5E Advanced Metals remains on track to reach FID by mid-2026

5E Advanced Materials hosted its Fiscal Year 2025 year-end conference call yesterday. During the call, CEO Paul Weibel, highlighted the transition from development to commercial readiness, underscoring achievements that position 5E as the future cornerstone in the global boron supply chain: Robust Project Economics – The recently published SK-1300 Preliminary Feasibility Study validated Phase 1 of the Fort Cady project with a pre-tax NPV of $725M, 19.2% IRR, and a 39.5-year life of mine. The study estimates ~$3.7B in pre-tax free cash flow and outlines a scalable operation supported by 5.4 million short tons of boric acid reserves. Commercial Traction Expands – 14 customers have now successfully qualified 5E’s high-purity boric acid across industries including specialty glass, fiberglass, agriculture, defense, and chemicals. Full-scale Product Testing -Following a successful logistics and furnace trial, 5E is ready to complete full-scale product testing with a Tier-1 specialty glass manufacturer. Twenty tons of high-quality boric acid are produced, and shipment is imminent. Additional large LCD glass manufacturers are already queued for similar testing, demonstrating strong near-term commercial pull. Financing Pathway Strengthened – The Company secured a non-binding LOI from U.S. EXIM Bank for a potential $285M debt facility. In parallel, 5E is ready to apply for EXIM’s Engineering Multiplier program targeting $8.5M-10M to fund FEED engineering. Critical Minerals List – The United States Geological Survey recently closed its public comment period on the draft critical minerals list. Per the Federal Register, the Company, along with eight other groups, submitted comment letters in favor of adding boron to the list. Roadmap to Final Investment Decision – With early FEED activities underway, 5E remains on track to reach FID by mid-2026. Upcoming catalysts include completion of full-scale customer tests, securing offtake agreements, advancing project financing, and the potential inclusion of boron on the U.S. Geological Survey’s Critical Minerals List. Weibel emphasized the strategic importance of boron for U.S. supply chain resilience, particularly as global producers face cost pressures and restructuring. “Fiscal 2025 marked a true inflection year for 5E,” said Mr. Weibel. “We are building a U.S.-based boron supply chain at a time when demand is rising sharply, supply shortfalls are projected as early as 2026, and the market needs a new and reliable domestic producer.”