INVESTMENT IN EQUITY SECURITIES	6 Months Ended
Jun. 30, 2026
Investments, All Other Investments [Abstract]
INVESTMENT IN EQUITY SECURITIES	NOTE 7 – INVESTMENT IN EQUITY SECURITIES In October 2023, Legacy Stardust Power subscribed to and purchased 13,949,579 ordinary shares (1.26% of the total equity) of QX Resources Limited (“QXR”) for $200,000. QXR’s ordinary shares are listed on the ASX with a readily determinable fair value, and change in fair value is recognized in the unaudited condensed consolidated statement of operations. Accordingly, the investment in these securities has been recorded at cost at initial recognition and at fair value of $28,802 and $37,374 as at June 30, 2026, and December 31, 2025, respectively. The Company recognized a loss of $14,173 and $8,572 for the three and six months ended June 30, 2026, and $12,448 and $16,479 for the three and six months ended June 30, 2025, respectively, due to change in fair value of securities in the unaudited condensed consolidated statement of operations. Further, this investment in securities has been disclosed outside of current assets on the unaudited condensed consolidated balance sheet in accordance with ASC 210-10-45-4 because the investment has been made for the purpose of affiliation and continuing business. The Company held an investment in IRIS Metals Limited (“IRIS Metals”), an ASX listed equity security which was fully divested during fiscal year 2025 and is described in the Company’s Form 10-K. During the three months ended June 30, 2025, the Company sold 1,175,000 ordinary shares of IRIS Metals for total proceeds of $78,311. The carrying value of the shares at the time of sale was $173,489, resulting in a realized loss of $95,178. The remaining shares of IRIS Metals were subsequently sold during the second half of 2025. Accordingly, as of June 30, 2026, and December 31, 2025, the Company no longer held any investment in IRIS Metals and no gain or loss due to changes in the fair value of securities was recognized during the three and six months ended June 30, 2026. During the three and six months ended June 30, 2025, the Company recognized loss due to changes in the fair value of securities of $726,441 and $711,655, respectively. Stardust Power Inc. and Subsidiaries NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

INVESTMENT IN EQUITY SECURITIES

6 Months Ended

Jun. 30, 2026

Investments, All Other Investments [Abstract]

NOTE 7 – INVESTMENT IN EQUITY SECURITIES

In October 2023, Legacy Stardust Power subscribed to and purchased 13,949,579 ordinary shares (1.26% of the total equity) of QX Resources Limited (“QXR”) for $200,000.

QXR’s ordinary shares are listed on the ASX with a readily determinable fair value, and change in fair value is recognized in the unaudited condensed consolidated statement of operations. Accordingly, the investment in these securities has been recorded at cost at initial recognition and at fair value of $28,802 and $37,374 as at June 30, 2026, and December 31, 2025, respectively. The Company recognized a loss of $14,173 and $8,572 for the three and six months ended June 30, 2026, and $12,448 and $16,479 for the three and six months ended June 30, 2025, respectively, due to change in fair value of securities in the unaudited condensed consolidated statement of operations. Further, this investment in securities has been disclosed outside of current assets on the unaudited condensed consolidated balance sheet in accordance with ASC 210-10-45-4 because the investment has been made for the purpose of affiliation and continuing business.

The Company held an investment in IRIS Metals Limited (“IRIS Metals”), an ASX listed equity security which was fully divested during fiscal year 2025 and is described in the Company’s Form 10-K. During the three months ended June 30, 2025, the Company sold 1,175,000 ordinary shares of IRIS Metals for total proceeds of $78,311. The carrying value of the shares at the time of sale was $173,489, resulting in a realized loss of $95,178. The remaining shares of IRIS Metals were subsequently sold during the second half of 2025. Accordingly, as of June 30, 2026, and December 31, 2025, the Company no longer held any investment in IRIS Metals and no gain or loss due to changes in the fair value of securities was recognized during the three and six months ended June 30, 2026. During the three and six months ended June 30, 2025, the Company recognized loss due to changes in the fair value of securities of $726,441 and $711,655, respectively.

Stardust Power Inc. and Subsidiaries

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)