Why 5E Advanced Materials Shares Are Surging Today

5E Advanced Materials Inc FEAM shares are surging today after the company received authorization from the Environmental Protection Agency to conduct Step-Rate Testing under existing permit.

The company can now inject water, which initiates Step-Rate Testing, a condition under the 5E's underground injection control (UIC) permit required to complete the final tests of injection-recovery wells. 

Following the company's letter to the EPA defining testing protocol, the agency has officially confirmed that conditions are met for authorization to inject water, or Step-Rate Testing.

The approval to progress under the terms of the company's existing permit marks a progressive step towards conducting full boric acid and lithium carbonate extraction operations.

Once the Step-Rate Testing is successfully completed, the 5E will use the data to advance discussions with the EPA to further progress implementing the UIC permit.

"In turn, this crucial step also allows the Company to advance discussions surrounding strategic funding through a combination of direct investment, off-taking agreements and royalty rights, and potential project financing through U.S. government agencies including both the Departments of Energy and Defense," said VP of Operations Chris Knight.

5E Advanced Materials is a boron and lithium company with U.S. government Critical Infrastructure designation for its 5E Boron Americas (Fort Cady) Complex.

Price Action: FEAM shares are trading higher by 8.22% at $2.4350 on the last check Friday.