5E Advanced Materials, Inc. Provides Update Confirming Boric Acid and Lithium at 5E Boron Americas Complex

Early success with in-situ mining operations is confirmed with boric acid head grade and lithium content since the company began injection on January 1st, 2024

HESPERIA, Calif., Jan. 23, 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 that mining operations at the Company’s 5E Boron Americas Complex are successfully running all four wells, and has confirmed the presence of lithium in the Pregnant Leach Solution (“PLS”) and an increasing head grade of the boric acid content.

The Company has been operating the mine in California since January 1^st, 2024, and is producing initial results that are meeting or exceeding expectations.

Some of the initial operational highlights recognized to this point include:

• All four of the Injection/Recovery wells are fully operational, and in combination, are effectively managing the extraction of PLS.
• Boric acid head grade has surpassed 5.0% and is on a steady upward trajectory, which exceeds historical levels.
• The Company has confirmed the presence of lithium through its extraction process and continues to see the PPM (Parts Per Million) content increasing as the wells continue to be conditioned.
• Following the execution of a recent recapitalization, the Company has engaged an electrical contractor, now on-site, to progress the final stages of the boric acid and gypsum areas of the plant.
• All related operational schedules remain on target for completion by early March.
  

Chris Knight, Vice President of Operations at 5E Advanced Materials, stated, “We are thrilled with our initial results confirming lithium content and a consistently increasing boric acid head grade. This marks another crucial step in validating all our mining assumptions and confirms the overall value of our ore body. 5E has already started off 2024 with great momentum. We immediately launched operations across our wellfield, and the Company’s contractors are finalizing the remaining areas of the processing plant, which will help to keep the 5E on its planned operational schedule. As we move forward through the year, we will aim to continue executing against our strategic and operational milestones.”