5E Advanced Materials (FEAM) Status Update summary

Leadership and Organizational Changes

• Paul Weibel, previously CFO, is appointed CEO, succeeding Susan Brennan; Joshua Malm becomes Interim CFO.

• New board members Bryn Jones and Barry Dick bring minerals industry and investment banking expertise; two directors, Stefan Selig and Stephen Hunt, depart.

• Rod MacLaine is appointed VP of Engineering and Construction, and a new plant manager and head of engineering join.

• J.T. Starzecki transitions to Chief Strategy Officer to bridge commercial advancement and customer qualification.

• Leadership stability and commitment to the company's future are emphasized, with gratitude expressed for outgoing executives.

Operational Milestones and Production Update

• EPA approval enables mining operations to commence; initial boric acid production achieved, focusing on customer specifications.

• Facility operates 24/7 with ongoing production process optimization and a growing team.

Customer Qualification and Commercial Strategy

• Customer qualification progresses from kilogram samples to tonnage shipments, with full approval expected by late summer and take-or-pay offtake discussions to follow.

• Strong interest from global brands due to tight boron market and supply chain shifts.