Exhibit 99.1

STANDARD LITHIUM LTD.

ANNUAL INFORMATION FORM

for the Fiscal Year ended December 31, 2025

Dated March 27, 2026

CORPORATE OFFICE

Suite 1625, 1075 West Georgia Street

Vancouver, British Columbia, V6E 3C9

REGISTERED OFFICE

Suite 2200, 885 West Georgia Street

Vancouver, British Columbia, V6C 3E8

TABLE OF CONTENTS

PRELIMINARY NOTES AND CAUTIONARY STATEMENT

Date of Information

All information in this Annual Information Form ("AIF") is as of December 31, 2025, unless otherwise indicated.

Cautionary Notes to U.S. Investors Concerning Resource Estimates

This AIF has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "inferred mineral resources," "indicated mineral resources," "measured mineral resources" and "mineral resources" used or referenced in this AIF are Canadian mineral disclosure terms as defined in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "CIM Standards"). The Canadian Institute of Mining ("CIM") Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the "SEC") in Regulation S-K Subpart 1300 (the "SEC Modernization Rules") under the U.S. Securities Act of 1933, as amended (the "Securities Act").

As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system, Standard Lithium Ltd. ("Standard Lithium" or the "Company") is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules.

Non-GAAP Measures

The Company has included certain non-GAAP and other financial measures in this AIF, which the Company believes, together with measures determined in accordance with International Financial Reporting Standards ("IFRS"), provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar non-GAAP and other financial performance measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

EBITDA

The Company has provided estimated earnings, before interest, taxes, depreciation and amortization ("EBITDA") for the resource development of brine leases located in southwest Arkansas (the "South West Arkansas Project"). EBITDA excludes items that are not directly related to operating activities. While there is no standardized meaning of the measure across the industry, the Company believes that this measure is useful to external users in assessing operating performance of the South West Arkansas Project. Upon commencing commercial production and reporting EBITDA costs, the Company will provide a reconciliation to IFRS figures then presented.

All-In Operating Costs

The Company has provided estimated all-in operating cost performance measure for the South West Arkansas Project that reflects both direct costs and indirect costs, as well as royalties, sustaining capital and allowances for mine closure, but is exclusive of taxes. The majority of the all-in operating cost comprises reagent usage required for extraction of lithium from the brine, as well as conversion to battery quality lithium carbonate and electricity consumption. While there is no standardized meaning of the measure across the industry, the Company believes that this measure is useful to external users in assessing operating performance. Upon commencing commercial production and reporting all-in operating costs, the Company will provide a reconciliation to IFRS figures then presented.

Currency

Except where otherwise indicated, all references to currency in this AIF are to United States Dollars ("$").

Forward-Looking Information

Except for statements of historical fact, this AIF contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively referred to herein as "forward-looking information"). The statements relate to future events or the Company's future performance. All statements, other than statements of historical fact, may be forward-looking information. Information concerning mineral resource and mineral reserve estimates also may be deemed to be forward-looking information in that it reflects a prediction of mineralization that would be encountered if a mineral deposit were developed and mined. Forward-looking information generally can be identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "would", "project", "predict", "propose", "potential", "target", "intend", "could", "might", "should", "believe", "scheduled", "implement" and similar words or expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information.

In particular, this AIF contains forward-looking information, including, without limitation, with respect to the following matters or the Company's expectations relating to such matters: the Company's planned exploration and development programs (including, but not limited to, plans and expectations regarding advancement, testing and operation of the lithium extraction at the Company's direct lithium extraction ("DLE") demonstration plant (the "Demonstration Plant"); commercial opportunities for lithium products; delivery of studies; the Company's strategic and ongoing partnerships, including with Equinor TDI Holdings LLC and certain of its subsidiaries ("Equinor"); filing of technical reports; expected results of exploration; accuracy of mineral or resource exploration activity; ability to secure further leasehold positions and perform further exploration drilling in East Texas; anticipated timing for a preliminary economic assessment of the Franklin Project in the northeast region of Texas (the "Franklin Project"); accuracy of mineral reserves or mineral resources estimates, including the ability to develop and realize on such estimates; whether mineral resources will ever be developed into mineral reserves, and information and underlying assumptions related thereto; budget estimates and expected expenditures by the Company on its properties; regulatory or government requirements or approvals; the reliability of third party information; continued access to mineral properties or infrastructure; payments and share issuances pursuant to property agreements; fluctuations in the market for lithium and its derivatives; expected timing of the expenditures; performance of the Company's business and operations; anticipated timelines for a Final Investment Decision and production at the South West Arkansas Project; changes in exploration costs and government regulation in Canada and the United States; competition for, among other things, capital, acquisitions, undeveloped lands and skilled personnel; changes in commodity prices and exchange rates; currency and interest rate fluctuations; the Company's funding requirements and ability to raise capital; geopolitical instability; war (such as U.S. military intervention in Iran and Russia's invasion of Ukraine); and other factors or information.

Forward-looking information does not take into account the effect of transactions or other items announced or occurring after the statements are made. Forward-looking information is based upon a number of expectations and assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. With respect to forward-looking information listed above, the Company has made assumptions regarding, among other things: current technological trends; ability to fund, advance and develop the Company's properties; the Company's ability to operate in a safe and effective manner; uncertainties with respect to receiving and maintaining mining, exploration, environmental and other permits; pricing and demand for lithium, including that such demand is supported by growth in the energy security and storage market and the electric vehicle market; impact of increasing competition; commodity prices, currency rates, interest rates and general economic conditions; the legislative, regulatory and community environments in the jurisdictions where the Company operates; impact of unknown financial contingencies; impacts of changes in current and future trade agreements, legislation, regulations, import tariffs and other similar trade barriers, including material changes in the U.S.-Mexico-Canada Agreements and implementation of the "America First Trade Policy"; increases in geo-political tension and tension with respect to lithium; market prices for lithium products; budgets and estimates of capital and operating costs; estimates of mineral resources and mineral reserves; reliability of technical data; the ability to negotiate access agreements on commercially reasonable terms, anticipated timing and results of operation and development; inflation; and war (such as U.S. military intervention in Iran and Russia's invasion of Ukraine). Although the Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable, the Company can give no assurance that these assumptions and expectations will prove to be correct. Since forward-looking information inherently involves risks and uncertainties, undue reliance should not be placed on such information.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, including the state of the energy security and storage market and electric vehicle market; governmental regulation of the mining industry, including environmental

regulation and permitting; geological, technical and drilling problems; unanticipated operating events; negotiation of commercial access agreements, competition for and/or inability to retain drilling rigs and other services and to obtain capital, undeveloped lands, skilled personnel, equipment and inputs; inability to secure customer offtake agreements on economically favorable terms; reliance on third parties; potential or ongoing joint ventures; ability to secure further leasehold positions and perform further exploration drilling in East Texas; anticipated timing for a preliminary economic assessment of the Franklin Project in East Texas; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; uncertainties associated with estimating mineral resources and mineral reserves, including uncertainties relating to the assumptions underlying mineral resource and mineral reserve estimates; whether mineral resources will ever be converted into mineral reserves; uncertainties in estimating capital and operating costs, cash flows and other project economics; liabilities and risks, including environmental liabilities and risks inherent in mineral extraction operations; health and safety risks; risks related to unknown financial contingencies, including litigation costs, on the Company's operations; unanticipated results of exploration activities; unpredictable weather conditions; unanticipated delays in preparing technical studies; inability to generate profitable operations; restrictive covenants in debt instruments; lack of availability of additional financing on terms acceptable to the Company; intellectual property ("IP") risk; stock market volatility; volatility in market prices for commodities; liabilities inherent in the mining industry; inflation risks; risks related to war (such as U.S. military intervention in Iran and Russia's invasion of Ukraine); changes in tax laws, royalty policies and incentive programs relating to the mining industry; other risks pertaining to the mining industry; conflicts of interest; dependency on key personnel; and fluctuations in currency and interest rates, as well as those factors discussed in the section entitled "Risk Factors" in this AIF.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Readers are cautioned that the foregoing lists of factors are not exhaustive. All forward-looking information in this AIF speaks as of the date of this AIF. The Company does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. All forward-looking information contained in this AIF is expressly qualified in its entirety by this cautionary statement. Additional information about these assumptions and risks and uncertainties is contained in the Company's filings with securities regulators, including the Company's most recent management's discussion and analysis for its most recently completed financial year and, if applicable, interim financial period, which are available on the system for electronic document analysis and retrieval ("SEDAR+") at www.sedarplus.ca and the electronic data gathering, analysis and retrieval system ("EDGAR") at www.sec.gov.

Certain Other Information

The filings under the Company's profile on SEDAR+ and EDGAR are not incorporated by reference in this AIF unless specifically stated. Information contained on the Company's website is also not incorporated by reference in this AIF.

Certain information in this AIF is obtained from third party sources, including public sources, and there can be no assurance as to the accuracy or completeness of such information. Management of the Company has not independently verified any of the data from third party sources nor ascertained the validity or accuracy of the underlying economic assumptions relied upon therein, and the Company does not make any representation as to the accuracy ‎of such information.

CORPORATE STRUCTURE

Name, Address and Incorporation

The Company was incorporated under the laws of the Province of British Columbia on August 14, 1998 under the name "Tango Capital Corp." Effective April 7, 1999, Tango Capital Corp. changed its name to "Patriot Capital Corp." Effective March 5, 2002, Patriot Capital Corp. changed its name to "Patriot Petroleum Corp." At its annual general and special meeting of shareholders held on November 3, 2016, the shareholders of the Company approved a change of name of the Company to "Standard Lithium Ltd." and to the continuance of the Company from the Business Corporations Act (British Columbia) to the Canada Business Corporations Act. On December 1, 2016, the Company completed the name change and continuation.

Standard Lithium is a leading near-commercial lithium company focused on the sustainable development of a portfolio of large, high-grade lithium-brine bearing properties in the United States. The Company prioritizes brine projects characterized by high-grade resources, robust infrastructure, skilled labor, and streamlined permitting. The Company aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated DLE and purification

process. Recognized as a critical mineral, lithium holds strategic importance for electric vehicle and battery manufacturing, as well as energy storage systems with profound implications for the broader economy and national security.

The Company's flagship project, the South West Arkansas Project is located on the Smackover Formation in Arkansas, a world-class lithium brine asset. The South West Arkansas Project is being developed in partnership with Equinor, a multi-national energy company and encompasses a significant land area on approximately 30,000 net mineral acres of brine leases. A Definitive Feasibility Study ("DFS") for the South West Arkansas Project was published on October 14, 2025 after completing a detailed Front-End Engineering Study ("FEED"). The partnership is targeting a Final Investment Decision ("FID") and commencing construction in 2026, subject to, among other things, finalizing key contracts and securing suitable project financing.

The Company, in partnership with Equinor, is also developing prospective lithium brine areas within the Smackover Formation in East Texas (the "East Texas Properties"). The Company published exploration drilling results and testing on October 25, 2023, which demonstrated lithium concentrations of 644 mg/L on average. The Company then completed and published a maiden inferred mineral resource for the Franklin Project on November 5, 2025. In partnership with Equinor, the Company plans to continue securing additional leasehold positions and to perform further exploration drilling in East Texas and will pursue a Preliminary Feasibility Study ("PFS") for the Franklin Project. This partnership forms part of the Company’s strategic transaction with Equinor, pursuant to which Equinor has committed to invest up to $160 million for a 45% ownership interest across the South West Arkansas Project and the East Texas Properties (the "Equinor Transaction")

The Company also historically pursued a project in southern Arkansas at the LANXESS Corporation ("LANXESS") South facility near El Dorado, Arkansas (the "Lanxess Property Project"). The Lanxess Property Project contemplated development of a first phase of the project (the "Lanxess 1A Project"). In October of 2023, the Company completed a DFS for the Lanxess 1A Project. In 2025, the Company and LANXESS mutually agreed to terminate the previously executed amended and restated memorandum of understanding related to the Lanxess 1A Project. Subsequent to termination, the Company continued to have discussions and negotiations regarding its go forward plans with respect to the project.

As a result of these discussions and negotiations, on January 12, 2026, the Company entered into a site services agreement with LANXESS, effective January 1, 2026, that will allow it to maintain the operations of the Demonstration Plant, but the Company did not enter into a new memorandum of understanding or other agreement that would serve to advance the Lanxess 1A Project. The Company has refocused its capital allocation and management plans towards the development of its South West Arkansas Project and Franklin Project, within the East Texas Properties. As such, the Company is no longer pursuing the development of the Lanxess Property Project, including the Lanxess 1A Project at this time. Therefore, the Company determined that as of December 31, 2025, the Lanxess Property Project ceased to be considered a material property of the Company and identified indicators of impairment. The Company estimated the recoverable amount for the Lanxess Property Project to be nil and has recognized a $26.5 million impairment expense as a result.

The Company has been successfully operating the Demonstration Plant near the Lanxess 1A Project site for approximately six years. The Demonstration Plant serves as both a testing and optimization facility, as well as a training facility for future potential operators at the Company's South West Arkansas and East Texas projects. This innovative plant, utilizing DLE to extract lithium from an existing brine pipeline system, operates continuously, with commercial scale technology and equipment.

The Company's interests also extend to certain mineral leases and option agreements in the Mojave Desert, San Bernardino County, California.

The Company is listed on the TSX Venture Exchange ("TSXV") and the NYSE American, LLC (the "NYSE") under the symbol "SLI". The Company is a reporting issuer in each of the Provinces and Territories of Canada and files its continuous disclosure documents with the Canadian Securities Authorities in such Provinces and Territories. Such documents are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

The Company's corporate office is located at Suite 1625, 1075 West Georgia Street, Vancouver, British Columbia, V6E 3C9 and its registered office is located at Suite 2200, 885 West Georgia Street, Vancouver, British Columbia, V6C 3E8.

Intercorporate Relationships

Standard Lithium currently has the following direct or indirect material subsidiaries:

GENERAL DEVELOPMENT OF THE BUSINESS

Three Financial Fiscal Period History

Fiscal Year Ended June 30, 2024

On July 5, 2023, the Company appointed David Park as Senior Strategic Advisor of the Company.

On July 26, 2023, the Company filed a short form base shelf prospectus (the "Previous Base Shelf").

On August 8, 2023, the Company announced positive results of a PFS for the South West Arkansas Project, including an upgraded mineral resource for a portion of the project.

On September 6, 2023, the Company announced positive results of a DFS for the Lanxess 1A Project.

On September 13, 2023, the Company announced it had acquired 118 acres of land adjacent to its South West Arkansas Project, with the intended use to assist with the advancement of development.

On September 18, 2023, the Company filed a PFS and updated indicated mineral resource for its South West Arkansas Project.

On September 25, 2023, the Company appointed Salah Gamoudi as Chief Financial Officer following Kara Norman's appointment as Chief Accounting Officer of the Company.

On October 5, 2023, the Company appointed Michael Barman as Chief Development Officer of the Company.

On October 18, 2023, the Company filed a DFS on the Lanxess Property Project, which was comprised of a mineral reserve and resource estimate on Phase 1A of the Lanxess Property Project.

On October 31, 2023, the Company announced that it had exercised its option to acquire brine production rights pursuant to an option agreement dated December 29, 2017 between Tetra Technologies, Inc. ("TETRA") and the Company (the "TETRA 1st Option Agreement") at the South West Arkansas Project.

On November 7, 2023, the Company adopted an Executive Officer Incentive Compensation Clawback Policy in accordance with the listing requirements of the NYSE, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and

the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act").

On November 17, 2023, the Company filed a supplement to its Previous Base Shelf to establish an at-the-market ("ATM") equity program that allowed the Company to issue up to $50 million of common shares of the Company (the "Shares") from treasury to the public from time to time, at the Company's discretion. Distributions of Shares through the ATM equity program were made pursuant to the terms of a sales agreement between the Company and Citigroup Global Markets Inc., Canaccord Genuity LLC and Canaccord Genuity Corp.

On January 24, 2024, the Company announced the engagement of Ausenco Engineering Canada ULC. to provide the FEED services required by the Company's DFS on the South West Arkansas Project.

On March 13, 2024, the Company announced the successful installation of a commercial-scale full-size DLE column at the Demonstration Plant near El Dorado, Arkansas — a Li-Pro™ Lithium Selective Sorption ("LSS") unit supplied by Koch Technology Solutions ("KTS"). Thereafter, the Company announced that during a representative period of continuous operation, the commercial-scale column exceeded design parameters, achieving an average lithium recovery of 97.3%.

On April 16, 2024, the Company reorganized certain of its Canadian subsidiaries such that: Texas Lithium Holdings Corp. was continued under the Canada Business Corporations Act (resulting in Texas Lithium Holdings Corp. changing its name to 15951232 Canada Inc. ("15951232")) and 15951232 was thereafter combined with the Company pursuant to a vertical short-form amalgamation.

On May 8, 2024, the Company announced the completion of a strategic partnership with Equinor to accelerate the development of the Company's large-scale, sustainable lithium projects in the Smackover Formation. The Equinor Transaction includes an investment of up to $160 million by Equinor and the acquisition of a 45% interest in the Company's former subsidiaries related to the South West Arkansas Project and the East Texas Properties.

Six-Month Transition Year Ended December 31, 2024

On July 23, 2024, the Company announced that it entered into an agreement with an advisor to settle a fee of $0.8 million in consideration for the issuance of 666,667 Shares, which fee related to strategic advisory services facilitating the partnership between the Company and Equinor. The consultant was subsequently appointed as a member of executive management. Services provided were advisory in nature and did not assume management responsibilities.

On September 1, 2024, David Park was appointed as Chief Executive Officer of the Company following the retirement of Robert Mintak.

On September 20, 2024, the Company announced that SWA Lithium was awarded a $225 million grant from the U.S. Department of Energy (the "DOE") for the South West Arkansas Project (the "DOE Grant").

On September 20, 2024, the Company announced that the South West Arkansas Project's design was being updated from its original PFS, and would now target a larger total output of 45,000 metric tons per annum of lithium carbonate, to be developed in two equal phases.

On October 28, 2024, the Company announced that SWA Lithium had entered into a licensing agreement with KTS to deploy and use KTS' Li-ProTM LSS technology (the "Licensing Agreement").

On November 18, 2024, the Company announced that it had changed its financial year-end from June 30 to December 31 to better align to the operating cycle of the industry.

On December 10, 2024, the Company appointed Paul Collins to the Board as an independent director.

On December 19, 2024, the Company announced that SWA Lithium, in partnership with KTS, successfully designed, built, commissioned and began operating a pilot DLE plant at the South West Arkansas Project. The pilot DLE plant is processing brine directly from the South West Arkansas Project to confirm engineering design parameters and provide samples of battery-quality lithium carbonate for use in the qualification process with potential off-take partners.

Fiscal Year Ended December 31, 2025

On January 15, 2025, the Company announced that SWA Lithium successfully commenced drilling a new well into the Smackover Formation at the South West Arkansas Project. SWA Lithium is also undertaking an extensive field program to re-enter the wells drilled in 2023 to conduct detailed reservoir testing and brine sampling work.

On January 16, 2025, the Company announced that SWA Lithium finalized the $225 million DOE Grant, which will support construction of Phase 1 of the South West Arkansas Project.

On March 19, 2025, the Company appointed Karen Narwold to the Board as an independent director.

On April 21, 2025, the South West Arkansas Project was designated as a Priority Critical Mineral Project under Executive Order 14241 – Immediate Measures to Increase American Mineral Production. This designation facilitates streamlined permitting through inclusion on the U.S. Federal Permitting Dashboard and reinforces the South West Arkansas Project's strategic significance to U.S. domestic lithium supply chains.

On April 24, 2025, the Arkansas Oil and Gas Commission ("AOGC") unanimously approved the formation of the Reynolds brine unit (the "Reynolds Unit"), a key milestone enabling Phase 1 brine production activities within the South West Arkansas Project area.

On May 29, 2025, the AOGC approved Smackover Lithium's brine royalty application, originally submitted on May 6, 2025, marking a key step in establishing the regulatory and financial framework for Phase 1 development.

On June 3, 2025, the Company announced a collaboration with Telescope Innovations Corp. ("Telescope") to advance the development of low-temperature lithium sulfide synthesis for potential application in next-generation solid-state battery technologies.

On July 15, 2025, the Company announced that sampling from the Lester Well, located at the South West Arkansas Project area, yielded the highest lithium concentration recorded to date within the South West Arkansas Project — 616 mg/L of lithium in brine. The average lithium concentration from the three brine samples was 582 mg/L.

On July 30, 2025, the Company filed a final short form base shelf prospectus (the "Base Shelf") with the securities commissions in each of the provinces and territories of Canada and a corresponding shelf registration statement on Form F-10 with the SEC allowing for the future issuance, from time to time, of up to $1 billion in Company securities.

On August 8, 2025, the Company filed a prospectus supplement to the Base Shelf, establishing an ATM equity offering program ("Current ATM Program") to issue and sell up to $50 million in Shares, from time to time.

On September 3, 2025, the Company announced the highlights of a DFS for its South West Arkansas Project. The study confirms an estimated operating life of more than 20 years, supported by a measured and indicated resource of 1.18 million metric tons lithium carbonate equivalent ("LCE") and proven and probable reserves of 709,000 metric tons LCE. The South West Arkansas Project is designed to produce approximately 22,500 metric tons per year of battery-quality lithium carbonate.

On September 16, 2025, Aquatech International LLC ("Aquatech") announced the acquisition of the KTS direct lithium extraction business, including the Li-Pro™ technology used in the Company's demonstration activities and planned for use in the South West Arkansas Project. As a result of the transaction, Aquatech has assumed KTS' role under existing arrangements with the Company with no material changes to underlying terms.

On September 24, 2025, the Company announced a maiden inferred mineral resource estimate for the Franklin Project in the northeast region of Texas, within the East Texas Properties. The Franklin Project represents an initial phase of the joint venture’s broader East Texas development strategy. The resource comprises approximately 2.2 million metric tons of LCE at an average concentration of 668 mg/L lithium, 15.4 million metric tons of potash and 2.6 million metric tons of bromide.

On October 14, 2025, the Company filed a DFS for its South West Arkansas Project. See "Mineral Properties – South West Arkansas Project" below for more information with respect to the DFS on the South West Arkansas Project.

On October 20, 2025, the Company filed a prospectus supplement to the Base Shelf (the "Public Offering Prospectus Supplement") relating to the underwritten public offering (the "Public Offering") of 29,885,057 Shares at a price of $4.35 per Share, for aggregate gross proceeds of $130 million. Concurrently, the Company entered into an underwriting agreement with a syndicate of underwriters led by Morgan Stanley and Evercore ISI as co-lead book-running managers and including

BMO Capital Markets, as a book-running manager, Canaccord Genuity Corp., Raymond James & Associates, Inc., Roth Capital Partners, LLC, and Stifel, Nicolaus & Company, Incorporated (the “Underwriting Agreement”).

On October 30, 2025, the AOGC approved Smackover Lithium’s integration application for the Reynolds Unit, a key de-risking step providing certainty on the resource underpinning the South West Arkansas Project.

On November 5, 2025, the Company filed a technical report for the maiden inferred mineral resource estimate at its Franklin Project. See "Mineral Properties – East Texas Properties" below for more information with respect to the technical report on the Franklin Project.

On December 9, 2025, Smackover Lithium announced that it had received expressions of interest from three Export Credit Agencies ("ECAs"), including the Export-Import Bank of the United States and Export Finance Norway, for over $1 billion in potential senior secured project debt to support development of Phase 1 of the South West Arkansas Project. Smackover Lithium is pursuing a project financing package of up to $1.1 billion, expected to include ECA-supported debt and commercial bank financing. These expressions of interest are non-binding and subject to customary due diligence, credit approvals and negotiation of definitive documentation.

Subsequent Events to December 31, 2025

On March 9, 2026, the Company announced that Smackover Lithium entered into a binding offtake agreement with Trafigura Trading LLC ("Trafigura") for the purchase by Trafigura of battery-grade lithium carbonate to be produced from the South West Arkansas Project (the "Offtake Agreement"). Pursuant to the Offtake Agreement, Trafigura is expected to purchase up to 8,000 tons per year of lithium carbonate over a 10-year term commencing upon commercial production.

On March 16, 2026, the Company announced the engagements of The Walsh Group, LLC, led by its Principal General Robert S. Walsh, USMC (Ret.) and Global Mineral Strategies, led by its Managing Director, Mr. Gary Stanley, as strategic advisors to the Company.

Selected Financings

The Company has completed the following financings over the last three completed financial fiscal periods:

ATM Issuances

On July 26, 2023, the Company filed the Previous Base Shelf relating to the offering for sale from time to time of up to $250 million Shares, preferred shares, with no par value ("Preferred Shares"), debt securities, subscription receipts, warrants or units. The Previous Base Shelf replaced the base shelf prospectus filed by the Company on September 10, 2021.

On November 17, 2023, the Company filed a prospectus supplement relating to the offering for sale from time to time of up to $50 million Shares pursuant to its Previous Base Shelf, and entered into an ATM sales agreement with Canaccord Genuity Corp., Canaccord Genuity LLC and Citigroup Global Markets Inc. for distribution of the Shares (the "2023 ATM"). The Company raised gross proceeds of $50.0 million pursuant to the 2023 ATM.

On July 30, 2025, the Company filed the Base Shelf relating to the offering for sale from time to time of up to $1 billion Shares, Preferred Shares, debt securities, subscription receipts, warrants or units. The Base Shelf replaced the Previous Base Shelf filed by the Company on July 26, 2023.

On August 8, 2025, the Company filed a prospectus supplement relating to the offering for sale from time to time of up to $50 million Shares pursuant to its Base Shelf, and entered into an agreement with Canaccord Genuity Corp., Canaccord Genuity LLC and Evercore Group L.L.C. for distribution of the Shares. As of December 31, 2025, the Company has raised gross proceeds of $13.6 million pursuant to the Current ATM Program.

Public Offering

On October 20, 2025, the Company filed the Public Offering Prospectus Supplement relating to the Public Offering of 29,885,057 Shares at a price of $4.35 per Share, for aggregate gross proceeds of $130 million, pursuant to its Base Shelf, and entered into the Underwriting Agreement.

Trends and Outlook

As the global economy continues to demand more energy from electric based sources to power electric grids, data centers, artificial intelligence applications, standby energy storage, electric vehicles, and other end use cases, the demand for lithium, a critical mineral used in batteries, is steadily increasing. The United States has designated lithium as a critical mineral vital to national security and economic resilience, underscoring the need for a reliable domestic supply chain.

The Company is addressing this need by focusing on the Smackover Formation, a region rich in lithium-brine resources. The Company's strategy emphasizes sustainable and responsible resource development, recognizing that the successful delivery of these projects requires careful attention to market conditions, including the cyclical nature of lithium pricing, the pace of energy storage system expansion, electric vehicle adoption and other dynamic factors influencing the industry.

The importance of the Smackover Formation is further underscored by significant interest and investment from global energy companies. This interest includes the Company's strategic partnership with Equinor, involving a gross investment of up to $160 million across the South West Arkansas and East Texas Properties as part of the Equinor Transaction. The Equinor Transaction highlights the potential of these projects to contribute meaningfully to the global lithium supply chain while ensuring that the Company's development efforts are well-funded and strategically supported.

As part of its future strategy, Standard Lithium is committed to expanding its presence in the Smackover Formation. This includes securing additional brine leases and property rights across Arkansas and East Texas, as well as engaging with stakeholders to ensure that all projects are developed in a manner that meets both environmental standards and community expectations. By focusing on stakeholder engagement and strategic collaborations, the Company is positioning itself to navigate market challenges, meet the increasing demand for lithium, and deliver long-term value through sustainable practices.

DESCRIPTION OF THE BUSINESS

Background

Standard Lithium is a near-commercial lithium company dedicated to the sustainable development of a portfolio of lithium-brine bearing properties in the United States. The Company places a strong emphasis on partnerships and collaborative relationships, focusing on projects characterized by high-grade resources, robust infrastructure, skilled labor, and streamlined permitting processes. Through the application of fully integrated DLE and purification technology, the Company aims to achieve commercial-scale lithium production.

The Company's primary focus is on projects within the Smackover Formation in southern Arkansas and in East Texas: the South West Arkansas Project and the East Texas Properties, including the Franklin Project. The South West Arkansas Project is strategically located in a region known for its long-standing mineral extraction and energy industries. The South West Arkansas Project, developed in collaboration with Equinor, is central to the Company's portfolio due to its scale and high-quality lithium-brine.

In addition to the South West Arkansas Project, the Company is pursuing development and exploration opportunities within the Smackover Formation in its larger East Texas Properties, including its Franklin Project, also supported through its partnership with Equinor. The Equinor Transaction includes a significant gross investment of up to $160 million across both the South West Arkansas Project and the East Texas Properties.

The Company also historically pursued the Lanxess Property Project, including the LANXESS 1A Project. Furthermore, the Company holds interests in mineral leases and option agreements in the Mojave Desert, San Bernardino County, California.

Standard Lithium currently does not own any producing properties and, as such, has no operating income or cash flow from its properties. The Company's operations are primarily funded through equity financings.

For additional details on the development of these projects, refer to the sections "General Development of the Business – Three Financial Fiscal Period History," "General Development of the Business – Trends and Outlook," and "Mineral Properties" below.

Flagship Projects

The Company’s principal properties within the Smackover Formation consist of (i) the South West Arkansas Project and (ii) its broader East Texas Properties, which includes the Franklin Project. The South West Arkansas Project, developed in

collaboration with Equinor, represents a core asset of the Company. The Company’s East Texas mineral interests are also material to the Company; however, a technical report supporting a mineral resource estimate has been prepared solely in respect of the Franklin Project. No mineral resource estimate has been prepared for the Company’s remaining East Texas acreage.

South West Arkansas Project Background

All of the Company's activities in southern Arkansas relate to brine leases within the Smackover Formation in a region with a long history of commercial scale brine processing. Historical published brine data and current unpublished brine data from within and adjacent to the Company's two areas of interest lead the Company to believe that lithium-bearing brines are present.

The South West Arkansas Project brine lease area has been historically drilled for oil and gas exploration, and approximately 2,041 exploration and production wells have been completed in the Smackover Formation in or immediately adjacent to SWA Lithium's lease area. A portion of these wells had available petro-physical logs of the Smackover Formation brine-bearing zone.

The resource development of brine leases located in southwest Arkansas is maintained pursuant to the TETRA 1st Option Agreement to acquire certain rights to conduct brine exploration and production and lithium extraction activities on approximately 27,262 net mineral acres of brine leases and deeds located in Columbia and Lafayette Counties, Arkansas.

Under the TETRA 1st Option Agreement, the Company paid TETRA $0.5 million on January 28, 2018, $0.6 million on December 29, 2018, $0.7 million on January 31, 2020, and $0.8 million on December 29, 2020. Under the TETRA 1st Option Agreement, the Company is required to pay additional annual payments of $1.0 million by each annual anniversary date beginning on the date that is 48 months following the date of the TETRA 1st Option Agreement, until the earlier of the expiration of 10 years from the date of the agreement or the execution of a limited mineral assignment, or, if the Company exercises the option. During the lease period, as specified in the TETRA 1st Option Agreement, at any time following the commencement of commercial production of the lithium, the Company agreed to pay a royalty of 2.5% (minimum royalty $1.0 million) to TETRA. On October 31, 2023, the Company exercised its option to acquire brine production rights pursuant to the TETRA 1st Option Agreement at the South West Arkansas Project.

On January 28, 2019, the Company announced a maiden inferred mineral resource of 802,000 metric tons of LCE at the South West Arkansas Project.

On October 12, 2021, the Company announced the results of a Preliminary Economic Assessment ("PEA") and updated inferred mineral resource estimate on the South West Arkansas Project. The results of the PEA led to the commencement of the PFS at the South West Arkansas Project on May 2, 2022.

On August 8, 2023, the Company announced the results of a PFS on the South West Arkansas Project. On September 18, 2023, the Company filed a PFS and updated the mineral resource for its South West Arkansas Project.

On May 7, 2024, the Company entered into the Equinor Transaction whereby Equinor acquired interests in two Standard Lithium formerly wholly-owned subsidiaries, SWA Lithium, which holds Standard Lithium's South West Arkansas Project and Texas Lithium, which holds the East Texas Properties. Pursuant to the terms of the Equinor Transaction, Equinor acquired a 45% interest in each of the former subsidiaries for an initial cash payment of $30 million to the Company and the commitment to invest up to an additional $130 million as follows:

The Company will maintain majority ownership and operatorship pursuant to a development services agreement at each of the South West Arkansas Project and the East Texas Properties.

On September 20, 2024, the Company announced that SWA Lithium was awarded a $225 million DOE Grant for the South West Arkansas Project. On January 16, 2025, the Company announced that SWA Lithium finalized the $225 million DOE Grant, which will support construction of Phase 1 of the South West Arkansas Project.

On October 28, 2024, the Company announced that SWA Lithium had entered into the License Agreement with KTS to deploy and use KTS' Li-ProTM technology at SWA Lithium's commercial plant for the South West Arkansas Project.

On December 19, 2024, the Company announced that SWA Lithium, in partnership with KTS, successfully designed, built, commissioned and began operating a pilot DLE plant at the South West Arkansas Project. The pilot DLE plant is processing brine directly from the South West Arkansas Project to confirm engineering design parameters and provide samples of battery-quality lithium carbonate for use in the qualification process with potential off-take partners.

On March 11, 2025, the Company announced that its joint venture with Equinor, Smackover Lithium, successfully completed the final derisking phase of its DLE technology at the South West Arkansas Project, in collaboration with KTS. The Demonstration Plant exceeded performance benchmarks, achieving greater than 99% lithium recovery from over 100,000 gallons of brine and producing approximately 970 gallons of concentrated and purified lithium chloride solution, which was subsequently converted into 27 kilograms of battery-quality lithium carbonate. The results support advancement of the South West Arkansas Project into FEED and feasibility studies and represent a significant milestone toward commercial-scale U.S. lithium production.

On September 3, 2025, the Company announced the results of a DFS on the South West Arkansas Project. On October 14, 2025, the Company filed a DFS and upgraded mineral resource for its South West Arkansas Project1. See "Mineral Properties – South West Arkansas Project" below. While the DFS is focused on this initial phase of development at the South West Arkansas Project, SWA Lithium is planning to develop additional phases of the South West Arkansas Project throughout the total area.

SWA Lithium is advancing towards an FID on the South West Arkansas Project.

East Texas Properties

The Company's ongoing expansion into East Texas has been driven by a deliberate strategy to secure additional brine-hosted lithium resources within the Smackover Formation, one of the most prospective sedimentary brine systems in North America. The Company began assembling its East Texas land position through the acquisition of brine mineral rights beginning in 2022 in the approximately 80,000 acre Franklin Project, with over 46,000 gross brine mineral acres leased to support the inferred resource.

As part of its early technical evaluation, the Company initiated a program to re-enter legacy oil and gas wells across the East Texas Properties. These wells provided valuable subsurface data, including porosity, permeability, pressure, and brine chemistry, enabling the Company to confirm the presence of lithium-bearing brines within the Upper and Middle Smackover intervals. The re-entry program was followed by a series of new appraisal wells drilled specifically to test lithium concentrations and reservoir continuity. The Franklin Project is highlighted by 2,159,000 metric tons of LCE at an average lithium concentration of 668 mg/L, 15,414,000 metric tons of potash (as potassium chloride) and 2,638,000 metric tons of bromide contained within 0.61km3 of brine volume. The Franklin Project represents the first step in advancing the joint venture's East Texas development strategy, which targets scalable lithium chemical production through phased expansion.

On October 25, 2023, the Company published exploration drilling results and testing which demonstrated lithium concentrations of 668 mg/L on average at the East Texas Properties.

On May 7, 2024, the Company entered into the Equinor Transaction as previously discussed. Following completion of the Equinor Transaction, Texas Lithium advanced exploration activities across the Franklin Project and broader East Texas Properties. These activities included additional brine sampling, reservoir characterization, and land consolidation to expand the East Texas Properties' footprint.

On September 24, 2025, the Company announced a maiden inferred mineral resource estimate for the Franklin Project, representing the first resource delineated within the Company’s East Texas Properties.

[1] See NI 43-101 technical report titled "South West Arkansas Project NI 43-101 Technical Report & Definitive Feasibility Study, Arkansas United States" with an effective date of September 3, 2025 and available under the Company's SEDAR+ profile at www.sedarplus.ca.

On November 5, 2025, the Company filed a technical report for the maiden inferred mineral resource estimate for its Franklin Project2. See "Mineral Properties – Franklin Project" below.

The Company maintains a 55% ownership stake in Texas Lithium and Equinor maintains a 45% ownership stake. The Company plans to continue securing further mineral leasehold positions and performing additional exploration, development and de-risking programs on the East Texas Properties. The Company has also begun work to advance the Franklin Project toward a future PFS.

Other Projects

Lanxess Property Project

The Lanxess Property Project was centered on the development of the Lanxess 1A Project. Development was governed by an amended and restated memorandum of understanding dated February 23, 2022 (the "Amended and Restated MOU") with LANXESS which was terminated by mutual agreement in 2025. The Company has refocused its capital allocation and management plans towards the development of its South West Arkansas Project as well as the Franklin Project and other potential projects within the East Texas Properties. As such, the Company is no longer pursuing development of the Lanxess Property Project. Therefore, the Company determined that as of December 31, 2025, the Lanxess Property Project ceased to be considered a material property of the Company and identified indicators of impairment. The Company estimated the recoverable amount for the Lanxess Property Project to be nil and has recognized a $26.5 million impairment expense as a result.

Demonstration Plant

Notwithstanding termination of the Amended and Restated MOU, Standard Lithium has been successfully operating an industrial-scale DLE Demonstration Plant near the Lanxess 1A Project site for approximately six years. The Demonstration Plant plays a crucial role as both a testing and optimization facility, as well as a training facility for future potential operators at the Company's South West Arkansas and East Texas projects.

In August 2018, the Company initiated mini-pilot scale process work, using tail brine collected from operating facilities in southern Arkansas. This work and data collected formed the basis for the Demonstration Plant and aimed for continuous 24/7 operation. The Demonstration Plant was constructed by Zeton Inc. in three phases and was completed in October 2019, with initial installation at LANXESS' south plant facility in southern Arkansas. During November and December 2019, a semi-permanent all-weather structure was installed to enclose the Demonstration Plant, and an office/control room and an analytical laboratory were also installed.

On May 19, 2020, the Company announced full-time operation of the Demonstration Plant. The plant is designed to process up to 50 US gallons per minute of tail brine, and extract the lithium, with the aim of producing a high quality, concentrated lithium chloride intermediate product. This product can then be converted into battery quality lithium carbonate. As of July 15, 2020, the Company's Demonstration plant was operational using proprietary SiFT technology the Company is developing.

On September 1, 2021, the Company announced completion of the installation of the lithium carbonate plant, with all major connections made to the existing Demonstration Plant and the installation of a new weatherproof enclosure.

The Demonstration Plant's (pictured below) primary focus is to test, trial and optimize the most effective DLE process for specific brine conditions, and plays a crucial role as a training facility for future potential operators at the Company's South West Arkansas and East Texas projects. Since October 2022, the Company has been testing Aquatech's proprietary Li-ProTM technology at the Demonstration Plant. The highly automated three-story Demonstration Plant is complemented by adjacent buildings housing the control room, office and an analytical laboratory, ensuring precise and monitored lithium extraction processes. The resulting high-purity lithium chloride solution can either be processed further at the Company's on-site carbonation pilot plant or sent to a third party for refining.

[2] See NI 43-101 technical report titled "NI 43-101 Technical Report: Maiden Inferred Resource Estimate for Standard Lithium Ltd.'s Franklin Project, located in Hopkins, Franklin and Titus Counties, Texas, United States" with an effective date of September 24, 2025 and available under the Company's SEDAR+ profile at www.sedarplus.ca.

Activities at the Demonstration Plant are governed by a site services agreement, which was renewed on January 12, 2026, and is focused on refining and validating solutions independent of the advancement of the Lanxess Property Project.

Lithium Brine Processing R&D Project

The Company is focused on continuously improving its lithium extraction and refining technologies through its technical group.

This work centers on several areas: (i) pre-treating brines using filtration technologies; (ii) selectively extracting lithium from pre-treated brine to produce concentrated lithium salt solutions; (iii) purifying and crystallizing these solutions to produce battery-grade lithium products; and (iv) de-risking the technology by designing, building, and operating progressively larger pilot and pre-commercial plants.

As part of these efforts, the Company entered into a joint development agreement with Koch Engineered Solutions to support the commercial deployment of its projects. In March 2024, Standard Lithium installed a commercial-scale lithium extraction column—referred to as a Li-Pro™ LSS unit—at its Demonstration Plant near El Dorado, Arkansas. This column is the same size and design as those planned for the Company's commercial projects, including the South West Arkansas Project.

On April 24, 2024, the Company announced that it had successfully commissioned a commercial-scale DLE column at its DLE facility, which is one of the largest continuously operating DLE facilities in North America. The Company further announced that during a representative period of continuous operation, the commercial-scale column exceeded design parameters, achieving an average lithium recovery of 97.3%.

The commercial-scale lithium extraction column has been integrated with the Demonstration Plant for testing and

optimization. This step is intended to provide validation and information necessary for ongoing project financing processes, as well as for the South West Arkansas Project FEED Study.

This work, carried out at project sites and various other locations in the United States and Canada, supports the Company's efforts to advance its projects toward commercial-scale production.

Carbon Capture Project

On September 14, 2021, the Company announced that it was undertaking and funding a pilot project in southern Arkansas to test a novel carbon capture technology. The pilot project is being conducted with the owner of the technology, Aqualung Carbon Capture ASA ("Aqualung"), and a pilot carbon capture unit was installed at a natural gas processing site in southern Arkansas owned and operated by Mission Creek Resources LLC. The pilot project will take a slipstream of flue gas for processing through the Aqualung pilot unit. The resulting concentrated carbon dioxide ("CO2") stream will then be used in the Company's ongoing research and development ("R&D") program to understand how CO2 may be permanently sequestered by the Company as part of normal brine reinjection activities. This R&D program will then expand to consider how CO2 may also be used as an alternative reagent at several points in the Company's process flowsheet.

The Company believes the patent-protected Aqualung carbon capture systems ("CCS") technology, developed by the Norwegian University of Science and Technology ("NTNU"), is an innovative approach with the ability to deliver a cost effective, scalable, modular decarbonization solution.

The Aqualung CCS technology results from over 20 years of research at NTNU and is based on a membrane system that selectively extracts CO2 from a wide range of CO2 sources emitted by hydrocarbon-burning energy sources. It produces a high purity CO2 gas stream that can either be sequestered or reused.

The Company invested $2.5 million in Aqualung as part of a $10 million strategic equity round that included Nasdaq listed, Golar LNG, London-based shipowner, Global Ship Lease and Geneva-based metals trading services group, MKS Pamp. Dr. Andrew Robinson, President and COO of the Company also joined the board of Aqualung.

On January 31, 2023, the Company installed its carbon capture pilot plant in Southern Arkansas to assess sustainable production practices in collaboration with its investment partner, Aqualung.

Specialized Skills and Knowledge

Successful exploration, development and operation of the Company's lithium projects will require access to personnel in a wide variety of disciplines, including geologists, geophysicists, engineers, chemists, drillers, managers, project managers, supply chain and procurement specialists, accounting, financial and administrative staff, and others. Since the project locations are also in jurisdictions familiar with and friendly to resource extraction, management believes that the Company's access to the skills and experience needed for success is sufficient.

Competitive Conditions

The Company's activities are directed towards the exploration, evaluation and development of mineral deposits. There is no certainty that the expenditures to be made by the Company will result in discoveries of commercial quantities of mineral deposits. There is aggressive competition within the mining industry for the discovery and acquisition of properties considered to have commercial potential. The Company will compete with other interests, many of which have greater financial resources than it will have, for the opportunity to participate in promising projects. Significant capital investment is required to achieve commercial production from successful exploration efforts, and the Company may not be able to successfully raise funds required for such capital investments. See "Risk Factors – Competition" below.

Components

Standard Lithium is focused on the sustainable development of a portfolio of lithium-brine bearing properties in the United States, utilizing scalable, proven, and optimized lithium extraction and purification technologies. The Company has secured brine leases through direct acquisition from public lands or private landowners and has established various commercial partnerships with existing brine resource holders in Arkansas and Texas. The Company continues to explore additional opportunities in other jurisdictions.

The Company's collaboration with Equinor is a key aspect of its development strategy. Equinor's investment supports the advancement of the South West Arkansas Project as well as the Company's East Texas Properties, including the Franklin

Project and the additional development activities within the Smackover Formation in East Texas. This partnership is central to the Company's strategy of establishing a sustainable lithium supply chain in the United States.

Intangible Assets

The Company has developed a suite of IP related to novel technologies that can be deployed to either selectively extract lithium from brine or convert and purify intermediate lithium chemicals to higher purity materials. This IP suite is protected by a series of patents, and where the underlying inventor is an associate of, consultant or third party to the Company, exclusive rights or sole-licensing agreements are in place to allow the Company unfettered access to the patent(s) and associated know-how.

Business Cycles

Mining is a cyclical industry and commodity prices fluctuate according to global economic trends and conditions. See "Risk Factors – Risk Related to the Cyclical Nature of the Mining Business" below.

Economic Dependence

The Company's economic dependence is closely tied to its partnership with Equinor for the development of the South West Arkansas Project and continued exploration at the East Texas Properties, including the Franklin Project. Pursuant to the Equinor Transaction, Equinor acquired a 45% interest in the former subsidiaries holding these projects, providing an initial payment and committing to further investments, subject to positive FIDs. Equinor initially funded development and exploration costs for these projects after the formation of the Company’s partnership with them, with additional costs being shared on a pro-rata basis. The Company may receive milestone payments upon reaching FIDs. The Company retains majority ownership and operatorship of both projects, which are governed by development services agreements and a limited liability company agreement, with certain significant decisions requiring approval of both partners. The success of these projects is substantially dependent on Equinor continuing to provide the investments as detailed in the associated amended and restated limited liability company agreements that form part of the Membership Interest Purchase and Sale Agreement between the Company and Equinor TDI Holdings LLC ("MIPSA").

Changes to Contracts

The Company continues to work with Equinor under the terms of their partnership, particularly concerning the South West Arkansas Project and East Texas Properties, including the Franklin Project. Any changes to contracts entered into with Equinor in relation to these projects, including milestone payments to be made by Equinor, will be dependent on reaching positive FIDs as outlined in the LLCA.

In 2024, the Company announced that SWA Lithium finalized a license agreement with KTS, particularly in relation to the use of proprietary technologies at the Company's Smackover Formation projects. The license agreement is an important part of the Company's broader strategy to integrate proven technologies into its commercial-scale operations.

In 2025, the Company and LANXESS mutually agreed to terminate the previously executed Amended and Restated MOU related to the Lanxess 1A Project.

On January 12, 2026, the Company entered into a site services agreement, effective January 1, 2026, that will allow it to maintain the operations of the Demonstration Plant and is focused on refining and validating solutions independent of the advancement of the Lanxess Property Project.

Environmental Protection

The Company's exploration and development activities, as applicable, are subject to various levels of federal, state and local laws and regulations relating to the protection of the environment, including requirements for closure and reclamation of mining properties.

Employees

As of the date of this AIF, the Company has 53 employees, along with numerous contractual engagements with operators, engineers, and back-office employees as further described in "Description of the Business – Social Responsibility and Community Relations" below.

Foreign Operations

The Company's property interests are all located outside of Canada, with the projects being in the United States. The lithium business in which the Company operates is increasingly affected by political factors, including geopolitical tensions among major world powers and industrial policy promoting the development of domestic energy security and storage and electric vehicle and battery production infrastructure. These factors are relevant in the United States.

Reorganizations

Except as set forth above in "General Development of the Business – Three Financial Fiscal Period History", there have been no corporate reorganizations within the three most recently completed financial fiscal periods of the Company and there is no corporate reorganization completed during or proposed for the current financial fiscal period.

Social or Environmental Policies

The Company is committed to maintaining high standards of integrity, professional conduct, and environmentally responsible business practices. The operations are guided by a commitment to producing sustainable lithium chemicals that contribute to energy security, reliability, and environmental responsibility. The Company prioritizes minimizing environmental impacts through careful project planning, compliance with regulatory standards, and the adoption of best practices in environmental management.

In addition to environmental stewardship, the Company is dedicated to fostering positive social outcomes in the regions where it operates. This includes engaging with local communities, respecting cultural and environmental values, and ensuring that its activities generate mutual benefits. The Company seeks to build trust and transparency with stakeholders by upholding ethical business practices and contributing to the social and economic well-being of the communities associated with its projects.

Social Responsibility and Community Relations

The Company remains committed to supporting communities as a central element of its operations. In support of the communities surrounding the South West Arkansas Project and the East Texas Properties, the Company participates in STEM initiatives with local school districts, supports local non-profit and charitable organizations, and collaborates with LiTHIUM LEARNS and LiTHIUM WORKS on workforce development, technical training and education initiatives related to the lithium industry in the South Arkansas region. Additionally, the Company has taken part in music festivals, holiday events, and Independence Day celebrations. These initiatives reflect the Company's ongoing dedication to fostering positive relationships and contributing to the cultural and social vitality of the regions in which it operates.

To further support local workforce development, the Company has established partnerships with educational institutions such as South Arkansas College, Southern Arkansas University, and University of Arkansas Hope-Texarkana. These collaborations aim to enhance training programs that prepare community members for specialized roles within the Company's projects. Currently, the Company employs 33 staff members in South Arkansas, including engineers, operators, technicians, and administrative staff, predominantly from nearby communities. This strategy emphasizes its commitment to local employment and economic development.

In support of the communities surrounding the Company's operations in East Texas, initiatives include contributions to local non-profits and charities. Efforts are focused on engaging local stakeholders and ensuring that the benefits of the Company's projects are shared with the surrounding communities. The Company has remained actively engaged with county judges and city officials in the surrounding areas to provide updates on project activities and to foster open communication. During the year ended December 31, 2025, the Company joined the Franklin County and Sulphur Springs Chambers of Commerce and presented at the August Mt. Vernon Rotary Club meeting to provide an update on its activities. The Company's ongoing focus on sustainable development seeks to balance environmental stewardship with the social and economic needs of the regions in which it operates.

MINERAL PROPERTIES

The Company has two material mineral properties: the South West Arkansas Project and the East Texas Properties, including the Franklin Project. Each property will be discussed below separately. Previously, the Lanxess Property Project was considered a material project by the Company. Due to the termination of the Amended and Restated MOU between Lanxess and the Company in 2025, and the cessation of further discussions, negotiations, and capital allocation towards advancing the development of the Lanxess Property Project, the Company no longer considers the Lanxess Property Project to be a material mineral property.

South West Arkansas Project

Please refer to the technical report titled "South West Arkansas Project NI 43-101 Technical Report & Definitive Feasibility Study, Arkansas, United States" dated effective September 3, 2025 (the "South West Arkansas DFS"), as filed on the Company's SEDAR+ profile, for detailed disclosure relating to:

The following is a summary of the South West Arkansas DFS, prepared by a multi-disciplinary team of qualified persons ("QPs") that includes geologists, hydrogeologists, chemical, process and civil engineers with relevant experience in the lithium-brine confined aquifer type deposits, Smackover Formation geology and brine processing. The authors include Patricio Pinto Gallardo, C.P.R.M. of Ausenco Chile Ltda., Aleksandar Spasojevic, P.Eng. of Ausenco Engineering Canada ULC, Randal M. Brush, P.E. and Robert E. Williams, Jr., P.G., CPG of Haas & Cobb Petroleum Consultants, Thomas Wynn Rogers, Jr., P.E. of Hunt, Guillot & Associates, LLC and Richard DeLong, P.G. of Trinity Consultants Inc.

The South West Arkansas DFS is incorporated by reference herein and for full technical details, the complete text of the South West Arkansas DFS should be consulted.

The following summary does not purport to be a complete summary of the South West Arkansas Project and is subject to all the assumptions, qualifications and procedures set out in the South West Arkansas DFS and is qualified in its entirety with reference to the full text of the South West Arkansas DFS. The following summary is subject to any updated information contained elsewhere in this AIF.

Property Location and Ownership

The center of the South West Arkansas Project is located approximately 24 km (15 miles) west of the City of Magnolia in Lafayette County, southwestern Arkansas, United States. The South West Arkansas property encompasses Townships 16-17 South and Ranges 22-24 West of the 5th Meridian and lies wholly within Lafayette and Columbia counties.

The South West Arkansas Project comprises 947 brine leases and eight brine deeds that cover approximately 11,438 net mineral hectares (28,263 net mineral acres). The first phase project area, known as the Reynolds Unit, has been approved by the AOGC and consists of 8,439 gross mineral hectares (20,854 gross mineral acres). Of the remaining acreage, a portion will be integrated by means of a unit expansion application with the AOGC ahead of project sanction for the second phase, which will be known as the Reynolds Unit expansion area.

TETRA is the underlying owner of many of the brine leases and brine deeds. The Company acquired the rights to produce brine-sourced lithium from these leases and deeds through an option agreement with TETRA. In addition, Smackover Lithium acquired additional brine leases owned exclusively by TETRA and Saltwerx, LLC through a like-kind brine lease exchange completed in April 2025. In 2023, the Company purchased 48 hectares (118 acres) of surface land to build the central processing facility ("CPF") for the South West Arkansas Project, and Smackover Lithium has subsequently executed surface leases and/or option agreements for the Reynolds Unit well locations, well pad locations, and pipeline rights-of-way in support of future development. As of the date hereof, SWA Lithium has successfully completed unitization and has established a lithium royalty for the Reynolds Unit. None of the Company, Equinor or TETRA has developed the project brine leases and brine deeds for production of brine minerals.

Geology and Mineralization

The South West Arkansas Project lithium deposit is a confined aquifer brine deposit in the form of a lithium-bearing brine contained within the porosity of the Smackover Formation within the project’s property boundaries. The Smackover Formation in southern Arkansas is commonly subdivided into three intervals, the Reynolds Member Oolite (predominantly oolitic limestone), referred to as the "Upper Smackover", the "Middle Smackover" (a burrowed pellet packstone), and the Brown Dense (dark, dense limestone), referred to as the “Lower Smackover”. The lithium brine resource, as reported, is contained within the Upper and Middle Members of the Smackover Formation, (which underlie the entire South West Arkansas Project area). The Lower Smackover does not contribute to the resource estimates but is a future target for exploration.

The depth of the top of the Smackover Formation in the property area generally dips from north-northeast to south-southwest and varies in depth from approximately 2,316 m (7,600 ft) subsea to approximately 2,773 m (9,100 ft) subsea. Brine has been extracted commercially from the Smackover Formation in southern Arkansas for approximately 60 years and the geology is well-understood.

The volume of in-place lithium is proportional to the product of the brine-saturated pore volume and lithium concentration, both of which are known with reasonable accuracy, based on the drilling, logging, coring, and brine sampling data obtained throughout the South West Arkansas property area. The data used to estimate and model the resource were gathered from the six project-specific wells along with 93 prior wells in the property and 316 additional prior oil and gas production wells adjacent to the property, as well as surface seismic information.

Exploration, Drilling and Sampling

The Company successfully executed a six-well exploration program that significantly improved the geological description of the target Smackover Formation. The program addressed the three key factors that determine the quality of the resource: the total volume of brine based on core and log porosity data, the brine’s lithium concentration based on the analysis of multiple brine samples from the wells, and the productivity of the formation based on the core permeability data collected and the well tests conducted. The resulting data and analyses support the conclusion that the measured, indicated, and inferred resources present at the South West Arkansas Project are of sufficient quality to justify installation of a lithium extraction project at the site.

From February to July, 2023, the Company conducted a five-well exploration program at the South West Arkansas Project, followed by additional well brine sampling and drilling in 2024 and 2025. These five well locations were chosen to maximize the description of the geological properties and lithium concentrations within the South West Arkansas Project. In 2024 and 2025, the brine from the IPC-1 well was re-sampled, and in 2025 the Lester 2 well was drilled, logged, and the brine was sampled.

Mineral Resource Estimate

The resource present in the Smackover Formation below the South West Arkansas Project was updated based on the proposed unitized area encompassing 13,095 gross mineral hectares (32,358 gross mineral acres). Using a conversion factor of 5.323 kg of LCE per kilogram of lithium, the measured plus indicated resource value corresponds to an estimate of 1,177,000 metric tons LCE for 0.5 km3 of brine. For the Middle Smackover inferred resource, the estimate is 278,000 metric tons LCE for 0.15 km3 of brine.

The lithium resource estimates are presented in Tables 1 and 2, effective September 3, 2025, and represent the estimated total lithium in place within the Upper Smackover and Middle Smackover formations within the bounds of the South West

Arkansas Project. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The footnotes provided below Table 2 apply to both Tables 1 and 2.

Table 1: South West Arkansas Property Geological Factors and Indicated Lithium Resource Estimates

Table 2: South West Arkansas Project Geological Factors and Inferred Lithium Resource Estimates

Notes: 1. The effective date of the resource estimate is September 3, 2025. 2. Numbers may not add up due to rounding. 3. The resource estimates were developed and classified in accordance with guidelines established by the CIM. The associated South West Arkansas DFS was completed in accordance with NI 43-101 and all associated documents and amendments. As per these guidelines, the resource was estimated in terms of metallic (or elemental) lithium. 4. To describe the resource in terms of "industry standard" lithium carbonate equivalent, a conversion factor of 5.323 was used to convert elemental lithium to LCE.

The updated 2025 resource for the South West Arkansas Project is approximately 20% less than the 2023 PFS resource estimate. Approximately 12% of that reduction resulted from a reduced project area, and the remaining 8% reduction is associated with changes in net formation volume and lithium concentration resulting from the additional data gathered.

Mineral Reserve Estimate

The lithium reserve estimates for the Upper Smackover Formation in the initial phase were obtained using a computer simulation model that directly incorporates the geological model used to estimate the resource values. The simulation model was used to track the varying lithium concentrations in the brine using a tracer component. Note, the Middle Smackover layers were deactivated for these evaluations because the Middle Smackover has an inferred lithium resource which can have no reserves associated with it. The model tracked the lithium concentration in the rich brine within the Upper Smackover and in the brine produced in each well, as well as the injected lean brine (with lithium removed), and the movement of the injected brine through the reservoir.

To estimate proven reserves associated with the Upper Smackover in the initial phase, a 20-year case was run assuming installation of the initial phase wells (26 total wells: 14 production wells and 12 injection wells). Facility-limiting capacities of 11.6 Mm3 per year (200,000 barrels per day) of brine production capacity and 22,500 t/a of lithium carbonate processing

capacity were assumed. To estimate the proven plus probable reserves associated with production of the initial phase past 20 years, the same simulation model was run for 40 years. The resulting rate forecasts are presented in Table 3.

Table 3: Initial Phase Proven and Probable Reserves

Notes: 1. The effective date of the reserve estimate is September 3, 2025. 2. Any discrepancies in the totals are due to rounding effects. 3. The qualified person for the reserve estimate is Randal M. Brush, PE. 4. The proven case assumes a 20-year operating life. 5. Proven plus probable reserves assume a 40-year operating life. 6. Offtake is limited to 11.6 Mm3/a of brine production and 22,500 t/d of LCE facility processing capacity. 7. The reserves reference point for the brine volume, average lithium concentration, and lithium metal is the brine inlet to the South West Arkansas Project processing plant. 8. The reserves reference point for the LCE is the product output of the project processing plant. 9. Lithium carbonate production values consider plant processing efficiency factors. 10.The reserve estimate follows 2014 CIM Definition Standards and the 2019 CIM MRMR Best Practice Guidelines. 11. LCE is calculated using mass of LCE = 5.323 multiplied by mass of lithium metal. 12. The QP is not aware of any known environmental, permitting, legal, title-related, taxation, sociopolitical or marketing issues, or any other relevant issue, that could materially affect the potential development of resources other than those discussed in the resource estimates.

Recovery Methods

Lithium-rich brine is produced from wells completed in the Smackover Formation at vertical depths of approximately 2,600 to 2,900 m (8,500 to 9,400 ft) below mean sea level.

At the surface, raw brine from multiple wells is routed to a three-phase separator, where brine, sour gas, trace hydrocarbon liquids, and trace solids are separated. The cooled gas stream flows to a condensate tank for final vapor-liquid separation. Dry sour gas is transferred via pipeline to a third-party facility, and recovered condensate is recirculated to the separator.

Raw brine is transferred from the separator to the CPF. The remaining balance of sour gas in the raw brine is extracted at the air stripping unit (at the CPF) prior to entry to the primary processing units. At the CPF, lithium is recovered through proprietary processing methods. The resulting lithium-depleted spent brine is returned to the well pads and reinjected into the formation using horizontal multi-stage centrifugal pumps. The CPF considers a nominal production of 22,500 t/a of battery-quality lithium carbonate (Li2CO3) by processing up to 1,325 m3/h (200,000 bbl/d) of brine from the Smackover Formation.

The South West Arkansas Project utilizes Aquatech's proprietary LSS process to directly extract lithium ions from Smackover brine. Under the joint development agreement with Aquatech, the Company has Smackover regional exclusivity for the LSS process for a period of time.

As shown in Figure 1, the brine from the wellfield is degassed, filtered, adjusted and followed by lithium extraction using the LSS process. The LSS product is concentrated by conventional reverse osmosis, chemically softened for calcium and magnesium removal, and then passed through ion exchange columns to remove the residual calcium, magnesium, and boron. The treated brine is further concentrated by osmotically assisted reverse osmosis ("OARO") and NaCl crystallization prior to conventional two-stage lithium carbonate crystallization to produce battery-quality Li2CO3.

Figure 1: Process Block Flow Diagram

Source: Ausenco (2025).

Project Infrastructure, Environmental, Permitting and Social Considerations

The infrastructure for the South West Arkansas Project has been planned to support the reliable, phased production of battery-quality lithium carbonate through a closed-loop brine extraction and reinjection system integrated with centralized processing facilities.

Construction and operational emissions to air, discharges to surface waters and subsurface waters, and proper management/disposal of solid wastes are regulated by federal and state agencies to protect the environment while allowing the development of the natural resources. These permits will require review and approval from the Arkansas Department of Health, the Arkansas Department of Energy and Environment, the AOGC, and a federal permit from the United States Army Corps of Engineers ("USACE"). Additionally, the South West Arkansas Project was awarded funding by the DOE, which has triggered compliance with the National Environmental Policy Act ("NEPA"). The DOE is currently completing the associated Environmental Assessment which included completion of a biological assessment for an identified listed species, assessment of environmental impacts, engagement with tribes and an assessment of social impacts for the South West Arkansas Project. The DOE anticipates completing the Environmental Assessment in Q2 2026.

Capital and Operating Cost

Capital Expenditure Costs

Table 4 summarizes the South West Arkansas Project capital cost estimate by major scope area. The capital cost estimate of $1,449 million includes all costs (e.g., brine production and disposal, central processing facility, ancillary infrastructure, power supply infrastructure and indirect costs) required to support the South West Arkansas Project operations.

The estimate conforms to Class 3 guidelines for a feasibility study estimate with a ±15% accuracy according to the Association of the Advancement of Cost Engineering International ("AACE"). Costs have a base date of Q1 2025.

The overall life-of-project capital cost is $1,593 million, including $144 million of sustaining capital.

Table 4 Capital Cost Estimate

Note: Numbers may not add due to rounding.

Operating Expenditure Costs

The operating cost base date is Q1 2025. The estimate was developed to have an accuracy of ±15% (AACE Class 3). The estimate includes wellfields, processing, and general and administration (“G&A”) costs.

The overall life-of-mine operating cost is $2,001 million over 20 years, or an average of $4,516/t of produced Li2CO3 in a typical year. Of this total, fixed costs account for $749 million and variable costs account for $1,252 million. Table 5 provides a summary of the South West Arkansas Project operating costs.

Table 5 Operating Cost Summary

Notes:

Economic Analysis

The South West Arkansas economic analysis was performed assuming an 8% discount rate with no inflation (constant dollar basis). On a pre-tax basis, the net present value ("NPV") discounted at 8% is $1,666 million, the internal rate of return (“IRR”) is 20.2%, and payback period is 4.0 years. On a post-tax basis, the NPV discounted at 8% is $1,275 million, the IRR

is 18.2%, and the payback period is 4.2 years. It must be noted, however, that tax estimates involve many complex variables that can only be accurately calculated during operations and, as such, the post-tax results are only approximations. The analysis was performed on an annual cash flow basis and the cash flow output is shown graphically in Table 6 and Figure 2.

Table 6 Economic Analysis Summary

Notes: * Cash operating costs consist of production costs, processing costs, site-level G&A and offsite charges. ** Total cash cost includes cash operating cost and royalties. *** AISC includes total cash cost, sustaining capital and closure capital. Source: Ausenco (2025).

Figure 2: Projected Life-of-Mine Post-Tax Unlevered Free Cash Flow

Source: Ausenco (2025).

A sensitivity analysis was conducted on the South West Arkansas Project's pre-tax and post-tax NPV and IRR assessing the impact of changes in lithium price, discount rate, operating costs, initial capital, and LCE production. A summary of post-tax economic sensitivities to lithium price, operating costs, initial capex and LCE production is shown in Figure 3. The South West Arkansas Project is most sensitive to lithium price and LCE production, and to a lesser extent, initial capital cost and operating costs.

Figure 3: Post-Tax Sensitivity Charts

Note: Series lines for lithium price and LCE production overlap in the above figures. Source: Ausenco (2025).

South West Arkansas Project Related Risks and Uncertainties

A risk analysis was held to assess initial and residual risk in the mineral tenures, geology, resource and reserve estimate, metallurgy, infrastructure, permitting and environmental risks posed from development of the South West Arkansas Project. The South West Arkansas Project risks identified with an assessment of their potential impacts are presented below.

Conclusions and Recommendations

Key Study Conclusions

Based on the assumptions and parameters presented in this report, the South West Arkansas Project shows positive economics (i.e., $1,666 million pre-tax NPV (8%) and 20.2% pre-tax IRR) which support a decision to advance the South West Arkansas Project to the execution phase.

Key Study Recommendations

Development of the South West Arkansas Project is considered to be adequately de-risked to support Standard Lithium making an informed FID. The overall recommendation is to advance the South West Arkansas Project to the execution stage. The specific QP recommendations identified in this report includes (1) executing the necessary surface leases or option agreements early; (2) gathering data to refine the current reservoir description from drilling of new injection and production wells during execution; (3) continuing to operate and collect data from the existing demonstration plant; (4) completing engineering studies to confirm electrical, water, and reagent infrastructure; (5) continuing to advance key permits and authorizations; and (6) using a limited notice to proceed with the selected Engineering, procurement, construction and commissioning contractor to undertake early procurement activities.

The list of recommendations can be completed concurrently. The total cost estimate for third-party services to complete the proposed work programs is $10.3 million. This cost estimate excludes Standard Lithium’s in-house costs, which are to be incurred as part of the team’s ongoing work on the South West Arkansas Project prior to execution approval. Table 7 shows the estimated cost for the recommended work.

Table 7: Recommended Work Program

Note: *These costs are already included in the initial capital cost estimate.

The authors of the South West Arkansas DFS further recommend that the Company continue or complete the following, to optimize operations and infrastructure:

Franklin Project

Please refer to the technical report titled "NI 43-101 Technical Report: Maiden Inferred Resource Estimate for Standard Lithium Ltd.'s Franklin Project, located in Hopkins, Franklin and Titus Counties, Texas, United States" dated September 24, 2025 (the "Franklin Technical Report"), as filed on the Company's SEDAR+ profile, for detailed disclosure relating to:

The following is a summary of the Franklin Technical Report, prepared by a multi-disciplinary team of QPs that includes geologists and engineers with relevant experience in lithium-brine, Smackover Formation geology and brine processing. The authors include Abinash Moharana, SME of WSP USA Inc., Marek Dworzanowski, EUR ING, C.Eng. and Randal M. Brush, P.E. and Robert E. Williams, Jr., P.G., CPG of Haas & Cobb Petroleum Consultants.

The Franklin Technical Report is incorporated by reference herein and for full technical details, the complete text of the Franklin Technical Report should be consulted. The following summary does not purport to be a complete summary of the Franklin Technical Report and is subject to all the assumptions, qualifications and procedures set out in the Franklin Technical Report and is qualified in its entirety with reference to the full text of the Franklin Technical Report.

Property Location and Ownership

The center of the Franklin Project is located approximately 5.2 kilometers (km) (3.2 miles) south of the City of Mt. Vernon in Franklin County, northeastern Texas, United States. The Franklin Project lies within Hopkins, Franklin, and Titus counties.

The Company has obtained a total of 617 separate brine and brine-sourced mineral leases from private mineral owners within the Franklin Project area of 32,455 hectares (80,199 acres), consisting of 18,732 gross brine mineral hectares (46,287 acres) and 14,346 net brine mineral hectares (35,450 acres). The mineral resource estimates presented in the Franklin Technical Report correspond to the Company’s gross brine mineral holdings. Additional leases have been acquired since the effective date of the Franklin Technical Report, and it is expected that additional leasing activities in and around the Franklin Project area will continue by the Company’s subsidiary for the foreseeable future. In general, each lease has a 5-year primary term, with two 5-year extensions, and payments are either made yearly or for each 5-year term.

Royalties

Royalty rates are determined by the terms of the lease agreements between mineral owners and their leaseholders, which are frequently treated as confidential in the brine fields of East Texas, and such leases are not regulated by the Railroad Commission of Texas ("RRC"). Therefore, there are currently no known royalties, back-in rights, payments or other agreements and encumbrances to which the Franklin Project is subject.

Environmental Liabilities and Permitting

Several federal and state permits and approvals are required for brine production at the Franklin Project, including:

Currently, there is no brine production occurring on the Franklin Project for the express purpose of brine mineral extraction. Brine is produced from the Smackover Formation adjacent to the Franklin Project area as a normal part of oil and gas extraction operations, but any brine produced is removed and disposed of as per normal oilfield activities.

Risks and Uncertainties

While the Company will endeavor to mitigate any risks or uncertainties through project management, engaging technical experts and developing contingency plans, the Franklin Project is subject to risks of delay in obtaining RRC permits as the potential first brine production project to be permitted by the RRC, and risks related to the potential uncertainty in Texas law over whether brine-sourced lithium forms part of the surface or mineral estate, which may result in one or more lower court decision confusing the issue before being corrected by a higher court of appeal.

Accessibility, Climate, Local Resources, Infrastructure and Physiography

Access and Climate

The Franklin Project area spans across west Hopkins, Franklin, and east Titus counties. The largest nearby city is Sulphur Springs, in Hopkins County and has a population of approximately 16,891 as of 2024. The nearest airport is Sulphur Springs Municipal Airport, located in the northwestern area of the Franklin Project, in Hopkins County. The nearest commercial airport is Texarkana Regional Airport, approximately 115 km (72 miles) east-northeast. Dallas-Ft. Worth International Airport is approximately 193 km (120 miles) west-southwest. There is existing rail access parallel to Interstate 30, approximately 16 km (10 miles) north. The area also has an extensive all-season secondary road network. Access is provided by the federal and state highways. Interstate 30 links the cities of Sulphur Springs, Mt. Vernon, and Mt. Pleasant. Texas State Highways 37, 67, 271, and several improved county roads provide access to every leased tract of the Franklin Project area.

The Franklin Project area climate is generally humid with an average temperature and precipitation of 25ºC and 113.7 cm, respectively. Annual rainfall is distributed throughout the year. The wettest month of the year is May with an average rainfall of 146 mm. The warmest month of the year is August with an average temperature of 29.4ºC, while the coldest month of the year is January with an average temperature of 7.5ºC. The mild and humid climate as well as the moderate seasonal variations of the Franklin Project area is not expected to impede year-round exploration activities and allow consistent access and operational flexibility throughout the year.

Local Resources and Infrastructure

Oil and gas extraction-related infrastructure is present across the Franklin Project area, particularly to the north and south. This infrastructure consists of wellheads, collection facilities for various fluids, tank batteries, gas processing plants and associated pipelines, and cleared easements. Much of the infrastructure is sporadically in use by smaller operators, and the operation thereof can be cyclical depending on hydrocarbon market conditions.

History

Regional properties have verified lithium-brine mineralization within the Smackover Formation, though lithium-brine information regionally is not necessarily indicative of the mineralization on the Franklin Project.

Based on the USGS National Produced Waters Geochemical Database, lithium-enriched brine occurs throughout eastern Texas and within Hopkins, Franklin, and Titus Counties. The highest recorded lithium-brine in the USGS-compiled database occurs within Cass County at a concentration of 473 mg/L.

In 1992, Moldovanyi and Walter conducted a regional brine chemical study where Smackover Formation brine samples were collected and analyzed from 87 wells, which were producing from 45 Smackover Formation oil and natural gas reservoirs in southwest Arkansas, east Texas, and northern Louisiana, and concluded that (i) boron and alkali metal lithium, potassium and rubidium concentrations in the Smackover Formation water exhibit coherent geochemical relations across the east Texas shelf, (ii) the concentration of these elements is greater and more heterogeneous in hydrogen sulfide rich brine than in hydrogen sulfide-free brine, and (iii) regional concentration gradients suggest fluids enriched in these elements may have migrated into the Smackover Formation reservoirs from large-scale circulation of deep-seated waters along fault segments in the region.

In 1974, exploration by Collins et. al created a dataset including six brine analyses within the same counties as the Franklin Project area. Based on this data, lithium-brine values range from <1 mg/L to 293 mg/L, with an average of 97 mg/L lithium. Bromide concentrations from five wells in the three Franklin Project counties ranged from 3 mg/L to 2,903 mg/L with an average of 1,532 mg/L bromide, and potassium concentrations in the three Franklin Project counties varied from 5 mg/L to 9,980 mg/L with an average of 3,296 mg/L potassium.

No prior production of brine as a feedstock for mineral extraction has occurred on the Franklin Project, and no prior mineral resource estimate has been conducted.

Geological Setting and Mineralization

The Franklin Project lithium deposit is a confined brine aquifer deposit in the form of a lithium-bromide-potassium-bearing brine contained within the porosity of the Smackover Formation within the Franklin Project. The Smackover Formation in northeastern Texas is commonly subdivided into three intervals: the Upper Smackover (predominantly an oolitic limestone with common dolomite replacement), the Middle Smackover (a burrowed pellet packstone), and the Lower Smackover (a dark, dense limestone). The lithium-bromide-potassium brine resource, as reported, is contained within the Upper Smackover and Middle Smackover Formation which underlie the entire Franklin Project area. The Lower Smackover Formation does not contribute to the resource estimates in this report but is a future target for exploration.

The structural top of the Upper Smackover in the Franklin Project generally dips from north-northwest to south-southeast and varies in depth from approximately 2,865 meters (9,400 feet) subsea to approximately 3,810 meters (12,500 feet) subsea. Brine has never been extracted commercially from the Smackover Formation in east Texas, except as a by-product of hydrocarbon production.

The volumes of in-place lithium, bromide, and potassium are proportional to the product of the brine-saturated pore volume and the respective concentration, both of which are known with reasonable accuracy, based on the drilling, logging, coring, and sampling data obtained throughout the Franklin Project. The data used to estimate and model the resource were gathered from the three project-specific wells along with 100 existing and suspended oil and gas production and exploration wells in and around the Franklin Project. Two-dimensional seismic data were combined with well log data to assess the top of the Smackover Formation structure and to identify faults.

Deposit Types

Lithium is extracted from either mineral deposits (often pegmatite deposits containing the lithium-rich mineral spodumene) or brine deposits, while bromide is usually extracted from brine, and potassium from either brine or evaporite deposits. Brine deposits can either be unconfined in salars, where chemical constituents have been concentrated by the surface evaporation of water or confined in underground brine-bearing formations. The Franklin Project deposit is a confined brine aquifer deposit in the form of a lithium-potassium-bromide bearing brine contained within the porosity of the Smackover Formation within the Franklin Project.

The geologic characteristics of the reservoir and its lithium, bromide, and potassium content estimates are based on the whole of the available geologic data set and the results of brine sampling in the Upper and Middle Smackover. This comprehensive data set provides a reasonable basis upon which to estimate the resource.

Exploration

The Company conducted a 2023 exploration program at the Franklin Project, which consisted of (i) conducting a historical geological compilation and subsurface review of the Smackover Formation stratigraphy using 2D seismic data, oil and gas well logs, and (ii) completing three exploration wells to collect well logs and analyze core and 14 brine samples. Two additional brine samples were collected by the QP in February 2023 as confirmation samples and submitted independently

to the laboratory. All 16 brine samples were analyzed by an independent, accredited commercial laboratories – Intertek Westport Technology Center located in Houston, Texas and Western Environmental Testing Laboratory in Sparks, Nevada ("WETLAB").

Geotechnical and geochemical analyses for the three exploration wells were conducted by WETLAB. The average porosity and permeability from the 158 core samples collected from the two cored exploration wells in the Upper Smackover Formation were 14% and 17 millidarcies (mD), respectively. The brine sample analytical laboratory results yielded an average of 4,321 milligrams per liter (mg/L) bromide, 671 mg/L lithium, and 13,586 mg/L potassium for the Upper Smackover and 4,600 mg/L bromide, 626 mg/L lithium, and 12,400 mg/L potassium for the Middle Smackover in the brine samples collected from the three 2023 exploration wells.

Figure 4 Franklin Project Area and Locations of 2023 Exploration Wells

Table 8 Franklin Project Lithium, Bromide and Potassium Concentration Data

Drilling

From December 2022 to July 2023, the Company conducted a three-well exploration program at the Franklin Project. This program included drilling three all-new wells (Charles Davis Heirs 1, Pine Forest 1, and Lundell Creek 1). These three well locations were chosen to enhance the description of the geologic properties and lithium, bromide, and potassium concentrations within the Franklin Project. Both whole core and sidewall coring programs were conducted in the Pine Forest 1 and Lundell Creek 1 wells. Each well successfully tested the high-porosity interval in the Upper Smackover which is considered the Franklin Project’s main pay zone. Additional productive pay was encountered and successfully tested at various depths in the Middle Smackover.

Sample Preparation, Analyses, Security and Data Verification

Brine samples were collected from the three new wells at the Franklin Project. During the 2023 sampling program, the sample collection methodology included (i) obtaining well logs once each well was drilled and identifying test intervals, (ii) setting a cast iron bridge plug above the prior test interval to isolate the testing horizon, (iii) removing brine by swabbing the production tubing, of which the volume of fluid removed from the well was measured with flow meters and calculated based upon the volume measured at regular intervals in the onsite storage tank, (iv) collecting and analyzing field-measured parameters onsite to assess brine density, electrical connectivity and temperature, (v) comparing field measured parameters to known values of the Smackover Formation, (vi) recording physical attributes, (vii) utilizing consistent sample labeling procedures (i.e. sample identification, date, time, sampler’s initials). The sample containers were checked to verify that all sample label information was correct, and the sample container was properly closed. All sample containers were stored in coolers for shipping to WETLAB.

Coolers holding the sample containers were taken from the field to a secure location to double-check the sample identification and make sure all containers were in good condition prior to shipment to WETLAB. Chain of custody forms were filled out and included with the sample cooler. The cooler was taped closed and hand-delivered to the local courier company (Fed-Ex in El Dorado,) for delivery to the WETLAB laboratory. The laboratory was instructed to confirm receipt of the samples and provide a statement pertaining to the condition of the samples upon receipt. The samples were then coded into the respective laboratory’s sample stream for analysis.

A field duplicate sample was collected for every sampling event and taken at the same time as the original sample (i.e., back-to-back samples from the brine sample spigot). Random identifiers were given to the duplicate sample and duplicate

field samples were never in sequential order so that they were randomly presented to the laboratory. A total of six primary and six duplicate brine samples were collected from the three newly completed wells. The duplicate sample Relative Percentage Difference (“RPD”) was 0.0% to 12.8%. The QP considers RPD less than 20% acceptable.

The QP verified the lithium, bromide, and potassium concentration data by reviewing the choice of analytical laboratory to ensure it met all analytical industry standards, reviewing the overall scatter in each well’s lithium, bromide, and potassium concentration data, comparing concentration results between samples independently taken and verified by the QP to those by the Company, and comparing concentration results of the primary and duplicate sample concentrations. The four evaluations confirmed the choice of WETLAB, the consistency of the data, the close match between the independently gathered samples and those of the Company, and the reasonable match between primary and duplicate sample concentrations.

Mineral Processing and Metallurgical Testing