IPO - 5E Advanced Materials Inc - 2 March 2022 12:00 PM AEDT ##, page-15

My understanding is what's trading on the ASX under the 5EA ticker as of midday today is one CHESS Depository Interest (‘CDI’) in 5EA for every ABR share previously held. So the 5EA CDI price on the ASX is one for one in relation to the old ABR shares. The share price shouldn't have changed today merely because of the swop to CDI's because they represent exactly the same interest in the company as ABR shares held previously.

In a fortnight or so ABR will list and start to trade on the US stockmarket. The US stock will be on the basis of one US share for every 10 ABR shares. So, the US shares should be 10x the value of the ASX CDI's.

In future, if you decide to swop from CDI's to US shares, you'll get one US share for every 10 CDI's you hold.