04:36 PM EDT, 09/03/2025 (MT Newswires) -- Standard Lithium ( SLI ) after market close Wednesday said Smackover Lithium, a joint venture between it and Equinor ( EQNR ) , announced the "positive" results of a Definitive Feasibility Study (DFS) for its South West Arkansas project.

In a statement Standard Lithium ( SLI ) said the results are highlighted by 20.2% unlevered pre-tax internal rate of return on an initial phase producing 22,500 tonnes per year of battery-quality lithium carbonate, with an upgraded mineral resource.

Among other highlights, Standard noted first production is targeted in 2028; the project has a 20-year plus operating life; "robust" project economics; and "competitive" OPEX.

It also cited as highlights: total CAPEX of US$1.45 billion; that "increased exploration activities support better resource definition"; and the prospect of first commercial Direct Lithium Extraction in United States.

"The robust economics from our SWA Project DFS confirm what we've known for a long time -- that this is a world class asset and opportunity. Through years of extensive testing and development we have substantially de-risked the process technology and increased our confidence in Project execution. We are well-positioned to move the project towards a Final Investment Decision and are excited by the prospect of being a domestic champion for securing critical minerals production in the United States," chief operating officer Andy Robinson said.

Allison Kennedy Thurmond, VP for U.S. Lithium at Equinor ( EQNR ) added, "The completion of the DFS is an important and exciting milestone for our SWA Project. This third-party economic and technical assessment further validates the potential of our Project and allows us to continue progressing towards a future FID."

Standard Lithium ( SLI ) shares up $0.08 to $4.00 on the TSX Venture Exchange.