5E Advanced Materials (FEAM) investor relations material

Executive summary

• The company is a development-stage critical materials supplier focused on borates and advanced boron derivatives, with a flagship project in California targeting boric acid, calcium chloride, gypsum, and potential lithium carbonate production.

• The Fort Cady Project is underpinned by significant measured and indicated boron and lithium resources, with a 37.5-year mine life for Phase 1 and expansion potential.

• The updated Preliminary Feasibility Study (PFS) estimates a $711M NPV (7% discount) and 19.2% IRR, with a $435M capital cost for Phase 1, targeting 130,000 short tons/year boric acid output.

• The company completed key milestones: SSF operation, first product shipments, customer qualification, and non-binding offtake agreements.

• A pending acquisition of Searles Valley Minerals assets is expected to expand production capabilities and resource base.

Financial highlights

• Fiscal 2026 net loss was $42.9M, compared to a $31.6M loss in 2025, driven by project expenses, SSF costs, and G&A, partially offset by reduced interest expense and no debt extinguishment gain.

• Cash and cash equivalents at June 30, 2026 were $19.5M, up from $3.8M in 2025, due to equity offerings and warrant exercises.

• Working capital improved to $17.3M from a $1.8M deficit year-over-year.

• Total assets were $68.0M and total stockholders’ equity was $64.1M at year-end.

• No revenue was generated; the company remains pre-commercial.

Outlook and guidance

• Initial commercial production from Phase 1 is targeted for 2030, contingent on FEED engineering completion by January 2027 and securing construction financing by January 2028.

• The company requires substantial additional financing to continue as a going concern and advance the project; there is substantial doubt about its ability to continue without new capital.

• Pending Searles Valley Minerals acquisition will increase capital requirements and indebtedness.

• Ongoing efforts to secure project debt financing include a non-binding $285M EXIM Bank loan interest.