5E Advanced Metals (ASX:5EA) revealed preliminary economic ranges of its Fort Cady complex in California, adding that the permitted, in-situ boron mining project is now expected to deliver stronger first-phase economics than previously guidance while maintaining additional optionality for advanced materials production, according to a Friday Australian bourse filing.
First-phase production is now forecast to be 77,000 short tons of boron oxide, alongside a targeted capital expenditure of $390 million to $430 million.
It is targeting completion of vendor equipment testing by late April. Upon completion of the vendor equipment testing and the release of its pre-feasibility report, it expects to stage-gate to a streamlined front-end engineering Design (FEED) phase, keeping the project on track for a final investment decision by early 2026.
Having received a non-binding letter of intent for up to $285 million loan-backed guarantee on project debt financing for its commercial production facility, 5E Advanced Metals now expects to formally apply for the loan package following the completion of the first phase of commercial engineering with due diligence on-going during the FEED phase.
The firm's shares fell 6% in recent trading on Friday.
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