TickerGuard
Buy Day today: Neutral (57) Mixed market breadth · no major macro event
SLI

Standard Lithium Ltd

Basic Materials · Other Industrial Metals & Mining · listed since 2017

1.60$ -1.9% vs. previous close Closing price · As of: Oct 11, 2026
🔔 Watch stock
Add to watchlist

Share this page

LinkedIn WhatsApp Email

Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Open questions

The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.

Why this colour

Yellow: almost everything needed to build in Arkansas has been signed, except the investment decision — and the loans, additional capital and $40 million from Equinor all hinge on it. Not red, because no threat to the company's substance is documented: no term or revolving debt, positive equity, and according to management the $137.3 million in cash lasts through mid-2027. As a partner, Equinor does not threaten the company's survival, but significant project decisions require its approval. Not green, because with no revenue, everything hinges on a delayed decision that is still pending (first production 2028 → 2029). The decision is yours.

What the thesis turns on

Assessment: Opportunities & Risks

Standard Lithium has met almost every precondition for its Arkansas lithium project: Equinor as a partner, a $225 million grant, the environmental review, construction contracts and buyers. The investment decision, once planned for year-end 2025, was still pending in October 2026, and the company needs additional capital to take it and build. The share count is up 43 percent since mid-2023. At $1.58 (October 9, 2026), Standard Lithium was worth about $390 million. Not investment advice.

Project readiness

A $225 million grant (January 2025), the definitive feasibility study (September 2025), an environmental review without additional conditions (May 2026) and contracts with Wood and S&B (May 2026) are in place.

Offtake

Trafigura and LG Energy Solution have each committed to 8,000 tons a year for ten years on a take-or-pay basis, 16,000 tons in total; with an option for up to 4,000 tons, that is up to 20,000 tons, more than the 18,000-ton target.

Schedule

The investment decision was planned in March 2025 for year-end 2025 and was still pending on October 11, 2026; first production slipped from 2028 to 2029. If it does not come by January 1, 2027, the $40 million milestone payment may lapse.

Funding needs

Cash of $137.3 million (June 30, 2026) lasts through mid-2027 according to management; additional capital will be required to take the decision and start construction. The project debt of up to $1.1 billion is not yet committed.

Dilution

The share count rose 43 percent from mid-2023 to August 2026, to 246.8 million; 16.7 million options and share units and a new at-the-market program of up to $50 million are in place.

Balance sheet

No term or revolving debt, shareholders' equity of $369.2 million as of June 30, 2026. A large part of it is the stake in Smackover Lithium and the milestone payments tied to the investment decision.

Worth Noting

This analysis was prompted by the wallstreet-online forum ranking (stocks most discussed by German retail investors), as of October 11, 2026. There is no hit from our in-house stock scanner: the company has no revenue. The analysis uses the image of a loyalty card (the goal-gradient effect): the more milestones are met, the surer the last one feels.

Evidence base: Standard Lithium is a Canadian MJDS filer (Form 40-F/6-K) with SEC CIK 0001537137. We reviewed the Form 40-F for 2025 (03/30/2026) and 2024 (03/24/2025), the quarterly report for the period ended 06/30/2026 (Form 6-K filed 08/10/2026) with the results release of the same day, and all Form 6-K releases and the Schedule 13G/A through October 9, 2026. The report for the quarter ended September 30, 2026, was not yet available on October 11, 2026.

Our calculations: growth in the share count (246,784,162 vs. 172,752,197 = up 43 percent), options and share units relative to shares (16,741,610 vs. 246,784,162 = about 6.8 percent), the partners' notional equity share of South West Arkansas ($1,450m minus $225m minus $1,100m = $125m, 55 percent of which is about $69m, before financing costs and reserves), the notional share count from the at-the-market programs (just under $14m plus $50m divided by $1.58 = about 40 million shares), the milestone payment expressed in shares ($40m divided by $1.58 = about 25 million shares, about 10 percent), market value (246,784,162 times $1.58 = $389.9m), price-to-book ($389.9m vs. $369.2m) and the 55 percent share of the $1,275m net present value (about $700m).

Prices: closes of $4.47 on December 31, 2025, and $1.58 on October 9, 2026, on the NYSE American (fundamental data). Offering price of $4.35 (October 2025) and average at-the-market prices of $3.59 (Q2 2026) and $2.78 (Q3 2026) per the MD&A and the sales update.

Name confusion: the symbol SLI denotes the same stock on the NYSE American and the TSX Venture Exchange. The project companies are SWA Lithium (Arkansas) and Texas Lithium; both belong to Smackover Lithium.

Read the Full Deep Dive Standard Lithium: Nine Stamps Collected — and the Tenth Is the One Missing Standard Lithium wants to pull lithium out of underground brine in southern Arkansas together with Norway's Equinor, and in just over two years it has collected nine stamps: partner, grant, study, lender interest, buyers, environmental review, contractors. The tenth, the final investment decision, was promised for the end of 2025 and is still missing. The stock went from $4.35 in the October 2025 offering to $1.58 on October 9, 2026. And a clock is running in the notes: if the decision does not come by January 1, 2027, $40 million from Equinor may lapse. We read the annual report, the quarterly report and every filing since. A timeline in a filing is a plan, not a promise. Read the analysis →

Stock Watch

This analysis is as of October 11, 2026. Stock Watch will tell you what's changed at SLI since then.

Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.

Price history

Chart

Interactive price chart (TradingView).

Last price: 1.60 $ (As of: October 11, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 0.4$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. –
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. –
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. –

Performance

Perf. 1M ?Price performance over the last month. -30.40%
Perf. 3M ?Price performance over the last 3 months. -31.00%
Perf. 6M ?Price performance over the last 6 months. -53.80%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). -64.65%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -72.0%

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. –
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. –
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. –
P/B ?Price-to-book ratio: market value relative to book equity. 1.4
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. –
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. –
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. –

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. –
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. 0.0%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. –
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? -15.6%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). –

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 91.6%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 0.00
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. fortress balance sheet 7.57
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. 3 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 0.00%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). 0.00%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. –
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. –
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. –

Dividend

No dividend data is available for this stock yet.

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. –
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. –
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. –
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. C (53 out of 100)

Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.

Comparison

Industry comparison

The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.

Industry: Other Industrial Metals & Mining

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
Standard Lithium Ltd SLI 0.4 – – – 0.0 – –
MP Materials Corp MP 8.4 – 132.6 42.3 -7.9 35.1 -34.6
Materion Corporation MTRN 6.1 75.1 29.0 16.0 5.7 6.1 119.2
Skeena Resources Limited SKE 4.2 – -3.7 – 0.0 – 67.3
Almonty Industries Inc. ALM 3.4 – 40.7 49.8 8.8 12.8 51.6
USA Rare Earth, Inc. USAR 3.2 – 28.0 -9.7 -643.7 -99.9 -53.3
Sunshine Silver Mining & Refining Company SSMR 2.1 – 0.0 -7,081.9 -9,263.4 421.8 –
TMC the metals company Inc TMC 1.9 – -2.1 – 0.0 – -64.2
Nexa Resources SA NEXA 1.8 6.6 2.6 28.1 19.8 8.2 150.2
Median of companies shown 3.2 – 15.3 22.0 0.0 10.5 51.6

Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter ($M)
2023: Q4 · 0.0 $M Q4 2024: Q1 · 0.0 $M Q1 2024: Q2 · 0.0 $M Q2 2024: Q3 · 0.0 $M Q3 2025: Q1 · 0.0 $M Q1 2025: Q2 · 0.0 $M Q2 2025: Q3 · 0.0 $M Q3 2026: Q1 · 0.0 $M Q1

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales ($M) Sales YoY (%) Net Margin (%) OCF ($M) FCF ($M)
2023: Q4 -0.06 -101.30 0 – – -6 -19
2024: Q1 -0.06 -50.00 0 – – -22 -27
2024: Q2 0.70 538.50 0 – – -2 -4
2024: Q3 -0.02 82.50 0 – – -10 -13
2025: Q1 -0.01 83.30 0 – – -9 -9
2025: Q2 -0.04 -105.70 0 – – -1 -1
2025: Q3 -0.04 -100.00 0 – – -4 -4
2026: Q1 -0.01 0.00 0 – – -6 -6

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 4 of our scanner strategies — each hit links to the scanner.

Growth

Research

Risk & Weakness

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners

Outlook

Analysts & Price Target

Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.

Consensus Sell 1 = Strong buy … 5 = Strong sell
Analyst Ratings –
Price Target (average) –
Distance to price –

No price target is available for this stock.

AI classification

AI Rating

Neutral

Standard Lithium ist ein Lithium-Projektentwickler ohne Umsatz (direkte Lithiumextraktion aus Salzwasser der Smackover-Formation in Arkansas und Texas, Gemeinschaftsunternehmen Smackover Lithium mit Equinor). In den ausgewerteten Berichten — Jahresberichte Form 40-F für 2025 und 2024 (jeweils Annual Information Form und Lagebericht) sowie die Quartals-Lageberichte (Form 6-K) zum 30.06.2026, 31.03.2026, 30.09.2025 und 30.06.2025 — gibt es genau eine Fundstelle zu „artificial intelligence“: einen Nachfrage-Satz im Abschnitt Trends and Outlook der Annual Information Form 2025, wonach Stromnetze, Rechenzentren und KI-Anwendungen den Lithiumbedarf erhöhen. Das ist ein Markttrend für den Rohstoff, kein KI-Produkt, kein operativer KI-Einsatz und keine KI-Bedrohung des eigenen Geschäftsmodells. Negativ-Befund dokumentiert — nach dem Kriterienkatalog „neutral“.

View the full file — quotes, sources, reviewed filings

Filings Reviewed: 6-K Quartals-Lagebericht zum 30.06.2026 — jüngster Periodenbericht, keine KI-Fundstelle 2026-08-10 · 6-K Quartals-Lagebericht zum 31.03.2026 — keine KI-Fundstelle 2026-05-11 · 40-F für 2025 (Annual Information Form) — eine Fundstelle (Nachfrage-Trend, kein KI-Bezug des Geschäfts) 2026-03-30 · 40-F für 2025 (Lagebericht) — keine KI-Fundstelle 2026-03-30 · 6-K Quartals-Lagebericht zum 30.09.2025 — keine KI-Fundstelle 2025-11-10 · 6-K Quartals-Lagebericht zum 30.06.2025 — keine KI-Fundstelle 2025-08-08 · 40-F für 2024 (Annual Information Form und Lagebericht) — keine KI-Fundstelle 2025-03-24

Rated on October 11, 2026 · How the Rating Is Built

The company

About the Company

Standard Lithium Ltd. explores for and develops lithium brine properties in the United States. Its flagship projects comprise the South West Arkansas Project, which covers an area of approximately 30,000 net mineral acres of brine leases located on the Smackover Formation in Arkansas; and the East Texas Properties, which includes the Franklin project located in the East Texas region of the Smackover. The company was formerly known as Patriot Petroleum Corp. and changed its name to Standard Lithium Ltd. in December 2016. Standard Lithium Ltd. was incorporated in 1998 and is headquartered in Vancouver, Canada.

IPO Year
2017
ISIN
CA8536061010

Data as of: October 11, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

Was this page helpful to you?