Company: FEAV
Filing Date: 2025-02-03
Form Type: DEF 14A
Source: 0000950170-25-012391
Chunk: 130

Company: 5E Advanced Materials, Inc.
Filing Date: 2025-02-03
Form: DEF 14A
Chunk 130
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. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, and early adoption is permitted. The Company is evaluating the impact that ASU 2023-09 will have on the consolidated financial statements and its plan for adoption, including the adoption date and transition method.

In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires the disaggregation of certain expenses in the notes of the financials, to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027 and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that ASU 2024-03 will have on its related disclosures, including the adoption date and transition method.

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2. Mineral Rights and Properties, Net

Mineral rights and properties, net consisted of the following at the end of each period presented.

|                                                                         |     | September 30,  
 2024           
 (in thousands) |       |     | June 30, 
 2024     |       |
|:------------------------------------------------------------------------|:----|:---------------|------:|:----|:---------|------:|
| Mineral properties                                                      |     | $              | 6,733 |     | $        | 6,733 |
| Hydrology wells                                                         |     |                |   547 |     |          |   547 |
| Asset retirement cost, net of accumulated amortization of               
 $49 and $44 as of September 30, 2024 and June 30, 2024, respectively(1) |     |                |   353 |     |          |   336 |
| Mineral rights and properties, net                                      |     | $              | 7,633 |     | $        | 7,616 |

Represents the carrying value of capitalized costs associated with asset retirement obligations, as discussed in Note 5–Asset Retirement Obligations.

3. Construction in Progress

Construction in progress consisted of the following at the end of each period presented.

|                                |     | September 30