5E Advanced Materials Receives EPA Authorization
November 22 2023 - 7:00AM
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
Complex, today confirmed that it has received authorization to
begin the in-situ mining process from the Environmental Protection
Agency (“EPA” or “Agency”).
5E completed the testing activities focused on extracting boron
and lithium as part of its Underground Injection Control (UIC)
permit. The comprehensive testing program ensures that the Company
and its 5E Boron Americas Complex are positioned to commence
initial operations safely and efficiently. Pursuant to the
authorization, 5E will continue to engage with EPA in 2024 to
modify its UIC permit to update the permit terms associated with
monitoring, modeling, and injection intervals to facilitate
long-term injection and operations and maximize boron and lithium
extraction. As announced on November 10, 2023, 5E is currently
restructuring its capital position to strengthen the balance sheet
to fund the commencement of operations.
“Our team has worked diligently over the last few years to meet
the necessary requirements put forth by the Agency, ensuring that
every step aligns with the highest standards of environmental
stewardship and operational excellence. I want to thank the entire
5E team for the relentless efforts undertaken to reach this key
milestone,” said Susan Brennan, Chief Executive Officer of 5E
Advanced Materials. “This authorization represents the beginning of
an exciting new chapter for our Company as we are now authorized to
commence in-situ mining and plant operations at the 5E Boron
Americas Complex. We look forward to carrying this momentum forward
as we move along our path towards becoming a leading global
producer of boric acid and lithium.”
Brennan concluded, “the Company expects to begin initial
production in early calendar year 2024 from the 5E Boron Americas
Complex. This is a significant inflection point for the Company,
unlocking the pathway to commercial production. Our vision is to
enable decarbonization and clean energy production through our long
life, multi-generation asset. 5E now becomes the next domestic
producer of critical materials and strengthens the U.S. supply
chain.”
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,” “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
placed 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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