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Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

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Equity Bottom-Up

5E Advanced Materials  / Equity Bottom-Up

<div><ul><li>FEAM recently reported its 2QFY26 results and provided updates on the progress of the Fort Cady project, government actions, customer engagement initiatives, and its financial position.</li><li>Progress toward specialty and “mine-to-magnet” strategy. FEAM advanced customer validation at Fort Cady with 20 tons of boric acid shipped for specialty glass testing and 1,000 pounds for boron carbide trials, demonstrating product quality and process reliability.</li><li>Management has initiated a ferroboron supply chain assessment targeting magnet-grade material for late spring 2026 customer testing, positioning the company as a potential domestic “mine-to-magnet” supplier aligned with US critical mineral and magnet reshoring initiatives.</li></ul></div>

FEAM recently reported its 2QFY26 results and provided updates on the progress of the Fort Cady project, government actions, customer engagement initiatives, and its financial position.Progress toward specialty and “mine-to-magnet” strategy. FEAM advanced customer validation at Fort Cady with 20 tons of boric acid shipped for specialty glass testing and 1,000 pounds for boron carbide trials, demonstrating product quality and process reliability.Management has initiated a ferroboron supply chain assessment targeting magnet-grade material for late spring 2026 customer testing, positioning the company as a potential domestic “mine-to-magnet” supplier aligned with US critical mineral and magnet reshoring initiatives.

FEAM: Resource Expansion and Mine-To-Magnet Strategy Advance as Federal Financing Pathways Improve