5E Advanced Materials Receives EPA Authorization

The company is set to become the first new U.S. producer of boron in decades, re-shoring critical materials needed for the decarbonization and global energy markets

HESPERIA, Calif., Nov. 22, 2023 (GLOBE NEWSWIRE) -- 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.”