5E Advanced materials remain on the schedule for the beginning pine | Daily News Byte

OUTSTANDING

• Pre-commissioning activities should begin before the end of 2022, and final commissioning will be completed before the end of CK1 2023.
• 5E continues to target initial production of boric acid by the end of CK1 2023 from its 5E Boron Americas complex (Fort Cadi)
• 5E continues to expect initial lithium production by the end of CK2 2023
• 5E is currently exploring value enhancement options for its large boron and lithium complex
• The CEO recruitment process is progressing with high caliber candidates identified

HOUSTON, Dec. 20, 2022 (GLOBE NEWSWIRE) — 5E Advanced Materials, Inc. (Nasdaq: FEAM ) (ASX: 5EA ) (“5E” or the “Company”), a boron and lithium company with a US government critical infrastructure designation for its complex 5E Bor Americas (Fort Cady) (“Small Facility”), is pleased confirms it continues to target boron and lithium production through the end of CK2 2023 from its main project in Southern California.

Complex 5E Borna America (Fort Caddy).

The initial phase of construction activities continues on schedule at the company’s Fort Caddy complex, making the company the first boron producer of this century and the next lithium producer in the US.

Key dates associated with initial production are:

1. Pre-commissioning activities should begin before December 31, 2022
2. Commissioning of the facility should be completed before the end of the first quarter of 2023
3. Initial production of boric acid should begin by the end of the first quarter of 2023
4. Initial lithium production is due to begin by the end of CK2 2023

Figure 1 – Construction of the Fort Caddy complex in Southern California (as of December 19^th2022)

Value Considerations for Large Scale Complex 5E Bor Americas (Fort Cadi)
The company is considering multiple delivery options for its large complex 5E Boron Americas (Fort Cadi) to take advantage of growing and expected positive market conditions. The boron and lithium markets are experiencing significant demand, which is causing supply constraints, driven by global government and OEM initiatives to accelerate the adoption of decarbonization technologies. As a result, 5E is currently evaluating a number of options to position the company appropriately for future full production operations:

1. Focus on fast-tracking large-scale initial production as soon as possible by using engineering work already completed as part of eDFS (see ASKS release 16 April 2020) together with actual operational data obtained from initial plant production
2. Optimize planned product production to achieve the best possible returns in all categories of advanced boron materials
3. Optimize production modules based on customer demand, financing and facility capacity

General Manager recruitment process

The Board continues to progress the recruitment process for a new CEO and is pleased with the caliber of candidates being considered, with a view to announcing the appointment as soon as possible.

About 5E Advanced Materials, Inc.

5E Advanced Materials, Inc. (Nasdaq: FEAM) (ASX: 5EA) is focused on becoming a vertically integrated global leader and supplier of specialty and advanced boron materials, complemented by the production of lithium co-products. The company’s mission is to become a supplier of these critical materials to the global decarbonization, food and homeland security industries. Boron and lithium products will target applications in the areas of electric transportation, clean energy infrastructure such as solar and wind energy, fertilizers and homeland security. The business strategy and objectives are to develop capabilities ranging from the extraction and sale of boric acid products, lithium carbonate and potentially other co-products, to the advanced processing and development of downstream boron materials. The business is based on our large domestic boron and lithium resource, located in Southern California and designated as critical infrastructure by the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency.

Forward-Looking Statements and Disclosures

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact included in this press release regarding our business strategy, plans, goals and objectives are forward-looking statements. When used in this press release, the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “budget,” “goal,” “goal,” “strategy,” “estimate”, “plan”, “guidelines”, “prospects”, “intend”, “may”, “should”, “could”, “will”, “would”, “will”, “will continue” , “will likely result” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on 5E’s current expectations and assumptions about future events and are based on currently available information about the outcome and timing of future events. We caution you that these forward-looking statements are subject to all risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the extraction of critical materials that we intend to produce and advanced manufacturing and development materials. These risks include, but are not limited to: our limited operating history in the borate and lithium industries and no revenue from our proposed extraction operations on our properties; our need for significant additional financing to execute our business plan and our ability to access capital and financial markets; our status as an exploration-stage company dependent on a single project with no known Regulation SK 1300 mineral reserves and the inherent uncertainty in mineral resource estimates; our lack of mineral production history and significant risks associated with achieving our business strategies, including our downstream processing ambitions; our incurred significant net operating losses to date and plans for continued losses in the foreseeable future; risks and uncertainties related to the development of the Fort Caddy project, including our ability to timely and successfully complete our small pine facility; and other risks. If one or more of these risks or uncertainties occur, or if underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. No representation or warranty (express or implied) is made and no reliance should be placed on any information, including projections, estimates, targets and opinions contained herein, and no liability is accepted for any errors, omissions, or misstatements statements contained in this document. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this press release. For additional information regarding these various factors, you should carefully review the risk factors and other disclosures in the Company’s Form 10-K filed on September 28, 2022. 5E also discloses additional risks in its filings with the U.S. Securities and Exchange Commission throughout including Form 10-K, Form 10-X and Form 8-X, as well as in its filings with the Australian Securities Exchange. All forward-looking statements are made only as of the date of this announcement. Except as required by law, 5E expressly disclaims any obligation to update or revise such forward-looking statements. In addition, 5E undertakes no obligation to comment on the analysis or statements of third parties regarding the actual or anticipated financial or operating results of 5E or its securities.

Authorized for issue by: David Salisbury, Chairman of the Board of Directors

For further information please contact:

The photo accompanying this announcement is available at https://vvv.globenevsvire.com/NevsRoom/AttachmentNg/81548170-8d91-472e-b960-3ff3555757d7