Standard Lithium : Q3 March 31, 2024 MD&A

Management's Discussion and Analysis

FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2024

STANDARD LITHIUM LTD.

Management's Discussion and Analysis

For the Three and Nine Months Ended March 31, 2024

INTRODUCTION

The following management's discussion and analysis ("MD&A") for Standard Lithium Ltd. was prepared by management based on information available as of May 7, 2024 and it should be reviewed in conjunction with the unaudited condensed consolidated interim financial statements and related notes thereto of the Company for the three and nine months ended March 31, 2024 and the audited consolidated financial statements and the notes thereto of the Company for the year ended June 30, 2023. The unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting (IAS 34). All dollar figures are expressed in thousands ("000") of Canadian dollars unless otherwise stated, except for share and per share amounts. These documents and additional information on the Company are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

References in this MD&A to "Standard Lithium", "Standard", "SLI", "our" and "the Company" mean Standard Lithium Ltd., unless the context clearly requires otherwise.

Additional information related to the Company, including the Company's AIF (as defined below), is available under the Company's SEDAR+ profile at www.sedarplus.ca and on EDGAR at www.sec.gov. Unless indicated, additional external information, and documents referenced within this MD&A, do not form part of this MD&A.

FORWARD-LOOKINGINFORMATION

Except for statements of historical fact, this MD&A contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively referred to herein as "forward-looking information"). The statements relate to future events or the Company's future performance. All statements, other than statements of historical fact, may be forward-looking information. Information concerning mineral resource and mineral reserve estimates also may be deemed to be forward-looking information in that it reflects a prediction of mineralization that would be encountered if a mineral deposit were developed and mined. Forward-looking information generally can be identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "propose", "potential", "target", "intend", "could", "might", "should", "believe", "scheduled", "implement" and similar words or expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information.

In particular, this MD&A contains forward-looking information, including, without limitation, with respect to the following matters or the Company's expectations relating to such matters: the Company's planned exploration, research and development programs (including, but not limited to, plans and expectations regarding advancement, testing and operation of the lithium extraction Demonstration Plant (as defined below) (formerly pilot plant)); commercial opportunities for lithium products; delivery of studies; filing of technical reports; expected results of exploration; accuracy of mineral or resource exploration activity; accuracy of mineral reserves or mineral resources estimates, including the ability to develop and realize on such estimates; whether mineral resources will ever be developed into mineral reserves, and information and underlying assumptions related thereto; budget estimates and expected expenditures by the Company on its properties; regulatory or government requirements or approvals; the reliability of third party information; continued access to mineral properties or infrastructure; payments and share issuances pursuant to property agreements; fluctuations in the market for lithium and its derivatives; expected timing of the expenditures; performance of the Company's business and operations; changes in exploration costs and government regulation in Canada and the United States; competition for, among other things, capital, acquisitions, undeveloped lands and skilled personnel; changes in commodity prices and exchange rates; currency and interest rate fluctuations; the Company's funding requirements and ability to raise capital; geopolitical instability; war (such as Russia's invasion of Ukraine and ongoing conflict in the Middle East); and other factors or information.

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STANDARD LITHIUM LTD.

Management's Discussion and Analysis

For the Three and Nine Months Ended March 31, 2024

Forward-looking information does not take into account the effect of transactions or other items announced or occurring after the statements are made. Forward-looking information is based upon a number of expectations and assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. With respect to forward-looking information listed above, the Company has made assumptions regarding, among other things: current technological trends; ability to fund, advance and develop the Company's properties; the Company's ability to operate in a safe and effective manner; uncertainties with respect to receiving, and maintaining, mining, exploration, environmental and other permits; pricing and demand for lithium, including that such demand is supported by growth in the electric vehicle market and the energy storage market; impact of increasing competition; commodity prices, currency rates, interest rates and general economic conditions; the legislative, regulatory and community environments in the jurisdictions where the Company operates; impact of unknown financial contingencies; market prices for lithium products; budgets and estimates of capital and operating costs; estimates of mineral resources and mineral reserves; reliability of technical data; the ability to negotiate access agreements on commercially reasonable terms, anticipated timing and results of operation and development; inflation; and the impacts of war (such as Russia's invasion of Ukraine and ongoing conflict in the Middle East) on the Company and its business. Although the Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable, the Company can give no assurance that these assumptions and expectations will prove to be correct. Since forward-looking information inherently involves risks and uncertainties, undue reliance should not be placed on such information.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, including the state of the electric vehicle market and the energy storage market; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; negotiation of commercial access agreements, competition for and/or inability to retain drilling rigs and other services and to obtain capital, undeveloped lands, skilled personnel, equipment and inputs; reliance on third parties; potential joint ventures; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; uncertainties associated with estimating mineral resources and mineral reserves, including uncertainties relating to the assumptions underlying mineral resource and mineral reserve estimates; whether mineral resources will ever be converted into mineral reserves; uncertainties in estimating capital and operating costs, cash flows and other project economics; liabilities and risks, including environmental liabilities and risks inherent in mineral extraction operations; health and safety risks; risks related to unknown financial contingencies, including litigation costs, on the Company's operations; unanticipated results of exploration activities; unpredictable weather conditions; unanticipated delays in preparing technical studies; inability to generate profitable operations; restrictive covenants in debt instruments; lack of availability of additional financing on terms acceptable to the Company; intellectual property ("IP") risk; stock market volatility; volatility in market prices for commodities; liabilities inherent in the mining industry; inflation risks; risks related to war (such as Russia's invasion of Ukraine and ongoing conflict in the Middle East); changes in tax laws and incentive programs relating to the mining industry; other risks pertaining to the mining industry; conflicts of interest; dependency on key personnel; and fluctuations in currency and interest rates, as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form for the year ended June 30, 2023 (the "AIF").

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Readers are cautioned that the foregoing lists of factors are not exhaustive. All forward-looking information in this MD&A speaks as of the date of this MD&A. The Company does not undertake any obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, except as required by law. All forward-looking information contained in this MD&A is expressly qualified in its entirety by this cautionary statement. Additional information about these assumptions and risks and uncertainties is contained in the Company's filings with

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STANDARD LITHIUM LTD.

Management's Discussion and Analysis

For the Three and Nine Months Ended March 31, 2024

securities regulators, including the Company's most recent AIF, which are available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.

CAUTIONARY NOTES TO U.S. INVESTORS CONCERNING RESOURCE ESTIMATES

This MD&A has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the securities laws in effect in the U.S. In particular, and without limiting the generality of the foregoing, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "inferred mineral resources," "indicated mineral resources," "measured mineral resources" and "mineral resources" used or referenced in this MD&A are Canadian mineral disclosure terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the "CIM Standards"). The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the "SEC") in Regulation S-K Subpart 1300 (the "SEC Modernization Rules") under the U.S. Securities Act of 1933, as amended (the "Securities Act").

As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules.

SUMMARY OF STANDARD LITHIUM'S BUSINESS

Standard Lithium is a leading near-commercial lithium company focused on the sustainable development of a portfolio of lithium-brine bearing properties in the United States. The Company prioritizes brine projects characterized by high-grade resources, robust infrastructure, skilled labor, and streamlined permitting. The Company aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated Direct Lithium Extraction ("DLE") and purification process. Recognized as a critical mineral, lithium holds strategic importance for the rapidly expanding sectors of electric vehicles and renewable energy storage, further influencing the broader economy and national security.

The Company's flagship projects, the South West Arkansas Project (as defined below) and the Lanxess Project (as defined below), are located on the Smackover Formation in southern Arkansas near the Louisiana Stateline, a region with a longstanding and established industry of mineral extraction from brine.

The Company considers the South West Arkansas Project and the Lanxess Project to be separate and independent projects, as they are not contiguous or located within immediate proximity of each other, do not share common ownership of underlying brine rights, and are unlikely to be developed using common infrastructure or financing. The resource development project in southwest Arkansas (the "South West Arkansas Project"), encompassing a significant land area of over 27,000 acres, is a key project in our portfolio due to its scale and the quality of its lithium-brine resources. The Company completed a Preliminary Feasibility Study ("PFS") in the third quarter of 2023 for the South West Arkansas Project. A Definitive Feasibility Study ("DFS") is currently targeted to be completed in 2024 following completion of which, construction is targeted to begin in 2025 and first production is expected in 2027, subject to continued project definition, due diligence, available financing and positive DFS results.

The Lanxess Project encompasses a suite of contemplated staged expansion projects related to the South, Central, and West Brine Production Units operated by LANXESS Corporation ("LANXESS") in Arkansas. These three brownfield brine processing facilities collectively cover a vast 150,000 acres of unitized leases in southern Arkansas (the "Lanxess Project"). The most advanced initiative within the Lanxess Project is Phase 1A, where we plan to establish our first commercial lithium extraction plant. The Company has been successfully operating an industrial-scale DLE demonstration plant (the "Demonstration Plant") at the Phase 1A location for over three years. The Demonstration Plant serves as a testing and

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STANDARD LITHIUM LTD.

Management's Discussion and Analysis

For the Three and Nine Months Ended March 31, 2024

optimization facility, refining the commercial blueprint for scalable and replicable DLE processes. In Q4 of 2023, the Company completed a DFS for Phase 1A, which is planned to be situated at the LANXESS South Plant. This innovative project, utilizing DLE technology to extract lithium from an existing brine pipeline system, aims to produce battery-quality lithium carbonate. The Company is advancing toward a Final Investment Decision (the "FID") for Phase 1A, with the timing contingent upon ongoing project definition, the finalization of commercial agreements with LANXESS, and the completion of project financing initiatives. A positive FID will set the stage for initial production, which is currently targeted for 2026.

Additionally, the Company has identified and begun extensive leasing for prospective lithium brine areas within the Smackover Formation in East Texas. Our interests also extend to certain mineral leases in the Mojave Desert, San Bernardino County, California.

CORPORATE SUMMARY

The Company was incorporated under the laws of the Province of British Columbia on August 14, 1998, under the name "Tango Capital Corp." Effective April 7, 1999, Tango Capital Corp. changed its name to "Patriot Capital Corp." Effective March 5, 2002, Patriot Capital Corp. changed its name to "Patriot Petroleum Corp." On December 1, 2016, the Company changed its name to "Standard Lithium Ltd." and continued its corporate existence from the Business Corporations Act (British Columbia) to the Canada Business Corporations Act.

The Company is listed on the TSX Venture Exchange and the NYSE American, LLC under the symbol "SLI". The Company is a reporting issuer in each of the Provinces and Territories of Canada and files its continuous disclosure documents with the Canadian Securities Authorities in such Provinces and Territories. Such documents are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

The Company's corporate office is located at Suite 1625, 1075 West Georgia Street, Vancouver, British Columbia, V6E 3C9 and its registered office is located at Suite 2200, 885 West Georgia Street, Vancouver, British Columbia, V6C 3E8.

HIGHLIGHTS FOR THE NINE MONTHS ENDED MARCH 31, 2024

• On July 5, 2023, the Company appointed David Park as Senior Strategic Advisor of the Company.
• On August 8, 2023, the Company announced positive results of a PFS for the South West Arkansas Project, including an upgraded mineral resource for a portion of the project.
• On September 6, 2023, the Company announced positive results of a DFS for the Lanxess Project ("Lanxess DFS").
• On September 13, 2023, the Company announced it had acquired 118 acres of land within the South West Arkansas Project providing a strategic location that enhances the project's development options.
• On September 18, 2023, the Company filed a PFS and updated mineral resource for the South West Arkansas Project.
• On October 1, 2023, the Company appointed Salah Gamoudi as Chief Financial Officer following Kara Norman's appointment as Chief Accounting Officer of the Company.
• On October 8, 2023, the Company appointed Michael Barman as Chief Development Officer.
• On October 18, 2023, the Company filed the Lanxess DFS, which comprised a mineral reserve and resource estimate on Phase 1A of the Lanxess Project.

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STANDARD LITHIUM LTD.

Management's Discussion and Analysis

For the Three and Nine Months Ended March 31, 2024

• On October 31, 2023, the Company exercised its option agreement with TETRA Technologies Inc. to acquire brine production rights for the South West Arkansas Project.
• On December 1, 2023, LANXESS announced its intention to act as a brine supplier for the Phase 1A Project (as defined below), allowing the Company further optionality to seek project level equity investments and offtake arrangements.
• On January 24, 2024, the Company announced that Ausenco Engineering Canada ULC has been selected to complete the Definitive Feasibility Study and Front-End Engineering Design services for the South West Arkansas Project.
• On March 13, 2024, the Company announced the successful installation of a commercial scale full-size Direct Lithium Extraction column at its demonstration plant near El Dorado, Arkansas. The column is a LiProTM Lithium Selective Sorption ("LSS") unit, supplied by Koch Technology Solutions, LLC ("KTS").
• During the nine months ended March 31, 2024, the Company issued 9,320,559 common shares of the Company (the "Shares") for proceeds of $19,623 net of transactions cost of $1,504 under the Company's at-the-market (the "ATM") offering.

EVENTS SUBSEQUENT TO THE NINE MONTHS ENDED MARCH 31, 2024

Subsequent to March 31, 2024, the Company issued 1,292,500 common shares for proceeds of $2,046 net of transaction costs of $103 under the Company's ATM offering.

On May 7, 2024, Equinor ASA, an arms-length party, acquired an interest in two Standard Lithium subsidiaries, one of which holds Standard Lithium's South West Arkansas Project and the other the East Texas Project (the "Equinor Transaction"). We believe that the partnership between Standard Lithium and Equinor is strategic and complementary. The Equinor Transaction combines the Company's DLE and Smackover brine processing expertise, and attractive assets, with a global energy major with deep experience in sub-surface assessment and production, project development, financing, construction and operations.

We believe that the Equinor Transaction significantly de-risks project execution for Standard Lithium, and allows for development at the South West Arkansas Project. The Equinor Transaction immediately strengthens Standard Lithium's financial position by providing immediate parent company level liquidity, in addition to significantly reduced future capital requirements to reach a final investment decision. We further believe that we have strong alignment between Standard Lithium and Equinor to develop a sustainable lithium business, adhering to high levels of environmental and social responsibility.

Pursuant to the terms of the Equinor Transaction, Equinor acquired a 45% interest in each of the subsidiaries for an initial cash payment of US$30 million to Standard Lithium and the commitment to invest up to an additional US$130 million as follows:

• Equinor to solely fund the first US$40 million of development costs at South West Arkansas Project, after which all additional capital expenditures would be funded on a pro-rata basis;
• Equinor to solely fund the first US$20 million in exploration and development costs at the East Texas Project, after which all additional capital expenditures would be funded on a pro rata basis;

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STANDARD LITHIUM LTD.

Management's Discussion and Analysis

For the Three and Nine Months Ended March 31, 2024

• Standard Lithium will receive up to US$70 million in milestone payments associated with the South West Arkansas Project and the East Texas Project subject to final investment decisions being made by certain dates.
• Standard Lithium will maintain majority ownership and operatorships pursuant to a Development Services Agreements at each of South West Arkansas Project and the East Texas Project;
• Each subsidiary will be operated with a management structure that integrates the expertise and resources from both companies; and
• No parent-level common equity ownership dilution at Standard Lithium as a result of the Equinor Transaction.

PROJECT OVERVIEW

Standard Lithium currently has the following material projects:

LANXESS PROJECT

In accordance with the amended and restated memorandum of understanding (the "Lanxess MOU") dated February 23, 2022, Standard Lithium has established a framework for cooperation with LANXESS. The Lanxess MOU, which replaces previous agreements from May 4, 2018, and the joint venture term sheet from November 9, 2018, sets out the terms for advancing the Phase 1A Project, located within the LANXESS South Facility. The structured collaboration with LANXESS will result in definitive commercial agreements that include the supply and management of brine resources, leasing of the commercial production site facilities for the development of the first commercial lithium project in Arkansas to be constructed at the Lanxess Project (the "Phase 1A Project"), and provision of certain infrastructure services by LANXESS. These negotiations are expected to formalize the operational framework for the Phase 1A Project. Standard Lithium will retain ownership and control over the marketing of the lithium carbonate produced from the Phase 1A Project. The Company has the discretion to pursue additional strategic partnerships at the project level to support the project's development and enhance its economic potential.

The strategy for the Phase 1A Project leverages the established infrastructure and the current permitting framework at the LANXESS South Facility, which will enable an effective scale-up of the Company's DLE process. This phase aims to validate the commercial viability of the DLE technology, with plans to replicate this process across Standard Lithium's Smackover Formation assets in a manner consistent with the Company's operational objectives and financial considerations.

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STANDARD LITHIUM LTD.

Management's Discussion and Analysis

For the Three and Nine Months Ended March 31, 2024

THE LANXESS PROJECT

• Located 10 kilometers from El Dorado, Arkansas, in a geopolitically stable, business-friendly, and cost-efficient region.
• One of the largest lithium brine projects in the U.S., with a 2.8 million tonnes ("Mt") lithium carbonate equivalent (LCE) measured and indicated mineral resource. Phase 1A is set to tap into approximately 5% of the total measured and indicated resource.
• Strategic partnership with LANXESS, a global chemical industry leader and operator of the largest brine processing operations in North America.
• Control of 150,000-acres across three brownfield sites within the Lanxess Project, utilizing existing commercial brine operations to expedite production.
• Completion of extensive testing has largely validated the commercial viability of lithium extraction using DLE technology, which processes the lithium from the brine by-product pf LANXESS's existing operations.
• The projected environmental footprint is minimal, benefiting from the use of existing industrial sites, infrastructure, and the environmentally considerate DLE technology.
• Strong support from stakeholders and the community.
• The projected initial production target is 5,700 tonnes per annum ("tpa") of battery-quality ("BQ") lithium carbonate.
• Estimated all-in operating costs are US$7,390 per tonne of BQ lithium carbonate.
• Capital expenditures are estimated at US$365 million, including a 15% contingency.

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STANDARD LITHIUM LTD.

Management's Discussion and Analysis

For the Three and Nine Months Ended March 31, 2024

For more detailed information regarding the Lanxess Project, please refer to the technical report titled "Technical Report for the Definitive Feasibility Study for Commercial Lithium Extraction Plant at Lanxess South Plant" dated October 18, 2023, as filed on the Company's SEDAR+ profile at www.sedarplus.ca and on EDGAR at www.sec.gov.

Lanxess Project Background & Outlook

South Arkansas has a longstanding and established industry of mineral extraction from brine, with activities beginning in the 1950s. The Smackover Formation, a limestone aquifer stretching approximately 1,000 kilometers from central Texas to Florida, has been central to oil and gas production for over a century. Due to its high porosity and permeability, this formation is particularly suited for extensive brine pumping, processing, and reinjection. While the primary mineral historically extracted from this brine has been bromine, the resource is also rich in lithium.

With headquarters in Cologne, Germany, LANXESS maintains the most substantial brine extraction and processing operations in south Arkansas. This operation includes three distinct facilities: the South, West, and Central plants, each equipped with its brine supply, disposal system, and bromine processing facilities.

In 2018, Standard Lithium and LANXESS signed an agreement to test and prove the commercial viability of extracting lithium from brine ("tail-brine") at LANXESS' bromine extraction operation (see AIF for more information about the Lanxess Project information including history, ownership, geology and mineralization). The agreement has since been replaced by the Lanxess MOU.

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STANDARD LITHIUM LTD.

Management's Discussion and Analysis

For the Three and Nine Months Ended March 31, 2024

Lanxess Project - Demonstration Plant

In May 2020, the Company commissioned its industrial-scale DLE Demonstration Plant at LANXESS' South Plant. The Demonstration Plant, which is the first-of-its-kind in the world, utilizes, among other technologies, the Company's proprietary DLE process to extract lithium from LANXESS' post bromine extraction tail-brine.

This Demonstration Plant serves as a testing and optimization facility, refining the commercial blueprint for scalable and replicable DLE processes. The focus is on extracting lithium from LANXESS' post bromine extraction tail-brine, yielding a high-purity lithium chloride (LiCl). This LiCl can then undergo further refinement into battery-quality lithium carbonate or lithium hydroxide. The highly automated three-story Demonstration Plant is complemented by adjacent separate buildings housing the control room, office, and an analytical laboratory, ensuring precise and monitored lithium extraction processes. The resulting high-purity lithium chloride is typically managed in the following ways: sample volumes of the LiCl material are either sent for analysis, or when applicable, they are sent off-site for further conversion into battery-quality lithium carbonate or lithium hydroxide. In the majority of cases, the material is returned, along with spent brine, for re- injection The Company entered into the Lanxess MOU with LANXESS to streamline and expedite the development of Phase 1A Project the first commercial lithium project in Arkansas to be constructed at the Lanxess Project. The overall objective is to produce battery-grade lithium carbonate from all three of the LANXESS facilities starting with the Lanxess South Plant. Each facility will have its own primary plant that will produce purified and concentrated lithium chloride solutions. These solutions will be conveyed, via pipelines, to one location (the Central Plant) for further processing to the final product - lithium carbonate.

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