Water Tower Research Publishes Initiation of Coverage Report on 5E Advanced Materials, Inc., “Breaking China’s Grip on Under-the-Radar Critical Element Essential to Tech & Defense”

February 9, 2026, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on 5E Advanced Materials, Inc. (NASDAQ: FEAM) titled, “Breaking China’s Grip on Under-the-Radar Critical Element Essential to Tech & Defense”. The report can be accessed here.

5E Advanced Materials, Inc. is a US-based critical materials development company focused on the production of boron and boron-based specialty materials. The company was founded in 2021 and is headquartered in Hesperia, California. 5E was formed to address structural supply concentration in the global boron market and establish a domestically sourced, vertically integrated boron platform. The company remains in the development stage, with activities focused on advancing a single, large-scale resource toward commercial production.

5E’s development strategy differs from that of incumbent boron producers, which operate large, long-life mines and centralized processing facilities outside the US. The company is advancing Fort Cady as a modular, customer-oriented operation designed to supply domestic and allied markets. Management’s current priorities include finalizing the investment decision on Phase 1 commercial production facility construction, detailed engineering, customer qualification, and securing project-level financing. 5E’s long-term objective is to become a strategically relevant supplier within the US boron supply chain.

5E currently trades at a significant discount to pre-revenue US-based resource development peers. While one of the reasons may be the smaller NPV of 5E’s Phase 1 project scope, the relative lack of investor familiarity with and appreciation of the critical nature of boron in modern economic development and emerging growth applications relative to the well- understood drivers of lithium and nickel demand could also play a role in 5E’s lower EV/NPV relative to lithium development peers. As 5E continues to progress through its milestones, including the final investment decision and capital raise to fund Phase 1 plant construction, and investors gain increased appreciation of boron’s critical role in enabling energy transition and addressing national security concerns, the discount versus its pre-revenue peers may begin to diminish.

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