Business
5E Reports Third Quarter 2022 Results
HIGHLIGHTS Average boric acid prices increased by more than 50% during CQ1 2022, as compared to average pricing in 2020 and 2021, reflecting favorable market
About this update from 5e Advanced Materials, Inc.
[{"type":"text","content":"HIGHLIGHTS Average boric acid prices increased by more than 50% during CQ1 2022, as compared to average pricing in 2020 and 2021, reflecting favorable market dynamics and continued strong demandUpdated Project scope to focus on boron and lithium which, if successful, could enable 5E to become an important participant in the U.S. lithium marketSmall-Scale Boron Facility (“SSBF”) targets mechanical completion in CQ4 2022 after breaking ground in April 2022Planning for our proposed large-scale complex progressing with SSBF in-service projected to provide critical information to help optimize the efficiency, output and economic profile for the large-scale complexLetter of Intent signed for boron advanced material that focuses on industrial and military applicationsGovernment specialists engaged to pursue government funding after U.S. Presidential Executive OrderHiring increased in California and Texas, including a former executive from Albemarle Corporation HOUSTON, May 12, 2022 (GLOBE NEWSWIRE) -- 5E Advanced Materials, Inc. (Nasdaq: FEAM) (ASX: 5EA) (“5E,” “We,” “Our,” or the “Company”) today announced its financial results for the three months ended March 31, 2022. Commenting on third quarter 2022 results, CEO, Mr Henri Tausch noted: “Our team had a great start to the year as we completed our public listing on the Nasdaq, progressed towards an expected mechanical completion of the SSBF for CQ4 2022, continued work focused on enhancing the Project’s scope, and signed a boron advanced materials LOI. I could not be more proud of the 5E team for their tremendous work and commitment as they focus on our ultimate goal of enabling decarbonization with boron advanced materials and lithium. I am particularly pleased to provide a project update in light of the current favorable market backdrop with strong demand and tight supply, and with average boric acid prices up more than 50% during CQ1 2022, as compared to average pricing in 2020 and 2021. I also believe that our enhanced project scope to focus on boron and lithium could be an important step towards creating a more durable and less seasonal business. We remain focused on increasing 5E and boron awareness and progressing towards initial production. We expect initial production to serve as a foundation for future design, engineering, and cost optimization for our proposed large-scale b...