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Investing.com -- Stardust Power Inc. (NASDAQ:SDST) stock surged 15% after the company announced a strategic agreement with Mandrake Resources Limited to secure 7,500 metric tons per year of lithium chloride from Mandrake’s Utah Lithium Project.
The non-binding Letter of Intent outlines a twelve-year supply arrangement with an optional six-year extension, potentially providing Stardust Power with up to 18 years of U.S.-sourced lithium supply. The lithium chloride will feed directly into the company’s processing facility in Muskogee, Oklahoma, supporting Stardust’s development of a domestic lithium supply chain.
"We see strong strategic alignment between Mandrake’s Utah Lithium Project and our vision for a fully integrated American lithium supply chain," said Pablo Cortegoso, Chief Technical Officer and Co-Founder of Stardust Power, highlighting the project’s scale and access to existing infrastructure.
The Utah project, located in the northern Paradox Basin, contains an Inferred Resource of 3.3 million tonnes of lithium carbonate equivalent. The site benefits from proximity to key transport routes, enabling straightforward delivery to Stardust’s facility at the Port of Muskogee.
This supply agreement reinforces Stardust Power’s centralized refinery model, which is designed to process multiple chloride inputs from various sources. The company continues to advance permitting and site preparation activities as it moves toward its Final Investment Decision and the start of major construction.
The agreement remains subject to the execution of a definitive purchase agreement.
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