5E Advanced Metals files complaint to recover damages from Matrix

5E Advanced Materials Hires New Contractors to Complete Small Scale Boron Facility, Removing Matrix Services, While Filing Complaint to Recover Damages…In April 2022, 5E Advanced Materials entered into a contract with Matrix to lead the construction efforts in building the Company’s Small-Scale Boron Facility SSBF in Newberry Springs, California. As part of the contract in order to fulfill its scope of work, Matrix agreed to provide all construction project management, procurement services, and construction work through mechanical completion. After repeated cost escalation and schedule misses, 5E determined that Matrix could no longer deliver on the agreed-upon scopes of work as defined by the contract, and thus 5E made the decision to demobilize Matrix from the project site.The Company continues its guidance that the SSBF’s ability to produce boric acid is on track and will align with the EPA’s authorization to inject, which is the final condition the company needs to clear under its permit.