Q3 2024 Stardust Power Inc Earnings Call - Q&A

Yeah.

Operator: Good afternoon and welcome to the Stardust Powers, Inc. third quarter 2024 earnings call.

Sherry: Good afternoon, and welcome to the Star does powers, Inc. Third quarter 2024 earnings call. My name is Sherry and I'll be your operator today before this call startup powered issued its financial results for the third quarter ended September 32024 in our press release.

Operator: My name is Cherie and I'll be your operator today.

Operator: Before this call, Stardust Power issued its financial results for the third quarter and it's September 30th, 2024 in a press.

Operator: Joining us on today's call are Stardust Power's Founder and CEO, Roshan Poojari and CFO, Uday Devasthi. Following their remarks, we will open the call for questions.

Sherry: Joining us on today's call are startups powers, founder and CEO, Roshan, Pujari, and CFO Uday Derbys far.

Speaker Change: Following their remarks, we will open the call for questions before we begin Johanna can start up's powers director of Investor Relations and communications will make a brief introductory statement, Michigan Dallas. Please proceed.

Johanna Gonzalez: Before we begin, Johanna Gonzalez, Stardust Power's Director of Investor Relations and Communications, will make a brief introduction.

Johanna Gonzalez: Ms. Gonzalez, please. Thank you, operator.

Johanna Gonzalez: Good afternoon, everyone. Before management begins their formal remarks, we would like to remind everyone that some statements we're making today may be considered forward-looking statements under securities laws and involve a number of risks and uncertainties. As a result, we caution you that there are a number of factors, many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward-looking statement. For more detailed risks, uncertainties, and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and public filings made with the SEC.

Speaker Change: Thank you operator, good afternoon, everyone before management begins their formal remarks, we would like to remind everyone that some statements. We're making today maybe considered forward looking statements under securities laws and involve a number of risks and uncertainties.

Speaker Change: As a result, we caution you that there are a number of factors many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward looking statements.

Speaker Change: For more detailed risks uncertainties and assumptions relating to our forward looking statements. Please see the disclosures in our earnings release and public filings made with the SEC we.

Johanna Gonzalez: We disclaim any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. We refer you to our filings with the SEC for detailed disclosures and descriptions of our business, as well as uncertainties and other variable circumstances, including but not limited to risks and uncertainties identified under the captioned risk factors in our recent filings.

Speaker Change: We disclaim any obligation or undertaking to update forward looking statements to reflect circumstances or events that occur. After the date of forward looking statements are made except as required by law.

Speaker Change: Refer you to our filings with the SEC for detailed disclosures and descriptions of our business as well as the uncertainties and other variables circumstances, including but not limited to risks and uncertainties identified under the caption risk factors in our recent filings you may get started college SEC filings by visiting the.

Johanna Gonzalez: You may get Stardust Power's SEC filings by visiting the SEC website at www.sec.gov.

Speaker Change: C C website at Www Dot S T C dot Gov.

Johanna Gonzalez: I would like to remind everyone this call is being recorded and will be made available for replay via a link available in the Investor Relations section of Stardust Power's website.

Speaker Change: I would like to remind everyone. This call is being recorded and will be made available for replay via a link available in the Investor Relations section of status Power's website.

Roshan Poojari: Now I will turn the call over to Stardust Power's CEO, Roshan Pajari.

Speaker Change: Now I will turn the call Scottishpower CEO rush into jewelry, Russia.

Roshan Poojari: Roshan? Thank you, Joanna, and thank you all for joining us today. Welcome to the Stardust Power third quarter 2024 earnings call. I'd like to briefly discuss the macro environment before providing an update on the development of Stardust Power's lithium refinery. Stardust Power was founded on the idea the world needs more battery-grade lithium to power the energy transition, which we believe is not only essential to satisfy demand for power but is important to U.S. national security. Over the past decade, we have seen the demand and potential demand for lithium increase due to the growth of lithium-ion batteries.

Speaker Change: Thank you Joanna and thank you all for joining US today welcome to the start of our third quarter 2024 earnings call I'd like to briefly discuss the macro environment before providing an update on the development of startups powers lithium refinery.

Speaker Change: <unk> power was founded on the idea the world needs more battery grade lithium powered the energy transition, which we believe is not only essential to satisfy demand for power, but it is important to the U S national security over the past decade, we have seen the demand and potential demand for lithium increase.

Speaker Change: Due to the growth of lithium ion batteries. These batteries are essential to electric vehicles. Currently we see a large demand and limited supply of lithium and even less refining capacity globally critical materials and in particular battery grade lithium is a national security priority for the United States.

Roshan Poojari: These batteries are essential to electric vehicles. Currently, we see a large demand and limited supply of lithium and even less refining capacity globally. Critical materials, and in particular, battery-grade lithium, is a national security priority for the United States. According to a 2024 benchmark study, China dominates the market with an estimated 65 percent of the lithium market due to their stranglehold on global lithium refining capacity. We believe it is essential that we're able to refine battery-grade lithium domestically in the United States. As the founder, this is the opportunity that we saw from our collective experience in the industry at Stardust Power.

According to a 2024 benchmark study China dominates the market with an estimated 65% of the lithium lithium market due to their stranglehold on global lithium refining capacity. We believe it is essential that we're able to refine battery grade lithium domestically in the United States.

Speaker Change: As the founder of this is the opportunity that we saw from our collective experience in the industry and startups power. Our mission is to secure U S energy leadership through the production of IRS compliant battery grade lithium.

Roshan Poojari: Our mission is to secure U.S. energy leadership through the production of IRA compliant battery grade. To that end, Stardust Power is working towards building one of the largest lithium refineries in North America. The facility will be centrally located in the United States and in proximity to both off-take and supply. The refinery will be located in Muskogee, Oklahoma, with a projected annual production capacity of up to 50,000 metric tons per year. The site is approximately 66 acres, with an option for an additional 40 acres. We chose this site for three main reasons. First, as mentioned, it is centrally located in the United States with projected access to multi-module logistics, including the largest inland waterway system in America, and to roads and railway that can access 92% of the U.S.

Speaker Change: To that end startups power is working towards building one of the largest lithium refineries in North America. The facility will be centrally located in the United States and in proximity to both offtake and supply.

Speaker Change: The refinery will be located in Muskogee, Oklahoma with a projected annual production capacity of up to 50000 metric tons per year. The site is approximately 66 acres with an option for an additional 40 acres. We chose this site for three main reasons first as mentioned.

Speaker Change: It essentially located in the United States with projected access to multi module logistics, including the largest inland waterway system in America, and two roads and railway that can access 92% of the U S population within 24 hours second it isn't proximity.

Roshan Poojari: population within 24 hours. Second, it is in proximity to both off-take customers and feedstock supply. Third, there is access to a highly skilled workforce from the oil and gas sector. There is a legacy oil and gas sector workforce which we can tap into in Oklahoma. We are developing the refinery in two phases. The first phase is the construction of up to 25,000 metric tons per annum production. The second phase is to add a second production line of an additional up to 25,000 metric tons per annum to create a total capacity of up to 50,000 metric tons per annum.

Speaker Change: To both offtake customers and feedstock supplier.

Speaker Change: Third there is access to a highly skilled workforce from the oil and gas sector. There is a legacy oil and gas sector workforce, which we can tap into in Oklahoma.

Speaker Change: We are developing the refinery in two phases. The first phase is the construction of up to 25000 metric tons per annum production line. The second phase is to add a second production line of an additional up to 25000 metric tons per annum to create a total capacity of up to <unk>.

Speaker Change: <unk> thousand metric tons per annum in phase one we will build the back end of the production line first processing, a technical grade lithium into battery grade lithium carbonate.

Roshan Poojari: In phase one, we will build the back end of the production line first, processing a technical grade lithium into battery grade lithium carbon. We believe building the back end of the line first allows us to generate revenue quicker and get to market faster with our supply. Following this step, we will continue to build the balance of the line, which could enable us to process lithium chloride feedstock into battery grade lithium carbon. The first phase is expected to take approximately 18 to 24 months to build. We are planning to start earthworks early and are in the process of securing critical long-lead equipment ahead of time.

Speaker Change: We believe building the back end of the line first allows us to generate revenue quicker and get to market faster with our supply.

Speaker Change: Following this debt we will continue to build the balance of the line, which could enable us to process lithium chloride feedstock into battery grade lithium carbonate.

Speaker Change: The first phase is expected to take approximately 18 to 24 months to build we are planning to start earthworks early and are in the process of securing critical long lead equipment ahead of time, we anticipate efficiencies in phase II, leading to a reduction in time of construction.

Roshan Poojari: We anticipate efficiencies in Phase 2, leading to a reduction in time of construction. The total expected capital expenditures needed to build the facility is estimated at $1.2 billion, which currently includes a 40% contingency allocation. The first phase will cost approximately $690 million, with the second phase costing approximately $510 million. Turning to supply, we are optimizing design of our refinery for multiple sources of brine feedstock so we can aggregate supply and scale manufacturing of battery-grade lithium products more efficiently. We are investing upstream by securing off-take agreements with potential suppliers such as IG, Lithium, LLC, and Usha Resources.

Speaker Change: The total expected capital expenditures needed to build the facility is estimated at $1 2 billion, which currently includes a 40% contingency allocation. The first phase will cost approximately $690 million with the second phase costing approximately $510 million.

Speaker Change: Turning to supply we are optimizing design of our refinery from multiple sources of Brian feedstock. So we can aggregate supply and scale manufacturing of battery grade lithium products more efficiently, we are investing upstream by securing offtake agreements with potential suppliers such as <unk>.

Lithium LLC and <unk> resources are central refinery provides an opportunity for raw material producers that might not be able to develop their projects otherwise.

Roshan Poojari: Our central refinery provides an opportunity for raw material producers that might not be able to develop their projects otherwise. We can develop or co-develop lithium assets to augment supply at projects such as Jackpot Lake in Nevada and others. We plan to use a combination of off-the-shelf technology and best-in-class GLE technology, which would limit the technology risk for our business. We have a robust pipeline to supplement our supply and seek to have more news in the upcoming. Given rising geopolitical tensions and the ability for China to threaten supply, the U.S. has facilitated grants and funding to support the energy transition, including lithium refining.

Speaker Change: We can develop or co develop lithium assets to augment supply at projects such as jackpot Lake in Nevada, and others. We plan to use a combination of off the shelf technology and best in class <unk> technology, which would limit the technology risk for our business, we have a robust pipeline.

Speaker Change: Supplement our supply.

Speaker Change: And seek to have more news in the upcoming months, given rising geopolitical tensions and the ability for China to threatening supply. The U S has facilitated grants and funding to support the energy transition, including lithium refining the state of Oklahoma has identified up to 250.

Roshan Poojari: The state of Oklahoma has identified up to $257 million of largely state-incentive. Federal incentives, potentially worth billions of dollars, exist as well, and we have planned to apply for available incentives and opportunities for which we qualify to help offset the Stardust Power is expected to source from North America or Inflation Reduction Act compliant Processing inside the United States is also expected to make this IRA and or FTA. We will seek to source from and sell to allied country customers and companies and bolster the energy transition. At Stardust Power, sustainability is built into each step of our process.

Speaker Change: $3 7 million of largely state incentives federal incentives potentially worth billions of dollars exist as well and we have plan to apply for available and incentives and opportunities for which we qualify to help offset those costs.

Speaker Change: Start ups power is expected to source from North America, or inflation and reduction Act compliant countries processing inside the United States is also expected to make us IRA <unk> FTA compliance, we will seek to source from and sell to allied country customers and companies and bolt.

Speaker Change: The energy transition.

Speaker Change: I'd start ups power sustainability is built into each step of our process. These principles guide us and creating long term value for our business being a responsible corporate citizen, while addressing the pressing challenges of climate change and the energy transition we are developing a strong north American critical.

Roshan Poojari: These principles guide us in creating long-term value for our business, being a responsible corporate citizen while addressing the pressing challenges of climate change and the energy transition. We are developing a strong North American critical material supply chain, which is secure, safe, and sustainable in each aspect. It starts with our choice of extraction. We are designing our production lines with zero liquid discharge. Our facility will be almost fully electric while keeping our options open for infrastructure readiness, allowing us to minimize air emissions and be option rich down the line as we scale. The existing grid draws as much as 70% of its power from sustainable sources, such as wind, hydro, and natural gas.

Raw material supply chain, which is secure safe and sustainable in each aspect. It starts with our choice of extraction. We are designing our production lines with zero liquid discharge our facility will be almost fully electric while keeping our options open for infrastructure readiness.

Speaker Change: Allowing us to minimize air emissions and option rich down the line as we scale the existing grid draws as much as 70% of its power from sustainable sources, such as wind hydro and natural gas. We are also evaluating the use of solar power in the future at <unk>.

Roshan Poojari: We are also evaluating the use of solar power in the future at our site. Lastly, our main byproduct is a type of salt, a similar grade to a road salt, which can be sold and used.

Right.

Speaker Change: Lastly, our main byproduct as a type of salt a similar grade to a road salt, which can be sold and used.

Roshan Poojari: On July 8th, 2024, we completed our merger with global partner Acquisition Corp 2 and listed on the NASDAQ global market. At the same time, we raised approximately $12 million in conjunction with the We were delighted to ring the opening bell on the NASDAQ on July 12th, culminating in more than a year's work and one step closer to breaking ground on one of the largest lithium refining plants in North America. We have made important personnel hires. We welcome Parmita Das as Chief Strategy Officer and Senior Advisor to the CEO. With more than 20 years of leadership experience in some of the world's largest metals and minerals companies, Parmita will support the company's next phase.

Speaker Change: On July eight 2024, we completed our merger with global partner acquisition Corp, too and listed on the NASDAQ Global market at the same time, we raised approximately $12 million in conjunction with the listing we were delighted to ring the opening bell on the NASDAQ on July 12th culminating.

Speaker Change: And more than a year's work in one step closer to breaking ground on one of the largest lithium refining plants in North America.

We have made important personnel hires we welcome Amit the das as Chief strategy Officer, and senior adviser to the CEO with more than 20 years of leadership experience in some of the worlds largest metals and minerals companies pardon me that will support the company's next phase.

Roshan Poojari: of commercialization and development. Adam Johnson also joined us as Chief Commercial Officer with extensive experience in M&A, government relations, and other commercial endeavors. in the metals and mining.

Of commercialization and development.

Adam Johnson also joined US as Chief commercial officer with extensive experience in M&A government relations and other commercial endeavors.

Speaker Change: In the metals and mining space.

Roshan Poojari: On October 8th, the company announced it entered into a 90-day exclusivity period with KMX Technologies, Inc., during which the parties will negotiate the exclusive licensing in North America for KMX's vacuum membrane distillation technology for the lithium sector, which separates lithium from water sources. This could potentially have significant capital and operating expense savings for the company, as well as potentially reduce the energy and carbon intensity of the refining plant. We are working to finalize definitive We also announced the engagement of MUFG Bank as lead financial advisor to Stardust Power. MUFG will assist with structuring and financing of our first phase of the project.

Speaker Change: On October eight the company announced it entered into a 90 day exclusivity period with <unk> Technologies, Inc. During which the parties will negotiate the exclusive licensing in North America for <unk> vacuum membrane distillation technology for the lithium sector, which separates lithium from wall.

Speaker Change: <unk> sources.

Speaker Change: This could potentially had significant capital and operating expense savings for the company as well as potentially reduce the energy and carbon intensity of the refining process. We are working to finalize definitive agreements.

Speaker Change: We also announced the engagement of <unk> Bank as lead financial advisor to start us our MSG will assist with structuring and financing of our first phase of the project.

Roshan Poojari: We chose MUFG due to their abilities as one of the largest banks globally and their extensive experience in the natural resources sector. Turning to business updates.

We chose <unk> due to their abilities as one of the largest banks globally and their extensive experience in the natural resources sector.

Speaker Change: Turning to business updates this past August we announced the selection of primary USA to complete a front end loaded level III or definitive engineering study.

Roshan Poojari: This past August, we announced the selection of Primera USA to complete a front-end loaded Level 3, or Definitive Engineering. We are now in month four of the study and 15% of the engineering study has been completed with 40% of process design in progress. We have obtained Oklahoma Department of Transportation approval for a permanent access driveway from Highway 64 with OG&E providing a 161 kV electrical line and substation for the refinery. The geotechnical study has been completed and poses no major challenges to the site's surface or substation. The land has less than a 2% gradient, which requires minimum cut and fill requirements, meaning reduced initial capex, and we anticipate breaking ground on the site in the next eight Turning to permits and ongoing site activities, bid documents for initial site preparation are in progress, as is stormwater permitting with the Oklahoma Department of Environmental Quality.

Speaker Change: We are now in month four of the study and 15% of the Engineering study has been completed with 40% of process design in progress we've obtained Oklahoma Department of transportation approval for a permanent access driveway from highway 64 with <unk>, providing a 161.

Speaker Change: Electrical line and substation for the refinery. The geotechnical study has been completed and poses no major challenges to the site surface or subsurface.

Speaker Change: The land has less than a 2% gradient, which requires a minimum cut and fill requirements, meaning reduced initial capex and we anticipate breaking ground on the site in the next eight weeks.

Speaker Change: Turning to permits and ongoing site activities bid documents for initial site preparation are in progress as is storm water permitting with the Oklahoma Department of environmental quality. All tradeoff studies have been completed and vendor quotations have been requested for more than half of all of our priority mechanical.

Roshan Poojari: All tradeoff studies have been completed and vendor quotations have been requested for more than half of all of our priority mechanical equipment items. We have been proactive in our workforce development. We are working with the Indian Capital Technology Center, a local technology school, and universities, such as Oklahoma State University, where they have demonstrated they are aligning their programs with employment opportunities our business creates. We are also engaging with America Works in Muskogee to provide jobs for workers. Through the Port of Muskogee, Stardust Power and other manufacturers in the area have funded scholarships for individuals interested in the manufacturing further supporting working workforce development.

Speaker Change: Equipment items.

Speaker Change: We have been proactive in our workforce development, we are working with the Indian capital Technology Center, a local technology schools and universities, such as Oklahoma State University, where they have demonstrated their aligning their programs with employment opportunities our business creates.

Speaker Change: We are also engaging with America works in Muskogee to provide jobs for workers through the important of Muskogee startup power and other manufacturers in the area have funded scholarships for individuals interested in the manufacturing further supporting working workforce development.

Roshan Poojari: In response to the milestones achieved on our execution road map, Stardust Power has amplified its government engagement strategy to align closely with the advancing stages of its operational and innovation objectives. As part of these efforts, Stardust Power is enhancing its outreach with federal and state policymakers to build a deeper public-private partnership and foster regulatory alignment, securing potential funding avenues that support sustainable energy solutions. Key initiatives for 2025 include establishing dedicated government affairs resources to actively engage with relevant committees of jurisdiction, increase participation in policy forums on clean energy, and strengthen collaborative networks with key agencies overseeing renewable energy initiatives.

Speaker Change: In response to the milestones achieved on our execution roadmap startup power has amplified its government engagement strategy to align closely with the advancing stages of its operational and innovation objectives as part of these efforts start as power is enhancing its outreach with federal and state.

Speaker Change: Obviously makers to build a deeper public private partnership and foster regulatory alignment securing potential funding avenues that support sustainable energy solutions.

Key initiatives for 2025 include establishing a dedicated government affairs resources to actively engage with relevant committees of jurisdiction increased participation in policy forums on clean energy and strengthened collaborative networks with key agencies overseeing renewable.

<unk> energy initiatives. These proactive measures could potentially position start us power to leverage legislative and regulatory developments and advance its mission to lead in energy innovation.

Roshan Poojari: These proactive measures could potentially position Stardust Power to leverage legislative and regulatory developments and advance its mission to lead in energy innovation. In recent months, Stardust Power has participated in key state-level events such as the Oklahoma State University Polytech Rural Workforce Roundtable and the Select Oklahoma Conference on Economic Development. The company sponsored the Tulsa Renewable Business Alliance Annual Summit in September and attended the Port Muskogee Business Industry Awards in October. Our Managing Director, John Riesenberg, recently represented Stardust Power at the State Chamber of Oklahoma fly-in in Washington, D.C.

Speaker Change: In recent months startups power has participated in key state level events, such as the Oklahoma State University Polytech Rural workforce Roundtable and the select Oklahoma Conference on economic development. The company sponsored the Tulsa renewable business Alliance annual summit in September.

Speaker Change: And attended the Port Muskogee business industry Awards in October our managing director John reason very recently represented start as power at the state Chamber of Oklahoma fly in and Washington DC.

Roshan Poojari: Turning to upcoming milestones, we are moving towards some very exciting and potentially transformative milestones for the breaking ground at the Muskogee site and starting major construction for phase one, completing the FEL3 study or FID phase, which will determine how much the project will cost and build to roll out. It is an exciting and busy time for our team, where we are all laser focused on execution and meeting these milestones on time to deliver value for our shareholders.

Speaker Change: Turning to upcoming milestones, we are moving towards some very exciting and potentially transformative milestones for the company.

Speaker Change: Breaking ground at the Muskogee site and starting major construction for phase one completing the FPL re study or phase, which will determine how much the project will cost and build to rollout is an exciting and busy time for our team where we are all laser focused on execution and meeting these milestones.

Speaker Change: On time to deliver value for our shareholders.

Uday Devasthi: And with that, I now turn to Uday Devaspar, our Chief Financial Officer, for his remarks on financials.

Speaker Change: And with that I'll now turn to the last bar, our Chief financial Officer for his remarks on financials.

Uday Devasthi: Uday? Thank you, Roshan, and good afternoon, everyone. It is great to be here on our first earnings call as a public company for our third quarter 2024.

last bar: Thank you Raj and good afternoon, everyone. It is great to be here on our first earnings call as a public company for our third quarter 2024 before.

Uday Devasthi: Before we begin, I want to clarify that we will not be providing forward-looking guidance or estimates during this call. Our focus will be on discussing our past performance and the current state of our business. We encourage you to refer to our filings with the SEC for more detailed information.

Speaker Change: Before we begin I want to clarify that we will not be providing forward looking guidance or estimates during this call. Our focus will be on discussing our past performance and the current state of our business. We encourage you to refer to our filings with the SEC for more detailed information.

Uday Devasthi: First, a quick update on some developments post-quarter end. We recently entered into a common stock purchase agreement with B. Reilly Principal Capital II LLC, which will allow us to sell up to $50 million in newly issued shares of common stock to B. Reilly, subject to certain conditions, to support our ongoing liquidity needs. The proceeds will be predominantly used for G&A purposes. As we look forward to the build-out of the refinery, we will endeavor to raise a substantial portion of the overall financing from non-dilutive capital sources such as bank financing, potential prepayment facilities based on our off-take agreements, as well as the opportunity to seek government funding under the various grant and loan programs that Roshan mentioned.

Speaker Change: First a quick update on some developments post quarter end, we've recently entered into a common stock purchase agreement with B Riley principal capital LLC, which will allow us to sell up to $50 million in newly issued shares of common stock to B Riley subject to certain conditions to support our ongoing.

Speaker Change: Liquidity needs.

Speaker Change: Proceeds will be predominantly used for G&A purposes.

Speaker Change: As we look forward to the build out of the refinery we will endeavor to raise a substantial portion of the overall financing from non diluted capital sources, such as bank financing potential prepayment facility is based on our offtake agreements as well as the opportunity to see government funding under the various grant and loan program.

Uday Devasthi: We believe Stardust Power positions well for investors in the long-term.

Speaker Change: That Raj mentioned, we believe startup power positions well for investors in the long term.

Uday Devasthi: Now turning to the financials for the quarter. The company is pre-revenue currently. We believe that the cash on hand investments obtained at the time of closing of the business combination as well as the agreement with B Riley will satisfy the company's working capital and capital expenditure requirements for at least the next 12 months. As of September 30, 2024, we had cash and cash equivalents of $1.6 million on hand compared to $1 billion on hand as of September 30, 2023. As of September 30, 2024, we had zero long-term debt.

Speaker Change: Now turning to the financials for the quarter.

Speaker Change: The company is pre revenue currently.

Speaker Change: We believe that the cash on hand investments updated at the time of closing of the business combination as well as the agreement with B Riley will satisfy the company's working capital and capital expenditure requirements for at least the next 12 months.

As of September 32024, we had cash and cash equivalents of $1 6 million on hand, compared to $1 billion on hand at September 32023.

Speaker Change: As of September 30 of 2024, we had zero long term debt.

Uday Devasthi: There was a net loss of $10 million for the three months ended September 30, 2024, compared to $0.8 million for the three months ended September 30, 2023, driven by higher expenses in the post-public listing phase to complement increased scope of operations and the impact from non-cash items such as the revaluation of warrant liability and share-based compensation. The loss per share was $0.22 for the three months ended September 30, 2024, compared to $0.02 for the three months ended September 30, 2023, driven by a higher net loss. Net cash used in operating activities totaled $8.5 million for the nine months ended September 30, 2024, compared to $1.6 million for the nine months ended September 30, 2023, driven by continued investment in operations, hiring of key talent, and certain expenses related to the close of the business company.

Speaker Change: There was a net loss of $10 million for the three months ended September 32024, compared to <unk> 8 million for the three months ended September 32023, driven by higher expenses in the post public listing fees to complement increased scope of operations and the impact from noncash items, such as the revaluation of warrant.

Speaker Change: Liability and share based compensation expenses.

Speaker Change: The loss per share was.

Speaker Change: 22, <unk> for the three months ended September 32024 compared to <unk>.

Speaker Change: For the three months ended September 32023, driven by a higher net loss.

Net cash used in operating activities totaled $8 5 million for the nine months ended September 32024, compared to $1 6 million for the nine months ended September 30, <unk> III driven by continued investment in operations hiring of key talent and certain expenses related to the close of the business combination.

Uday Devasthi: Net cash used in investing activities was $1.3 million during the nine months ended September 30, 2024, compared to nil during the nine months ended September 30, 2023, driven by our initial capital investments made in the anticipating building of the refinery and promissory notes given to our partners. We are investing upstream by seeking supply agreements with our partners. These notes provide us exclusivity while we conduct our due diligence. Net cash provided by financing activities was $10.1 million during the nine months ended September 30, 2024, compared to $2.5 million during the nine months ended September 30, 2023.

Speaker Change: Net cash used in investing activities was $1 $3 million. During the nine months ended September 30 to $8 four compared to nil. During the nine months ended September 32023, driven by our initial capital investments made in the anticipating building of the refinery and promissory notes given to our partners we are <unk>.

Speaker Change: <unk> upstream by seeking supply agreements with our partners. These notes provide us exclusivity, while we conduct our due diligence.

Net cash provided by financing activities was $10 $1 million. During the nine months ended September 32024, compared to $2 5 million. During the nine months ended September 32023, the increase was driven primarily by $12 million in cash received from subscription agreements entered around the time of the <unk>.

Uday Devasthi: The increase was driven primarily by $12 million in cash received from subscription agreements entered around the time of the closing of the business combination. We use the funds to meet our third quarter working capital needs and pay for some of the transaction costs related to the business combination.

Speaker Change: Closing of the business combination we used the funds to meet our third quarter working capital needs and pay for some of the transaction costs related to the business combination.

Uday Devasthi: And that concludes my remarks.

Operator: With that, we are now happy to take your questions.

Speaker Change: And that concludes my remarks with that we are now happy to take your questions operator.

Operator: Operator? Thank you. To ask a question, please press star 1 1 on your telephone and wait for your name to be announced. To withdraw your question, press star 1 1 again.

Speaker Change: Thank you to ask a question. Please press star one on your telephone and wait for your name to be announced so withdraw your question Press Star one again due to time restraints. We ask that you. Please limit yourself to one question and one follow up question. Please standby, while we compile the Q&A roster.

Operator: Due to time restraints, we ask that you please limit yourself to one question and one follow-up question. Please stand by while we compile the Q&A roster.

Tate Sullivan: And our first question will come from the line of Tate Sullivan with Maxim Group. Your line is open. Thank you.

Speaker Change: And our first question will come from the line of Tate Sullivan with Maxim Group. Your line is open.

Roshan Poojari: Good afternoon. You talked at the beginning of your prepared remarks about starting on the back end first, taking a technical grade lithium to battery grade. Is this a process currently in place anywhere in the United States? And if not, where is it currently in place globally? And what kind of model are you duplicating, please?

Tate Sullivan: Thank you good afternoon.

Speaker Change: Talk to the beginning of the prepared remarks about starting on the backend first taking a technical grade lithium battery grade.

Is that the process currently in place anywhere in the United States.

Speaker Change: And if not where is it currently in place globally, and what kind of model or you're duplicating. Please couple of question.

Roshan Poojari: Hi, Tate. This is Roshan, CEO of Stardust Power. Thanks for your question. So, the application of processing a technical grade to battery grade is well known and currently does exist in the United States. Arcadian's facility in Bessemer City takes a technical grade from a South American affiliate and processes it to a battery grade hydroxide. Also, we have seen this model substantially done in China as well, where they can take technical grade inputs and convert them to battery grade. So, it's a process that is well known to us. Two years ago, I counted at least 25 lithium projects under development in the U.S.

Speaker Change: Hi, This is erosion CEO startups power. Thanks for your question. So the application of processing a technical grade to battery grade is well known and currently does exist in the United States Arcadians facility invest and recipient takes a technical grade from a south American.

Speaker Change: Believe it and process it to a battery grade hydroxide also we have seen this model substantially done in China, as well, where they can take technical grade inputs and convert them to battery grade. So it's a process that is well known to us.

Speaker Change: Two years ago I counted at least 25 lithium projects under development in the U S.

Roshan Poojari: Are you taking away that step from many of those projects in terms of going from technical grade to battery grade, and is that part of your business model or not? Do most of those projects have an independent business model from that step, getting to battery grade? Sure, for us, the conversion of technical grade is only a short term answer to bring us to revenue faster while we continue to build out the entirety of the production line. So, our business model is based on taking a lithium chloride for trains 1 and 2, and processing that to a battery grade material.

Speaker Change: Are you taking away that step for many of those projects in terms of going from tactical grade to battery grade and is that part of your business model or not.

Speaker Change: <unk> happen independent business model from that step getting into battery grade.

Speaker Change: Sure for us the conversion of technical grade is only a short term answer to bring us to revenue faster, while we continue to build out the entirety of the production line. So our business model is based on taking a lithium chloride for trains one and two and processing.

Speaker Change: That to a battery grade material and we will just gets it will we're positioning ourselves to get to revenue a couple of quarters faster potentially through the conversion of technical grade to battery grade, but not a central part of our business.

Roshan Poojari: We'll just get to well, we're positioning ourselves to get to revenue a couple of quarters faster, potentially through the conversion of technical grade to battery grade, but not a central part of our.

Roshan Poojari: And you mentioned it's a proven low sheet before, and you're starting to procure long term lead equipment. Is the equipment from all over the world, or is it mostly from China? That's what. Sure, so we are not sourcing equipment made in China, and predominantly from American and European vendors. The flow sheet does utilize proven and established off-the-shelf technology.

And you mentioned.

Speaker Change: Proven low sheet for it and you're starting to procure long long term we'd equipment is.

Speaker Change: The equipment from all over the world or is that mostly from China can you comment on that.

Speaker Change: Sure. So we are not sourcing equipment made in China, and predominantly from American and European <unk> berries, and the flow sheet does utilize proven and established off the shelf technology.

Tate Sullivan: Okay, thank you very much. Thank you, Tate.

Speaker Change: Okay. Thank you very much.

Operator: Thank you. One moment for our next question.

Speaker Change: Thank you thank.

Speaker Change: Thank you.

Speaker Change: Next question.

Matthew Key: And that will come from the line of Matthew Key with B Reilly Securities. Your line is open. Hey, good afternoon. And thank you for taking my questions.

Speaker Change: And that will come from the line of Matthew <unk> with B Riley Securities. Your line is open.

Speaker Change: Hey, good afternoon, and thank you for taking my questions I wanted to just start things off about asking about the lithia markets in general were obviously.

Matthew Key: I wanted to just start things off about asking about the lithium markets in general. We're obviously in a challenging market environment for lithium pricing, and we're starting to see growth projects start to get suspended or shelved by many of your peers. How confident are you in the long-term outlook on lithium pricing by the time you start commercial production? And what would you say would be kind of the floor lithium price that you would be comfortable with regarding bringing this project to a final investment?

Speaker Change: The challenging market environment for lithium pricing and we're starting to see growth projects start to get the spend at our shelf by by many of your peers.

Speaker Change: How confident are you in the long term outlook on lithium pricing, but by the time you start commercial production and what would you say would be kind of the floor lithium price that you would be comfortable with regard in bringing this project to a final investment decision.

Roshan Poojari: Hi, Matt, thanks for joining us today. So when looking at lithium pricing globally, we are cautiously optimistic, predominantly based on we see demand and projected demand, especially in 2027 as being quite substantial to overwhelm existing production. There has been volatility in the market that was spurned on by CATL's lowering of projections for cathodes back in 2022, but we see that maybe as not a clearest depiction of the market, and there are several attempts to de-risk the American market from the Chinese. So based on production demand that we see starting in 2027 and moving up even higher, we're cautiously optimistic on lithium prices.

Speaker Change: Hi, Matt Thanks for joining us today, so when looking at lithium.

Speaker Change: Pricing globally, we are cautiously optimistic predominantly based on we see demand and projected demand, especially in 2027 as being quite substantial to overwhelm existing production. There has been volatility in the market that was.

Speaker Change: Burned on by <unk> lowering of projections or cathodes back in 2022, but we see that maybe as not a clear depiction of the market and there are several attempts to.

Speaker Change: Do you risk the American market from the Chinese so based on production demand that we see starting in 2027 and moving up even higher.

Speaker Change: Cautiously optimistic on lithium prices in our business model, we would be able to be successful at many different prices, including today's existing market by utilizing efficiencies in logistics and processing. So our facility would be profitable and an array of market conditions.

Matthew Key: In our business model, we would be able to be successful at many different prices, including today's existing market by utilizing efficiencies and logistics and processing. So our facility would be profitable in an array of market conditions. Got it. That's that's super helpful color.

Speaker Change: Got it that's super helpful color.

Matthew Key: I'm staying on the macro. Obviously, we're we're in a shift in political landscape in the US. Do you anticipate a Trump presidency to have any major impact on your business strategy at all? What are the pros and cons there as you see it?

Speaker Change: Staying on the macro obviously, we're in a shift in political landscape in the U S.

Speaker Change: Do you anticipate a trump presidency to have any major impact on your business strategy at all what are the pros and cons there as you see it.

Roshan Poojari: Sure, so you know, luckily we see lithium as a largely bipartisan issue. If we look at Trump's previous presidency, he was very anti-China, very pro-American manufacturing and specifically very pro-manufacturing battery-grade lithium in the United States, evidenced by his support of lithium americas.

Speaker Change: Sure. So luckily, we see lithium as a base.

Speaker Change: Largely bipartisan issue, if we look at Trump's previous hesitancy.

Speaker Change: It was very anti China, very pro American manufacturing and specifically very pro manufacturing battery grade lithium in the United States evidenced by his support of lithium Eric and.

Matthew Key: And looking forward to a second Trump presidency, we expect these principles to continue to de-risk supply chains away from China and manufacture more critical materials at home. Got it. That's a that's great commentary. I appreciate that.

And looking forward to the second Trump presidency, we expect these these principles.

Speaker Change: New to Derisk supply chains away from China and manufacturer more critical materials at home.

Speaker Change: Got it.

Speaker Change: That's great commentary I appreciate that.

Matthew Key: Yeah, I'll, I'll, I'll turn it back. Thank you.

Speaker Change: I will turn it back thank you.

Matthew Key: Thanks, Matt. Thank you.

Matt: Thanks, Matt.

Greg Messniaz: One moment for our next question. And that will come from the line of Greg Messniaz with Kingswood Capital Partners. Your line is open.

Matt: Thank you one moment our next question.

Speaker Change: And that will come from the line of Greg <unk> with Kingswood capital Partners. Your line is open.

Greg Messniaz: Yes, thank you and good evening. Roshan, I was wondering if you could give us some additional color on the... announcement you made regarding KMX technology, the 90-day exclusivity period, and how is it that brine concentration plays into the competitive advantage that you guys are in the process of creating?

Speaker Change: Yes, Thank you and good evening.

Speaker Change: Sean I was wondering if you could give us.

Speaker Change: Additional color on the.

Speaker Change: Announcement, you made regarding Capex technology, the 90 day exclusivity period and how.

Speaker Change: How is it that Brian concentration plays into the.

Speaker Change: The competitive advantage that you guys are.

Speaker Change: In the process of creating.

Roshan Poojari: Thanks.

Roshan Poojari: Well, hi, Greg. Thanks so much for joining us today, and thank you for the question. So, brine concentration technology is an important step of our flowsheet at multiple spaces. First, it may be potentially used as a sort of pretreatment, increasing the available universe of acceptable inputs for DLE. So, by pretreating it and filtering out a lot of the contaminants, we could potentially use more sources for DLE. Also, because we have a hub-and-spoke model to improve logistical efficiencies, we can concentrate at the asset size to decrease the volume that we have to transport to our central refinery.

Speaker Change: Hi, Greg Thanks, so much for joining us today and thank you for the question. So Brian concentration technology is an important step of our flow sheet at multiple spaces first it can be it can.

Speaker Change: It may be potentially use as a sort of pre treatment.

Speaker Change: Increasing the available universe of acceptable inputs for GLA, so by pre treating yet and filtering out a lot of the contaminants, we could potentially use more sources for.

Also because we have a hub and spoke model to improve logistical efficiencies. We can concentrate at the asset size to decrease the volume that we have to transport to our central refinery, we could potentially take that one step further and crystallize based on logistics sensitive.

Roshan Poojari: We could potentially take that one step further and crystallize based on logistic sensitivities. Also, the technology allows for the recycling of water, which can decrease water demands for the DLE process upstream, and also use that same type of water recycling technology on our midstream refinery, decreasing the amount of water we need to take from the municipality and recycling that water. So, we see the opportunity to insert the KMXVMD technology at multiple spaces in our flowsheet.

Speaker Change: <unk> also the technology allows for the recycling of water, which can which can decrease water demands for the DLA process upstream and also use that same type of water recycling technology on our midstream refinery decreasing the amount of water we need to take.

Speaker Change: From the municipality.

Speaker Change: And recycling that water. So we see the opportunity to insert the km ex <unk> technology at multiple spaces in our flow sheet.

Roshan Poojari: And how long? What are the entry barriers to that technology that KMX has for brine concentration? In other words, is this something they have a unique, you know, competitive advantage on or is this one of several techniques and methods being used by various refiners? There are multiple technologies in this space for the concentration and recycling of water. But having said that, we really like KMX's technology. Prior to KMX acquiring it, it had been developed for a number of years with millions of dollars invested in it. It's currently being deployed to clean some of the nastiest waters we've seen in the U.S.

Speaker Change: And how.

Speaker Change: What are the entry barriers to that technology that <unk> has for Brian concentration in other words is this something they have a unique.

Speaker Change: Our competitive advantage on or is this one of several.

Speaker Change: Techniques and methods being used by various.

Speaker Change: Refiners.

Speaker Change: There are multiple technologies in this space for the concentration and recycling of water, but having said that we really like Amex is technology prior to <unk> acquiring it had been developed for a numbers of years with millions of dollars invested it it's currently being deployed.

Speaker Change: To clean some of the nastiest water as we've seen in the U S in the Permian Basin.

Roshan Poojari: in the Permian Basin. And it's also being used in a midstream perspective already. So, we really believe the technology works and also the absorbent has a good warranty on it of up to five years. So, we really like their technology.

Speaker Change: And it's also being used in a midstream perspective already so we really believe the technology works and also the absorbent has a good warranty on it of up to five years. So we really like their technology.

Roshan Poojari: And do you feel reasonably confident that beyond the 90 day period, you will be in a position to extend that and solidify your exclusive use of it? Thanks. We do. We are confident that we'll be able to reach a definitive agreement. We have a great relationship with KMX Technology, also evidenced by a prior memorandum of understanding executed earlier this year. Lithium is an important sector for the use of their technology, and we think Stardust Power is the right partner for them. So we are confident.

Speaker Change: And do you feel reasonably confident that.

Speaker Change: Beyond the 90 day period, you will be in a position to extend that and solidify your exclusive use of it.

Speaker Change: Sure.

Speaker Change: We do we are confident that we will be able to reach a definitive agreement we have a great relationship with <unk> technology also evidenced by our prior memorandum of understanding executed earlier this year.

Speaker Change: Lithium is an important sector for the use of their technology and we think startups power is the right partner for them. So we are confident thank you.

Speaker Change: Thank you.

Operator: One moment for our next question.

Speaker Change: Thank you one moment our next question.

Pavel Mokhtanov: And that will come from the line of Pavel Mokhtanov with Raymond James. Your line is open. Thanks for taking the question. I want to go back to the politics of it all. I agree with you. Lithium is in many ways. bipartisan, but the tax credits from the IRA, you know, might not be quite as bipartisan. So if the Section 45 Act manufacturing incentives, you know, hypothetically, were to go away. How would you think about that? Would that have any effect on the economics of your kind of projected cashflow?

Speaker Change: And that will come from the line of Pavel <unk>.

Speaker Change: With Raymond James Your line is open.

Speaker Change: Thanks for taking the question.

Speaker Change: When we go back to the politics of it all.

Speaker Change: I agree with your lithium is in many ways.

Speaker Change: Bipartisan by.

The tax credits from the IRS.

Speaker Change: Might not be quite as bipartisan so if the section 45 acts.

Speaker Change: Manufacturing incentives hypothetically were to go away.

Speaker Change: <unk>.

Speaker Change: How would you think about that would that have any effect on the economics of your kind of projected cash flow.

Roshan Poojari: Hi, Pavel. Thank you so much for taking the time to join us today and for the question. The IRA and the 45X are an important part of the current ecosystem, and we think there's an opportunity for them to continue to be so. The IRA was created in a manner making it very difficult to remove, especially in the short term. So, in the immediate short term, very difficult for any actor to unilaterally remove the IRA and the accompanying 45X. So, in the longer term, there might be changes to it. But as we develop our facility, we see that OEMs still have an interest in compliance with this as they source long-term offtake agreements in the short term.

Speaker Change: Hi, <unk>. Thank you so much for taking the time to join us today and for the question.

Speaker Change: The IRI in the 45 X are an important part of the current ecosystem and we think there is an opportunity for them to continue to be so the IRS was created in a banner, making it very difficult to remove especially in the short term. So in the immediate short term very difficult for any actor.

Speaker Change: To unilaterally remove the IRA and the accompanying 45 X.

Speaker Change: So in the longer term there might be changes to it but as we develop our facility we see that Oems still have an interest in compliance with it as they source long term off take agreements in the short term. So those benefits will still be ready to us of course, we would like them to continue and it does.

Roshan Poojari: So, those benefits will still be ready to us. Of course, we would like them to continue, and it does provide savings in our financial model. But our model is not dependent on 45X or other government incentives. However, we would happily take them. And also, recently announced that Mr. Elon Musk may be joining the government in some capacity, and that might help for the endorsement of maintaining 45X as well.

Speaker Change: Provide savings in our financial model, but our model is not dependent on 45 X or other government incentives. However, we would happily take them and also recently announced that Mr. Elon Musk may be joining the government in some capacity and that might help for the.

Speaker Change: Endorsements of maintaining 45 X as well.

Pavel Mokhtanov: Appreciate the color on that. You know, if we kind of go back to the lithium value chain, we've seen recently the Rhyolite project, or Rhyolite Ridge project move into construction in Nevada, Sacra Pass now coming up as well. These are not brine projects, however. I know your focus has been on sourcing brine supply.

Speaker Change: Appreciate it.

Speaker Change: Color on that.

Speaker Change: If we kind of go back to the lithium value chain.

Speaker Change: <unk> seen recently the rhyolite project.

Speaker Change: <unk> Rage project move into construction in Nevada, staffer path now coming up as well.

Speaker Change: These are not Brian projects. However, I know your focus has been on sourcing brine supply so what whats kind of the game plan too.

Roshan Poojari: So, what's kind of the game plan to get domestic content in your facility in terms of lithium extraction? Yeah, great question. You know, so there are multiple assets, as you mentioned, such as Thacker Pass, which is a clay-type acid, a little bit different than spodumene, obviously very different than brine. But we see a big future in U.S. lithium brine assets, and we see lots of development of U.S. lithium brine assets. For example, Standard Lithium has put in a larger-than-pilot-scale type capacity and has been successful there. IVAT has deployed their technology on a commercial scale. Arizona Lithium, for example, is drilling multiple pad sites in Saskatchewan.

Speaker Change: Domestic content.

Speaker Change: In your facility.

Speaker Change: So listen.

<unk> lithium extraction.

Speaker Change: Yeah. Great question. So there are multiple assets as you mentioned such as factor path, which is a clay type asset a little bit different than spodumene, obviously very different than Brian, but we see a big future in U S. Lithium brine assets and we see lots of development of U S law.

Speaker Change: And Brian assets for example, standard lithium has put in a larger than pilot scale.

Speaker Change: Capacity and has been successful there.

<unk> has deployed their technology on a commercial scale, Arizona lithium for example is truly a multiple pads that sites in Saskatchewan and just recently Vulcan announced that day that started production for lithium hydroxide from using direct lithium extraction technology.

Roshan Poojari: And just recently, Vulcan announced that they have started production for lithium hydroxide from using direct lithium extraction technology. So we continue to see expansion in the lithium brine production area, and we think we'll continue to see those.

Speaker Change: So we continue to see and expansive expansion in be lithium brine production area and we think we will continue to see those.

Roshan Poojari: And in that context, are you still planning to invest your own capital in the upstream of the value chain? Yes, we will continue to be forward-looking and proactive in the supply chain, whether it's investing upstream to secure offtake or potentially on a vertically integrated model. As you may remember, part of the thesis of taking the company public was to leverage that public equity to acquire raw material production, and I'm happy to report we have a robust pipeline of M&A opportunities.

Speaker Change: And in that context are you still planning to invest your own capital in the upstream of the value chain.

Speaker Change: Yes, we will continue to be forward looking and proactive in the supply chain, whether it's investing upstream to secure offtake or potentially on a vertically integrated model as you may remember part of the thesis of taking the company public was to leverage that public equity.

Speaker Change: To acquire raw material production and I'm happy to report, we have a robust pipeline of M&A opportunities.

Pavel Mokhtanov: Got it. Thanks very much. Thank you for those.

Speaker Change: Got it thanks very much.

Operator: Thank you. As a reminder, if you would like to ask a question, please press star 11. One moment for our next question.

Thank you for that.

Speaker Change: Thank you as a reminder, if you would like to ask a question. Please press Star 111 moment, our next question.

Matthew O'Keefe: And that will come from the line of Matthew O'Keefe with Cantor Fitzgerald. Your line is open. Thanks. Good evening. Just a quick question here on the KMX technology.

And that will come from the line of Matthew O'keefe with Cantor Fitzgerald. Your line is open.

Matthew O'Keefe: Thanks, Good evening.

Speaker Change: Just a quick question here on the carrier mix technology, you mentioned that its use it's in practice now in cleaning various.

Matthew O'Keefe: You mentioned that it's used, it's in practice now in cleaning various, in cleaning waters, but I'm just kind of wondering, how has it been used commercially in any, has it been used commercially in any lithium extraction yet? And are you going to just go straight to a full 25,000 ton per day, or 25,000 ton per year operation? Are you going to do a pilot plant as part of that process?

But I'm just kind of wondering.

Speaker Change: How has it been used commercially.

Speaker Change: Has it been used commercially in any lithium extraction yet.

Speaker Change: And are you going to just go straight to a full 25000 ton per day.

Speaker Change: 25000 ton per year operation or are you going to do a pilot plant and as part of that process.

Roshan Poojari: Yeah, thanks Matt for joining us today and thanks for the question. KMX's technology has been deployed, as I mentioned, in the Permian Basin, cleaning that type of water. It's also being used upstream in Cornish Lithium, even though that project is still being constructed and developed now.

Speaker Change: Yes, thanks, Matt for joining us today and thanks for the question.

<unk> technology has been deployed as I mentioned in the Permian Basin.

Speaker Change: Cleaning that type of water. It's also being used to upstream in coordination lithium even though that project is still being constructed and developed now so for US we see the first opportunities for deploying their technology on an upstream.

Roshan Poojari: So for us, we see the first opportunities for deploying their technology on an upstream case which wouldn't have a 25,000 ton LCE capacity. Instead, it would be smaller, you know, in the one to three thousand LCE capacity at the asset side. So we can roll the technology in without having to do a very large standalone facility that has the ability to process all 25,000 tons of LCE annually. So we can use it upstream to to introduce it to our coalition. Okay, no, that's good.

Speaker Change: <unk>, which wouldn't have a 25000 ton LTE.

Capacity instead, it would be smaller.

In the one to 3000 LTE capacity at the asset side. So we can enroll the technology and without having to do a a very large stand alone facility that has the ability to process. All 25000 tons of LTE annually. So we can use that upstream to two.

Speaker Change: Introduce it to our flow sheet.

Speaker Change: Okay.

Speaker Change: Good thank you.

Thank you.

Operator: I'm showing no further questions in the queue at this time.

Speaker Change: Thank you I'm showing no further questions in the queue. At this time I would now like to turn the call back over to Rochelle could Gerry for any closing remarks.

Roshan Poojari: I would now like to turn the call back over to Roshan Poojari for any closing remarks. Thank you, Cherie, and thank you all for joining Stardust Power Q3 2024 Earnings Call. And as Uday mentioned, this is our first earnings call as a public company, and we're appreciative of all of you for joining and the thoughtful questions.

Speaker Change: Thank you Sherry and thank you all for joining start US power Q3, 2024 earnings call and as Dave mentioned it is our first.

Earnings call as a public company and we're appreciative of all of you for joining and be thoughtful questions. Please join US next quarter for the next call and please stay tuned for upcoming announcements and developments have a great night everyone.

Roshan Poojari: Please join us next quarter for the next call, and please stay tuned for upcoming announcements and developments. Have a great night, everyone.

Operator: This concludes today's program. Thank you all for participating.

Speaker Change: This concludes today's program. Thank you all for participating you may now disconnect.

Operator: You may now disconnect.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: [music].

Okay.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Thanks.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Yeah.

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