Company: FEAV
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0000950170-25-019943
Chunk: 69

Company: 5E Advanced Materials, Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Item 1
Chunk 69
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. Early adoption is permitted for all entities that have adopted the amendments in Update 2020-06, which includes the Company. Adoption can be on a prospective or retrospective basis. The Company adopted ASU 2024-04 effective January 1, 2025 on a prospective basis.Reverse Stock SplitOn January 21, 2025, the Company’s stockholders approved amendments to the Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company’s Common Stock at a ratio ranging from any whole number between 

10

1-for-10 and 1-for-25, with the exact ratio within such range to be determined by the Company’s Board of Directors (the “Board”) in its discretion (the “Reverse Stock Split”). On February 3, 2025, the Board approved a 1-for-23 Reverse Stock Split, which will become effective upon filing of the amendment to the Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware. As of the date these financial statements were issued, the Reverse Stock Split had not yet become effective and the Company’s Common Stock had not yet begun to trade on a reverse split-adjusted basis. Unless otherwise specified, all share and per share figures within these financial statements are presented without any adjustment for the proposed Reverse Stock Split.

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

        December 31,

        June 30,

        2024

        2024

        (in thousands)

        Mineral properties
         
        $
        6,733

        $
        6,733

        Hydrology wells

        547

        547

        Asset retirement cost, net of accumulated amortization of    $54 and $44 as of December 31, 2024 and June 30, 2024, respectively(1)

        348

        336

        Mineral rights and properties, net
         
        $
        7,628

        $
        7,616

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

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

        December 31,

        June 30,

        2024

        2024

        (