5E Advanced Materials (FEAM) 10-Q 13 Nov 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Sep. 30, 2024	Nov. 12, 2024
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	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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	9329 Mariposa Road
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	Hesperia
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92344
City Area Code	442
Local Phone Number	221-0225
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		68,883,030

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Current assets:
Cash and cash equivalents	$ 6,851	$ 4,896
Prepaid expenses and other current assets	1,258	1,913
Total current assets	8,109	6,809
Mineral rights and properties, net	7,633	7,616
Construction in progress	849	608
Properties, plant and equipment, net	68,623	73,872
Reclamation bond deposit	311	311
Right of use asset	243	282
Other assets	6	6
Total assets	85,774	89,504
Current liabilities:
Accounts payable and accrued liabilities	7,390	9,567
Lease liabilities, current	121	141
Total current liabilities	7,511	9,708
Long-term debt, net	72,431	64,831
Convertible note derivative liabilities	2,771	3,315
Lease liabilities	130	149
Asset retirement obligations	837	795
Total liabilities	83,680	78,798
Commitments and contingencies (Note 13)
Stockholders' equity:
Common stock, $0.01 par value; 360,000 shares authorized; 68,883 and 63,318 shares outstanding September 30, 2024 and June 30, 2024, respectively	689	633
Additional paid-in capital	214,265	210,074
Retained earnings (accumulated deficit)	(212,860)	(200,001)
Total stockholders' equity	2,094	10,706
Total liabilities and stockholders' equity	$ 85,774	$ 89,504

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Jun. 30, 2024
Statement of Financial Position [Abstract]
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	360,000,000	360,000,000
Common Stock, Shares, Outstanding	68,883,000	63,318,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating expenses
Project expenses	$ 1,554	$ 1,583
Small-scale facility operating costs	1,587	0
General and administrative	4,798	6,038
Research and Development	0	39
Depreciation and amortization expense	4,972	53
Total operating expenses	12,911	7,713
Income (loss) from operations	(12,911)	(7,713)
Non-operating income (expense):
Interest income	23	132
Other income	1	3
Derivative gain (loss)	2,187	0
Interest expense	(2,155)	(1,787)
Other expense	(4)	(5)
Total non-operating income (expense)	52	(1,657)
Income (loss) before income taxes	(12,859)	(9,370)
Income tax provision (benefit)	0	0
Net income (loss)	$ (12,859)	$ (9,370)
Net income (loss) per common share - basic	$ (0.2)	$ (0.21)
Net income (loss) per common share - diluted	$ (0.2)	$ (0.21)
Weighted average common shares outstanding - basic	65,468	44,221
Weighted average common shares outstanding - diluted	65,468	44,221

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities:
Net income (loss)	$ (12,859)	$ (9,370)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	4,972	53
Share based compensation	1,350	599
Unrealized (gain) loss on convertible note derivatives	(2,187)	0
Accretion of asset retirement obligations	19	17
Amortization of debt issuance costs and discount - convertible notes	324	1,452
Amortization of right of use asset	39	40
Change in:
Prepaid expenses and other current assets	655	535
Accounts payable and accrued liabilities	1,312	(212)
Net cash used in operating activities	(6,375)	(6,886)
Cash Flows From Investing Activities:
Construction in progress	(475)	(1,580)
Properties, plant and equipment additions	(11)	(51)
Refund on previously acquired equipment	86	0
Net cash used in investing activities	(400)	(1,631)
Cash Flows From Financing Activities:
Proceeds from issuance of common stock and warrants, net of offering costs	3,144	0
Proceeds from issuance of convertible notes	6,000	0
Debt issuance costs	(282)	0
Payments on note payable	(10)	(10)
Taxes withheld for equity award vesting	(122)
Net cash provided by (used for) financing activities	8,730	(10)
Net increase (decrease) in cash and cash equivalents	1,955	(8,527)
Cash and cash equivalents at beginning of period	4,896	20,323
Cash and cash equivalents at end of period	6,851	11,796
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	1	18
Noncash Investing and Financing Activities:
Accounts payable and accrued liabilities change related to capital additions	(442)	2,364
Accounts payable and accrued liabilities change related to equity issuance costs	121	0
Accounts payable and accrued liabilities change related to debt issuance costs	(85)	0
Interest paid through issuance of additional convertible notes	3,126	1,851
Increase in asset retirement costs	$ 23	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning balance, shares at Jun. 30, 2023		44,187
Beginning balance at Jun. 30, 2023	$ 53,566	$ 441	$ 191,113	$ (137,988)
Vesting of restricted share units, Shares		50
Vesting of restricted share units	(31)	$ 1	(32)
Share based compensation expense	599		599
Net income (loss)	(9,370)			(9,370)
Ending balance, shares at Sep. 30, 2023		44,237
Ending balance at Sep. 30, 2023	44,764	$ 442	191,680	(147,358)
Beginning balance, shares at Jun. 30, 2024		63,318
Beginning balance at Jun. 30, 2024	10,706	$ 633	210,074	(200,001)
Issuance of Common Stock, net of offering costs (in shares)		5,333
Issuance of Common Stock, net of offering costs	1,522	$ 53	1,469
Vesting of restricted share units, Shares		232
Vesting of restricted share units	(127)	$ 3	(130)
Issuance of Warrants, net of offering costs	1,502		1,502
Share based compensation expense	1,350		1,350
Net income (loss)	(12,859)			(12,859)
Ending balance, shares at Sep. 30, 2024		68,883
Ending balance at Sep. 30, 2024	$ 2,094	$ 689	$ 214,265	$ (212,860)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (12,859)	$ (9,370)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Financial Statement Pr

Basis of Financial Statement Presentation	3 Months Ended
	Sep. 30, 2024
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 included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (“SEC”) on September 9, 2024. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position as of September 30, 2024, results of operations for the three months ended September 30, 2024 and 2023 and cash flows for the three months ended September 30, 2024 and 2023 have been included. Operating results for the three months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the full fiscal year ending June 30, 2025. Effective April 1, 2024, we placed our Small-Scale Facility (the “SSF”) into full commercial operation, and accordingly all direct operating costs associated with the SSF, including raw materials, labor and maintenance, have been separately classified as Small-scale operating costs within our condensed consolidated statements of operations after such date. Prior to April 1, 2024, these direct costs have not been reclassified and remain as either Project expenses or General and administrative costs, as appropriate. 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, (“5EBA”)), (collectively, “we,” “our,” or the “Company”). The Company holds 100 % of the rights through ownership in the 5E Boron Americas (Fort Cady) Complex (the “Project”) located in southern California, through its ownership of 5EBA. In preparing the condensed consolidated financial statements, all intercompany balances and transactions, income and expenses and profit and losses resulting from intra-company transactions have been eliminated. Going Concern Management evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that these condensed consolidated financial statements are issued. When substantial doubt exists, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company's ability to continue as a going concern. The mitigating effect of management's 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 Company’s ability to continue as a going concern for one year after the date that the condensed consolidated financial statements are issued. In performing this analysis, management concluded there continues to exist substantial doubt regarding the Company’s ability to continue as a going concern. Although the August 2024 Equity Offering (as further described and defined in Note 10–Equity) provided net cash proceeds of approximately $ 3.0 million (inclusive of amounts payable and accrued for third-party expenses as of September 30, 2024), and our issuance of the September 2024 Notes (as further described and defined in Note 7–Debt) provided net cash proceeds of approximately $ 5.5 million (inclusive of amounts payable and accrued for third-party expenses as of September 30, 2024), each of which improved the Company’s cash position, and while the Company continues to operate under a business plan that includes reductions in certain spending, management anticipates the need for additional financing within the next twelve months to maintain a cash balance in excess of the $ 7.5 million minimum cash covenant which goes into effect December 31, 2024 (as discussed in No te 7–Debt). If the Company is not able to secure additional financing and the Company’s cash balance falls below $ 7.5 million after such date, an event of default under the amended and restated note purchase agreement, entered into on September 16, 2024 (as further described in Note 7–Debt) would occur if not cured after 30 days. An event of default would cause the Company’s senior secured Convertible Notes (as further described and defined in Note 7–Debt) balance outstanding to become immediately due and payable, for which the Company would not have the resources to repay without additional financing. The receipt of potential funding cannot be considered probable at this time because these plans are not entirely within management's control as of the date of these condensed consolidated financial statements. Therefore, there exists substantial doubt regarding the Company's ability to continue as a going concern. Even if additional financing is successfully consummated, available liquidity may still not be sufficient to eliminate the aforementioned substantial doubt regarding the Company's ability to continue as a going concern. 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. Financial Instruments The Company's financial instruments consist of cash and cash equivalents, the Convertible Notes (as further described and defined in Note 7–Debt), vehicle notes, and accounts payable and accrued liabilities. Management believes the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. The fair values of these instruments, due to their short-term nature, with the exception of the Convertible Notes and vehicle notes, approximate their carrying value. See Note 7–Debt fo r fair value information related to the Convertible Notes. Concentrations of Risk The Company maintains cash deposits at several major banks, which at times may exceed amounts covered by insurance provided by the United States Federal Deposit Insurance Corporation. Management monitors the financial health of the banks and believes the Company is not exposed to any significant credit risk, and the Company has not experienced any such losses. The Company’s operations are predominately focused on the Project, which results in the Company being dependent upon a single mining operation in a single geographic region in the western United States in California. The geographic concentration of the Company’s operations may disproportionately expose it to disruptions if the region experiences severe weather, transportation capacity constraints, constraints on the availability of required equipment, facilities, personnel or services, significant governmental regulation or natural disasters. Risks and Uncertainties The Company is subject to a number of risks that its management believes are similar to those of other companies of similar size and industry, including but not limited to, the success of its 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. The Company currently generates 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 management will be successful in its efforts to raise additional capital on terms favorable to the Company, or at all, or in management's ability to adequately reduce expenses, if necessary, to maintain sufficient liquidity or capital resources. Refer to the Going Concern discussion above for additional details. 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 From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) that are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards did not or will not have a material impact on the Company’s consolidated financial statements upon adoption. In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) (“ASU 2023-07”). ASU 2023-07 is intended to enhances reportable segment disclosure requirements, including significant segment expenses and interim disclosures. The guidance allows for disclosure of multiple measures of a segment’s profit or loss, and it requires that public entities with a single reportable segment provide all disclosures required by ASU 2023-07 and all existing disclosures required by the existing segment disclosure guidance. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments are to be applied retrospectively, and early adoption is permitted. The Company is currently evaluating the impact that ASU 2023-07 will have on the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to improve income tax disclosures primarily through enhanced disclosure of income tax rate reconciliation items, and disaggregation of income (loss) from continuing operations, income tax expense (benefit) and income taxes paid, net disclosures by federal, state and foreign jurisdictions, among others. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, and early adoption is permitted. The Company is evaluating the impact that ASU 2023-09 will have on the consolidated financial statements and its plan for adoption, including the adoption date and transition method. In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires the disaggregation of certain expenses in the notes of the financials, to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027 and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that ASU 2024-03 will have on its related disclosures, including the adoption date and transition method.

Mineral Rights and Properties,

Mineral Rights and Properties, Net	3 Months Ended
	Sep. 30, 2024
Mineral Properties, Net [Abstract]
Mineral Rights and Properties, Net	2. Mineral Rights and Properties, Net Mineral rights and properties, net consisted of the following at the end of each period presented. September 30, June 30, 2024 2024 (in thousands) Mineral properties $ 6,733 $ 6,733 Hydrology wells 547 547 Asset retirement cost, net of accumulated amortization of 49 and $ 44 as of September 30, 2024 and June 30, 2024, respectively (1) 353 336 Mineral rights and properties, net $ 7,633 $ 7,616 (1) Represents the carrying value of capitalized costs associated with asset retirement obligations, as discussed in Note 5–Asset Retirement Obligations.

Construction in Progress

Construction in Progress	3 Months Ended
	Sep. 30, 2024
Construction In Progress [Abstract]
Construction in Progress	3. Construction in Progress Construction in progress consisted of the following at the end of each period presented. September 30, June 30, 2024 2024 (in thousands) Engineering services $ 820 $ 608 Capitalized interest 29 — Total construction in progress $ 849 $ 608

Properties, Plant and Equipment

Properties, Plant and Equipment, Net	3 Months Ended
	Sep. 30, 2024
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 at the end of each period presented. Depreciation Estimated useful September 30, June 30, Asset category method life (in years) 2024 2024 (in thousands) Land N/A — $ 1,533 $ 1,533 Small-scale facility — Plant Straight-line 3.75 69,326 69,619 Injection and recovery wells Straight-line 5 6,134 6,134 Buildings Straight-line 7 - 15 979 979 Vehicles Straight-line 3 - 5 345 345 Other plant and equipment Straight-line 5 - 10 740 729 79,057 79,339 Less accumulated depreciation ( 10,434 ) ( 5,467 ) Properties, plant and equipment, net $ 68,623 $ 73,872 The Company recognized depreciation expense of $ 5.0 million and $ 47 thousand for the three months ended September 30, 2024 and 2023 , respectively.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Sep. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	5. Asset Retirement Obligations The change in the Company’s asset retirement obligations during the period presented and the balance of its accrued reclamation liabilities at the end of the period are set forth below. Three months ended September 30, 2024 (in thousands) Asset retirement obligation — beginning of period $ 795 Obligation incurred during the period 23 Revisions to previous estimates — Accretion 19 Asset retirement obligation — end of period $ 837

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Sep. 30, 2024
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. September 30, June 30, 2024 2024 (in thousands) Accounts payable - trade (1) $ 1,481 $ 854 Accrued expenses 1,258 603 Accrued capital expenditures 2,944 3,309 Accrued payroll 702 2,263 Accrued interest 963 2,496 Current portion of debt 42 42 Accounts payable and accrued liabilities $ 7,390 $ 9,567 (1) Includes $ 129 thousand and $ 235 thousand related to capital expenditures as of September 30, 2024 and June 30, 2024 , respectively.

Debt

Debt	3 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	7. Debt Long Term Debt Long-term debt consisted of the following at the end of each period presented. September 30, June 30, 2024 2024 (in thousands) August 2022 Notes $ 68,955 $ 65,671 June 2024 Notes 6,108 6,000 September 2024 Notes 6,000 — Vehicle notes payable 98 108 Total debt 81,161 71,779 Current portion of debt 42 42 Long-term debt 81,119 71,737 Unamortized convertible note discount ( 5,525 ) ( 4,035 ) Unamortized debt issuance costs ( 3,163 ) ( 2,871 ) Long-term debt, net $ 72,431 $ 64,831 As further discussed below, on September 16, 2024, the Company issued an additional $ 6.0 million aggregate principal amount of September 2024 Notes. Additionally, on August 15, 2024, the Company elected to issue additional notes as payment for $ 3.4 million of interest accrued during the period from February 16, 2024 through August 15, 2024. Interest expense consisted of the following for each period presented. Three months ended September 30, 2024 2023 (in thousands) Convertible Notes interest $ 1,859 $ 940 Vehicle notes payable interest 1 1 Amortization of debt issuance costs and 324 1,452 Other interest — 18 Gross interest expense 2,184 2,411 Less: amount capitalized to construction in progress 29 624 Interest expense, net of amounts capitalized $ 2,155 $ 1,787 Effective interest rate — Convertible Notes (1) 12.7 % 23.2 % (1) The effective interest rate represents a weighted-average interest rate applicable for the respective period. Interest expense utilized in the calculation is based upon the gross interest expense in the table above, and the principal balance utilized in the calculation is based on the ending net long-term debt applicable to each interest period inclusive of unamortized debt issuance costs and discount, changes in the principal balance resulting from the issuance of new Convertible Notes, interest paid-in-kind and any adjustments resulting from the Amended and Restated Note Purchase Agreement. Convertible Notes On August 11, 2022, the Compa ny executed a $ 60 million private placement of senior secured convertible notes (the “August 2022 Notes”) with Bluescape Special Situations IV (“Bluescape”). On January 18, 2024, the Company entered into an amended and restated note purchase agreement (the “January 2024 Amended and Restated Note Purchase Agreement”) which modified certain terms of the August 2022 Notes, including to extend the maturity date of the August 2022 Notes to August 15, 2028 . On May 28, 2024, the Company entered into a second amendment (“Amendment No. 2”) to the January 2024 Amended and Restated Note Purchase Agreement and agreed, among other things, to (i) issue and sell new senior secured convertible notes in substantially the same form and under the same terms as the August 2022 Notes, as amended, in an aggregate principal amount of $ 6.0 million (the “June 2024 Notes”) to Bluescape and Ascend Global Investment Fund SPC for and on behalf of Strategic SP (“Ascend”), and (ii) amend and restate the January 2024 Amended and Restated Note Purchase Agreement in the form attached as Annex A to Amendment No. 2 (the “May 2024 Amended and Restated Note Purchase Agreement”). On September 16, 2024, the Company entered into a third amendment (“Amendment No. 3”) to the January 2024 Amended and Restated Note Purchase Agreement and agreed, among other things, to (i) issue and sell new senior secured convertible notes in substantially the same form and under the same terms as the June 2024 Notes, in an aggregate principal amount of $ 6.0 million (the “September 2024 Notes” and, together with the August 2022 Notes and the June 2024 Notes, the “Convertible Notes”) to Bluescape and Ascend, and (ii) amend and restate the January 2024 Amended and Restated Note Purchase Agreement in the form attached as Annex A to Amendment No. 3 (the “September 2024 Amended and Restated Note Purchase Agreement” and collectively with the January 2024 Amended and Restated Note Purchase Agreement and the May 2024 Amended and Restated Note Purchase Agreement, the “Amended and Restated Note Purchase Agreement” ). As part of the January 2024, May 2024 and September 2024 Amended and Restated Note Purchase Agreements, the Company incurred approximately $ 2.6 million, $ 541 thousand and $ 454 thousand of debt issuance costs. At the Company’s election, the Convertible Notes bear interest at an annual rate of 4.50 % if paid in cash, and 10.00 % if paid through the issuance of additional notes. Interest is paid semi-annually on February 15 and August 15 of each year. The Convertible Notes contain a financial covenant requiring the Company to maintain a cash balance of at least $ 7.5 million after December 31, 2024 . The Convertible Notes are secured by substantially all of the Company’s assets. Convertible Notes - Conversion Terms The Convertible Notes, including accrued interest paid-in-kind, may be converted into shares of the Company’s common stock, par value $ 0.01 (the “Common Stock”) at any time before the Convertible Notes mature. The August 2022 Notes are convertible into the Company’s Common Stock based upon a conversion rate of 650.4065 shares of Common Stock per $ 1,000 principal amount of Convertible Notes (the “Conversion Rate), representing a conversion price of approximately $ 1.5375 per share. The June 2024 Notes are convertible into the Company’s Common Stock based upon a Conversion Rate of 692.7990 , representing a conversion price of approximately $ 1.4434 per share. The September 2024 Notes are convertible into the Company’s Common Stock based upon a Conversion Rate of 1,066.6667 shares of Common Stock per $ 1,000 principal amount of September 2024 Notes, representing a conversion price of approximately $ 0.9375 per share. In addition, the Amended and Restated Note Purchase Agreement provides for certain adjustments to the Conversion Rate to increase the number of shares of Common Stock issuable upon conversion of the Convertible Notes (the “Additional Shares”) in the event of certain change of control transactions or other events specified in the Amended and Restated Note Purchase Agreement (a “Make-Whole Fundamental Change”). Accordingly, the Conversion Rate will increase by up to 325.2033 , 346.3996 and 444.4445 Additional Shares per $ 1,000 principal amount of August 2022 Notes, June 2024 Notes and September 2024 Notes, respectively, based on the timing of a Make-Whole Fundamental Change and the trading price of the Common Stock at such time or the cash received by holders of the Common Stock in connection with such Make-Whole Fundamental Change. The Conversion Rate applicable to the June 2024 Notes and September 2024 Notes is subject to adjustment if, after the issuance date of the respective Convertible Notes and on or prior to December 31, 2024, the Company sells Common Stock or any other equity-linked securities in one or more transactions at an effective price per share that is less than the respective conversion price then in effect, subject to certain exemptions (a “Degressive Issuance”). In the event of a Degressive Issuance, the Conversion Rate applicable to the June 2024 Notes and September 2024 Notes will be adjusted based on the weighted average issuance price of the securities sold in such Degressive Issuance, as set forth in the Amended and Restated Note Purchase Agreement. Pursuant to the terms of the Amended and Restated Note Purchase Agreement, the Company will not be permitted to effect any Degressive Issuance that would result in an adjustment to the Conversion Rate that requires the approval of the Company’s stockholders pursuant to the listing standards of The Nasdaq Global Select Market, unless the Company has obtained such stockholder approval before such Degressive Issuance. As part of the August 2024 Equity Offering (as further described and defined in Note 10–Equity), the Degressive Issuance provision applicable to the June 2024 Notes resulted in an adjustment to the Conversion Rate applicable only to the June 2024 Notes from 650.4065 to 692.7990 , and a corresponding increase in the Conversion Rate in the event of a Make-Whole Fundamental Change from 325.2033 to 346.3996 . The September 2024 Amended and Restated Note Purchase Agreement also requires the Company to maintain the effectiveness of registration statements filed with the SEC relating to shares of the Company’s Common Stock which may be received by the holders of the Convertible Notes if such Convertible Notes are converted into Common Stock. If the Company fails to maintain the effectiveness of such registration statements through the period in which the Convertible Notes may be converted, the interest rate applicable to the Convertible Notes may be increased by 0.5 % per annum for each 90-day period where such registration statements are not effective, up to a maximum of 2.0 % per annum. Convertible Notes - Derivatives The terms of the Amended and Restated Note Purchase Agreement permits a change to the Conversion Rates applicable to the June 2024 Notes and September 2024 Notes upon a Digressive Issuance by the Company on or before December 31, 2024. As a result, these conversion features were deemed to be embedded derivatives requiring bifurcation and separate accounting as stand-alone derivative instruments (the “June 2024 Convertible Note Derivative” and “September 2024 Convertible Note Derivative,” respectively, and together, the “Convertible Note Derivatives”). The June 2024 Notes were initially recorded at their face amount of $ 6 million less debt issuance costs of $ 541 thousand and the fair value of the June 2024 Convertible Note Derivative, which was determined to be $ 4.1 million. Similarly, the September 2024 Notes were initially recorded at their face amount of $ 6 million less debt issuance costs of $ 454 thousand and the fair value of the September 2024 Convertible Note Derivative, which was determined to be $ 1.6 million. The provisions that result in separate accounting for the Convertible Note Derivatives will expire on December 31, 2024, and accordingly, the fair value of the Convertible Note Derivatives, if any, on such date will be transferred to additional paid-in capital. Refer to Note 8–Convertible Note Derivatives and the discussion immediately below for additional details regarding the fair values of the Convertible Note Derivatives. Convertible Notes - Fair Value Fair value and carrying value information for the Convertible Notes at each period end follows. Unamortized Debt Net Liability Principal Discount and Carrying Fair Value Amount Issuance Costs Amount Amount Leveling (in thousands) As of September 30, 2024 August 2022 Notes, due Aug. 15, 2028 $ 68,955 $ ( 2,197 ) $ 66,758 $ 47,532 Level 2 June 2024 Notes, due Aug. 15, 2028 6,108 ( 4,414 ) 1,694 2,413 (1) Level 2 September 2024 Notes, due Aug. 15, 2028 6,000 ( 2,077 ) 3,923 3,615 (1) Level 2 $ 81,063 $ ( 8,688 ) $ 72,375 $ 53,560 As of June 30, 2024 August 2022 Notes, due Aug. 15, 2028 $ 65,671 $ ( 2,336 ) $ 63,335 $ 63,289 Level 2 June 2024 Notes, due Aug. 15, 2028 6,000 ( 4,570 ) 1,430 1,942 (1) Level 2 $ 71,671 $ ( 6,906 ) $ 64,765 $ 65,231 (1) The reported fair value of the convertible note relates only to the debt component of such security and excludes the fair value associated with the related convertible note derivative that has been bifurcated and accounted for separately. Refer to Note 8–Convertible Note Derivatives for fair value information related to the Convertible Note Derivatives. The valuation model for the Convertible Notes and related Convertible Note Derivatives require 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 the Company's underlying share price can materially affect the fair value estimates. Changes in the reported fair value of the Convertible Notes between periods are not recognized in net income and therefore have no effect on reported net income (loss). The significant assumptions used in the fair value model for the Convertible Notes and related Convertible Note Derivatives include the following, with changes in volatility, debt rate and stock price having the most significant impact on the related fair values. Sep. 16, 2024 Sep. 30, 2024 (Sep. 2024 Notes) Jun. 30, 2024 Risk-free interest rate 3.6 % 3.4 % 4.5 % Volatility 65.0 % 60.0 % 50.0 % Debt rate 22.6 % - 33.6 % (1) 23.7 % 28.7 % - 36.7 % (2) Stock price per share $ 0.54 $ 0.50 $ 1.21 (1) Debt rates of 25.5 %, 33.6 % and 22.6 % were utilized in the valuation of the August 2022 Notes, June 2024 Notes and September 2024 Notes, respectively. (2) Debt rates of 28.7 % and 36.7 % were utilized in the valuation of the August 2022 Notes and June 2024 Notes, respectively.

Convertible Note Derivative

Convertible Note Derivative	3 Months Ended
	Sep. 30, 2024
Convertible Note Derivative [Abstract]
Convertible Note Derivatives	8. Convertible Note Derivatives The June 2024 Convertible Note Derivative and September 2024 Convertible Note Derivative, each which relate to the June 2024 Notes and September 2024 Notes, respectively, described above in Note 7–Debt, were valued upon initial recognition and at each reporting period at fair value using a with-and-without methodology utilizing a binomial lattice model (a model which utilizes Level 3 fair value inputs). Refer to Convertible Notes–Fair Value in Note 7–Debt for a table of certain inputs utilized in the valuation of the Convertible Notes and related Convertible Note Derivatives on certain dates. Changes in the fair value were recognized in Derivative gain (loss) in the statement of operations, but had no related impact on the Company’s cash position or cash flows. The provision that results in separate accounting for the June 2024 Convertible Note Derivative began June 11, 2024 in connection with the issuance of the June 2024 Notes, and on September 16, 2024 for the September 2024 Convertible Note Derivative in connection with the issuance of the September 2024 Notes. Each of these provisions will expire on December 31, 2024, and accordingly, the fair value of the June 2024 Convertible Note Derivative and September 2024 Convertible Note Derivative, if any, will be transferred to additional paid-in capital at that time. The components of changes to the fair value of the Convertible Note Derivatives for the periods presented are summarized below. Derivative (Asset)/Liability (in thousands) Convertible note derivatives (asset) liability — June 30, 2024 $ 3,315 Additions, at fair value, September 16, 2024 1,643 Fair value adjustments (gain) loss, net ( 2,187 ) Convertible note derivatives (asset) liability — September 30, 2024 $ 2,771

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	9. Financial Instruments and Fair Value Measurements At September 30, 2024, 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, the Convertible Notes which are classified as Level 2, and the Convertible Note Derivatives which were classified as Level 3. The reconciliation of changes in the fair value of the Convertible Note Derivative can be found in Note 8–Convertible Note Derivatives.

Equity

Equity	3 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Equity	10. Equity The Company is authorized to issue up to 360,000,000 shares of common stock, par value $ 0.01 per share, and 20,000,000 shares of preferred stock, par value, $ 0.01 per share. The Company has no outstanding shares of preferred stock. On August 27, 2024, the Company completed an offering (the “August 2024 Equity Offering”) of (i) 5,333,333 shares (the “Shares”) of Common Stock, (ii) Series A warrants to purchase up to an aggregate of up to 5,333,333 shares of Common Stock (the “Series A Warrants”) and (iii) Series B warrants to purchase an aggregate of 5,333,333 shares of Common Stock (the “Series B Warrants”, and collectively with the Series A Warrants, the “Warrants”). The Shares and Warrants were offered and sold on a combined basis for consideration equating to $ 0.75 for one Share and two Warrants. The exercise price for each of the Warrants is $ 0.7981 per share. This transaction resulted in net proceeds to the Company of approximately $ 3.0 million after deducting the placement agent’s fees and other offering expenses (inclusive of amounts payable and accrued as of September 30, 2024). The aggregate net proceeds and issuance costs associated with the August 2024 Equity Offering were allocated to the Shares and Warrants based upon the relative fair value of such items on the offering date. The Series A Warrants and the Series B Warrants are initially exercisable on February 27, 2025. The Series A Warrants will expire on February 27, 2030 and the Series B Warrants will expire on February 27, 2027. The Warrants contain standard adjustments to the exercise price including for stock splits, stock dividends, rights offerings and pro rata distributions. The Warrants also include certain rights upon the occurrence of a “fundamental transaction” (as described in the Warrants), including the right of the holder thereof to receive from the Company or a successor entity the same type or form of consideration (and in the same proportion) that is being offered and paid to the holders of Common Stock in such fundamental transaction in the amount of the Black Scholes value (as described in the Warrants) of the unexercised portion of the Warrant on the date of the consummation of such fundamental transaction. The Warrants include cashless exercise rights to the extent the resale of the shares of Common Stock underlying the Warrants is not registered under the Securities Act. During the three months ended September 30, 2024 and 2023 , the Company issued approximately 231 thousand and 50 thousand shares of its Common Stock upon the vesting of equity awards. The vesting did not result in any cash proceeds to the Company. 2024 Equity Distribution Agreement On March 28, 2024, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”) with Canaccord Genuity LLC and D.A. Davidson & Co. (the “Agents”) pursuant to which the Company may offer and sell up to $ 15.0 million of shares of Common Stock from time to time through the Agents, acting as the Company’s sales agents, or directly to one or more of the Agents, acting as principal (the “ATM Program”). Neither of the Agents is required to sell any specific number or dollar amount of shares of the Company’s Common Stock, but each has agreed, subject to the terms and conditions of the Equity Distribution Agreement, to use its commercially reasonable efforts, consistent with its normal trading and sales practices, to sell the shares of Common Stock on the terms agreed upon by such Agent and the Company. The Company did not sell any shares of Common Stock nor receive any proceeds under the Equity Distribution Agreement during the three months ended September 30, 2024 . As a result of the August 2024 Equity Offering we are precluded from utilizing the ATM Program for one year following the closing of the offering, and as a result approximately $ 410 thousand of costs previously capitalized for the ATM Program were written-off to General and administrative expense during the three months ended September 30, 2024 .

Share Based Compensation

Share Based Compensation	3 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share Based Compensation	11. Share Based Compensation Share based compensation expense is included in general and administrative expense and represents costs associated with restricted share unit (“RSU”), director restricted share unit (“DSU”) and performance share unit (“PSU”) activity and options. Share based compensation expense consisted of the following for the periods presented. Three Months Ended September 30, 2024 2023 (in thousands) Share based compensation expense — service based Employee share option plan $ 100 $ 96 2022 Equity Compensation Plan — Options 21 133 2022 Equity Compensation Plan — PSUs ( 9 ) 48 2022 Equity Compensation Plan — RSU and DSUs 1,238 322 Total share based compensation expense $ 1,350 $ 599 As of September 30, 2024 , the Company had approximately $ 774 thousand of total unrecognized stock-based compensation expense related to unvested stock-based compensation awards that is expected to be recognized over a weighted average period of approximately 1.4 years. Stock Options Option grants are made under the 2022 Equity Compensation Plan and vest ratably over the vesting period which is generally three years or less. The significant assumptions used to estimate the fair value of stock option awards granted during the three months ended September 30, 2024 and 2023, using a Black-Scholes option valuation model are as follows. Three months ended September 30, 2024 2023 Exercise price $ 1.27 $ 7.73 Share price $ 0.51 $ 2.46 Volatility 99 % 99 % Expected term in years 2.9 9.6 Risk-free interest rate 3.4 % 4.3 % Dividend rate Nil Nil The following table summarizes stock option activity for each of the periods presented. Three months ended September 30, 2024 2023 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 4,001 $ 9.33 4,187 $ 10.91 Granted 301 1.27 300 7.73 Exercised — — — — Expired/forfeited ( 1,660 ) 5.26 ( 278 ) 25.49 Outstanding at end of the period 2,642 10.97 4,209 9.71 Vested at the end of the period 2,000 13.58 3,356 9.83 Unvested at the end of the period 642 $ 2.85 853 $ 9.25 The weighted average remaining life of vested options at September 30, 2024 and 2023 was approximately 2.3 years and 1.2 years, respectively. As of September 30, 2024 and 2023 , the maximum expiration date for vested options was approximately 8.6 and 2.0 years, respectively. As of September 30, 2024 , there was approximately $ 298 thousand of unrecognized compensation cost related to 642 thousand unvested stock options. This cost is expected to be recognized over a weighted-average remaining period of approximately 1.5 years. As of September 30, 2024 and 2023 , the maximum expiration date for unvested options was approximately 2.8 and 9.6 years, respectively. The following table summarizes the activity for unvested options for each of the periods presented. Three months ended September 30, 2024 2023 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 341 $ 1.79 838 $ 6.42 Granted 301 0.22 300 2.08 Vested — — ( 7 ) 6.85 Expired/forfeited — — ( 278 ) 10.48 Unvested at end of the period 642 $ 1.05 853 $ 3.57 As of September 30, 2024 and 2023 , all outstanding stock options and vested stock options had no intrinsic value as the exercise prices of the respective options exceeded the Company's stock price on such dates. There were no options exercised during the three months ended September 30, 2024 and 2023. Full Value Awards (Restricted Share Units, Director Share Units and Performance Share Units) The following table summarizes RSU, DSU and PSU activity 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 367.8 $ 2.56 94.4 $ 5.73 462.2 Granted 353.0 0.52 455.3 (1) 0.51 808.3 Vested ( 323.5 ) 1.95 — — ( 323.5 ) Forfeited — — ( 22.9 ) 2.46 ( 22.9 ) Non-vested shares/units 397.3 $ 1.25 526.8 $ 1.36 924.1 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 209.8 $ 6.78 139.1 $ 7.20 348.9 Granted 186.6 2.46 121.6 (2) 2.46 308.2 Vested ( 77.1 ) 6.31 — — ( 77.1 ) Forfeited ( 4.5 ) 14.49 ( 4.5 ) 14.49 ( 9.0 ) Non-vested shares/units 314.8 $ 4.23 256.2 $ 4.82 571.0 (1) During the three months ended September 30, 2024, approximately 455.3 thousand PSUs were granted, which based on the achievement of certain financial and operational targets, could vest within a range of 0 % to 100 %. The targets are 1) construction of the large-scale commercial facility commencing prior to September 1, 2026; 2) an approved final investment decision in the large-scale commercial facility at a modeled internal rate of return of 20 %, 3) achievement of an enterprise value in excess of $ 200 million, and 4) achievement of an enterprise value in excess of $ 300 million. 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. (2) During the three months ended September 30, 2023, approximately 121.6 thousand PSUs were granted, which based on the achievement of certain financial and operational targets, could vest within a range of 0 % to 100 %. The targets are 1) construction of the large-scale commercial facility commencing prior to September 1, 2026; 2) the budget for the large-scale commercial facility remaining within a range of $ 342 - 418 million; and 3) an approved final investment decision in the large-scale commercial facility at a modeled internal rate of return of 20 %. 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. During the three months ended September 30, 2024 , the vesting of approximately 32 thousand RSUs was accelerated, and approximately 23 thousand PSUs were forfeited in accordance with the terms of a severance agreement with an employee. This resulted in approximately $ 915 thousand of incremental share based compensation expense recognized during the quarter.

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	3 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings (Loss) Per Common Share	12. Earnings (Loss) Per Common Share Basic loss per share is computed by dividing the net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if DSUs, RSUs, PSUs, stock options and convertible securities such as the Convertible Notes (excluding any Additional Shares since the probability of a Make-Whole Fundamental Change cannot be predicted) and Warrants were exercised or converted into common stock at the end of the respective period. Diluted loss per share equals basic loss per share for the three months ended September 30, 2024 and 2023 as the effect of including dilutive securities in the calculation would be anti-dilutive. For the three months ended September 30, 2024 and 2023, the following effects are excluded from the computation of dilutive loss per share as such effects would have an anti-dilutive effect. Three Months Ended September 30, 2024 2023 (in thousands) Interest expense on Convertible Notes $ 2,184 $ 2,393 Derivative gain (loss) — Convertible Note Derivatives $ 2,187 $ — Additional shares assuming conversion of Convertible Notes 55,480 3,611 Additional shares assuming exercise of Warrants 10,667 — Stock options and unvested restricted stock units and performance share units 3,566 4,780

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies Purchase Obligations As of September 30, 2024 , the Company had purchase order commitments of approximately $ 4.3 million primarily for engineering services for our proposed commercial-scale facility, drilling services related to wellfield development, raw materials for the operation of our SSF and other services. Litigation On July 17, 2023, the Company filed a complaint (the “Complaint”) against a previous construction contractor in the United States District Court for the Central District of California, Eastern Division, alleging, among other things, numerous breaches by the contractor of its contractual obligations to 5EBA under the Procurement and Construction Contract, effective April 26, 2022, by and between 5EBA and the contractor, relating to the construction of the SSF in California (the “Contract”). On August 10, 2023, the contractor filed an answer to the Complaint as well as a counterclaim for, among other things, alleged breaches by 5EBA of its contractual obligations to the contractor under the Contract and has requested relief in the approximate amount of $ 5.5 million. The Company plans on filing a response disputing the counterclaims asserted by the contractor and reaffirming the grounds for recovery raised in the Complaint. Discovery has begun and is ongoing. An estimate of reasonably possible losses, if any, cannot be made at this time.

Basis of Financial Statement _2

Basis of Financial Statement Presentation (Policies)	3 Months Ended
	Sep. 30, 2024
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 included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (“SEC”) on September 9, 2024. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position as of September 30, 2024, results of operations for the three months ended September 30, 2024 and 2023 and cash flows for the three months ended September 30, 2024 and 2023 have been included. Operating results for the three months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the full fiscal year ending June 30, 2025. Effective April 1, 2024, we placed our Small-Scale Facility (the “SSF”) into full commercial operation, and accordingly all direct operating costs associated with the SSF, including raw materials, labor and maintenance, have been separately classified as Small-scale operating costs within our condensed consolidated statements of operations after such date. Prior to April 1, 2024, these direct costs have not been reclassified and remain as either Project expenses or General and administrative costs, as appropriate.
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, (“5EBA”)), (collectively, “we,” “our,” or the “Company”). The Company holds 100 % of the rights through ownership in the 5E Boron Americas (Fort Cady) Complex (the “Project”) located in southern California, through its ownership of 5EBA. In preparing the condensed consolidated financial statements, all intercompany balances and transactions, income and expenses and profit and losses resulting from intra-company transactions have been eliminated.
Going Concern	Going Concern Management evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that these condensed consolidated financial statements are issued. When substantial doubt exists, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company's ability to continue as a going concern. The mitigating effect of management's 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 Company’s ability to continue as a going concern for one year after the date that the condensed consolidated financial statements are issued. In performing this analysis, management concluded there continues to exist substantial doubt regarding the Company’s ability to continue as a going concern. Although the August 2024 Equity Offering (as further described and defined in Note 10–Equity) provided net cash proceeds of approximately $ 3.0 million (inclusive of amounts payable and accrued for third-party expenses as of September 30, 2024), and our issuance of the September 2024 Notes (as further described and defined in Note 7–Debt) provided net cash proceeds of approximately $ 5.5 million (inclusive of amounts payable and accrued for third-party expenses as of September 30, 2024), each of which improved the Company’s cash position, and while the Company continues to operate under a business plan that includes reductions in certain spending, management anticipates the need for additional financing within the next twelve months to maintain a cash balance in excess of the $ 7.5 million minimum cash covenant which goes into effect December 31, 2024 (as discussed in No te 7–Debt). If the Company is not able to secure additional financing and the Company’s cash balance falls below $ 7.5 million after such date, an event of default under the amended and restated note purchase agreement, entered into on September 16, 2024 (as further described in Note 7–Debt) would occur if not cured after 30 days. An event of default would cause the Company’s senior secured Convertible Notes (as further described and defined in Note 7–Debt) balance outstanding to become immediately due and payable, for which the Company would not have the resources to repay without additional financing. The receipt of potential funding cannot be considered probable at this time because these plans are not entirely within management's control as of the date of these condensed consolidated financial statements. Therefore, there exists substantial doubt regarding the Company's ability to continue as a going concern. Even if additional financing is successfully consummated, available liquidity may still not be sufficient to eliminate the aforementioned substantial doubt regarding the Company's ability to continue as a going concern. 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.
Financial Instruments	Financial Instruments The Company's financial instruments consist of cash and cash equivalents, the Convertible Notes (as further described and defined in Note 7–Debt), vehicle notes, and accounts payable and accrued liabilities. Management believes the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. The fair values of these instruments, due to their short-term nature, with the exception of the Convertible Notes and vehicle notes, approximate their carrying value. See Note 7–Debt fo r fair value information related to the Convertible Notes.
Concentrations of Risk	Concentrations of Risk The Company maintains cash deposits at several major banks, which at times may exceed amounts covered by insurance provided by the United States Federal Deposit Insurance Corporation. Management monitors the financial health of the banks and believes the Company is not exposed to any significant credit risk, and the Company has not experienced any such losses. The Company’s operations are predominately focused on the Project, which results in the Company being dependent upon a single mining operation in a single geographic region in the western United States in California. The geographic concentration of the Company’s operations may disproportionately expose it to disruptions if the region experiences severe weather, transportation capacity constraints, constraints on the availability of required equipment, facilities, personnel or services, significant governmental regulation or natural disasters.
Risk and Uncertainties	Risks and Uncertainties The Company is subject to a number of risks that its management believes are similar to those of other companies of similar size and industry, including but not limited to, the success of its 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. The Company currently generates 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 management will be successful in its efforts to raise additional capital on terms favorable to the Company, or at all, or in management's ability to adequately reduce expenses, if necessary, to maintain sufficient liquidity or capital resources. Refer to the Going Concern discussion above for additional details.
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 From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) that are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards did not or will not have a material impact on the Company’s consolidated financial statements upon adoption. In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) (“ASU 2023-07”). ASU 2023-07 is intended to enhances reportable segment disclosure requirements, including significant segment expenses and interim disclosures. The guidance allows for disclosure of multiple measures of a segment’s profit or loss, and it requires that public entities with a single reportable segment provide all disclosures required by ASU 2023-07 and all existing disclosures required by the existing segment disclosure guidance. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments are to be applied retrospectively, and early adoption is permitted. The Company is currently evaluating the impact that ASU 2023-07 will have on the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to improve income tax disclosures primarily through enhanced disclosure of income tax rate reconciliation items, and disaggregation of income (loss) from continuing operations, income tax expense (benefit) and income taxes paid, net disclosures by federal, state and foreign jurisdictions, among others. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, and early adoption is permitted. The Company is evaluating the impact that ASU 2023-09 will have on the consolidated financial statements and its plan for adoption, including the adoption date and transition method. In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires the disaggregation of certain expenses in the notes of the financials, to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027 and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that ASU 2024-03 will have on its related disclosures, including the adoption date and transition method.

Mineral Rights and Properties_2

Mineral Rights and Properties, Net (Tables)	3 Months Ended
	Sep. 30, 2024
Mineral Properties, Net [Abstract]
Summary of Mineral Rights and Properties	Mineral rights and properties, net consisted of the following at the end of each period presented. September 30, June 30, 2024 2024 (in thousands) Mineral properties $ 6,733 $ 6,733 Hydrology wells 547 547 Asset retirement cost, net of accumulated amortization of 49 and $ 44 as of September 30, 2024 and June 30, 2024, respectively (1) 353 336 Mineral rights and properties, net $ 7,633 $ 7,616 (1) Represents the carrying value of capitalized costs associated with asset retirement obligations, as discussed in Note 5–Asset Retirement Obligations.

Construction in Progress (Table

Construction in Progress (Tables)	3 Months Ended
	Sep. 30, 2024
Construction In Progress [Abstract]
Summary of Construction in Progress	Construction in progress consisted of the following at the end of each period presented. September 30, June 30, 2024 2024 (in thousands) Engineering services $ 820 $ 608 Capitalized interest 29 — Total construction in progress $ 849 $ 608

Properties, Plant and Equipme_2

Properties, Plant and Equipment, Net (Tables)	3 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Summary of Properties, Plant and Equipment	Properties, plant and equipment, net consisted of the following at the end of each period presented. Depreciation Estimated useful September 30, June 30, Asset category method life (in years) 2024 2024 (in thousands) Land N/A — $ 1,533 $ 1,533 Small-scale facility — Plant Straight-line 3.75 69,326 69,619 Injection and recovery wells Straight-line 5 6,134 6,134 Buildings Straight-line 7 - 15 979 979 Vehicles Straight-line 3 - 5 345 345 Other plant and equipment Straight-line 5 - 10 740 729 79,057 79,339 Less accumulated depreciation ( 10,434 ) ( 5,467 ) Properties, plant and equipment, net $ 68,623 $ 73,872

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Sep. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule Of Change In Asset Retirement Obligation	The change in the Company’s asset retirement obligations during the period presented and the balance of its accrued reclamation liabilities at the end of the period are set forth below. Three months ended September 30, 2024 (in thousands) Asset retirement obligation — beginning of period $ 795 Obligation incurred during the period 23 Revisions to previous estimates — Accretion 19 Asset retirement obligation — end of period $ 837

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Sep. 30, 2024
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. September 30, June 30, 2024 2024 (in thousands) Accounts payable - trade (1) $ 1,481 $ 854 Accrued expenses 1,258 603 Accrued capital expenditures 2,944 3,309 Accrued payroll 702 2,263 Accrued interest 963 2,496 Current portion of debt 42 42 Accounts payable and accrued liabilities $ 7,390 $ 9,567 (1) Includes $ 129 thousand and $ 235 thousand related to capital expenditures as of September 30, 2024 and June 30, 2024 , respectively.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary of Debt Disclosure	Long-term debt consisted of the following at the end of each period presented. September 30, June 30, 2024 2024 (in thousands) August 2022 Notes $ 68,955 $ 65,671 June 2024 Notes 6,108 6,000 September 2024 Notes 6,000 — Vehicle notes payable 98 108 Total debt 81,161 71,779 Current portion of debt 42 42 Long-term debt 81,119 71,737 Unamortized convertible note discount ( 5,525 ) ( 4,035 ) Unamortized debt issuance costs ( 3,163 ) ( 2,871 ) Long-term debt, net $ 72,431 $ 64,831
Summary of Interest Expense	Interest expense consisted of the following for each period presented. Three months ended September 30, 2024 2023 (in thousands) Convertible Notes interest $ 1,859 $ 940 Vehicle notes payable interest 1 1 Amortization of debt issuance costs and 324 1,452 Other interest — 18 Gross interest expense 2,184 2,411 Less: amount capitalized to construction in progress 29 624 Interest expense, net of amounts capitalized $ 2,155 $ 1,787 Effective interest rate — Convertible Notes (1) 12.7 % 23.2 % (1) The effective interest rate represents a weighted-average interest rate applicable for the respective period. Interest expense utilized in the calculation is based upon the gross interest expense in the table above, and the principal balance utilized in the calculation is based on the ending net long-term debt applicable to each interest period inclusive of unamortized debt issuance costs and discount, changes in the principal balance resulting from the issuance of new Convertible Notes, interest paid-in-kind and any adjustments resulting from the Amended and Restated Note Purchase Agreement.
Summary of Fair Value Information for Convertible Instrument	Fair value and carrying value information for the Convertible Notes at each period end follows. Unamortized Debt Net Liability Principal Discount and Carrying Fair Value Amount Issuance Costs Amount Amount Leveling (in thousands) As of September 30, 2024 August 2022 Notes, due Aug. 15, 2028 $ 68,955 $ ( 2,197 ) $ 66,758 $ 47,532 Level 2 June 2024 Notes, due Aug. 15, 2028 6,108 ( 4,414 ) 1,694 2,413 (1) Level 2 September 2024 Notes, due Aug. 15, 2028 6,000 ( 2,077 ) 3,923 3,615 (1) Level 2 $ 81,063 $ ( 8,688 ) $ 72,375 $ 53,560 As of June 30, 2024 August 2022 Notes, due Aug. 15, 2028 $ 65,671 $ ( 2,336 ) $ 63,335 $ 63,289 Level 2 June 2024 Notes, due Aug. 15, 2028 6,000 ( 4,570 ) 1,430 1,942 (1) Level 2 $ 71,671 $ ( 6,906 ) $ 64,765 $ 65,231 (1) The reported fair value of the convertible note relates only to the debt component of such security and excludes the fair value associated with the related convertible note derivative that has been bifurcated and accounted for separately. Refer to Note 8–Convertible Note Derivatives for fair value information related to the Convertible Note Derivatives.
Summary of Significant Assumptions used in Fair Value Model with Changes in Volatility, Debt Rate and Stock Price	The significant assumptions used in the fair value model for the Convertible Notes and related Convertible Note Derivatives include the following, with changes in volatility, debt rate and stock price having the most significant impact on the related fair values. Sep. 16, 2024 Sep. 30, 2024 (Sep. 2024 Notes) Jun. 30, 2024 Risk-free interest rate 3.6 % 3.4 % 4.5 % Volatility 65.0 % 60.0 % 50.0 % Debt rate 22.6 % - 33.6 % (1) 23.7 % 28.7 % - 36.7 % (2) Stock price per share $ 0.54 $ 0.50 $ 1.21 (1) Debt rates of 25.5 %, 33.6 % and 22.6 % were utilized in the valuation of the August 2022 Notes, June 2024 Notes and September 2024 Notes, respectively. (2) Debt rates of 28.7 % and 36.7 % were utilized in the valuation of the August 2022 Notes and June 2024 Notes, respectively.

Convertible Note Derivatives (T

Convertible Note Derivatives (Tables)	3 Months Ended
	Sep. 30, 2024
Convertible Note Derivative [Abstract]
Schedule of Components of Changes to Fair Value of Convertible Note Derivative	Derivative (Asset)/Liability (in thousands) Convertible note derivatives (asset) liability — June 30, 2024 $ 3,315 Additions, at fair value, September 16, 2024 1,643 Fair value adjustments (gain) loss, net ( 2,187 ) Convertible note derivatives (asset) liability — September 30, 2024 $ 2,771

Share Based Compensation (Table

Share Based Compensation (Tables)	3 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Share Based Compensation Expense	Share based compensation expense is included in general and administrative expense and represents costs associated with restricted share unit (“RSU”), director restricted share unit (“DSU”) and performance share unit (“PSU”) activity and options. Share based compensation expense consisted of the following for the periods presented. Three Months Ended September 30, 2024 2023 (in thousands) Share based compensation expense — service based Employee share option plan $ 100 $ 96 2022 Equity Compensation Plan — Options 21 133 2022 Equity Compensation Plan — PSUs ( 9 ) 48 2022 Equity Compensation Plan — RSU and DSUs 1,238 322 Total share based compensation expense $ 1,350 $ 599
Summary of Share-based Payment Award, Stock Options, Valuation Assumptions	The significant assumptions used to estimate the fair value of stock option awards granted during the three months ended September 30, 2024 and 2023, using a Black-Scholes option valuation model are as follows. Three months ended September 30, 2024 2023 Exercise price $ 1.27 $ 7.73 Share price $ 0.51 $ 2.46 Volatility 99 % 99 % Expected term in years 2.9 9.6 Risk-free interest rate 3.4 % 4.3 % Dividend rate Nil Nil
Summary of Share-based Payment Arrangement, Activity	The following table summarizes stock option activity for each of the periods presented. Three months ended September 30, 2024 2023 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 4,001 $ 9.33 4,187 $ 10.91 Granted 301 1.27 300 7.73 Exercised — — — — Expired/forfeited ( 1,660 ) 5.26 ( 278 ) 25.49 Outstanding at end of the period 2,642 10.97 4,209 9.71 Vested at the end of the period 2,000 13.58 3,356 9.83 Unvested at the end of the period 642 $ 2.85 853 $ 9.25
Summary of Activity for Unvested Options	The following table summarizes the activity for unvested options for each of the periods presented. Three months ended September 30, 2024 2023 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 341 $ 1.79 838 $ 6.42 Granted 301 0.22 300 2.08 Vested — — ( 7 ) 6.85 Expired/forfeited — — ( 278 ) 10.48 Unvested at end of the period 642 $ 1.05 853 $ 3.57
Share-based Compensation Arrangements by Share-based Payment Award, Performance-based Units, Vested and Expected to Vest	The following table summarizes RSU, DSU and PSU activity 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 367.8 $ 2.56 94.4 $ 5.73 462.2 Granted 353.0 0.52 455.3 (1) 0.51 808.3 Vested ( 323.5 ) 1.95 — — ( 323.5 ) Forfeited — — ( 22.9 ) 2.46 ( 22.9 ) Non-vested shares/units 397.3 $ 1.25 526.8 $ 1.36 924.1 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 209.8 $ 6.78 139.1 $ 7.20 348.9 Granted 186.6 2.46 121.6 (2) 2.46 308.2 Vested ( 77.1 ) 6.31 — — ( 77.1 ) Forfeited ( 4.5 ) 14.49 ( 4.5 ) 14.49 ( 9.0 ) Non-vested shares/units 314.8 $ 4.23 256.2 $ 4.82 571.0 (1) During the three months ended September 30, 2024, approximately 455.3 thousand PSUs were granted, which based on the achievement of certain financial and operational targets, could vest within a range of 0 % to 100 %. The targets are 1) construction of the large-scale commercial facility commencing prior to September 1, 2026; 2) an approved final investment decision in the large-scale commercial facility at a modeled internal rate of return of 20 %, 3) achievement of an enterprise value in excess of $ 200 million, and 4) achievement of an enterprise value in excess of $ 300 million. 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. (2) During the three months ended September 30, 2023, approximately 121.6 thousand PSUs were granted, which based on the achievement of certain financial and operational targets, could vest within a range of 0 % to 100 %. The targets are 1) construction of the large-scale commercial facility commencing prior to September 1, 2026; 2) the budget for the large-scale commercial facility remaining within a range of $ 342 - 418 million; and 3) an approved final investment decision in the large-scale commercial facility at a modeled internal rate of return of 20 %. 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 Sh_2

Earnings (Loss) Per Common Share (Tables)	3 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Summary of Effects of Exclusion from the Computation of Dilutive Loss per share as Such Effects Would have an Anti-dilutive Effect	For the three months ended September 30, 2024 and 2023, the following effects are excluded from the computation of dilutive loss per share as such effects would have an anti-dilutive effect. Three Months Ended September 30, 2024 2023 (in thousands) Interest expense on Convertible Notes $ 2,184 $ 2,393 Derivative gain (loss) — Convertible Note Derivatives $ 2,187 $ — Additional shares assuming conversion of Convertible Notes 55,480 3,611 Additional shares assuming exercise of Warrants 10,667 — Stock options and unvested restricted stock units and performance share units 3,566 4,780

Basis of Financial Statement _3

Basis of Financial Statement Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	Aug. 11, 2022	Aug. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Aug. 27, 2024	Jun. 30, 2024	Jan. 12, 2024
Cash and cash equivalents			$ 6,851			$ 4,896
Common stock, par value			$ 0.01			$ 0.01
Common stock, shares authorized			360,000,000			360,000,000
Common stock shares issued					5,333,333
Proceeds from issuance of convertible notes			$ 6,000	$ 0
August 2024 Equity Offering
Proceeds from issuance of common stock			3,000
September 2024 Notes
Proceeds from issuance of convertible notes			$ 5,500
5E Boron Americas, LLC
Ownership percentage			100%
Convertible Notes [Member]
Restricted cash							$ 7,500
Common stock, par value			$ 0.01
Debt Instrument interest rate increase (decrease)	0.50%
Common stock conversion rate	650.4065	692.799
Convertible Notes [Member] | Maximum [Member]
Common stock conversion rate	325.2033	346.3996
Debt instrument, interest rate, percentage per annum	2%

Mineral Rights and Properties_3

Mineral Rights and Properties, Net - Summary of Mineral Rights and Properties, Net (Detail) - USD ($) $ in Thousands		Sep. 30, 2024	Jun. 30, 2024
Mineral Properties Net [Line Items]
Mineral rights and properties, net		$ 7,633	$ 7,616
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
Asset Retirement Cost [Member]
Mineral Properties Net [Line Items]
Mineral rights and properties, net	[1]	$ 353	$ 336
[1] Represents the carrying value of capitalized costs associated with asset retirement obligations, as discussed in Note 5–Asset Retirement Obligations.

Mineral Rights and Properties_4

Mineral Rights and Properties, Net - Summary of Mineral Rights and Properties, Net (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Asset Retirement Cost [Member]
Mineral Properties Net [Line Items]
Asset retirement cost, accumulated amortization	$ 49	$ 44

Construction in Progress - Summ

Construction in Progress - Summary of Construction in Progress (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Construction In Progress [Line Items]
Total construction in progress	$ 849	$ 608
Engineering services [Member]
Construction In Progress [Line Items]
Total construction in progress	820	$ 608
Capitalized Interest [Member]
Construction In Progress [Line Items]
Total construction in progress	$ 29

Properties, Plant and Equipme_3

Properties, Plant and Equipment, Net - Summary of Properties, Plant and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Property, Plant and Equipment [Line Items]
Properties, plant and equipment, Gross	$ 79,057	$ 79,339
Less accumulated depreciation	(10,434)	(5,467)
Properties, plant and equipment, net	68,623	73,872
Land [Member]
Property, Plant and Equipment [Line Items]
Properties, plant and equipment, Gross	$ 1,533	1,533
Property, Plant and Equipment, Depreciation Method [Extensible Enumeration]	us-gaap:NoDepreciationMethodMember
Small-scale facility - Plant [Member]
Property, Plant and Equipment [Line Items]
Properties, plant and equipment, Gross	$ 69,326	69,619
Estimated useful life (in years)	3 years 9 months
Property, Plant and Equipment, Depreciation Method [Extensible Enumeration]	us-gaap:StraightLineDepreciationMethodMember
Injection and recovery wells [Member]
Property, Plant and Equipment [Line Items]
Properties, plant and equipment, Gross	$ 6,134	6,134
Estimated useful life (in years)	5 years
Property, Plant and Equipment, Depreciation Method [Extensible Enumeration]	us-gaap:StraightLineDepreciationMethodMember
Buildings [Member]
Property, Plant and Equipment [Line Items]
Properties, plant and equipment, Gross	$ 979	979
Property, Plant and Equipment, Depreciation Method [Extensible Enumeration]	us-gaap:StraightLineDepreciationMethodMember
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	$ 345	345
Property, Plant and Equipment, Depreciation Method [Extensible Enumeration]	us-gaap:StraightLineDepreciationMethodMember
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
Other plant and equipment [Member]
Property, Plant and Equipment [Line Items]
Properties, plant and equipment, Gross	$ 740	$ 729
Property, Plant and Equipment, Depreciation Method [Extensible Enumeration]	us-gaap:StraightLineDepreciationMethodMember
Other plant and equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years
Other 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 ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 5,000	$ 47

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule Of Change In Asset Retirement Obligation (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Asset Retirement Obligation [Abstract]
Asset retirement obligation - beginning of period	$ 795
Obligation incurred during the period	23
Revisions to previous estimates	0
Accretion	19	$ 17
Asset retirement obligation - end of period	$ 837

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands		Sep. 30, 2024	Jun. 30, 2024
Payables and Accruals [Abstract]
Accounts payable - trade	[1]	$ 1,481	$ 854
Accrued expenses		1,258	603
Accrued capital expenditures		2,944	3,309
Accrued payroll		702	2,263
Accrued interest		963	2,496
Current portion of debt		42	42
Accounts payable and accrued liabilities		$ 7,390	$ 9,567
[1] Includes $ 129 thousand and $ 235 thousand related to capital expenditures as of September 30, 2024 and June 30, 2024 , respectively.

Accounts Payable and Accrued _4

Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Payables and Accruals [Abstract]
Capital expenditure included in trade accounts payable	$ 129	$ 235

Debt - Summary of Debt Disclosu

Debt - Summary of Debt Disclosure (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Total debt	$ 81,161	$ 71,779
Current portion of debt	42	42
Long-term debt	81,119	71,737
Unamortized convertible note discount	(5,525)	(4,035)
Unamortized debt issuance costs - convertible notes	(3,163)	(2,871)
Long-term debt, net	72,431	64,831
August 2022 Notes [Member]
Debt Instrument [Line Items]
Total debt	68,955	65,671
June 2024 Notes [Member]
Debt Instrument [Line Items]
Total debt	6,108	6,000
September 2024 Notes
Debt Instrument [Line Items]
Total debt	6,000	0
Vehicle Notes Payable [Member]
Debt Instrument [Line Items]
Total debt	$ 98	$ 108

Debt - Summary of Interest Expe

Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Convertible Notes interest	$ 1,859	$ 940
Vehicle notes payable interest	1	1
Amortization of debt issuance costs and discount - convertible notes	324	1,452
Other Interest	0	18
Gross interest expense	2,184	2,411
Less: amount capitalized to construction in progress	29	624
Interest expense, net of amounts capitalized	$ 2,155	$ 1,787
Effective interest rate - convertible notes	12.70%	23.20%

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 16, 2024	Aug. 11, 2022	Aug. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Aug. 15, 2024	Jun. 30, 2024	May 28, 2024
Debt Instrument [Line Items]
Debt instrument, face amount				$ 81,063			$ 71,671
Debt issuance costs				$ 282	$ 0
Common stock, par value				$ 0.01			$ 0.01
Unamortized discount and debt issuance costs				$ 8,688			$ 6,906
Debt issuance costs				3,163			2,871
Convertible note derivative liability				$ 2,771			$ 3,315
Senior Secured Convertible Notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 60,000
Debt instrument principal amount	$ 6,000
Issuance costs	2,600
Debt instrument maturity date		Aug. 15, 2028
Interest payment frequency				semi-annually
Cash covenant waiver convertible note				$ 7,500
Additional notes issued as payment for accrued interest						$ 3,400
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				10%
August 2022 Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount		$ 1,000
Common stock conversion rate		650.4065
Debt instrument, convertible, conversion price		$ 1.5375
August 2022 Notes [Member] | Maximum
Debt Instrument [Line Items]
Common stock conversion rate		325.2033
June 2024 Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount		$ 1,000
Common stock conversion rate		692.799
Debt instrument, convertible, conversion price		$ 1.4434
June 2024 Notes [Member] | Maximum
Debt Instrument [Line Items]
Common stock conversion rate		346.3996
September 2024 Notes
Debt Instrument [Line Items]
Debt instrument principal amount		$ 1,000
Common stock conversion rate		1,066.6667
Debt instrument, convertible, conversion price		$ 0.9375
September 2024 Notes | Maximum
Debt Instrument [Line Items]
Common stock conversion rate		444.4445
Convertible Notes [Member]
Debt Instrument [Line Items]
Interest rate increased per annum		0.50%
Common stock, par value				$ 0.01
Common stock conversion rate		650.4065	692.799
Convertible Notes [Member] | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, percentage per annum		2%
Common stock conversion rate		325.2033	346.3996
June 2024 Convertible Note Derivatives [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 6,000
Debt issuance costs		541
Convertible note derivative liability		4,100
September 2024 Convertible Note Derivatives [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		6,000
Debt issuance costs		454
Convertible note derivative liability		$ 1,600
Second amendment [Member]
Debt Instrument [Line Items]
Debt instrument, face amount								$ 6,000
Second amendment [Member] | Senior Secured Convertible Notes
Debt Instrument [Line Items]
Debt issuance costs	541
Third amendment [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	6,000
Third amendment [Member] | Senior Secured Convertible Notes
Debt Instrument [Line Items]
Debt issuance costs	$ 454

Debt - Summary of Fair Value an

Debt - Summary of Fair Value and Carrying Value Information for Convertible Instrument (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Principal Amount		$ 81,063	$ 71,671
Unamortized Debt Discount and Issuance Costs		(8,688)	(6,906)
Net Liability Carrying Amount		72,375	64,765
Fair Value Amount		53,560	65,231
August 2022 Notes, due Aug. 15, 2028 [Member] | Level 2
Debt Instrument [Line Items]
Principal Amount		68,955	65,671
Unamortized Debt Discount and Issuance Costs		(2,197)	(2,336)
Net Liability Carrying Amount		66,758	63,335
Fair Value Amount		47,532	63,289
June 2024 Notes, due Aug. 15, 2028 [Member] | Level 2
Debt Instrument [Line Items]
Principal Amount		6,108	6,000
Unamortized Debt Discount and Issuance Costs		(4,414)	(4,570)
Net Liability Carrying Amount		1,694	1,430
Fair Value Amount	[1]	2,413	$ 1,942
September 2024 Notes, due Aug. 15, 2028 [Member] | Level 2
Debt Instrument [Line Items]
Principal Amount		6,000
Unamortized Debt Discount and Issuance Costs		(2,077)
Net Liability Carrying Amount		3,923
Fair Value Amount	[1]	$ 3,615
[1] The reported fair value of the convertible note relates only to the debt component of such security and excludes the fair value associated with the related convertible note derivative that has been bifurcated and accounted for separately. Refer to Note 8–Convertible Note Derivatives for fair value information related to the Convertible Note Derivatives.

Debt - Summary of Significant A

Debt - Summary of Significant Assumptions used in Fair Value Model with Changes in Volatility, Debt Rate and Stock Price (Details) - Convertible Note Derivative [Member]	Sep. 30, 2024 $ / shares		Sep. 16, 2024 $ / shares	Jun. 30, 2024 $ / shares
Debt Instrument [Line Items]
Stock price per share	$ 0.54		$ 0.5	$ 1.21
Risk-free Interest Rate [Member]
Debt Instrument [Line Items]
Derivative liability, measurement input	3.6		3.4	4.5
Volatility [Member]
Debt Instrument [Line Items]
Derivative liability, measurement input	65		60	50
Debt Rate [Member]
Debt Instrument [Line Items]
Derivative liability, measurement input			23.7
Debt Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Derivative liability, measurement input	33.6	[1]		36.7	[2]
Debt Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Derivative liability, measurement input	22.6	[1]		28.7	[2]
[1] Debt rates of 25.5 %, 33.6 % and 22.6 % were utilized in the valuation of the August 2022 Notes, June 2024 Notes and September 2024 Notes, respectively. Debt rates of 28.7 % and 36.7 % were utilized in the valuation of the August 2022 Notes and June 2024 Notes, respectively.

Debt - Summary of Significant_2

Debt - Summary of Significant Assumptions used in Fair Value Model with Changes in Volatility, Debt Rate and Stock Price (Parenthetical) (Details) - Convertible Note Derivative [Member] - Debt Rate [Member]	Sep. 30, 2024	Sep. 16, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Derivative liability, measurement input		23.7
August 2022 Notes [Member]
Debt Instrument [Line Items]
Derivative liability, measurement input	25.5		28.7
June 2024 Notes [Member]
Debt Instrument [Line Items]
Derivative liability, measurement input	33.6		36.7
September 2024 Notes
Debt Instrument [Line Items]
Derivative liability, measurement input	22.6

Convertible Note Derivatives -

Convertible Note Derivatives - Schedule of Components of Changes to Fair Value of Convertible Note Derivative (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2024 USD ($)
Convertible Note Derivative [Abstract]
Convertible note derivative (asset) liability - beginning of period	$ 3,315
Additions, at fair value	1,643
Fair value adjustment (gain) loss, net	(2,187)
Convertible note derivative (asset) liability - end of period	$ 2,771

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Aug. 27, 2024	Mar. 28, 2024	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Class of Stock [Line Items]
Common stock, shares authorized			360,000,000		360,000,000
Common stock, par or stated value per share			$ 0.01		$ 0.01
Preferred stock, shares authorized			20,000,000
Preferred stock par or stated value per share			$ 0.01
Preferred stock, shares outstanding			0
Common stock shares issued	5,333,333
Combined basis for consideration equating of share and warrants	$ 0.75
Net proceeds	$ 3,000
Upon Exercise Of Stock Options And Vesting Of Equity Awards [Member]
Class of Stock [Line Items]
Shares issued upon exercise or vesting of equity awards			231,000	50,000
ATM Program [Member]
Class of Stock [Line Items]
Write off of capitalized offering cost			$ 410
Series A Warrants [Member]
Class of Stock [Line Items]
Exercise price of warrants	$ 0.7981
Series B Warrants [Member]
Class of Stock [Line Items]
Warrant to purchase aggregate of shares	5,333,333
Exercise price of warrants	$ 0.7981
Canaccord Genuity LLC and D.A. Davidson & Co | ATM Program [Member]
Class of Stock [Line Items]
Sale of stock (in shares)		15,000,000
Maximum [Member] | Series A Warrants [Member]
Class of Stock [Line Items]
Warrant to purchase aggregate of shares	5,333,333

Shared Based Compensation - Sum

Shared Based Compensation - Summary of Share Based Compensation Expense (Details) - General and Administrative Expense [Member] - Service Based Compensation [Member] - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Allocated share based compensation	$ 1,350	$ 599
RSU and DSUs [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Allocated share based compensation	1,238	322
Employee Share Option Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Allocated share based compensation	100	96
PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Allocated share based compensation	(9)	48
2022 Equity Compensation Plan - Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Allocated share based compensation	$ 21	$ 133

Share Based Compensation - Summ

Share Based Compensation - Summary of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - Black Scholes [Member] - $ / shares	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price	$ 1.27	$ 7.73
Share price	$ 0.51	$ 2.46
Volatility	99%	99%
Expected term in years	2 years 10 months 24 days	9 years 7 months 6 days
Risk-free interest rate	3.40%	4.30%
Dividend rate	0%	0%

Share Based Compensation - Su_2

Share Based Compensation - Summary Of Share-Based Payment Arrangement, Activity (Detail) - $ / shares shares in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding at beginning of the period	4,001	4,187
Number of Options, Granted	301	300
Number of Options, Exercised	0	0
Number of Options, Expired/forfeited	(1,660)	(278)
Number of Options, Outstanding at end of period	2,642	4,209
Number of Options, Vested at the end of the period	2,000	3,356
Number of Options, Unvested options at end of the period	642	853
Weighted Averaged Exercise Price, Outstanding at beginning of the period	$ 9.33	$ 10.91
Weighted Averaged Exercise Price, Granted	1.27	7.73
Weighted Averaged Exercise Price, Exercised	0	0
Weighted Averaged Exercise Price, Expired/forfeited	5.26	25.49
Weighted Averaged Exercise Price, Outstanding at end of period	10.97	9.71
Weighted Averaged Exercise Price, Vested at the end of the period	13.58	9.83
Weighted Averaged Exercise Price, Unvested at the end of the period	$ 2.85	$ 9.25

Share Based Compensation - Su_3

Share Based Compensation - Summary of Activity for Unvested Options (Details) - $ / shares shares in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Number of Options, Unvested options at beginning of the period	341	838
Number of Options, Granted	301	300
Number of Options, Vested	0	(7)
Number of Options, Expired/forfeited	0	(278)
Number of Options, Unvested options at end of the period	642	853
Weighted Average Grant Date Fair Value per share, Unvested options at beginning of the period	$ 1.79	$ 6.42
Weighted Average Grant Date Fair Value per share, Granted	0.22	2.08
Weighted Average Grant Date Fair Value per share, Vested	0	6.85
Weighted Average Grant Date Fair Value per share, Expired/forfeited	0	10.48
Weighted Average Grant Date Fair Value per share, Unvested options at end of the period	$ 1.05	$ 3.57

Share Based Compensation - Su_4

Share Based Compensation - Summary of RSU, DSU and PSU Activity (Details) - $ / shares	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
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	462,200	348,900
Granted	808,300	308,200
Vested	(323,500)	(77,100)
Forfeited	(22,900)	(9,000)
Ending balance	924,100	571,000
Serviced-Based Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning balance	367,800	209,800
Granted	353,000	186,600
Vested	(323,500)	(77,100)
Forfeited	0	(4,500)
Ending balance	397,300	314,800
Weighted Average Grant Date Fair Value per Share, Beginning balance	$ 2.56	$ 6.78
Weighted Average Grant Date Fair Value per Share, Granted	0.52	2.46
Weighted Average Grant Date Fair Value per Share, Vested	1.95	6.31
Weighted Average Grant Date Fair Value per Share, Forfeited	0	14.49
Weighted Average Grant Date Fair Value per Share, Ending balance	$ 1.25	$ 4.23
Performance-Based Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning balance	94,400	139,100
Granted	455,300	121,600
Vested	0	0
Forfeited	(22,900)	(4,500)
Ending balance	526,800	256,200
Weighted Average Grant Date Fair Value per Share, Beginning balance	$ 5.73	$ 7.2
Weighted Average Grant Date Fair Value per Share, Granted	0.51	2.46
Weighted Average Grant Date Fair Value per Share, Vested	0	0
Weighted Average Grant Date Fair Value per Share, Forfeited	2.46	14.49
Weighted Average Grant Date Fair Value per Share, Ending balance	$ 1.36	$ 4.82

Share Based Compensation - Su_5

Share Based Compensation - Summary of RSU, DSU and PSU Activity (Parenthetical) (Details) - 2022 Equity Compensation Plan [Member] - Performance-Based Shares [Member] - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
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	455,300	121,600
Modeled internal rate of return	20%	20%
Achievement One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Enterprise value	$ 200
Achievement Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Enterprise value	$ 300
Maximum [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%	100%
Budget for large-scale commercial facility remaining amount		$ 418
Minimum [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%	0%
Budget for large-scale commercial facility remaining amount		$ 342

Share Based Compensation - Addi

Share Based Compensation - Additional Information (Details) - USD ($) shares in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
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	642	853	341	838
Exercise of stock options	$ 0	$ 0
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, accelerated vesting, number	32
Forfeited in accordance with severance agreement	23
Incremental share based compensation expense	$ 915,000
2022 Equity Compensation Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized stock-based compensation expense	$ 774,000
Share based compensation by share based award options vested and expected to vest weighted average remaining contractual term	2 years 3 months 18 days	1 year 2 months 12 days
Share based compensation by share based award options outstanding and unvested	642
Maximum expiration date for vested options	8 years 7 months 6 days	2 years
Share based compensation by share based award total compensation not yet recognized period for recognition	1 year 4 months 24 days
Share based compensation by share based award non vested options intrinsic value	$ 0	$ 0
2022 Equity Compensation Plan [Member] | Unvested Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation by share based award unvested options unrecognized compensation	$ 298,000
Share based compensation by share based award total compensation not yet recognized period for recognition	1 year 6 months
Maximum expiration date for unvested options	2 years 9 months 18 days	9 years 7 months 6 days

Earnings (Loss) Per Common Sh_3

Earnings (Loss) Per Common Share - Summary of Effects of Exclusion from the Computation of Dilutive Loss per share as Such Effects Would have an Anti-dilutive Effect (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Interest expense on Convertible Notes	$ 2,184	$ 2,393
Derivative gain (loss) - Convertible Note Derivatives	$ 2,187	$ 0
Additional shares assuming conversion of Convertible Notes	55,480	3,611
Additional shares assuming exercise of Warrants	10,667	0
Stock options and unvested restricted stock units and performance share units	3,566	4,780

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Aug. 10, 2023	Sep. 30, 2024
Commitments and Contingencies [Line Items]
Purchase commitments		$ 4.3
Contractual obligations under contract	$ 5.5