5E Advanced Materials Commences Commercial Production At 5E Boron Americas Complex
02 Abril 2024 - 7:51PM
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
Complex, today announced the Company’s operations team has
successfully commissioned the facility and has launched full
commercial operations. The Company began well-field injection on
January 1st, 2024.
Key Highlights:
-
5E Boron Americas Complex is fully commissioned and has now
transitioned to operational status.
-
Final electrical work was completed by external engineering
contractors as of March 15th.
-
Over 50,000 gallons of PLS has been accumulated since mining
commencement.
-
Independent 3rd party analysis conducted inductively couple plasma
mass spectrometry analysis (“ICP”) and confirms run-of-mine head
grade of 5.5%.
- The small-scale
facility will:
- Initially
produce 2,000 short tons of boric acid and targeting initial
production of lithium carbonate, with plans to scale up to a run
rate of 9,000 short tons and increase lithium production.
- Is now being run
24/7 as shift operators are trained and staffed.
- Provide
high-quality commercial product for customer qualification to
secure offtake contracts and funding for phase one operations.
- The Company’s
Lithium Skid Unit was delivered to site with expectation of
integrating into facility in the near-term.
Susan Brennan, Chief Executive Officer at 5E
Advanced Materials, stated, “I am proud to announce that 5E has
achieved the most significant milestone in our Company’s history,
as we have recently commenced commercial production of boric acid
at the 5E Boron America’s Complex. This is a significant strategic
step forward in the company’s evolution, and the initial results
affirm the high-quality boric acid resource and further validate
our initial operational assumptions, representing the foundation of
our project economics. We expect our operational progress and
success to build throughout the year, facilitating discussions with
stakeholders around funding options for the Phase 1 commercial
facility and executing commercial contracts.”
Funding Opportunities
5E recently submitted a request for proposal
response to the Department of Energy for a grant to fund research
to enhance 5E’s lithium extraction work. Should the Company receive
an award from this submission, funding is aimed towards increasing
the amount of lithium carbonate that the Company’s facility can
extract, potentially increasing lithium yields to improve project
economics. Additionally, the Company continues to progress boron
awareness with multiple federal agencies on the back of the
National Defense Authorization Act (NDAA) for Fiscal Year 2024
requesting a study into boron supply chains.
Company Updates
5E Advanced Materials will continue to keep its
various stakeholders informed as commercial production progresses
in April and as operations advance.
About 5E Advanced Materials,
Inc.5E Advanced Materials, Inc. (Nasdaq: FEAM) (ASX: 5EA)
is focused on becoming a vertically integrated global leader and
supplier of boron specialty and advanced materials, complemented by
lithium co-product production. The Company’s mission is to become a
supplier of these critical materials to industries addressing
global decarbonization, food and domestic security. Boron and
lithium products will target applications in the fields of electric
transportation, clean energy infrastructure, such as solar and wind
power, fertilizers, and domestic security. The business strategy
and objectives are to develop capabilities ranging from upstream
extraction and product sales of boric acid, lithium carbonate and
potentially other co-products, to downstream boron advanced
material processing and development. The business is based on our
large domestic boron and lithium resource, which is located in
Southern California and designated as Critical Infrastructure by
the Department of Homeland Security’s Cybersecurity and
Infrastructure Security Agency.
Forward-Looking Statements
This press release includes “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended. All statements other than
statements of historical fact included in this press release
regarding our business strategy, plans, goal, and objectives are
forward-looking statements. When used in this press release, the
words “believe,” “project,” “expect,” “anticipate,” “estimate,”
“intend,” “budget,” “target,” “aim,” “strategy,” “plan,”
“guidance,” “outlook,” “intent,” “may,” “should,” “could,” “will,”
“would,” “will be,” “will continue,” “will likely result,” and
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words. These forward-looking statements are based
on the Company’s current expectations and assumptions about future
events and are based on currently available information as to the
outcome and timing of future events. We caution you that these
forward-looking statements are subject to all of the risks and
uncertainties, most of which are difficult to predict and many of
which are beyond our control, incident to the extraction of the
critical materials we intend to produce and advanced materials
production and development. These risks include, but are not
limited to: our limited operating history in the borates and
lithium industries and no revenue from our proposed extraction
operations at our properties; our need for substantial additional
financing to execute our business plan and our ability to access
capital and the financial markets; our status as an exploration
stage company dependent on a single project with no known
Regulation S-K 1300 mineral reserves and the inherent uncertainty
in estimates of mineral resources; our lack of history in mineral
production and the significant risks associated with achieving our
business strategies, including our downstream processing ambitions;
our incurrence of significant net operating losses to date and
plans to incur continued losses for the foreseeable future; risks
and uncertainties relating to the development of the Fort Cady
project, including our ability to timely and successfully complete
our Small Scale Boron Facility; our ability to obtain, maintain and
renew required governmental permits for our development activities,
including satisfying all mandated conditions to any such permits;
the implementation of and expected benefits from certain reduced
spending measures, and other risks and uncertainties set forth in
our filings with the U.S. Securities and Exchange Commission from
time to time. Should one or more of these risks or uncertainties
occur, or should underlying assumptions prove incorrect, our actual
results and plans could differ materially from those expressed in
any forward-looking statements. These risks are not exhaustive and
the information in this press release may be subject to additional
risks. No representation or warranty (express or implied) is made
as to, and no reliance should be place on, any information,
including projections, estimates, targets, and opinions contained
herein, and no liability whatsoever is accepted as to any errors,
omissions, or misstatements contained herein. You are cautioned not
to place undue reliance on any forward-looking statements, which
speak only as to the date of this press release.
For additional information regarding these various factors, you
should carefully review the risk factors and other disclosures in
the Company’s Form 10-K filed on August 30, 2023. Additional risks
are also disclosed by 5E in its filings with the U.S. Securities
and Exchange Commission throughout the year, including its Form
10-K, Form 10-Qs and Form 8-Ks, as well as in its filings under the
Australian Securities Exchange. Any forward-looking statements are
given only as of the date hereof. Except as required by law, 5E
expressly disclaims any obligation to update or revise any such
forward-looking statements. Additionally, 5E undertakes no
obligation to comment on third party analyses or statements
regarding 5E’s actual or expected financial or operating results or
its securities.
For further information contact:
Joseph Caminiti or Nick
TevesAlpha IR GroupFEAM@alpha-ir.com Ph: +1 (312) 445-2870 |
J.T. StarzeckiChief Marketing
Officerjstarzecki@5eadvancedmaterials.com Ph: +1 (612)
719-5076 |
|
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