5E Advanced Materials Signs First Boric Acid Agreement for 7,500 Tons Annually

5E Advanced Materials highlighted significant commercial, operational, and financing progress during the third quarter of the fiscal 2026 conference call as it advances development of its Fort Cady Project. 5E signed its first boric acid heads of agreement with a domestic industrial end user for: 7,500 short tons per year of boric acid supply, with optional expansion to 10,000 tons annually; Fixed pricing with annual escalation; Initial five-year term with automatic renewal provisions extending up to ten years. Management believes the agreement represents an important milestone towards establishing a portfolio of bankable commercial arrangements to support future project financing activities. The agreement follows a March customer engagement initiative involving meetings with 12 industrial boron customers and distributors across multiple end markets. 5E is advancing a pipeline of multiple proposals at various stages and continues to see growing demand for a reliable domestic boron supply chain. 5E successfully developed a stable, free-flowing meta boric acid containing approximately 80% B2O3-equivalent content, creating a potential higher-value specialty product opportunity. 5E has filed a provisional patent application related to the technology and has initiated customer qualification testing. Initial testing has commenced under the Company's magnet-grade ferroboron development program. Samples are expected to be produced in the coming weeks and distributed to potential customers. The initiative supports 5E's strategy to expand into higher-value boron derivative products serving permanent magnet, specialty steel, industrial, and defense applications. During the quarter, 5E continued advancing discussions with the Export-Import Bank of the United States regarding potential project financing support, including under EXIM's "Make More in America" initiative and Engineering Multiplier Program. The Company also highlighted its strengthened balance sheet following completion of a $36 million public equity offering in February 2026, which was more than four times oversubscribed. The Company believes the quarter's progress continued to de-risk the Fort Cady Project through commercial validation, financing advancement, and product diversification. 5E stated that the quarter's progress meaningfully advances the Company's strategy of becoming a vertically integrated domestic supplier of boron and advanced boron derivative products.