5E Advanced Materials (FEAM) Registration Filing summary

Company overview and business model

• Focused on becoming a vertically integrated global supplier of specialty boron and advanced boron derivative materials, enabling decarbonization, food security, and domestic supply of critical materials.

• Owns 100% of the rights to the 5E Boron Americas (Fort Cady) Complex in California, targeting boric acid, lithium carbonate, and calcium co-products.

• Project designated as Critical Infrastructure by the U.S. Department of Homeland Security; aims to address U.S. supply risk for boron and lithium.

• Developed a novel closed-loop in-situ leach mining process to minimize waste and environmental impact, with patent applications filed.

• Small-scale facility operational since April 2024, with commercial-scale production targeted for late 2028 or early 2029.

Financial performance and metrics

• Preliminary cash and cash equivalents of approximately $0.6 million as of December 31, 2025, subject to final audit.

• Significant net operating losses since inception, with continued losses anticipated for the foreseeable future.

• Historical net tangible book value as of September 30, 2025, was $2.64 per share; post-offering, as adjusted net tangible book value would be $2.75 per share.

Use of proceeds and capital allocation

• Estimated net proceeds of $27.4 million (assuming maximum shares sold at $3.44 per share), to be used for small-scale facility operations, wellfield development, mine plan finalization, FEED engineering, and general corporate purposes.

• Management has broad discretion over use of proceeds; actual net proceeds may be substantially less due to the best-efforts structure.