5E Advanced Materials Commences Step-Rate Testing Following Approval from the Environmental Protection Agency
October 08 2023 - 5:30PM
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 the commencement of Step-Rate
Testing (“SRT”) under its existing Underground Injection Control
(UIC) permit following recent approval from the Environmental
Protection Agency (“EPA”).
This specific testing, which seeks to establish
the porosity of the ore body and measure the fracture gradient,
will form a base-line parameter for operation of the wellfield. The
SRT program will span approximately twelve days, during which a
series of water injections will take place in accordance with the
EPA-approved testing protocol. Additionally, this testing will also
allow the Company to update its groundwater flow model, which will
be utilized in future engineering and wellfield design work. Upon
completion of Step-Rate Testing, the raw data and reports from the
hydrogeologist will be provided to and reviewed by the EPA.
Following the EPA’s review, the Company will look to secure
authorization to inject acid, and bring the plant operational.
“The commencement of Step-Rate Testing marks a
significant milestone in our development sequence and an
encouraging step towards operational production and mineral
extraction, bringing 5E closer to becoming the first new boric acid
producer in decades,” said Susan Brennan, CEO at 5E Advanced
Materials. “We would like to acknowledge this culmination of our
Company’s persistence and diligence and applaud our team for its
significant work to get us here. We look forward to continued
collaboration with the EPA as we complete the final steps in our
wellfield recovery testing and move forward towards further
executing the Company’s vision of becoming a leading global
producer and supplier of the critical materials boron and
lithium.”
About 5E Advanced Materials,
Inc.
5E Advanced Materials, Inc. (Nasdaq: FEAM) (ASX:
5EA) is focused on becoming a vertically integrated global leader
and supplier of boron specialty and advanced materials,
complemented by lithium co-product production. The Company’s
mission is to become a supplier of these critical materials to
industries addressing global decarbonization, food and domestic
security. Boron and lithium products will target applications in
the fields of electric transportation, clean energy infrastructure,
such as solar and wind power, fertilizers, and domestic security.
The business strategy and objectives are to develop capabilities
ranging from upstream extraction and product sales of boric acid,
lithium carbonate and potentially other co-products, to downstream
boron advanced material processing and development. The business is
based on our large domestic boron and lithium resource, which is
located in Southern California and designated as Critical
Infrastructure by the Department of Homeland Security’s
Cybersecurity and Infrastructure Security Agency.
Forward Looking Statements and
Disclosure
This press release includes “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended. All statements other than
statements of historical fact included in this press release
regarding our business strategy, plans, goal, and objectives are
forward-looking statements. When used in this press release, the
words “believe,” “project,” “expect,” “anticipate,” “estimate,”
“intend,” “budget,” “target,” “aim,” “strategy,” “estimate,”
“plan,” “guidance,” “outlook,” “intent,” “may,” “should,” “could,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words. These forward-looking statements are based
on 5E’s current expectations and assumptions about future events
and are based on currently available information as to the outcome
and timing of future events. We caution you that these
forward-looking statements are subject to all of the risks and
uncertainties, most of which are difficult to predict and many of
which are beyond our control, incident to the extraction of the
critical materials we intend to produce and advanced materials
production and development. These risks include, but are not
limited to: our limited operating history in the borates and
lithium industries and no revenue from our proposed extraction
operations at our properties; our need for substantial additional
financing to execute our business plan and our ability to access
capital and the financial markets; our status as an exploration
stage company dependant on a single project with no known
Regulation S-K 1300 mineral reserves and the inherent uncertainty
in estimates of mineral resources; our lack of history in mineral
production and the significant risks associated with achieving our
business strategies, including our downstream processing ambitions;
our incurrence of significant net operating losses to date and
plans to incur continued losses for the foreseeable future; risks
and uncertainties relating to the development of the Fort Cady
project, including our ability to timely and successfully complete
our Small Scale Boron Facility; our ability to obtain, maintain and
renew required governmental permits for our development activities,
including satisfying all mandated conditions to any such permits;
and other risks. Should one or more of these risks or uncertainties
occur, or should underlying assumptions prove incorrect, our actual
results and plans could differ materially from those expressed in
any forward-looking statements. No representation or warranty
(express or implied) is made as to, and no reliance should be place
on, any information, including projections, estimates, targets, and
opinions contained herein, and no liability whatsoever is accepted
as to any errors, omissions, or misstatements contained herein. You
are cautioned not to place undue reliance on any forward-looking
statements, which speak only as to the date of this press
release.
For additional information regarding these
various factors, you should carefully review the risk factors and
other disclosures in the Company’s Form 10-K filed on August 30,
2023. Additional risks are also disclosed by 5E in its filings with
the U.S. Securities and Exchange Commission throughout the year,
including its Form 10-K, Form 10-Qs and Form 8-Ks, as well as in
its filings under the Australian Securities Exchange. Any
forward-looking statements are given only as of the date hereof.
Except as required by law, 5E expressly disclaims any obligation to
update or revise any such forward-looking statements. Additionally,
5E undertakes no obligation to comment on third party analyses or
statements regarding 5E’s actual or expected financial or operating
results or its securities.
For further information
contact:
Davis Snyder or Joseph
CaminitiAlpha IR GroupFEAM@alpha-ir.com Ph: +1 (312) 445-2870 |
J.T. StarzeckiChief Marketing
Officerjstarzecki@5eadvancedmaterials.comPh: +1 (612) 719-5076 |
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