5E Advanced Materials Advances Closer to Initial Commercial Production

Measurable progress continues towards near-term plant completion

Company remains on track to commence commercial operations in CY Q2 2024 at the 5E Boron Americas Complex in California

HESPERIA, Calif., Feb. 25, 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, provided an update on mining operations and related activities as it moves closer to initial production at the Company’s 5E Boron Americas Complex.

“This is an exciting time for all stakeholders of the Company as we finalize a number of initiatives that will see us commence initial production next quarter,” commented Susan Brennan, Chief Executive Officer of 5E Advanced Materials. “Our operations team is working diligently to transition our facility to operational status, and we are concurrently ramping up our commercial and marketing activities in order to leverage the value of our boron and lithium with potential customers. I cannot emphasize enough the importance 5E will represent in the U.S. in the coming months as a new and secure producer of critical materials needed for clean energy economies.”

Operational Development Updates

Boric Acid and Lithium Product

Since the launch of mining operations last month at the 5E Boron Americas Complex, the Company has been successfully running all four of its production wells to extract boric acid and lithium. Initial head grade and recovery rates are in line with historical expectations, with the wells continuing to be conditioned to achieve final operational profile.

Extracted solution from the Company’s initial production wells has produced boric acid after laboratory crystallization. This boric acid has been sent to an independent laboratory for analysis to validate commercial grade quality.

Facility Operations

Significant progress has been made with respect to the finalization of final electrical engineering work, which is now nearly complete. The personnel required to run the plant are already in place, and final appointments are being made for fully staffed status ahead of final plant commissioning. 5E remains on track to begin operating the plant commercially, starting in CY Q2 2024.

The Company now employs 51 professionals and is pleased to be employing talent from local communities.

Figure 1: Photo of 5E lab assistant testing boric acid head-grade	Figure 2: Photo of wellfield DCS Feb 2024

Market Engagement Updates