Information available at the time of preparation.

Data supplied by outside sources.

Assumptions, conditions, and qualifications set forth in this Report.

I am a self-employed consulting metallurgical engineer based in Trejouls, Department of Tarn & Garonne, France.

I graduated from the University of Leeds with a BSc Honours in Mineral Processing in 1980.

I am a registered Professional with ECSA under Registration No. 870480.

I have practiced as a metallurgical engineer for 38 years.

I have read the definition of “qualified person” set out in the National Instrument 43-101 and certify that, by reason of my education, affiliation with a professional association, and past relevant work experience, I fulfil the requirements to be an independent qualified person for the purposes of NI 43-101.

I am responsible for the preparation Sections 17 of this Technical Report.

I have had no prior involvement with the properties that are the subject of the Technical Report.

I have not visited the project site.

I have no personal knowledge as of the date of this certificate of any material fact or change, which is not reflected in this report.

Neither I, nor any affiliated entity of mine, is at present under an agreement, arrangement or understanding or expects to become an insider, associate, affiliated entity or employee of Standard Lithium Ltd., or any associated or affiliated entities.

Neither I, nor any affiliated entity of mine, own directly or indirectly, nor expect to receive, any interest in the properties or securities of Standard Lithium Ltd.., or any associated or affiliated companies.

I have read NI 43-101 and Form 43-101F1 and have prepared the technical report in compliance with NI 43-101 and Form 43-101F1.

I have prepared the report in conformity with the generally accepted Canadian Mining Industry practices and, as of the date of the certificate, to the best of my knowledge, information and belief, the technical report contains all scientific and technical information that is required to be disclosed to ensure the technical report is not misleading.

Marek Dworzanowski, P.Eng, B.Sc. (Hons), FSAIMM.

I am a Senior Consulting Geologist and Chief Operations Officer of APEX Geoscience Ltd., Suite 110, 8429 – 24th Street, Edmonton, AB, Canada, T6P 1L3.

I graduated from the University of Manitoba in Winnipeg, Manitoba with a B.Sc. in Geology, in1986 and from the University of Alberta in Edmonton, Alberta with a M.Sc. in Geology in 2004.

I am a registered Professional Geologist with the Association of Professional Engineers and Geoscientists (“APEGA”) of Alberta since 2003. under Registration No. 74150.

I have worked as a geologist for more than 25 years since my graduation from University and have been involved in all aspects of mineral exploration, mineral research and mineral resource estimations for metallic, industrial, specialty and rare-earth element mineral projects and deposits in Canada. I have explored for and prepared mineral resource estimates for lithium-brine projects in western Canada.

I have read the definition of “qualified person” set out in the National Instrument 43-101 and certify that, by reason of my education, affiliation with a professional association, and past relevant work experience, I fulfill the requirements to be an independent qualified person for the purposes of NI 43-101.

I am responsible for the preparation Sections 4 – 12 and 14 of this Technical Report

I have had no prior involvement with the properties that are the subject of the Technical Report.

I visited the LANXESS Property on July 24-25, 2018 and can verify the Li-brine mineralization and the infrastructure at the LANXESS Property, including brine supply wells, the pipeline network and tail-brine access points at the bromine operations.

I have no personal knowledge as of the date of this certificate of any material fact or change, which is not reflected in this report.

Neither I, nor any affiliated entity of mine, is at present under an agreement, arrangement or understanding or expects to become an insider, associate, affiliated entity or employee of Standard Lithium Ltd., or any associated or affiliated entities. I am independent of the issuer, the vendor and the Property applying all of the tests in section 1.5 of both NI 43-101 and 43-101CP.

Neither I, nor any affiliated entity of mine, own directly or indirectly, nor expect to receive, any interest in the properties or securities of Standard Lithium Ltd.., or any associated or affiliated companies.

I have read NI 43-101 and Form 43-101F1 and have prepared the technical report in compliance with NI 43-101 and Form 43-101F1.

I have prepared the report in conformity with the generally accepted Canadian Mining Industry practices and, as of the date of the certificate, to the best of my knowledge, information and belief,

D. Roy Eccles, M.Sc., P.Geol.

I am a Project Director with Worley, 165 3rd Avenue South, Saskatoon, SK, S7K 1L8, Canada.

I graduated from the Warsaw University of Technology, Warsaw, Poland, with a Masters degree in Civil Engineering in 1978.

I am a registered Professional Engineer of the Association of Professional Engineers and Geoscientists of Saskatchewan, under Registration No. 6686.

I have practiced as a Professional Engineer for 25 years.

I have read the definition of “qualified person” set out in the National Instrument 43-101 and certify that, by reason of my education, affiliation with a professional association, and past relevant work experience, I fulfill the requirements to be an independent qualified person for the purposes of NI 43-101.

I am responsible for the preparation Sections 1 – 3, 16, and 18-27 of this Technical Report.

I have had no prior involvement with the properties that are the subject of the Technical Report.

I visited the site between 28-30, May 2019.

I have no personal knowledge as of the date of this certificate of any material fact or change, which is not reflected in this report.

Neither I, nor any affiliated entity of mine, is at present under an agreement, arrangement or understanding or expects to become an insider, associate, affiliated entity or employee of Standard Lithium Ltd., or any associated or affiliated entities.

Neither I, nor any affiliated entity of mine, own directly or indirectly, nor expect to receive, any interest in the properties or securities of Standard Lithium Ltd.., or any associated or affiliated companies.

I have read NI 43-101 and Form 43-101F1 and have prepared the technical report in compliance with NI 43-101 and Form 43-101F1.

I have prepared the report in conformity with the generally accepted Canadian Mining Industry practices and, as of the date of the certificate, to the best of my knowledge, information and belief, the technical report contains all scientific and technical information that is required to be disclosed to ensure the technical report is not misleading.

I am Owner and President of METNETH2O Inc., 1816 Parkwood Circle, Peterborough, ON, Canada, K9J 8C2

I graduated with a B.Eng. in Metallurgy from McGill University in 1972 and a Ph.D. in Metallurgy from the Imperial College, Royal School of Mines, London, England in 1980.

I am and have been registered as a Professional Engineer with the Professional Engineers Ontario (PEO) since 2008, under Registration No. 100111288.

I have worked as a hydrometallurgist for over 35 years, including 30 years of experience in extraction of metals from aqueous solutions and purification of metallurgical solutions, since my graduation from university. I currently specialize in solvent extraction and ion exchange, test program design, Demonstration Plant design, and data analysis for bench-scale and Demonstration Plant programs.

I have read the definition of “qualified person” set out in the National Instrument 43-101 and certify that, by reason of my education, affiliation with a professional association, and past relevant work experience, I fulfill the requirements to be an independent qualified person for the purposes of NI 43-101.

I oversaw the preparation and am responsible for the technical information included in Section 13 (Mineral Processing and Metallurgical Testing) of the Technical Report.

I have had no prior involvement with the properties that are the subject of the Technical Report.

I have not visited the LANXESS Property with respect to this Technical Report.

I have no personal knowledge as of the date of this certificate of any material fact or change, which is not reflected in this report.

Neither I, nor any affiliated entity of mine, is at present under an agreement, arrangement or understanding or expects to become an insider, associate, affiliated entity or employee of Standard Lithium Ltd., or any associated or affiliated entities.

Neither I, nor any affiliated entity of mine, own directly or indirectly, nor expect to receive, any interest in the properties or securities of Standard Lithium Ltd.., or any associated or affiliated companies.

I have read NI 43-101 and Form 43-101F1 and have prepared the technical report in compliance with NI 43-101 and Form 43-101F1.

I have prepared the report in conformity with the generally accepted Canadian Mining Industry practices and, as of the date of the certificate, to the best of my knowledge, information and belief, the technical report contains all scientific and technical information that is required to be disclosed to ensure the technical report is not misleading.

1

1.5.1 CAPEX

1.5.2 OPEX

2

3

4

5

6

7

8

9

10

11

11.6

11.7

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

Table 9-6 West Plant WetLab Lithium Analytical Results

Table 9-7 New (2019) Brine Supply Wells in the South Unit Area

Table 9-8 South Plant Analytical Results with Inclusion of the New Brine Supply Wells Li (mg/L)

Table 10-1 Description of Brine Supply Wells at the LANXESS Property

Table 10-2 Summary of Brine Supply Well Completion Intervals at the LANXESS Property

Table 11-1 Comparison of Lithium Values for 14 Duplicate Pairs

Table 11-2 UBC Standard

Table 11-3 Internal Standard

Table 13-1 Average Tail-Brine Composition from LANXESS Bromine Plants and Standard Lithium Testing Feeds

Table 14-1 Total Brine Volume within the Reynolds Member Domain at the LANXESS Property

Table 14-2 Summary of Smackover Formation Porosity (Manager 1963)

Table 14-3 Summary of Historical Permeability Values for the Smackover Formation

Table 14-4 Original Reservoir Data from Smackover Formation-Oilfields in Southern Arkansas (Francher and MacKay 1946)

Table 14-5 Representative Values of Specific Storage for Various Geological Materials (Domenico and Mifflin 1965; Batu 1998)

Table 14-6 Summary of the 2018-2019 Geochemical Lithium Data at the LANXESS Property (shaded brine supply well data represents the lithium concentrations used in the resource estimation)

Table 14-7 Indicated LANXESS Lithium-Brine Resource Estimate

Table 16-1 Annual Brine Well Production Rates

Table 16-2 Annualized Production Summary (US Units)

Table 16-3 Annualized Production Summary (metric)

Table 16-4 Annualized Production Summary (US Units)

Table 17-1 Composition of the De-Brominated Tail Brine (feed to lithium extraction process)

Table 20-1 Typical Processing Times for Modification or Issuance of New Permits

Table 20-2 Existing Permits for Central, South and West Units

Table 21-1 Lang Factors as per AACE 59R-10 (2011) for “Fluid Processing

Table 21-2 Phased Production

Table 21-3 Phase 1 CAPEX

Table 21-4 Phase 2 CAPEX

Table 21-5 Phase 3 CAPEX

Table 21-6 CAPEX Summary

Table 21-7 Manpower Unit Costs

Table 21-8 Management Personnel

Table 21-9 Production Personnel

Table 21-10 Administration Personnel

Table 21-11 QC and Lab Personnel

Table 21-12 Maintenance Personnel

Table 21-13 Service Personnel

Table 21-14 Manpower Cost Summary

Table 21-15 Electrical Use and Cost

Table 21-16 Reagents Cost Per Tonne of Li₂CO₃

Table 21-17 Reagents Cost Summary

Table 21-18 Process Water Use

Table 21-19 Natural Gas Use

Table 21-20 Sustaining Capital Cost

Table 21-21 Miscellaneous Direct Operational Costs

Table 21-22 Indirect Operational Costs

Table 21-23 Annual Operating Cost Summary

Table 22-1 Annual Operating Cost Summary

Table 22-2 Economic Evaluation—Case 1 (Base Case) Summary

Table 22-3 Sensitivity Analysis to CAPEX Variation

Table 22-4 Sensitivity Analysis to OPEX Variation

Table 22-5 Sensitivity Analysis to Product Price Variation

Table 24-1 Risk Review Summary—Threats

Table 24-2 Risk Review Summary—Opportunities

Figure 7-8 West-East Cross-Section of the Smackover Formation and Associated Geological Units in the LANXESS Property Area

Figure 7-9 Example of Proprietary 2D Seismic Data, Showing Seismogram Tie (red) and Uniform Horizons Near the Reynolds Member Smackover Formation

Figure 9-1 Active Brine Supply Wells at the LANXESS Property

Figure 9-2 Locations of Brine Supply Well Samples Collected during 2018 Brine Sampling Program

Figure 9-3 Temporal Variation of Lithium in Smackover Brine from the Individual Brine Supply Wells at the LANXESS Property

Figure 11-1 Graphical Assessment of the Original-Duplicate Sample Pairs. A-D) Bi-variate Plots of the Original versus Duplicate Analytical Results of Selected Elements. E) Half Absolute Relative Difference (HARD) Graph

Figure 11-2 Control Graphs of Standard Sample Spike Lithium Measurements (solid line)

Figure 13-1 LANXESS Smackover Lithium Brine Project Flowsheet Schematic

Figure 14-1 Orthogonal View of Property Boundary (blue line), Drillhole Collars (circles), Drillhole Traces (black lines), and Interpreted Reynolds Member (orange solid). Vertical exaggeration of 5.1

Figure 16-1 Typical Brine Supply Well

Figure 16-2 Oil Separator at Brine Supply Well

Figure 16-3 Block Flow Diagram of the Process at the Brine Supply Wells

Figure 16-4 Typical Reinjection Well

Figure 17-1 Overall BFD of Lithium Carbonate Production from Tail-Brine after Bromine Extraction

Figure 17-2 BFD of Lithium Extraction Process (Lithium Chloride Plant)

Figure 17-3 BFD of Lithium Carbonate Plant

Figure 18-1 Conceptual Layout of Facilities at South Plant

Figure 18-2 Conceptual Layout of Facilities at West Plant

Figure 18-3 Conceptual Layout of Facilities at Central Plant

Figure 19-1 Projected Demand for Lithium (in tonnes of LCE)

Figure 19-2 Production of Lithium 2008-2018 in tonnes of LCE

Figure 22-1 NPV Post Tax Sensitivity

Figure 22-2 NPV Pre-Tax Sensitivity

Figure 22-3 IRR Post-Tax Sensitivity

Figure 22-4 IRR Pre-Tax Sensitivity

Figure 23-1 Location of Brine Producers in Southern Arkansas

Figure 24-1 Project Schedule

Figure 24-2 Risk Matrix

Executive Summary

Property Location and Description

Ownership and History

Geology and Mineralization

Recovery Method and Mineral Processing

Capital and Operating Cost Estimate

Stage of
Development

Description

Phase 2

Phase 2 Subtotal

Phase 3

Phase 3 Subtotal

CAPEX TOTAL

OPEX

Description

Sustaining Capital Cost

Brine Transportation

Land lease

Subtotal

Indirect Operational Expenditures

TOTAL

Economic Analysis

Overview

Internal Rate of Return (IRR) Post-Tax

Internal Rate of Return (IRR) Pre-Tax %

The sensitivity analysis at discount rate of 8% indicates that the Project is economically viable under the base case conditions where the NPV and IRR are very positive.

Project economics are sensitive to the variations in the product selling price. A change in the selling price by +/- 20% changes the value of NPV by +/- 43% and value of IRR by +/- 32%.

The Project is moderately sensitive to variations in the OPEX. A change in the OPEX by +/- 20% changes the value of NPV by +/- 14% and value of IRR by +/-10%.

The Project economics are relatively insensitive to the increase or decrease of CAPEX. A change in the CAPEX by +/- 20% changes the value of NPV by +/- 1% and value of IRR of less than +/- 1%.

The cost of reagents is approximately 72% of the OPEX. The remaining components of the operating cost have significantly lower impact on the overall economics.

Conclusions and Recommendations

Key Study Conclusions

The total Indicated LANXESS Li-Brine Resource is estimated at 3,140,000 tonnes of LCE. The volume of resources will allow the lithium bearing brine extraction operations to continue well beyond the currently assumed 25 years.

The results of the geological evaluation and resource estimates for the Preliminary Economic Assessment of LANXESS Smackover Project justifies development of the project to further evaluate the feasibility of production of lithium carbonate.

The experience gained from the long-term operations of the brine extraction and processing facilities on the LANXESS controlled properties decreases the risk related to sustainability of the brine extraction from the Smackover Formation.

The well-developed infrastructure and availability of a qualified work force will decrease the risks related to construction, and commissioning and operating of the lithium extraction and lithium carbonate processing plants.

The results of the bench scale testing and mini-plant process testing program increase the level of confidence in the key parameters for the operating cost estimate.

Improvements made to process efficiency, particularly the reduction of reagents and chemicals consumption, will improve the economics of the Project.

The discounted cash flow economic analysis, at a discount rate of 8%, indicates that the Project is economically viable under the base case conditions. The key economic indicators, NPV = US$989,432,000 (post-tax) and IRR = 36% (post-tax), are very positive.

Key Study Recommendations

The LANXESS Li-brine resource estimate should be upgraded from the current classification of “Indicated” to “Measured”, as classified according to CIM (2014) definition standards.

The sampling and testing program should be continued to allow for the most updated calculation of the lithium concentration to be used in the resource estimate calculation.

The testing program should address the opportunities to reduce the usage of reagents for production of lithium chloride to lower the operating cost.

The large Demonstration Plant scheduled for deployment in late-2019 at the South Plant should be used to collect as much data as possible to inform the next phases of study.

Complete an evaluation of the SiFT process to produce battery quality lithium carbonate vs. the traditional OEM process used in this PEA.

On completion of the PEA, the project should progress to a NI 43-101 compliant PFS.

Introduction

Terms of Reference and Purpose of Report

Qualified Persons

Report Section

Qualified Person

Company

Personal Inspection of Property by Qualified Persons

Stan Kotowski, P.Eng., visited the Standard Lithium Project site on May 28 and 29, 2019, where he, along with LANXESS senior management, identified proposed site locations for the lithium chloride (LiCl) and lithium carbonate (Li₂CO₃) plants at all three LANXESS bromine plant locations. During this visit Stan inspected the LANXESS Property brine extraction wells, supply pipelines, injection wells, feed-brine and tail-brine pipeline tie-in points, LANXESS electrical substation and off-site road access to each plant location.

Roy Eccles, P.Geo., participated in the July 24-25, 2018 sampling program and confirmed the Li-brine mineralization at the Property. He also validated the Property’s brine infrastructure, including: brine supply and reinjection wells; the brine pipeline network; feed-brine and tail-feed at LANXESS’ bromine production plants; and the proposed site of Standard Lithium’s Demonstration Plant.

Sources of Information

Sub-Consultant

Technical Study Subject

Reviewed well log information (S.9.2) and picked formation tops (S.14.2.4), created contoured surface grid files for insertion into 3D model (S.14.3).

University of British Columbia – Professor J. Hein

Prepared laboratory semi-certified sample standard ‘spike’, which is chemically similar to Smackover Formation brine from LANXESS Property for comparison of third-party analytical laboratories for accuracy/precision of lithium (Li) reporting in the datasets (S.11.5.3); ‘SiFT’ prototype pilot plant.

University of British Columbia – Professor P. Kennepohl

Testwork on lithium adsorbents;

Chemionex Inc., Craig Brown

Bench-scale process work; Mini-pilot plant; Mass Balance, Process kinetics data.

Zeton

3D PDF models and fabrication drawings for lithium chloride Demonstration Plant.

SGS Canada Inc.

Laboratory testwork, confirmatory assaying and mini-pilot plant operations.

Currency, Abbreviations and Units of Measurement

Acronym

Definition

API

Application Programming Interface

AR

Arkansas

asl

Above Sea Level

BFD

Block Flow Diagram

BFS

Bankable Feasibility Study

bgl

Below Ground Level

BOE

Basis of Estimate

CAD

Canadian Dollar

CAPEX

Capital Expenditures

CIM

Canadian Institute of Mining

CIT

Corporate Income Tax

DCF

Discounted Cash Flow

EA

Environmental Assessment

EIS

Environmental Impact Statement

EMP

Environmental Management Plan

EPA

United States Environmental Protection Agency

EPC

Engineering, Procurement and Construction

EPCM

Engineering, Procurement, Construction Management

EV

Electric Vehicle

GLCC

Great Lakes Chemical Corporation

ICP-MS

Inductively Coupled Plasma Mass Spectrometry

ICP-OES

Inductively Coupled Plasma Optical Emission Spectrometry

ID

Identification

IRR

Internal Rate of Return

K

Hydraulic Conductivity

LCE

Lithium Carbonate Equivalent

LoM

Life of Mine

MOU

Memorandum of Understanding

Acronym

Definition

MVR

Mechanical Vapor Recompression

NEPA

National Environmental Policy Act

NI

National Instrument

No.

Number

NPV

Net Present Value

OPEX

Operational Expenditures

OSBL

Outside Battery Limits

OWC

Oil-Water-Contact

P/D

Reservoir Pressure/Depth to Oil water Contact

PEA

Preliminary Economic Assessment

P.Eng.

Professional Engineer

P.Geo.

Professional Geologist

PFD

Process Flow Diagram

PFS

Pre-Feasibility Study

PSS

Pregnant Strip Solution

QA/QC

Quality Assurance/Quality Control

QP

Qualified Person

RCRA

Resource Conservation and Recovery Act

RO

Reverse Osmosis

RSD

Relative Standard Deviation

S

Storativity

S-CAPEX

Sustained Capital Costs

SDWA

Safe Drinking Water Act

Ss

Specific Storage

Sy

Specific Yield

TDS

Total Dissolved Solids

TEC

Total Equipment Cost

TIC