Cover Page
Cover Page - shares | 9 Months Ended | |
Mar. 31, 2023 | May 11, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Registrant Name | 5E ADVANCED MATERIALS, INC. | |
Entity Central Index Key | 0001888654 | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --06-30 | |
Document Transition Report | false | |
Entity File Number | 001-41279 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-3426517 | |
Entity Address, Address Line One | 19500 State Highway 249 | |
Entity Address, Address Line Two | Suite 125 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77070 | |
City Area Code | 346 | |
Local Phone Number | 439-9656 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | FEAM | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 44,149,172 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Jun. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 36,170 | $ 31,057 |
Prepaid expenses and other current assets | 1,892 | 1,506 |
Total current assets | 38,062 | 32,563 |
Mineral rights and properties, net | 7,612 | 8,364 |
Construction in progress | 61,533 | 25,625 |
Properties, plant and equipment, net | 3,084 | 2,871 |
Reclamation bond deposit | 1,086 | 1,086 |
Right of use asset | 247 | 371 |
Other assets | 6 | 6 |
Total assets | 111,630 | 70,886 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 11,314 | 7,212 |
Lease liabilities, current | 158 | 164 |
Total current liabilities | 11,472 | 7,376 |
Long-term debt | 36,228 | 148 |
Lease liability | 94 | 211 |
Accrued reclamation liabilities | 676 | 489 |
Total liabilities | 48,470 | 8,224 |
Commitments and contingencies (Note 12) | ||
Stockholders' Equity: | ||
Common stock, $0.01 par value; 180,000 shares authorized; 44,149 and 43,305 shares outstanding March 31 and June 30, respectively | 441 | 433 |
Additional paid-in capital | 190,455 | 169,593 |
Retained earnings (accumulated deficit) | (127,736) | (107,364) |
Total stockholders' equity | 63,160 | 62,662 |
Total liabilities and stockholders' equity | $ 111,630 | $ 70,886 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 180,000,000 | 180,000,000 |
Common Stock, Shares, Outstanding | 44,149,000 | 43,305,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Operating expenses | ||||
Project expenses | $ 1,268 | $ 2,039 | $ 8,267 | $ 9,816 |
General and administrative | 6,004 | 30,832 | 18,591 | 44,497 |
Research and Development | 45 | 88 | 123 | 88 |
Impairment | 908 | 0 | 908 | 0 |
Depreciation and amortization expense | 53 | 36 | 132 | 76 |
Total operating expenses | 8,278 | 32,995 | 28,021 | 54,477 |
Income (loss) from operations | (8,278) | (32,995) | (28,021) | (54,477) |
Non-operating income (expense): | ||||
Other income | 13 | 29 | 49 | 39 |
Interest income | 388 | 1 | 914 | 2 |
Derivative gain (loss) | 0 | 0 | 11,743 | 0 |
Interest expense | (2,237) | (1) | (5,043) | (2) |
Other income (expense) | (1) | (3) | (14) | 961 |
Total non-operating income (expense) | (1,837) | 26 | 7,649 | 1,000 |
Income (loss) before income taxes | (10,115) | (32,969) | (20,372) | (53,477) |
Income tax provision (benefit) | 0 | 0 | 0 | 0 |
Net income (loss) | $ (10,115) | $ (32,969) | $ (20,372) | $ (53,477) |
Net income (loss) per common share - basic | $ (0.23) | $ (0.79) | $ (0.47) | $ (1.33) |
Net income (loss) per common share - diluted | $ (0.23) | $ (0.79) | $ (0.47) | $ (1.33) |
Weighted average common shares outstanding - basic | 44,104 | 41,895 | 43,737 | 40,148 |
Weighted average common shares outstanding - diluted | 44,104 | 41,895 | 43,737 | 40,148 |
Comprehensive income (loss) | ||||
Net income (loss) | $ (10,115) | $ (32,969) | $ (20,372) | $ (53,477) |
Reporting currency translation gain (loss) | 0 | (339) | 0 | (1,169) |
Comprehensive income (loss) | $ (10,115) | $ (33,308) | $ (20,372) | $ (54,646) |
Condensed Consolidated Statem_2
Condensed Consolidated Statement Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows From Operating Activities: | ||
Net income (loss) | $ (20,372) | $ (53,477) |
Adjustments to reconcile net income (loss) to net cash used by operating activities: | ||
Depreciation and amortization | 132 | 76 |
Share based compensation | 4,251 | 4,428 |
Common stock issued for consulting fees | 0 | 27,172 |
Unrealized (gain) loss on convertible note derivative instrument | (11,743) | 0 |
Impairment | 908 | 0 |
Accretion of reclamation liability | 20 | 6 |
Amortization of debt issuance costs and discount - convertible note | 3,454 | 0 |
Amortization of right of use asset | 124 | 0 |
Interest earned on reclamation bond | 0 | (1) |
Net foreign exchange (gain) loss | 0 | (965) |
Change in: | ||
Prepaid expenses and other current assets | (386) | (3,050) |
Accounts payable and accrued liabilities | (514) | 2,421 |
Net cash used in operating activities | (24,126) | (23,390) |
Cash Flows From Investing Activities: | ||
Construction in progress | (29,705) | (3,301) |
Mineral rights and properties additions | 0 | (87) |
Properties, plant and equipment additions | (333) | (1,222) |
Net cash used in investing activities | (30,038) | (4,610) |
Cash Flows From Financing Activities: | ||
Proceeds from issuance of convertible note | 55,840 | 0 |
Payments on note payable | (29) | (104) |
Proceeds from issuance of common stock | 0 | 26,309 |
Share offering costs | 0 | (797) |
Proceeds from exercise of stock options | 3,466 | 3,124 |
Net cash provided by financing activities | 59,277 | 28,532 |
Net increase (decrease) in cash and cash equivalents | 5,113 | 532 |
Effect of exchange rate fluctuation on cash | 0 | (203) |
Cash and cash equivalents at beginning of period | 31,057 | 40,811 |
Cash and cash equivalents at end of period | 36,170 | 41,140 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash paid for interest | 5 | 0 |
Noncash Investing and Financing Activities: | ||
Accounts payable and accrued liabilities change related to construction in progress | 6,203 | 2,022 |
Equipment acquired with notes payable | 0 | 227 |
Recognition of operating lease liabilities and right of use assets | 0 | 137 |
Increase (decrease) in asset retirement costs | $ 167 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement Of Changes In Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
Beginning balance, shares at Jun. 30, 2021 | 38,391 | ||||
Beginning balance at Jun. 30, 2021 | $ 62,329 | $ 384 | $ 101,180 | $ 1,417 | $ (40,652) |
Exercise of stock options,Shares | 303 | ||||
Exercise of stock options | 1,086 | $ 3 | 1,083 | ||
Consulting fees, Shares | 150 | ||||
Consulting fees | 1,539 | $ 1 | 1,538 | ||
Share based compensation | 1,776 | 1,776 | |||
Net income (loss) | (9,470) | (9,470) | |||
Other comprehensive income (loss), net of tax | (1,606) | (1,606) | |||
Ending balance, shares at Sep. 30, 2021 | 38,844 | ||||
Ending balance at Sep. 30, 2021 | 55,654 | $ 388 | 105,577 | (189) | (50,122) |
Beginning balance, shares at Jun. 30, 2021 | 38,391 | ||||
Beginning balance at Jun. 30, 2021 | $ 62,329 | $ 384 | 101,180 | 1,417 | (40,652) |
Exercise of stock options,Shares | 1,267 | ||||
Net income (loss) | $ (53,477) | ||||
Ending balance, shares at Mar. 31, 2022 | 42,519 | ||||
Ending balance at Mar. 31, 2022 | 67,918 | $ 425 | 161,374 | 248 | (94,129) |
Beginning balance, shares at Sep. 30, 2021 | 38,844 | ||||
Beginning balance at Sep. 30, 2021 | 55,654 | $ 388 | 105,577 | (189) | (50,122) |
Cash, Shares | 1,760 | ||||
Cash | 26,308 | $ 17 | 26,291 | ||
Exercise of stock options,Shares | 865 | ||||
Exercise of stock options | 1,822 | $ 9 | 1,813 | ||
Consulting fees, Shares | 150 | ||||
Consulting fees | 1,869 | $ 2 | 1,867 | ||
Shares issuance costs | (797) | (797) | |||
Share based compensation | 1,311 | 1,311 | |||
Net income (loss) | (11,038) | (11,038) | |||
Other comprehensive income (loss), net of tax | 776 | 776 | |||
Ending balance, shares at Dec. 31, 2021 | 41,619 | ||||
Ending balance at Dec. 31, 2021 | 75,905 | $ 416 | 136,062 | 587 | (61,160) |
Exercise of stock options,Shares | 100 | ||||
Exercise of stock options | 216 | $ 1 | 215 | ||
Consulting fees, Shares | 800 | ||||
Consulting fees | 23,764 | $ 8 | 23,756 | ||
Share based compensation | 1,341 | 1,341 | |||
Net income (loss) | (32,969) | (32,969) | |||
Other comprehensive income (loss), net of tax | (339) | (339) | |||
Ending balance, shares at Mar. 31, 2022 | 42,519 | ||||
Ending balance at Mar. 31, 2022 | 67,918 | $ 425 | 161,374 | $ 248 | (94,129) |
Beginning balance, shares at Jun. 30, 2022 | 43,305 | ||||
Beginning balance at Jun. 30, 2022 | 62,662 | $ 433 | 169,593 | (107,364) | |
Exercise of stock options,Shares | 50 | ||||
Exercise of stock options | 256 | $ 1 | 255 | ||
Share based compensation | 1,300 | 1,300 | |||
Net income (loss) | 4,606 | 4,606 | |||
Ending balance, shares at Sep. 30, 2022 | 43,355 | ||||
Ending balance at Sep. 30, 2022 | 68,824 | $ 434 | 171,148 | (102,758) | |
Beginning balance, shares at Jun. 30, 2022 | 43,305 | ||||
Beginning balance at Jun. 30, 2022 | $ 62,662 | $ 433 | 169,593 | (107,364) | |
Exercise of stock options,Shares | 835 | ||||
Net income (loss) | $ (20,372) | ||||
Ending balance, shares at Mar. 31, 2023 | 44,149 | ||||
Ending balance at Mar. 31, 2023 | 63,160 | $ 441 | 190,455 | (127,736) | |
Beginning balance, shares at Sep. 30, 2022 | 43,355 | ||||
Beginning balance at Sep. 30, 2022 | 68,824 | $ 434 | 171,148 | (102,758) | |
Exercise of stock options,Shares | 525 | ||||
Exercise of stock options | 1,916 | $ 5 | 1,911 | ||
Vesting of restricted share units | 9 | ||||
Share based compensation | 2,233 | 2,233 | |||
Convertible note derivative liability reclassification | 13,153 | 13,153 | |||
Net income (loss) | (14,863) | (14,863) | |||
Ending balance, shares at Dec. 31, 2022 | 43,889 | ||||
Ending balance at Dec. 31, 2022 | 71,263 | $ 439 | 188,445 | (117,621) | |
Exercise of stock options,Shares | 260 | ||||
Exercise of stock options | 1,294 | $ 2 | 1,292 | ||
Share based compensation | 718 | 718 | |||
Net income (loss) | (10,115) | (10,115) | |||
Ending balance, shares at Mar. 31, 2023 | 44,149 | ||||
Ending balance at Mar. 31, 2023 | $ 63,160 | $ 441 | $ 190,455 | $ (127,736) |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation | 9 Months Ended |
Mar. 31, 2023 | |
Policy Text Block [Abstract] | |
Basis of Financial Statement Presentation | 1. Basis of Financial Statement Presentation These unaudited condensed consolidated financial statements (herein after referred to as “financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and should be read in the context of the consolidated financial statements and footnotes thereto for the year ended June 30, 2022 included in our annual report filed with the Securities and Exchange Commission on Form 10-K, as amended. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of our financial position as of March 31, 2023, results of operations for the three and nine months ended March 31, 2023 and 2022 and cash flows for the nine months ended March 31, 2023 and 2022 have been included. Operating results for the three and nine months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the full fiscal year ending June 30, 2023 . Basis of Consolidation The unaudited condensed consolidated financial statements comprise the financial statements of 5E Advanced Materials, Inc. and its wholly owned subsidiaries, American Pacific Borates Pty Ltd. and 5E Boron Americas, LLC (formerly Fort Cady (California) Corporation), (collectively, “5E,” “we,” “our,” “us” or the “Company”). Going Concern We evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, we evaluate whether the mitigating effect of our plans sufficiently alleviates substantial doubt about our ability to continue as a going concern. The mitigating effect of our plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. In performing our analysis, we excluded certain elements of our operating plan that cannot be considered probable. The future receipt of potential funding from equity or debt issuances cannot be considered probable at this time because these plans are not entirely within our control as of the date of these consolidated financial statements. As discussed in Note 7, the Convertible Note contains a financial covenant requiring us to maintain a cash balance of at least $10 million. Our available liquidity is expected to fall below $10 million in the latter part of calendar year 2023 based on our most recently updated modified business plan, which includes an increase in Small-Scale Facility costs due to increases in third-party construction cost estimates. If we are not able to obtain additional financing and our cash balance falls below $10 million, an event of default under the Convertible Note agreement would occur if not cured within 30 days. Our plans include reduced spending and the pursuit of additional capital. Given that raising additional capital is not entirely within our control combined with our expectation of incurring significant operating and development costs in the foreseeable future, there exists substantial doubt regarding our ability to continue as a going concern for a period of one year after the date that these financial statements are issued. These financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business and do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. Risk and Uncertainties We are subject to a number of risks that we believe are similar to those of other companies of similar size in our industry, including but not limited to, the success of our exploration activities, need for significant additional capital (or financing) to fund operating losses, competition from substitute products and services from larger companies, protection of proprietary technology, patent litigation, and dependence on key individuals. We currently generate no revenues from operations and will need to rely on raising additional capital or financing to sustain operations in the long-term. There can be no assurance that we will be successful in our efforts to raise additional capital on terms favorable to us, or at all, or our ability to adequately reduce expenses, if necessary, to maintain sufficient liquidity or capital resources. We expect our available liquidity will fall below $10 million within the next 12 months. If we are not able to secure additional financing and our cash balance falls below $10 million, an event of default under a Convertible Note indenture would occur if not cured within 30 days. An event of default would cause our Convertible Note balance outstanding to become immediately due and payable, of which we would not have the resources to repay without additional financing. Significant Accounting Policies Convertible Debt Upon the issuance of convertible debt, we evaluate the embedded conversion features to determine whether the embedded conversion feature(s) should be bifurcated from the host instrument and accounted for separately as a derivative. If the conversion feature does not require derivative treatment, the instrument is evaluated for consideration of any beneficial conversion features. If a conversion feature is deemed to be beneficial, the intrinsic value of the conversion feature is recorded as additional paid in capital. Derivative Financial Instruments We record derivative instruments on the balance sheet at fair value as either an asset or a liability with changes in fair value recognized currently in earnings. The related cash flow impact of our derivative activities is reflected as cash flows from operating activities unless the derivatives are determined to have a significant financing element at inception, in which case they are classified within financing activities. Debt Issue Costs Costs incurred in connection with the issuance of debt are recorded as a reduction of the related debt and are amortized to interest expense over the life of the debt. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amount is expensed in the period of conversion. Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The authoritative guidance requires disclosure of the framework for measuring fair value and requires that fair value measurements be classified and disclosed in one of the following categories: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. We consider active markets as those in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that can be valued using observable market data. Substantially all of the inputs are observable in the marketplace throughout the full term of the derivative instrument, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. Level 3 - Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity). Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy. We periodically review our inputs to ensure the fair value level classification is appropriate. When transfers between levels occur, it is our policy to assume that the transfer occurred at the end of the period in which the change in circumstances that caused the transfer occurred. Reclassifications Certain reclassifications have been made to prior years’ reported amounts in order to conform to the current year presentation. These reclassifications did not impact our previously reported net income (loss), stockholders’ equity or cash flows. Recently Issued and Adopted Accounting Pronouncements In August 2020, FASB issued ASU No. 2020-06–Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The update is to address issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. We adopted this standard during the quarter ended September 30, 2022 . The adoption of this standard did not have an effect on our previously reported consolidated financial statements as we had no transactions that were the subject of the pronouncement. During the quarter ended September 30, 2022, we issued convertible debt and accounted for it in accordance with the updates provided for by ASU No. 2020-06. In May 2021, FASB issued ASU No. 2021-04—Earnings Per Share (Topic 260), Debt— Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. The update is to clarify and reduce diversity in accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The adoption of this standard during the quarter ended September 30, 2022 did not have an effect on our consolidated financial statements. |
Mineral Rights and Properties,
Mineral Rights and Properties, Net | 9 Months Ended |
Mar. 31, 2023 | |
Mineral Properties, Net [Abstract] | |
Mineral Rights and Properties, Net | 2. Mineral Rights and Properties, Net Mineral rights and properties, net consisted of the following. March 31, June 30, 2023 2022 (in thousands) Mineral properties $ 6,733 $ 6,733 Hydrology wells 547 547 Mineral interest – Elementis lease (1) — 908 Asset retirement cost, net of accumulated amortization 17 and $ 6 at March 31, 2023 and June 30, 2022, respectively (2) 332 176 Mineral rights and properties, net $ 7,612 $ 8,364 (1) During the quarter ended March 31, 2023, we elected not to renew our mineral lease with Elementis Specialties, Inc. and the mineral lease expired on March 31, 2023 resulting in the recognition of approximately $ 908 thousand of related impairment expense during the current quarter. (2) Asset retirement costs represent the carrying value of capitalized costs associated with asset retirement obligations discussed in Note 5. |
Construction in Progress
Construction in Progress | 9 Months Ended |
Mar. 31, 2023 | |
Construction In Progress [Abstract] | |
Construction in Progress | 3. Construction in Progress Construction in progress consisted of the following. March 31, June 30, 2023 2022 (in thousands) Engineering services $ 9,119 $ 8,656 Equipment 28,768 13,548 Construction services 19,248 — Injection and recovery wells 3,809 3,421 Capitalized interest 589 — Total construction in progress $ 61,533 $ 25,625 |
Properties, Plant and Equipment
Properties, Plant and Equipment, Net | 9 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Properties, Plant and Equipment, Net | 4. Properties, Plant and Equipment, Net Properties, plant and equipment, net consisted of the following. Depreciation Estimated useful March 31, June 30, Asset category method life (in years) 2023 2022 (in thousands) Land N/A — $ 1,533 $ 1,533 Buildings Straight-line 7 - 15 873 873 Vehicles Straight-line 3 - 5 344 276 Plant and equipment Straight-line 5 - 10 604 340 3,354 3,022 Less accumulated depreciation ( 270 ) ( 151 ) Properties, plant and equipment, net $ 3,084 $ 2,871 For the three and nine months ended March 31, 2023 and 2022 , we recognized depreciation expense of approximately $ 46.7 and $ 119 thousand, and $ 34.1 and $ 72.4 thousand, respectively. |
Reclamation Liabilities
Reclamation Liabilities | 9 Months Ended |
Mar. 31, 2023 | |
Reclamation Liabilities Non Current [Abstract] | |
Reclamation Liabilities | . 5. Reclamation Liabilities The change in our ARO during the periods presented, and the balance of our accrued reclamation liabilities at the end of each period is set forth below. March 31, June 30, 2023 2022 (in thousands) Asset retirement obligation — beginning of period $ 191 $ 79 Obligation incurred during the period — 106 Revisions to previous estimates 167 (1) ( 3 ) Accretion 20 9 Asset retirement obligation — end of period 378 191 Accrued reclamation costs 298 298 Total accrued reclamation liabilities $ 676 $ 489 (1) attibutable to revised cost estimates provided by a third-party engineering firm and is reflected as an increase to mineral rights and properties (see Note 2). Accrued reclamation costs of $ 298 thousand relate to surface reclamation obligations at Fort Cady. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 9 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | 6. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following at the end of each period presented. March 31, June 30, 2023 2022 (in thousands) Accounts payable - trade (1) $ 4,309 $ 3,459 Accrued expenses 451 1,584 Accrued capital expenditures 4,893 1,351 Accrued payroll 1,158 780 Accrued interest 463 — Current portion of debt 40 38 Accounts payable and accrued liabilities $ 11,314 $ 7,212 (1) includes $ 3.8 million and $ 1.6 million related to capital expenditures, respectively |
Long-term Debt
Long-term Debt | 9 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 7. Long-term Debt Long-term debt consisted of the following at the end of each period presented. March 31, June 30, 2023 2022 (in thousands) Convertible note $ 61,710 $ — Vehicle notes payable 158 186 Total debt 61,868 186 Current portion of debt 40 38 Long-term debt 61,828 148 Unamortized convertible note discount — embedded conversion feature ( 21,936 ) — Unamortized debt issuance costs - convertible note ( 3,664 ) — Long-term debt, net $ 36,228 $ 148 At March 31, 2023 the fair value of the convertible note was $ 39.7 million. Interest expense consisted of the following. Nine months ended March 31, 2023 2022 (in thousands) Convertible note interest $ 2,173 $ — Notes payable interest — 2 Vehicle notes payable interest 5 — Amortization of debt issuance costs and discount — convertible note 3,454 — Gross interest expense 5,632 2 Less: amount capitalized to construction in progress 589 — Interest expense, net of amounts capitalized $ 5,043 $ 2 Effective interest rate — convertible note 26.21 % — Convertible Note On August 11, 2022, we executed a $ 60 million private placement of Senior Secured Convertible Note (“the Note” or "Convertible Note"), with Bluescape Energy Partners (“Bluescape”). The Note, which is convertible into our common stock and matures in August 2027 , closed on August 26, 2022. At our election, the Note bears interest at an annual rate of 4.50 % if paid in cash, or at an annual rate of 6.00 % if paid through the issuance of additional notes and contains a financial covenant requiring us to maintain a cash balance of at least $10 million. The purchaser may convert the Note at any time before August 2027 at a conversion price of $ 17.60 (“Conversion Price”). We have the right, at any time on or before the twenty-four (24) month anniversary of the closing date of the Note (“Closing Date”), to convert the Note to our common stock in whole or in part if the closing price of our common stock is at least 200 % of the Conversion Price of the Note (“Threshold Price”) for each of the twenty ( 20 ) consecutive trading days prior to the time we deliver a conversion notice. The Threshold Price for our right to convert the Note decreases to 150 % after the twenty-four (24) month anniversary of the Closing Date and on or before the thirty-six (36) month anniversary of the Closing, and to 130 % at any time after the thirty-six (36) month anniversary of the Closing Date. On February 15, 2023 we elected to issue additional notes as payment for $1.7 million of interest accrued during the period August 26, 2022 through February 15, 2023. Due to a provision in the Convertible Note agreement that allowed for a change in the conversion price upon a digressive issuance by us within three months of the closing date, t he conversion feature of the Note was deemed an embedded derivative requiring separate accounting as a stand-alone derivative instrument (convertible note derivative). The Note was recorded at its face amount of $ 60 million less debt issuance costs of $ 4.2 million and the fair value of the convertible note derivative of $ 24.9 million. Fair value information for the convertible instrument follows. The provision resulting in the separate derivative accounting for the conversion feature expired November 26, 2022, and accordingly, the fair value of the convertible note derivative at expiration of the provision was transferred to additional paid-in capital (see Note 8). August 26, November 26, 2022 2022 (Inception) (in thousands) Fair value of convertible note (Level 2) $ 36,388 $ 35,104 Fair value of embedded conversion feature (Level 3) 13,153 24,896 Total fair value of convertible note instrument $ 49,541 $ 60,000 |
Convertible Note Derivative
Convertible Note Derivative | 9 Months Ended |
Mar. 31, 2023 | |
Convertible Note Derivative [Abstract] | |
Convertible Note Derivative | 8. Convertible Note Derivative The convertible note derivative, which related to the Convertible Note described above, was valued upon initial recognition at fair value using a with-and-without methodology utilizing a binomial lattice model (Level 3). Changes in fair value were recognized in the statement of operations prior to the derecognition of the convertible note derivative during the quarter ended December 31, 2022. As described above in Note 7, the fair value of the convertible note derivative was transferred to additional paid-in capital during the three months ended December 31, 2022. The components of changes to the fair value of the convertible note derivative are summarized below. (in thousands) Convertible note derivative — June 30, 2022 $ — Additions 24,896 Fair value adjustment (gain) ( 11,743 ) Reclassified to additional paid-in capital ( 13,153 ) Convertible note derivative — March 31, 2023 $ — The valuation model requires the input of subjective assumptions including expected share price volatility, risk-free interest rate and debt rate. Changes in the input assumptions as well as our underlying share price can materially affect the fair value estimate and reported net income (loss). The assumptions used in the valuation model include the following, with a change in volatility and debt rate having the most significant impact on the valuation. November 26, August 26, 2022 September 30, 2022 (Termination) 2022 (Inception) Risk-free interest rate 3.9 % 4.1 % 3.2 % Volatility 40.0 % 40.0 % 40.0 % Debt rate 17.7 % 18.6 % 17.3 % |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | 9. Financial Instruments and Fair Value Measurements At March 31, 2023 , cash equivalents as well as trade and other payables approximate their fair value due to their short-term nature. Our financial instruments also consist of environmental reclamation bonds which are invested in certificates of deposit and money market funds which are classified as Level 1, and the convertible note derivative which was classified as Level 3 before its derecognition and transfer to additional paid-in capital during the current period. The reconciliation of changes in the fair value of liabilities classified as Level 3 can be found in Notes 7 and 8. |
Share Based Compensation
Share Based Compensation | 9 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share Based Compensation | 10. Share Based Compensation Share based compensation expense is included in general and administrative expense and consisted of the following for the periods presented. Three months ended March 31, Nine months ended March 31, 2023 2022 2023 2022 (in thousands) Share based compensation expense — service based Employee share option plan $ 617 $ 1,343 $ 2,839 $ 4,179 2022 Equity Compensation Plan — Options 350 — 877 — 2022 Equity Compensation Plan — PSU's 29 — 88 — 2022 Equity Compensation Plan — RSU and DSU's ( 278 ) — 447 — Total service based compensation 718 1,343 4,251 4,179 Options issued to suppliers — — — 249 Consulting stock awards — 23,764 — 27,172 Total share based compensation expense $ 718 $ 25,107 $ 4,251 $ 31,600 Stock Options All options outstanding prior to the three-month period ended September 30, 2022 were granted under our predecessor parent company's employee share option plan. New option grants are made under the 2022 Equity Compensation Plan and vest ratably over three years . The tables below reflect all options granted under both plans. The significant assumptions used to estimate the fair value of stock option awards granted under the plans during the nine months ended March 31, 2023 and 2022, using the Black-Scholes option valuation model are as follows. Nine months ended March 31, 2023 2022 Exercise price $ 25.62 $ 14.62 - $ 18.27 Share price $ 18.03 $ 12.43 Volatility 79 % 85 % Expected term in years 5 0.9 to 3.9 Risk-free interest rate 2.91 % 0.01 % - 0.1 % Dividend rate Nil Nil The following table summarizes stock option activity for each of the periods presented. Nine months ended March 31, 2023 2022 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price (In thousands, except per share data) Outstanding at beginning of the period 4,874 $ 9.67 5,554 $ 5.19 Granted 400 25.62 1,700 15.39 Exercised ( 835 ) 4.15 ( 1,267 ) 2.48 Expired/forfeited ( 460 ) 15.33 ( 477 ) 5.48 Outstanding at end of the period 3,979 11.78 5,510 8.94 Vested at the end of the period 3,186 $ 9.58 3,870 $ 6.39 Unvested at the end of the period 793 20.63 1,640 14.95 The weighted average remaining life of vested options at March 31, 2023 and 2022 was 1.65 years and 2.03 years, respectively. As of March 31, 2023 , there was $ 4.6 million of unrecognized compensation cost related to 793 thousand unvested stock options. This cost is expected to be recognized over a weighted-average remaining period of approximately 1.6 years. The following table summarizes the activity for unvested options for each of the periods presented. Nine months ended March 31, 2023 2022 Number of Options Weighted Average Grant Date Fair Value per share Number of Options Weighted Average Grant Date Fair Value per share (In thousands, except per share data) Unvested at beginning of the period 1,507 $ 6.05 270 $ 5.79 Granted 400 10.52 1,700 6.26 Vested ( 1,014 ) 5.86 ( 330 ) 7.13 Expired/forfeited ( 100 ) 6.85 — 8.11 Unvested at end of the period 793 8.32 1,640 6.01 As of March 31, 2023 , the intrinsic value of both the outstanding stock options and vested options was $ 1.3 million. The intrinsic value of stock options exercised during the nine months ended March 31, 2023 and 2022 was $ 6.2 million and $ 14.4 million, respectively. Restricted Share Units, Director Share Units and Performance Share Units The following table summarizes restricted share ("RSU"), director restricted share ("DSU") and performance share ("PSU") activity under the 2022 Equity Compensation Plan for each of the periods presented. Serviced-Based Shares Weighted Average Grant Date Fair Value per Share Performance- Based Shares Weighted Average Grant Date Fair Value per Unit Total Shares (In thousands, except per share data) Non-vested shares/units outstanding 48.8 $ 18.03 19.2 $ 12.19 68.0 Granted 106.5 14.47 63.5 (2) 14.79 170.0 Vested ( 8.9 ) 12.27 — — ( 8.9 ) Forfeited ( 47.9 ) 14.27 ( 42.5 ) 14.10 ( 90.4 ) Non-vested shares/units outstanding 98.5 (1) $ 16.53 40.2 $ 14.28 138.7 (1) Includes approximately 32 thousand director share units (2) On September 1, 2022, we granted approximately 63.5 thousand performance share units, which based on the achievement of certain operational targets, could vest within a range of 0 % to 100 %. The operational targets are; 1) commissioning and operation of the small-scale facility; 2) obtaining formation flow, head grade and impurity profile data from the small-scale facility; and 3) generating product data to ensure process design for detailed engineering. The determination of the percentage of shares that ultimately vest will be made at the three-year anniversary of the grant date based upon achievement of the performance targets over the period. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 9 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share | 11. Earnings (Loss) Per Common Share Basic earnings (loss) per share (EPS) is calculated by dividing net income (loss) less any applicable adjustments (the numerator) by the weighted-average number of shares of common stock (excluding unvested restricted stock units) outstanding during the period (the denominator). Diluted EPS incorporates the dilutive impact of outstanding stock options and unvested restricted stock units (using the treasury stock method). Under the treasury stock method, the amount the employee must pay for exercising stock options, the amount of unrecognized compensation expense related to unvested restricted stock units and the amount of excess tax benefits that would be recorded when the award becomes deductible are assumed to be used to repurchase shares. Diluted earnings (loss) per share equals basic loss per share as the inclusion of normally dilutive options and restricted stock units would be antidilutive due to reported net losses for those periods. For the nine months ended March 31, 2023 and 2022 respectively, stock options and unvested restricted stock units of 4,769 and 5,040 were excluded from the computation of diluted earnings (loss) per share. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies We had purchase order commitments of $ 16.2 million for the construction works in progress, equipment, software, drilling, and technical reports of which approximately $ 8.7 million is reflected in accounts payable and accrued liabilities on our balance sheet at March 31, 2023. |
Basis of Financial Statement _2
Basis of Financial Statement Presentation (Policies) | 9 Months Ended |
Mar. 31, 2023 | |
Policy Text Block [Abstract] | |
Basis of Presentation | These unaudited condensed consolidated financial statements (herein after referred to as “financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and should be read in the context of the consolidated financial statements and footnotes thereto for the year ended June 30, 2022 included in our annual report filed with the Securities and Exchange Commission on Form 10-K, as amended. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of our financial position as of March 31, 2023, results of operations for the three and nine months ended March 31, 2023 and 2022 and cash flows for the nine months ended March 31, 2023 and 2022 have been included. Operating results for the three and nine months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the full fiscal year ending June 30, 2023 . |
Basis of Consolidation | Basis of Consolidation The unaudited condensed consolidated financial statements comprise the financial statements of 5E Advanced Materials, Inc. and its wholly owned subsidiaries, American Pacific Borates Pty Ltd. and 5E Boron Americas, LLC (formerly Fort Cady (California) Corporation), (collectively, “5E,” “we,” “our,” “us” or the “Company”). |
Going Concern | Going Concern We evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, we evaluate whether the mitigating effect of our plans sufficiently alleviates substantial doubt about our ability to continue as a going concern. The mitigating effect of our plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. In performing our analysis, we excluded certain elements of our operating plan that cannot be considered probable. The future receipt of potential funding from equity or debt issuances cannot be considered probable at this time because these plans are not entirely within our control as of the date of these consolidated financial statements. As discussed in Note 7, the Convertible Note contains a financial covenant requiring us to maintain a cash balance of at least $10 million. Our available liquidity is expected to fall below $10 million in the latter part of calendar year 2023 based on our most recently updated modified business plan, which includes an increase in Small-Scale Facility costs due to increases in third-party construction cost estimates. If we are not able to obtain additional financing and our cash balance falls below $10 million, an event of default under the Convertible Note agreement would occur if not cured within 30 days. Our plans include reduced spending and the pursuit of additional capital. Given that raising additional capital is not entirely within our control combined with our expectation of incurring significant operating and development costs in the foreseeable future, there exists substantial doubt regarding our ability to continue as a going concern for a period of one year after the date that these financial statements are issued. These financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business and do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. |
Risk and Uncertainties | Risk and Uncertainties We are subject to a number of risks that we believe are similar to those of other companies of similar size in our industry, including but not limited to, the success of our exploration activities, need for significant additional capital (or financing) to fund operating losses, competition from substitute products and services from larger companies, protection of proprietary technology, patent litigation, and dependence on key individuals. We currently generate no revenues from operations and will need to rely on raising additional capital or financing to sustain operations in the long-term. There can be no assurance that we will be successful in our efforts to raise additional capital on terms favorable to us, or at all, or our ability to adequately reduce expenses, if necessary, to maintain sufficient liquidity or capital resources. We expect our available liquidity will fall below $10 million within the next 12 months. If we are not able to secure additional financing and our cash balance falls below $10 million, an event of default under a Convertible Note indenture would occur if not cured within 30 days. An event of default would cause our Convertible Note balance outstanding to become immediately due and payable, of which we would not have the resources to repay without additional financing. |
Convertible Debt | Convertible Debt Upon the issuance of convertible debt, we evaluate the embedded conversion features to determine whether the embedded conversion feature(s) should be bifurcated from the host instrument and accounted for separately as a derivative. If the conversion feature does not require derivative treatment, the instrument is evaluated for consideration of any beneficial conversion features. If a conversion feature is deemed to be beneficial, the intrinsic value of the conversion feature is recorded as additional paid in capital. |
Derivative Financial Instruments | Derivative Financial Instruments We record derivative instruments on the balance sheet at fair value as either an asset or a liability with changes in fair value recognized currently in earnings. The related cash flow impact of our derivative activities is reflected as cash flows from operating activities unless the derivatives are determined to have a significant financing element at inception, in which case they are classified within financing activities. |
Debt Issue Costs | Debt Issue Costs Costs incurred in connection with the issuance of debt are recorded as a reduction of the related debt and are amortized to interest expense over the life of the debt. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amount is expensed in the period of conversion. |
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The authoritative guidance requires disclosure of the framework for measuring fair value and requires that fair value measurements be classified and disclosed in one of the following categories: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. We consider active markets as those in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that can be valued using observable market data. Substantially all of the inputs are observable in the marketplace throughout the full term of the derivative instrument, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. Level 3 - Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity). Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy. We periodically review our inputs to ensure the fair value level classification is appropriate. When transfers between levels occur, it is our policy to assume that the transfer occurred at the end of the period in which the change in circumstances that caused the transfer occurred. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior years’ reported amounts in order to conform to the current year presentation. These reclassifications did not impact our previously reported net income (loss), stockholders’ equity or cash flows. |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued and Adopted Accounting Pronouncements In August 2020, FASB issued ASU No. 2020-06–Debt–Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The update is to address issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. We adopted this standard during the quarter ended September 30, 2022 . The adoption of this standard did not have an effect on our previously reported consolidated financial statements as we had no transactions that were the subject of the pronouncement. During the quarter ended September 30, 2022, we issued convertible debt and accounted for it in accordance with the updates provided for by ASU No. 2020-06. In May 2021, FASB issued ASU No. 2021-04—Earnings Per Share (Topic 260), Debt— Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. The update is to clarify and reduce diversity in accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The adoption of this standard during the quarter ended September 30, 2022 did not have an effect on our consolidated financial statements. |
Mineral Rights and Properties_2
Mineral Rights and Properties, Net (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Mineral Properties, Net [Abstract] | |
Summary of Mineral Interests and Properties | Mineral rights and properties, net consisted of the following. March 31, June 30, 2023 2022 (in thousands) Mineral properties $ 6,733 $ 6,733 Hydrology wells 547 547 Mineral interest – Elementis lease (1) — 908 Asset retirement cost, net of accumulated amortization 17 and $ 6 at March 31, 2023 and June 30, 2022, respectively (2) 332 176 Mineral rights and properties, net $ 7,612 $ 8,364 (1) During the quarter ended March 31, 2023, we elected not to renew our mineral lease with Elementis Specialties, Inc. and the mineral lease expired on March 31, 2023 resulting in the recognition of approximately $ 908 thousand of related impairment expense during the current quarter. (2) Asset retirement costs represent the carrying value of capitalized costs associated with asset retirement obligations discussed in Note 5. |
Construction in Progress (Table
Construction in Progress (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Construction In Progress [Abstract] | |
Summary of Construction in Progress | Construction in progress consisted of the following. March 31, June 30, 2023 2022 (in thousands) Engineering services $ 9,119 $ 8,656 Equipment 28,768 13,548 Construction services 19,248 — Injection and recovery wells 3,809 3,421 Capitalized interest 589 — Total construction in progress $ 61,533 $ 25,625 |
Properties, Plant and Equipme_2
Properties, Plant and Equipment, Net (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Properties, Plant and Equipment | Properties, plant and equipment, net consisted of the following. Depreciation Estimated useful March 31, June 30, Asset category method life (in years) 2023 2022 (in thousands) Land N/A — $ 1,533 $ 1,533 Buildings Straight-line 7 - 15 873 873 Vehicles Straight-line 3 - 5 344 276 Plant and equipment Straight-line 5 - 10 604 340 3,354 3,022 Less accumulated depreciation ( 270 ) ( 151 ) Properties, plant and equipment, net $ 3,084 $ 2,871 |
Reclamation Liabilities (Tables
Reclamation Liabilities (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Reclamation Liabilities Non Current [Abstract] | |
Schedule Of Change In Asset Retirement Obligation And Balance Of Reclamation Liabilities Including Asset Retirement Obligation Non Current | The change in our ARO during the periods presented, and the balance of our accrued reclamation liabilities at the end of each period is set forth below. March 31, June 30, 2023 2022 (in thousands) Asset retirement obligation — beginning of period $ 191 $ 79 Obligation incurred during the period — 106 Revisions to previous estimates 167 (1) ( 3 ) Accretion 20 9 Asset retirement obligation — end of period 378 191 Accrued reclamation costs 298 298 Total accrued reclamation liabilities $ 676 $ 489 (1) attibutable to revised cost estimates provided by a third-party engineering firm and is reflected as an increase to mineral rights and properties (see Note 2). |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Summary of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consisted of the following at the end of each period presented. March 31, June 30, 2023 2022 (in thousands) Accounts payable - trade (1) $ 4,309 $ 3,459 Accrued expenses 451 1,584 Accrued capital expenditures 4,893 1,351 Accrued payroll 1,158 780 Accrued interest 463 — Current portion of debt 40 38 Accounts payable and accrued liabilities $ 11,314 $ 7,212 (1) includes $ 3.8 million and $ 1.6 million related to capital expenditures, respectively |
Long-term Debt (Tables)
Long-term Debt (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Debt Disclosure | Long-term debt consisted of the following at the end of each period presented. March 31, June 30, 2023 2022 (in thousands) Convertible note $ 61,710 $ — Vehicle notes payable 158 186 Total debt 61,868 186 Current portion of debt 40 38 Long-term debt 61,828 148 Unamortized convertible note discount — embedded conversion feature ( 21,936 ) — Unamortized debt issuance costs - convertible note ( 3,664 ) — Long-term debt, net $ 36,228 $ 148 |
Summary of Interest Expense | Interest expense consisted of the following. Nine months ended March 31, 2023 2022 (in thousands) Convertible note interest $ 2,173 $ — Notes payable interest — 2 Vehicle notes payable interest 5 — Amortization of debt issuance costs and discount — convertible note 3,454 — Gross interest expense 5,632 2 Less: amount capitalized to construction in progress 589 — Interest expense, net of amounts capitalized $ 5,043 $ 2 Effective interest rate — convertible note 26.21 % — |
Summary of Fair Value Information for Convertible Instrument | Fair value information for the convertible instrument follows. The provision resulting in the separate derivative accounting for the conversion feature expired November 26, 2022, and accordingly, the fair value of the convertible note derivative at expiration of the provision was transferred to additional paid-in capital (see Note 8). August 26, November 26, 2022 2022 (Inception) (in thousands) Fair value of convertible note (Level 2) $ 36,388 $ 35,104 Fair value of embedded conversion feature (Level 3) 13,153 24,896 Total fair value of convertible note instrument $ 49,541 $ 60,000 |
Convertible Note Derivative (Ta
Convertible Note Derivative (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Convertible Note Derivative [Abstract] | |
Schedule of Components of Changes to Fair Value of Convertible Note Derivative | The components of changes to the fair value of the convertible note derivative are summarized below. (in thousands) Convertible note derivative — June 30, 2022 $ — Additions 24,896 Fair value adjustment (gain) ( 11,743 ) Reclassified to additional paid-in capital ( 13,153 ) Convertible note derivative — March 31, 2023 $ — |
Schedule of Assumptions used in Valuation Model with Change in Volatility and Debt Rate | The valuation model requires the input of subjective assumptions including expected share price volatility, risk-free interest rate and debt rate. Changes in the input assumptions as well as our underlying share price can materially affect the fair value estimate and reported net income (loss). The assumptions used in the valuation model include the following, with a change in volatility and debt rate having the most significant impact on the valuation. November 26, August 26, 2022 September 30, 2022 (Termination) 2022 (Inception) Risk-free interest rate 3.9 % 4.1 % 3.2 % Volatility 40.0 % 40.0 % 40.0 % Debt rate 17.7 % 18.6 % 17.3 % |
Share Based Compensation (Table
Share Based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | Share based compensation expense is included in general and administrative expense and consisted of the following for the periods presented. Three months ended March 31, Nine months ended March 31, 2023 2022 2023 2022 (in thousands) Share based compensation expense — service based Employee share option plan $ 617 $ 1,343 $ 2,839 $ 4,179 2022 Equity Compensation Plan — Options 350 — 877 — 2022 Equity Compensation Plan — PSU's 29 — 88 — 2022 Equity Compensation Plan — RSU and DSU's ( 278 ) — 447 — Total service based compensation 718 1,343 4,251 4,179 Options issued to suppliers — — — 249 Consulting stock awards — 23,764 — 27,172 Total share based compensation expense $ 718 $ 25,107 $ 4,251 $ 31,600 |
Summary of Share-based Payment Award, Stock Options, Valuation Assumptions | The significant assumptions used to estimate the fair value of stock option awards granted under the plans during the nine months ended March 31, 2023 and 2022, using the Black-Scholes option valuation model are as follows. Nine months ended March 31, 2023 2022 Exercise price $ 25.62 $ 14.62 - $ 18.27 Share price $ 18.03 $ 12.43 Volatility 79 % 85 % Expected term in years 5 0.9 to 3.9 Risk-free interest rate 2.91 % 0.01 % - 0.1 % Dividend rate Nil Nil |
Summary of Share-based Payment Arrangement, Activity | The following table summarizes stock option activity for each of the periods presented. Nine months ended March 31, 2023 2022 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price (In thousands, except per share data) Outstanding at beginning of the period 4,874 $ 9.67 5,554 $ 5.19 Granted 400 25.62 1,700 15.39 Exercised ( 835 ) 4.15 ( 1,267 ) 2.48 Expired/forfeited ( 460 ) 15.33 ( 477 ) 5.48 Outstanding at end of the period 3,979 11.78 5,510 8.94 Vested at the end of the period 3,186 $ 9.58 3,870 $ 6.39 Unvested at the end of the period 793 20.63 1,640 14.95 |
Summary of Nonvested Share Activity | Nine months ended March 31, 2023 2022 Number of Options Weighted Average Grant Date Fair Value per share Number of Options Weighted Average Grant Date Fair Value per share (In thousands, except per share data) Unvested at beginning of the period 1,507 $ 6.05 270 $ 5.79 Granted 400 10.52 1,700 6.26 Vested ( 1,014 ) 5.86 ( 330 ) 7.13 Expired/forfeited ( 100 ) 6.85 — 8.11 Unvested at end of the period 793 8.32 1,640 6.01 |
Share-based Compensation Arrangements by Share-based Payment Award, Performance-based Units, Vested and Expected to Vest | The following table summarizes restricted share ("RSU"), director restricted share ("DSU") and performance share ("PSU") activity under the 2022 Equity Compensation Plan for each of the periods presented. Serviced-Based Shares Weighted Average Grant Date Fair Value per Share Performance- Based Shares Weighted Average Grant Date Fair Value per Unit Total Shares (In thousands, except per share data) Non-vested shares/units outstanding 48.8 $ 18.03 19.2 $ 12.19 68.0 Granted 106.5 14.47 63.5 (2) 14.79 170.0 Vested ( 8.9 ) 12.27 — — ( 8.9 ) Forfeited ( 47.9 ) 14.27 ( 42.5 ) 14.10 ( 90.4 ) Non-vested shares/units outstanding 98.5 (1) $ 16.53 40.2 $ 14.28 138.7 (1) Includes approximately 32 thousand director share units (2) On September 1, 2022, we granted approximately 63.5 thousand performance share units, which based on the achievement of certain operational targets, could vest within a range of 0 % to 100 %. The operational targets are; 1) commissioning and operation of the small-scale facility; 2) obtaining formation flow, head grade and impurity profile data from the small-scale facility; and 3) generating product data to ensure process design for detailed engineering. The determination of the percentage of shares that ultimately vest will be made at the three-year anniversary of the grant date based upon achievement of the performance targets over the period. |
Basis of Financial Statement _3
Basis of Financial Statement Presentation - Additional Information (Detail) | Mar. 31, 2023 |
Accounting Standards Update 2020-06 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Sep. 30, 2022 |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true |
Accounting Standards Update 2021-04 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Sep. 30, 2022 |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true |
Mineral Rights and Properties_3
Mineral Rights and Properties, Net - Summary of Mineral Rights and Properties, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Jun. 30, 2022 | |
Mineral Properties Net [Line Items] | |||
Mineral rights and properties, net | $ 7,612 | $ 8,364 | |
Mineral properties [Member] | |||
Mineral Properties Net [Line Items] | |||
Mineral rights and properties, net | 6,733 | 6,733 | |
Hydrology Wells [Member] | |||
Mineral Properties Net [Line Items] | |||
Mineral rights and properties, net | 547 | 547 | |
Elementis Lease [Member] | |||
Mineral Properties Net [Line Items] | |||
Mineral rights and properties, net | [1] | 0 | 908 |
Asset Retirement Costs [Member] | |||
Mineral Properties Net [Line Items] | |||
Mineral rights and properties, net | [2] | $ 332 | $ 176 |
[1] During the quarter ended March 31, 2023, we elected not to renew our mineral lease with Elementis Specialties, Inc. and the mineral lease expired on March 31, 2023 resulting in the recognition of approximately $ 908 thousand of related impairment expense during the current quarter. Asset retirement costs represent the carrying value of capitalized costs associated with asset retirement obligations discussed in Note 5. |
Mineral Rights and Properties_4
Mineral Rights and Properties, Net - Summary of Mineral Rights and Properties, Net (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Jun. 30, 2022 |
Mineral Properties Net [Line Items] | ||
Related impairment expense | $ 908 | |
Asset Retirement Costs [Member] | ||
Mineral Properties Net [Line Items] | ||
Asset retirement cost, accumulated amortization | $ 17 | $ 6 |
Construction in Progress - Summ
Construction in Progress - Summary of Construction in Progress (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Jun. 30, 2022 |
Construction In Progress [Line Items] | ||
Total construction in progress | $ 61,533 | $ 25,625 |
Engineering services [Member] | ||
Construction In Progress [Line Items] | ||
Total construction in progress | 9,119 | 8,656 |
Equipment [Member] | ||
Construction In Progress [Line Items] | ||
Total construction in progress | 28,768 | 13,548 |
Construction [Member] | ||
Construction In Progress [Line Items] | ||
Total construction in progress | 19,248 | 0 |
Injection and recovery wells [Member] | ||
Construction In Progress [Line Items] | ||
Total construction in progress | 3,809 | 3,421 |
Capitalized interest [Member] | ||
Construction In Progress [Line Items] | ||
Total construction in progress | $ 589 | $ 0 |
Properties, Plant and Equipme_3
Properties, Plant and Equipment, Net - Summary of Properties, Plant and Equipment (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Properties, plant and equipment, Gross | $ 3,354 | $ 3,022 |
Less accumulated depreciation | (270) | (151) |
Properties, plant and equipment, net | 3,084 | 2,871 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties, plant and equipment, Gross | 1,533 | 1,533 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties, plant and equipment, Gross | $ 873 | 873 |
Depreciation method | Straight-line | |
Buildings [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 15 years | |
Buildings [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 7 years | |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties, plant and equipment, Gross | $ 344 | 276 |
Depreciation method | Straight-line | |
Vehicles [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 5 years | |
Vehicles [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 3 years | |
Plant and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties, plant and equipment, Gross | $ 604 | $ 340 |
Depreciation method | Straight-line | |
Plant and equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 10 years | |
Plant and equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 5 years |
Properties, Plant and Equipme_4
Properties, Plant and Equipment, Net - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 46,700 | $ 34,100 | $ 119,000 | $ 72,400 |
Reclamation Liabilities - Sched
Reclamation Liabilities - Schedule Of Change In Asset Retirement Obligation And Balance Of Reclamation Liabilities Including Asset Retirement Obligation Non Current (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Reclamation Liabilities Non Current [Abstract] | ||
Asset retirement obligation - beginning of period | $ 191 | $ 79 |
Obligation incurred during the period | 0 | 106 |
Revisions to previous estimates | 167 | (3) |
Accretion | 20 | 9 |
Asset retirement obligation - end of period | 378 | 191 |
Accrued reclamation costs | 298 | 298 |
Total | $ 676 | $ 489 |
Reclamation Liabilities - Addit
Reclamation Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Reclamation Liabilities Non Current [Line Items] | ||
Asset retirement obligations liabilities incurred | $ 0 | $ 106 |
Accrued reclamation costs | $ 298 | $ 298 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |||
Accounts payable - trade | [1] | $ 4,309 | $ 3,459 |
Accrued expenses | 451 | 1,584 | |
Accrued capital expenditures | 4,893 | 1,351 | |
Accrued payroll | 1,158 | 780 | |
Accrued interest | 463 | 0 | |
Current portion of debt | 40 | 38 | |
Accounts payable and accrued liabilities | $ 11,314 | $ 7,212 | |
[1] includes $ 3.8 million and $ 1.6 million related to capital expenditures, respectively |
Accounts Payable and Accrued _4
Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Parenthetical) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Jun. 30, 2022 |
Payables and Accruals [Abstract] | ||
Capital expenditure included in trade accounts payable | $ 3.8 | $ 1.6 |
Long-term Debt - Summary of Deb
Long-term Debt - Summary of Debt Disclosure (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Jun. 30, 2022 |
Debt Instrument [Line Items] | ||
Total debt | $ 61,868 | $ 186 |
Current portion of debt | 40 | 38 |
Long-term debt | 61,828 | 148 |
Unamortized convertible note discount - embedded conversion feature | (21,936) | 0 |
Unamortized debt issuance costs - convertible note | (3,664) | 0 |
Long-term debt, net | 36,228 | 148 |
Convertible Note [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 61,710 | 0 |
Vehicle Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 158 | $ 186 |
Long-term Debt - Summary of Int
Long-term Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Disclosure [Abstract] | ||||
Convertible note interest | $ 2,173 | $ 0 | ||
Notes payable interest | 0 | 2 | ||
Vehicle notes payable interest | 5 | 0 | ||
Amortization of debt issuance costs and discount - convertible note | 3,454 | 0 | ||
Gross interest expense | 5,632 | 2 | ||
Less: amount capitalized to construction in progress | 589 | 0 | ||
Interest expense, net of amounts capitalized | $ 2,237 | $ 1 | $ 5,043 | $ 2 |
Effective interest rate - convertible note | 26.21% | 0% | 26.21% | 0% |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Details) $ / shares in Units, $ in Thousands | Aug. 11, 2022 USD ($) Days $ / shares | Mar. 31, 2023 USD ($) | Nov. 26, 2022 USD ($) | Aug. 26, 2022 USD ($) | Jun. 30, 2022 USD ($) |
Debt Instrument [Line Items] | |||||
Fair value of convertible note | $ 39,700 | ||||
Debt issuance costs | 3,664 | $ 0 | |||
Convertible note derivative liability | $ 0 | $ 0 | |||
Senior Secured Convertible Notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 60,000 | ||||
Debt instrument maturity date description | 2027 | ||||
Debt instrument, convertible, conversion price | $ / shares | $ 17.60 | ||||
Debt instrument, convertible, threshold trading days | Days | 20 | ||||
Debt issuance costs | $ 4,200 | ||||
Convertible note derivative liability | $ 24,900 | ||||
Senior Secured Convertible Notes | Debt Conversion On Or Before The24 Month From Closing Date | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, convertible, threshold percentage of stock price trigger | 200% | ||||
Senior Secured Convertible Notes | Debt Conversion After24 Months But Before36 Months From Closing Date | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, convertible, threshold percentage of stock price trigger | 150% | ||||
Senior Secured Convertible Notes | Debt Conversion After36 Months From Closing Date | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, convertible, threshold percentage of stock price trigger | 130% | ||||
Senior Secured Convertible Notes | Debt Instrument Repayable By Cash | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 4.50% | ||||
Senior Secured Convertible Notes | Debt Instrument Repayable By Issuing Additional Notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 6% | ||||
Level 2 | |||||
Debt Instrument [Line Items] | |||||
Fair value of convertible note | $ 36,388 | $ 35,104 |
Long-term Debt - Summary of Fai
Long-term Debt - Summary of Fair Value Information for Convertible Instrument (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Nov. 26, 2022 | Aug. 26, 2022 |
Debt Instrument [Line Items] | |||
Fair value of convertible note | $ 39,700 | ||
Total fair value of convertible note instrument | $ 49,541 | $ 60,000 | |
Level 2 | |||
Debt Instrument [Line Items] | |||
Fair value of convertible note | 36,388 | 35,104 | |
Level 3 | |||
Debt Instrument [Line Items] | |||
Fair value of embedded conversion feature | $ 13,153 | $ 24,896 |
Convertible Note Derivative - S
Convertible Note Derivative - Schedule of Components of Changes to Fair Value of Convertible Note Derivative (Details) $ in Thousands | 9 Months Ended |
Mar. 31, 2023 USD ($) | |
Convertible Note Derivative [Abstract] | |
Convertible note derivative - beginning of period | $ 0 |
Additions | 24,896 |
Fair value adjustment (gain) loss | (11,743) |
Reclassified to additional paid-in capital | (13,153) |
Convertible note derivative - end of period | $ 0 |
Convertible Note Derivative -_2
Convertible Note Derivative - Schedule of Assumptions used in Valuation Model with Change in Volatility and Debt Rate (Details) - Convertible Note Derivative [Member] | Nov. 26, 2022 | Sep. 30, 2022 | Aug. 26, 2022 |
Risk-free Interest Rate [Member] | |||
Derivative [Line Items] | |||
Derivative liability, measurement input | 3.9 | 4.1 | 3.2 |
Volatility [Member] | |||
Derivative [Line Items] | |||
Derivative liability, measurement input | 40 | 40 | 40 |
Debt Rate [Member] | |||
Derivative [Line Items] | |||
Derivative liability, measurement input | 17.7 | 18.6 | 17.3 |
Shared Based Compensation - Sha
Shared Based Compensation - Share-based payment arrangement, expensed and capitalized, amount (Details) - General and Administrative Expense [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Payment Arrangement, Expense | $ 718 | $ 25,107 | $ 4,251 | $ 31,600 |
Service Based Compensation [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Payment Arrangement, Expense | 718 | 1,343 | 4,251 | 4,179 |
Service Based Compensation [Member] | RSU and DSU's [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Payment Arrangement, Expense | (278) | 0 | 447 | 0 |
Service Based Compensation [Member] | Employee Share Option Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Payment Arrangement, Expense | 617 | 1,343 | 2,839 | 4,179 |
Service Based Compensation [Member] | PSU's | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Payment Arrangement, Expense | 29 | 0 | 88 | 0 |
Service Based Compensation [Member] | 2022 Equity Compensation Plan - Options [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Payment Arrangement, Expense | 350 | 0 | 877 | 0 |
Option Issued To Suppliers [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Payment Arrangement, Expense | 0 | 0 | 0 | 249 |
Consulting Stock Awards [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-Based Payment Arrangement, Expense | $ 0 | $ 23,764 | $ 0 | $ 27,172 |
Share Based Compensation - Summ
Share Based Compensation - Summary of share-based payment award, stock options, valuation assumptions (Details) - Black Scholes [Member] - $ / shares | 9 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Exercise price | $ 25.62 | |
Share price | $ 18.03 | $ 12.43 |
Volatility | 79% | 85% |
Expected term in years | 5 years | |
Risk free interest rate, Minimum | 0.01% | |
Risk free interest rate, Maximum | 0.10% | |
Risk-free interest rate | 2.91% | |
Dividend rate | 0% | 0% |
Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Exercise price | $ 14.62 | |
Expected term in years | 10 months 24 days | |
Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Exercise price | $ 18.27 | |
Expected term in years | 3 years 10 months 24 days |
Share Based Compensation - Su_2
Share Based Compensation - Summary Of Share-Based Payment Arrangement, Activity (Detail) - $ / shares shares in Thousands | 9 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Number of Options, Outstanding at beginning of the period | 4,874 | 5,554 |
Number of Options, Granted | 400 | 1,700 |
Number of Options, Exercised | (835) | (1,267) |
Number of Options, Expired/forfeited | (460) | (477) |
Number of Options, Outstanding at end of period | 3,979 | 5,510 |
Number of Options, Vested at the end of the period | 3,186 | 3,870 |
Number of Options, Unvested options at end of the period | 793 | 1,640 |
Weighted Averaged Exercise Price, Outstanding at beginning of the period | $ 9.67 | $ 5.19 |
Weighted Averaged Exercise Price, Granted | 25.62 | 15.39 |
Weighted Averaged Exercise Price, Exercised | 4.15 | 2.48 |
Weighted Averaged Exercise Price, Expired/forfeited | 15.33 | 5.48 |
Weighted Averaged Exercise Price, Outstanding at end of period | 11.78 | 8.94 |
Weighted Averaged Exercise Price, Vested at the end of the period | 9.58 | 6.39 |
Weighted Averaged Exercise Price, Unvested at the end of the period | $ 20.63 | $ 14.95 |
Share Based Compensation - Su_3
Share Based Compensation - Summary of Nonvested Share Activity (Details) - $ / shares shares in Thousands | 9 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Number of Options, Unvested options at beginning of the period | 1,507 | 270 |
Number of Options, Granted | 400 | 1,700 |
Number of Options, Vested | (1,014) | (330) |
Number of Options, Expired/forfeited | (100) | 0 |
Number of Options, Unvested options at end of the period | 793 | 1,640 |
Weighted Average Grant Date Fair Value per share, Unvested options at beginning of the period | $ 6.05 | $ 5.79 |
Weighted Average Grant Date Fair Value per share, Granted | 10.52 | 6.26 |
Weighted Average Grant Date Fair Value per share, Vested | 5.86 | 7.13 |
Weighted Average Grant Date Fair Value per share, Expired/forfeited | 6.85 | 8.11 |
Weighted Average Grant Date Fair Value per share, Unvested options at end of the period | $ 8.32 | $ 6.01 |
Share Based Compensation - The
Share Based Compensation - The Activity for our Incentive Plan (Details) - 2022 Equity Compensation Plan [Member] | 9 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Restricted Share ("RSU"), Director Restricted Share ("DSU") and Performance Share Units ("PSU") | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Beginning balance | 68,000 |
Granted | 170,000 |
Vested | (8,900) |
Forfeited | (90,400) |
Ending balance | 138,700 |
Serviced-Based Shares [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Beginning balance | 48,800 |
Granted | 106,500 |
Vested | (8,900) |
Forfeited | (47,900) |
Ending balance | 98,500 |
Weighted Average Grant Date Fair Value per Share, Beginning balance | $ / shares | $ 18.03 |
Weighted Average Grant Date Fair Value per Share, Granted | $ / shares | 14.47 |
Weighted Average Grant Date Fair Value per Share, Vested | $ / shares | 12.27 |
Weighted Average Grant Date Fair Value per Share, Forfeited | $ / shares | 14.27 |
Weighted Average Grant Date Fair Value per Share, Ending balance | $ / shares | $ 16.53 |
Performance-Based Shares [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Beginning balance | 19,200 |
Granted | 63,500 |
Vested | 0 |
Forfeited | (42,500) |
Ending balance | 40,200 |
Weighted Average Grant Date Fair Value per Share, Beginning balance | $ / shares | $ 12.19 |
Weighted Average Grant Date Fair Value per Share, Granted | $ / shares | 14.79 |
Weighted Average Grant Date Fair Value per Share, Vested | $ / shares | 0 |
Weighted Average Grant Date Fair Value per Share, Forfeited | $ / shares | 14.10 |
Weighted Average Grant Date Fair Value per Share, Ending balance | $ / shares | $ 14.28 |
Share Based Compensation - Th_2
Share Based Compensation - The Activity for our Incentive Plan (Parenthetical) (Details) - 2022 Equity Compensation Plan [Member] | 9 Months Ended |
Mar. 31, 2023 shares | |
Performance-Based Shares [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Share based compensation share based award equity instruments other than options granted during the period | 63,500 |
Serviced-Based Shares [Member] | Director Share Units [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Share based compensation share based award equity instruments other than options granted during the period | 32,000 |
Maximum [Member] | Performance-Based Shares [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Share based compensation share based award equity instruments other than options vesting percentage | 100% |
Minimum [Member] | Performance-Based Shares [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Share based compensation share based award equity instruments other than options vesting percentage | 0% |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions | 9 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock options vesting period | 3 years | |||
Share based compensation by share based award options outstanding and unvested | 793 | 1,640 | 1,507 | 270 |
2022 Equity Compensation Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share based compensation by share based award options outstanding and unvested | 793 | |||
Share based compensation by share based award unvested options unrecognized compensation | $ 4.6 | |||
Share based compensation by share based award non vested options intrinsic value | 1.3 | |||
Share based compensation by share based award options vested and expected and to vest aggregate intrinsic value | $ 1.3 | |||
2022 Equity Compensation Plan [Member] | Fully Vested [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share based compensation by share based award options vested and expected to vest weighted average remaining contractual term | 1 year 7 months 24 days | 2 years 10 days | ||
Share based compensation by share based award aggregate instrinsic value of stock options excercised | $ 6.2 | $ 14.4 | ||
2022 Equity Compensation Plan [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share based compensation by share based award total compensation not yet recognized period for recognition | 1 year 7 months 6 days |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share - Additional Information (Details) - shares shares in Thousands | 9 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Payment Arrangement, Option [Member] | ||
Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 4,769 | 5,040 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Mar. 31, 2023 USD ($) |
Commitments and Contingencies [Line Items] | |
Purchase commitments | $ 16.2 |
Accounts Payable and Accrued Liabilities [Member] | |
Commitments and Contingencies [Line Items] | |
Purchase commitments | $ 8.7 |