A bipartisan group of Members has written to the U.S. Geologic Survey in support of including boron in the agency’s next Critical Minerals List
HESPERIA, Calif., Feb. 05, 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 (Fort Cady) Complex, articulated its support for the bipartisan effort in Congress to include boron in the U.S. Geologic Survey’s (USGS) 2025 Critical Mineral List.
On January 26th, Representatives Jay Obernolte (CA-23) and Jimmy Panetta (CA-19), along with eight other Members, petitioned Secretary of the Interior Deb Haaland and USGS Director David Applegate, encouraging them to recognize boron as a critical mineral. The letter recognizes the significance of boron and its derivatives across multiple industries, including energy and defense systems, and the importance of boron in meeting U.S. clean energy goals.
“We thank Congressmen Obernolte and Panetta for their leadership in this effort,” said J.T. Starzecki, Chief Marketing Officer of 5E Advanced Materials. “These Members and their colleagues recognize the urgency and strategic importance of establishing a secure, domestic boron supply to meet the growing demand across the energy and defense industries.”
In their letter, the Congressional leaders note that, “Boron, known for its strength, stability, and light weight, is a vital material with limited substitutes in critical applications. As one of the most versatile materials in the world, boron is used in over 300 applications that enable our way of life, including permanent magnets, electric vehicles, wind turbines, solar panels, glass, fertilizers, body/vehicle armor, weapons systems, aerospace ceramics, and pharmaceuticals.” The letter goes on to encourage USGS to “consider boron's unique properties and criticality to national security and clean energy goals, especially as demand for these supply chains grows.”
“Our country’s supply chains are in a precarious position, with many of them mostly, or even entirely, dependent on other countries,” said Rep. Jay Obernolte. “As one of the most versatile materials in the world, boron is used in over 300 applications that enable our way of life. Including boron in the USGS Critical Minerals List would help ensure that the U.S. is not dependent on China for boron and would safeguard its utilization as a critical material. It is imperative that the USGS take action to secure a domestic supply chain for boron and its derivatives.”
“Boron is used in countless applications that affect our daily lives. However, its supply chains are becoming increasingly vulnerable, which can compromise our defense posture and clean energy goals,“ said Rep. Panetta. “I was proud of my work with Rep. Obernolte to lead a bipartisan letter that calls for the re-evaluation of boron as a critical mineral, which would recognize the importance of boron to the United States. It is paramount that our nation develops a robust, domestic boron supply chain to bolster our national security and secure our future in clean energy.”
5E is dedicated to executing its strategy and vision to become a leading global producer of boron and boron-advanced derivatives. The call from Congress to ensure boron is given due consideration in Critical Mineral List assessments builds on 5E’s work to secure legislation as part of the House-passed FY 2024 National Defense Authorization Act, which directed the Department of Defense to conduct a comprehensive study of its boron sources and supply chains.
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 boron specialty and advanced materials, complemented by lithium co-product production. The Company’s mission is to become a supplier of these critical materials to industries addressing global decarbonization, food and domestic security. Boron and lithium products will target applications in the fields of electric transportation, clean energy infrastructure, such as solar and wind power, fertilizers, and domestic security. The business strategy and objectives are to develop capabilities ranging from upstream extraction and product sales of boric acid, lithium carbonate and potentially other co-products, to downstream boron advanced material processing and development. The business is based on our large domestic boron and lithium resource, which is located in Southern California and designated as Critical Infrastructure by the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency.
Forward-Looking Statements
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, goal, and objectives are forward-looking statements. When used in this press release, the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “budget,” “target,” “aim,” “strategy,” “plan,” “guidance,” “outlook,” “intent,” “may,” “should,” “could,” “will,” “would,” “will be,” “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 the Company’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the extraction of the critical materials we intend to produce and advanced materials production and development. These risks include, but are not limited to: our limited operating history in the borates and lithium industries and no revenue from our proposed extraction operations at our properties; our need for substantial additional financing to execute our business plan and our ability to access capital and the financial markets; our status as an exploration stage company dependent on a single project with no known Regulation S-K 1300 mineral reserves and the inherent uncertainty in estimates of mineral resources; our lack of history in mineral production and the significant risks associated with achieving our business strategies, including our downstream processing ambitions; our incurrence of significant net operating losses to date and plans to incur continued losses for the foreseeable future; risks and uncertainties relating to the development of the Fort Cady project, including our ability to timely and successfully complete our Small Scale Boron Facility; our ability to obtain, maintain and renew required governmental permits for our development activities, including satisfying all mandated conditions to any such permits; our ability to successfully implement the out of court restructuring transaction and raise the maximum funding contemplated thereby; the implementation of and expected benefits from certain reduced spending measures, and other risks and uncertainties set forth in our filings with the U.S. Securities and Exchange Commission from time to time. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. These risks are not exhaustive and the information in this press release may be subject to additional risks. No representation or warranty (express or implied) is made as to, and no reliance should be place on, any information, including projections, estimates, targets, and opinions contained herein, and no liability whatsoever is accepted as to any errors, omissions, or misstatements contained herein. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as to 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 August 30, 2023. Additional risks are also disclosed by 5E in its filings with the U.S. Securities and Exchange Commission throughout the year, including its Form 10-K, Form 10-Qs and Form 8-Ks, as well as in its filings under the Australian Securities Exchange. Any forward-looking statements are given only as of the date hereof. Except as required by law, 5E expressly disclaims any obligation to update or revise any such forward-looking statements. Additionally, 5E undertakes no obligation to comment on third party analyses or statements regarding 5E’s actual or expected financial or operating results or its securities.
For further information contact:
Davis Snyder or Joseph Caminiti Alpha IR Group [email protected] Ph: +1 (312) 445-2870
