Dr. Andy Robinson reports

SMACKOVER LITHIUM ANNOUNCES THE AWARD OF LAST KEY CONSTRUCTION CONTRACT FOR THE SOUTH WEST ARKANSAS PROJECT AHEAD OF FINAL INVESTMENT DECISION

Smackover Lithium, a partnership between Standard Lithium Ltd. and Equinor, through subsidiaries of Equinor ASA, has entered into an engineering, procurement, construction and commissioning agreement with S&B Engineers and Constructors for the central processing facility for the South West Arkansas project.

S&B is an integrated EPC company with proven industrial construction expertise and a strong U.S. and regional presence. S&B will be supported by Hatch Ltd., a global engineering, project delivery and professional service firm with extensive experience in mineral resource projects, and specific experience designing and commissioning lithium projects. Hatch will provide design engineering and commissioning support to S&B as a subcontractor.

S&B will deliver EPCC services, including detailed engineering design, procurement, installation and construction, testing, start-up, and commissioning for the CPF. This includes receipt of brine (from well field), pretreatment, direct lithium extraction, purification and concentration of the lithium chloride, conversion to a battery-quality lithium carbonate with final product crystallization, drying, micronizing, bagging and handling facilities, and all associated utilities. The CPF will be located on the project's 118-acre plot located in Lafayette county, Arkansas.

The SWA project is designed to produce 22,500 tonnes per annum of battery-quality lithium carbonate production in its initial phase. The CPF, and the scope of work under this agreement, represents approximately two-thirds of the project's estimated capital expenditure, the latest published details of which are provided in the definitive feasibility study filed on Oct. 15, 2025.

The agreement includes a limited notice to proceed that allows work to continue on key activities to derisk the project and optimize the construction schedule. Under the LNTP, work will focus on detailed engineering, advancing permitting and early procurement activities related to identifying and engaging contractors and vendors of major equipment and materials. The expectation is to engage S&B on a full notice to proceed following a positive final investment decision, which is expected to occur in 2026.

Dr. Andy Robinson, president and chief operating officer of Standard Lithium, stated: "We are excited to be working with S&B and Hatch, who bring deep project experience and share our commitment to safety, operational excellence and disciplined project delivery.

"This partnership reflects the significant progress we have made in engineering and project definition and positions us to move forward with greater cost and schedule visibility and execution confidence."

"S&B is proud to partner with Smackover Lithium on this strategically important project," said Jeff Sipes, chief executive officer at S&B. "The innovative and extensive work they completed to date provides a strong foundation for the project. Our team will leverage its expertise to support the delivery of a safe, high-quality production facility and contribute to growing a domestic lithium supply chain."

Together with the separate and recently executed engineering, procurement and construction management agreement for the upstream well field portion of the project with Wood Group USA Inc., the key construction vendor contracts required prior to taking a final investment decision are complete. Smackover Lithium is actively working to complete the two primary remaining deliverables prior to taking a final investment decision: finalizing customer offtakes and closing project financing.

The definitive feasibility study for the SWA project is available for review under the company's profile on SEDAR+ and on the company's website. For highlights of this study, please refer to the company's press release dated Sept. 3, 2025.

Qualified person

All scientific and technical disclosure in this news release was reviewed and approved by Stephen Ross, PGeo, British Columbia, vice-president of resource development for Standard Lithium, a qualified person for purposes of, and as that term is defined in, National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Mr. Ross is not independent of the company.

Department of energy acknowledgment and disclaimer

This material is based upon work supported by the U.S. Department of Energy's Office of Critical Minerals and Energy Innovation under award No. DE-MS0000099. The views expressed herein do not necessarily represent the views of the U.S. Department of Energy or the U.S. government.

About Smackover Lithium

Smackover Lithium is a partnership between Standard Lithium and Equinor, through subsidiaries of Equinor ASA. Formed in May, 2024, Smackover Lithium is developing multiple direct lithium extraction 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 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, an attractive lithium brine asset, focused on 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, including the highest known lithium brine grade project in North America, the Franklin project.

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

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