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.

Equity Research Firm

Equity Bottom-Up

<ul><li>Standard Lithium aims to develop multiple projects in southern Arkansas and East Texas to establish the Smackover Lithium JV as a major domestic supplier of battery-quality lithium.</li><li>The company is the project operator and owns 55% of the JV alongside 45% partner Equinor.</li><li>Measured lithium concentrations in the JV’s projects in South West Arkansas and East Texas are among the highest known concentrations in North America.</li></ul>

Standard Lithium aims to develop multiple projects in southern Arkansas and East Texas to establish the Smackover Lithium JV as a major domestic supplier of battery-quality lithium.The company is the project operator and owns 55% of the JV alongside 45% partner Equinor.Measured lithium concentrations in the JV’s projects in South West Arkansas and East Texas are among the highest known concentrations in North America.

Standard Lithium Ltd: Multiple Domestic Lithium Brine Projects Support Long-Term Goal...

<ul><li>On September 3, 2025, Smackover Lithium, a JV between Standard Lithium (55%, operator) and Equinor (45%), announced positive results from the DFS for the South West Arkansas project.</li><li>The project targets initial production capacity of 22,500 tons per year of battery-quality lithium carbonate at the Reynolds brine unit over a 20-year operating life.</li><li>The unit is located in Columbia and Lafayette counties, Arkansas.</li></ul>

On September 3, 2025, Smackover Lithium, a JV between Standard Lithium (55%, operator) and Equinor (45%), announced positive results from the DFS for the South West Arkansas project.The project targets initial production capacity of 22,500 tons per year of battery-quality lithium carbonate at the Reynolds brine unit over a 20-year operating life.The unit is located in Columbia and Lafayette counties, Arkansas.

Standard Lithium Ltd: Positive DFS Results Pave Way for FID Toward Year-End 2025

<ul><li>SLI expects to publish a Definitive Feasibility Study (DFS) for its South West Arkansas Phase 1 project in 3Q25 and hopes to reach a Final Investment Decision (FID) by year- end 2025.</li><li>Management continues to work with advisors to secure offtake arrangements and evaluate project finance (debt) alternatives.</li><li>Phase 1 is designed to produce 22,500 tons/year of battery-quality lithium.</li></ul>

SLI expects to publish a Definitive Feasibility Study (DFS) for its South West Arkansas Phase 1 project in 3Q25 and hopes to reach a Final Investment Decision (FID) by year- end 2025.Management continues to work with advisors to secure offtake arrangements and evaluate project finance (debt) alternatives.Phase 1 is designed to produce 22,500 tons/year of battery-quality lithium.

Standard Lithium Ltd: SWA Phase 1 and East Texas Maiden Resource Report Expected Before End of 3Q25

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).</li>
<li>Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold</li>
<li>The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS</li>
</ul>


We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).
Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold
The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS


Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

Thematic (Sector/Industry)

<ul><li>The WTR Sustainable Index was up 4.3% W/W versus the S&amp;P 500 Index (up 4.6%), the Russell 2000 Index (up 4.1%) and the Nasdaq Index (up 6.4%).</li><li>Energy Technology (12.6% of the index) was up 5.1%, while Industrial Climate and Ag Technology (47.1% of the index) was up 5.6%, ClimateTech Mining was down 1.0%, and Advanced Transportation Solutions (21.3% of the index) was up 5.8%.</li><li>Top 10 Performers: AMY, PLL, AVL, IRBT, SLI, COMM, PE, NGPHF, MEOH, HSC</li></ul>

The WTR Sustainable Index was up 4.3% W/W versus the S&amp;P 500 Index (up 4.6%), the Russell 2000 Index (up 4.1%) and the Nasdaq Index (up 6.4%).Energy Technology (12.6% of the index) was up 5.1%, while Industrial Climate and Ag Technology (47.1% of the index) was up 5.6%, ClimateTech Mining was down 1.0%, and Advanced Transportation Solutions (21.3% of the index) was up 5.8%.Top 10 Performers: AMY, PLL, AVL, IRBT, SLI, COMM, PE, NGPHF, MEOH, HSC

Sustainable Investing Surveyor Focus on Westwater Resources

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: Multiple Domestic Lithium Brine Projects Support Long-Term Goal...

Standard Lithium aims to develop multiple projects in southern Arkansas and East Texas to establish the Smackover Lithium JV as a major domestic...

Water Tower Research

Standard Lithium Ltd: Positive DFS Results Pave Way for FID Toward Year-End 2025

On September 3, 2025, Smackover Lithium, a JV between Standard Lithium (55%, operator) and Equinor (45%), announced positive results from the DFS...

Water Tower Research

Standard Lithium Ltd: SWA Phase 1 and East Texas Maiden Resource Report Expected Before End of 3Q25

SLI expects to publish a Definitive Feasibility Study (DFS) for its South West Arkansas Phase 1 project in 3Q25 and hopes to reach a Final...

Water Tower Research

Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

Back to Near-Term Bullish on $SPX and Nasdaq 100 $NDX; Crucial Supports Held at 6480-6520 on SPX and $580-$583 on $QQQ, we are near-term bullish as...

Vermilion Research

Sustainable Investing Surveyor Focus on Westwater Resources

The WTR Sustainable Index was up 4.3% W/W versus the S&P 500 Index (up 4.6%), the Russell 2000 Index (up 4.1%) and the Nasdaq Index (up 6.4%).

Water Tower Research

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