Federal Engagement and Financing Pathways
Advanced discussions with multiple U.S. agencies and financing programs: ongoing engagement with the Export-Import Bank (previous letter of interest), progression toward XM engineering multiplier underwriting (designed to fund a significant portion of FEED activities), evaluation of DOE Loan Programs Office, Office of Strategic Capital and U.S. DFC. Submitted a detailed application to DOE's 'Mines of the Future' NOFO aligning with 8 of 9 DOE focus areas.
Commercial Validation — Full-Scale Glass Trial and Initial Shipment
Completed a full-scale glass trial following an initial large-scale shipment and successful trial; expanded customer engagement across multiple applications and moved discussions toward commercial structures and long-term supply relationships.
Technical and IP Progress
Filed an omnibus patent covering the company's proprietary in-situ leaching and processing approach to strengthen competitive position and potentially extend resource life and economics for partners.
Resource and Project Economics
Pre-feasibility study confirms a nearly 40-year mine life based on proven and probable reserves and 'compelling project economics' for Phase 1 development; company reports a substantial increase in its mineral resource estimate (no percentage disclosed).
Strategic Market Positioning
Fort Cady positioned as a scalable, long-life U.S.-based boron asset aligned with national supply chain priorities and the U.S. critical minerals designation for boron; management highlights increasing stakeholder engagement since the USGS designation.
Specialty Product Development (Ferroboron)
Launched a specialty boron work stream prioritizing Ferroboron with the goal of providing magnet-grade Ferroboron to potential customers for testing in late spring, targeting advanced manufacturing and permanent magnet supply chains.