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5E Advanced Materials Reports Full Year 2023 Results
Company provides updates on project progress and details forward-looking strategic priorities HESPERIA, Calif., Aug. 30, 2023 (GLOBE NEWSWIRE) -- 5E Advanced
About this update from 5e Advanced Materials, Inc.
[{"type":"text","content":"Company provides updates on project progress and details forward-looking strategic priorities\nHESPERIA, Calif., Aug. 30, 2023 (GLOBE NEWSWIRE) -- 5E Advanced Materials, Inc. (Nasdaq: FEAM) (ASX: 5EA) (“5E” or the “Company”), a boron and lithium company with U.S. government Critical Infrastructure designation for its 5E Boron Americas (Fort Cady) Complex, today announced its financial results for its 2023 fiscal year ended June 30, 2023. HIGHLIGHTS Construction of Fort Cady Small-Scale Boron Facility (SSBF) is nearly complete, representing the single most significant near-term growth project in the US for the production of boric acid and critical mineral derivatives, plus lithium carbonate5E has all requisite permits in place and is awaiting a response from the Environmental Protection Agency (“EPA”) for authorization to perform step rate testing, the last 5E deliverable required before the approval to commence miningBoric acid demand continues to accelerate as supply becomes increasingly vital for a host of sustainable solutions5E remains well-positioned to become a primary domestic U.S. supply leader of boric acid in the near future, with the only project that has a fully-permitted boron resource and commercially viable mineralizationCompany has received Letters of Intent with Estes Energetics and Orbital Composites to further its downstream derivative product strategy5E has and will continue to manage its capital outlay schedule prudently and has meaningfully reduced expenses to maximize near-term cash and liquidity “Fiscal 2023 was a pivotal year for 5E as our team made significant progress towards advancing the Company to commercial operations,” said Susan Brennan, Chief Executive Officer of 5E Advanced Materials. “With the final construction of our Fort Cady boron facility nearing completion, 5E is positioned to be a significant player in the global market for boric acid, boron derivatives and lithium carbonate, which will allow us to capitalize on megatrends such as vehicle electrification, renewable energy development, and global food security. When fully operational, Fort Cady will be one of the largest boron operations in the world and one of the largest lithium operations in the U.S.” Brennan continued, “In terms of an update on our EPA process, we have all the requisite permits in place and have submitted all the mat...