5E Advanced Materials Reports Positive Progress with Commencement of LCD Glass Trial

Rhea-AI Summary

5E Advanced Materials (NASDAQ:FEAM / ASX:5EA) announced that a major domestic LCD glass manufacturer has begun a final tank trial using twenty tons of 5E boric acid shipped in October 2025.

Previous steps included a successful laboratory bench test and a two-ton overseas supply-chain trial; the company reports the product is meeting the customer's specifications and flowed well into the glass furnace. Results from the current trial are expected before year-end 2025. The company said successful completion could position 5E to pursue multi-year supply agreements amid a borates market dominated by a global oligopoly and growing U.S. strategic relevance after boron was added to the 2025 Critical Minerals List.

Positive

• Shipped 20 tons of boric acid for final tank trial in October 2025
• Previously completed a 2-ton successful overseas supply-chain trial
• Customer testing reportedly shows product meets specifications and flows into furnace

Negative

• Borates market dominated by a global oligopoly, raising qualification barriers
• Many customers require three vetted suppliers, limiting new supplier entry

Key Figures

Final tank trial shipment 20 tons boric acid Shipment for LCD glass furnace testing in October 2025

Supply-chain trial shipment 2 tons boric acid Containerized shipment across Pacific for logistics trial

Bench testing phase All required specifications met Laboratory bench testing by LCD glass customer

Market Reality Check

$4.08 Last Close

Volume Volume 41,210 is below the 20-day average of 75,527, suggesting limited pre-news positioning. low

Technical Shares at $3.97 are trading below the 200-day MA of $4.18 and 84.02% under the 52-week high.

Peers on Argus

While FEAM was up about 1.02% pre-news, key specialty-chemicals peers like ALTO (-5.58%), TSE (-5.56%), and AMTX (-5.19%) showed notable declines, pointing to a stock-specific backdrop rather than a sector-wide move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 19	Resource upgrade	Positive	+1.9%	Major increase in measured and indicated boric acid and lithium resources.
Nov 14	Earnings and update	Positive	-9.9%	Q1 call highlighting federal recognition, EXIM support, and customer validation.
Nov 10	Investor call notice	Neutral	+13.2%	Announcement of timing and format of upcoming Q1 investor call.
Nov 7	Critical mineral status	Positive	-8.4%	U.S. adds boron to 2025 Critical Minerals List, supporting Fort Cady strategy.
Oct 21	Conference appearance	Neutral	-8.9%	CEO scheduled to present Fort Cady strategy at ThinkEquity Conference.

Pattern Detected

Recent materially positive strategic updates have sometimes seen negative price reactions, suggesting occasional divergence between fundamentals-driven news and short-term trading.

Recent Company History

Recent news for 5E Advanced Materials has focused on building the Fort Cady project and strengthening its strategic position. On November 19, 2025, the company reported a 61% increase in measured and indicated boric acid resources to 28.29M short tons and a 54% rise in lithium resources to 328k tons LCE. Earlier in November, boron’s addition to the 2025 U.S. Critical Minerals List and federal funding references underscored policy support. Today’s LCD glass furnace trial update extends this trajectory by highlighting customer qualification progress for 5E’s boric acid.

Market Pulse Summary

This announcement centers on a key commercialization step: a major LCD glass manufacturer has begun a final tank trial using 20 tons of 5E’s boric acid after successful bench and supply‑chain trials. It reinforces earlier customer-validation themes and boron’s inclusion on the 2025 U.S. Critical Minerals List. Investors may track trial results expected before year‑end and any subsequent progress toward multi‑year supply agreements or additional customer qualifications.

Key Terms

boric acid medical

"has commenced testing with 5E's boric acid being dispatched into the glass furnace"

A mild chemical compound used as a disinfectant, insect control powder and preservative in products ranging from cleaners and cosmetics to industrial and agricultural applications; think of it as a common, multi-purpose household ingredient that also appears inside manufacturing processes. Investors watch it because changes in supply, safety rules, or public concern can affect costs and sales for many product makers and suppliers, so regulatory decisions or shortages can ripple across related companies.

supply-chain trial technical

"the customer required 5E to perform a supply-chain trial where two tons of product were shipped"

A supply-chain trial is a planned test in which a company runs a small-scale version of its sourcing, production or delivery process to verify suppliers, manufacturing steps and logistics before a full commercial rollout. Like a dress rehearsal or test drive, it reveals potential bottlenecks, quality issues, cost changes and timing risks that directly affect a company’s ability to meet demand, control expenses and deliver on revenue and production targets — key signals for investors.

glass furnace technical

"has commenced testing with 5E's boric acid being dispatched into the glass furnace"

A glass furnace is the large industrial oven where raw materials like sand, soda ash and limestone are melted at very high temperatures to produce molten glass that is formed into containers, flat glass, or specialty products. For investors, a furnace is a core asset that determines a maker’s production capacity, energy costs and environmental compliance — much like a factory’s engine — so its efficiency, age and fuel type directly affect margins, output and regulatory risk.

oligopoly financial

"The borates market is currently dominated by a global oligopoly, and many industrial customers require"

A market structure where a small number of companies dominate sales of a product or service, so each firm’s actions strongly affect the others. Think of a handful of big grocery chains that set prices, introduce products, or cut advertising — consumers have few alternatives and firms can earn higher profits but also face intense rivalry, coordinated behavior risk, and higher scrutiny from regulators. Investors watch oligopolies for stable cash flow potential, pricing power, and regulatory or competitive shocks that can quickly change returns.

Critical Minerals List regulatory

"Boron's recent inclusion on the United States Department of Interior's 2025 Critical Minerals List"

A critical minerals list is an official roster of metals and minerals a government or regulator deems essential for the economy and national security because they are scarce, hard to replace, or produced in few places. Investors treat the list like a shopper’s guide: materials on it often get policy support such as faster approvals, subsidies, or stockpiling, which can raise demand, lift prices, and change the value and risk profile of mining and manufacturing projects.

AI-generated analysis. Not financial advice.

Customer Initiates Product Testing with Glass Furnace Receiving First Batch of 5E Boric Acid; Results Expected Before Year-end

HESPERIA, CA / ACCESS Newswire / December 9, 2025 / 5E Advanced Materials, Inc. ("5E" or the "Company") (NASDAQ:FEAM)(ASX:5EA), a U.S. development-stage company focused on becoming a vertically integrated global leader and supplier of refined borates and advanced boron derivative materials, today announced that the major domestic LCD glass manufacturer, to which 5E shipped twenty tons of borates, has commenced testing with 5E's boric acid being dispatched into the glass furnace.

In October 2025, 5E shipped twenty tons of high-quality boric acid overseas for the customer's final phase of testing. Previously, the customer had performed a successful laboratory bench testing program where 5E's boric acid passed all required specifications. Upon the successful bench trial, the customer required 5E to perform a supply-chain trial where two tons of product were shipped in a container across the Pacific Ocean. 5E's product performed well during the second trial and the successful supply chain trial paved the way for the final tank trial test.

"This final tank trial is a major commercial de-risking milestone for 5E that builds upon the successful supply chain trial from earlier in the year. 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," said Paul Weibel, Chief Executive Officer of 5E Advanced Materials. "The LCD glass industry has the most rigorous product specifications in the borates market and completing this test positions 5E to advance multi-year supply agreements. 5E has diligently demonstrated our borates meet and exceed the highest specifications and I'm incredibly proud of our team and the capabilities we are demonstrating to the market."

The borates market is currently dominated by a global oligopoly, and many industrial customers require three vetted and qualified suppliers. In practice, most customers rely on internal waivers to purchase from only two suppliers due to this market concentration. The need for an additional reliable domestic supplier is top of mind for customers. Boron's recent inclusion on the United States Department of Interior's 2025 Critical Minerals List, together with the designation of 5E's facility as Critical Infrastructure, reinforces the strategic importance of 5E's potential entry into this concentrated market.

About 5E Advanced Materials, Inc.
5E Advanced Materials, Inc. (NASDAQ:FEAM)(ASX:5EA) is 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-ferro-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 with the U.S. Government's 2025 Critical Minerals List following boron's inclusion.

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 Company's development plans, production capabilities, commercialization strategy, offtake discussions, customer qualification processes and success thereof, market demand for boron and lithium, the potential applications of its products across energy, defense, and industrial markets, and ability to access and secure any government-based financing. 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 and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, statements regarding the Company's development plans, production capabilities, commercialization strategy, offtake discussions, customer qualification processes, market demand for boron and lithium, and potential applications of its products across energy, defense, and industrial markets, and ability to access and secure any government-based financing. 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.

View the original press release on ACCESS Newswire

FAQ

What did 5E (FEAM) announce about its LCD glass trial on December 9, 2025?

5E said a major domestic LCD glass manufacturer has begun a final tank trial using twenty tons of its boric acid, with results expected before year-end 2025.

How much boric acid did 5E (FEAM) ship for the final tank trial?

5E shipped 20 tons of high-quality boric acid for the final tank trial.

What prior testing did 5E (FEAM) complete before the tank trial?

The company completed a successful laboratory bench test and a 2-ton overseas supply-chain trial that met customer requirements.

When are results from 5E's (FEAM) LCD glass furnace test expected?

The company expects test reports before year-end 2025.

What could successful testing mean for 5E (FEAM)?

Successful completion could position 5E to pursue multi-year supply agreements with LCD glass customers.