HESPERIA, Calif. - 5E Advanced Materials, Inc. (NASDAQ:FEAM) (ASX:5EA), a company focusing on boron and lithium production, announced a series of executive leadership changes and board appointments as it transitions to the first phase of commercial operations. The company's CEO Susan Brennan stepped down on Monday, and Paul Weibel, the current CFO, has taken over the role with immediate effect.
Brennan's departure comes after a 13-month tenure marked by significant milestones, including the construction of a small-scale boron facility and the initiation of production. David Salisbury, Chairman of the Board, expressed gratitude for Brennan's contributions and welcomed Weibel's leadership to steer the company's growth and enhance shareholder value.
In addition to the CEO change, Joshua Malm has been appointed Interim CFO, and Rod MacLaine has joined as Vice President of Engineering and Construction. J.T. Starzecki transitions from Chief Marketing Officer to Chief Strategy Officer, focusing on commercial advancement and customer qualification.
The board will see new faces with Bryn Jones joining on July 1, 2024, and Barry Dick's nomination pending election at the Annual General Meeting on June 24, 2024. Stefan Selig and Stephen Hunt will conclude their directorships on June 11 and June 30, respectively.
5E Advanced Materials, which has been designated as Critical Infrastructure by the U.S. government, aims to become a leading supplier of boron and lithium, essential for various industries including clean energy and electric transportation.
The company's strategy involves developing capabilities from upstream extraction to downstream advanced material processing. These changes come as the company prepares for the next phase of its development, focusing on the engineering and construction of its 5E Boron Americas Complex.
The information in this article is based on a press release statement from 5E Advanced Materials, Inc.
In other recent news, 5E Advanced Materials has secured $6 million in senior secured convertible notes from Bluescape Energy Partners and Ascend Global Investment Fund SPC. Each entity will purchase $3 million worth of notes, set to mature in August 2028, and are initially convertible at $1.53 per share. This funding is intended to support the operation of the company's Small-Scale Facility and further engineering efforts for a large-scale commercial operation.
According to the company's CFO, Paul Weibel, the capital injection will refine operational processes and prepare for customer qualification for commercial offtake agreements. Recently, 5E Advanced Materials has started producing commercial-grade boric acid, a notable development since the commencement of its mining operations in 2024.
The company's strategy focuses on the development of boron and lithium resources in Southern California, recognized as Critical Infrastructure by the Department of Homeland Security's Cybersecurity and Infrastructure Security Agency.
These recent developments highlight the company's ongoing commitment to supplying critical materials for industries engaged in global decarbonization, food security, and domestic security.
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