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Resource

5E’s Fort Cady asset is a highly rare and large colemanite deposit and is the largest known contained borate occurrence in the world not owned by the two major borate producers Rio Tinto and Eti Maden. The Project has a JORC mineral estimate of Resource of 120.4 million metric tonnes (“Mt”) at 6.5% B2O3 (11.6% Boric Acid equivalent [H3BO3] and 340 ppm Lithium (5% B2O3 cut-off) for 7.8 Mt contained B2O3 (13.9 Mt H3BO3):

  • Total Measured MRE of 38.87 Mt at 6.70% B2O3 (11.91% H3BO3) and 379 ppm Lithium (5% B2O3 cut-off grade) for 2.61 Mt contained B2O3 (4.63 Mt H3BO3)
  • Total Indicated MRE of 19.72 Mt at 6.40% B2O3 (11.36% H3BO3) and 343 ppm Lithium (5% B2O3 cut-off grade) for 1.26 Mt contained B2O3 (2.24 Mt H3BO3)
  • Total Inferred MRE of 61.85 Mt at 6.43% B2O3 (11.42% H3BO3) and 322 ppm Lithium (5% B2O3 cut-off) for 3.98 Mt contained B2O3 (7.07 Mt H3BO3)

Rare Boron deposit with few sources globally to meet growing demand

Substantially permitted targeting operations in late CY2022

Excellent infrastructure options including grid electricity, gas, water access, and geothermal potential

Low technical risk with ore body previously mined and proven off the shelf processing

ESG and sustainability profile integrated driven by low carbon footprint

Resource Tables

JORC Compliant Mineral Resource Estimate and Reserve
Reserves MMt B2O3 % H3BO3 % Li ppm B2O3 Mt H3BO3 Mt
   - Proven 27.21 6.70 11.91 379 1.82 3.24
   - Probable 13.80 6.40 11.36 343 0.88 1.57
Total Reserves 41.01 6.60 11.72 367 2.71 4.81
Resources            
   - Measured 38.87 6.70 11.91 379 2.61 4.63
   - Indicated 19.72 6.40 11.36 343 1.26 2.24
Total M&I 58.59 6.60 11.72 367 3.87 6.87
   - Inferred 61.85 6.43 11.42 322 3.98 7.07
Total M, I&I 120.44 6.51 11.57 344 7.84 13.93
S-K Compliant Mineral Resource Estimate
Resources MsT B2O3 % H3BO3 % Li ppm B2O3 MsT H3BO3 MsT
   - Measured 35.96 6.57 11.67 330 2.36 4.2
   - Indicated 61.59 6.51 11.55 318 4.01 7.12
Total M&I 97.55 6.53 11.61 324 6.37 11.31
   - Inferred 11.43 6.40 11.37 324 0.74 1.31
Total M, I&I 108.98 6.52 11.60 324 7.11 12.62

Permits

The Company’s Fort Cady Borate Mine is currently substantially permitted to commence production.

The Environmental Impact Statement and Report considered the following:

The proposed action consists of the construction and operation of a borate production mine and process plant with the capability of producing 90,000 tons per year of borate product. The proposed facility would employ in-situ mining technology to mine an ore body containing colemanite, a boron-bearing, hydrous oxide (Ca2B6O11. 5H2O) mineral. The recovery of boron from the colemanite mineral would be accomplished by injecting a weak acid solution (no more than five percent hydrochloric acid, sulfuric acid, or a mixture of both in a water solution) into the ore body. The acid would react with the alkaline nature of the ore body to recover a mixture of borate product and calcium chloride, which would be dissolved in solution as products of the chemical reaction. This solution would be withdrawn from the well and pumped to the process plant where borate crystals would be precipitated. The remaining formation would be a porous matrix of clays and insoluble minerals. The void space that would result from the leaching process would constitute less than 12 percent of the formation, and the void space would ultimately contain water, therefore subsidence is not expected to occur.

Under the Plan of Operations the mine is expected to operate for around 130 years with the following components:

  • A 273 acre well field that would ultimately be comprised of up to approximately 200 wells;
  • A 10 acre process plant;
  • A 16 acre gypsum deposition area; and
  • Water pipelines, railroad spur and three access roads.

Figure 1. Map showing operating permit boundary, site options, in place infrastructure and resource.