Preliminary Feasibility Study

& Technical Report Summary
 

5E Advanced Materials Fort Cady Project

Report Date

SEPTEMBER 17, 2026

Report Effective Date

JUNE 30, 2026

Signature Page

List of Qualified Persons

1 Executive Summary

This report was prepared as a pre-feasibility level Technical Report Summary in accordance with the U.S. Securities and Exchange Commission (SEC) S-K regulations (Title 17, Part 229, Items 601 and 1300 through 1305) for 5E Advanced Materials, Inc. and its subsidiary 5E Boron Americas, LLC, (together 5E or the Company) Fort Cady Project (the Project). The Project described herein is part of 5E’s strategy to become a globally integrated supplier of industrial minerals through in-situ extraction of colemanite. Once extracted, the Company will produce and refine boron and calcium-based products. The Project is in the Mojave Desert, near the town of Newberry Springs, California.

Using the volumes, market inputs, and anticipated operating and capital costs, a detailed economic model was created with a forecasted net present value (NPV7) of approximately US$711M and internal rate of return (IRR) of 19.2%. Further details, including key model assumptions, are included in Section 19. This Technical Report Summary includes Phase 1 of the Project, and while the resource base provides the opportunity for expansion that could include additional production tonnage or value-added boron derivatives, they are excluded from this Technical Report Summary.

The Project includes six parcels of private land owned by 5E, federal land owned by the U.S. Department of the Interior Bureau of Land Management (BLM), and an electrical transmission corridor runs through the Project where Southern California Edison (SCE) has surface and subsurface control to a depth of 500 ft. While this limits surface access to the area within the right-of-way of the transmission lines, mineral rights are owned by 5E, and mineralization remains accessible as the ore body occurs at depths greater than 1,000 ft. The Project also includes 30 unpatented lode claims, 117 unpatented placer claims and two unpatented millsite claims from the Bureau of Land Management within the U.S. Department of the Interior. On the southwestern side of the Project, the State of California owns the mineral rights for 272 acres of land where 5E owns the surface rights. These mineral rights can be leased from the state.

Major mining permits were obtained in 1994, with a Record of Decision (ROD) issued by the BLM and a Conditional Use Permit issued by the State of California. In 2020, an Underground Injection Control (UIC) permit was obtained by the United States Environmental Protection Agency (EPA) and approval to commence mining operations was obtained in 2023. The mining permits allow for 90,000 short tons of borate, defined as boron oxide or boron oxide equivalent, thus permitting up to approximately 160,000 short tons of boric acid.

5E believes the resource is one of the largest deposit of borate globally with a history of exploration and mining of the ore body, beginning in 1964 with the resource discovery and includes production of boric acid and synthetic borates by Duval Corporation (Duval) and Fort Cady Mineral Corporation (FCMC). Geologically, the deposit is bounded by faults on both east and west sides and is the site of prior volcanic activity from the Pisgah Crater. Mineralization occurs in a sequence of lacustrine lakebed sediments ranging in depths from 1,300 ft to 1,500 ft below ground surface.

Exploration drilling has led to a geologic interpretation of the deposit as lacustrine evaporite sediments containing colemanite, a hydrated calcium borate mineral. The deposit also contains appreciable quantities of lithium. Geologic modeling based on drilling and sampling results depicts an elongate deposit of lacustrine evaporite sediments containing colemanite. The deposit is approximately 2.1 mi long by 0.6 mi wide and ranging in thickness from 70 to 262 ft. Mineralization has been defined in four distinct horizons defined by changes in lithology and B2O3 analyses.

A mineral resource and mineral reserve statement has been estimated and reported using a cut-off grade of 2.0% B2O3. Total measured, indicated, and inferred resources for the Project (inclusive of mineral reserves) total 204.8 MSTs of ore and 28.8 MSTs of boric acid. Resources exclusive of mineral reserves are presented in Section 11. Proven reserves total 2.6 MSTs and probable reserves total 2.5 MSTs of boric acid, respectively. The initial life of mine for Phase 1 is 37.5 years based on the current mine plan and 17.5% of the resource has been converted to reserves. The southeastern side of the property includes an exploration target and there is additional resource potential with this target.

The colemanite resource is to be mined via in-situ leaching (ISL) using a hydrochloric acid solution. The leachate will be processed in the commercial-scale facility to initially produce 130,000 short tons per annum (k stpa) of boric acid along with calcium-based by-products calcium chloride and gypsum. A Class 4 or FEL-2 level engineering estimate for the

phase 1 plant was prepared as part of this Technical Report Summary. In November 2023, the Company received approval to commence in-situ mining operations from the EPA and began mining in January 2024. The Company’s small-scale facility (SSF) began operation in April 2024, has achieved production and at times has achieved a steady state of production of approximately one short ton per day.

Global boric acid demand remains robust across established markets and future-facing industries while supply continues to be tight across the industry operating network. The supply deficit is expected to continue to materially worsen in the future and lead to elevated pricing. This outlook, along with a pricing forecast for boric acid and its calcium by-products, was assessed in a preliminary market study detailed in Section 16.

Capital cost expectations for a 130,000 stpa boric acid plant (inclusive of co-product processing and COGEN power) were determined to be $367M for the first stage plus a contingency of $55M and owner’s cost estimate of $13M for a total capital estimate of $435M. Operating costs are built upon detailed material and energy balances and recent historical pricing of raw materials and utilities.

Operation of the Company’s SSF has provided many of the parameters and scoping items for FEL-2 engineering and the mine plan, while also confirming historical data from operations in the 1980’s. Product produced from the SSF has been sent to various customers for qualification and sampling. Progression to Front End Loading Stage 3 Process Design Package (FEL-3) engineering will further refine the accuracy of the capital cost estimates for the chemical processing plant. Additionally, operation of horizontal directional wells and demonstrating a pilot scale well program is expected to confirm the final mine plan for the commercial facility. Once these steps are completed, the Company will be well positioned to advance this pre-feasibility study to a full-feasibility study.

2 Introduction

2.1 Registrant for Whom the Technical Report was Prepared

This report was prepared as a pre-feasibility study level Technical Report Summary in accordance with the U.S. Securities and Exchange Commission (SEC) S-K regulations Title 17, Part 229, Items 601 and 1300 through 1305 for 5E Advanced Materials, Inc. and its subsidiary 5E Boron Americas, LLC. The report was prepared by Qualified Persons (QPs) from third-party independent companies Fluor Enterprises, Inc. (Fluor), Miocene, Inc. (Miocene), Escalante Geological Services, LLC (Escalante), and Geomega, Inc. (Geomega) and Company management.

2.2 Terms of Reference and Purpose of the Report

The quality of information, conclusions, and estimates contained herein is based on the following:

This Technical Report Summary is based on a Class 4 or FEL-2 pre-feasibility study level engineering. This report is intended for use by 5E Advanced Materials, Inc. and its subsidiary 5E Boron Americas, LLC, subject to the terms and conditions of its agreements with Escalante, Fluor, Geomega, and Miocene and relevant securities legislation. Escalante, Fluor, Geomega, and Miocene permit 5E to file this report as a Technical Report Summary with the SEC pursuant to the SEC S-K regulations, more specifically Title 17, Subpart 229.60, Item 601(b)(96) – Technical Report Summary and Title 17, Subpart 229.1300 – Disclosure by Registrants Engaged in Mining Operations. Except for the purposes specified under U.S. securities law, any other uses of this report by any third party are at that party’s sole risk. The responsibility for this disclosure remains with the Company.

The purpose of this Technical Report Summary is to report on mineral resources and reserves as well as inform parties with potential financial interests in 5E and the Project.

2.3 Sources of Information

This report is based in part on external consultants’ expertise and their technical reports, internal Company technical reports, previous technical reports, maps, published government reports, company letters and memoranda, and public information cited throughout this report and listed in Section 24.

Reliance upon information provided by the registrant is listed in Section 25, when applicable.

2.4 Details of Inspection

Escalante, Fluor, Geomega, and Miocene have visited the property, inspected core samples, reviewed relevant intellectual property and reports, and have extensive knowledge of the Project.

2.5 Report Version Update

The user of this document should ensure that this is the most recent Technical Report Summary for the property. This Technical Report Summary is an update of a previously filed Technical Report Summary filed pursuant to 17 CFR §§ 229.1300 through 229.1305 subpart 229.1300 of Regulation S-K. The previously filed Technical Report Summary has a report date of August 7, 2025, and an effective date of August 4, 2025.

2.6 Units of Measure

The U.S. System for weights and units has been used throughout this report. Tons are reported in short tons of 2,000 pounds (lbs), drilling and resource model dimensions and map scales are in feet (ft). When included, metric tons are referred to as tonnes or mt. All currency is in U.S. dollars ($ or US$) unless otherwise stated.

2.7 Mineral Resource and Mineral Reserve Definition

The terms “mineral resource” and “mineral reserves” as used in this Technical Report Summary have the following definitions below.

2.7.1 Mineral Resources

17 CFR § 229.1300 defines a “mineral resource” as a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

A “measured mineral resource” is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve.

An “indicated mineral resource” is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.

An “inferred mineral resource” is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve.

2.7.2 Mineral Reserves

17 CFR § 229.1300 defines a “mineral reserve” as an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. A “proven mineral reserve” is the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource. A “probable mineral reserve” is the economically mineable part of an indicated and, in some cases, a measured mineral resource.

2.8 Qualified Persons

This report was compiled by 5E and its management, with contributions from Escalante Geological Services, LLC, Fluor Enterprises, Inc., Geomega, Inc., and Miocene, Inc. The QP’s, Escalante, Fluor, Geomega, and Miocene, are third-party firms comprising mining experts in accordance with 17 CFR § 229.1302(b)(1). 5E has determined that the third-party firms and internal management listed as qualified persons meet the qualifications specified under the definition of a qualified person in 17 CFR § 229.1300.

Escalante Geological Services, LLC prepared the following sections of the report:

Sections 2, 3, 4, 5, 6, 7 (excluding 7.3), 8, 9, 11, 15, 17, 20, 21, 22

Fluor Enterprises, Inc. prepared the following sections of the report:

Sections 10, 14, 18 (specifically Sections 18.1.1 through 18.1.4, 18.1.9 and 18.2, which are specific to operating and capital expenditures, excluding wellfield) and contributed to sections 22, 23, and 24

Geomega, Inc. prepared the following sections of the report:

Sections 7.3

Miocene, Inc. prepared the following sections of the report:

Sections 12, 13, 18 (specifically Sections 18.1.5 through 18.1.8, which are specific to wellfield capital expenditures)

The following members of 5E management prepared the following sections of the report:

Sections 1, 16, 19, 23, 24, 25

Section 16 Market Studies and Contracts was prepared by 5E. The company engaged Kline and Company, Inc. (Kline) to perform a preliminary market study and pricing forecast for boric acid, calcium chloride and gypsum. Forward pricing forecasts obtained from Kline were utilized as part of the financial model outlined in Section 19, Economic Analysis. Kline was not engaged as a qualified person; however, 5E has obtained permission to refer to the preliminary market study they have provided and cite accordingly.

3 Property Description and Location

3.1 Property Location

The Project is located in the Mojave Desert region in the high desert of San Bernardino County, California. Figure 3.1 outlines a map where the Project lies, which is approximately 118 mi northeast of Los Angeles, approximately 36 mi east-southeast of Barstow and approximately 17 mi east of Newberry Springs. The approximate center of the project area is N34°45’25.20”, W116°25’02.02”. The Project is in a similar geological setting as Rio Tinto’s U.S. Borax, Inc. operations in Boron, California, and Searles Valley Minerals operations in Trona, California, situated approximately 75 mi west-northwest and 90 mi northwest of the Project, respectively.

Figure 3.1: General location map

3.2 Area of Property

Figure 3.2 shows the 5E property and adjacent properties.

Figure 3.2: Property ownership

3.3 Mineral Title

5E owns simple fee (private) lands in Sections 25 and 36, of Township 8 North, Range 5 East of the San Bernardino Principal Meridian. An electrical transmission corridor, operated by SCE, tracts from the northeast to the southwest through the fee lands with SCE having surface and subsurface control to a depth of 500 ft, affecting approximately 91 acres of surface lands in the two sections. While this limits surface access to the land, mineralization remains accessible as the ore body occurs at depths greater than 1,000 ft (~ 300 m.)

5E currently holds 30 unpatented lode claims, 117 unpatented placer claims, and two (2) unpatented millsite claims with the BLM. Two lode claims were originally filed by Duval Corporation in 1978 with the 28 other lode claims filed by the Company in January 2025 (11 lode claims) and August 2025 (17 lode claims). Subsequently, in February 2026, we revised certain of the claims to perfect recording in San Bernardino County, California. Placer claims were filed between October 29, 2016, and February 24, 2017. A review of the BLM Mineral & Land Record System (MLRS) database shows claim status as filed with the next assessment fees due annually on September 1, 2027.

Lastly, in Section 36, Township 8 North, Range 5 East, 272 acres of land in Section 36 are split estate, with the surface estate owned by 5E and the mineral estate is owned by the State of California. These lands are available to 5E through a mineral lease from the California State Lands Commission. The remaining lands are owned by 5E, with the minerals underlying the transmission line available subsurface. Table 3.1 summarizes the mineral holdings held by 5E.

Table 3.1: 5E mineral holdings

3.4 Mineral Rights

5E holds the rights to the mineral estate underlying Sections 25 and 36, except for the portion of the mineral estate held by the State of California in Section 36.

3.5 Incumbrances

5E maintains financial assurance bonds for reclamation and closure for current and planned operations. Additional information on reclamation and closure liabilities is included in Section 17. The amount of bonds and certificate of deposits posted with the applicable agency are present in Table 3.2.

Table 3.2: Current financial assurance obligations

3.5.1 Remediation Liabilities

5E submitted a Final Reclamation and Closure Plan to the Lahontan Regional Water Quality Control Board (LRWQCB) for closure of ponds constructed on the property in the 1980’s, and the ponds have been closed. The closure of the ponds and the 1988 WDRs is awaiting final sign-off from the LRWQCB. The bonding for closure of these ponds is included in the surety bond with San Bernardino County.

3.6 Other Significant Risk Factors

The mineral resource estimate (Section 11) includes BLM-managed public lands on which 5E has located unpatented mining claims in accordance with the Mining Law of 1872. Elementis Specialties, Inc. has filed a lawsuit in the US District Court, Central District of California, challenging the validity of 5E’s lode claims. Elementis operates a mine adjacent to 5E’s Fort Cady Project and alleges that 5E was unable to locate its lode claims because Elementis had already located placer claims on the subject public lands. Lode claims and placer claims are used to locate different types of mineralization, and one form of claim cannot be used as a substitute for the other. 5E believes the mineralization that it has claimed with its lode claims is lode-style mineralization, not placer mineralization.

An exploration program to expand the resource is possible in Section 36 on the southeastern portion of the property; however, this would require a mineral lease to be filed and executed with the California State Lands Commission for the State of California held mineral estate.

3.7 Royalties

There are no royalties associated with privately and publicly held lands in Section 25 and 36.

4 Accessibility, Climate, Local Resources, Infrastructure, and Physiography

4.1 Topography, Elevation, and Vegetation

The Project area is located on a gentle pediment with elevations ranging from approximately 1,970 ft above mean sea level (amsl) to approximately 2,185 ft amsl. Basalt lava flows cover most of the higher elevations or hilltops with flat ground and drainages covered in pale, gray-brown, silty soils. Basalt lava flows become more dominant south of the Project area with the Lava Bed Mountains located a few miles south of the Project area. The Project area’s vegetation is dominated by burro weed, creosote, cactus, and scattered grasses.

4.2 Accessibility and Transportation to the Property

Access to the Project is via U.S. Interstate 40 (I-40), eastbound from Barstow to the Hector Road exit. From the exit, travel south to Route 66, then east approximately 1 mile to County Road 20796 (CR20796). Travel south on CR20796 for 2.2 mi to the unnamed dirt access road bearing east for another 1.1 mi to the Project.

The BNSF Railroad main line from Chicago to Los Angeles runs parallel to I-40. A BNSF rail loadout is in Newberry Springs. There are potential options to develop rail access closer to the Project.

San Bernardino County operates six general aviation airports with the closest airport to the Project being the Barstow-Daggett Airport located approximately 23 mi west of the Project off Route 66. Commercial flight service is available through five airports in the greater Los Angeles area and in Las Vegas, Nevada. A dedicated cargo service airport is located approximately 65 mi southwest of the Project.

4.3 Climate and Length of Operating Season

The Project is accessible year-round, located in the western Mojave Desert with arid, hot, dry, and sunny summers of low humidity and temperate winters. Based upon climate data from the nearby town of Newberry Springs, the climate over the past 30 years indicates average monthly high temperatures ranging from 55°F in December to 98.2°F in July. Monthly low temperatures range from 40.1°F in December to 74.3°F in August. Extremes range from a record low of 7°F to a record high of 117°F. Maximum temperatures in summer frequently exceed 100°F while cold spells in winter with temperatures below 20°F may occur but seldom last for more than a few days. Average rainfall is generally less than 10 inches per year with most precipitation occurring in the winter and spring.

4.4 Infrastructure Availability and Sources

5E continues to develop operating infrastructure for the Project in support of extraction and processing activities. A manned gate is located on the Project access road and provides required site-specific safety briefings and monitors personnel entry and exit to the site. Personnel are predominantly sourced from the surrounding area including Barstow, California, and Victorville, California.

The BNSF Railroad main line from Las Vegas, Nevada to Los Angeles, California runs parallel to I-40. A rail loadout is located approximately 1.2 mi north of the National Trails Highway on a road that bears north and located 0.4 mi west of CR20796.

The construction of the small-scale facility was performed by a construction contractor with additional local resources supporting construction contracting, construction materials, energy sources, employees, and housing. The Project has

good access to I-40 which connects it to numerous sizable communities between Barstow, California and the greater Los Angeles area offering excellent access to transportation, construction materials, labor, and housing. The Project currently has limited electrical service (approximately 1 megawatt) that is sufficient for mine office, storage facilities on site, and provides a good portion of the power for the small-scale facility. The small-scale facility operates on shore power and liquid natural gas and 5E is currently exploring options for upgrading electrical services to the Project. An electrical transmission corridor operated by SCE extends northeastward through the eastern part of the Project. The Project has two water wells located nearby to support in-situ leaching operations where unpatented millsite claims are filed. Currently there is no natural gas connected to the Project, but 5E has a proposal from Kinder Morgan to connect to the Mojave Pipeline. Two other natural gas transmission lines run along Interstate 40 near the Project.

The plant site currently has a 2,000 ft2 control room and office building, a 1,000 ft2 administrative building, storage buildings, warehouse, an analytical laboratory, an approximately 20-acre production facility called the small-scale facility, and an intended gypsum storage area occupying 17 acres. Gypsum is a byproduct of past pilot plant production and is intended to be a future byproduct that can be sold to the regional market.

5 History

Discovery of the Project borate deposit occurred in 1964 when Congdon and Carey Minerals Exploration Company found several zones of colemanite, a calcium borate mineral, between the depths of 1,330 ft to 1,570 ft (405 m to 487 m) below ground surface (bgs) in Section 26, Township 8 North, Range 5 East (Simon Hydro-Search, 1993).

5.1 Prior Ownership and Ownership Changes

In September 1977, Duval initiated land acquisition and exploration activities near Hector, California. By March 1981, Duval had completed 34 exploration holes (DHB holes), plus one (1) potential water well. After evaluation of the exploration holes, Duval considered several mining methods. Subsequent studies and tests performed by Duval indicated that in-situ mining technology was feasible. Duval commenced limited testing and pilot-scale solution mining operations in June 1981 per the Mining and Land Reclamation Plan, Fort Cady Project, 2019.

Mountain States Mineral Enterprises, Inc. (MSME) purchased the project from Duval in 1985 and, in 1986, conducted an additional series of tests. MSME eventually sold the project to Fort Cady Mineral Corporation in 1989. FCMC began the permitting process, which resulted in a 1994 ROD from the BLM and approval from San Bernardino County, the California lead agency.

5.2 Exploration and Development Results of Previous Owners

Duval commenced limited-scale solution mining tests in June 1981. Between 1981 and 2001, subsequent owners drilled an additional 17 wells, which were used for a series of injection testing and pilot-scale operations. In July 1986, tests were conducted by MSME, where dilute hydrochloric acid solution was injected into the ore body. The acid dissolved the colemanite and was then withdrawn from the same well.

The first phase of pilot plant operations was conducted between 1987 and 1988. Approximately 550 tons (500 tonnes) of boric acid were produced. The test results were positive; thus, the Project was viewed as commercially viable. In preparation for the permitting process, feasibility studies, detailed engineering and test works were completed with FCMC receiving the required permits for a commercial-scale operation. Final state and local approvals for commercial-scale solution mining and processing were attained in 1994.

A second phase of pilot plant operations occurred between 1996 and 2001, during which approximately 2,200 tons of a synthetic colemanite product, marketed as CadyCal 100, were produced. Commercial-scale operations were not commissioned due to low product prices and other priorities of the controlling entity. For many years, boron was used in traditional applications such as cleaning supplies and ceramics, which never formulated in a strong pull-side demand investment thesis where pricing justified further development of the Project. However, a group of Australian investors,

through extensive due diligence identified green shoots that the market dynamics were fundamentally beginning to change.

5.3 American Pacific Borates Share Exchange of Atlas Precious Metals

In 2017, a group of Australian investors identified the Project and formed the investment thesis that the boron market had similar dynamics to the lithium market a decade earlier. Like the lithium market ten years prior, the market was dominated by a few companies with a compelling pull-side demand growth story fueled by future-facing applications targeting decarbonization and critical materials. Prior to lithium-ion batteries and electric vehicles, lithium was used in traditional everyday applications like boron’s use in recent years. As a result of the investment thesis that boron is expected to experience a supply deficit relative to demand, the group of Australian investors formed American Pacific Borates and Lithium Ltd (APBL) and issued shares to Atlas Precious Metals in exchange for the Fort Cady (California) Corporation, the entity holding the permits, mineral and property rights of the Project. In 2017, APBL underwent an initial public offering on the Australian Stock Exchange and progressed exploration and development of the Project. In September 2021, APBL created a subsidiary, 5E, through a corporate reorganization which placed 5E at the top of the corporate structure. Upon 5E becoming the parent company of the organization, in March 2022 5E direct listed on Nasdaq and became an SEC issuer. Shortly before becoming an SEC issuer, 5E Boron Americas, LLC was designated as Critical Infrastructure by the Department of Homeland Security Cybersecurity and Infrastructure Security Agency.

5.4 Historic Production

Limited historic production data, provided to 5E by previous operators, is summarized in Table 5.1 through Table 5.4. Little other information is available for these tests; the results could not be independently verified.

Table 5.1: Duval testing results

Table 5.2: Mountain States testing injection summary

Table 5.3: Mountain States testing recovery summary

In 2017, 5E completed an exploration drilling program to validate previous exploration efforts and expand mineral resources. Post drilling, an Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC) mineral resource estimate was prepared by Terra Modelling Services (TMS). TMS updated the JORC mineral resource estimate in December 2018. The 2018 JORC mineral resource estimate identified 4.63 million tonnes of measured resource, 2.24 million tonnes of indicated resource, and 7.07 million tonnes of inferred resource using a B2O3 cut-off grade of 5%.

In October 2021, 5E issued an Initial Assessment Report (the Initial Assessment Report) on the Fort Cady Borate Project reporting a measured plus indicated resource estimate of 97.55 million tons (Mt) grading at 6.53% B2O3 and 324 parts per million (ppm) lithium using a 5.0% B2O3 cut-off grade. The Initial Assessment also identified 11.43 Mt of in Inferred resource grading at 6.40% B2O3 and 324 ppm Li. The Initial Assessment was subsequently updated in February 2022 with no changes to the resource estimate.

In October 2023, 5E updated and issued the Initial Assessment Report, dated October 2023, on the Project. The October 2023 Initial Assessment Report provided an updated estimate of 74.31 Mt of measured plus indicated resources grading at 4.15 B2O3 and 356 ppm Li using a 2.0% B2O3 cut-off grade, following a change in mineral tenure and improvements in processing. An inferred resource of 96.9 Mt grading at 4.75% B2O3 and 321 ppm LI was also identified in the estimate.

Table 5.4: Fort Cady Mineral Corporation production summary

In January 2024, the Company began injection after receiving approval from the EPA to commence mining in November 2023. In April 2024, the Company began operating its small-scale facility and producing borates. Table 5.5 summarizes 5E’s injection – recovery summary per cycle for IR-1, IR-2, and IR-3 while and table 5.6 summarizes 5E’s injection – recovery summary per cycle for IR-4.

Table 5.5: 5E injection – recovery summary per cycle (IR-1, IR-2, and IR-3)