8-K: 5E Advanced Materials Boosts Borate, Lithium Resources

5E Advanced Materials announced a significant upgrade to its Fort Cady Project's mineral resource estimate, increasing measured and indicated borate resources by 61% and lithium resources by 54%.

Summary

• An updated mineral resource estimate for the 5E Boron Americas (Fort Cady) Complex, effective November 15, 2025, has been disclosed.
• Total Measured and Indicated boric acid resources increased by 61% (10.8 million tons) to 28.3 million short tons, with an average grade of 8.09% B2O3.
• Measured boric acid resources increased by 170% (5.8 million tons) to 9.1 million short tons, with an average grade of 8.34% B2O3.
• Indicated boric acid resources increased by 35% (5.0 million tons) to 19.2 million short tons, with an average grade of 7.97% B2O3.
• Total Measured and Indicated Lithium Carbonate Equivalent (LCE) resources increased by 54% (115 thousand tons) to 328 thousand tons, with an average grade of 0.17% LCE.
• These increases are attributed to the addition of mineral resources from new lode claims staked and filed in August 2025.
• The mineral reserves and Project economics previously disclosed in the Preliminary Feasibility Study (PFS) remain unchanged and valid.
• The implied resource life is 217 years, based on the first phase of production (130K ST per annum) and excluding inferred resources.

Sentiment

Score: 9

Explanation: The substantial increase in both borate and lithium measured and indicated resources, coupled with boron's critical mineral designation and the project's long implied life, significantly enhances the company's asset value and strategic importance for domestic supply chains.

Positives

• Total Measured and Indicated boric acid resources increased 61% to 28.3 million short tons.
• Measured boric acid resources increased 170% to 9.1 million short tons.
• Indicated boric acid resources increased 35% to 19.2 million short tons.
• Total Measured and Indicated Lithium Carbonate Equivalent (LCE) resources increased 54% to 328 thousand tons.
• The resource upgrade reinforces Fort Cady's potential to anchor a secure domestic boron supply chain for generations.
• The project retains optionality for future expansion phases of additional production tonnage.
• An implied resource life of 217 years is projected based on the initial production phase.
• Boron's designation as a U.S. critical mineral adds strategic importance to the project.
• The project is designated as Critical Infrastructure by the U.S. Department of Homeland Security.

Risks

• Actual results, performance, or achievements may differ materially from forward-looking statements due to known and unknown risks, uncertainties, and other important factors.
• Risks and uncertainties are identified under the heading "Risk Factors" in the Annual Report on Form 10-K for the fiscal year ended June 30, 2025, and other SEC filings.
• The ability to establish or defend mineral tenure is a potential risk.
• The ability to produce boron, lithium, or their related byproducts carries inherent risks.
• Inferred Mineral Resources include areas not currently under mineral tenure control, and there is no assurance that mineral rights to these areas will be secured.

Future Outlook

The resource upgrade unlocks expansion optionality at Fort Cady, positioning the company to unlock the strategic optionality and long-term value of this asset as it advances its vision of becoming America's next leading boron supplier. The company aims to become a vertically integrated global leader and supplier of refined borates, advanced boron derivative materials, and critical minerals. Factors such as government regulation, incentives for domestic manufacturing, and capital investments are expected to drive demand for end-use applications like solar and wind energy infrastructure, neodymium-ferro-boron magnets, defense applications, and lithium-ion batteries.

Management Comments

• "Combined with borons recent designation as a U.S. critical mineral, this resource upgrade reinforces Fort Cadys potential to anchor a secure domestic boron supply chain for generations to come."
• "With the milestones we have achieved, 5E is now well-positioned to unlock the strategic optionality and long-term value of this asset as we advance our vision of becoming Americas next leading boron supplier."

Industry Context

Boron's recent designation as a U.S. critical mineral highlights its strategic importance for national security, energy independence, and decarbonization efforts. The Fort Cady Project is positioned to become a key domestic supplier, aligning with government initiatives for secure supply chains. This significant resource upgrade strengthens the company's competitive position in the critical minerals market, particularly for borates and lithium, which are vital for high-growth sectors like renewable energy and advanced materials.

Comparison to Industry Standards

• The upgraded resources represent the largest reported measured and indicated borate resources in the United States.
• The company aims to become the next commercial borate producer, indicating a competitive position relative to existing and future market participants.

Stakeholder Impact

• Shareholders: Potential for increased asset value, long-term growth, and strategic positioning in the critical minerals market.
• Employees: Continued and potentially expanded operations at the Fort Cady Project.
• Customers: Enhanced confidence in future supply of refined borates and advanced boron materials, especially for industries addressing decarbonization, energy independence, food, national security, and defense.
• Regulatory Authorities: Reinforces the potential for a secure domestic boron supply chain, aligning with U.S. critical mineral objectives.

Next Steps

• Advance the vision of becoming America's next leading boron supplier.
• Unlock strategic optionality and long-term value of the asset.
• Progress full-scale product testing.
• Advance customer qualifications.
• Enter into off-take agreements.
• Achieve key milestones toward a potential Final Investment Decision.

Key Dates

Recommendation

The substantial increase in measured and indicated resources for both borate (61%) and lithium (54%) at the Fort Cady Project significantly de-risks the asset and enhances its long-term value proposition. With an implied resource life of 217 years and boron's designation as a U.S. critical mineral, the company is strategically positioned to become a key domestic supplier, aligning with national priorities. The unchanged project economics from the PFS further support the viability of this expanded resource. This update provides a strong fundamental basis for future growth and market leadership in critical materials.

Keywords

Boron, Lithium, Mineral Resource Estimate, Fort Cady, Boric Acid, LCE, Critical Minerals, Mining, Resource Upgrade, 5E Advanced Materials, FEAM, Mojave Desert, Colemanite, In-situ leaching