5E Advanced Materials (FEAM) said late Tuesday it signed a 10-year offtake heads of agreement with a domestic industrial customer.

The agreement serves as a foundation for the Fort Cady project's bankability and demonstrates that the company's boric acid meets the quality standards and technical requirements of end users.

The company said it targets additional offtake agreements over the coming weeks and months with industrial end users.

The company has also filed a provisional patent application for a stable meta boric acid product and is advancing additional customer samples, testing and qualification work, according to the company.

Shares of 5E Advanced Materials were up more than 12% in after-hours trading.