5E Advanced Materials (FEAM) investor relations material

Executive summary

• Signed first offtake heads of agreement for 7,500 tons/year of boric acid, with potential to increase to 10,000 tons/year, on a long-term, fixed-price contract with escalation and renewal options.

• Developed metaboric acid product with 80% B2O3 content, offering higher value and new commercialization pathways, and filed a provisional patent.

• Initiated ferroboron product trial program targeting magnet grade ferroboron for specialty steel and permanent magnet supply chains.

• Focused on developing a vertically integrated borates and advanced boron derivatives business, with ongoing efforts to establish a commercial-scale facility in California.

• Appointed Jonathan Siegler to the Board, bringing expertise in project finance and capital structuring.

Financial highlights

• Net loss of $12.1 million for the quarter and $33.7 million for the nine months ended March 31, 2026, compared to net income of $5.3 million and net loss of $21.8 million in the prior year periods.

• Operating expenses for the quarter were $12.3 million, up from $10.2 million year-over-year, mainly due to impairment charges.

• Cash and cash equivalents increased to $25.4 million as of March 31, 2026, from $3.8 million at June 30, 2025.

• Working capital improved to $21.8 million from a deficit of $1.8 million at June 30, 2025.

• Significant decrease in interest expense due to extinguishment of convertible notes in March 2025.

Outlook and guidance

• Expectation to advance additional offtake agreements with bankable terms to support project debt financing.

• Ongoing commercial discussions for metaboric acid and ferroboron products, with samples provided to potential customers.

• Plans to expand marketing efforts to Asia, anticipating tightening supply and growing demand in the region.

• Focus on converting customer interest into financiable agreements and preparing for the next phase of engineering and financing for the Fort Cady project.

• Additional financing is required to maintain operations and achieve business objectives; substantial doubt remains about the ability to continue as a going concern.