FEAM News & Events

5E Advanced Materials announced it has commenced trials to evaluate production of magnet-grade ferroboron. As part of this initiative, the Company has engaged Dr. William M. Carty, Ph.D., to lead the ferroboron trials and support its efforts to qualify the material with potential customers. Ferroboron is a ferrous iron-boron alloy used to introduce boron into specialty steel, and it can also serve as a boron source in the production of neodymium-iron-boron permanent magnet alloys. The United States does not currently produce ferroboron domestically, creating a critical import dependency within specialty steel and permanent magnet supply chains. 5E has identified two redox-based process routes to trial ferroboron production in a laboratory environment. The program leverages 5E's planned domestic boric acid production as a secure upstream feedstock, reinforcing the Company's downstream derivative strategy. The Company intends to provide initial samples meeting specifications to prospective end users across specialty steel and NdFeB permanent magnet supply chains for evaluation and initial qualification in the first half of 2026. Program deliverables are expected to include product chemistry, impurity profiling, and particle size distribution, as well as preliminary mass and energy balances designed to inform early-stage process design and initial economic assessment.

5E Advanced Materials summarized key takeaways from its second-quarter shareholder update call. The company said, "During the call, CEO Paul Weibel outlined continued execution across federal financing initiatives, advancing customer discussions, specialty boron derivative workstreams, engineering advancement, and capital planning initiatives designed to strengthen the long-term foundation and differentiate the Fort Cady Project. Highlights from the call included: Customer validation continues to advance - Management continues to convert customer validation into structured offtake discussions. Management noted that engagement is progressing with planned roadshows in the current quarter. Structural demand environment - Management reaffirmed that demand growth for boron is supported by long-term trends in energy, glass, technology, and defense-related applications. Customers are placing increasing emphasis on supply chain security and jurisdictional reliability. Expanded specialty boron workstream - Management highlighted continued engagement across additional boron applications, including specialty markets such as ferroboron specific to permanent magnet supply chains, with a goal of providing magnet-grade ferroboron to potential customers for testing in late spring. DOE Mines of the Future Application Submitted - The Company applied for a $31M grant under the U.S. Department of Energy's Mines of the Future - Proving Ground Initiative to support development of a scalable, domestic critical-minerals production platform. The application aligns with national priorities focused on supply chain security, advanced manufacturing, and strategic materials independence. Any award remains subject to DOE review and approval processes. Engineering and construction-readiness workstreams advancing - The Company continues progressing FEED-related engineering and construction-readiness activities. Previously disclosed Phase 1 project economics continue to support a methodical and de-risked development pathway. Disciplined roadmap toward FID - The Company's near-term priorities remain: advancing federal financing initiatives, progressing customer discussions toward structured commercial agreements, and executing engineering and pre-FID milestones to position Fort Cady for construction readiness. Advancement of federal financing and non-dilutive pathways - Following boron's inclusion on the U.S. Critical Minerals List, 5E continues to engage multiple federal agencies designed to strengthen domestic mineral supply chains and advanced manufacturing. Management reiterated its disciplined approach to capital structure, prioritizing non-dilutive and low-cost financing options aligned with national policy frameworks."

5E Advanced Materials announced that it targets future production of Ferroboron and the establishment of a secure, domestic supply chain utilizing upstream feedstock of boric acid produced from its Fort Cady site in California. Ferroboron is an iron-boron alloy used as a boron additive in specialty steel and as a boron source for neodymium-iron-boron magnet alloy feedstock. NdFeB permanent magnets are essential components in high-efficiency electric motors, wind turbines, industrial automation and defense systems. Recent export controls and geopolitical friction have reinforced investors' and customers' focus on domestic magnet supply chains, where global manufacturing remains highly concentrated. The U.S. currently has no domestic production of ferroboron, creating a critical dependency within specialty steel and permanent magnet supply chains.