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- **Critical Minerals Recognition**: Federal validation enables access to $285M+ in non-dilutive funding, positioning Ford Cady as a U.S. supply chain cornerstone.
- **Operational Progress**: 20-ton shipment to Taiwan and 1,000-pound supply to domestic manufacturer confirm product viability; horizontal wells achieve 7% head grade consistency.
- **Strategic Growth**: Target 70% of production under offtake agreements by 2026, with 19.2% IRR and $725M NPV for Phase 1.

**【CEO Summary Section】**
- **Critical Minerals Designation**: Boron was added to the U.S. Critical Minerals list, validating 5E's strategic focus and enabling access to federal funding programs (e.g., USXM, DOE, DFC). This designation supports Ford Cady's development as a domestic borate producer.
- **Federal Funding Opportunities**: Eligibility for $285M under the Make It in America initiative, $10M loan via XM's Engineering Multiplier Program, and DOE's Title 17 loans. These programs aim to reduce equity dilution and accelerate project execution.
- **Operational Milestones**: 
  - 20-ton boric acid shipment to Taiwan for full-scale testing; 1,000 pounds supplied to a domestic boron carbide manufacturer.
  - Horizontal well testing shows consistent 7% head grade, improving mining efficiency and confidence in commercial design.
- **Market Positioning**: Legacy producers face rising costs and depleting reserves, creating demand for 5E's modern, low-cost process. Ford Cady's 39.5-year mine life and 19.2% pretax IRR (Phase 1 NPV: $725M) highlight project viability.
- **Strategic Goals**: Target 70% of annual production (130,000 tons) under offtake agreements, with remaining 30% for spot market sales.

**【Q&A Highlights】**
- **Government Support**: Potential for government stockpiling of boron derivatives; ongoing discussions with DLA and DOE for non-dilutive funding.
- **Resource Expansion**: Horizontal wells demonstrate consistent mining efficiency, reducing geological variance and supporting feed engineering.
- **Offtake Strategy**: 24,000 tons (20%) of production already in trials; aiming for 70% offtake agreements by 2026 FID.
- **Technical Advancements**: Downhole heaters to increase mining temperature, enhancing boron solubility and head grade consistency.

5E Advanced Materials, Inc. (FEAM) Q1 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FEAM

FEAM fundamentals

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