Equinor and Standard Lithium Ltd. reported positive Preliminary Economic Assessment results for the Franklin lithium project in East Texas.
The joint venture, known as Smackover Lithium, carries an estimated $3.5 billion investment cost.
The development plan targets annual production of more than 100,000 tonnes of lithium chemicals through multiple phases.
Total indicated lithium carbonate equivalent (LCE) resources reached 1.77 million tonnes.
The assessment also identified 2.13 million tonnes of inferred LCE resources.