Standard Lithium has told investors that the technology has already achieved “proof of concept” and that its Demonstration Plant is a success. Yet undisclosed to investors, production records filed by Standard Lithium with the Arkansas regulator indicate that actual recovery rates are far lower than projected by the Company, indicating that the Demonstration Plant is extracting far lower quantities of lithium than should be the case. The data also shows that recovery rates are getting substantially worse the more brine is processed, suggesting the pilot facility has negative scale. In short, we think this regulatory data is a smoking gun which indicates that the technology is neither economically viable nor scalable. Standard Lithium’s absurd valuation rests solely on the viability of this Demonstration Plant, making this data, in our opinion, near fatal to the Company’s NPV projections and therefore its stock price.