Unsure if this has been posted? Worth following the Co on...

Unsure if this has been posted? Worth following the Co on LinkedIn.

Interview with Paul Weibel, CFO, 5E Advanced Materials filmed during PDAC 2024: The World’s Premier Mineral Exploration & Mining Convention Sunday, March 3 - Wednesday, March 6, 2024 - published 15 Mar 2024.



I think it shows that the Co has been at work and going about this the logical way one step at a time.

• Looking at hitting 7% head rate, is that new?
• PWs comment on investigating directional drilling techniques from oil&gas is inline with my own expectations, so that's good.

Selected summary and timestamps:

• 9:40 First production soon and the product will be used for customer qualification, then they're looking to produce a technical report/PFS.
• 10:00 The only thing holding them back from publishing a PFS is a capital estimate from the Co's engineering firm +- 25%, they feel good about the estimate that is out there today and are optimistic they can improve.
• 11:48 The succesful lab works on the PLS mined in January 2024 producing commercial grade Boron.
• Further, looking to extract commercial value out of the Small Scale facility with onboarding customers and tailoring product grades. Building a marketing and a sales team etc.
• 13:37 Question: Do you need to get to that point, to the 9,000 tons and then sustained production to prove to the banks that this is a debt worthy project? Or can that be done before you get to that point? - From the debt perspective, we need the offtake sequenced - that really helps... PW then goes onto Sales Channels, wind turbines and the like being used to reduce greenhouse gas reductions and that as the key points for financing (ie. looking at government based funding with the LPO).
• 17:15 We're funded to get through first production, capex has been spent, cash burn continues to go down as we're not spending on contruction...and transitioning to an operating company.
• 18:37 Knock on wood, that first product is coming out of that crystalizer in April.
• Goes on to re-iterate on the 30-year mine life and the exploration still left to the east.
• 19:55 Milestone expectations: First milestone is first production targeting April, then a 5-6 month process. FID decision and then about an 18 month build.
• 21:43 On funding; Questionaire has been submitted on the Co's side with the US Export Import Bank
• 23:39 Spruiking the onsite lab beeing able to see the PLS head rate and the assumption is recyclablity will get that to 7%
• 24:22 PW is of the opinion that for wellfield optimizaton we should be taking pages out of the oil and gas industry and look at horizontal and directional drilling.