Independent testing confirms intended iron boride phase as conversion rises to 51%-62%; 1,400°C testing and larger-batch work advance the next stage of a potential U.S. mine-to-magnet supply chain

HESPERIA, CA / ACCESS Newswire / August 14, 2026 / 5E Advanced Materials, Inc. ("5E" or the "Company") (NASDAQ:FEAM), a company focused on becoming a vertically integrated global leader and supplier of refined borates and advanced boron derivative materials, today reported measurable progress in its magnet-grade ferroboron (FeB) development program. Independent X-ray diffraction (XRD) confirmed formation of iron boride in samples processed at 1,300°C, while density-based analysis showed conversion efficiency increasing from approximately 11% at 1,200°C to an average range of 51%-62% at 1,300°C.

The results advance 5E's strategy to move beyond refined borates into higher-value boron derivative products for permanent magnets, specialty steels, industrial and defense applications. The Company has initiated testing at 1,400°C and is planning a larger approximately 500-gram batch with a third-party metallurgical processing partner as the next steps toward process optimization and future customer samples.

Key Facts at a Glance

Independent XRD testing confirmed formation of iron boride (Fe₂B) in ferroboron samples processed at 1,300°C, providing third-party validation that the process is producing the intended iron boride phase.
Conversion efficiency for the leading Fe₂O₃ + B₂O₃ precursor pairing increased from approximately 11% at 1,200°C to an average range of 51%-62% at 1,300°C; testing to date identified this pairing as the most efficient combination evaluated so far.
5E has initiated testing at 1,400°C and is advancing plans for an approximately 500-gram batch with a third-party metallurgical processing partner to support further optimization, characterization and future customer sample production.
The ferroboron program is designed to connect 5E's Fort Cady boron resource to higher-value end markets, including NdFeB permanent magnets, specialty steels, industrial automation and defense applications.

The program builds on 5E's large domestic boron resource at the Fort Cady Project in Southern California and targets a higher-value downstream product with potential relevance to the U.S. permanent magnet supply chain. This progress follows recent White House recognition of Fort Cady and the Export-Import Bank of the United States' $8 million investment supporting the project, announced earlier this month as part of the Trump Administration's critical minerals initiative.

"These results provide independent confirmation that the chemistry is moving in the intended direction and give us a clearer path for the next phase of development," said Paul Weibel, Chief Executive Officer of 5E Advanced Materials. "It is an early but encouraging step in our strategy to use our domestic boron resource as the foundation for higher-value advanced materials. We are now focused on improving conversion efficiency, increasing batch size and generating the material characterization needed to progress toward future customer samples and strengthen the potential connection between Fort Cady and the U.S. permanent magnet supply chain."

Advancing Toward Scale-Up

Based on the results to date, 5E has initiated testing at 1,400°C to evaluate potential further gains in conversion efficiency and is advancing plans for an approximately 500-gram batch with a third-party metallurgical processing partner. These steps are intended to improve conversion, increase batch size and generate the characterization data needed to support future customer sample production.

Additional characterization work remains underway, including comparison of diffraction patterns across samples and evaluation of minor secondary phases observed under certain conditions. The Company views this as part of the normal process-development cycle required before larger-scale production and customer evaluation.

Why Ferroboron Matters to 5E's Strategy

Ferroboron is a boron-bearing material used in permanent magnets, specialty steels and a range of industrial and defense applications, including high-efficiency electric motors, wind turbines and industrial automation. 5E's program is intended to pair this higher-value derivative opportunity with boron sourced from its Fort Cady Project in San Bernardino County, California. The Company believes this mine-to-magnet approach can position its domestic resource within supply chains that are strategically important to U.S. manufacturing, energy independence and national security.

About 5E Advanced Materials, Inc.

5E Advanced Materials, Inc. (NASDAQ:FEAM) is a development-stage company focused on becoming a vertically integrated global leader and supplier of refined borates and advanced boron materials, complemented by calcium-based co-products, and potentially other by-products such as lithium carbonate. The Company's mission is to become a supplier of these critical materials to industries addressing global decarbonization, energy independence, food, national security, and the defense sector. The Company believes factors such as government regulation and incentives focused on domestic manufacturing and supply chains and capital investments across industries will drive demand for end-use applications like solar and wind energy infrastructure, neodymium-iron-boron magnets, defense applications, lithium-ion batteries, and other critical material applications. The business is based on the Company's large domestic boron resource, which is located in Southern California and designated as Critical Infrastructure by the U.S. Department of Homeland Security, and boron was added to the U.S. Department of the Interior's 2025 Critical Minerals List.

Forward Looking Statements

Statements in this press release may contain "forward-looking statements" that are subject to substantial risks and uncertainties.Forward-looking statements contained in this press release may be identified by the use of words such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions, and include, but are not limited to statements regarding the results and interpretation of independent XRD and density-based testing, including the confirmation of iron boride (Fe₂B) formation and reported conversion efficiency rates; the outcome and timing of testing at 1,400°C and the potential for further gains in conversion efficiency; the planned approximately 500-gram batch with a third-party metallurgical processing partner and the Company's ability to optimize its process and increase batch size; the completion and results of additional characterization work, including comparison of diffraction patterns across samples and evaluation of minor secondary phases; the production of future customer samples and customer evaluation of product quality, specifications and production capability; the expectation that the testing program will continue to be conducted at modest incremental cost and will not require a new capital commitment by the Company; expected demand for a reliable, U.S.-based supplier of boron derivative products, including magnet-grade ferroboron, amid ongoing supply chain constraints, and the potential for such products to enable new domestic manufacturing capacity; the anticipated benefits of the Export-Import Bank of the United States' $8 million investment and other government support for the Fort Cady Project; the potential for the ferroboron program to connect the Fort Cady boron resource to higher-value end markets, including NdFeB permanent magnets, specialty steels, industrial automation and defense applications, and to position the Company within a potential U.S. mine-to-magnet supply chain; the Company's strategy to become a vertically integrated supplier of refined borates and advanced boron materials, calcium-based co-products and potential by-products such as lithium carbonate; and anticipated demand for boron and boron derivative products in end markets and applications including decarbonization, energy independence, food, national security and defense, solar and wind energy infrastructure, neodymium-iron-boron magnets and lithium-ion batteries. Any forward-looking statements are based on 5E's current expectations, forecasts, and assumptions and are subject to a number of risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, among others, that further testing, including at 1,400°C, may not achieve anticipated conversion efficiencies or target product specifications; that additional characterization work may identify secondary phases or other results requiring process changes; that larger-batch work with third-party partners may be delayed, cost more than anticipated or prove unsuccessful; that the Company may not produce customer samples or obtain favorable customer evaluation; and that the Company may not realize the anticipated benefits of its ferroboron or mine-to-magnet strategy. For a discussion of other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in 5E's most recent Annual Report on Form 10-K and its other reports filed with the SEC. Forward-looking statements contained in this announcement are based on information available to 5E as of the date hereof and are made only as of the date of this release. 5E undertakes no obligation to update such information except as required under applicable law. These forward-looking statements should not be relied upon as representing 5E's views as of any date subsequent to the date of this press release. In light of the foregoing, investors are urged not to rely on any forward-looking statement in reaching any conclusion or making any investment decision about any securities of 5E.

For further information contact:

Investor Relations
Brett Maas
Hayden IR, LLC
FEAM@haydenir.com
Ph: +1 (480) 861-2425

Media Relations
Paola Ashton
PRA Communications
team@pracommunications.com
Ph: +1 (604) 681-1407

SOURCE: 5E Advanced Materials, Inc.

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