5E Advanced Materials (FEAM) Water Tower Research Virtual Insights Conference summary

Market overview and strategic context

• Boron market is dominated by two companies controlling 85% of global supply, with demand growing 4–5% annually and prices rising due to supply constraints and increasing costs.

• Boron is used in over 300 applications, including glass, ceramics, fertilizers, semiconductors, and advanced materials, with specialty uses driving above-average growth.

• The U.S. added boron to its critical minerals list in 2025, highlighting its importance for defense, energy, and food security.

• The market is in deficit, with few new producers able to come online, intensifying supply risk and price increases.

• Boron supply chains are highly concentrated, with Turkey and China dominating downstream processing.

Searles Valley acquisition and asset integration

• Acquisition includes multiple plants, mineral rights, and infrastructure, transforming the company into a revenue-generating, operating critical minerals producer.

• Searles assets include borates, potash, sodium sulfate, salt, and potential for soda ash and sodium bicarbonate production.

• The acquisition brings a 200-year mine life, long-term federal leases, and a railroad, plus a water utility serving local residents.

• Searles' production infrastructure, workforce, and customer base de-risk the Fort Cady project and enable operational synergies.

• The deal resolves legacy regulatory liabilities, including a $76 million CO2 obligation, and leverages existing regulatory relationships.

Financial and operational impact

• The acquisition shifts the company from a pre-revenue developer to a cash-generating operator, reducing dilution risk and capital needs for Fort Cady.

• Combined assets position the company to become the second-largest global boron producer.

• The transaction improves project economics and internal rates of return, with significant optionality from additional critical minerals.

• Workforce will expand from 25 to 250 employees, supporting operational scale-up.

• Investors are beginning to recognize the value of the combined platform, with further details to be released post-closing.