestones and Business Highlights
Completed the Front-End Loading Level 3 (“FEL-3”) engineering study by Primero for the planned lithium refinery in Muskogee, Oklahoma, providing engineering and project definition and establishing an estimated capital cost of approximately $500 million to support the next stage of development and construction planning. The Company continues to evaluate a range of project financing alternatives, including potential strategic partners, government-supported financing programs and capital markets transactions, to support the development and construction of the Muskogee lithium refinery.
Completed an independent third-party review of the Muskogee lithium refinery by Black & Veatch, which concluded that the project presents low technical and design risk and that Phase 1 production targets are expected to be achievable.
Broke ground at the site in Muskogee, Oklahoma, initiating early site preparation as the refinery advances toward construction.
Entered into non-binding lithium chloride feedstock supply arrangements with Mandrake Resources and Prairie Lithium totaling up to 13,500 metric tons per year of lithium carbonate equivalent (“LCE”), which is a positive step towards establishing a diversified supply pipeline to support future refining operations.
Raised $13.2 million in equity capital and secured up to $10.0 million in debt financing, supporting continued advancement of the Company’s lithium refinery.
Strengthened senior leadership team with the appointments of Carlos Urquiaga, Kenneth Pitts and Bruce Czachor, adding deep experience across legal and regulatory matters, project development, capital markets and the global battery materials supply chain.
Continued development and planning for the Muskogee lithium refinery, including engineering, feedstock sourcing and permitting milestones supporting the refinery’s progression toward a final investment decision.
Subsequent Events Since Year-End 2025
Received the final air quality construction permit from the Oklahoma Department of Environmental Quality for the Muskogee lithium refinery, positioning the project to advance toward construction and commissioning.
Established a $10.0 million synthetic ATM equity facility with B. Riley Principal Capital II, providing flexible access to capital to support project advancement.
Engaged Washington, D.C.–based 38 North Solutions to support federal government relations, policy engagement and funding initiatives related to domestic critical-minerals supply chains.
The continued progress reflects broader efforts to build a domestic lithium supply chain in the U.S., a key component in supporting battery manufacturing, electric vehicles, and energy storage systems.