5E Advanced Materials (FEAM) 10-Q 12 May 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Mar. 31, 2022	May 12, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Entity Registrant Name	5E ADVANCED MATERIALS, INC.
Entity Central Index Key	0001888654
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--06-30
Document Transition Report	false
Entity File Number	001-41279
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-3426517
Entity Address, Address Line One	19500 State Highway 249
Entity Address, Address Line Two	Suite 125
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77070
City Area Code	346
Local Phone Number	439-9656
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	FEAM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,769,315

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2022	Jun. 30, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 41,140,290	$ 40,811,269
Prepaid expenses and other current assets	3,208,198	158,620
Total current assets	44,348,488	40,969,889
MINERAL RIGHTS AND PROPERTIES, Net	8,247,788	8,080,709
CONSTRUCTION IN PROGRESS	18,033,848	12,765,285
PROPERTIES, PLANT AND EQUIPMENT, Net	2,926,305	1,495,436
RECLAMATION BOND DEPOSIT	1,085,624	1,084,408
RIGHT OF USE ASSETS	261,183	213,109
TOTAL ASSETS	74,903,236	64,608,836
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	6,082,044	1,594,909
Lease liabilities, current	116,957	90,815
Total current liabilities	6,199,001	1,685,724
LONG-TERM DEBT	169,928	92,532
LEASE LIABILITIES	148,010	124,699
ACCRUED RECLAMATION LIABILITIES	467,762	377,292
Total liabilities	6,984,701	2,280,247
COMMITMENTS AND CONTINGENCIES (Note 10)
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares outstanding	0	0
Common stock, $0.01 par value; 180,000,000 shares authorized; 42,519,315 and 38,391,412 shares outstanding, respectively	425,193	383,914
Additional paid-in capital	161,373,871	101,179,498
Accumulated other comprehensive income (loss):
Reporting currency translation	248,184	1,416,664
Accumulated deficit	(94,128,713)	(40,651,487)
Total stockholders' equity	67,918,535	62,328,589
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 74,903,236	$ 64,608,836

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Jun. 30, 2021
Statement of Financial Position [Abstract]
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	180,000,000	180,000,000
Common Stock, Shares, Outstanding	42,519,315	38,391,412
Preferred stock par or stated value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock shares outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
COST AND EXPENSES
Project expenses	$ 1,972,536	$ 2,045,719	$ 9,782,791	$ 3,424,419
General and administrative	30,983,504	1,828,279	44,616,803	8,121,310
Depreciation and amortization expense	36,063	6,081	76,249	15,344
Total cost and expenses	32,992,103	3,880,079	54,475,843	11,561,073
LOSS FROM OPERATIONS	(32,992,103)	(3,880,079)	(54,475,843)	(11,561,073)
NON-OPERATING INCOME (EXPENSE)
Other income	27,477	1,459	37,843	3,530
Interest income	1,748	333	3,552	1,447
Interest expense	(3,275)	(468)	(7,958)	(2,117)
Net foreign exchange gain (loss)	(3,469)	(47,245)	965,180	(2,060,234)
Total non-operating income (expense)	22,481	(45,921)	998,617	(2,057,374)
NET LOSS	(32,969,622)	(3,926,000)	(53,477,226)	(13,618,447)
OTHER COMPREHENSIVE LOSS (INCOME)
Reporting currency translation	338,592	(84,626)	1,168,480	(2,466,052)
NET LOSS AND OTHER COMPREHENSIVE LOSS	$ (33,308,214)	$ (3,841,374)	$ (54,645,706)	$ (11,152,395)
Net loss per common share – basic and diluted	$ (0.79)	$ (0.11)	$ (1.33)	$ (0.41)
Weighted average common shares outstanding — basic and diluted	41,895,426	35,600,161	40,148,179	32,964,416

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Cash Flows - USD ($)	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows From Operating Activities:
Net loss	$ (53,477,226)	$ (13,618,447)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and amortization	76,249	15,344
Interest earned on reclamation bond	(1,216)	(758)
Share based compensation	4,428,071	5,318,298
Common stock issued for consulting fees	27,171,876	32,076
Accretion of reclamation liability	6,112	0
Net foreign exchange (gain) loss	(965,180)	2,060,234
Change in:
Prepaid expenses and other current assets	(3,049,578)	225
Accounts payable and accrued liabilities	2,420,906	85,791
Net cash used by operating activities	(23,389,986)	(6,107,237)
Cash Flows From Investing Activities:
Construction in progress	(3,301,407)	(8,742,366)
Mineral rights and properties	(86,608)	(112,914)
Properties, plant and equipment	(1,221,523)	(354,025)
Reclamation bonds	0	(776,650)
Net cash used by investing activities	(4,609,538)	(9,985,955)
Cash Flows From Financing Activities:
Payments on note payable	(103,860)	(1,527)
Proceeds from issuance of common stock	26,309,067	30,109,764
Proceeds from exercise of stock options	3,124,112	5,663,177
Share offering costs	(797,474)	(1,573,496)
Net cash provided by financing activities	28,531,845	34,197,918
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	532,321	18,104,726
EFFECT OF EXCHANGE RATE FLUCTUATION ON CASH	(203,300)	405,818
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	40,811,269	26,639,953
CASH AND CASH EQUIVALENTS AT END OF PERIOD	41,140,290	45,150,497
NONCASH INVESTING AND FINANCING ACTIVITIES
Accounts payable change related to construction in progress additions	2,022,294	560,420
Recognition of operating lease liabilities and right of use assets	137,307	237,353
Construction in progress transferred to properties, plant and equipment	55,138	0
Equipment acquired with notes payable	$ 226,570	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Changes In Equity - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Beginning balance, shares at Jun. 30, 2020		30,456,855
Beginning balance at Jun. 30, 2020	$ 35,485,551	$ 304,569	$ 57,078,757	$ (499,456)	$ (21,398,319)
Exercise of stock options,Shares		1,477,685
Exercise of stock options	2,796,786	$ 14,777	2,782,009
Consulting fees, Shares		8,000
Consulting fees	32,076	$ 80	31,996
Share based compensation	3,784,076		3,784,076
Net loss	(5,862,764)				(5,862,764)
Other comprehensive income (loss)	1,013,002			1,013,002
Shares issuance costs	(40,769)		(40,769)
Ending balance, shares at Sep. 30, 2020		31,942,540
Ending balance at Sep. 30, 2020	37,207,958	$ 319,426	63,636,069	513,546	(27,261,083)
Beginning balance, shares at Jun. 30, 2020		30,456,855
Beginning balance at Jun. 30, 2020	$ 35,485,551	$ 304,569	57,078,757	(499,456)	(21,398,319)
Cash, Shares	5,128,205
Exercise of stock options,Shares	2,097,685
Exercise of stock options	$ 5,663,177
Consulting fees, Shares	8,000
Net loss	$ (13,618,447)
Ending balance, shares at Mar. 31, 2021		37,690,745
Ending balance at Mar. 31, 2021	63,882,975	$ 376,908	96,556,237	1,966,596	(35,016,766)
Beginning balance, shares at Sep. 30, 2020		31,942,540
Beginning balance at Sep. 30, 2020	37,207,958	$ 319,426	63,636,069	513,546	(27,261,083)
Exercise of stock options,Shares		25,000
Exercise of stock options	55,877	$ 250	55,627
Share based compensation	600,513		600,513
Net loss	(3,829,683)				(3,829,683)
Other comprehensive income (loss)	1,368,424			1,368,424
Ending balance, shares at Dec. 31, 2020		31,967,540
Ending balance at Dec. 31, 2020	35,403,089	$ 319,676	64,292,209	1,881,970	(31,090,766)
Cash, Shares		5,128,205
Cash	30,109,764	$ 51,282	30,058,482
Exercise of stock options,Shares		595,000
Exercise of stock options	2,810,514	$ 5,950	2,804,564
Share based compensation	933,709		933,709
Net loss	(3,926,000)				(3,926,000)
Other comprehensive income (loss)	84,626			84,626
Shares issuance costs	(1,532,727)		(1,532,727)
Ending balance, shares at Mar. 31, 2021		37,690,745
Ending balance at Mar. 31, 2021	63,882,975	$ 376,908	96,556,237	1,966,596	(35,016,766)
Beginning balance, shares at Jun. 30, 2021		38,391,412
Beginning balance at Jun. 30, 2021	62,328,589	$ 383,914	101,179,498	1,416,664	(40,651,487)
Exercise of stock options,Shares		302,667
Exercise of stock options	1,085,595	$ 3,027	1,082,568
Consulting fees, Shares		150,000
Consulting fees	1,539,347	$ 1,500	1,537,847
Share based compensation	1,777,055		1,777,055
Net loss	(9,469,055)				(9,469,055)
Other comprehensive income (loss)	(1,605,989)			(1,605,989)
Ending balance, shares at Sep. 30, 2021		38,844,079
Ending balance at Sep. 30, 2021	55,655,542	$ 388,441	105,576,968	(189,325)	(50,120,542)
Beginning balance, shares at Jun. 30, 2021		38,391,412
Beginning balance at Jun. 30, 2021	$ 62,328,589	$ 383,914	101,179,498	1,416,664	(40,651,487)
Cash, Shares	1,760,236
Exercise of stock options,Shares	1,267,667
Exercise of stock options	$ 3,124,112
Consulting fees, Shares	1,100,000
Net loss	$ (53,477,226)
Ending balance, shares at Mar. 31, 2022		42,519,315
Ending balance at Mar. 31, 2022	67,918,535	$ 425,193	161,373,871	248,184	(94,128,713)
Beginning balance, shares at Sep. 30, 2021		38,844,079
Beginning balance at Sep. 30, 2021	55,655,542	$ 388,441	105,576,968	(189,325)	(50,120,542)
Cash, Shares		1,760,236
Cash	26,309,067	$ 17,602	26,291,465
Exercise of stock options,Shares		865,000
Exercise of stock options	1,822,030	$ 8,650	1,813,380
Consulting fees, Shares		150,000
Consulting fees	1,868,683	$ 1,500	1,867,183
Share based compensation	1,310,409		1,310,409
Net loss	(11,038,549)				(11,038,549)
Other comprehensive income (loss)	776,101			776,101
Shares issuance costs	(797,474)		(797,474)
Ending balance, shares at Dec. 31, 2021		41,619,315
Ending balance at Dec. 31, 2021	75,905,809	$ 416,193	136,061,931	586,776	(61,159,091)
Exercise of stock options,Shares		100,000
Exercise of stock options	216,487	$ 1,000	215,487
Consulting fees, Shares		800,000
Consulting fees	23,763,846	$ 8,000	23,755,846
Share based compensation	1,340,607		1,340,607
Net loss	(32,969,622)				(32,969,622)
Other comprehensive income (loss)	(338,592)			(338,592)
Ending balance, shares at Mar. 31, 2022		42,519,315
Ending balance at Mar. 31, 2022	$ 67,918,535	$ 425,193	$ 161,373,871	$ 248,184	$ (94,128,713)

Description of Company and Summ

Description of Company and Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2022
Policy Text Block [Abstract]
Description of Company and Summary of Significant Accounting Policies	1. Description of Company and Summary of Significant Accounting Policies Nature of Business 5E Advanced Materials, Inc. (“5E,” “we,” “our,” “us,” or the “Company”) is an exploration stage company focused on becoming a vertically integrated global leader in boron specialty advanced materials and lithium with a focus on enabling decarbonization. Redomiciliation 5E Advanced Materials, Inc. (the “Company”) acquired all of the issued and outstanding shares of American Pacific Borates Limited (“ABR”), our Australian predecessor and wholly owned subsidiary, pursuant to a Scheme of Arrangement (“Scheme”) under Australian law, which was approved by ABR’s shareholders on December 2, 2021, and the Supreme Court of Western Australia on February 24, 2022. As part of the Scheme, the Company changed its place of domicile from Australia to the S In accordance with the Scheme, all ordinary shares of ABR have been transferred to the Company and pursuant to the Scheme, the Company issued to the shareholders of ABR, either one share of the Company’s common stock for every ten ordinary shares of ABR or one CHESS Depository Interest (“CDIs”) over the Company’s common stock for every one ordinary share of ABR, in each case, as held on the Scheme record date. The Company maintains an Australian Stock Exchange (“ASX”) listing for its CDIs, with each CDI representing 1/10th of a share of common stock. Holders of CDIs are able to trade their CDIs on the ASX under the symbol “5EA” and holders of shares of the Company’s common stock are able to trade their shares on Nasdaq under the symbol “FEAM.” All share and per share data presented in the Company’s condensed consolidated financial statements have been retroactively adjusted to reflect a one for ten (1:10) exchange ratio of all of its issued and outstanding common stock. As a result of the reorganization, the Company became the parent company of ABR, and for financial reporting purposes the historical financial statements of ABR have become the historical financial statements of the Company as a continuation of the predecessor. Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q S-X. Basis of Consolidation The consolidated financial statements comprise the financial statements of 5E and its wholly owned subsidiaries, American Pacific Borates Limited and Fort Cady (California) Corporation. Subsidiaries are those entities over which the Company has the power to govern the financial and operating policies so as to obtain benefits from their activities. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether a Company controls another entity. In preparing the consolidated financial statements, all intercompany balances and transactions, income and expenses and profit and losses resulting from intra-company transactions have been eliminated in full. Our fiscal year ends on June 30 of each calendar year. Our reporting currency is in United States dollars (“USD”), and unless otherwise indicated, all references to “$” are to USD. Risk and Uncertainties We are subject to a number of risks similar to those of other companies of similar size in our industry, including but not limited to, the success of our exploration activities, need for significant additional capital (or financing) to fund operating losses, competition from substitute products and services from larger companies, protection of proprietary technology, patent litigation, and dependence on key individuals. We have accumulated deficits of $94.1 million, as of March 31, 2022 and June 30, 2021, respectively. We have incurred net losses and utilized cash in operations since inception, and expect to incur significant additional losses in the future. We have cash available on hand and believe that this cash will be sufficient to fund operations and meet our obligations as they come due within one year from the date these consolidated financial statements are issued. In the event our cash requirements change during the next twelve months, management believes it has the ability and commitment to reduce operating expenses, as necessary. Until commercial production is achieved from our planned operations, we will continue to incur operating and investing net cash outflows associated with, among other things, maintaining properties, construction and operation of our Small-Scale Boron Facility (“SSBF”) and undertaking ongoing exploration activities and project expenses. Our long-term success is dependent upon our ability to successfully raise additional capital or financing or enter into strategic partnership opportunities. Our long-term success is also dependent upon our ability to operate the SSBF, develop our planned injection and recovery wells and processing facility, develop and commercialize the full-scale Fort Cady Borate Project, earn revenues, and achieve profitability. Our consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, assumptions, and allocations that affect amounts reported in the consolidated financial statements and related notes. Significant items that are subject to such estimates and assumptions include, but are not limited to, estimated useful lives and valuation of properties, plant and equipment, mineral rights and properties, deferred tax assets, reclamation liabilities, and fair value of stock-based compensation. Actual results could differ due to the uncertainty inherent in the nature of these estimates. Significant Accounting Policies There have been no material changes in the significant accounting policies followed by us during the nine months ended March 31, 2022 from those disclosed in the financial statements included in our amended Form 10. Recently Issued and Adopted Accounting Pronouncements In December 2019, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12—Income Taxes (“ASU 2019-12”). ASU 2019-12 is ASU 2019-12 does In August 2020, FASB issued ASU No. 2020-06–Debt–Debt with (Subtopic 470-20) and (Subtopic 815-40): Accounting In May 2021, FASB issued ASU No. 2021-04—Earnings Per 470-50), (Subtopic 815-40) Issuer’s

Mineral Rights and Properties,

Mineral Rights and Properties, Net	9 Months Ended
	Mar. 31, 2022
Mineral Properties, Net [Abstract]
Mineral Rights and Properties, Net	2. Mineral Rights and Properties, Net The Company owns surface properties and the associated mineral rights for the Fort Cady Borate Project. The Company has capitalized the cost of drilling hydrology wells, which provide water for the P The hydrology income is recognized in the Consolidated Statements of Loss and Comprehensive Loss in Other income. On October 1, 2011, Fort Cady (California) Corporation executed 10-year net royalty lease agreement with Elementis Specialties, Inc. (“Elementis”) to explore, develop and mine boron and lithium on claims held by Elementis. On September 16, 2021, the Company extended its mineral lease agreement with Elementis until July 1, 2022. Amounts paid prior to production are considered advanced royalty payments and capitalized. For the nine-month period ended March 31, 2022 and 2021, the Company paid Elementis advanced royalty payments of respectively. Asset retirement costs represent the carrying value of capitalized costs associated with asset retirement obligations discussed in Note 5. Mineral Interests and Properties as of March 31, 2022 and June 30, 2021 consisted of the following: March 31, June 30, 2022 2021 Mineral properties – Fort Cady Borate Project $ 6,732,562 $ 6,732,562 Hydrology wells 547,258 547,258 Mineral interest – Elementis lease 808,202 721,594 Asset retirement cost, net of accumulated amortization of $3,887 and zero at March 31, 2022 and June 30, 2021, respectively 159,766 79,295 $ 8,247,788 $ 8,080,709

Construction in Progress

Construction in Progress	9 Months Ended
	Mar. 31, 2022
Construction In Progress [Abstract]
Construction in Progress	3. Construction in Progress Construction work in progress represents the equipment which has been acquired and is not in use and prepayments for design, engineering, and construction services in relation to the development of the Fort Cady Borate Project. As of March 31, 2022 and June 30, 2021, Construction in Progress consisted of the following: March 31, June 30, 2022 2021 Crystallizer $ 6,825,453 $ 5,544,359 Engineering services 5,064,014 3,182,279 Injection and recovery wells 1,304,043 — Electric infrastructure 1,182,663 643,445 Filter system 634,986 634,986 Centrifuge system 382,683 382,683 Air compression 348,410 344,054 Boiler 287,613 287,613 Conveyor system 284,535 — Scrubbers 265,605 235,063 Water treatment 232,108 232,108 Pumps 121,795 67,273 Other 1,099,940 1,211,422 Total Construction in Progress $ 18,033,848 $ 12,765,285

Properties, Plant and Equipment

Properties, Plant and Equipment, Net	9 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Properties, Plant and Equipment, Net	4. Properties, Plant and Equipment, Net Properties, plant, and equipment, net as of March 31, 2022 and June 30, 2021 consisted of the following: March 31, June 30, 2022 2021 Land $ 1,533,312 $ 658,245 Buildings 873,410 717,253 Vehicles 297,127 73,202 Plant and equipment 339,979 91,897 3,043,828 1,540,597 Less accumulated depreciation (117,523 ) (45,161 ) Properties, plant and equipment, net $ 2,926,305 $ 1,495,436 For the nine-month periods ended March 31, 2022 and 2021, the Company recognized depreciation expense of $72,362 and $15,344, respectively.

Reclamation Liabilities

Reclamation Liabilities	9 Months Ended
	Mar. 31, 2022
Reclamation Liabilities Non Current [Abstract]
Reclamation Liabilities	5. Reclamation Liabilities The liabilities accrued for reclamation and closure costs as of March 31, 2022 and June 30, 2021 were as follows: March 31, June 30, 2022 2021 Accrued reclamation costs $ 297,997 $ 297,997 Asset retirement obligation 169,765 79,295 $ 467,762 $ 377,292 Accrued reclamation costs of $297,997 relate to land disturbance for the Fort Cady Borate Project. On June 30, 2021, the Company established an asset retirement obligation (“ARO”) relating to water monitoring wells and injection recovery wells as required by the Company’s Underground Injection Permit. Total estimated reclamation and closure costs for wells completed was $597,420 as of March 31, 2022 and $298,710 as of June 30, 2021. These estimated costs were discounted using credit adjusted, risk-free interest rates of 6.6 – 6.9% from the time the Company incurred the obligation to the time the Company expects to pay the retirement obligation. During the nine-month period ended March 31, 2022, the Company incurred additional obligations relating to water monitoring and injection recovery wells with the total estimated costs of $298,710. These estimated costs increased the balance of the asset retirement obligation by $84,358. The following is a reconciliation of the aggregate retirement obligation asset associated with our reclamation plan for the Company’s mining projects for the nine months ended March 31, 2022. There was no comparable activity for the nine months ended March 31, 2021: 2022 Retirement obligation asset — beginning of period $ 79,295 Obligation incurred during the period 84,358 Accretion 6,112 Retirement obligation asset — end of period $ 169,765 Exploration and evaluation activities are subject to various federal and state laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally have become more restrictive. The Company believes that its operations are materially in compliance with all applicable laws and regulations. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations. The ultimate amount of reclamation and other future site-restoration costs to be incurred for existing mining interests is uncertain.

Leases

Leases	9 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	6. Leases The Company leases offices in Hesperia, CA and Houston, TX under operating lease agreements, which expire in February 2024 December 2024 f m 0.04% to 1.04% to discount the future rent payments. The remaining lease term for our office in Hesperia, CA is 1.90 years and 2.75 years for our office in Houston, TX. During the nine-month period ended March 31, 2022, operating cash flows included cash payments o f $ related to lease liabilities. Future minimum annual lease payments under these existing lease agreements are as follows as of March 31, 2022: For the year ending June 30, $ 35,883 2023 117,690 2024 92,051 2025 21,257 Total 266,881 Less imputed interest (1,914 ) Net lease liability 264,967 Current portion 116,957 Long-term portion $ 148,010 Expense under operating leases, including short-term leases, for the nine-month periods ended March 31, 2022 and 2021 were $134,699 and $36,112, respectively. This expense is included in General and Administrative expense on the Consolidated Statement of Operations and Comprehensive Loss (Income).

Equity

Equity	9 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Equity	7. Equity In accordance with the Scheme, all ordinary shares of ABR have been transferred to the Company and pursuant to the Scheme, the Company issued to the shareholders of ABR, either one share of the Company’s common stock for every ten ordinary shares of ABR or one CHESS Depository Interest (“CDIs”) over the Company’s c s On the effective date of the Scheme, the number of ordinary outstanding shares was reduced from 418,693,150 to 41,869,315 shares of common stock. All share and per share amounts in these condensed consolidated financial statements and related notes for the periods prior the Scheme have been retroactively adjusted to reflect the effect of the exchange ratio. We are authorized to issue up to 180,000,000 shares of common stock, par value $0.01 per share, and 20,000,000 shares of preferred stock, par value, $0.01 per share. We have no outstanding shares of preferred stock. During the nine-month periods ended March 31, 2022 and 2021, the Company issued the following shares of common stock: • Issued 1,760,236 and 5,128,205 shares of its common stock for cash proceeds of $26,309,067 and $30,109,764 during the nine months ended March 31, 2022 and 2021, respectively. Share issue costs of $797,474 and $1,573,496 were incurred. • Issued 1,267,667 and 2,097,685 shares of its common stock upon exercise of stock options for $3,124,112 and $5,663,177 during the nine months ended March 31, 2022 and 2021, respectively. • Issued 1,100,000 and 8,000 shares of its common stock with a fair value of $27,171,876 and $32,076 for consulting fees during the nine months ended March 31, 2022 and 2021, respectively.

Net Loss Per Common Share

Net Loss Per Common Share	9 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Common Share	8. Net Loss Per Common Share Basic loss per share is computed by dividing 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 stock options, warrants, and convertible securities were exercised or converted into common stock. Diluted loss per share equals basic loss per share as the effect of including dilutive securities in the calculation would be antidilutive. For the nine-month periods ended March 31, 2022 and 2021, respectively, stock options of 5,510,000 and 5,925,000 were excluded from the computation of diluted loss per share as our reported net losses for those periods would cause their exercise to have no effect on the calculation of loss per share.

Share Based Compensation

Share Based Compensation	9 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share Based Compensation	9. Share Based Compensation Stock Incentive Plans In March 2022, our Board of Directors adopted the 5E Advanced Materials, Inc. 2022 Equity Compensation Plan (the “Incentive Plan”). A total of 2,500,000 shares of common stock are reserved for issuance under the Incentive Plan. The Incentive Plan authorized the grant of stock options, restricted share units, performance share units, director share units, performance cash units and other equity-based awards. Our Compensation Committee determines the exercise price for stock options and other equity-based awards, which may not be less than the fair market value of our common stock on the date of grant. As of March 31, 2022, 2,500,000 shares of common stock were available for issuance under the Incentive Plan. The Company established an employee share option plan (“ESOP”) under its predecessor parent company ABR. The objective of the ESOP was to assist in the recruitment, reward, retention and motivation of employees and contractors. Individual may receive the options or nominate a relative or associate to receive the options. The plan was open to executive officers, employees, and eligible contractors of the Company. Additionally, the board authorized the awards of ABR 3-year one replacement option for every ten ABR The fair value of stock option awards granted to directors, officers, employees and/or consultants of the Company are estimated on the grant date using the Black-Scholes option valuation model and the closing price of our common shares on the grant date. The significant assumptions used to estimate the fair value of 1,700,000 and 1,350,000 stock option awards granted during the nine-month periods ended March 31, 2022 and 2021, respectively, using the Black-Scholes option valuation model are as follows: Average for nine-month periods ended March 31, 2022 2021 Exercise price $14.62 –$18.27 $6.58 - $11.69 Share price $12.43 $8.49 Volatility 85% 85 – 110% Expected term in years 0.9 to 3.9 1.9 to 4.0 Risk free interest rate 0.01 – 0.1% 0.75% Dividend rate Nil Nil The share-based compensation cost recognized in the Consolidated Statements of Loss and Comprehensive Loss in General and administrative expense was $4,428,071 and 5,318,298 for the nine-month periods ended March 31, 2022 and 2021, respectively. 2022 2021 Number of Weighted Number of Weighted Outstanding at beginning of the period 5,554,333 $ 5.19 6,742,379 $ 3.36 Granted 1,700,000 $ 15.39 1,350,000 $ 7.02 Exercised (1,267,667 ) $ 2.48 (2,097,685 ) $ 2.67 Expired/forfeited (476,667 ) $ 5.48 (69,694 ) $ 6.29 Outstanding at end of period 5,510,000 $ 8.94 5,925,000 $ 4.55 Vested at the end of the period 3,870,000 $ 6.39 5,905,000 $ 4.53 Options outstanding and vested as of March 31, 2022, have a weighted average remaining life of 2.03 years and 1.52 years, respectively. As of March 31, 2022, there was $6.1 million of unrecognized compensation cost related to 1,640,000 unvested stock options. This cost is expected to be recognized over a weighted-average remaining period of approximately 2.41 years. As of March 31, 2022, the intrinsic value of both the outstanding stock options and vested options was $54.3 million and $48.0 million, respectively. The intrinsic value of stock options exercised during the nine-month periods ended March 31, 2022 and 2021 was $14.4 million and $9.9 million, respectively. Consulting Stock Awards Pursuant to an agreement ABR had in place with its U.S.-based advisory board Blue Horizon Advisors LLC (“BHA”), the Company issue d 400,000 shares of common stock upon the listing of the Company’s shares on Nasdaq during the three-month period ended March 31, 2022. The fair value of these shares of $13.2 million was recognized as stock based compensation and included in general and administrative expenses in the consolidated statements of operations for the three and nine month period ended March 31, 2022. The agreement also includes a provision enabling BHA to potentially meeting ten All services required for the awards have been fulfilled as of March 31, 2022, and due to the market-based milestones of the awards, the fair value of these awards is determined using the Monte Carlo Simulation valuation model. Monte Carlo Simulation valuation models incorporate assumptions as to stock price volatility, the expected life of awards, a risk-free interest rate and dividend yield. The assumptions used to estimate the fair value of the market-based stock grants under the Monte Carlo Simulation model for the period ended March 31, 2022 are as follows: Hurdle stock price $ 21.94 $ 29.25 $ 36.57 $ 43.88 Volatility 76.82 % 76.82 % 76.82 % 76.82 % Expected term in years 1.12 1.12 1.12 1.12 Risk-free interest rate 0.22 % 0.22 % 0.22 % 0.22 % Expected dividend yield 0 % 0 % 0 % 0 % Estimated fair value per share $ 10.68 $ 9.01 $ 6.63 $ 4.88 The Company recorded stock based compensation of $7.8 million in general and administrative expense in the consolidated statements of operations for three and nine month periods ended March 31, 2022.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Purchase Obligations As of March 31, 2022, the Company has purchase order commitments of $18,888,000 in respect of construction works in progress, drilling, and technical reports. Mineral Lease Payments The Company has a mineral lease agreement for the purposes of obtaining exclusive rights to exploration at the Fort Cady Project. The mineral lease agreement requires the Company to make an annual minimum royalty payment of $75,000, escalated annually based on inflation, until the expiration date of the lease, October 1, 2021. On September 16, 2021, the Company extended its mineral lease agreement with Elementis until July 1, 2022. Payments made during the nine-month period ended March 31, 2022 and 2021 were $86,608 and $107,502, respectively. Salt Wells Earn-in The Company has funding commitments under its Earn-in Agreement of

Income Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes The Company did not record a U.S. federal or state income tax benefit for losses incurred during the three and nine months ended March 31, 2022 and 2021. The Company concluded that it is more likely than not that its deferred tax assets will not be realized which resulted in recording a full valuation allowance during those periods.

Subsequent Events

Subsequent Events	9 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events On April 12, 2022, the Company issued 150,000 shares to Blue Horizon Advisors LLC, pursuant to the terms of the Advisory Agreement dated April 16, 2021 and as consideration for advisory board services provided, including services related to assessment of the Project, recruiting a U.S. based management team, and advising in connection with the U.S. listing. not receive any proceeds in connection with the issuance.

Description of Company and Su_2

Description of Company and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2022
Policy Text Block [Abstract]
Nature of Business	Nature of Business 5E Advanced Materials, Inc. (“5E,” “we,” “our,” “us,” or the “Company”) is an exploration stage company focused on becoming a vertically integrated global leader in boron specialty advanced materials and lithium with a focus on enabling decarbonization.
Redomiciliation	Redomiciliation 5E Advanced Materials, Inc. (the “Company”) acquired all of the issued and outstanding shares of American Pacific Borates Limited (“ABR”), our Australian predecessor and wholly owned subsidiary, pursuant to a Scheme of Arrangement (“Scheme”) under Australian law, which was approved by ABR’s shareholders on December 2, 2021, and the Supreme Court of Western Australia on February 24, 2022. As part of the Scheme, the Company changed its place of domicile from Australia to the S In accordance with the Scheme, all ordinary shares of ABR have been transferred to the Company and pursuant to the Scheme, the Company issued to the shareholders of ABR, either one share of the Company’s common stock for every ten ordinary shares of ABR or one CHESS Depository Interest (“CDIs”) over the Company’s common stock for every one ordinary share of ABR, in each case, as held on the Scheme record date. The Company maintains an Australian Stock Exchange (“ASX”) listing for its CDIs, with each CDI representing 1/10th of a share of common stock. Holders of CDIs are able to trade their CDIs on the ASX under the symbol “5EA” and holders of shares of the Company’s common stock are able to trade their shares on Nasdaq under the symbol “FEAM.” All share and per share data presented in the Company’s condensed consolidated financial statements have been retroactively adjusted to reflect a one for ten (1:10) exchange ratio of all of its issued and outstanding common stock. As a result of the reorganization, the Company became the parent company of ABR, and for financial reporting purposes the historical financial statements of ABR have become the historical financial statements of the Company as a continuation of the predecessor.
Basis of Presentation	Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q S-X.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements comprise the financial statements of 5E and its wholly owned subsidiaries, American Pacific Borates Limited and Fort Cady (California) Corporation. Subsidiaries are those entities over which the Company has the power to govern the financial and operating policies so as to obtain benefits from their activities. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether a Company controls another entity. In preparing the consolidated financial statements, all intercompany balances and transactions, income and expenses and profit and losses resulting from intra-company transactions have been eliminated in full. Our fiscal year ends on June 30 of each calendar year. Our reporting currency is in United States dollars (“USD”), and unless otherwise indicated, all references to “$” are to USD.
Risk and Uncertainties	Risk and Uncertainties We are subject to a number of risks similar to those of other companies of similar size in our industry, including but not limited to, the success of our exploration activities, need for significant additional capital (or financing) to fund operating losses, competition from substitute products and services from larger companies, protection of proprietary technology, patent litigation, and dependence on key individuals. We have accumulated deficits of $94.1 million, as of March 31, 2022 and June 30, 2021, respectively. We have incurred net losses and utilized cash in operations since inception, and expect to incur significant additional losses in the future. We have cash available on hand and believe that this cash will be sufficient to fund operations and meet our obligations as they come due within one year from the date these consolidated financial statements are issued. In the event our cash requirements change during the next twelve months, management believes it has the ability and commitment to reduce operating expenses, as necessary. Until commercial production is achieved from our planned operations, we will continue to incur operating and investing net cash outflows associated with, among other things, maintaining properties, construction and operation of our Small-Scale Boron Facility (“SSBF”) and undertaking ongoing exploration activities and project expenses. Our long-term success is dependent upon our ability to successfully raise additional capital or financing or enter into strategic partnership opportunities. Our long-term success is also dependent upon our ability to operate the SSBF, develop our planned injection and recovery wells and processing facility, develop and commercialize the full-scale Fort Cady Borate Project, earn revenues, and achieve profitability. Our consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, assumptions, and allocations that affect amounts reported in the consolidated financial statements and related notes. Significant items that are subject to such estimates and assumptions include, but are not limited to, estimated useful lives and valuation of properties, plant and equipment, mineral rights and properties, deferred tax assets, reclamation liabilities, and fair value of stock-based compensation. Actual results could differ due to the uncertainty inherent in the nature of these estimates.
Significant Accounting Policies	Significant Accounting Policies There have been no material changes in the significant accounting policies followed by us during the nine months ended March 31, 2022 from those disclosed in the financial statements included in our amended Form 10.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements In December 2019, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12—Income Taxes (“ASU 2019-12”). ASU 2019-12 is ASU 2019-12 does In August 2020, FASB issued ASU No. 2020-06–Debt–Debt with (Subtopic 470-20) and (Subtopic 815-40): Accounting In May 2021, FASB issued ASU No. 2021-04—Earnings Per 470-50), (Subtopic 815-40) Issuer’s

Mineral Rights and Properties_2

Mineral Rights and Properties, Net (Tables)	9 Months Ended
	Mar. 31, 2022
Mineral Properties, Net [Abstract]
Summary of Mineral Interests and Properties	Mineral Interests and Properties as of March 31, 2022 and June 30, 2021 consisted of the following: March 31, June 30, 2022 2021 Mineral properties – Fort Cady Borate Project $ 6,732,562 $ 6,732,562 Hydrology wells 547,258 547,258 Mineral interest – Elementis lease 808,202 721,594 Asset retirement cost, net of accumulated amortization of $3,887 and zero at March 31, 2022 and June 30, 2021, respectively 159,766 79,295 $ 8,247,788 $ 8,080,709

Construction in Progress (Table

Construction in Progress (Tables)	9 Months Ended
	Mar. 31, 2022
Construction In Progress [Abstract]
Summary of Construction in Progress	As of March 31, 2022 and June 30, 2021, Construction in Progress consisted of the following: March 31, June 30, 2022 2021 Crystallizer $ 6,825,453 $ 5,544,359 Engineering services 5,064,014 3,182,279 Injection and recovery wells 1,304,043 — Electric infrastructure 1,182,663 643,445 Filter system 634,986 634,986 Centrifuge system 382,683 382,683 Air compression 348,410 344,054 Boiler 287,613 287,613 Conveyor system 284,535 — Scrubbers 265,605 235,063 Water treatment 232,108 232,108 Pumps 121,795 67,273 Other 1,099,940 1,211,422 Total Construction in Progress $ 18,033,848 $ 12,765,285

Properties, Plant and Equipme_2

Properties, Plant and Equipment, Net (Tables)	9 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Summary of Properties, Plant and Equipment	Properties, plant, and equipment, net as of March 31, 2022 and June 30, 2021 consisted of the following: March 31, June 30, 2022 2021 Land $ 1,533,312 $ 658,245 Buildings 873,410 717,253 Vehicles 297,127 73,202 Plant and equipment 339,979 91,897 3,043,828 1,540,597 Less accumulated depreciation (117,523 ) (45,161 ) Properties, plant and equipment, net $ 2,926,305 $ 1,495,436

Reclamation Liabilities (Tables

Reclamation Liabilities (Tables)	9 Months Ended
	Mar. 31, 2022
Reclamation Liabilities Non Current [Abstract]
Summary of the Liabilities Accrued for Reclamation and Closure Costs	The liabilities accrued for reclamation and closure costs as of March 31, 2022 and June 30, 2021 were as follows: March 31, June 30, 2022 2021 Accrued reclamation costs $ 297,997 $ 297,997 Asset retirement obligation 169,765 79,295 $ 467,762 $ 377,292
Summary of Reconciliation of the Aggregate Retirement Obligation Asset	The following is a reconciliation of the aggregate retirement obligation asset associated with our reclamation plan for the Company’s mining projects for the nine months ended March 31, 2022. There was no comparable activity for the nine months ended March 31, 2021: 2022 Retirement obligation asset — beginning of period $ 79,295 Obligation incurred during the period 84,358 Accretion 6,112 Retirement obligation asset — end of period $ 169,765

Leases (Tables)

Leases (Tables)	9 Months Ended
	Mar. 31, 2022
Lessee Disclosure [Abstract]
Summary of Future minimum annual lease payments	Future minimum annual lease payments under these existing lease agreements are as follows as of March 31, 2022: For the year ending June 30, $ 35,883 2023 117,690 2024 92,051 2025 21,257 Total 266,881 Less imputed interest (1,914 ) Net lease liability 264,967 Current portion 116,957 Long-term portion $ 148,010

Share Based Compensation (Table

Share Based Compensation (Tables)	9 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of share-based payment award, stock options, valuation assumptions	Average for nine-month periods ended March 31, 2022 2021 Exercise price $14.62 –$18.27 $6.58 - $11.69 Share price $12.43 $8.49 Volatility 85% 85 – 110% Expected term in years 0.9 to 3.9 1.9 to 4.0 Risk free interest rate 0.01 – 0.1% 0.75% Dividend rate Nil Nil
Summary of share-based payment arrangement, activity	The number of options have been adjusted for the exchange ratio and exercise prices reflect the AUD prices in USD based on the exchange rate that existed on the date prior to implementation of the Scheme: 2022 2021 Number of Weighted Number of Weighted Outstanding at beginning of the period 5,554,333 $ 5.19 6,742,379 $ 3.36 Granted 1,700,000 $ 15.39 1,350,000 $ 7.02 Exercised (1,267,667 ) $ 2.48 (2,097,685 ) $ 2.67 Expired/forfeited (476,667 ) $ 5.48 (69,694 ) $ 6.29 Outstanding at end of period 5,510,000 $ 8.94 5,925,000 $ 4.55 Vested at the end of the period 3,870,000 $ 6.39 5,905,000 $ 4.53
Summary of share based compensation by share based compensation fair value assumptions of equity instruments other than options granted to consultants	The assumptions used to estimate the fair value of the market-based stock grants under the Monte Carlo Simulation model for the period ended March 31, 2022 are as follows: Hurdle stock price $ 21.94 $ 29.25 $ 36.57 $ 43.88 Volatility 76.82 % 76.82 % 76.82 % 76.82 % Expected term in years 1.12 1.12 1.12 1.12 Risk-free interest rate 0.22 % 0.22 % 0.22 % 0.22 % Expected dividend yield 0 % 0 % 0 % 0 % Estimated fair value per share $ 10.68 $ 9.01 $ 6.63 $ 4.88

Description of Company and Su_3

Description of Company and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	9 Months Ended
	Mar. 31, 2022	Jun. 30, 2021
Policy Text Block [Abstract]
Accumulated deficit	$ (94,128,713)	$ (40,651,487)
Business combination exchange ratio basis	one for ten

Mineral Rights and Properties_3

Mineral Rights and Properties, Net - Additional Information (Detail) - USD ($)	Sep. 16, 2021	Oct. 01, 2011	Mar. 31, 2022	Mar. 31, 2021
Mining Properties and Mineral Rights [Member]
Mineral Properties Net [Line Items]
Hydrology income			$ 36,020	$ 0
Advance Royalties			$ 86,608	$ 107,502
Elementis Specialties Inc [Member]
Mineral Properties Net [Line Items]
Mineral lease agreement extended date	Jul. 1, 2022
Elementis Specialties Inc [Member] | Mining Properties and Mineral Rights [Member]
Mineral Properties Net [Line Items]
Royalty lease agreement Term		10 years

Mineral Rights and Properties_4

Mineral Rights and Properties, Net - Summary of Mineral Interests and Properties (Detail) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Mineral Properties Net [Line Items]
Asset retirement cost, net of accumulated amortization of $3,887 and zero at March 31, 2022 and June 30, 2021, respectively	$ 159,766	$ 79,295
Mineral Properties	8,247,788	8,080,709
Fort Cady Borate Project [Member]
Mineral Properties Net [Line Items]
Mineral Properties, Gross	6,732,562	6,732,562
Hydrology Wells [Member]
Mineral Properties Net [Line Items]
Mineral Properties, Gross	547,258	547,258
Elementis Lease [Member]
Mineral Properties Net [Line Items]
Mineral Properties, Gross	$ 808,202	$ 721,594

Mineral Rights and Properties_5

Mineral Rights and Properties, Net - Summary of Mineral Interests and Properties (Parenthetical) (Detail) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Mineral Properties, Net [Abstract]
Asset retirement cost, net of accumulated amortization	$ 3,887	$ 0

Construction in Progress - Summ

Construction in Progress - Summary of Construction in Progress (Detail) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Construction In Progress [Line Items]
Construction in Progress, Gross	$ 18,033,848	$ 12,765,285
Crystallizer [Member]
Construction In Progress [Line Items]
Construction in Progress, Gross	6,825,453	5,544,359
Engineering services [Member]
Construction In Progress [Line Items]
Construction in Progress, Gross	5,064,014	3,182,279
Injection and recovery wells [Member]
Construction In Progress [Line Items]
Construction in Progress, Gross	1,304,043	0
Electric infrastructure [Member]
Construction In Progress [Line Items]
Construction in Progress, Gross	1,182,663	643,445
Filter system [Member]
Construction In Progress [Line Items]
Construction in Progress, Gross	634,986	634,986
Centrifuge system [Member]
Construction In Progress [Line Items]
Construction in Progress, Gross	382,683	382,683
Air compression [Member]
Construction In Progress [Line Items]
Construction in Progress, Gross	348,410	344,054
Boiler [Member]
Construction In Progress [Line Items]
Construction in Progress, Gross	287,613	287,613
Conveyor system [Member]
Construction In Progress [Line Items]
Construction in Progress, Gross	284,535	0
Scrubbers [Member]
Construction In Progress [Line Items]
Construction in Progress, Gross	265,605	235,063
Water treatment [Member]
Construction In Progress [Line Items]
Construction in Progress, Gross	232,108	232,108
Pumps [Member]
Construction In Progress [Line Items]
Construction in Progress, Gross	121,795	67,273
Other [Member]
Construction In Progress [Line Items]
Construction in Progress, Gross	$ 1,099,940	$ 1,211,422

Properties, Plant and Equipme_3

Properties, Plant and Equipment, Net - Summary of Properties, Plant and Equipment (Detail) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Properties, plant and equipment, Gross	$ 3,043,828	$ 1,540,597
Less accumulated depreciation	(117,523)	(45,161)
Properties, plant and equipment, net	2,926,305	1,495,436
Land [Member]
Property, Plant and Equipment [Line Items]
Properties, plant and equipment, Gross	1,533,312	658,245
Buildings [Member]
Property, Plant and Equipment [Line Items]
Properties, plant and equipment, Gross	873,410	717,253
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Properties, plant and equipment, Gross	297,127	73,202
Plant and equipment [Member]
Property, Plant and Equipment [Line Items]
Properties, plant and equipment, Gross	$ 339,979	$ 91,897

Properties, Plant and Equipme_4

Properties, Plant and Equipment, Net - Additional Information (Detail) - USD ($)	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 72,362	$ 15,344

Reclamation Liabilities - Addit

Reclamation Liabilities - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Mar. 31, 2022	Jun. 30, 2021
Reclamation Liabilities Non Current [Line Items]
Costs asset retirement obligation incurred	$ 298,710
Asset retirement obligations liabilities incurred	84,358
Fort Candy Barate [Member]
Reclamation Liabilities Non Current [Line Items]
Accrued reclamation costs of land disturbance non current	297,997
Underground Injection And Permit [Member]
Reclamation Liabilities Non Current [Line Items]
Estimated closure and reclamation costs for wells	$ 597,420	$ 298,710
Maximum [Member] | Underground Injection And Permit [Member]
Reclamation Liabilities Non Current [Line Items]
Estimated closure and reclamation costs for wells discount rate	6.90%	6.90%
Minimum [Member] | Underground Injection And Permit [Member]
Reclamation Liabilities Non Current [Line Items]
Estimated closure and reclamation costs for wells discount rate	6.60%	6.60%

Reclamation Liabilities - Summa

Reclamation Liabilities - Summary of the Liabilities Accrued for Reclamation and Closure Costs (Detail) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Reclamation Liabilities Non Current [Abstract]
Accrued reclamation costs	$ 297,997	$ 297,997
Asset retirement obligation	169,765	79,295
Total	$ 467,762	$ 377,292

Reclamation Liabilities - Sum_2

Reclamation Liabilities - Summary of Reconciliation of the Aggregate Retirement Obligation Asset (Detail)	9 Months Ended
	Mar. 31, 2022USD ($)
Reclamation Liabilities Non Current [Abstract]
Retirement obligation asset — beginning of period	$ 79,295
Obligation incurred during the period	84,358
Accretion	6,112
Retirement obligation asset — end of period	$ 169,765

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($)	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Feb. 28, 2021
Operating lease payment		$ 88,285
CA
Lessee, operating lease, remaining lease term	1 year 10 months 24 days	1 year 10 months 24 days
Lease expire period	2/1/2024
TX
Lessee, operating lease, remaining lease term	2 years 9 months	2 years 9 months
Lease expire period	12/1/2024
Maximum [Member]
Lessee, operating lease, discount rate				1.04%
Minimum [Member]
Lessee, operating lease, discount rate				0.04%
General and Administrative Expense [Member]
Operating lease, expense		$ 134,699	$ 36,112

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Annual Lease Payments (Detail) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Lessee Disclosure [Abstract]
For the year ending June 30, 2022 (April 1 – June 30)	$ 35,883
2023	117,690
2024	92,051
2025	21,257
Total	266,881
Less imputed interest	(1,914)
Net lease liability	264,967
Current portion	116,957	$ 90,815
Long-term portion	$ 148,010	$ 124,699

Equity - Additional Information

Equity - Additional Information (Detail)	3 Months Ended						9 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Mar. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2021USD ($)shares	Jun. 30, 2021$ / sharesshares
Class of Stock [Line Items]
Common stock number of shares issuable for each share in the predecessor company.	1						1
Common stock shares outstanding before the efective date of merger scheme	418,693,150						418,693,150
Common stock shares outstanding on the date the merger scheme became effective	41,869,315						41,869,315
Common stock, shares authorized	180,000,000						180,000,000		180,000,000
Preferred stock, shares authorized	20,000,000						20,000,000		20,000,000
Preferred stock shares outstanding	0						0		0
Common stock, par or stated value per share | $ / shares	$ 0.01						$ 0.01		$ 0.01
Preferred stock par or stated value per share | $ / shares	$ 0.01						$ 0.01		$ 0.01
Stock shares issued during the period new issues							1,760,236	5,128,205
Proceeds from issuance of common stock | $							$ 26,309,067	$ 30,109,764
Payment of stock issuance costs | $							$ 797,474	$ 1,573,496
Exercise of stock options,Shares							1,267,667	2,097,685
Stock issued during the period value stock options excercised | $	$ 216,487	$ 1,822,030	$ 1,085,595	$ 2,810,514	$ 55,877	$ 2,796,786	$ 3,124,112	$ 5,663,177
Stock issued during the period shares issued for services							1,100,000	8,000
Stock issued during the period value issued for services at fair value | $							$ 27,171,876	$ 32,076
Chess Depositry Interest [Member]
Class of Stock [Line Items]
Depository receipt ratio	10						10

Net Loss Per Common Share - Add

Net Loss Per Common Share - Additional Information (Detail) - shares	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Option [Member]
Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	5,510,000	5,925,000

Share Based Compensation - Summ

Share Based Compensation - Summary Of Share-Based Payment Award, Stock Options, Valuation Assumptions (Detail) - Black Scholes [Member] - $ / shares	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price	$ 12.43	$ 8.49
Volatility, Mininmum		85.00%
Volatility, Maximum		110.00%
Volatility	85.00%
Risk free interest rate, Minimum	0.01%
Risk free interest rate, Maximum	0.10%
Risk free interest rate		0.75%
Dividend rate	0.00%	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price	$ 14.62	$ 6.58
Expected term in years	10 months 24 days	1 year 10 months 24 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price	$ 18.27	$ 11.69
Expected term in years	3 years 10 months 24 days	4 years

Share Based Compensation - Su_2

Share Based Compensation - Summary Of Share-Based Payment Arrangement, Activity (Detail) - $ / shares	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Number of Options, Outstanding at beginning of the period	5,554,333	6,742,379
Number of Options, Granted	1,700,000	1,350,000
Number of Options, Exercised	(1,267,667)	(2,097,685)
Number of Options, Expired/forfeited	(476,667)	(69,694)
Number of Options, Outstanding at end of period	5,510,000	5,925,000
Number of Options, Vested at the end of the period	3,870,000	5,905,000
Weighted Averaged Exercise Price, Outstanding at beginning of the period	$ 5.19	$ 3.36
Weighted Averaged Exercise Price, Granted	15.39	7.02
Weighted Averaged Exercise Price, Exercised	2.48	2.67
Weighted Averaged Exercise Price, Expired/forfeited	5.48	6.29
Weighted Averaged Exercise Price, Outstanding at end of period	8.94	4.55
Weighted Averaged Exercise Price, Vested at the end of the period	$ 6.39	$ 4.53

Share Based Compensation - Su_3

Share Based Compensation - Summary Of Share Based Compensation By Share Based Compensation Fair Value Assumptions Of Equity Instruments Other Than Options Granted To Consultants (Detail) - Consulting Stock Awards [Member] - $ / shares	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Disclosure Of Share Based Compensation By Share Based Compensation Fair Value Assumptions Of Equity Instruments Other Than Options Granted To Consultants [Line Items]
Hurdle stock price	$ 21.94	$ 36.57	$ 29.25	$ 43.88
Volatility	76.82%	76.82%	76.82%	76.82%
Expected term in years	1 year 1 month 13 days	1 year 1 month 13 days	1 year 1 month 13 days	1 year 1 month 13 days
Risk-free interest rate	0.22%	0.22%	0.22%	0.22%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Estimated fair value per share	$ 10.68	$ 6.63	$ 9.01	$ 4.88

Share Based Compensation - Addi

Share Based Compensation - Additional Information (Detail)	3 Months Ended						9 Months Ended
	Mar. 31, 2022USD ($)shares	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Mar. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Mar. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2021USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during the period shares issued for services							1,100,000	8,000
Adjustment to additional paid in capital share based compensation | $	$ 1,340,607	$ 1,310,409	$ 1,777,055	$ 933,709	$ 600,513	$ 3,784,076
Consulting Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares subscribed but not issued	1,000,000						1,000,000
Number of days for determining the volume weighted average price							10 days
Consulting Stock Awards [Member] | Blue Horizon Advisors LLC [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during the period shares issued for services	400,000
Consulting Stock Awards [Member] | Volume Weighted Average Price One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares subscribed but not issued	250,000						250,000
Volume weighted average price per share | $ / shares							$ 21.94
Consulting Stock Awards [Member] | Volume Weighted Average Price Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares subscribed but not issued	250,000						250,000
Volume weighted average price per share | $ / shares							$ 29.25
Consulting Stock Awards [Member] | Volume Weighted Average Price Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares subscribed but not issued	250,000						250,000
Volume weighted average price per share | $ / shares							$ 36.57
Consulting Stock Awards [Member] | Volume Weighted Average Price Four [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares subscribed but not issued	250,000						250,000
Volume weighted average price per share | $ / shares							$ 43.88
Consulting Stock Awards [Member] | General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation | $							$ 7,800,000	$ 7,800,000
Adjustment to additional paid in capital share based compensation | $	$ 13,200,000						$ 13,200,000
Two Thousand And Twenty Two Equity Compensation Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for future issuance				2,500,000				2,500,000
Share based compensation by share based award number of shares available for issuance	2,500,000						2,500,000
Share based compensation by share based award number of options granted during the period							1,700,000	1,350,000
Share based compensation by share based award options outstanding and unvested	1,640,000						1,640,000
Share based compensation by share based award unvested options unrecognized compensation | $	$ 6.1						$ 6.1
Share based compensation by share based award non vested options intrinsic value | $	54.3						54.3
Share based compensation by share based award options vested and expected and to vest aggregate intrinsic value | $	$ 48						$ 48
Share based compensation by share based award aggregate instrinsic value of stock options excercised | $								$ 9.9
Two Thousand And Twenty Two Equity Compensation Incentive Plan [Member] | Fully Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based award options vested and expected to vest weighted average remaining contractual term							2 years 10 days	1 year 6 months 7 days
Share based compensation by share based award aggregate instrinsic value of stock options excercised | $							$ 14.4
Two Thousand And Twenty Two Equity Compensation Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based award number of options issuable for every option in the predecessor company	0.1						0.1
Share based compensation by share based award total compensation not yet recognized period for recognition							2 years 4 months 28 days
Two Thousand And Twenty Two Equity Compensation Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation | $							$ 4,428,071	$ 5,318,298
Two Thousand And Twenty Two Employee Stock Option Plan Of The Predecessor Company [Member] | Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based award number of shares authorized for issuance as a percentage of common stock							5.00%
Share based compensation by share based award term of award							3 years

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	9 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies [Line Items]
Purchase commitments	$ 18,888,000					$ 18,888,000
Operating lease payment	88,285
Mineral Lease Agreement [Member]
Commitments and Contingencies [Line Items]
Royalty expense	$ 75,000
Lease expiration date	Oct. 1, 2021
Operating lease payment	$ 86,608	$ 107,502
Salt Wells Earn In Agreement [Member]
Commitments and Contingencies [Line Items]
Funding commitment year one						$ 300,000
Funding commitment year two					$ 600,000
Funding commitment year three				$ 800,000
Funding commitment year four			$ 1,200,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Foreign Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 0	$ 0	$ 0	$ 0
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 0	$ 0	$ 0	$ 0

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Private Placement [Member]	Apr. 12, 2022USD ($)shares
Subsequent Event [Line Items]
Proceeds in connection with issuance in private palcement | $	$ 0
Subsequent Event [Member] | Blue Horizon Advisors LLC [Member]
Subsequent Event [Line Items]
Shares issued | shares	150,000