UPDATE – 5E Advanced Materials Announces Successful Delivery of Step-Rate Testing Results
October 26 2023 - 1:57PM
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 confirmed the submission of its Step-Rate
Testing (“SRT”) results, to the Environmental Protection Agency
(“EPA” or the “Agency”).
Highlights:
- The fracture pressure gradient measured in the SRT was above
the maximum operating pressure outlined in the Company’s
Underground Injection Control (UIC) permit, meaning no design
changes or permit modifications are needed
- 5E confirms all data and reporting associated with the
successful completion of Step-Rate Testing under its permit
conditions has now been submitted to the EPA
- EPA to review submission and provide final approval that will
allow 5E to commence boron and lithium mining operations at the 5E
Boron Americas Complex
- The Company has started final assembly of the production
wellfield to allow the timely start of operations once EPA
authorization is achieved
5E completed Step-Rate Testing on October 14,
2023, ahead of its planned schedule and delivered the test results
to the EPA in accordance with the Agency’s approved protocols and
is now awaiting a review of the results. The Company expects that
upon completion of the Agency’s review, it will be granted official
authorization to inject acid and therefore commence mining and
plant operations at its 5E Boron Americas project.
“The expected results from the Step-Rate Test
provide confidence that our planning and design work has
demonstrated that our intended operations can perform safely and
securely with respect to the extraction of boron and lithium from
the wellfield. We look forward to the Agency’s completion of its
review as we turn our focus now toward preparation for the
commencement of operations,” said Chris Knight, VP of Operations at
5E Advanced Materials.
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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