5e Advanced Materials, Inc. · NASDAQ:FEAM
5e Advanced Materials — Merger or Acquisition (October 2026)
13 slides from 5e Advanced Materials's merger presentation, October 2026
Slide 1: From Developer to Producer
October 2026 From Developer to Producer Acquisition of the Assets and Operations of Searles Valley Minerals 5E Advanced Materials (NASDAQ: FEAM) 1
Slide 2: Disclaimer & Forward-Looking Statements
Disclaimer & Forward-Looking Statements FORWARD-LOOKING STATEMENTS Th e inform ation in this presen tation includes “forward-looking statements” within the m eaning of the Private Secu rities Litigation Refor m Act of 1995, as amended. 5E Advan ced Materials, Inc. (the “Company,” “5E,” “we,” “us,” “
Slide 3: Transaction Summary
Transaction Summary Element Terms Completed acquisition of specified real property, production facilities, brine resources and other assets of Transaction Searles Valley Minerals, Trona Railway Company and Searles Domestic Water Company (the “Sellers”). $3.4M cash + 8.3M shares of 5E common stock +
Slide 4: Positioned to Become an Integrated U.S. Boron Leader
Positioned to Become an Integrated U.S. Boron Leader Near-term production first: Searles Valley produces today — more than one million short tons across borates, salt, soda ash and industrial minerals. Fort Cady to follow: the large-scale, S-K 1300-supported development to add long-life, low-cost ca
Slide 5: A Structurally Attractive Borate Market
A Structurally Attractive Borate Market The third producer Attractive, well structured global market with 5E bolstering domestic supply — a concentrated market with real barriers. The acquisition allows 5E to become the third global producer of scale — with No material capacity additions expected ov
Slide 6: Above 90% Utilization, Borate Pricing Re-Rates
Above 90% Utilization, Borate Pricing Re-Rates 120 Every $100/ton of borate pricing expected to yield ~ $8–14M of annual Adjusted EBITDA $1,800 Pricing opportunity: PY realized VBOR netback of ~$424/st compared with Year 1 modeled VBOR netbacks greater than 65%. $1,582 $1,600 100 107 105 100 103 97
Slide 7: Searles Valley: Operating Scale from Day One
Searles Valley: Operating Scale from Day One >1,000,000 st A working industrial-minerals complex with more than 150 years of production heritage at Searles Lake, Trona, California. Prior production — borates, salt, soda ash and sulphate Three processing facilities — Argus, Westend, and Trona — on mo
Slide 8: Why 5E Will Fix What Prior Owners Could Not
Why 5E Will Fix What Prior Owners Could Not 01 The structure already changed 02 A clean, recapitalized start Borates were run as a byproduct of a structurally disadvantaged Identified legacy environmental liabilities, including CARB soda ash business — sold in bulk into the lowest-value domestic obl
Slide 9: Three Levers Drive the Base Plan
Three Levers Drive the Base Plan 01 PRICE 02 COST 03 VOLUME ESTIMATED OUTCOME ↑ ↓ ↑ >65% Reset the cost base 135K st ~$40M Year 1 VBOR Netback Soda ash exited VBOR production STEADY-STATE ADJUSTED EBITDA Recontract production at Legacy contracts Restart SAC Plant… market-based pricing rejected; comp
Slide 10: The Adjusted EBITDA Walk: Base Plan, Then the Upside
The Adjusted EBITDA Walk: Base Plan, Then the Upside IDENTIFIED DRIVERS — IN BASE PLAN UPSIDE, NOT IN BASE PLAN 160 140 ~$148M + ~$35M 120 Adjusted EBITDA run-rate ($M) 100 + ~$35M 80 60 + ~$38M 40 ~$40M 20 +$34M 0 +$10M $(-20)M +$18M -20 -40 Inherited Pricing Cost Volume Base Plan Borates SUPO + Tu
Slide 11: Additional Potential Growth Opportunities Beyond the Base Plan
Additional Potential Growth Opportunities Beyond the Base Plan NOT INCLUDED IN BASE PLAN 01 Borates Expansion 02 SUPO + Lithium 03 Tungsten $38M Potential Incremental run-rate $35M Potential Combined run-rate $35M Potential Annual Steady-State Adjusted EBITDA Adjusted EBITDA Adjusted EBITDA $77M Est
Slide 12: A Clear Path to Sustainable Adjusted Consolidated EBITDA
A Clear Path to Sustainable Adjusted Consolidated EBITDA The baseline, stated plainly What Assumptions Drives It Year 1 is a transition period following the October 1 Price: acquisition close. VBOR netback increases >65% and grows 3% per year VBOR Production targeted at 95k – 100k Cost: Cost-base re
Slide 13: Thank you.
WORKING DRAFT v1 — CONTAINS MNPI — DEAL TEAM ONLY — NOT FOR RELEASE Thank you. 5E Advanced Materials Main Office 9329 Mariposa Road, Suite 210 · Hesperia, California 92344 FEAM@haydenir.com or team@pracommunications.com The information in this presentation is confidential and proprietary, and may no
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