5E Advanced Materials Selects EPC Contractor Fluor Corporation For Process Engineering Work on FEL-2

5E to leverage Fluor’s experience and expertise to begin engineering process work on commercial Phase 1, advancing its leading boron and lithium project at the 5E Boron Americas Complex

HESPERIA, Calif., Jan. 19, 2024 (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 announced the selection of Fluor Corporation (“Fluor”) as the Company’s engineering, procurement, and construction (EPC) services provider. The initial scope of Fluor will be to lead FEL-2 which will directly feed into the upgrading of the Company’s current S-K 1300 technical document into a Pre-feasiblity Study (PFS) upon completion.

On May 11, 2023, the Company released the results of its S-K 1300 technical document on its 5E Boron Americas Complex located in Fort Cady, California.

Highlights of that study include:

• Measured, Indicated and Inferred Resource with 13.97 million short tons boric acid and 0.31 million short tons of Lithium Carbonate (LCE)
• US$101.2 million EBITDA and 62.1% EBITDA margin in FY 2027
• Post-tax NPV₈ of US$2.4 billion and IRR of 22.6%
• Phase 1 targets production of 90,000 short tons of boric acid and 1,100 short tons of lithium carbonate with a targeted go-live date of the H2 2026

Susan Brennan, CEO of 5E Advanced Materials, stated, “We are thrilled to engage a worldclass EPC firm like Fluor, as their extensive track record will serve to be invaluable to 5E throughout this next phase of execution. Additionally, the work being conducted by Fluor will play an important role in ultimately getting our 5E Boron Americas complex to the planned PFS-level study. With 5E’s recent successful recapitalization, and commencement of mining operations earlier this year, this relationship further advances 5E into the next stage of project development as we continue to work towards our vision of successfully building a large-scale Boron and Lithium operations.”

“Fluor is excited to support 5E on this project, which once operational, will meaningfully contribute to US domestic supply of lithium, boron and other critical materials,” said Michael Woloschuk, Executive Director, Critical Minerals of Fluor’s Mining & Metals business line. “Vertical integration of such minerals into a full value chain for advanced materials will strengthen domestic supply chains for high value applications within various sectors like electric transportation, renewable energy, food and domestic security."