Updated:
5E Advanced Materials
Incorporated in 2022 as a Delaware-domiciled company, 5E Advanced Materials was formed to develop the Fort Cady borate project near Barstow, California.
5E Advanced Materials
Incorporated in 2022 as a Delaware-domiciled company, 5E Advanced Materials was formed to develop the Fort Cady borate project near Barstow, California. Susan Brennan, a former automotive operations executive at Nissan and Bloom Energy's manufacturing lead, was named CEO in 2023 to push the asset from exploration toward commercial production. The controlling asset is a sedimentary borate deposit with a JORC-compliant resource of over 100 million short tons, granted final federal and state permits decades ago. The deposit lies in a mining-adjacent zone and benefits from existing rail and deep-water port access across Southern California. The company's strategy revolves around boric acid and specialty borate production using an in-situ mining and processing technique that is designed to be lower-cost and lower-waste than traditional open-pit operations. Phase 1 targets 90,000 short tons per annum of boric acid equivalent, with a sequential ramp beginning in 2024. Offtake discussions have been reported with industrial glass, advanced ceramics, and agricultural micronutrient buyers. The company has also flagged potential to process lithium co-products from Fort Cady brines. Flagship commercial relationships include an engineering and procurement deal with Worley and early-stage offtake discussions tracked by equity research desks. 5E Advanced Materials maintains a modest operational footprint with its principal site in San Bernardino County. The company listed on the ASX in March 2022 and completed a U.S. Nasdaq uplisting in June 2023 (per 5E Advanced Materials, June 2023). As a pre-revenue exploration and development stage firm, it does not publish AUM but reports market capitalization and cash reserves in public filings. No multi-family office or fund structure sits alongside the industrial operating company. May 2024: 5E Advanced Materials began commissioning its boric acid production facility at the Fort Cady site, signaling the transition from construction to initial production readiness (per the firm's public disclosures, May 2024). The structural differentiator is a pure-play, publicly traded vehicle whose entire value proposition is a single US-permitted boron deposit — a rarity in a market where three companies, principally Rio Tinto and Eti Maden, control over 70% of global supply. This makes 5E one of the few US-listed options for investors seeking exposure to a critical mineral critical to permanent magnets, EVs, and wind turbines, without taking a diversified miner's entire commodity basket.
General information
Firm type
other
Year founded
2022
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Hesperia
Corporate office
Hesperia, CA, United States
Principals
Susan Brennan
Chief Executive Officer
Sector focus
Frequently asked questions
What is 5E Advanced Materials' primary asset?
The company holds a 100% interest in the Fort Cady sedimentary borate deposit in Southern California. The deposit is fully permitted for mining operations and contains a JORC-compliant resource of over 100 million short tons of boric acid equivalent. It is the only permitted boron deposit in the United States.
Why is US boron production strategically relevant?
The United States imports nearly all of its boron, relying heavily on Turkey and South American sources. Boron is designated a critical mineral by the U.S. Department of the Interior. It is essential for high-strength glass fiber, neodymium-iron-boron permanent magnets used in EVs and wind turbines, and advanced ceramics.
Who runs the company?
Susan Brennan was named CEO in 2023. She previously led manufacturing operations at Bloom Energy and held senior production roles at Nissan North America. Her background is in scaling complex industrial production, which aligns with the company's transition from exploration to small-scale commercial production.
How does 5E Advanced Materials plan to extract and process boron?
The Fort Cady project uses an in-situ recovery mining method. Hot brine is injected underground to dissolve the boron minerals, and the boron-rich solution is pumped to the surface for processing into boric acid and specialty borates. The company claims this approach is lower-cost, produces less waste, and uses a smaller surface footprint than traditional open-pit borate mines.
What is the company's production target?
Phase 1 of the project targets an annual production rate of 90,000 short tons of boric acid equivalent. The company began commissioning the facility in May 2024. A larger Phase 2 expansion is contingent on Phase 1 operational results and market conditions.
On which exchanges is 5E Advanced Materials listed?
The company has a dual listing: it debuted on the Australian Securities Exchange in March 2022 under the ticker 5EA and completed a Nasdaq uplisting in June 2023 under the ticker FEAM. The Nasdaq listing was designed to broaden its U.S. investor base as it transitions toward domestic production.
How does 5E compare to the dominant global boron producers?
Global production is dominated by Rio Tinto, which operates the large open-pit mine at Boron, California, and Turkish state-owned Eti Maden, which controls the Kirka deposit. Together they supply the majority of the world's refined borates. 5E is a micro-cap challenger targeting specialty markets and supply-security conscious buyers rather than commodity bulk-borate volumes.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: