08:58 AM EDT, 03/26/2025 (MT Newswires) -- Standard Lithium ( SLI ) provided Wednesday a corporate update outlining continuous advancement and derisking of its objectives.

The company said it commenced a project finance and off-take process for the first phase of the South West Arkansas project. The process is expected to be completed later in the year.

Standard Lithium ( SLI ) added that its Smackover lithium joint venture with Equinor continues its mineral leasing program in east Texas (ETX), with 185,000 acres actively leased.

The first ETX project area of about 67,000 acres has been identified, and a maiden inferred resource estimate will be published in the third quarter, Standard Lithium ( SLI ) said.

Standard Lithium ( SLI ) said the company and its partner Koch Technology Solutions continue to use the demonstration plant in Union County to test the direct lithium extraction technology.

The company did not rule out commercial development at the Lanxess projects but said it remains focused on building the next phase of lithium projects in North America.

"The Standard Lithium ( SLI ) team, in combination with our partners Equinor and Koch Technology Solutions, has been working diligently to keep on moving the projects forward, derisking key workstreams and hitting development milestones," CEO David Park said. "As we've said before, it's time for us to prioritize, focus, and execute. It is now clear that executing on our SWA Project with our partners is our top priority, and that we see incredible potential to build on that foundation and grow with them into East Texas."

Standard Lithium's ( SLI ) share price was down 0.7% at last look to US$1.37 in NYSE American pre-market trading after gaining 5.8% to $1.98 on the TSXV.