5E Advanced Materials publishes Fort Cady PFS: $725M pre-tax NPV, 19.2% IRR, 39.5-year mine life

5E Advanced Materials, Inc.

Phase 1 reserves total 5.4M tons boric acid at 8.03% B2O3, supporting 39.5-year mine life.
Pre-tax NPV7 of US$724.8M with 19.2% unlevered IRR; after-tax NPV7 US$469M, IRR 15.9%.
Initial capital cost $435M (incl. $55M contingency) for 130,000 short tons/yr boric acid plant.
All-in sustaining cash cost $554.80/ton boric acid; by-products (CaCl2, gypsum) contribute ~6% revenue.
Mining permits in place; targeted large-scale commercial production in 2028.

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