5E Advanced Materials (FEAM) Company Report

5E Advanced Materials, Inc. (FEAM) announced the closing of an upsized and oversubscribed public offering of common stock on February 3, 2026.
The offering involved 18,000,000 shares of common stock at $2.00 per share, generating gross proceeds of approximately $36 million.
After deducting fees and estimated expenses, the net proceeds are estimated at approximately $30.3 million.
The company intends to use the net proceeds for the operation of its small-scale boron facility, wellfield development, finalization of its commercial mine plan, FEED engineering, and general corporate purposes.
This financing is expected to provide the necessary capital to finalize pending commercial offtake contracts and extend the operational runway through the critical commercialization phase.

3 days ago

8-K

5E Advanced Materials Announces Substantial Resource Upgrade for Fort Cady Project

FEAM

New Projects/Investments

Revenue Acceleration/Inflection

5E Advanced Materials, Inc. announced a significant upgrade to its mineral resource estimate for the Fort Cady Project, effective November 15, 2025.
The total Measured and Indicated Mineral Resources of boric acid increased by 61%, from 17.5 million tons to 28.3 million tons.
Total Measured and Indicated Lithium Carbonate Equivalent (LCE) resources saw a 54% increase, rising from 213 thousand tons to 328 thousand tons.
This upgrade provides an implied resource life of 217 years for the project, based on the first phase of production.
The company's previously disclosed mineral reserves and project economics from its Preliminary Feasibility Study Technical Report Summary remain unchanged.

Nov 19, 2025, 1:00 PM

8-K

FEAM Announces Boron's Inclusion on US Critical Minerals List and Fort Cady Project Progress

FEAM

New Projects/Investments

Guidance Update

Boron was formally added to the US critical minerals list on November 7th, which validates 5E Advanced Materials' strategy and expands its eligibility for federal funding programs, including EXIM, the Department of Energy's Loan Programs Office, the Department of Defense's Office of Strategic Capital, and the International Development Finance Corporation.
The company remains on track towards a final investment decision in calendar year 2026 for the Fort Cady project, which has confirmed strong project economics from its pre-feasibility study, including a 39.5-year mine life, a 19.2% pre-tax IRR, and a $725 million pre-tax MTV for Phase 1.
Customer validation is progressing with full-scale product testing underway with multiple Tier 1 specialty glass manufacturers, highlighted by a 20-ton boric acid shipment to Taiwan and an additional 1,000 pounds supplied to a domestic boron carbide manufacturer.
5E Advanced Materials aims to secure 70-75% of its annual production under long-term offtake agreements, reserving the remaining 25-30% for the spot market to leverage higher prices.

Nov 13, 2025, 10:00 PM

Transcript

5E Advanced Materials Reports Robust Pre-Feasibility Study Economics and Project Development

FEAM

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

5E Advanced Materials (FEAM) is a development-stage exploration project focused on boron, holding the third largest deposit globally and positioned as the only pure-play boron company in the U.S. stock market.
A pre-feasibility study completed in August showed robust economics for the first phase of production, with a $725 million Net Present Value (NPV), leading to a market cap increase from $75 million pre-PFS to $150 million post-PFS.
The company has secured a $285 million letter of interest from the U.S. Export-Import Bank for project debt financing and is preparing to submit an application for a $10 million debt facility for FEED engineering.
5E Advanced Materials is actively campaigning for boron to be designated a critical mineral in the U.S., noting that such a designation has the potential to double the stock overnight.
The company is permitted to produce 160,000 tons of boric acid (90,000 tons of oxide) and projects an estimated $190 to $100 million in annual EBITDA for Phase 1, based on a forecasted boron price of $1,250 per ton and a cost profile of $600 per ton.

Oct 20, 2025, 4:00 PM

Transcript

5E Advanced Materials Highlights Robust Project Economics and Strategic Market Position

FEAM

New Projects/Investments

Guidance Update

5E Advanced Materials (FEAM) is a development-stage boron exploration project, holding the third-largest boron deposit globally and positioned as the only pure-play boron company in the U.S. stock market.
A pre-feasibility study (PFS) completed in August revealed robust economics with a $725 million Net Present Value (NPV) for the first phase of production, contributing to a market capitalization increase from $75 million pre-PFS to $150 million post-PFS.
The company has secured a $285 million letter of interest from the U.S. Export Import Bank to underpin project debt financing for commercial-scale development.
The boron market is projected to grow at a 5% to 5.5% Compound Annual Growth Rate (CAGR), with demand currently outpacing supply, and 5E anticipates $90-100 million in annual EBITDA from Phase one production.
Boron is recognized as a critical mineral by the UK, EU, and U.S. Department of Defense, and 5E is actively campaigning for its inclusion on other U.S. critical mineral lists.

Oct 20, 2025, 4:00 PM

Transcript

5E Advanced Materials Reports Transformative FY 2025, Validates Project Economics, and Secures Financing LOI

FEAM

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

Fiscal Year 2025 was a transformative year for 5E Advanced Materials, moving from development to commercial readiness, with a pre-feasibility study for Phase One validating a 39.5-year mine life, an after-tax NPV of $469 million, and a 16% project IRR.
The company has successfully qualified its high-purity boric acid with 14 customers across multiple segments and is advancing to full-scale production testing with a tier one specialty glass manufacturer.
A non-binding Letter of Intent (LOI) from USXM for a potential $285 million project debt facility has been received, supporting the path towards a Final Investment Decision (FID) in mid-2026.
5E Advanced Materials is advocating for boron's inclusion on the U.S. Geological Survey critical minerals list, citing projected supply shortfalls beginning in 2026 and the strategic review of a major competitor's borates business.

Sep 29, 2025, 9:00 PM

Transcript

5E Advanced Materials Nears Commercial Production of Boron Project

FEAM

New Projects/Investments

Debt Issuance

Product Launch

5E Advanced Materials is progressing toward commercial production of its Fort Cady project, which has a pre-tax NPV of $725 million and a 39.5-year mine life according to a Preliminary Feasibility Study.
The company has qualified its high-purity boric acid with 14 customers across various industries and is preparing for full-scale product testing with major manufacturers, having already produced twenty tons of the material.
The capital estimate for the proposed commercial-scale facility is approximately $435 million, and 5E has secured a non-binding Letter of Intent for a potential $285 million debt facility from the U.S. EXIM Bank to support this.
5E holds a strategic position as the only pure-play boron stock in the U.S., controlling the largest fully permitted colemanite deposit, which is considered a strategically important asset with national security relevance.

Sep 29, 2025, 8:22 PM

Morningstar

5E Advanced Materials, Inc. completes public offering

FEAM

Equity Offering

New Projects/Investments

5E Advanced Materials, Inc. completed an underwritten public offering of 2,374,481 shares of common stock at a public offering price of $3.50 per share on August 25, 2025.
The company received net proceeds of approximately $7.3 million from the offering.
The net proceeds are intended to be used primarily for the operation of its small-scale facility, wellfield development and analysis, advanced planning for FEL-3 engineering, and general corporate purposes, including working capital.
The company, its directors, executive officers, and certain stockholders agreed to a 90-day lock-up period, restricting the sale or transfer of common stock following the offering's closing.