Mr. David Park reports

SMACKOVER LITHIUM SIGNS FIRST BINDING CUSTOMER OFFTAKE AGREEMENT FOR THE SOUTH WEST ARKANSAS PROJECT

Smackover Lithium, a joint venture (JV) between Standard Lithium Ltd. and Equinor, through subsidiaries of Equinor ASA, has signed its first commercial offtake agreement for the South West Arkansas project with Trafigura Trading LLC. Trafigura is a market leader in the global commodities industry, with an established presence across battery metals markets, including lithium. All figures are in U.S. dollars unless otherwise stated.

Under the terms of this binding take-or-pay offtake agreement, the JV will supply Trafigura with 8,000 metric tonnes per year of battery-quality lithium carbonate over a 10-year period, beginning at the start of commercial production. Pricing terms of the agreement are subject to confidentiality but are structured to support the anticipated financing for the project.

David Park, chief executive officer of Standard Lithium, stated: "The execution of this offtake agreement was the culmination of months of collaboration and negotiation and is a major milestone in moving the SWA project towards FID [final investment decision] and construction. We are excited about the opportunity to collaborate with a strong industry leader like Trafigura and look forward to providing them with high-quality lithium carbonate to serve growing domestic and global markets in the coming years."

Gonzalo De Olazaval, head of metals and minerals at Trafigura, commented: "We are pleased to have signed this offtake agreement with Smackover Lithium, further strengthening our North American critical minerals footprint. The SWA project is expected to provide a reliable source of battery-grade lithium carbonate produced in the United States, enhancing domestic supply chains. We look forward to collaborating with Smackover Lithium on this strategic project and delivering this material to customers across North America and globally."

The JV is seeking to finalize customer offtake agreements for roughly 80 per cent of the 22,500 tonnes of annual nameplate lithium carbonate capacity for the initial phase of the SWA project. This first agreement represents over 40 per cent of the targeted offtake commitments. The JV is in advanced commercial negotiations with multiple additional parties with the aim to complete this process as soon as practical.

The offtake process is being run in conjunction with the SWA project financing process and is critical to supporting the contemplated debt size, duration and structure. The JV plans to announce additional customer offtake agreements as they are finalized, in preparation for a final investment decision (FID) for the SWA project and the close of project financing. The JV provided a financing update on Dec. 9, 2025, highlighting indications of interest for over $1-billion in debt.

Standard Lithium intends to provide an update on customer offtakes and FID plans for the project with its coming fourth quarter 2025 earnings release and conference call, with details to be made available on the company website and through future press releases.

About Smackover Lithium

Smackover Lithium is a branded identity of jointly held projects between Standard Lithium and Equinor, through subsidiaries of Equinor ASA. Formed in May, 2024, Smackover Lithium is developing multiple direct lithium extraction (DLE) projects in southwestern Arkansas and east Texas. Standard Lithium owns a 55-per-cent interest and Equinor holds the remaining 45-per-cent interest in the JV projects, with Standard Lithium maintaining operatorship.

About Standard Lithium Ltd.

Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The company prioritizes projects characterized by high-grade resources, robust infrastructure, skilled labour and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production through the application of a scalable and fully integrated DLE and purification process. The company's flagship projects are in the Smackover formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is advancing the SWA project, a greenfield project located in southern Arkansas, and actively advancing a promising lithium brine resource position in east Texas, the Franklin project.

Standard Lithium trades on both the TSX Venture Exchange and the NYSE American exchange under the symbol SLI.

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