Smackover Lithium Reports Highest Lithium Brine Grade in SWA Project Area as FEED Studies Nearing Completion

Smackover Lithium, a Joint Venture (“JV”) between Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV: SLI) (NYSE.A: SLI) and Equinor, is pleased to announce that it has completed sampling from its newest exploration well, the Lester well, in the South West Arkansas (SWA) Project area, and has recorded the highest lithium concentration reported to date from the SWA Project area; 616 mg/L lithium in brine.

The Lester well was completed in the second quarter of this year and concludes all sub-surface exploration activities for Phase 1 of the SWA Project. The location of the Lester well in relation to the SWA Phase 1 Project is shown in Figure 1 below, and an aerial photograph of the Lester well and associated pad is shown in Figure 2.

Sampling of brines from the upper Smackover Formation was completed by the Company, and subsequent analysis of the brine by an independent third-party certified laboratory demonstrated significantly higher than expected lithium concentrations in the Lester brine, marking the highest lithium grade reported for the SWA Project. The summarized lithium brine analyses are provided in Table 1 below which highlights the average lithium concentration from three brine samples was 582 mg/L.

Dr. Andy Robinson, President and COO of Standard Lithium stated, “The Smackover Lithium team has now completed all the fieldwork and testing required for Phase 1 of the SWA Project. We completed this final well in a part of the project area where we expected the lithium concentration to be approximately 500 mg/L, so we’re encouraged with these latest sampling results that show the highest lithium concentrations in the whole SWA Project area (maximum 616 mg/L), demonstrating a marked improvement from levels in the existing world-class lithium brine resource. 

With all of the fieldwork complete, the joint Smackover Lithium team is working to complete the FEED study, with a Definitive Feasibility Study expected later in the third quarter of this year. The completion of these studies will represent a significant milestone as the team rapidly advances Phase 1 of the SWA Project through off-take negotiations and project finance towards a Final Investment Decision targeted by year-end 2025.”

Figure 1: SWA Project, Phase 1 Reynolds Unit and Location of Lester Well

Table 1: Lester Well Lithium Brine Analyses in SWA Phase 1 Project Area

Notes:  Analyses conducted at WETLAB (Western Environmental Testing Laboratory) - 475 E Greg St, Suite 119, Sparks NV 89431.
[1] Sample names are as reported by the independent third party laboratory. Samples #3 and #4 were a blank sample and a synthetic spike sample, used for laboratory data verification and QA/QC purposes. They are omitted here for clarity.
[2] A simple average concentration is provided from the Lester well for illustrative purposes of the general lithium brine quality in the Lester well. Porosity-weighted averages will be used in future resource quality estimates.

Figure 2: Aerial Photo of Lester Well in SWA Phase 1 Project

Notes:  Photograph is taken looking approximately northeast across the Lester well-pad.

Qualified Person

Steve Ross, P.Geol., a Qualified Person as defined by NI 43-101, has reviewed and approved the relevant scientific and technical information that forms the basis for this news release. Mr. Ross is a consultant to the Company.

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