5E Advanced Materials, Inc. (FEAM) Q4 2025 Earnings Call Transcript

Operator

Good day, and welcome to the 5E Advanced Materials Fiscal Year 2025 Year-End Results Conference Call. [Operator Instructions] Please note, today’s call is being recorded.

Before we begin, I would like to remind everyone that today’s discussion will include forward-looking statements. These statements are based on current expectations and assumptions and subject to risks and uncertainties that may cause actual results to differ materially. For more information on these risks, please refer to the company’s filings with the Securities and Exchange Commission. 5E Advanced Materials undertakes no obligation to update or revise any forward-looking statements.

At this time, I would now like to turn the call over to Paul Weibel, Chief Executive Officer of 5E Advanced Materials. Paul, please go ahead.

Paul Weibel
President & CEO

Good afternoon, and thank you for joining us today. Fiscal year 2025 has been a transformative year as we move from development to commercial readiness. We achieved broad validation across our project from the SK-1300 pre-feasibility study to customer qualifications and supply chain milestones.

Before I go into detail, let me summarize the key achievements from fiscal year 2025. Strong project economics have been validated. Our recently published pre-feasibility study for Phase 1 only confirms a 39.5 year mine life with a robust after-tax NPV of $725 million and a 19% project IRR.

Commercial front, we have successfully qualified our high-purity boric acid with 14 customers across multiple segments and have now advanced to full-scale production testing with a Tier 1 specialty glass manufacturer.

On the financing front, we received a nonbinding LOI from USXM for a