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(NASDAQ: FEAM | ASX: 5EA) De-risked, Permitted Sovereign Boron Supply The information in this presentation is confidential and proprietary,and may not be used, reproduced or distributed without theexpresswritten permissionof 5E AdvancedMaterials,Inc. October 2025 5E Advanced Materials
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Strictly Confidential | Not for Distribution | For Discussion Purposes Only 2 FORWARD-LOOKING STATEMENTS The information in this Presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact included in this presentation regarding our business strategy, plans, goal, and objectives are forward-looking statements. When used in this presentation, the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “budget,” “target,” “aim,” “strategy,” “plan,” “guidance,” “outlook,” “intent,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on 5E’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. We caution you that these forward-looking statements are subject to allthe risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the extraction of the critical materials we intend to produce and advanced materials production and development. These risks include, but are not limited to: the substantial doubt about our ability to continue as a going concern and need to raise substantial additional capital following the proposed offering; our limited operating history in the borates and lithium industries and no revenue from our proposed extraction operations at our properties; our need for substantial additional financing to continue as a going concern and to execute our business plan and our ability to access capital and the financial markets; our status as an development stage company dependent on a single project and the inherent uncertainty in estimates of mineral resources and reserves; our lack of history in mineral production and the significant risks associated with achieving our business strategies, including our downstream processing ambitions; our incurrence of significant net operating losses to date and plans to incur continued losses for the foreseeable future; risks and uncertainties relating to the development of the Fort Cady project, including our ability to successfully operate our Small Scale Boron Facility; our ability to obtain, maintain and renew required governmental permits for our development activities, including satisfying all mandated conditions to any such permits; the implementation of and expected benefits from certain reduced spending measures, and other risks and uncertainties set forth in our filings with the U.S. Securities and Exchange Commission (SEC) from time to time. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets, and opinions contained herein, and no liability whatsoever is accepted as to any errors, omissions, or misstatements contained herein. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this Presentation. Except as otherwise required by applicable law, we disclaim any duty to update and do not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this Presentation. NON-GAAP FINANCIAL MEASURES This Presentation includes forward-looking non-GAAP financial measures. These measures may not be comparable to similar measures presented by other companies and should not be viewed as a substitute for measures reported under U.S. GAAP. These measures are commonly used in the mining industry to provide stockholders and potential investors with additional information regarding the Company’s future performance in its mining operations at projected full-run rates. This presentation contains references to future annualized EBITDA, which is a forward-looking non-GAAP financial measures that are detailed in the Company’s Regulation S-K 1300 compliant Preliminary Feasibility Study (the “PFS”). EBITDA is defined as net income before interest expenses, income tax expense, and depreciation. The Company has not provided a reconciliation of future annualized EBITDA to the Company’s future net income, the most comparable financial measure calculated in accordance with GAAP, as such GAAP measure is not available on a forward-looking basis without unreasonable effort. Specifically, the Company could not calculate interest, income taxes, depreciation or the effect of certain corporate level transactions or activities, on a forward-looking basis with any reasonable degree of accuracy, but such items could be significant and have a material impact on the Company’s net income. For more information regarding these forward-looking non-GAAP financial measures, you should read the Company’s PFS included as Exhibit 96.1 to the Company’s Current Report on Form 8-K filed with the SEC on August 7, 2025. MARKET AND INDUSTRY DATA This Presentation has been prepared by 5E and includes market data and other statistical information from third-party sources, including independent industry publications, government publications or other published independent sources. Although 5E believes these third- party sources are reliable as of their respective dates for the purposes used herein, neither we nor any of our affiliates, directors, officers, employees, members, partners, shareholders or agents make any representation or warranty with respect to the accuracy or completeness of such information. Although we believe the sources are reliable, we have not independently verified the accuracy or completeness of data from such sources. Some data is also based on 5E’s good faith estimates, which are derived from our review of internal sources as well as the third-party sources described above. Additionally, descriptions herein of market conditions and opportunities are presented for informational purposes only there can be no assurance that such conditions will actually occur or result in positive returns. CAUTIONARY NOTE REGARDING RESERVES Unless otherwise indicated, all mineral resource estimates included in this Presentation have been prepared in accordance with and are based on the relevant definitions set forth in, the SEC’s Mining Disclosure Rules and Regulation S-K 1300 (each as defined below). Mining disclosure in the United States was previously required to comply with SEC Industry Guide 7 under the Exchange Act (“SEC Industry Guide 7”). In accordance with the SEC’s Final Rule 13-10570, Modernization of Property Disclosure for Mining Registrant, the SEC has adopted final rules, effective February 25, 2019, to replace SEC Industry Guide 7 with new mining disclosure rules (the “Mining Disclosure Rules”) under sub-part 1300 of Regulation S-K of the Securities Act of 1933, as amended (the “Securities Act”) (“Regulation S-K 1300”). Regulation S- K 1300 replaces the historical property disclosure requirements included in SEC Industry Guide 7. Regulation S-K 1300 uses the Committee for Mineral Reserves International Reporting Standards (“CRIRSCO”) - based classification system for mineral resources and mineral reserves and accordingly, under Regulation S-K 1300, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”, and require SEC-registered mining companies to disclose in their SEC filings specified information concerning their mineral resources, in addition to mineral reserves. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to international standards. The SEC Mining Disclosure Rules more closely align SEC disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, referred to as the “JORC Code”. While the SEC now recognizes “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources” under the SEC Mining Disclosure Rules, investors should not assume that any part or allthe mineral deposits in these categories will be converted into a higher category of mineral resources or into mineral reserves. For additional information regarding these various factors, you should carefully review the risk factors and other disclosures in the Company’s filings with the SEC. Additionally, 5E undertakes no obligation to comment on third-party analyses or statements regarding 5E’s actual or expected financial or operating results or its securities. Disclaimer
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3 1. Macro tailwind: Boron demand growing 5.5% CAGR; global supply deficit begins 2025. 2. Strategic position: 5E controls the largest U.S. colemanite deposit — fully permitted, critical infrastructure in place. 3. De-risked execution: Operational pilot facility, 14 qualified customers, simplified in-situ process. 4. Robust economics: $725M NPV, 19% IRR, 56%EBITDA margins, scalable from Phase 1 (2028). 5. USGS Critical Minerals listing (Fall 2025), EXIM financing approval, bankable offtake agreements, and feasibility study advancing toward FID, supported by strong customer pull with 14 qualified customers validating demand. Boron: The Right Resource, The Right Time 1 Regulation S-K 1300 Pre-feasibility Study Technical Report Summary with a report date of August 6, 2025. Only pure-play boron stock in the U.S. — scarce asset, national security relevance, near- term rerating triggers.
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Strictly Confidential | Not for Distribution | For Discussion Purposes Only 4 Boron: Superior Physical Properties B Boron Metalloid 5 Light Weight 5th lightest of all elements after Lithium and Beryllium Heat Resistant Only 11 elements have higher melting points (3,771°F) Anti-Microbial Boron clusters have anti-biofilm activity and are less prone to drug resistance Hardness Only Carbon (diamond) is harder than Boron composites Corrosion Resistant Boron-infused metals and specialty ceramics reduce corrosion propensity 1 Kline Preliminary Market Study 0% 20% 40% 60% 80% 100% Specialty Borates Glass Ceramics Flame Retardants Fertilizers Other Direct Use Wide Range of Traditional Applications, with Limited Substitutability Current Boric Acid Usage1
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Strictly Confidential | Not for Distribution | For Discussion Purposes Only • Critical material used in a wide range of decarbonization technologies (wind, solar, and nuclear) • Key driver of demand in magnets needed for electric motor permanents Energy Transition and Permanent Magnets • Armor and Ballistics, Neutron Absorbers in nuclear defense, Missile and Rocket Propellants, Electronics and Sensors • Advanced Alloys and Composites, and Chemical and Biological Warfare Protection National Security Applications • Up to 40 % of Earth’s land is degraded, threatens roughly half of global GDP (US$44 trillion) 1 • Boron is an essential micronutrient for crop health and to increase crop yields • Boron based fertilizers are widely used commercially Food Security 5 Boron Market Segments TraditionalBoronMarkets EclecticVehicle EmergingBoronMarkets Clean Energy&Efficiency Traditional FoodSecurity 1 Chronic land degradation: UN offers stark warnings and practical remedies in Global Land Outlook 2 Global Market Insights, Boron Market – Industry Analysis & Forecast (2024-2030) 3 Kline Preliminary Market Study $1.25b global BA market 20242 | Global Boric Acid Demand CAGR of 5.5%2 | 697K tons of new demand expected by 20333 Historical uses include: Traditional Applications • Glass (borosilicate glass, fiberglass composites) • Ceramics • Cleaning agents
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Strictly Confidential | Not for Distribution | For Discussion Purposes Only 6 Boron Supply Duopoly Global Supply Dynamics ~60% of global supply from Turkey & its state- owned assets ~85% of global supply from two companies (Eti Maden & Rio Tinto) ~80% of downstream Boron Carbide market is supplied by China Diversification of Advanced Material Supply is Essential to Reduce Defense Procurement Risk Global Duopoly Challenges Supply Chains & Access Supply Concentration in Geopolitically Challenged Areas Key Highlights • The United States is exposed to a single point of failure • Major U.S. supplier downgraded the reserve in 2018 • Five other deposits of boron globally, two permitted and scheduled to come online in 2028 and 2029 The Global Supply Chain Demands a New, Stable Source to Deliver Critical BORON
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Strictly Confidential | Not for Distribution | For Discussion Purposes Only $- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 (500) - 500 1,000 1,500 2,000 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Price K T Year Supply – Demand with Price1 Supply Demand Surplus / (Deficit) Price Historical Forecasted 7 2025 Signals Beginning of Supply Deficit 1 Kline Preliminary Market Study
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Strictly Confidential | Not for Distribution | For Discussion Purposes Only 8 Boron’s Critical Mineral Position As of 2024, Boron stands as a Critical Material of Interest by the U.S. Defense Logistics Agency. 2024 Designation of Boron as “High” Critical Status in their Critical Raw Materials for Strategic Technologies and Sectors in the EU. 2020 As of 2023, the DOE list required a score of 22 to be on the list, Boron achieved a score of 21. 2024 Designated Boron as Critical as part of the 2024 UK Critical Assessment. 2024 Major Catalyst: The U.S. Geological Survey is expected to update their list in the Fall of 2025.
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Strictly Confidential | Not for Distribution | For Discussion Purposes Only 9 Building the Next Domestic Boron Supply Hub • Largest known Domestic (colemanite) boron deposit • Initial mine life of 39.5 years (41% of resource base) • Commercial production fully permitted • Pilot Plant Fully Operational - derisked • Simplified by-product strategy • LOI received from US EXIM Bank • Immediate focus on bankable offtake agreements Strictly Confidential | Not for Distribution | For Discussion Purposes Only Regulation S-K 1300 Pre-feasibility Study Technical Report Summary with a report date of August 6, 2025 (using 2% cut off grade) prepared by Qualified Persons.
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Strictly Confidential | Not for Distribution | For Discussion Purposes Only 10 The Team to Deliver Board of DirectorsLeadership Team Paul Weibel CHIEF EXECUTIVE OFFICER BSc, CPA Lonnie Bailey VP OPERATIONS BSChE, MSChE, MBA Joshua Malm CHIEF FINANCIAL OFFICER BSc, MSc, CPA Rod MacLaine VP ENGINEERING & CONSTRUCTIUON BSc Eng Mark Zamek VP COMMERCIAL PRODUCTS BSc, ChE Graham van’t Hoff NON-EXECUTIVECHAIR BA, M Chem, MBA Barry Dick NON-EXECUTIVEDIRECTOR BS, MBA Curtis Hébert NON-EXECUTIVEDIRECTOR JD, BS Bryn Jones NON-EXECUTIVEDIRECTOR M Min Eng
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Strictly Confidential | Not for Distribution | For Discussion Purposes Only 11 • Ownership of six fully controlled property parcels ensures long-term security of tenure • Federal, State, and Local Permitted Operations • Designated as Critical Infrastructure by U.S. DHS – A key barrier to entry and recognition of national strategic importance • High-Quality Reserve; Rare colemanite deposit • Natural gas transmission lines • Power corridor • BNSF Rail and Interstate 40 Strictly Confidential | Not for Distribution | For Discussion Purposes Only Secured Mineral Tenure with Critical Infrastructure
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Strictly Confidential | Not for Distribution | For Discussion Purposes Only 12Strictly Confidential | Not for Distribution | For Discussion Purposes Only In-Situ Mining: A Cleaner, Stronger Advantage In-Situ Mining1 Hard Rock Mining Streamlined Production and Processing Significant Surface Area Needed Tailings Storage Equipment & Labor Intensive Risk of Pit Collapse Minimal Excavating Equipment Efficient Processing No Tailings Dam Storage Low Land Disturbance CustomerShipment to US Refined product Into process plant Transported to China Boric acid into solution Drying & bagging Borates are mined CustomerRefined product Drying & bagging Borates in solution 1 https://www.visualcapitalist.com/sp/everything-you-need-to-know-about-in-situ-mining/#:~:text=Advantages%20of%20In%2DSitu%20Mining,operate%20without%20moving%20a%20rock
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Strictly Confidential | Not for Distribution | For Discussion Purposes Only 13 Small-Scale Facility – What We Have Accomplished Pilot operations prove the process works — on time, on spec, and ready to scale. 1. Process Optimized: • Wellfield and process optimization • Developed power solutions • Simplified Process • Value-added byproducts 2. Strategic Execution • Production quality achieved • Deliver product to key customers • Test higher production rate wellfield completions 3. Engineering Advanced: • Completed Pre -feasibility report • +/-25% CAPEX and OPEX estimates 1 • Foundation for debt financing 4. Operational Success • Completed customer qualification • Negotiating offtake agreements • Positioned for bankable financing backed by strong customer demand
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Strictly Confidential | Not for Distribution | For Discussion Purposes Only Values in USD -M Pilot Operations Current Commercial Phase 1 2028 Commercial Phase 2 2030-2032 2k ST BA Operating one short ton per day CAPACITYDEVELOPMENT PHASE CAPITAL NEEDS Currently in Operation US $435M Across years 2027-28 Target $285M EXIM Designed to unlock 5E’s large-scale resource base, demonstrating scalability beyond Phase 1 136.5k ST BA 165.4k tons of calcium-based product RESULT(S) • Optimized design • Customer off-take • Position to scale 1 2 3 14 Pathway to Commercial Growth 1 Commercial Phase 1, Commercial Phase 2, Capital Needs, and EBITDA are forward-looking non-GAAP financial measures. For more information, see “Non-GAAP Financial Measures” above. 2 Capital and EBITDA are referenced from Regulation S-K 1300 Pre-feasibility Study Technical Report Summary with a report date of August 6, 2025 (using 2% cut-off grade) prepared by Qualified Persons. Figures presented reflect total estimated proven and probable reserves. • $100M run-rate EBITDA; • 19.2% unlevered IRR; $725m project NPV • Plan to progress to Phase 2 • Improved economics from initial Phase 2 forecast • Optionality to scale • Borate derivative potential Mineral Raw Material $ 2nd Derivative Boric Acid $$ 3rd Derivative Boron Oxide $$$ 4th+ Derivatives Carbides/Nitrides $$$$ Applications Turn boron’s potential into global impact.
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Strictly Confidential | Not for Distribution | For Discussion Purposes Only 15 Pathway To Final Investment Decision (FID) Executing optimization, securing finance, and finalizing engineering to enable FID and construction launch. Project Optimization (2025/2026): • Complete pre-FEED (FEL-2) engineering • Optimize commercial byproduct arrangements, including off-take • Wellfield optimization study • Improved CAPEX and OPEX estimates for project scaling • Deliver pre-feasibility study (PFS) Project Finance: • Engineering Multiplier Loan ~ $10M • Optimize commercial byproduct arrangements with offtakes in place, demonstrating incremental value and market validation • EXIM diligence for loan guarantee of $285M • Potential for customer finance to fund required working capital ~ pre-pay Detailed Engineering: • Complete FEED (FEL-3) engineering • EPC construction contract • Supply chain agreements • EXIM loan commitment and non-dilutive financing • FID
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The information in this presentation is confidential and proprietary,and may not be used, reproduced or distributed without theexpresswrittenpermissionof 5E AdvancedMaterials,Inc. Thank you. 5E Advanced Materials Main Office 9329 Mariposa Road, Suite 210 · Hesperia, California 92344 +1 442-221-0225 hello@5eadvancedmaterials.com