5E Advanced Materials Provides Shareholder Update for the Quarter and Year Ended June 30, 2024

Core Insights - 5E Advanced Materials, Inc. has made significant progress in the production of boric acid at a commercial scale and is focused on optimizing production capabilities and engaging with government and commercial partners [2][4]. Production and Operational Updates - The Small-Scale Boron Facility has been producing boric acid and refining production efficiency, with head grades of 5.5% to 6% boric acid in solution [2][4]. - The facility is currently producing one short ton per day, aimed at optimizing costs and meeting customer specifications [4]. - Ongoing optimization work includes evaluating chilled crystallization methods and horizontal drilling techniques to reduce operating costs [2][3]. Financial and Capital Developments - A recent capital raise has provided $10 million, including $4 million from a new U.S.-based investor, to support project goals and optimization efforts [3]. - The capital will facilitate the completion of FEL-2 engineering and upgrade the technical report to a Pre-Feasibility Study (PFS) [2]. Customer and Market Engagement - The company has initiated a customer qualification program, receiving positive initial feedback from prospective customers in various industries, including consumer electronics and military-defense [4][5]. - Dialogue with potential offtake partners is advancing, focusing on product specifications and production volumes [2]. Government Relations and Funding Initiatives - 5E is actively engaging with U.S. representatives to highlight the importance of boron to various industries and has been accepted into a federal program for Defense Production Act investments [5]. - The company is monitoring applications for funding from the Department of Defense and Department of Energy, with announcements expected in the fall [5]. Strategic Vision - The company aims to become a vertically integrated global leader in boron specialty materials, targeting applications in electric transportation and clean energy infrastructure [7]. - 5E's mission includes addressing global decarbonization and domestic security through the production of critical materials [7].