Advise that today's conference is being recorded. I would now like to hand the conference over to your speaker, Ms. Johanna Gonzalez, Director of Investor Relations and Communications. Please go ahead. 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 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 statements. 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 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, the 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 caption "Risk Factors" in our recent filings. You may get Stardust Power's SEC filings by visiting the SEC website at www.sec.gov. I would like to remind everyone today 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. Now, I will turn the call over to Stardust Power CEO, Roshan Pujari. Roshan? Thank you, Johanna, and thank you all for joining us today. Welcome to the Stardust Power Q1 2025 earnings call. As referenced on our year-end earnings call in March, the macro outlook for lithium remains highly compelling and continues to strengthen according to industry analysts. Global demand is set to more than double by 2030, fueled by structural growth across multiple verticals such as electric vehicles, energy storage systems, AI, and broader electrification trends. This growing demand-supply imbalance is creating significant pricing support and a long-term tailwind for lithium refiners with scalable, reliable production capacity, especially in geopolitically stable jurisdictions like the United States. We remain focused on the medium to long term, while as a company, we are moving forward in the short term. At Stardust Power, we view these market conditions as a generational opportunity. We are advancing one of the largest lithium refineries in America, strategically positioned to address the critical shortage of domestic refining capacity. Our project is designed to be both scalable and sustainable, aligned with federal priorities around clean energy and U.S. supply chain security, and energy independence. We believe this positions Stardust Power not only as a key enabler of the energy transition but also as a high-impact value creator in a market where refined lithium supply is becoming increasingly valuable. As we approach the construction stage, we are focused on delivering long-term returns for our shareholders. The evolving landscape of the U.S. trade market by recent tariffs and China's retaliatory export restrictions has introduced significant volatility into the market, touching all sectors. These developments have heightened concerns about supply chain disruptions and increased costs for downstream industries, potentially dampening enthusiasm for projects reliant on imported materials. However, this shifting environment also underscores the strategic advantage and need for domestic integrated operations. Stardust Power's model, encompassing brines-based sourcing, refining, and distribution of battery-grade lithium carbonate, positions the company to mitigate risks associated with international trade tensions. By aligning with national initiatives to bolster domestic critical mineral supply chain security, Stardust Power not only seeks to insulate itself from current market volatilities but also appeals to investors seeking resilient and forward-looking opportunities in the energy sector. The world is paying attention to critical minerals, and Stardust Power is invaluable to building resilient American supply chains. The broader stock market has experienced notable volatility in recent months, driven by a mix of macroeconomic factors, trade policy, and geopolitical uncertainties. While market fluctuations can impact sentiment and cause short-term price swings, it's an opportunity for investors to focus on the fundamentals. Companies like ours, with a clear path to production, an integrated business model, and strategic alignment with national initiatives for critical minerals, are well-positioned for long-term success. In times of market uncertainty, disciplined investors should consider focusing on sound business models and growth potential rather than letting short-term sentiment drive decisions. So far this year, a series of executive orders passed by the President have significantly advanced the U.S. strategy to strengthen domestic critical mineral production, potentially benefiting companies like Stardust Power. These measures include streamlining regulatory processes, prioritizing U.S.-based sourcing in federal contracts, and initiating investigations that could limit reliance on foreign-processed minerals. For Stardust Power, who is developing an integrated lithium refinery in Oklahoma, these policies reduce barriers, increase potential for federal support, and reinforce the company's alignment with national security goals. As the U.S. sharpens its focus on energy independence and resilient supply chains, Stardust Power stands well-positioned to contribute and to offer investors a compelling, future-ready opportunity in the critical mineral space. Stardust Power is committed to ongoing dialogue with policymakers to support the industry. This includes substantiating available programs under the Department of Energy, Department of Defense, and other federal entities aligned with domestic resource development. The company is also engaging with state-level authorities and public-private initiatives to maximize support for its refinery project. These efforts are part of a broader strategy to align with national priorities and secure the backing needed to accelerate project timelines and reduce financial risks. Turning to sourcing supply or feedstock, we're seeing a ramp-up in lithium development across key resource basins, driven by accelerating market demand and strong federal backing through the Inflation Reduction Act and DOE initiatives. Projects in Canada and the Smackover region are poised to become globally significant lithium hubs. Successful unitization efforts in Arkansas mark a major legislative milestone for the region, clearing the way for more coordinated development. At the same time, DLE methods are gaining traction, particularly in oil and gas-produced water projects, presenting new opportunities for offtake and strategic collaboration. Altogether, these developments signal a maturing U.S. lithium market, one in which Stardust Power is well-positioned to play a central enabling role. Across the western U.S., many brine exploration efforts are underway, and an increasing number of oil and gas producers are piloting DLE technology to recover lithium from produced water streams. These innovations are accelerating the pace of upstream lithium development and broadening the pool of potential suppliers. In addition, Stardust Power's own controlled assets, 35,000 acres currently under exclusive auction, present a promising medium-term supply opportunity we are actively evaluating. As a future U.S.-based manufacturer, we are proud to support this expanding ecosystem and play a role in building resilient domestic lithium supply chains aligned with national security and sustainability goals. In doing so, Stardust Power will also serve as a key aggregator of lithium supply, connecting upstream producers with downstream battery manufacturers to ensure a stable, efficient flow of domestically sourced lithium across the entire value chain. Turning to an update on project financing, the company continues to work with our lead advisor, MUFG, who has made substantive progress on the project financing front. The financing efforts will accelerate with the upcoming release of the definitive feasibility study to support the determination of the FID before year-end. We have engaged a leading independent expert to validate our studies for the benefit of institutional investors. We are working with a best-in-class insurance advisor and risk management consultant to optimize our insurance strategy while minimizing both cost and risk for the Muskogee project specifically and for Stardust Power overall. Now for some operational updates regarding our permitting and project development progress. Our team has been hard at work on permitting, and we continue to make steady progress on this front. To date, we have secured our general stormwater permit for construction activities. Once operational, the facility will be subject to stormwater discharge permitting. We anticipate stormwater permitting to be achieved through the use of Oklahoma's general permit. Our minor source air permit has been deemed administratively complete by the Oklahoma Department of Environmental Quality, and the agency has begun its technical review. Our team is actively engaged in responding to information requests as part of that process. On the wastewater permitting front, we had a productive meeting with ODEQ's industrial wastewater permitting leadership in March. Based on our planned operations, specifically the fact that we have a closed-loop system and will not be discharging wastewater to either a public treatment facility or to Oklahoma waterways, our team has confirmed that no industrial wastewater permit is required. This represents meaningful advantages to the execution of our business plan, including faster project timelines for new facilities or expansion, reduced regulatory monitoring and reporting resources and cost, and increased operational flexibility since modifications or variations in production processes or schedules will not require complex and expensive water permit modifications. In parallel, we have completed our front-end loading three, or FEL-3 engineering study. Primero USA is in the final review stages of the report, and once finalized, it will serve as a comprehensive technical foundation as we move into the next stage of project development. This is a key milestone that strengthens our position as we continue advancing toward final investment decision. Recently, we executed a key service agreement with Oklahoma Gas and Electric to develop a dedicated electric substation at the site of our planned lithium refinery in Muskogee, signaling a critical operational step forward. This agreement underscores the strong partnership we're building with OG&E and ensures long-term scalable power up to 40 MW for our facility and future expansion. The collaboration aligns with our commitment to sustainability and domestic lithium production and supports the next phase of development as we move forward. Getting a head start on this work allows us to begin critical pre-construction activities for the electrical substation, ensuring it will be already well underway by the time full construction begins. This kind of proactive planning and execution by our team reflects a thoughtful, strategic approach we are taking to streamline the build-up and accelerate progress once a final investment decision is made. Onto some community-focused updates and a recent new hire. Stardust Power is a proud, committed community partner. Over the past few months, we've continued to show up and support key events like the Oklahoma Business Roundtable, Muskogee Day at the Capitol, and the 101st Annual Chamber Banquet. We've also had the honor of engaging with local civic groups, including the Muskogee Exchange Club, Muskogee Patriots Club, and Leadership Muskogee Class 31, to deepen our ties and share our vision. Our leadership team recently met with members of Oklahoma's congressional delegation in Washington, D.C., to champion American mineral independence and discuss how our proposed lithium refinery can play a vital role in securing a U.S.-based lithium supply chain. As we continue to move forward with our project, our commitment to building strong partnerships and contributing to Muskogee's economic future remains at the heart of everything we do, including creating well-paying jobs for the state of Oklahoma. In April, we were proud to have served as the premier sponsor of the Northeast Oklahoma Regional Powerlifting Tournament in Muskogee, Oklahoma. This incredible event brought together 845 student-athletes from 116 schools across Northeast Oklahoma, showcasing the spirit, strength, and determination of our region's youth. Supporting events like this is about more than visibility. It reflects our deep-rooted commitment to investing in our local communities and helping them thrive. We believe that doing good for the community isn't just good business. It's the right thing to do. By partnering with initiatives that bring people together and empower the next generation, we're proud to play a role in building a stronger, more connected Muskogee and Northeast Oklahoma. In April, we were pleased to announce the appointment of Carlos Uruguaya as Senior Advisor to Stardust Power. Carlos brings over three decades of experience in metals and mining finance, having led more than $40 billion in transactions during his tenure at leading institutions, including BNP Paribas, Citi, and Appian Capital. He will be advising our project financing efforts for the Muskogee facility from both a debt and equity perspective and working with our lead financial advisor, MUFG. His deep expertise in structuring complex deals, particularly within the EV battery metal supply chain, will be instrumental as we pursue final investment decisions and advance our growth plans. I now turn you to Uday Devasper, our Chief Financial Officer, for his remarks on financials. Uday? Thank you, Roshan, and good afternoon, everyone. Thank you for joining our earnings call for the Q1 2025 earnings period. 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. First, a quick update on some developments from the quarter and subsequent events just after the quarter end. In December 2024, we entered into short-term loan agreements amounting to $3.55 million with certain investors, bearing 15% annual interest and maturing in March 2025. As of March 31, 2025, i.e., Q1 25, we have fully repaid the loan principal and accrued interest, thereby reflecting a debt-free balance sheet as of Q1 25. Subsequent to the quarter end, we have issued the related equity and warrants in accordance with the agreed terms. Now, turning to the financials for Q1 25, the company is pre-revenue currently. As previously reported in our filings, our ability to meet working capital and capital expenditure requirements for the next 12 months is dependent upon our plan to raise additional capital from issuance of equity or receive additional borrowings to fund the company's operating and investing activities over the next year. As of Q1 2025, we had cash and cash equivalents of $1.6 million on hand compared to $0.9 million as of December 31, 2024, i.e., FY 2024. As mentioned above, as of the current quarter end, we have no long-term debt. We have devoted substantial efforts and financial resources to raising capital and organizing and staffing the company, and as a result, have incurred significant operating losses. As of Q1 2025 and FY 2024, we had an accumulated deficit of $56.4 million and $52.6 million, respectively. The company incurred a net loss of $3.8 million in Q1 2025, which was higher by $2.4 million year- over- year. Since the company has yet to start commercial production of battery-grade lithium, the operating expenses are expected to increase as the company starts to recruit more personnel to perform general operational tasks and set up the facility. Loss per share was a negative $0.07 for Q1 2025 compared to negative $0.04 in the prior year, the increase being driven primarily by higher general and administrative costs due to personnel-related costs and finance charges for short-term loans. Net cash used in operating activities totaled $2.9 million for the quarter compared to $0.9 million in the prior year, the increase driven by continued investment in operations, hiring of key talent, and certain expenses related to the close of the business combination. Net cash used in investing activities was $1 million for the quarter, driven by our initial capital investments made in the anticipated building of the refinery. Net cash provided by financing activities was $4.5 million for the quarter, driven primarily by $8 million in cash received from public offering and warrant inducements, net of offering costs, offset partially by the repayment of $3.7 million of short-term loans. The funds were used to meet working capital needs and make capital investments as described above. We continue to execute with discipline and strong momentum against our business plan. Our project remains on schedule, and we're hitting critical milestones that move us closer to the final investment decision. We're encouraged by the continued support from industry stakeholders and the alignment of our mission with national priorities around domestic lithium production. We remain focused, well-positioned, and excited about the path ahead. That concludes my remarks, and I turn it back to Roshan. Thanks, Uday. With that, we are now happy to take your questions. Operator? Thank you. As a reminder to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, press star one one again. One moment while we compile the Q&A roster. Our first question will come from the line of Nick Giles with B. Riley Securities. Your line is open. Thank you, Operator, and good afternoon, everyone. This is Henry Hearle on for Nick Giles. To start off, guys, do you have an approximate timeline of when the final report of the engineering study might be released? Hi, Henry. Thanks for joining us today on our earnings call. We are looking to release that this quarter. Okay. I guess we are pretty close, probably closer to the end of the quarter then, given that we are about halfway through? Around that scope, we have finalized a majority of the report and are in the final revision stages. It should be done shortly. Okay. Thanks for that. You guys also mentioned how the federal support of critical minerals has improved under this new administration. But then, in your opinion, do you think this development outweighs the recent pressures we're seeing on green energy initiatives? Thanks. Yeah, great question and really hard to understand given the evolving landscape. First, I can comment that in our financial model, we do not assume government support, and we see it as an added advantage on top of the benefit of stakeholders. With changes and updates in the national direction of critical minerals policy, we see a prioritization of American mineral security under the new administration and different avenues different than the previous are opening up, such as the Energy Dominance Council. We see further opportunities. Given the impact of trade markets and the volatility in trade policy, we see that largely as a potential benefit to Stardust Power as it once again reprioritizes domestic critical mineral supply chains and the decoupling from China, creating more impetus to manufacture these materials here in the U.S. We see both as tailwinds for our project. Got it. Thanks for the commentary and continued best of luck. Thank you, Henry. Thank you. One moment for our next question. That will come from the line of Jake Sekelsky with Alliance Global Partners. Your line is open. Hey, Roshan and Uday. Thanks for taking my question. Thanks for joining us today, Jake. Hi, Jake. Thank you for joining us. You touched on some domestic feedstock starting to come online over the next little while here. I'm just curious, how far along are you in discussions with respect to securing feedstock and potentially keeping some of this material inside the domestic supply chain through refining? Yeah. So happy to report that we are very well progressed on multiple supply opportunities. Given that up to 80% of lithium feedstocks are sent to China for processing, up to 85%, we've seen a very receptive market to refine and manufacture battery-grade lithium products domestically in the United States. We are having multiple conversations and very progressed and look forward to sharing some updates on that as they come available. Okay. That's helpful. Can you touch on any outstanding permits that you guys might need prior to the FID and a construction decision? Sure. We've been making substantial progress on the permitting front. As mentioned, we have our stormwater and general permit, which allows us for the start of major construction. We are permitted to move forward in the construction phase. As recently announced, we have gotten confirmation that we do not need an industrial water permit given our closed-loop system and how sustainable we are, especially in terms of water usage. That is not a required permit. Also, as mentioned, we have applied for a minor air permit given that most of our production lines are designed as fully electric, except for a couple of natural gas boilers, very limited emissions, and it is indicative that we only need a minor permit. We have made our application for that permit and been administratively approved. The Oklahoma Department of Environmental Quality is working on writing the permit, and we hope to have a full permit in the coming months. Those will be the major permits required for construction and operation of the facility. Okay. That's helpful. That's all for me. Thanks again. Thanks, Jake. Thank you. One moment for our next question. That will come from the line of Greg Mesniaeff with Kingswood Capital Partners. Your line is open. Yes. Thank you. Question on your cash flow. You mentioned that operating cash flow was $2.9 million for the quarter versus $900,000 a year ago. Is that increase primarily headcount related, or is it some other operational items? Hi, Greg. Thanks for joining. Happy to give you some information if Uday would like to add in. It also represents significant project development costs as we've been moving the project forward on schedule. Engineering and other related project development costs are included in that. Uday, if you have anything to add? Yeah. No, Roshan, that's right. And also, Greg, to your point, yes. A lot of it, when you look year- over- year, is primarily operational cost increases with going public, as well as additional hires that we've had over the past year have contributed to that significantly as well. Gotcha. Okay. Thank you. Thanks, Greg. Thank you. As a reminder, if you would like to ask a question, please press star one one. One moment for our next question. That will come from the line of Tate Sullivan with Maxim Group. Your line is open. Thank you. Roshan, can you review your comments? Have you seen more DLE equipment pilot facilities installed at locations of oil runoff, production runoff water? Is that what you mentioned earlier? Hi, Tate. Thanks for the question. Yeah, we've seen ramp-up in upstream activity from both a traditional lithium supply chain and oil and gas produced water. Multiple commercial-grade DLE columns have been deployed, as well as more testing from a pilot perspective on produced water throughout the United States. We see a ramp-up in both of those activities. Might it be part of the final engineering study that you are scheduled to receive a final of this quarter in terms of, will you have to have a pilot facility yourselves first to show future customers that you are producing battery-grade from the equipment process, or is that not? Are you just going first to train one construction and then running low capacity initially to provide samples of battery-grade lithium? Yeah. We have made the determination that for our midstream conversion processing facility, we are using proven and established off-the-shelf technology that has been industry-proven for a long time. A pilot facility for the midstream is not what's required. For upstream feedstock supplies, piloting is required. There are pilots from an upstream perspective. We are able to potentially create samples using our existing process and in concert with our vendors for potential qualification opportunities. Given that these are proven and established off-the-shelf technologies that we can resize as needed, it limits a lot of that technology risk from the processing itself. Last for me, you mentioned being off-the-shelf technologies and equipment. Is part of what Primero is doing to identify potential domestic suppliers of equipment? Can these be from custom manufacturing outsourcing facilities, or will there still be an amount of equipment that you'll have to insource or import, rather, or to be determined? Yeah. Good question. Relevant in our times now. We have made a considerable effort to source domestically as much as possible. We have made a deliberate effort to exclude any equipment or technology from foreign entities of concern, including China. We have created a lot of guardrails on sourcing and procuring products. There will be some machinery that comes outside of the United States, but from friendly jurisdictions. We also have the ability to leverage the Free Trade Zone at Port Muskogee for additional offsets to potential tariffs. Critical minerals, especially lithium and refining, have been carved out, as per my understanding, from these tariffs as well. Thank you very much. Thank you, Tate. Thanks for joining us today. Thank you. That is all the time we have for questions and answers. This concludes today's program. Thank you all for participating. You may now disconnect.