From Decades of Preparation to Active Production
Fort Cady is not a concept. Mining is underway. Customers are qualified. The Pre-Feasibility Study is complete. And the path to Final Investment Decision is defined.
As of early 2026, the Fort Cady Project has commenced mining operations (January 2024), completed a Pre-Feasibility Study confirming a pre-tax NPV₇ of US$724.8 million (August 2025), achieved a 61% resource upgrade to 28.3 million short tons of boric acid (November 2025), qualified 14 customers including completion of a 20-ton commercial tank trial with a major LCD glass manufacturer, filed a 167-claim omnibus U.S. patent application (December 2025), and is pursuing a Final Investment Decision in fiscal 2026.
Project Status
A real-time snapshot of where the Fort Cady Project stands across its key development workstreams.
Mining Operations
ISL mining commenced January 2024 under EPA authorization. Small-Scale Facility processing boric acid. Wellfield operational with production data informing Phase 1 design.
Pre-Feasibility Study
SK-1300 PFS published August 7, 2025, confirming $724.8M pre-tax NPV₇ and 19.2% IRR. Filed on EDGAR. Phase 1 economics validated.
Customer Qualification
14 customers qualified across glass, ceramics, agriculture, and specialty chemicals. 20-ton commercial tank trial completed with a major LCD glass manufacturer.
Project Financing
Active engagement with U.S. Export-Import Bank (EXIM), including a $285 million Letter of Interest. Financing workstreams underway to support FID.
Permitting
Fully permitted for commercial production up to ~160,000 stpa boric acid. All federal, state, and county approvals in place.
Final Investment Decision
Pursuing FID in fiscal 2026, subject to financing, final engineering, and board approval. All technical and permitting preconditions satisfied.
35 Years of Progress
14 Customers Qualified. Demand Validated.
Fort Cady boric acid has been tested and qualified by 14 customers across glass, ceramics, agriculture, and specialty chemical end markets.
Commercial Tank Trial Milestone
5E completed a 20-ton commercial tank trial with a major LCD glass manufacturer — one of the most demanding quality applications for boric acid. Fort Cady product meets stringent purity requirements for advanced display glass production.
Target End Markets
Glass & Ceramics
LCD, fiber, borosilicateAgriculture
Micronutrient fertilizersSpecialty Chemicals
Industrial & technicalEV & Clean Energy
NdFeB magnetsDefense
Armor, shieldingSemiconductors
Boron doping, BNFederal Financing Engagement
5E is actively engaged with the U.S. Export-Import Bank (EXIM) regarding potential project financing. EXIM has issued a $285 million Letter of Interest — a formal indication of preliminary willingness to consider financing.
In November 2025, boron was added to the U.S. Critical Minerals List, and Fort Cady holds Critical Infrastructure designation from DHS — both factors supporting alignment with federal supply chain priorities.
Why Federal Financing Matters
The PFS assumes 100% equity. If EXIM or other federal financing is secured, equity returns would improve above the PFS after-tax IRR of 15.9%. Federal financing also de-risks the capital raise by providing a cornerstone lending commitment.
EXIM Engagement Summary
| Agency | U.S. Export-Import Bank |
| Instrument | Letter of Interest |
| Amount | $285 million |
| Status | Active engagement |
| Critical Mineral Status | Boron added Nov 2025 |
| Infrastructure Status | DHS Critical Infrastructure |
2025: The Year Everything Came Together
No single year in the Fort Cady Project's history has produced as many catalysts as 2025.
PFS Published
SK-1300 validates $724.8M NPV₇, 19.2% IRR, and 39.5-year mine life. Independently prepared by Fluor, Miocene, Escalante, and Geomega.
61% Resource Upgrade
M+I boric acid resources increase from 17.5M to 28.3M short tons. Largest reported borate resource in the United States.
Boron = Critical Mineral
Added to the official 2025 U.S. Critical Minerals List. Unlocks federal support, EXIM priority, and defense procurement alignment.
167-Claim Patent Filed
Omnibus U.S. patent application covering the proprietary ISL process, wellfield design, and boron recovery methods.
95% Mining Efficiency
July 2025 horizontal well program achieves 95.0% mining efficiency — the parameter that underwrites PFS reserves.
Mineral Tenure Expanded
Lode claims staked and filed with BLM for remaining colemanite mineralization areas on federal land.
Development & Timeline FAQ
As of early 2026, Fort Cady is in active mining operations. ISL mining commenced January 2024, the SSF has processed boric acid since April 2024, 14 customers are qualified, the SK-1300 PFS was published August 2025, a 61% resource upgrade was achieved November 2025, and a 167-claim patent was filed December 2025. 5E is pursuing FID in fiscal 2026.
The path begins with FID (targeted fiscal 2026), followed by ~2-year construction and subsequent ramp-up to 130,000 short tons per year. The exact timeline depends on financing and final engineering.
FID is the formal commitment by a company's board to proceed with construction of a major capital project. At Fort Cady, FID is contingent on financing, final engineering, and board approval. All technical and permitting preconditions have been satisfied.
5E is engaged with the U.S. Export-Import Bank, which issued a $285 million Letter of Interest. The PFS was prepared on a 100% equity basis; project-level financing would improve equity returns above the unlevered 15.9% after-tax IRR.
14 customers across glass, ceramics, agriculture, and specialty chemicals. 5E also completed a 20-ton tank trial with a major LCD glass manufacturer, demonstrating product meets stringent purity specs for advanced display glass.
Cautionary Note Regarding Forward-Looking Statements
This page contains forward-looking statements including the targeted timing of FID, construction timelines, production expectations, customer qualifications, EXIM financing engagement, and the CEO quote. Actual results may differ materially. The EXIM LOI is non-binding. FID is subject to board approval and is not guaranteed. Customer qualifications do not represent binding offtake agreements. For complete risk factors, see the Company's SEC filings.
Read Full Forward-Looking Statement Disclaimer →
Fort Cady at a Glance
One number from each page. Six numbers that tell the entire story.
America's Boron Future Starts Here
Fort Cady is the only fully permitted, in-production U.S. boron project — with a $725M NPV, 14 qualified customers, and a clear path to Final Investment Decision.
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Drive Innovation with Boron
We’re here to answer your questions, provide insights about boron applications, and help you explore how 5E Advanced Materials can support your goals in clean energy, defense, and sustainability.
5E Advanced Materials Main Office
9329 Mariposa Road, Suite 210 · Hesperia, California 92344
+1 442-221-0225
hello@5eadvancedmaterials.com