Financial Data and Key Metrics - The company ended the quarter with a cash balance of $20.3 million as of June 30, 2023 [34] - Phase 1 development has an estimated capital requirement of roughly $389 million, with $37 million needed in the first year [32] - The 90,000 short tons of boric acid production and 1,100 short tons of lithium carbonate are expected to generate over $101 million of EBITDA annually, with EBITDA margins of over 62% [33] Business Line Data and Key Metrics - The Small Scale Boron Facility (SSBF) is nearing completion and is expected to produce 2,000 tons of boric acid initially, with plans to scale up production [72] - The company plans to produce 450,000 short tons of boric acid and 5,500 short tons of lithium carbonate when fully operational [26] - The SSBF is divided into five sections: Wellfield, Utilities, PLS, Boric Acid, and Gypsum, with the Wellfield, Utilities, and PLS ready to operate [46] Market Data and Key Metrics - The global boron market is expected to grow significantly, with 1.6 million tons of new demand anticipated over the next several years [56] - Approximately 65% of global boron supply is controlled by a Turkish government-owned entity, creating an opportunity for the company to become a primary domestic U.S. supplier [56] - The company is positioned to address the widening gap between boric acid supply and demand, with no significant new projects expected to come online soon [57] Company Strategy and Industry Competition - The company is focused on advancing the 5E Boron Americas project, which is the only permitted boron deposit with a commercially viable resource expected to come online in the next five to seven years [29] - The company is pursuing a phased execution strategy over three modules, allowing for scalable production in a modular and de-risked manner [30] - The company is engaging with government agencies, including the Department of Defense and the Department of Energy, to secure funding and partnerships [52][64] Management Commentary on Operating Environment and Future Outlook - The company is awaiting final clearance from the EPA to begin operations, with step rate testing being the last remaining condition for the injection approval process [41] - The company is actively engaging in conversations to pursue additional capital from investment partners and other funding sources [50] - The company expects to receive authorization to inject acid, which will allow them to commence mining and begin producing boric acid, lithium carbonate, and gypsum [47] Other Important Information - The company has a 31-year mine life and future exploration targets to expand production [30] - The company has taken steps to reduce overhead costs, with a goal of maintaining a G&A burn rate of about $1.5 million per month [109] - The company has a number of commercial LOIs in place and is in ongoing discussions with potential offtake customers [62] Q&A Session Summary Question: Pricing assumptions and market deficit timing [81] - The company expects first full-year production pricing to be around $1,700 per ton, with prices expected to ramp up due to supply deficits [99] - The market is already in a deficit position, with supply being fully spoken for in recent quarters [3] Question: SSBF output allocation and product qualification timeline [84] - Initial SSBF output will be used for product qualification, with full commercial qualification expected to take three to six months [73] - Once qualified, the company plans to sell product into the spot market and potentially service offtake customers early [72] Question: Government financing timing and potential funding [119] - The Department of Defense (DOD) funding process is quicker, with potential funding being written into an appropriations bill [91] - The Department of Energy's Loan Programs Office (LPO) process is more detailed and could take around 12 months or longer, but offers significant capital [92] Question: Customer discussions and supply diversification [102] - Customers are increasingly looking to diversify their supply base due to product quality issues and the risk of relying on a single supplier [102] - The company is exploring opportunities to sell ahead and secure prepayments from customers [103] Question: EPA permit clarification [104] - The company has a permit in place but needs to meet certain conditions, including step rate testing, before receiving full authorization to inject acid [105] Question: SSBF CapEx details [111] - The incremental $5 million in CapEx for the SSBF will go towards finalizing piping, electrical work, and leased equipment for the boric acid and gypsum sections [95] Question: SSBF production allocation [97] - A portion of the initial 9,000 short tons of boric acid production will be used for quality testing, with the remainder available for sales once qualification is complete [113]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41279 5E ADVANCED MATERIALS, INC. (Exact name of Registrant as specified in its Charter) Delaware 87-3426517 (State or other jurisdiction of incorpo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41279 5E ADVANCED MATERIALS, INC. (Exact name of Registrant as specified in its Charter) Delaware 87-3426517 (State or other jur ...

Production Plans - The company aims to commence initial production of boric acid by late Q1 or early Q2 of 2023, contingent upon successful commissioning activities and EPA clearance[73]. - The company is targeting initial production of lithium carbonate in the second calendar quarter of 2023, making it the third producer of boron in the U.S. after only two companies produced borates in 2022[74]. Financial Performance - Project expenses for the three months ended December 31, 2022, increased by 14% to $3,404,000 compared to $2,990,000 in the same period of 2021[85]. - General and administrative expenses decreased by 2% to $7,701,000 for the three months ended December 31, 2022, compared to $7,830,000 in the prior year[85]. - The company reported a net loss of $14,863,000 for the three months ended December 31, 2022, a 35% increase compared to a net loss of $11,039,000 in the same period of 2021[85]. Funding and Financing - The company is exploring government funding opportunities in defense, clean energy, agriculture, and food security, with ongoing discussions with multiple governmental entities[78]. - The company is considering non-dilutive debt financing options for its larger scale facility to support its production plans[79]. - The company executed a $60 million private placement of senior secured convertible notes in August 2022 to fund the construction and operation of its Small-Scale Facility[95]. Liquidity and Cash Management - The company’s liquidity forecast indicates available cash resources are expected to be exhausted by Q4 2023, necessitating exploration of various financing options[81]. - As of December 31, 2022, the company had cash and cash equivalents of $56.8 million and working capital of $45.3 million, an increase from $31.1 million and $25.2 million as of June 30, 2022[94]. - The company’s available cash resources are expected to be exhausted in the fourth quarter of calendar year 2023 without additional financing[98]. - The company’s convertible note contains a financial covenant requiring a cash balance of at least $10 million, which is projected to fall below this threshold by the end of February 2024[98]. Capital Expenditures and Commitments - The company plans to optimize infrastructure capital expenditures for its larger-scale facility, which may include expanding non-potable water resources and upgrading shore power[96]. - The company has contractual commitments of $20 million for construction works in progress, with $6.2 million reflected in accounts payable and accrued liabilities as of December 31, 2022[100]. Exploration and Tax Matters - The company must incur exploration expenses of $900 thousand by December 31, 2023, under the Salt Wells Earn-in Agreement to fully realize mineral interest rights[102]. - The company has recorded a full valuation allowance against its net deferred tax asset, resulting in no income tax expense or benefit for the three and six months ended December 31, 2022[93]. Revenue Generation - The company has not generated revenues since inception and has relied on equity financing and hybrid equity and debt instruments to fund its operations[94].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | |----------------------------------------------------------------------------------|-------------------------------| | | | | Commission F ...

Table of Contents Title of each classTrading Symbol(s)Name of each exchange on which registered Common Stock, $0.01 par value FEAM The NASDAQ Global Select Market Emerging growth company ☒ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition p ...

Table of Contents Title of each classTrading Symbol(s)Name of each exchange on which registered Common Stock, $0.01 par value FEAM The Nasdaq Global Select Market UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☐ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ...