America's Largest New Boron Deposit
The Fort Cady Project in Southern California's Mojave Desert is the largest known new conventional boron deposit outside of Turkey, fully permitted, in production, and designated U.S. Critical Infrastructure.
5E Advanced Materials operates the Fort Cady Project near Newberry Springs, California. It is the largest known new conventional boron deposit outside of Turkey, with 28.3 million short tons of measured and indicated boric acid resources and a Pre-Feasibility Study confirming a pre-tax NPV7 of US$724.8 million.
Project at a Glance
Validated by an SK-1300 compliant Pre-Feasibility Study published August 2025. Phase 1 economics only, additional expansion phases retain significant optionality.
Investment Highlights
Phase 1 alone delivers robust, multi-generational economics, validated under SK-1300.
39.5-year initial mine life on Phase 1 alone, converting just 41% of the resource into reserves.
5.4 million tons of boric acid reserves at an average grade of 8.03% B₂O₃.
130,000 tons of boric acid per year, roughly 11% of global boric acid demand today.
In-situ leaching mines the colemanite with minimal surface land disturbance.
Independent market study forecasts demand to exceed supply beginning in 2026.
Designated U.S. Critical Infrastructure by the Department of Homeland Security.
Mojave Desert, Southern California
The Fort Cady Project sits on both private and federal land, halfway between Los Angeles and Las Vegas, with direct access to transportation, energy, and logistics infrastructure.
| Interstate Access | ~2 miles south of Interstate 40 |
|---|---|
| Nearest City | ~25 miles east of Barstow, CA |
| Rail | BNSF rail line adjacent to project |
| Natural Gas | ~2 miles from Mojave Pipeline |
| Power | ~1 MW grid power connected |
| Water | Two existing water wells with millsite claims |
| Ports | Trucking access to Port of Los Angeles |
What Fort Cady Produces
Phase 1 targets three product streams from in-situ extraction of colemanite, with boric acid as the primary revenue driver.
Boric Acid (H₃BO₃)
Primary product, approximately 94% of total revenue. High-purity boric acid for glass, agriculture, defense, and EV applications.
Gypsum
By-product sold into the California construction and agriculture markets. Netback price of $21/short ton.
Calcium Chloride (~38%)
By-product with industrial applications in de-icing, dust control, and oil & gas. Netback price of $120/short ton.
Where Fort Cady Boron Goes
Boron is a critical input across the industries reshoring America's supply chains. Fort Cady is positioned to be a domestic source for these end markets.
Electric Vehicles
Boron is essential to the neodymium-iron-boron (NdFeB) permanent magnets that power EV traction motors, and boron-alloyed high-strength steel lightens vehicle bodies. A domestic boron supply reduces reliance on imported material for the EV transition.
Wind Energy
The same NdFeB permanent magnets drive direct-drive wind turbine generators, and boron-reinforced fiberglass adds strength to turbine blades. Boron is a building block of renewable power generation.
Semiconductors
Boron is the primary p-type dopant used to control conductivity in silicon chip fabrication, and borosilicate and borophosphosilicate glasses are used throughout device manufacturing. Chip production depends on a secure boron supply.
In-Situ Leach Mining: A Cleaner Approach
Fort Cady's colemanite deposit lies at a depth that precludes conventional open-pit or underground mining. Instead, 5E uses in-situ leaching (ISL), a closed-loop process that dissolves borates underground and recovers them at the surface.
167-claim omnibus U.S. patent filed December 2025
"This technical report validates the economic strength and strategic importance of the Fort Cady Project. We have qualified product with over 14 large global end users, and as we target large-scale commercial production, we look toward providing high-paying jobs in California and being a significant long-term U.S. producer of boron to maintain the security of the boron supply chain."
Dive Deeper
Explore each dimension of the Fort Cady Project through its detailed pages.
Resource & Reserves
28.3M tons of measured and indicated boric acid. Mineral resource and reserve estimates under SK-1300.
Explore Resources →Mining & Processing
In-situ leach technology, horizontal well design, crystallization-based boric acid extraction, and by-product recovery.
Explore Technology →Infrastructure & Permits
Fully permitted since the 1990s with BLM, EPA, and county approvals. Located on I-40 with rail, gas, and power access.
Explore Infrastructure →Project Economics
$725M pre-tax NPV₇, 19.2% IRR, $3.7B lifetime free cash flow, and 5.9-year after-tax payback. Phase 1 only.
Explore Economics →Development Progress
Mining commenced Jan 2024. 14 customers qualified. Resource upgraded 61%. Patent filed. Targeting FID in FY2026.
Explore Milestones →Technical Reports & Filings
Access the full SK-1300 PFS, SEC filings on EDGAR, and ASX announcements.
View Documents →Cautionary Note Regarding Forward-Looking Statements
This page contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding projected production, economics, capital costs, mine life, and expansion optionality are forward-looking and subject to risks and uncertainties. Mineral resource and reserve estimates are based on the Company's SK-1300 Pre-Feasibility Technical Report dated August 7, 2025, and the resource upgrade announced November 19, 2025. For complete risk factors, see the Company's SEC filings including Form 10-K and Form 10-Q.
Read Full Forward-Looking Statement Disclaimer →
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