Standard Lithium Ltd. announced that the Company has signed a non-binding Letter of Intent with a non-affiliated NYSE-listed company whereby, subject to the execution of a definitive agreement on terms acceptable to both parties (the "Definitive Agreement") and obtaining necessary consents and permits, the Company will design, build and operate a continuous demonstration scale pilot plant (the "Pilot Plant"), adjacent to certain existing chemical production facilities located in southern Arkansas. The Letter of Intent provides for a ninety-day period within which the Company and the other party will negotiate a Definitive Agreement in respect of the proposed Pilot Plant. Under the proposed Definitive Agreement, Standard Lithium would be permitted to build an in-place, continuously operating, pilot plant to explore and demonstrate a modern, selective extraction and purification process to produce battery-grade lithium products from a variety of brine streams, including tail brines from the Smackover Formation. In addition, Standard Lithium seeks to expand its lithium brine footprint through the evaluation of opportunities to obtain additional brine leases or sources located in southern Arkansas, which may allow for the transport and testing of multiple sources of Smackover brine in the Company's proposed Pilot Plant.