American Pacific Borates : Baird 2022 Vehicle Technology & Mobility Conference

ABR.AX

onlyBaird 2022 Vehicle Technology & Mobility Conference

useEnabling Global Decarbonization with BORON+

ersonalJanuary 25, 2022

Cautionary Statements

IMPORTANT NOTICE AND DISCLAIMERS

The information contained in this document (including this notice) or discussed at this presentation (collectively, the "Presentation") has been prepared by 5E Advanced Materials, Inc. ("5E" or the "Company") and American Pacific Borates Limited ACN 615 606 114 ("ABR" and together with 5E and each of their related bodies corporates, the "5E Group"). 5E was incorporated in the State of Delaware on September 23, 2021 for the purpose of reorganizing the operations of ABR, a public company incorporated under the laws of the state of Western Australia and listed on the Australian Stock Exchange ("ASX"), into a structure whereby the ultimate parent company will be a Delaware corporation (the "Reorganization"). The Reorganization is being effected through a statutory Scheme of Arrangement under Australian law (the "Scheme"). The Scheme was approved by ABR's shareholders at a general meeting of shareholders held on December 3, 2021. Following shareholder approval, for the Reorganization to be completed, the Scheme must be approved by the Federal Court of Australia which is expected in the first quarter of 2022. The information contained in this Presentation is intended to be a summary of certain information relating to the 5E Group, is current as at the date of this Presentation, and remains subject to change without notice. The 5E Group may, in its absolute discretion (but without being under any obligation to do so) update or supplement this Presentation.

The Presentation is subject to the conditions outlined below. Your receipt or viewing of the Presentation evidences your acceptance of those conditions and that you agree to be bound by them, including any modifications to them.

onlyTHIS IS NOT AN OFFER AND IS FOR INFORMATIONAL PURPOSES ONLYIMPORTANT

This Presentation is for informational purposes only and nothing contained in it shall form the basis of any contract or commitment and it is not intended to induce or solicit any person to engage in, or refrain from engaging in, any transaction. The information in the Presentation does not constitute, or form part of, an advertisement for an offer or proposed offer of securities and does not constitute a representation that an offering will occur. In particular, the Presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States, or in any other jurisdiction in which such an offer would be illegal. Securities of the 5E Group have not been registered under the U.S. Securities Act or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, in the United States absent registration under the U.S. Securities Act or unless they are offered and sold pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and any other applicable securities laws of any state or other jurisdiction of the United States. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. No person is authorized to give information or make any representation that an offering will occur. Any transaction would be undertaken solely on the basis of disclosure documentation specific to that transaction. Any opinions expressed in this material are opinions as at the date of this the Presentation and are subject to change without notice. In providing this Presentation none of the 5E Group have considered the objectives, financial position or needs of the recipient. Persons needing advice should consult their stockbroker, bank manager, solicitor, attorney, accountant or other independent financial and legal advisors. This Presentation contains trademarks, service marks, trade names and copyrights of the 5E Group, and other companies which are the property of their respective owners.

FORWARD LOOKING STATEMENTS

This Presentation contains forward-looking statements within the meaning of or as described in securities legislation in the United States, Australia and other jurisdictions. Forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "budget," "target", "aim", "strategy," "estimate", "plan," "guidance," "outlook," "intend", "may," "should," "could," "will," "would," "will be," "will continue," "will likely result" and similar expressions, although not all forward-looking statements contain these identifying words. Forward-looking statements include statements regarding exploration, development and construction activities; current plans for the 5E Group's projects; projections of market demand and prices; statements about the timing and amount of resource declarations and current or planned operations; strategy; value; returns; capital allocation and investment; expectations regarding permitting; costs and expenses; and statements about the timing and ability to complete scoping studies and feasibility studies. Forward-looking statements reflect the 5E Group's beliefs and expectations based on current estimates and projections. While the 5E Group believes these expectations, and the estimates and projections on which they are based, are reasonable and were made in good faith, these statements are subject to numerous risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties and other important risk factors many of which are beyond the control of the 5E Group, and which may cause actual timing of events, results, performance or achievements and other factors to be materially different from the future timing of events, results, performance or achievements expressed or implied by the forward-looking statements., which include but are not limited to the following risk factors: 5E (our, we, the Company) future performance is difficult to evaluate due to limited operating history in the borates industry and no sustained revenue from our properties, which may negatively impact our ability to achieve business objectives; Failure to obtain additional financing and maintain sufficient funds to continue ongoing operations could result 5E business being at risk or execution of business plans being delayed; 5E is an exploration stage company with no known reserves, estimates of resources and mineralized material are inherently uncertain and subject to change, the volume and grade of ore actually recovered may vary from our estimates; We have no history of mineral production and we may not be able to successfully reach our downstream processing ambitions; estimates relating to the development of the Project and mine plan are uncertain and 5E may incur higher costs and lower economic returns than estimated; 5E's long-term success will depend ultimately on its ability to a achieve and maintain profitability and to develop positive cash flow from its operating activities; uncertain global economic conditions could have a material adverse impact on our business, financial condition, results of operations or prospects; The 5E Group invested and will

usecontinue to invest significant amounts of capital in the Project on development activities, which involve many uncertainties and operating risks that could prevent it from realizing profits; Title to mineral properties and related water rights is a complex process and we may suffer a material adverse effect in the event the Fort Cady property or other properties that the Company may acquire are determined to have title deficiencies; 5E leases a portion of the Fort Cady site from a third party under a mineral lease agreement that expires in 2022 and while the parties are actively negotiating terms of a new mineral lease, there can be no assurance that the parties will be able to reach agreement on the terms of a new lease or that the terms of a new lease, if entered into, will not be materially less favorable to the Company than the terms of the current mineral lease; the mining industry is historically a cyclical industry and market fluctuations in the process of borates and other minerals could adversely affect our business; a shortage of equipment or disruption in our supply chain could adversely affect our ability to operate our business; we are required to obtain and maintain governmental permits in order to conduct development and mining operations, a process which is often costly and time-consuming; operations are predominantly located in a single geographic region, making us vulnerable to the risks associated with operating a single geographic region concentrating our capital investment in the State of California increases our exposure to risk; the company may acquire additional businesses or assets, form joint ventures or make investments in other companies in the future that may be unsuccessful and may harm our operating results and prospects. Any forward-looking statements, projections and estimates are given only as of the date of this Presentation and actual events, results, performance and achievements could vary significantly from the forward-looking statements, projections and estimates presented in this Presentation. Readers are cautioned not to put undue reliance on forward-looking statements. Except as required by law, the 5E Group disclaims any intent or obligation to correct, update or revise such forward-looking statements, projections and estimates, whether as a result of new information, future events or otherwise. Additionally, the 5E Group, except as required by applicable law, undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the 5E Group, its financial or operating results or its securities.

MARKET AND INDUSTRY DATA

Certain market and industry data presented throughout this Presentation was obtained from third-party sources, industry reports and publications, websites and other publicly available information, as well as industry and other data prepared by or on behalf of the 5E Group. Management estimates regarding the 5E Group's position, share and industry size are derived from publicly available information and its internal research, and are based on a number of key assumptions made upon reviewing such data and the 5E Group's knowledge of such industry and markets, which it believes to be reasonable. While the 5E Group believes the industry, market and competitive position data included in this Presentation is reliable and is based on reasonable assumptions, such data is necessarily subject to a high degree of uncertainty and risk and is subject to change due to a variety of factors. These and other factors could cause results to differ materially from those expressed in the estimates included in this Presentation. Neither the 5E Group not its representatives or advisors have independently verified any market or industry data provided by third parties, industry reports and publications or other publicly available information.

JORC CODE AND REGULATION S-K 1300 MINERAL RESOURCES

ersonalIn this Presentation, some references to estimated mineral resources are compliant with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code") and other references to estimated mineral resources are compliant with the new SEC mining property disclosure requirements contained in Subpart 1300 of Regulation S-K under the U.S. Securities Act ("Regulation S-K 1300"), whereas mining companies in other countries may be required to report their mineral reserves and/or resources in accordance with other guidelines. Investors should note that while the information in this Presentation relating to mineral resources complies variously with the JORC Code and Regulation S-K 1300, it may not comply with the relevant guidelines in other countries. Mining disclosure in the United States was previously required to comply with SEC Industry Guide 7 under the Exchange Act ("SEC Industry Guide 7"). In accordance with the SEC's Final Rule 13-10570, Modernization of Property Disclosure for Mining Registrant, the SEC has adopted final rules, effective February 25, 2019, to replace SEC Industry Guide 7 with new mining disclosure rules (the "Mining Disclosure Rules") under Regulation S-K 1300. Regulation S-K 1300 replaces the historical property disclosure requirements included in SEC Industry Guide 7. Regulation S-K 1300 uses the Committee for Mineral Reserves International Reporting Standards ("CRIRSCO")-based classification system for mineral resources and mineral reserves and accordingly, under Regulation S-K 1300, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources," and require SEC-registered mining companies to disclose in their SEC filings specified information concerning their mineral resources, in addition to mineral reserves. In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be substantially similar to corresponding international standards, including the JORC Code. The SEC Mining Disclosure Rules more closely align SEC disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including the JORC Code. While the SEC now recognizes "measured mineral resources," "indicated mineral resources" and "inferred mineral resources" under the SEC Mining Disclosure Rules, recipients of this Presentation should not assume that any part or all of the mineral deposits in these categories will be converted into a higher category of mineral resources or into mineral reserves.

COMPETENT PERSON STATEMENT (JORC) and TECHNICAL REPORT SUMMARY (REGULATION S-K 1300)

The information in this presentation that relates to exploration targets, exploration results and mineral resources reported under the JORC Code is based on information prepared by Mr Louis Fourie, P.Geo of Terra Modelling Services. Refer to the announcement made by American Pacific Borates Limited dated 3 December 2018 for full details of the JORC Compliant Resource Estimate and Reserve for the Ford Cady Project. The 5E Group confirms that it is not aware of any new information or data that materially affects the Resource Estimate and Reserve and that all material assumptions and technical parameters underpinning the Resource Estimate and Reserve continue to apply and have not materially changed. The Company retained Millcreek Mining Group to prepare an independent technical report summary (the "Report") on the Project. The purpose of the technical report summary was to support the disclosure of Mineral Resource estimates for the Project in compliance with Regulation S-K 1300. The summary was prepared in accordance with the SEC's new mining disclosure rules including Regulation S-K 1300 and Item 601(b)(96) (technical report summary) of Regulation S-K. The Mineral Resources estimates reported in compliance with Regulation S-K 1300 in this Presentation are extracted from the Report.

All figures presented in USD unless otherwise noted.

2

BORON+ Coming Into Focus; 5E Positioned to Become an Advanced Materials Leader

Why BORON+

Why 5E Advanced Materials

ersonal use only

Critical Material, Essential to Everyday Life

Advantaged elemental properties; essential across a wide range of applications with limited substitution

Enabler of Future ESG-centric Industries

Powering industries of the future with high end use applications including batteries, EVs and renewable energy infrastructure

Scarce Resource & Duopolistic Supply

85% of global supply controlled by two companies; downstream supply concentrated in China; governments taking notice

Accelerating Demand Growth

Traditional and decarbonization-focused applications driving 10x consumption growth by 2050E creating undersupply scenario(1)

Relatively Unknown, Next Energy Material

That Deserves Attention

(1) Per Credit Suisse equity research - upside demand case.

World Class Resource and Asset

Access to a rare, low cost resource; advantaged U.S. location; substantially permitted with advantageous infrastructure

Vertically Integrated Model

Differentiated model with control over inputs, intellectual property and processes, and downstream partnerships

Foundations In Place & Clear Vision

Strong momentum into U.S. listing with milestones completed; clear path to building a BORON+ advanced materials business

Leadership Team to Deliver

Track record of building advanced material powerhouses; capable oversight and strategic support in place

Unique Platform and Opportunity

at Attractive Valuation

3

ersonal use only

BORON+

Why BORON+

4

Superior Physical Properties; Wide Application Set and Essential to Everyday Life

Superior Physical Properties

only

Hardness

Only Carbon (diamond)

is harder than Boron

composites

Light

5th lightest of all elements

Weight

after Lithium and Beryllium

5

use

B

Boron

Heat

Only 11 elements have higher

Resistant

melting points (3,771°F)

Metalloid

Boron clusters have anti-

Anti-

biofilm activity and are less

Microbial

prone to drug resistance

Corrosion

Boron-infused metals and

specialty ceramics reduce

Resistant

corrosion propensity

Source: Company materials, Royal Society of Chemistry and Millcreek Mining Group.

ersonal

Current Usage

20%

Other

d

(Clean Energy, Nuclear,

Defense, Pharma)

3% Detergents

12%

Ceramics

13%

Micronutrient

52%

Glass

d

(Borosilicate Glass,

Fiberglass Composites)

Wide Range of

Traditional Applications,

with Limited Substitutability

5

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Disclaimer

American Pacific Borates Ltd. published this content on 25 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 January 2022 05:36:01 UTC.