The announcement of the first boric acid production signifies a successful operational milestone for 5E Advanced Materials, potentially increasing investor confidence in the company's capabilities and future prospects. The extension of the cash covenant waiver provides the company with additional financial flexibility, which could be viewed positively by investors as it may reduce short-term liquidity risk. These developments are likely to have a positive impact on FEAM's stock price in the short term, as they demonstrate progress in product development and financial management.