5E Advanced Materials, Inc. (5E) has reported a productive first quarter for the fiscal year 2025, highlighting the delivery of its first boric acid shipment and a strategic pivot in byproduct selection. The company's focus on high-margin industries and global market expansion, coupled with a potential $285 million debt facility, underscores its robust commercial and capital strategies. With a forward-looking approach to securing offtake agreements and funding, 5E aims to strengthen its position in the borate market and enhance shareholder value.
Key Takeaways
- 5E Advanced Materials delivered its first shipment of boric acid, marking a significant operational achievement.
- The company has shifted its byproduct strategy to calcium chloride, anticipating a 15% reduction in commercial capital expenditures.
- Kenneth Hu was appointed as VP of Commercial Products for Asia, targeting key markets in the U.S. and Asia-Pacific.
- A non-binding letter of intent from the Export-Import Bank of the United States could lead to a $285 million debt facility.
- 5E is looking to finalize financial investment decisions by late 2025 and is actively pursuing non-dilutive funding sources.
Company Outlook
- 5E Advanced Materials is progressing towards a financial investment decision in late 2025.
- The company is in the process of securing offtake agreements for 25-50% of its first 90,000 tons of production.
- Plans are in place to commit tonnage for Phase 2 by spring 2025.
Bearish Highlights
- No bearish highlights were provided in the transcript summary.
Bullish Highlights
- The company's strategic shift to calcium chloride as a byproduct is expected to streamline operations and reduce costs.
- Expansion of the commercial team and strategic customer acquisition focus on high-margin industries.
Misses
- The summary does not mention any specific misses or setbacks in the quarter.
Q&A Highlights
- CEO Paul Weibel emphasized the company's aim to be a global business and pursue global demand for maximum profitability.
- VP of Commercial Products Mark Zamok highlighted the strategic customer contacts across the U.S. and Asia-Pacific regions.
In summary, 5E Advanced Materials is taking decisive steps in its operational and strategic development. The company's focus on high-margin industries and expansion into significant global markets, along with its prudent funding strategies, positions it for potential growth and value creation for its shareholders. With key milestones on the horizon, 5E is gearing up for a pivotal late 2025.
Full transcript - 5E Advanced Materials Inc (FEAM) Q1 2025:
Conference Call Operator: After today's presentation and prepared remarks, 5E's executive management team will conduct a question and answer session with the company's sell side research analysts. Please note that today's conference call is being recorded. I would now like to pass the call over to Joe Caminiti, Investor Relations.
Joe?
Joe Caminiti, Investor Relations, 5E Advanced Materials: Good afternoon, and thank you for joining us today for the 5E Advanced Materials fiscal Q1 2025 shareholder update conference call. During this call, management will be referencing our press release and a presentation that can be found in the Investor Relations section of our website. For a copy of our press release or the supplemental presentation, you may contact Alpha IR Group at feamalphahir.com or go to our Investor Relations page on our website. Please turn to Slide 2 of the presentation, where we've presented our legal disclaimers. As a reminder, the remarks made on today's conference call will contain forward looking statements, including our expectations of future results, future operational initiatives, costs and cost savings, production capacity, capital expenditures and capital savings, market dynamics, liquidity, cash spending and other items.
Our actual results may differ materially or adversely from those projected or discussed in these forward looking statements. Additional information concerning factors that could cause the results to differ materially or adversely from these forward looking statements are contained in our annual report on Form 10 ks filed with the SEC on September 9, 2024, as updated from time to time in our other public filings with the SEC. Company is under no obligation to update forward looking statements. This afternoon's conference call is hosted by 5E's Chief Executive Officer, Paul Weibel Vice President of Engineering and Construction, Rob McClain and Vice President of Commercial Products, Mark Zamok. Management will first lead off the call by making some prepared comments, after which we will open the call open to your questions.
Now please turn to Slide 3 of the presentation for a corporate update. Now I'll turn the call over to Paul. Paul?
Paul Weibel, Chief Executive Officer, 5E Advanced Materials: Thank you, Joe. Thank you, everyone, for joining us today. When we last spoke a little over 2 months ago, we laid out a plan for our next strategic steps that would lay the groundwork in 2 critical areas: our first phase of commercial engineering and the strategy for customer commitments. I'm pleased to say that since our last update, we believe 5E has made meaningful progress across a number of the key focus areas that have the potential to continue to drive our success within these two critical areas. We are getting closer to the realization of critical project advancing catalysts and that we are in a solid position to deliver on our near and longer term goals while establishing the foundation for sustained shareholder value creation.
We want to use this time to ensure we give timely updates to our investors, stakeholders and the broader market as we prepare ourselves for the calendar year ahead and target a financial investment decision at the end of calendar year 2025. In this quarterly update call, I'm excited to be joined by 2 of 5E's senior leaders who are helping advance the company through its strategic roadmap. Today, you'll get the chance to hear from Rod MacLean, who serves as our Vice President of Engineering and Construction as well as Mark Zamek, who serves as Vice President of Commercial Products. Both Rod and Mark are serving in vital capacities within 5 years development, and we're excited at the opportunity to familiarize our shareholders and broader stakeholders with what they are accomplishing now and on a go forward basis. Each will give you some prepared marks on their respective focal areas across our operational and commercial strategies and will be alongside me to answer additional questions in our live Q and A session.
1st, on Slide 4, I'd like to provide the market with a brief state of the union on our 5E4 on Americas project as well as the company. This update will include our small scale facility, 1st phase of commercial engineering and commercial efforts. As we announced last month, we've made solid steps forward in our plant level operations. This is evidenced most notably by our plant team achieving steady state operating rates with much improved purity for boric acid production and sustainably removing calcium and other metal salts. We have overcome the initial maintenance headwinds from the previous quarter and the growing pains of starting up our facility as operations leadership has applied significant focus and operational rigor to drive improved and consistent operating rates.
Specifically, our operations team has worked to improve the overall production process by redesigning and improving the facilities conveyor systems that had previously caused bottlenecks, optimizing the boric acid belt filter feed rates after testing various options to increase purity and yield, programming our crystallization unit such that distillation occurs on a continuous basis and installing new spray nozzles on our belt filters such that we have optimized flow and have kept sulfur rates below 100 PPMs. These are important steps as they have improved boric acid consistency and overall product quality as well as help to ensure that we can consistently exceed the specifications required for our prospective customers. This effort resulted in a major company milestone last week when we delivered our 1st truckload of boric acid super sacks to a Western U. S. Customer.
As disclosed in our press release, we are steadily producing one short ton per day of boric acid, an operating level that was chosen strategically as it optimized for 2 of our most critical needs. Firstly, this operating rate is at a level that produces adequate sample product that allows 5E to support our ongoing customer qualification process. Thus far, feedback we have received from interested and prospective customers has been increasingly positive. 2nd, we believe this production rate strikes the ideal balance for our operating costs relative to our existing liquidity profile to ensure we are utilizing our cash resources in an optimal fashion as we advance the data collection for our commercial strategy. We've been intently focused on optimizing our organizational plans, striking a sensible balance between scaling up operations and making sure we get the most value out of our capital resources.
We have been diligent in our efforts to eliminate unnecessary costs and the burden of any overhead that isn't properly aligned with the company's needs. Part of these efforts, we recently underwent a strategic reduction in workforce to optimize our team, reduce fixed and variable operating costs and find greater efficiency at current production levels. We estimate this initiative would allow us to save approximately $2,200,000 in operating expenditures in the upcoming calendar year. This brings me to our initial discussion on our decision making and go forward planning specific to our byproduct strategy. Since I assumed the CEO role in June, we have continued to analyze various byproducts from an economic, technical and operational lens.
Specifically, the 2,000,000 byproducts of focus have been gypsum and calcium chloride. At this stage, we have made the decision to pursue a calcium chloride byproduct, include this in our commercial basis of design and work towards partnership and offtake with multiple strategic players. Holistically, we believe it makes strategic and synergistic sense given the positives that we'll outline shortly. With that said, I'll turn the call over to Rod, who will outline the rationale behind this decision and provide an update on our roadmap to FID.
Rod MacLean, Vice President of Engineering and Construction, 5E Advanced Materials: Thanks, Paul, and good afternoon, everyone. I'll begin my remarks on Slide number 6, if you would turn to that. As we assessed calcium chloride, our analysis focused on the pillars of technical and operational ease, logistics, commercial and economic variables relative to gypsum. After laying out the pros and cons, we firmly believe moving forward with our calcium chloride is the optimum direction for the company. Calcium chloride is now included in our commercial basis of design.
At commercial scale, we have targeted selling 38% calcium chloride in solution and this is based on market feedback and initial samples provided to customers. Our market research has identified solid demands for this in the Southwestern United States as it supports various industrial and agricultural industries. At a basic level, calcium chloride is used for dust control, de icing, is commercially commonly utilized in oil and gas and used in various food and agricultural applications. From a technical perspective, maintaining and selling calcium chloride in solution is a simpler process when compared to refining a high grade gypsum. Operationally, we believe this focus on calcium chloride will allow us to reduce headcount at a commercial scale, reduce complexity of having to produce 2 high grade solid in large quantities improved safety given that we will not have to utilize sulfuric acid and yield less maintenance costs and requirements.
More importantly, however, is that we anticipate achieving about a 15% reduction in commercial CapEx as this focus has the potential to reduce the amount of solid handling equipment required to produce gypsum and simplify our design. These anticipated capital and cost savings coupled with what we believe to be a strong commercial market that can drive cash costs competitive with gypsum have supported our strategic decision to move forward with calcium chloride. Next (LON:NXT), if you'd move to Slide 7. I'd like to take a moment to discuss our progress for our commercial design and the next critical steps and timeline expected for the next 12 months as we look to achieve FID. The first phase of commercial engineering continues to progress well with material project documents established.
These include our project management system, project charter, project strategy, a detailed risk register and a project execution plan. Now with the intention to scope, optimize and reduce CapEx by incorporating calcium chloride into our basis of design, we now anticipate receiving our capital estimate from Fluor (NYSE:FLR) no later than spring of 2025. Obtaining the capital estimate will then drive a refresh of our technical report before we stage gate to FELL III, also known as FEED Engineering. We anticipate the FEED Engineering process will be a 7 to 8 month process, which will allow us to target financial investment decision in the late calendar year 2025. I'll now pass the call over to Mark to discuss our commercial progress and strategy.
Mark?
Mark Zamok, Vice President of Commercial Products, 5E Advanced Materials: Thanks, Rod. First, let me express that I'm excited to be a part of this company as a seasoned participant in the boron value chain, and I believe 5E is a well positioned new entrant to the marketplace. I'll begin my remarks on Slide 8. As Paul mentioned, last week we completed a major milestone and delivered our 1st truckload of product to a customer in the Western United States. Our first truckload sale was comprised of 22 Super Sacs and will be a credit against small scale facility operating costs.
Additionally, we also successfully shipped a Super Sac to a large domestic cellulose insulation manufacturer for testing purposes. As we think about our commercial development, our strategy will be to focus on customer segmentation by targeting customers with high margin profiles and with low cost to serve. At Commercial Phase 1, we only have 90,000 tons of production with this production level creating increased optionality as we can be highly selective on where we allocate those first 90,000 tons. Our intended customer base will support industries that include wind energy, LCD glass, insulation, traditional oil and gas, cellulose insulation and construction. There are so many industries where boric acid is critical and we believe we have the luxury to be selective.
Recently, we hired Kenneth Hu as Vice President of Commercial Products Asia. Kenneth will serve as my counterpart with a specific focus on the Asia Pacific market. Kenneth also carries multiple decades of meaningful and direct experience in the global sales and marketing of 4 H for both producers and consumers. We believe the addition of Kenneth to our team aligns directly with our expanded commercial strategy. By also targeting the APAC region, we have the opportunity to conduct another layer of strategic market segmentation for our volumes, ensuring that we have a solid balance of diversification across a consistent growing demand and robust pricing profile.
This aligns well as we strategically target customers that carry high margins and low overall cost to serve both in APAC and here domestically. As a West Coast project with a logistical advantage to California ports, the strategy to service the APAC region is aligned with 5E's goals. For context, Asia constitutes the largest center for global borates demand and we believe the market is opportunity rich with many potential buyers and targeted industries. Success in this market can create expanded pathways for significant long term returns for our business. Well, to date, our commercial focus has largely been applied toward U.
S.-based customers, Our broader strategy and vision calls for 5E to be a global leader, and that means we need to ensure we are participating everywhere there is solid demand for our production capabilities. Between Kenneth and I, 5E now has the ability to geographically cover more than 80% of the global voice demand. This will be a key strategic driver and we're excited with a quick success we have seen with our efforts. With a firm strategy for targeting customers, our attention now turns towards heads of agreement and offtake agreements to firm up our pipeline with bankable customers. We currently have a line of sight to offtake to the first 25% to 50% of our 90,000 tons and we are targeting having tonnage committed for the full Phase 2 by spring of 2025.
Having these types of agreements in hand will strengthen and establish a greater degree of predictability to 5E's forward economics, which in turn improves our ability to obtain the required capital to finance the project. We believe that offtake agreements and HOAs that go above and beyond our first 90,000 tons will strengthen 5E's legitimacy in the market as a global operator, demonstrate the confidence customers have in our business and the need for 5E to come online at commercial scale. In turn, we anticipate that successful execution in this arena can solidify a pathway to long term shareholder value creation, de risk the overall corporate profile and further strengthen 5E's legitimacy as an investable entity in the global capital markets. I look forward to keeping our shareholders and stakeholders updated on our commercial progress as we move forward. And with that, I will pass the presentation back to Paul.
Paul Weibel, Chief Executive Officer, 5E Advanced Materials: Thanks, Mark. Now turning to Slide 8, I'll spend a few moments speaking to our capital and funding strategy. During our last earnings call in September, we noted that 5E had submitted its initial application to the Export Import Bank of the United States for a loan back guarantee for project debt financing. During the quarter, we received the non binding letter of intent that outlined the potential for the creation of a $285,000,000 debt facility that would backstop a private sector loan or capital commitment as part of XM's Made in America initiative. The potential debt funding guarantee, if obtained, is expected to cover a substantial portion of our development capital needs for Phase 1 of our commercial project.
Achieving this LOI from Exim is a very important step towards getting the project financed at the best terms. Additionally, the LOI potentially enhances our credit profile, providing a possible means to securing the capital necessary to construct a commercial facility and positions us in our goal to produce for customers and generate cash flow at Phase 1 commercial. Our next step in ensuring that we utilize this positive development from XM is to submit our formal application to XM, which is expected to come shortly after the company completes our first phase of commercial engineering design in early 2025. While this development marks a solid step forward in our funding strategy, we note that this is just one avenue that we are pursuing and that our multi pronged approach to capital funding apparatuses and other non dilutive royalty structures and other private capital sources for both shorter term and longer term capital solutions remains open and ongoing. We continue to pursue multiple funding resources through our open applications with the U.
S. Government, specifically with U. S. Department of Defense in association with the DPA as well as open applications submitted to the U. S.
Department of Energy. While we await further clarity on the status of these funding applications, we continue to advocate for congressional backing and its support of domestically produced boron and its derivative products. Additionally, we continue to work with our partners in Washington to increase the likelihood of boron's inclusion on the USGS' critical minerals list, which should further strengthen 5E's ability to tap federal funding and finance 5E for commercial production. I'll wrap up my prepared remarks with the summary here. In just a few short months, 5E has made significant progress on some of the most critical elements of our strategy and go forward plan.
Our production levels of boric acid at our small scale facility have achieved consistency and stability, coinciding with an improvement in overall quality. We are producing at levels that optimize for the needs of our ongoing and advancing customer qualification process as well as our current liquidity profile. Given the unique attributes of our ore body, we'll now include calcium chloride as a byproduct in the basis of design for Phase 1 of commercial engineering. This in turn is expected to simplify our operations and reduce CapEx where we expect to establish a stronger IRR profile for the business. We are making solid advancements in our commercial strategy and have been able to utilize the improved production levels and increased product quality to build a more robust and strengthened customer pipeline.
We've been shipping larger volumes of boric acid to an expanded level of interested and potential customers, consistently meeting their desired specs and have successfully sold our first full truckload of Supersachs. We firmed up our strategy to segment customers and are making solid advancements towards securing off take agreements with a collection of customers that each sell into industries with significant growth potential and robust long term demand forecast. We have improved our commercial team with the addition of 2 highly skilled professionals who each bring multiple decades of experience in the global borates market and possess the necessary commercial relationships to help us execute effectively across our commercial strategy and maximize the economics of production capabilities. We've expanded our commercial focus into the APAC region where roughly 60% of the global demand stems from and between the U. S.
And APAC. We cover approximately 80% of global demand. While we are seeing solid support from U. S. Federal agencies and domestic consumers of boron and its specialty derivatives, we are working to ensure that we participate wherever our product and capabilities command the greatest degree of value.
We're going to be a global business and that means 5E is going to pursue global demand that maximizes our profitability while fostering sustained shareholder value creation. We have line of sight on offtake agreements for approximately 25% to 50% of our first 90,000 tons and we are working to commit tonnage for Phase 2 by the spring of 2025. And finally, we have seen progress being made across our capital funding strategy. We have been utilizing the funds from our prior capital raise to advance our most critical initiatives, operationally and commercially, and position the company to deliver on pre FEED engineering work and an updated PFS in 2025. We succeeded in obtaining an LOI from Exim that could provide the credit enhancement support for a meaningful project debt facility that would cover a significant portion of our commercial CapEx.
In the near term, we expect the following catalyst to include finalizing initial offtake and heads up agreements for both boric acid and calcium chloride. Next, the shipment of 18 tons of boric acid across the Pacific Ocean that will undergo tank testing at a large global specialty glass manufacturer, capturing additional offtake agreements from customers that are advancing in our pipeline. And last, the final CapEx estimate in 2025, which we expect to be meaningfully lower than the previous estimate in our prior technical report. We are excited about the progress made in just a few short months and look forward to keeping the market informed of the upcoming developments and near term value unlocking catalysts. As always, I'd like to thank the entire 5B Advanced Materials team for their hard work and contributions as we seek to build long term value for our shareholders.
With that, we will open up the call to your questions. Operator?
Conference Call Operator: Thank you. First question comes from Tate Sullivan with Maxim Group. Please proceed.
Tate Sullivan, Analyst, Maxim Group: Thank you. On the first truckload of 22 Super Saks, I mean, is that 1st truckload sale you said, so first revenue in this current quarter. Is that correct?
Paul Weibel, Chief Executive Officer, 5E Advanced Materials: That is correct, 22 Super Saks and then we will we're not going to report the revenue at this time. It will be ultimately a credit back against production costs of the small scale facility. And as you can see in this quarter, we're now starting to break out fixed and operating OpEx in one line on the income statement.
Tate Sullivan, Analyst, Maxim Group: How will that work legit? But is it still I mean, do you get a check from the entity that you supplied it to? But then the accounting, it's just a credit against that,
Paul Weibel, Chief Executive Officer, 5E Advanced Materials: the costs, is that how it works? Correct. Yes. No, those super sacks are monetized. And kind of as alluded on the last call, you can use 22 super sacks.
And so each month, we can kind of we can toggle production rates. But as if product is not going out specifically for our customer qualification, we're still running. And so we'll look to strategically make sales at optimal prices and realize the value.
Tate Sullivan, Analyst, Maxim Group: And then you mentioned potential catalysts going forward, the 18 ton shipment for tank testing, is that customer qualification as opposed to a sale to confirm?
Paul Weibel, Chief Executive Officer, 5E Advanced Materials: Correct. That will be customer qualification. And in that situation, that customer, we obviously will be providing the product. Hopefully, there's offtake behind that. And then, that customer is taking care of the freight.
Tate Sullivan, Analyst, Maxim Group: Are you currently at the small scale facility currently producing calcium chloride? Did you say or is that more of an engineering effort going forward for the Phase 1?
Paul Weibel, Chief Executive Officer, 5E Advanced Materials: So we've actually produced it in smaller quantities in our lab. Once you isolate the calcium and you remove the metal salts, it would be a matter of adding more HCl. But the small scale facility today was designed for gypsum and that's what it's producing today.
Tate Sullivan, Analyst, Maxim Group: Okay. And then last, the 7 to 8 month timeline for the FEED engineering study, is that consistent with what you thought about in terms of the FEED for the last couple of years in terms of the timeline?
Paul Weibel, Chief Executive Officer, 5E Advanced Materials: Yes. I think, listen, we needed to get firm on our byproducts. We needed to know that it is a gypsum or calcium chloride. And once we kind of lifted that veil and we did the market study and we did the pros and the cons. At that point in time, it's like we can kind of really truly run.
We've been running on the boric acid side. And now this slightly changes the design a bit. But I mean, in the overall scheme of things, it's pretty mean we expected to be a decent reduction in CapEx. And so once you can kind of stage gate and your PSDs and your P and IDs are completely locked down, no change is going to ensue, then you stage gate into FELL III, you reduce any change orders and you let 4 and our owners team really run.
Tate Sullivan, Analyst, Maxim Group: Yes. Thank you,
Conference Call Operator: We have a follow-up coming from Tate Sullivan. Tate, please proceed.
Tate Sullivan, Analyst, Maxim Group: Great. Thanks. What did you mean when you say you can cover 80% of the borate demand? Does that mean you have touch points with customers globally accounting for that 80%?
Paul Weibel, Chief Executive Officer, 5E Advanced Materials: Mark, you want to take this one?
Mark Zamok, Vice President of Commercial Products, 5E Advanced Materials: Yes, sure, Paul. So the borate market is dominated by the Asia Pacific market, China being a big part of that and the U. S. Market. So when we say we're covering 80% of the global market for borates, we have a representative that we've hired a couple of weeks ago, Ken Atu, who has 17 years experience from Rio Tinto (NYSE:RIO) and he's handling our Asia market for us.
That's 60% of the total offtake globally for borate. And I'm managing the U. S. Market, which is 20% of the global offtake for borate. So between the 2 of us, we'll have, yes, touch points and customer contacts across those two geographic regions totaling 80% of the total global borate market.
And the reason we've kind of focused our resources in that way is because those are not only high demand markets, but low cost to serve markets and high margin markets. Markets like Europe have very high cost to serve, high regulatory pathways to get product into Europe and very low price points. So we're not focusing on Europe, likewise with South America. So we've chosen to basically optimize our approach to cover APAC and the U. S.
To maximize shareholder value for 5E.
Tate Sullivan, Analyst, Maxim Group: Okay, great. And then going Paul, for the financials going forward, the operating costs for the small scale for the facility in 3Q, is that a normal operate you said from here you'll have deductions in that operating cost level or will that line item be consistent given the 1 ton per day 1 ton output?
Paul Weibel, Chief Executive Officer, 5E Advanced Materials: Yes. So it will be consistent with what you saw in Q1. But obviously, we made the strategic reduction, kind of optimize what the team looks like in quantity of operators per shift, also some maintenance personnel as we've just as we've gotten 6 months in, we've just gotten more efficient. And so that should be kind of similar to a little bit less. And then any sales of products as we progress would be credited against that.
So it will be that it should improve kind of quarter over quarter.
Tate Sullivan, Analyst, Maxim Group: I see. And just a couple of more modeling sort of how many pounds per sack roughly of forecast?
Paul Weibel, Chief Executive Officer, 5E Advanced Materials: That's an interesting question, because we've been kind of working through finding the right super sack. You're basically right at these were kind of 1700 to 1800. Obviously, it's 22. We'd like it to be a perfect £2,000 which is the U. S.
Equivalent of 1 short ton. We've now kind of identified a super sec that is quite ideal. So the plan on a daily basis can hit that one time. And so that should be the ideal target would be $2,000 but this first one was like about $17.50 would probably be your average.
Tate Sullivan, Analyst, Maxim Group: Okay. Thank you. And then maybe a little too early given, I mean, the feed will come with integrating the calcium chloride, but I mean, have you roughly with 1 ton of boric acid production, what would the potential yield of calcium chloride be or is that to be determined in terms of the volume?
Paul Weibel, Chief Executive Officer, 5E Advanced Materials: No. So I can speak to that right now. And we're kind of seeing it with our mass balances. So on a pure kind of it's probably on a 100 percent calcium chloride basis, you're a little bit like less than 1 for 1. You're probably because this is and I look at this more on the 90,000, but for every 90,000 tons of boric acid we'll produce, we'll produce about 75,000 tons of pure calcium chloride at 100%.
So then when you obviously that's not how it's sold. It's sold in 38%, which is diluted down with water. So you're approximately like 190,000 on that commercial scale on a tonnage basis. So where we would look like is if we and it's something we'll assess plans designed for gypsum, we kind of want to focus on the boron. But down the road, we're going to take a look at, hey, does it can we get the calcium chloride out of that small scale facility?
And if that would be the case at a ton a day, you're probably maybe 2 tons in solution, give or take, on the calcium chloride side.
Tate Sullivan, Analyst, Maxim Group: Okay. All right. Thank you for answering all my questions. Have a good night.
Paul Weibel, Chief Executive Officer, 5E Advanced Materials: No problem.
Conference Call Operator: We have no further questions in queue. I'd like to turn the floor back to Paul Weibel for closing remarks.
Paul Weibel, Chief Executive Officer, 5E Advanced Materials: Thank you everyone for your time and interest in 5E Advanced Materials Inc. We have a tremendous opportunity in front of us as the newest boric acid producer in the world. We have a proven asset and a strategy to modularly expand the asset over the next several years. Our commercial and operational strategies are advancing. We're capturing a growing level of regulatory and government support, which should help create additional low cost funding pathways.
We're looking forward to sharing this journey with all of you in the upcoming quarters. Thank you, and have a great day.
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