5E Advanced Materials Inc. (NASDAQ:FEAM) announced that a leading domestic LCD glass manufacturer has begun testing the company’s boric acid in its glass furnace after receiving a twenty‑ton shipment in October 2025. The trial marks the first commercial‑grade product qualification for 5E’s refined borates and is a critical step toward securing binding offtake agreements for the Fort Cady project.
The twenty‑ton shipment, the largest to date, was delivered in October 2025 and the manufacturer has started furnace testing. Results are expected before the end of 2025, and the company has already completed laboratory bench‑scale tests and a two‑ton supply‑chain trial that confirmed the product met the manufacturer’s stringent specifications.
The Fort Cady project, the company’s flagship borate and lithium resource, has been upgraded to a 61 % increase in measured and indicated borate resources and a 54 % increase in lithium resources. Boron’s inclusion on the U.S. Department of Interior’s 2025 Critical Minerals List gives the project strategic importance for domestic supply chains in clean‑energy and defense sectors.
Financially, 5E remains an exploration‑stage company with no revenue. Its Q1 2026 earnings report (ended September 30 2025) showed a net loss of $10.69 million, an improvement from $12.86 million a year earlier, and a basic loss per share of $0.51 versus $4.52 a year ago. The company’s focus remains on de‑risking the product and securing offtake agreements rather than generating revenue at this stage.
CEO Paul Weibel said, “The twenty tons of boric acid we shipped have now begun testing and the reports have been highly positive with product meeting the customer’s specifications, flowing well into the glass furnace.” He added that the LCD glass industry’s rigorous specifications make this qualification a strong indicator of 5E’s ability to secure multi‑year supply agreements.
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