5E Advanced Materials, Inc. provided an update on mining operations and related activities as it moves closer to initial production at the Company's 5E Boron Americas Complex. Boric Acid and Lithium Product: Since the launch of mining operations last month at the 5E Boron Americas Complex, the Company has been successfully running all four of its production wells to extract boric acid and lithium. Initial head grade and recovery rates are in line with historical expectations, with the wells continuing to be conditioned to achieve final operational profile.

Extracted solution from the Company's initial production wells has produced boric acid after laboratory crystallization. This boric acid has been sent to an independent laboratory for analysis to validate commercial grade quality. Facility Operations: Significant progress has been made with respect to the finalization of final electrical engineering work, which is now nearly complete.

The personnel required to run the plant are already in place, and final appointments are being made for fully staffed status ahead of final plant commissioning. 5E remains on track to begin operating the plant commercially, starting in current year second quarter 2024. The Company now employs 51 professionals and is pleased to be employing talent from local communities.