Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Equity Bottom-Up

<ul><li>Critical achievements in 2024 have helped to de-risk SLI’s lithium extraction project in South West Arkansas as the company works toward an FID in 2H25.</li><li><p>Installation and commissioning of a commercial-scale Direct Lithium Extraction (DLE) column at SLI’s Demonstration Plant de-risked the lithium recovery technology.</p></li><li><p>Early results exceeded design specifications, including lithium recovery of 97.3%, key contaminant rejection of greater than 99%, and boron rejection greater than 95%. </p></li></ul>

Critical achievements in 2024 have helped to de-risk SLI’s lithium extraction project in South West Arkansas as the company works toward an FID in 2H25.Installation and commissioning of a commercial-scale Direct Lithium Extraction (DLE) column at SLI’s Demonstration Plant de-risked the lithium recovery technology.Early results exceeded design specifications, including lithium recovery of 97.3%, key contaminant rejection of greater than 99%, and boron rejection greater than 95%. 

Standard Lithium Ltd. -  De-Risking South West Arkansas to Reach FID in 2H25

<ul><li>Standard Lithium (SLI) has crossed multiple milestones in 2024 in its Arkansas projects that aim to help establish it and the state as a major domestic supplier of battery- quality lithium.</li><li>A strategic partnership with Equinor, a global energy producer, signed in May added a partner with extensive experience executing complex hydrocarbon and renewable energy projects.</li><li>The partnership, SWA Lithium LLC, was selected by the US Department of Energy (DOE) for up to US$225 million of funding for Phase 1 of the South West Arkansas Project.</li></ul>

Standard Lithium (SLI) has crossed multiple milestones in 2024 in its Arkansas projects that aim to help establish it and the state as a major domestic supplier of battery- quality lithium.A strategic partnership with Equinor, a global energy producer, signed in May added a partner with extensive experience executing complex hydrocarbon and renewable energy projects.The partnership, SWA Lithium LLC, was selected by the US Department of Energy (DOE) for up to US$225 million of funding for Phase 1 of the South West Arkansas Project.

Standard Lithium Ltd. - SLI: Passing Milestones to FID

<ul><li>On September 1, 2024, Standard Lithium (SLI) completed a leadership change with David Park taking the mantle of Chief Executive Officer and Director from Robert Mintak.</li><li>Park has worked as a strategic advisor to SLI over the past year and was extensively involved with the company’s corporate, project, and strategic development initiatives, including securing the Equinor strategic partnership for the development of SLI’s South West Arkansas and East Texas Smackover Brine DLE projects.</li><li>The Arkansas Oil &amp; Gas Commission (AOGC) will hear an application filed by SLI and other companies pursuing projects to extract lithium from Smackover Brines to approve a method for paying royalties to brine mineral interest owners for the value of Smackover brine produced at a meeting scheduled for September 24, 2024</li></ul>

On September 1, 2024, Standard Lithium (SLI) completed a leadership change with David Park taking the mantle of Chief Executive Officer and Director from Robert Mintak.Park has worked as a strategic advisor to SLI over the past year and was extensively involved with the company’s corporate, project, and strategic development initiatives, including securing the Equinor strategic partnership for the development of SLI’s South West Arkansas and East Texas Smackover Brine DLE projects.The Arkansas Oil &amp; Gas Commission (AOGC) will hear an application filed by SLI and other companies pursuing projects to extract lithium from Smackover Brines to approve a method for paying royalties to brine mineral interest owners for the value of Smackover brine produced at a meeting scheduled for September 24, 2024

Standard Lithium Ltd. - Putting Arkansas on Map as Major Supplier of Domestic Lithium

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/standard-lithium-ltd" target="_blank" data-smartkarma-citation="entities:38824:1" rel="noopener">Standard Lithium (SLI US)</a> will be deleted from the <a href="https://www.smartkarma.com/entities/vaneck-rare-earth-strategic-me" target="_blank" data-smartkarma-citation="entities:32320:1" rel="noopener">VanEck Rare Earth/Strategic Me (REMX US)</a> at the close of trading on 21 March.</li>
<li>The constituent change, float changes and capping changes result in an estimated one-way turnover of 8.9% and in a round-trip trade of US$61m.</li>
<li>The largest inflows will be in <a href="https://www.smartkarma.com/entities/pilbara-minerals-ltd" target="_blank" data-smartkarma-citation="entities:7460:1" rel="noopener">Pilbara Minerals (PLS AU)</a> and <a href="https://www.smartkarma.com/entities/albemarle-corp" target="_blank" data-smartkarma-citation="entities:7678:1" rel="noopener">Albemarle (ALB US)</a> while there will be outflows from <a href="https://www.smartkarma.com/entities/mp-materials-corp" target="_blank" data-smartkarma-citation="entities:33108:1" rel="noopener">MP Materials (MP US)</a> and <a href="https://www.smartkarma.com/entities/lynas-corp-ltd" target="_blank" data-smartkarma-citation="entities:20374:1" rel="noopener">Lynas Corp (LYC AU)</a>.</li>
</ul>



Standard Lithium (SLI US) will be deleted from the VanEck Rare Earth/Strategic Me (REMX US) at the close of trading on 21 March.
The constituent change, float changes and capping changes result in an estimated one-way turnover of 8.9% and in a round-trip trade of US$61m.
The largest inflows will be in Pilbara Minerals (PLS AU) and Albemarle (ALB US) while there will be outflows from MP Materials (MP US) and Lynas Corp (LYC AU).


MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: One Delete & Other Changes

<ul><li>Standard Lithium (SLI) is advancing lithium extraction projects in Southern Arkansas and East Texas, which could position the company as a major domestic lithium supplier.</li><li>A definitive feasibility study (DFS) or the company’s Phase 1A Project indicates a pre- tax NPV of US$772 million and a pre-tax IRR of 29.5%.</li><li>A preliminary feasibility study (PFS) for the company’s South West Arkansas Project indicates a pre-tax NPV of US$4.5 billion and a pre-tax IRR of 41.3%.</li></ul>

Standard Lithium (SLI) is advancing lithium extraction projects in Southern Arkansas and East Texas, which could position the company as a major domestic lithium supplier.A definitive feasibility study (DFS) or the company’s Phase 1A Project indicates a pre- tax NPV of US$772 million and a pre-tax IRR of 29.5%.A preliminary feasibility study (PFS) for the company’s South West Arkansas Project indicates a pre-tax NPV of US$4.5 billion and a pre-tax IRR of 41.3%.

Standard Lithium Ltd. - Striving to Become Domestic Lithium Supplier from Arkansas Brine

Canada

Standard Lithium Ltd. provides natural resource mining services. The Company explores, produces, processes, and develops lithium, as well as offers geological study, drilling, and project management services. Standard Lithium offers its products to mobiles, personal computers, power tools, home storage, and automobiles.

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Standard Lithium (SLI US)

Standard Lithium Ltd. - De-Risking South West Arkansas to Reach FID in 2H25

Critical achievements in 2024 have helped to de-risk SLI’s lithium extraction project in South West Arkansas as the company works toward an FID in...

Water Tower Research

Standard Lithium Ltd. - SLI: Passing Milestones to FID

Standard Lithium (SLI) has crossed multiple milestones in 2024 in its Arkansas projects that aim to help establish it and the state as a major...

Water Tower Research

Standard Lithium Ltd. - Putting Arkansas on Map as Major Supplier of Domestic Lithium

On September 1, 2024, Standard Lithium (SLI) completed a leadership change with David Park taking the mantle of Chief Executive Officer and...

Water Tower Research

MV Global Rare Earth/Strategic Metals Index Rebalance: One Delete & Other Changes

Standard Lithium is a delete. Estimated one-way turnover of 8.9% results in a round-trip trade of US$61m. Pilbara Minerals is a passive buy...

Brian Freitas

Standard Lithium Ltd. - Striving to Become Domestic Lithium Supplier from Arkansas Brine

Standard Lithium (SLI) is advancing lithium extraction projects in Southern Arkansas and East Texas, which could position the company as a major...

Water Tower Research

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Standard Lithium Ltd. - De-Risking South West Arkansas to Reach FID in 2H25

Critical achievements in 2024 have helped to de-risk SLI’s lithium extraction project in South West Arkansas as the company works toward an FID in...

Water Tower Research

Standard Lithium Ltd. - SLI: Passing Milestones to FID

Standard Lithium (SLI) has crossed multiple milestones in 2024 in its Arkansas projects that aim to help establish it and the state as a major...

Water Tower Research

Standard Lithium Ltd. - Putting Arkansas on Map as Major Supplier of Domestic Lithium

On September 1, 2024, Standard Lithium (SLI) completed a leadership change with David Park taking the mantle of Chief Executive Officer and...

Water Tower Research

MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: One Delete & Other Changes

Standard Lithium is a delete. Estimated one-way turnover of 8.9% results in a round-trip trade of US$61m. Pilbara Minerals is a passive buy...

Brian Freitas

Standard Lithium Ltd. - Striving to Become Domestic Lithium Supplier from Arkansas Brine

Standard Lithium (SLI) is advancing lithium extraction projects in Southern Arkansas and East Texas, which could position the company as a major...

Water Tower Research

MV Global Rare Earth/Strategic Metals Index Rebalance: One Delete & Other Changes