HESPERIA, Calif., Sept. 04, 2024 (GLOBE NEWSWIRE) -- 5E Advanced Materials, Inc. (NASDAQ:FEAM) (ASX: 5EA) ("5E" or the "Company"), a boron and lithium company with U.S. government Critical Infrastructure designation for its 5E Boron Americas (Fort Cady) Complex, today provided a shareholder update and review of the period ended June 30, 2024.
HIGHLIGHTS
The Small-Scale Boron Facility has been producing boric acid, gathering data to further optimize the production process, and refining production efficiency, quality, and economics
The Company's recent capital raise provides 5E with the runway to complete FEL-2 engineering, upgrade the current technical report to a Pre-Feasibility Study (PFS), continue ongoing operation and process optimization of the small-scale facility, facilitate commercial agreements, and progress various government funding initiatives
5E is executing on optimization work to drive a cost-effective production rate, while evaluating other opportunities to reduce operating costs and expenditures, including chilled crystallization methods and horizontal drilling techniques
5E has assessed various operational processes to maximize the grade of boric acid produced; the Company is evaluating an alternative commercial design packages relating to byproducts production that carry significant potential value and upside to the project's economics
Dialogue with prospective offtake partners has advanced, with existing discussions focused on product specifications and production volumes, with new inquiries continuing to be fielded
"Fiscal 2024 was a pivotal year for 5E as our team made significant progress towards production of boric acid at commercial scale, while advancing our production capabilities, as well as ongoing discussions with government and commercial partners," said Paul Weibel, Chief Executive Officer of 5E Advanced Materials. "Following our recent capital raise, we will remain diligent as an organization with a keen focus on further operational and cost optimization as we advance our the first phase of our commercial engineering program, which we expect to conclude near year-end. Our successful initial production at our small-scale facility has helped progress our discussions with potential customers and commercial partners, which will position 5E to continue its pursuit of various government funding and project finance initiatives. We are proud to say that in 2024 we became the first new domestic producer of boron in the United States, and as we move forward into fiscal 2025, we remain dedicated to executing our vision of becoming a global leader and supplier of boric acid and boron specialty materials."
Corporate Strategy Update
5E has commissioned its small-scale facility, achieved first production and has begun shipping product to prospective customers
The recent capital raise resulted in $10 million of additional capital, including $4 million of common equity from a new U.S.-based investor, to advance project goals and facilitate project optimization
Byproduct opportunities are being evaluated by weighing process technologies and partnerships that maximize economics
5E Boron Americas Complex - Production Update
Head grades of 5.5% to 6% boric acid in solution (10,000 ppm of boron in sample)
Producing one short ton per day on ...
