5E Advanced Materials (FEAM) investor relations material

Project overview and development status

• Boron-focused project in Newberry Springs, California, with all major mining permits secured.

• Demonstration plant has operated for two years, producing boric acid and gypsum for customer qualification and offtake discussions.

• Completed pre-feasibility study with proven and probable reserves, and a clear capital estimate based on two years of operational data.

• Clean capital structure with 41.5 million shares outstanding, no debt, and major shareholders including Bluescape Energy Partners and Ascend.

• Project is preparing to enter FEED engineering, contingent on securing 30,000–40,000 tons under offtake agreements.

Market dynamics and supply chain

• Global boron market is an oligopoly dominated by two players, with one facing depletion and for sale, and another with a finite mine life.

• Recent bankruptcy of a smaller U.S. producer has pushed the domestic market into deficit, with spot prices reaching $1,400/ton in Asia.

• Price increases of 10–11% annually by major producers, with additional out-of-contract surcharges due to rising input costs.

• Supply constraints and growing demand are driving prices and creating opportunities for new entrants.

• Customers face inflexible supply chains and high prices, with some unable to secure contracts from dominant suppliers.

Technical process and product flexibility

• Mining process uses hydrochloric acid to extract boron and calcium from colemanite, with subsequent crystallization and filtration.

• Gypsum is produced as a by-product and will be sold to local cement companies; process also regenerates hydrochloric acid for reuse.

• Design allows flexibility to toggle between gypsum and calcium chloride production, mitigating input cost volatility.

• Product qualification achieved across multiple industries, including insulation, agriculture, glass, and boron carbide.

• Lithium PEA added to design, reducing cash costs and enhancing project economics.