5E Advanced Materials, Inc. (FEAM) 2026 Q3 法說會逐字稿

Good afternoon and thank you for joining us today for 5E Advanced Materials Fiscal Third Quarter 2026 Conference Call and Shareholder Update. During today's call, management will reference the company's quarterly report on Form 10-Q for the quarterly period ended March 31, 2026, which is available in the Investor Relations section of the company's website.

各位下午好，感謝您今天參加 5E Advanced Materials 2026 會計年度第三季財報電話會議暨股東更新。於今日會議中，管理層將引用公司截至 2026 年 3 月 31 日之季度期間的 Form 10-Q 季度報告，該報告可於公司網站的投資人關係（Investor Relations）專區取得。

For a copy of the Form 10-Q, you may also contact PRA Communications at team@pracommunications.com. As a reminder, remarks made on today's conference call will contain forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding expected future results, costs, production capacity, market dynamics, capital expenditures, liquidity, cash spending, finance objectives and options, customer demand, purchase order commitments, offtake arrangements, customer qualification activities, commercialization strategy, development plans, engineering, and project financing activities, including feed-related work and the timing and scope of future engineering phases, advancement of supply chain initiatives and products.

如需 Form 10-Q 的副本，您亦可聯絡 PRA Communications（team@pracommunications.com）。提醒各位，今日電話會議中的發言將包含《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）安全港條款所定義之「前瞻性陳述」，包括關於預期未來業績、成本、產能、市場動態、資本支出、流動性、現金支出、財務目標與選項、客戶需求、採購訂單承諾、承購（offtake）安排、客戶認證活動、商業化策略、開發計畫、工程與專案融資活動（包括與原料相關之工作，以及未來工程階段的時程與範圍）、供應鏈倡議與產品推進等之陳述。

The potential benefits of our ASX delisting, the potential applications of our products across energy, defense, and industrial markets, government-based financing opportunities, including EXIM-related diligence, the company's ability to continue operating the small-scale facility and developing the project, and potential development of advanced boron derivative products, including metaboric acid and ferroboron.

亦包括我們自澳洲證券交易所（ASX）下市的潛在效益、我們產品在能源、國防及工業市場的潛在應用、政府融資機會（包括與 EXIM 相關之盡職調查）、公司持續營運小規模設施並推進專案開發之能力，以及先進硼衍生產品（包括偏硼酸（metaboric acid）與硼鐵（ferroboron））的潛在開發。

These statements are based on management's current expectations and involve risks and uncertainties that could cause actual results to differ materially and adversely from those projected or discussed. Additional information concerning factors that could cause actual results to differ materially and adversely from these forward-looking statements is contained in our disclosures and public filings with the SEC, including our Form 10-Q for the quarter ended March 31, 2026.

上述陳述係基於管理層目前之預期，並涉及可能導致實際結果與所預測或討論內容出現重大且不利差異之風險與不確定性。關於可能導致實際結果與該等前瞻性陳述出現重大且不利差異之因素的更多資訊，載於我們向美國證券交易委員會（SEC）提交之揭露文件與公開申報資料中，包括截至 2026 年 3 月 31 日止季度之 Form 10-Q。

The company undertakes no obligation to update forward-looking statements, except [those] required by law. Today's call may also include a discussion of non-GAAP financial measures, as that term is defined in Regulation G. Non-GAAP financial measures should not be considered in isolation from or as a substitute for financial information presented in compliance with GAAP.

除法律要求外，公司不承擔更新前瞻性陳述之義務。今日會議亦可能討論《G 規則》（Regulation G）所定義之非 GAAP 財務衡量指標。非 GAAP 財務衡量指標不應脫離依 GAAP 編製之財務資訊而單獨考量，亦不應作為其替代。

This afternoon's conference call is hosted by 5E's Chief Executive Officer, Paul Weibel. Management will first lead off the call by making prepared comments, after which we will open up the call for your questions. I'll now turn the call over to Paul. Paul.

今天下午的電話會議由 5E 執行長 Paul Weibel 主持。管理層將先發表準備好的談話，之後我們將開放提問。現在把電話交給 Paul。Paul。

Good afternoon and thank you for joining us today. The third quarter of fiscal 2026 was a pivotal one for 5E Advanced Materials, one in which the team delivered a number of important operational milestones. Most importantly, we signed our first offtake heads of agreement with the domestic and industrial end user of boric acid.

各位下午好，感謝您今天加入我們。2026 會計年度第三季對 5E Advanced Materials 而言是關鍵的一季，團隊達成了多項重要的營運里程碑。最重要的是，我們與一家國內工業端硼酸終端用戶簽署了首份承購意向協議（offtake heads of agreement）。

The agreement is for 7,500 tons of boric acid per year, with optionality to increase supply to 10,000 tons per year. The agreement is a long-term with fixed pricing, annual escalation, and an initial five-year term with an automatic renewal for up to 10 years. This agreement represents a major milestone for the company and the countless hours that our team has spent cultivating relationships with potential end users.

該協議為每年 7,500 噸硼酸，並可選擇將供應量提高至每年 10,000 噸。此為長期協議，採固定價格並具年度調升機制，初始期限為五年，且可自動續約最長至 10 年。此協議對公司而言是一項重大里程碑，也反映了我們團隊為培養與潛在終端用戶之關係所投入的無數時間。

Moreover, it sends a clear message to the market that our products meet industry specifications and end users desire a new market supplier. While a definitive purchase agreement is expected to be finalized in conjunction with project finance diligence. This is an important step in the process of converting customer interest into commercial terms with price and quantity specified that can support lender diligence and underwriting.

此外，這也向市場清楚傳達：我們的產品符合產業規格，且終端用戶希望有新的市場供應商。雖然最終採購協議預期將與專案融資盡職調查同步完成定案，但這是將客戶興趣轉化為具體商業條款（明確價格與數量），以支持貸方盡職調查與承作審核的重要一步。

Apologies, Paul. We seem to have lost your order. Are you still connected?

抱歉，Paul。我們似乎失去你的訊號了。你還在線上嗎？

Can you hear me?

你聽得到我嗎？

Yes, I can hear you now.

是的，我現在聽得到你了。

This offtake comes following a customer roadshow that five years team undertook in March, where we met with key decision makers at 12 end users and distributors of boric acid across various industrial market segments. The purpose of the roadshow was to provide an in-person 5E project update, as well as understand each customer's business, the technical requirements, logistic needs, and discuss contract terms.

這項承購安排是在 3 月份 5E 團隊進行客戶巡迴拜訪（roadshow）之後促成；當時我們與 12 家跨不同工業市場區隔的硼酸終端用戶與經銷商之關鍵決策者會面。此次巡迴的目的，是面對面提供 5E 專案最新進展，同時了解各客戶的業務、技術需求、物流需求，並討論合約條款。

The key message that we took away from these end users is that there is a growing urgency to develop a new, resilient, and reliable domestic supply chain. Multiple customers requested proposals and commercial terms, with the first agreement now signed. As a result, we strongly believe today's announced offtake is the first within an expanding pipeline of additional offtakes to come.

我們從這些終端用戶得到的核心訊息是：建立新的、具韌性且可靠的國內供應鏈之急迫性正在上升。多位客戶要求我們提出方案與商業條款，而首份協議現已簽署。因此，我們堅信今日宣布的承購安排，將是未來更多承購協議擴大管線中的第一份。

We have various proposals at different stages, and over the coming weeks and months, we expect to continue advancing additional offtake agreements with bankable terms that are intended to underpin project debt financing. Our near-term commercial objective is clear: continue converting demand into agreements with bankable terms while maintaining discipline on pricing, counterparty quality, and long-term project value.

我們目前有多項提案處於不同階段，並預期在未來數週與數月內，持續推進更多具可融資（bankable）條款的承購協議，以作為專案債務融資的基礎。我們的短期商業目標很明確：在維持對定價、交易對手品質與專案長期價值之紀律的同時，持續將需求轉化為具可融資條款的協議。

A second important operational milestone that was achieved during the third quarter was our successful development of a metaboric acid. Metaboric acid enables 5E to offer a high-value specialty boric acid and uniquely positions 5E to deliver a boric acid with higher grades of B2O3.

第三季達成的第二項重要營運里程碑，是我們成功開發出偏硼酸（metaboric acid）。偏硼酸使 5E 能夠提供高價值的特種硼酸，並使 5E 具備獨特定位，可交付具有更高 B2O3 等級的硼酸產品。

Thanks to our highly talented in-house R&D team, we believe we have produced a stable, free-flowing metaboric acid, achieving approximately 80% B2O3 equivalent content. Metaboric acid provides an option for potential customers seeking higher boron content products. For context, in today's market, boric acid is 56.3% B2O3. And boron oxide is approximately 98% B2O3.

憑藉我們極具才華的內部研發團隊，我們相信已製得穩定且具良好流動性的偏硼酸，其 B2O3 當量含量約達 80%。偏硼酸為尋求更高硼含量產品的潛在客戶提供了另一種選擇。作為背景說明，在目前市場中，硼酸的 B2O3 含量為 56.3%，而氧化硼約為 98% B2O3。

Typically, boron oxide is selling for three to four times the price of boric acid. So for example, if boric acid is sold for $1,000 per ton, and boron oxide is sold for $3,000 per ton, and boric acid is 56.3% B2O3, and boron oxide is 98% B2O3. There is a stoichiometric price for an intermediary product with 80% B2O3, where we believe we can achieve a higher price point somewhere in between.

一般而言，氧化硼的售價約為硼酸的三到四倍。舉例來說，若硼酸以每噸 1,000 美元出售，而氧化硼以每噸 3,000 美元出售，且硼酸為 56.3% B2O3、氧化硼為 98% B2O3，則對於一種 B2O3 含量為 80% 的中間產品，存在一個依化學計量（stoichiometric）推導的價格區間；我們相信可在兩者之間取得較高的定價水準。

Hypothetically speaking, a contract for 10,000 tons of boric acid with a fixed price of $1,000 per ton would potentially yield $10 million in future annual revenue. Ton contract for metaboric acid could yield an equivalent stoichiometric price relative to boric acid of $1,750 per ton, or a contract yielding approximately $17.5 million in future revenue.

假設而言，一份以每噸1,000美元固定價格簽訂的10,000噸硼酸合約，未來每年潛在可帶來1,000萬美元營收。偏硼酸的噸位合約，按相對於硼酸的等當量化學計量價格計算，可能為每噸1,750美元，或帶來約1,750萬美元的未來營收。

There is also a logistical advantage whereby the cost to ship 10,000 tons is the same for both boric acid and metaboric acid, where the metaboric acid ultimately drives the same shipping costs as boric acid, yet is a much more valuable contract. This accomplishment solidifies the next step in becoming the US's only domestically owned, vertically integrated producer of boron and high-value advanced boric acid products, from mine to end products.

此外還有一項物流優勢：運送10,000噸的成本對硼酸與偏硼酸而言相同；偏硼酸最終帶來的運輸成本與硼酸一致，但合約價值高得多。此一成果鞏固了我們邁向下一步：成為美國唯一由本土持有、垂直整合的硼及高價值先進硼酸產品生產商，從礦山到終端產品。

Given this technological advancement, we filed a provisional patent application to protect the company's intellectual property and enable additional commercialization pathways. Secondary trials are ongoing and samples have been provided to end users for testing and qualification with the expectation that we can contract on this product.

鑑於此項技術進展，我們已提交臨時專利申請，以保護公司的智慧財產並開啟更多商業化途徑。第二輪試驗仍在進行中，且已向終端用戶提供樣品以進行測試與認證，並預期我們可就此產品簽訂合約。

We are working to advance commercial discussions with prospective customers. Importantly, this work will also give us the optionality to pursue higher value product pathways in parallel with and potentially ahead of the full-scale commercial product. In February of this year, we announced the kick-off of a ferroboron product trial program in which we are evaluating production of magnet-grade ferroboron, crucial to the US specialty steel and permanent magnet supply chains.

我們正推進與潛在客戶的商業洽談。重要的是，這項工作也將使我們具備選擇權，得以在全規模商業產品之外，並行且可能提前追求更高價值的產品路徑。今年2月，我們宣布啟動一項鐵硼產品試驗計畫，評估生產磁材級鐵硼，該材料對美國特種鋼與永磁供應鏈至關重要。

At this point in time, initial crucible testing has commenced, and over the coming weeks, we expect to produce a magnet-grade ferroboron and provide samples to various customers. This program comes on the heels of collaboration with potential magnet producers.

目前已開始初步坩堝測試，並在未來數週內，我們預期將生產磁材級鐵硼並向多家客戶提供樣品。此計畫是在與潛在磁材生產商合作之後所推進。

Ferroboron is used in the creation of specialty steel and permanent magnets destined to numerous high-demand market segments, including high-efficiency electric motors, wind turbines, industrial automation, and defense systems.

鐵硼用於製造特種鋼與永磁體，應用於多個高需求市場領域，包括高效率電動馬達、風力渦輪機、工業自動化與國防系統。

Global magnet supply chains remain highly concentrated, and recent export controls and geopolitical friction are forcing customers to focus on resilient US Domestic magnet supply chains as an alternative to Chinese imports. This trial reflects our strategy to expand beyond first derivative 4-A products and into high-value performance materials, supporting our long-term revenue mix and strategic relevance to growing market segments.

全球磁材供應鏈仍高度集中，近期的出口管制與地緣政治摩擦正迫使客戶將重點轉向具韌性的美國本土磁材供應鏈，以作為中國進口的替代方案。此項試驗反映我們的策略：從第一代4-A產品延伸，進入高價值性能材料領域，以支持我們長期的營收組合並提升在成長型市場區隔中的策略相關性。

The team will continue to aggressively market our product offering and in June, our commercial team will begin marketing in Asia with a goal of replicating what we are now executing in real time in the US Market. Our objective will be to introduce 5E as a viable supplier of borate products, discuss our range of product offerings, and to lay the foundation for contract proposals.

團隊將持續積極行銷我們的產品組合，並於6月由我們的商務團隊開始在亞洲展開行銷，目標是複製我們目前在美國市場即時執行的成果。我們的目標是將5E介紹為可行的硼酸鹽產品供應商，討論我們的產品範圍，並為合約提案奠定基礎。

As the domestic boric acid market has slipped into a supply deficit, we believe tightening will transition to Asia for the upcoming contracting season. We now have a growing ability to provide a portfolio of boric products to a global customer base.

隨著美國國內硼酸市場已轉為供應缺口，我們認為在即將到來的簽約季，供需緊縮將轉移至亞洲。我們目前提供硼產品組合給全球客戶群的能力正持續提升。

All of the previously mentioned accomplishments have been underpinned by the company's strong cash balance, supported by a successful four times oversubscribed $36 million public equity offering that closed in early February. This capital raise demonstrated strong support from capital markets for our vision and growth strategy.

上述所有成果皆以公司強勁的現金餘額為支撐，而該現金餘額來自於一項成功的3,600萬美元公開股權募資，且該募資獲得四倍超額認購並於2月初完成交割。此次募資顯示資本市場對我們願景與成長策略的強力支持。

This bolstered 5E's balance sheet and has enabled us to focus on delivering meaningful catalysts centered on commercial contracts and financing readiness to develop the Fort Cady project. As we think about longer-term financing needs, we recently attended the Export-Import Bank of the United States Annual Conference, where we met with delegates to discuss 5E's longer-term project finance needs and the expected offtake agreements that will underpin a Make More in America project finance debt facility.

這強化了5E的資產負債表，使我們得以專注於交付以商業合約與融資就緒度為核心的關鍵催化劑，以推進Fort Cady專案開發。就較長期的融資需求而言，我們近期參加了美國進出口銀行（Export-Import Bank of the United States）年度會議，並與代表團會面，討論5E較長期的專案融資需求，以及預期將支撐「Make More in America」專案融資債務額度的承購（offtake）協議。

As well as our current application under EXIM's Engineering Multiplier Program, where loan proceeds can be applied to valid feed engineering expenditures. I'm pleased to report that active diligence is progressing for the EMP loan and that we maintain a biweekly call cadence to work through real-time deliverables.

以及我們目前在EXIM工程乘數計畫（Engineering Multiplier Program, EMP）下的申請，該計畫的貸款資金可用於合格的前端工程支出。我很高興報告，EMP貸款的積極盡職調查正在推進中，我們也維持每兩週一次的例行通話節奏，以處理即時交付事項。

Historically, this quarter's milestones are important because they directly support the work required to advance the project towards its next phase. Our focus is on continuing to convert customer interest into increasingly financeable commercial agreements, advancing active lender and government financing diligence, and completing the technical, commercial, and execution readiness work necessary to support the next phase of engineering when the appropriate conditions are in place.

歷史上，本季的里程碑之所以重要，是因為它們直接支援推動專案進入下一階段所需的工作。我們的重點在於：持續將客戶興趣轉化為更具可融資性的商業協議、推進與放款機構及政府融資相關的盡職調查，以及完成支援下一階段工程所需的技術、商務與執行就緒度工作，並在適當條件到位時啟動。

While there is still work ahead, we believe the progress made this quarter meaningfully de-risks the project, delivers catalysts, strengthens our financing pathway and reinforces our confidence in Fort Cady as an economic and investable domestic boron platform.

儘管仍有工作待完成，我們認為本季取得的進展已實質降低專案風險、帶來催化劑、強化我們的融資路徑，並加深我們對Fort Cady作為具經濟性且可投資的國內硼平台的信心。

Overall. Our third-quarter efforts and accomplishments have enabled us to take major steps forward in our strategy of becoming a mine-to-market supplier of borate and advanced boron derivative products. With a diversified portfolio of borate products, our first product offtake agreement in place, a pipeline of others being stage-gated towards signature, the supportive undercurrent of boron market dynamics.

整體而言，我們第三季的努力與成果，使我們在成為從礦山到市場的硼酸鹽及先進硼衍生產品供應商策略上邁出重大步伐。憑藉多元化的硼酸鹽產品組合、已到位的首份產品承購（offtake）協議、以及其他正按階段門檻推進至簽署的協議管線，再加上硼市場動態所提供的支持性趨勢。

In support of US Legislation and domestic policy, we believe we have a solid foundation to continue de-risking the project while diligently preparing for the next phase of engineering and financing for phase one of the Fort Cady project. We believe these efforts will deliver shareholder value. With that, we are ready to open up the call for questions.

在美國立法與國內政策的支持下，我們相信已具備穩固基礎，可在審慎準備Fort Cady專案第一期下一階段工程與融資的同時，持續降低專案風險。我們相信這些努力將為股東創造價值。接下來，我們準備開放提問。

(Operator Instructions)

（接線員指示）

Okay, and there were no questions currently from the Lines. I will now hand the call back to Paul Weibel.

好的，目前線上沒有提問。我現在把電話交回給Paul Weibel。

Thank you to everyone for joining today. We look forward to keeping you updated as the next milestones come in, advancing through additional customer offtakes, engineering, project financing, and Phase 1 construction readiness. Thank you and have a great day.

感謝各位今天的參與。我們期待在下一些里程碑到來時持續向各位更新，包括推進更多客戶承購（offtake）、工程、專案融資，以及第一期施工就緒度。謝謝，祝各位有美好的一天。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。