Cover Page
Cover Page - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Sep. 21, 2022 | Dec. 31, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Registrant Name | 5E ADVANCED MATERIALS, INC. | ||
Entity Central Index Key | 0001888654 | ||
Document Annual Report | true | ||
Document Period End Date | Jun. 30, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 43,355,315 | ||
Auditor Name | BDO USA, LLP | ||
Auditor Firm ID | 243 | ||
Auditor Location | Spokane, Washington |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 31,057 | $ 40,811 |
Prepaid expenses and other current assets | 1,506 | 159 |
Total current assets | 32,563 | 40,970 |
Mineral rights and properties, net | 8,364 | 8,081 |
Construction in progress | 25,625 | 12,765 |
Properties, plant and equipment, net | 2,871 | 1,495 |
Reclamation bond deposit | 1,086 | 1,085 |
Right of use asset | 371 | 213 |
Other assets | 6 | 0 |
Total Assets | 70,886 | 64,609 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 7,212 | 1,594 |
Lease liabilities, current | 164 | 91 |
Total current liabilities | 7,376 | 1,685 |
Long-term debt | 148 | 93 |
Lease liability | 211 | 125 |
Accrued reclamation liabilities | 489 | 377 |
Total liabilities | 8,224 | 2,280 |
Commitments and contingencies (Note 13) | ||
Stockholders' Equity: | ||
Common stock 43,305,315 and 38,391,412 shares outstanding at June 30, respectively | 433 | 384 |
Additional paid-in capital | 169,593 | 101,179 |
Accumulated other comprehensive income (loss) | 0 | 1,417 |
Retained earnings (accumulated deficit) | (107,364) | (40,651) |
Total stockholders' equity | 62,662 | 62,329 |
Total liabilities and stockholders' equity | $ 70,886 | $ 64,609 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - shares | Jun. 30, 2022 | Jun. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Common Stock, Shares, Outstanding | 43,305,315 | 38,391,412 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating expenses: | ||
Project expenses | $ 12,853 | $ 5,966 |
General and administrative | 54,733 | 11,637 |
Research and development | 133 | 0 |
Depreciation expense | 112 | 31 |
Total operating expenses | 67,831 | 17,634 |
Income (loss) from operations | (67,831) | (17,634) |
Non-operating income (expense) | ||
Other income | 65 | 45 |
Interest income | 3 | 9 |
Interest expense | (6) | (5) |
Net foreign exchange gain (loss) | 1,056 | (1,668) |
Total non-operating income (expense) | 1,118 | (1,619) |
Income (loss) before income taxes | (66,713) | (19,253) |
Income tax provision (benefit) | ||
Current | 0 | 0 |
Deferred | 0 | 0 |
Total income tax provision (benefit) | 0 | 0 |
Net income (loss) | $ (66,713) | $ (19,253) |
Earnings Per Share, Basic | $ (1.63) | $ (0.56) |
Earnings Per Share, Diluted | $ (1.63) | $ (0.56) |
Weighted Average Number of Shares Outstanding, Basic | 40,807 | 34,175 |
Weighted Average Number of Shares Outstanding, Diluted | 40,807 | 34,175 |
Comprehensive income (loss): | ||
Net income (loss) | $ (66,713) | $ (19,253) |
Reporting currency translation gain (loss) | (1,417) | 1,916 |
Comprehensive income (loss) | $ (68,130) | $ (17,337) |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
Beginning balance, shares at Jun. 30, 2020 | 30,456 | ||||
Beginning balance at Jun. 30, 2020 | $ 35,486 | $ 305 | $ 57,078 | $ (499) | $ (21,398) |
Cash, Shares | 7,900 | 5,128 | |||
Cash | $ 30,110 | $ 51 | 30,059 | ||
Exercise of stock options,Shares | 2,799 | 2,799 | |||
Exercise of stock options | $ 9,236 | $ 28 | 9,208 | ||
Consulting fees, Shares | 8 | ||||
Consulting fees | 32 | $ 0 | 32 | ||
Shares issuance costs | (1,574) | (1,574) | |||
Share based compensation | 6,376 | 6,376 | |||
Net income (loss) | (19,253) | (19,253) | |||
Other comprehensive income (loss), net of tax | 1,916 | 1,916 | |||
Ending balance, shares at Jun. 30, 2021 | 38,391 | ||||
Ending balance at Jun. 30, 2021 | $ 62,329 | $ 384 | 101,179 | 1,417 | (40,651) |
Cash, Shares | 4,900 | 1,760 | |||
Cash | $ 26,309 | $ 18 | 26,291 | ||
Exercise of stock options,Shares | 1,904 | 1,904 | |||
Exercise of stock options | $ 5,222 | $ 19 | 5,203 | ||
Consulting fees, Shares | 1,250 | ||||
Consulting fees | 31,033 | $ 12 | 31,021 | ||
Shares issuance costs | (797) | (797) | |||
Share based compensation | 6,696 | 6,696 | |||
Net income (loss) | (66,713) | (66,713) | |||
Other comprehensive income (loss), net of tax | (1,417) | (1,417) | |||
Ending balance, shares at Jun. 30, 2022 | 43,305 | ||||
Ending balance at Jun. 30, 2022 | $ 62,662 | $ 433 | $ 169,593 | $ 0 | $ (107,364) |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (66,713) | $ (19,253) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Depreciation and amortization | 112 | 31 |
Interest earned on reclamation bond | (1) | (3) |
Share based compensation | 6,696 | 6,376 |
Common stock issued for consulting fees | 31,033 | 32 |
Accretion of reclamation liability | 9 | 0 |
Amortization of right of use asset | 125 | 0 |
Net foreign exchange (gain) loss | (1,056) | 1,669 |
Change in: | ||
Prepaid expenses and other current assets | (1,347) | 16 |
Accounts payable and accrued liabilities | 2,533 | 244 |
Other assets | (6) | 0 |
Net cash used by operating activities | (28,615) | (10,888) |
Cash Flows From Investing Activities: | ||
Construction in progress | (9,994) | (12,029) |
Mineral rights and properties | (186) | (113) |
Properties, plant and equipment | (1,220) | (39) |
Reclamation bonds | 0 | (777) |
Net cash used by investing activities | (11,400) | (12,958) |
Cash Flows From Financing Activities: | ||
Payments on note payable | (112) | (2) |
Proceeds from issuance of common stock | 26,309 | 30,110 |
Proceeds from exercise of stock options | 5,222 | 9,236 |
Share issuance costs | (797) | (1,574) |
Net cash provided by financing activities | 30,622 | 37,770 |
Net increase (decrease) in cash and cash equivalents | (9,393) | 13,924 |
Effect of exchange rate fluctuation on cash | (361) | 247 |
Cash and cash equivalents at beginning of period | 40,811 | 26,640 |
Cash and cash equivalents at end of period | 31,057 | 40,811 |
Supplemental Disclosure Of Cash Flow Information: | ||
Interest paid in cash | 6 | 3 |
Noncash Investing And Financing Activities | ||
Accounts payable change related to construction in progress | 2,922 | (1,404) |
Construction in progress transferred to properties, plant and equipment | 55 | 798 |
Recognition of operating lease liabilities and right of use assets | 283 | 237 |
Notes payable issued for properties, plant and equipment | 206 | 0 |
Increase (decrease) in asset retirement costs | $ 103 | $ 0 |
Description of Company and Summ
Description of Company and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 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,” or “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. Reorganization 5E Advanced Materials, Inc. 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, we changed our place of domicile from Australia to the State of Delaware in the United States, effective on March 8, 2022. In accordance with the Scheme, all ordinary shares of ABR have been transferred to us and pursuant to the Scheme, we issued to the shareholders of ABR, either one share of our common stock for every ten ordinary shares of ABR or one CHESS Depository Interest (“CDIs”) over our common stock for every one ordinary share of ABR, in each case, as held on the Scheme record date. We maintain an Australian Stock Exchange (“ASX”) listing for our 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 our common stock are able to trade their shares on NASDAQ Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The financial statements are presented in U.S. dollars. Basis of Consolidation The consolidated financial statements comprise the financial statements of 5E and its wholly owned subsidiaries, ABR, Fort Cady Holdings Pty Ltd, and Fort Cady (California) Corporation (“FCCC”). 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. Concentration of Risk We maintain cash deposits at several major banks, which at times may exceed amounts covered by insurance provided by the United States Federal Deposit Insurance Corporation (“FDIC”). We monitor the financial health of the banks and have not experienced any losses in such accounts and believe we are not exposed to any significant credit risk. 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. 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. 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, estimation of future costs, useful life, and discount rates used to calculate our 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 Foreign Currency Translation Functional and reporting currency— rate During the fourth quarter ended June 30, 2022, ABR transferred substantially all of its assets to us and has no ongoing operations. Accordingly, we recognized the remaining accumulated foreign currency translation adjustment of thousand as a gain in our consolidated statement of operations and comprehensive income (loss). Transactions in foreign currency— and non-monetary assets Translation to reporting currency— • Assets and liabilities for each statement of financial position presented are translated at the closing rate at the end of the reporting date; • Income and expenses for each statement of operations are translated at average exchange rates, unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions; and • All resulting exchange differences are recognized in other comprehensive income or loss. Cash and Cash Equivalents — ctiv Mineral Rights and Properties and Exploration and Evaluation Costs — Exploration and evaluation costs are classified as project expenses and expensed as incurred. When it is determined that a mining deposit can be economically and legally extracted or produced, development costs related to such reserves and incurred after such determination will be considered for capitalization. The establishment of proven and probable reserves is based on results of feasibility studies. Upon commencement of commercial production, capitalized costs will be amortized over their estimated useful lives or units of production, whichever is a more reliable measure. Capitalized amounts relating to a property that is abandoned or otherwise considered uneconomic for the foreseeable future will be written off. Drilling, development and related costs are either classified as project expenses and charged to operations as incurred, or capitalized, based on the following criteria: • whether the drilling or development costs relate to a project that has been determined to be economically feasible, and a decision has been made to put the project into production; and • whether, at the time the cost is incurred: (a) the expenditure embodies a probable future benefit that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to future net cash inflows, (b) we can obtain the benefit and control others’ access to it, and (c) the transaction or event giving rise to our right to or control of the benefit has already occurred. Impairment of Long-Lived Assets — ws Properties, Plant and Equipment— Assets under construction (“Construction in progress”) include roads, fencing, tailings facility, equipment for our small-scale boron facility, injection-recovery wells, and land improvements and will be depreciated in accordance with our depreciation policy once placed in service. Reclamation Liabilities — reclaimed on an ongoing basis. Reclamation associated with environmental monitoring programs will be classified as a long-term liability; however, because we have not declared proven and probable reserves, the timing of these reclamation activities is uncertain as the reclamation areas will only be utilized once the mineral property is operating. For activities that do not qualify for asset capitalization, the costs associated with the obligation are charged to operations. For other activities, the costs will be added to the capitalized costs of the property and amortized over the useful life of the mineral property. The reclamation obligation in connection with mineral properties and interests are reviewed on an annual basis unless otherwise deemed necessary. Environmental compliance costs related to maintaining our existing permits are expensed in the period incurred. Reclamation obligations are secured by certificate of deposits held for the benefit of the state of California in amounts determined by applicable federal and state regulatory agencies. Reclamation bond deposits as of June 30, 2022 and 2021 were $1,086 thousand and Fair Value Measurements — of non-performance risk, Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. We use a Black-Scholes option valuation model to determine the grant date fair value our employee stock options and a Monte Carlo Simulation model to determine the grant date fair value of market-based stock grants. Both models use Level 2 inputs. See note 11—Share Based Compensation for a description of the inputs used. Leases — Right-of-use Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. When the rate implicit to the lease cannot be readily determined, we utilize our incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets could also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease liabilities rred . Financial Instruments — d Share Based Compensation — additional paid-in capital. e Loss per Common Share — Income Taxes — each year-end. In evaluating our ability to recover our deferred tax assets, management considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, we develop assumptions including the amount of future state and federal pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and the assumptions are consistent with the plans and estimates that we use to manage the underlying businesses. A valuation allowance is recorded against deferred tax assets if we believe it is more likely than not the related tax benefits will not be realized. We evaluate uncertain tax positions in a two-step process, the more-likely-than-not recognition 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 Accounting Pronouncements In August 2020, FASB issued ASU No. 2020-06–Debt–Debt with 470-20) (Subtopic 815-40): Convertible Instruments and Contracts in an Entity’s Own Equity. The update addresses issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. The update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years and with early adoption permitted. We do not expect ASU 2020-06 In May 2021, FASB issued ASU No. 2021-04—Earnings Per 470-50), (Subtopic 815-40) |
Mineral Rights and Properties,
Mineral Rights and Properties, Net | 12 Months Ended |
Jun. 30, 2022 | |
Mineral Properties, Net [Abstract] | |
Mineral Rights and Properties, Net | 2. Mineral Rights and Properties, Net We own surface properties and the associated mineral rights for the Fort Cady Project (“Fort Cady”). We have capitalized the cost of drilling hydrology wells, which provide water for the Project. For the years ended June 30, 2022 and 2021, we recognized hydrology income of thousand and On October 1, 2011, FCCC executed a 10-year thousand and Mineral Interests and Properties consisted of the following at June 30. 2022 2021 (in thousands) Mineral properties—Fort Cady $ 6,733 $ 6,733 Hydrology wells 547 547 Mineral interest—Elementis lease 908 722 Asset retirement cost, net of accumulated amortization of $6 and $0 at June 30, 2022 and 2021, respectively (1) 176 79 $ 8,364 $ 8,081 (1) Asset retirement costs represent the carrying value of capitalized costs associated with asset retirement obligations discussed in Note 5. |
Construction in Progress
Construction in Progress | 12 Months Ended |
Jun. 30, 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 Fort Cady. Construction in Progress consisted of the following at June 30. 2022 2021 (in thousands) Engineering services $ 9,073 $ 3,825 Equipment 13,131 8,940 Injection and recovery wells 3,421 — $ 25,625 $ 12,765 |
Properties, Plant and Equipment
Properties, Plant and Equipment, Net | 12 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Properties, Plant and Equipment, Net | 4. Properties, Plant and Equipment Properties, plant, and equipment consisted of the following at June 30: Asset category Depreciation Estimated 2022 2021 (in thousands) Land N/A — $ 1,533 $ 658 Buildings Straight-line 7-15 873 717 Vehicles Straight-line 5 276 73 Plant and equipment Straight-line 5-10 340 92 3,022 1,540 Less accumulated depreciation (151 ) (45 ) Properties, plant and equipment, net $ 2,871 $ 1,495 We recognized depreciation expense of $106 thousand and |
Asset Retirement Obligations an
Asset Retirement Obligations and Accrued Reclamation Liabilities | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Asset Retirement Obligations and AccruedReclamation Liabilities [Abstract] | |
Disclosure Of Asset Retirement Obligations and AccruedReclamation Liabilities | 5. Asset Retirement Obligations and Accrued Reclamation Liabilities On June 30, 2021, we established an asset retirement obligation (“ARO”) relating to water monitoring wells and injection recovery wells as required by our Underground Injection Permit. Total estimated reclamation and closure costs for wells completed was $777 thousand and In a thousand as a liability at June 30, 2022 and 2021 related to prior land disturbance at Fort Cady. The change 2022 2021 (in thousands) Asset retirement obligation—beginning of period $ 79 $ — Obligation incurred during the period 106 79 Revisions to previous estimates (3 ) — Accretion 9 — Asset retirement obligation—end of period 191 79 Accrued reclamation costs 298 298 Total accrued reclamation liabilities $ 489 $ 377 |
Leases
Leases | 12 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | 6. Leases We lease offices in Hesperia, CA and Houston, TX under operating lease agreements, which expire in February 2024 and December 2024, respectively. In June 2022, we entered into a three-year operating lease for the field office we have been utilizing in Newberry Springs, CA. Previously, the field office was leased on a month-to-month A summary of our leases including short-term leases follows. Lease inception Weighted average remaining lease term (in years) Weighted average discount Cash Paid for Rent Rent Expense Years ended 2022 2021 2022 2021 Operating Leases (in thousands) Office space 2021 - 2022 2.4 1.6 % $ 92 $ 22 $ 93 $ 24 Other operating leases 2021 0.3 0.1 % 32 2 32 2 Total operating leases 124 24 125 26 Short term leases N/A N/A N/A 57 55 57 55 Total for all leases $ 181 $ 79 $ 182 $ 81 Future minimum annual lease pa 2022 (in thousands) Year ending June 30, 2023 $ 164 2024 143 2025 72 Total 379 Less imputed interest (4 ) Net lease liability 375 Current portion 164 Long-term portion $ 211 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | 7. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following as of June 30. 2022 2021 (in thousands) Accounts payable—trade $ 3,459 $ 1,188 Accrued expenses 2,935 265 Accrued payroll 780 141 Current portion of debt 38 — Accounts payable and accrued liabilities $ 7,212 $ 1,594 |
Debt
Debt | 12 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 8. Debt At June 30, our debt consisted of the following. 2022 2021 (in thousands) Note payable for land $ — $ 93 Vehicle notes payable 186 — Total debt 186 93 Current portion of debt 38 — Long-term debt $ 148 $ 93 Payments on the vehicle notes are (all thousands) over the next five years and bear interest at %. During the years ended June 30, 2022 and 2021, we recognized interest expense of thousand and |
Equity
Equity | 12 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Equity | 9. Equity 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 years ended June 30, 2022 and 2021, we issued 4.9 million and million shares of million and million, respectively thousand and |
Net Loss Per Common Share
Net Loss Per Common Share | 12 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | 10. 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 years ended June 30, 2022 and 2021, respectively, stock options of 5,092 thousand and share. |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share Based Compensation | 11. Share Based Compensation For the years ended June 30, our share based compensation expense included in general and administrative expense consisted of the following. 2022 2021 (in thousands) Share based compensation expense—service based Employee share option plan $ 5,812 $ 4,653 2022 Equity compensation plan—RSU’s 646 — Total service based compensation 6,458 4,653 Options issued to suppliers 238 1,723 Consulting stock awards 31,033 — Total share based compensation $ 37,729 $ 6,376 As of June 30, 2022, we had approximately $5.0 million Employee Share Option Plan Our predecessor parent company ABR established an employee share option plan (“ESOP”). The objective of the ESOP was to assist in the recruitment, reward, retention and motivation of employees and contractors. Individuals 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. Additionally, the board authorized the awards of options outside of the plan to suppliers and vendors. Vesting periods of options granted varied as determined by the ABR board of directors. The total number of shares authorized for award of share options under the ESOP was limited to 5% of common stock over a 3-year The 2022 2021 Exercise price $14.62 - $18.27 $6.58 - $18.27 Share price $9.87 - $12.35 $4.20 - $14.76 Volatility 69% - 85% 73% - 110% Expected term in years 0.9 to 3.9 1 to 4 Risk free interest rate 0.10% - 1.5% 0.75% Dividend rate Nil Nil The following table summarizes stock option activity for each of the periods presented. Year ended June 30 2022 2021 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 5,554 $ 5.19 6,742 $ 3.36 Granted 1,700 15.39 1,700 9.21 Exercised (1,904 ) 2.75 (2,799 ) 3.22 Expired/forfeited (476 ) 5.48 (89 ) 7.09 Outstanding at end of the period 4,874 9.67 5,554 5.19 Vested at the end of the period 3,367 $ 7.30 5,284 $ 4.75 Number of Options Weighted Average Grant Date Number of Options Weighted Average Grant Date Unvested options at beginning of the period 270 $ 5.79 335 $ 1.20 Granted 1,700 6.26 1,700 4.65 Vested (463 ) 4.65 (1,676 ) 3.79 Expired/forfeited — — (89 ) 4.35 Unvested options at end of the period 1,507 6.05 270 5.79 The following table provides information about stock options outstanding and exercisable at the end of each period presented. Number of Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Outstanding and exercisable at: June 30, 2022 3,367 $ 7.30 1.1 $ 24,568 June 30, 2021 5,284 4.75 1.8 21,200 2022 Equity Compensation Plan In March 2022, our Board of Directors adopted the 5E Advanced Materials, Inc. 2022 Equity Compensation Plan (the “Incentive Plan”). A total of 2.5 million 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 following table summarizes the activity for our Incentive Plan. Serviced- Weighted Performance- Weighted Total (In thousands, except per share data) Non-vested — $ — — $ — — Granted 48.8 (1) 18.03 19.2 (2) — 68.0 Forfeited — — — — — Vested — — — — — Non-vested 48.8 19.2 68.0 (1) Includes approximately 29.6 thousand restricted share units issued to our directors. (2) On June 29, 2022, we granted approximately 19.2 thousand performance share units, which based on the achievement of certain revenue targets, could vest within a range of Consulting Stock Awards Pursuant to an agreement ABR had in place with its U.S.-based advisory board Blue Horizon Advisors LLC (“BHA”), we issued 400,000 shares of common stock to BHA in March 2022 upon the listing of our shares on the NASDAQ . The fair value of these shares of Additionally, during The agreement also ten-day volume fulfilled. The 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 |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Jun. 30, 2022 | |
DefinedContributionPlan [Abstract] | |
Defined Contribution Plan | 12. Defined Contribution Plan We sponsor a defined contribution plan under Section 401(k) of the Internal Revenue Code. This plan covers all of our employees that have attained the age of 21 and have completed three months service with us. We match employee deferrals 100% up to 4% and 50% up to 6% of an employee’s eligible earnings, subject to limitations imposed by the IRS. Our contributions to this plan were $128 thousand and $41 thousand for the years ended June 30, 2022 and 2021, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies Purchase Obligations As of June 30, 2022, we had purchase order commitments of $28.6 million in respect of construction works in progress, drilling, and technical reports. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes We did not record a U.S. federal or state income tax benefit for losses incurred during the years ended June 30, 2022 and 2021. We have concluded that it is more likely than not that our Domestic and foreign components of loss before income taxes for the years ended June 30 are as follows: 2022 2021 (in thousands) Australia $ 15,479 $ 11,214 United States 51,234 8,039 Total net loss $ 66,713 $ 19,253 The following table presents a reconciliation of t h 2022 2021 (in thousands) Loss before income taxes $ 66,713 $ 19,253 Statutory income tax rate 21 % 21 % Income tax benefit at statutory tax rates 14,010 4,043 State income tax benefit 2,801 561 Foreign rate differential 822 379 Share based compensation (751 ) (1,376 ) Disallowed exploration costs (861 ) — Other 97 (97 ) Change in valuation allowance (16,118 ) (3,510 ) Income tax benefit $ — $ — Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of deferred taxes at June 30 are as follows: 2022 2021 Deferred tax assets: (in thousands) Net operating loss carryforward $ 14,282 $ 4,352 Amortization of exploration expenditures 6,423 3,225 Unrealized loss - translation 308 447 Share based compensation 1,946 — Other deferred tax assets 867 429 Total deferred tax assets 23,826 8,453 Less: valuation allowance (23,671 ) (7,941 ) Deferred tax assets, net of valuation allowance to offset 155 512 Deferred tax liabilities: Unrealized gain - translation — (425 ) Other (102 ) (60 ) Depreciation (53 ) (27 ) Net deferred tax assets $ — $ — As of June 30, 2022, we had U.S. federal, state, and Australian net operating loss (“NOL”) carryforwards of $35.1 million, $29.2 million and $ 16.2 million, respectively. As of June 30, 2021, we had U.S. federal and state NOL carryforwards of $ million and Australian NOL carryforwards of $ million. U.S. net operating loss carryforwards for the periods arising before December 31, 2018 have a 20 year carryforward, the earliest of which could expire in . The amount of the post-tax reform U.S. federal NOL generated after tax year 2017, of approximately $ million, can be carried forward indefinitely. California net operating losses have a 20-year carryforward, the earliest of which could expire beginning in 2037 The utilization of our net operating loss or tax attributes may be subject to annual limitations provided by the Internal Revenue Code and similar state provisions to the extent certain ownership changes are deemed to occur. Such an annual limitation could result in the expiration of the attributes before utilization. The tax attributes reflected above have not been reduced by any limitations. To the extent it is determined upon completion of the analysis that such limitations so apply, we will adjust the tax attributes accordingly. We face the risk that our ability to use our tax attributes will be substantially restricted if we undergo an “ownership change” as defined in Section 382 of the U.S. Internal Revenue Code, or Section 382. We evaluate both the positive and negative evidence available to determine the realizability of our deferred tax assets. As of June 30, 2022 and 2021, there is a valuation allowance of $23.7 million and $7.9 million, respectively, of which both primarily relate to net operating losses and exploration costs. Changes in the balance of our deferred tax asset valuation allowance during the years ended June 30 related primarily to increases in net operating loss carryforwards and exploration costs and were as follows: 2022 2021 (in thousands) Valuation allowance $ 15,730 $ 2,883 We had no unrecognized tax benefits as of June 30, 2022 or 2021. We recognize interest accrued related to unrecognized tax benefits and penalties in our income tax provision, if applicable. We have not recognized any interest or penalties in the fiscal years presented in these financial statements. We are subject to income tax in the U.S. federal jurisdiction and Australia. Tax years 2018 and forward remain subject to examination but there are currently no ongoing exams in any taxing jurisdictions. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events On July 1, 2022, Fort Cady (California) Corporation converted from a Maryland corporation to a Delaware LLC, and changed its name to 5E Boron Americas, LLC. On August 2, 2022, Great Basin Resources, Inc. agreed to amend our Salt Wells Earn-in Earn-In On August 11, 2022, we secured a million private placement of Senior Secured Convertible Notes (“the Notes”), with Bluescape Energy Partners (“Bluescape”). The Notes, which are convertible into our common stock and mature August 2027, closed on August 26, 2022. At our election, the Notes will bear interest at an annual rate of 4.50% if paid in cash, or at an annual rate of 6.00% if paid through the issuance of additional Notes. The purchaser may convert its notes at any time before August 2027 at a conversion price of $17.60 (“Conversion Price”). We have the right, at any time on or before the twenty-four (24) month anniversary of the closing date of the Notes (“Closing Date”), to convert the Notes to our common stock in whole or in part if the closing price of our common stock is at least 200% of the Conversion Price of the Notes (“Threshold Price”) for each of the twenty (20) consecutive trading days prior to the time we deliver a conversion notice. The Threshold Price for our right to convert the Notes decreases to 150% after the twenty-four (24) month anniversary of the Closing Date and on or before the thirty-six (36) month anniversary of the Closing, and to 130% at any time after the thirty-six (36) month anniversary of the Closing Date. |
Description of Company and Su_2
Description of Company and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2022 | |
Policy Text Block [Abstract] | |
Nature of Business | Nature of Business 5E Advanced Materials, Inc. (“5E,” “we,” “our,” or “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. |
Reorganization | Reorganization 5E Advanced Materials, Inc. 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, we changed our place of domicile from Australia to the State of Delaware in the United States, effective on March 8, 2022. In accordance with the Scheme, all ordinary shares of ABR have been transferred to us and pursuant to the Scheme, we issued to the shareholders of ABR, either one share of our common stock for every ten ordinary shares of ABR or one CHESS Depository Interest (“CDIs”) over our common stock for every one ordinary share of ABR, in each case, as held on the Scheme record date. We maintain an Australian Stock Exchange (“ASX”) listing for our 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 our common stock are able to trade their shares on NASDAQ |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The financial statements are presented in U.S. dollars. |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements comprise the financial statements of 5E and its wholly owned subsidiaries, ABR, Fort Cady Holdings Pty Ltd, and Fort Cady (California) Corporation (“FCCC”). 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. |
Concentration of Risk | Concentration of Risk We maintain cash deposits at several major banks, which at times may exceed amounts covered by insurance provided by the United States Federal Deposit Insurance Corporation (“FDIC”). We monitor the financial health of the banks and have not experienced any losses in such accounts and believe we are not exposed to any significant credit risk. |
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. |
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. 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, estimation of future costs, useful life, and discount rates used to calculate our reclamation liabilities, and fair value of stock-based compensation. Actual results could differ due to the uncertainty inherent in the nature of these estimates. |
Foreign Currency Translation | Foreign Currency Translation Functional and reporting currency— rate During the fourth quarter ended June 30, 2022, ABR transferred substantially all of its assets to us and has no ongoing operations. Accordingly, we recognized the remaining accumulated foreign currency translation adjustment of thousand as a gain in our consolidated statement of operations and comprehensive income (loss). Transactions in foreign currency— and non-monetary assets Translation to reporting currency— • Assets and liabilities for each statement of financial position presented are translated at the closing rate at the end of the reporting date; • Income and expenses for each statement of operations are translated at average exchange rates, unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions; and • All resulting exchange differences are recognized in other comprehensive income or loss. |
Cash and Cash Equivalents | Cash and Cash Equivalents — ctiv |
Mineral Rights and Properties and Exploration and Evaluation Costs | Mineral Rights and Properties and Exploration and Evaluation Costs — Exploration and evaluation costs are classified as project expenses and expensed as incurred. When it is determined that a mining deposit can be economically and legally extracted or produced, development costs related to such reserves and incurred after such determination will be considered for capitalization. The establishment of proven and probable reserves is based on results of feasibility studies. Upon commencement of commercial production, capitalized costs will be amortized over their estimated useful lives or units of production, whichever is a more reliable measure. Capitalized amounts relating to a property that is abandoned or otherwise considered uneconomic for the foreseeable future will be written off. Drilling, development and related costs are either classified as project expenses and charged to operations as incurred, or capitalized, based on the following criteria: • whether the drilling or development costs relate to a project that has been determined to be economically feasible, and a decision has been made to put the project into production; and • whether, at the time the cost is incurred: (a) the expenditure embodies a probable future benefit that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to future net cash inflows, (b) we can obtain the benefit and control others’ access to it, and (c) the transaction or event giving rise to our right to or control of the benefit has already occurred. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets — ws |
Properties, Plant and Equipment | Properties, Plant and Equipment— Assets under construction (“Construction in progress”) include roads, fencing, tailings facility, equipment for our small-scale boron facility, injection-recovery wells, and land improvements and will be depreciated in accordance with our depreciation policy once placed in service. |
Reclamation Liabilities | Reclamation Liabilities — reclaimed on an ongoing basis. Reclamation associated with environmental monitoring programs will be classified as a long-term liability; however, because we have not declared proven and probable reserves, the timing of these reclamation activities is uncertain as the reclamation areas will only be utilized once the mineral property is operating. For activities that do not qualify for asset capitalization, the costs associated with the obligation are charged to operations. For other activities, the costs will be added to the capitalized costs of the property and amortized over the useful life of the mineral property. The reclamation obligation in connection with mineral properties and interests are reviewed on an annual basis unless otherwise deemed necessary. Environmental compliance costs related to maintaining our existing permits are expensed in the period incurred. Reclamation obligations are secured by certificate of deposits held for the benefit of the state of California in amounts determined by applicable federal and state regulatory agencies. Reclamation bond deposits as of June 30, 2022 and 2021 were $1,086 thousand and |
Fair Value Measurements | Fair Value Measurements — of non-performance risk, Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. We use a Black-Scholes option valuation model to determine the grant date fair value our employee stock options and a Monte Carlo Simulation model to determine the grant date fair value of market-based stock grants. Both models use Level 2 inputs. See note 11—Share Based Compensation for a description of the inputs used. |
Leases | Leases — Right-of-use Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. When the rate implicit to the lease cannot be readily determined, we utilize our incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets could also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease liabilities rred . |
Financial Instruments | Financial Instruments — d |
Share Based Compensation | Share Based Compensation — additional paid-in capital. e |
Loss per Common Share | Loss per Common Share — |
Income Taxes | Income Taxes — each year-end. In evaluating our ability to recover our deferred tax assets, management considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, we develop assumptions including the amount of future state and federal pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and the assumptions are consistent with the plans and estimates that we use to manage the underlying businesses. A valuation allowance is recorded against deferred tax assets if we believe it is more likely than not the related tax benefits will not be realized. We evaluate uncertain tax positions in a two-step process, the more-likely-than-not recognition |
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 Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2020, FASB issued ASU No. 2020-06–Debt–Debt with 470-20) (Subtopic 815-40): Convertible Instruments and Contracts in an Entity’s Own Equity. The update addresses issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. The update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years and with early adoption permitted. We do not expect ASU 2020-06 In May 2021, FASB issued ASU No. 2021-04—Earnings Per 470-50), (Subtopic 815-40) |
Mineral Rights and Properties_2
Mineral Rights and Properties, Net (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Mineral Properties, Net [Abstract] | |
Summary of Mineral Interests and Properties | Mineral Interests and Properties consisted of the following at June 30. 2022 2021 (in thousands) Mineral properties—Fort Cady $ 6,733 $ 6,733 Hydrology wells 547 547 Mineral interest—Elementis lease 908 722 Asset retirement cost, net of accumulated amortization of $6 and $0 at June 30, 2022 and 2021, respectively (1) 176 79 $ 8,364 $ 8,081 (1) Asset retirement costs represent the carrying value of capitalized costs associated with asset retirement obligations discussed in Note 5. |
Construction in Progress (Table
Construction in Progress (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Construction In Progress [Abstract] | |
Summary of Construction in Progress | Construction in Progress consisted of the following at June 30. 2022 2021 (in thousands) Engineering services $ 9,073 $ 3,825 Equipment 13,131 8,940 Injection and recovery wells 3,421 — $ 25,625 $ 12,765 |
Properties, Plant and Equipme_2
Properties, Plant and Equipment, Net (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Properties, Plant and Equipment | Properties, plant, and equipment consisted of the following at June 30: Asset category Depreciation Estimated 2022 2021 (in thousands) Land N/A — $ 1,533 $ 658 Buildings Straight-line 7-15 873 717 Vehicles Straight-line 5 276 73 Plant and equipment Straight-line 5-10 340 92 3,022 1,540 Less accumulated depreciation (151 ) (45 ) Properties, plant and equipment, net $ 2,871 $ 1,495 |
Asset Retirement Obligations _2
Asset Retirement Obligations and Accrued Reclamation Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure For Asset Retirement Obligations and Accrued Reclamation Liabilities [Abstract] | |
Schedule Of Change In Asset Retirement Obligation And Balance Of Reclamation Liabilities Including Asset Retirement Obligation Non Current | The change 2022 2021 (in thousands) Asset retirement obligation—beginning of period $ 79 $ — Obligation incurred during the period 106 79 Revisions to previous estimates (3 ) — Accretion 9 — Asset retirement obligation—end of period 191 79 Accrued reclamation costs 298 298 Total accrued reclamation liabilities $ 489 $ 377 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Lessee Disclosure [Abstract] | |
Summary of leases including short-term leases | A summary of our leases including short-term leases follows. Lease inception Weighted average remaining lease term (in years) Weighted average discount Cash Paid for Rent Rent Expense Years ended 2022 2021 2022 2021 Operating Leases (in thousands) Office space 2021 - 2022 2.4 1.6 % $ 92 $ 22 $ 93 $ 24 Other operating leases 2021 0.3 0.1 % 32 2 32 2 Total operating leases 124 24 125 26 Short term leases N/A N/A N/A 57 55 57 55 Total for all leases $ 181 $ 79 $ 182 $ 81 |
Summary of Future minimum annual lease payments | Future minimum annual lease pa 2022 (in thousands) Year ending June 30, 2023 $ 164 2024 143 2025 72 Total 379 Less imputed interest (4 ) Net lease liability 375 Current portion 164 Long-term portion $ 211 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Summary of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consisted of the following as of June 30. 2022 2021 (in thousands) Accounts payable—trade $ 3,459 $ 1,188 Accrued expenses 2,935 265 Accrued payroll 780 141 Current portion of debt 38 — Accounts payable and accrued liabilities $ 7,212 $ 1,594 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Debt Disclosure | At June 30, our debt consisted of the following. 2022 2021 (in thousands) Note payable for land $ — $ 93 Vehicle notes payable 186 — Total debt 186 93 Current portion of debt 38 — Long-term debt $ 148 $ 93 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-based payment arrangement, expensed and capitalized, amount | For the years ended June 30, our share based compensation expense included in general and administrative expense consisted of the following. 2022 2021 (in thousands) Share based compensation expense—service based Employee share option plan $ 5,812 $ 4,653 2022 Equity compensation plan—RSU’s 646 — Total service based compensation 6,458 4,653 Options issued to suppliers 238 1,723 Consulting stock awards 31,033 — Total share based compensation $ 37,729 $ 6,376 |
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 years ended June 30, 2022 and 2021, respectively, using the Black-Scholes option valuation model are as follows: 2022 2021 Exercise price $14.62 - $18.27 $6.58 - $18.27 Share price $9.87 - $12.35 $4.20 - $14.76 Volatility 69% - 85% 73% - 110% Expected term in years 0.9 to 3.9 1 to 4 Risk free interest rate 0.10% - 1.5% 0.75% Dividend rate Nil Nil |
Summary of share-based payment arrangement, activity | The number of options has been adjusted for the Exchange Ratio and exercise prices have been converted to U.S. dollars using a rate of 1.368 U.S. dollars to one AUD dollar, the exchange rate that existed on the date prior to implementation of the Scheme: Year ended June 30 2022 2021 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 5,554 $ 5.19 6,742 $ 3.36 Granted 1,700 15.39 1,700 9.21 Exercised (1,904 ) 2.75 (2,799 ) 3.22 Expired/forfeited (476 ) 5.48 (89 ) 7.09 Outstanding at end of the period 4,874 9.67 5,554 5.19 Vested at the end of the period 3,367 $ 7.30 5,284 $ 4.75 |
Share-based compensation arrangement by share-based payment award, options, vested and expected to vest, exercisable | The following table provides information about stock options outstanding and exercisable at the end of each period presented. Number of Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Outstanding and exercisable at: June 30, 2022 3,367 $ 7.30 1.1 $ 24,568 June 30, 2021 5,284 4.75 1.8 21,200 |
Share-based compensation arrangements by share-based payment award, performance-based units, vested and expected to vest | The following table summarizes the activity for our Incentive Plan. Serviced- Weighted Performance- Weighted Total (In thousands, except per share data) Non-vested — $ — — $ — — Granted 48.8 (1) 18.03 19.2 (2) — 68.0 Forfeited — — — — — Vested — — — — — Non-vested 48.8 19.2 68.0 (1) Includes approximately 29.6 thousand restricted share units issued to our directors. (2) On June 29, 2022, we granted approximately 19.2 thousand performance share units, which based on the achievement of certain revenue targets, could vest within a range of |
Summary of share based compensation by share based compensation fair value assumptions of equity instruments other than options granted to consultants | The 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 |
Summary of Nonvested Share Activity | Number of Options Weighted Average Grant Date Number of Options Weighted Average Grant Date Unvested options at beginning of the period 270 $ 5.79 335 $ 1.20 Granted 1,700 6.26 1,700 4.65 Vested (463 ) 4.65 (1,676 ) 3.79 Expired/forfeited — — (89 ) 4.35 Unvested options at end of the period 1,507 6.05 270 5.79 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Domestic and foreign components of loss before income taxes for the years ended June 30 are as follows: 2022 2021 (in thousands) Australia $ 15,479 $ 11,214 United States 51,234 8,039 Total net loss $ 66,713 $ 19,253 |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation of t h 2022 2021 (in thousands) Loss before income taxes $ 66,713 $ 19,253 Statutory income tax rate 21 % 21 % Income tax benefit at statutory tax rates 14,010 4,043 State income tax benefit 2,801 561 Foreign rate differential 822 379 Share based compensation (751 ) (1,376 ) Disallowed exploration costs (861 ) — Other 97 (97 ) Change in valuation allowance (16,118 ) (3,510 ) Income tax benefit $ — $ — |
Schedule of Deferred Tax Assets and Liabilities | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of deferred taxes at June 30 are as follows: 2022 2021 Deferred tax assets: (in thousands) Net operating loss carryforward $ 14,282 $ 4,352 Amortization of exploration expenditures 6,423 3,225 Unrealized loss - translation 308 447 Share based compensation 1,946 — Other deferred tax assets 867 429 Total deferred tax assets 23,826 8,453 Less: valuation allowance (23,671 ) (7,941 ) Deferred tax assets, net of valuation allowance to offset 155 512 Deferred tax liabilities: Unrealized gain - translation — (425 ) Other (102 ) (60 ) Depreciation (53 ) (27 ) Net deferred tax assets $ — $ — |
Summary of Valuation Allowance | Changes in the balance of our deferred tax asset valuation allowance during the years ended June 30 related primarily to increases in net operating loss carryforwards and exploration costs and were as follows: 2022 2021 (in thousands) Valuation allowance $ 15,730 $ 2,883 |
Description of Company and Su_3
Description of Company and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Business combination exchange ratio basis | one for ten | ||
Cash and cash equivalents | $ 31,057 | $ 31,057 | $ 40,811 |
Reclamation bond deposits current | 1,086 | $ 1,086 | 1,085 |
Percentage of tax benefit to be realized for recognition in the income statement | 50% | ||
UNITED STATES | |||
Cash and cash equivalents | 31,100 | $ 31,100 | 431 |
AUSTRALIA | |||
Cash and cash equivalents | $ 0 | $ 0 | $ 40,380 |
Australia, Dollars | |||
Foreign currency translation rate | 1.454 | 1.454 | |
Translation adjustment functional to reporting currency gain loss reclassified to earnings net of tax | $ 248 |
Mineral Rights and Properties_3
Mineral Rights and Properties, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2011 | Jun. 30, 2022 | Jun. 30, 2021 | |
Mining Properties and Mineral Rights [Member] | |||
Mineral Properties Net [Line Items] | |||
Hydrology income | $ 62 | $ 45 | |
Royalty expense | $ 186 | $ 108 | |
Elementis Specialties Inc [Member] | |||
Mineral Properties Net [Line Items] | |||
Mineral lease agreement extended date | Mar. 31, 2023 | ||
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 ($) $ in Thousands | Jun. 30, 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 | [1] | $ 176 | $ 79 |
Mineral Properties | 8,364 | 8,081 | |
Fort Cady [Member] | |||
Mineral Properties Net [Line Items] | |||
Mineral Properties, Gross | 6,733 | 6,733 | |
Hydrology Wells [Member] | |||
Mineral Properties Net [Line Items] | |||
Mineral Properties, Gross | 547 | 547 | |
Elementis Lease [Member] | |||
Mineral Properties Net [Line Items] | |||
Mineral Properties, Gross | $ 908 | $ 722 | |
[1]Asset retirement costs represent the carrying value of capitalized costs associated with asset retirement obligations discussed in Note 5. |
Mineral Rights and Properties_5
Mineral Rights and Properties, Net - Summary of Mineral Interests and Properties (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Mineral Properties, Net [Abstract] | ||
Asset retirement cost, net of accumulated amortization | $ 6 | $ 0 |
Construction in Progress - Summ
Construction in Progress - Summary of Construction in Progress (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Construction In Progress [Line Items] | ||
Construction in Progress, Gross | $ 25,625 | $ 12,765 |
Engineering services [Member] | ||
Construction In Progress [Line Items] | ||
Construction in Progress, Gross | 9,073 | 3,825 |
Equipment [Member] | ||
Construction In Progress [Line Items] | ||
Construction in Progress, Gross | 13,131 | 8,940 |
Injection and recovery wells [Member] | ||
Construction In Progress [Line Items] | ||
Construction in Progress, Gross | $ 3,421 | $ 0 |
Properties, Plant and Equipme_3
Properties, Plant and Equipment, Net - Summary of Properties, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Properties, plant and equipment, Gross | $ 3,022 | $ 1,540 |
Less accumulated depreciation | (151) | (45) |
Properties, plant and equipment, net | 2,871 | 1,495 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties, plant and equipment, Gross | 1,533 | 658 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties, plant and equipment, Gross | $ 873 | 717 |
Depreciation method | Straight-line | |
Buildings [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 15 years | |
Buildings [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 7 years | |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties, plant and equipment, Gross | $ 276 | 73 |
Estimated useful life (in years) | 5 years | |
Depreciation method | Straight-line | |
Plant and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Properties, plant and equipment, Gross | $ 340 | $ 92 |
Depreciation method | Straight-line | |
Plant and equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 10 years | |
Plant and equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life (in years) | 5 years |
Properties, Plant and Equipme_4
Properties, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 106 | $ 31 |
Asset Retirement Obligations _3
Asset Retirement Obligations and Accrued Reclamation Liabilities - Schedule Of Change In Asset Retirement Obligation And Balance Of Reclamation Liabilities Including Asset Retirement Obligation Non Current (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure For Asset Retirement Obligations and Accrued Reclamation Liabilities [Abstract] | ||
Asset retirement obligation—beginning of period | $ 79 | $ 0 |
Obligation incurred during the period | 106 | 79 |
Revisions to previous estimates | (3) | 0 |
Accretion | 9 | 0 |
Asset retirement obligation—end of period | 191 | 79 |
Accrued reclamation costs | 298 | 298 |
Total accrued reclamation liabilities | $ 489 | $ 377 |
Asset Retirement Obligations _4
Asset Retirement Obligations and Accrued Reclamation Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure Of Asset Retirement Obligations and Accrued Reclamation Liabilities [Line Items] | ||
Accrued reclamation costs | $ 298 | $ 298 |
Underground Injection And Permit [Member] | ||
Disclosure Of Asset Retirement Obligations and Accrued Reclamation Liabilities [Line Items] | ||
Accrued reclamation costs | $ 777 | $ 299 |
Minimum [Member] | Underground Injection And Permit [Member] | ||
Disclosure Of Asset Retirement Obligations and Accrued Reclamation Liabilities [Line Items] | ||
Estimated closure and reclamation costs for wells Inflation rates | 1.13% | |
Minimum [Member] | Retirement Obligation [Member] | ||
Disclosure Of Asset Retirement Obligations and Accrued Reclamation Liabilities [Line Items] | ||
Estimated closure and reclamation costs for wells Inflation rates | 6.60% | |
Maximum [Member] | Underground Injection And Permit [Member] | ||
Disclosure Of Asset Retirement Obligations and Accrued Reclamation Liabilities [Line Items] | ||
Estimated closure and reclamation costs for wells Inflation rates | 2.02% | |
Maximum [Member] | Retirement Obligation [Member] | ||
Disclosure Of Asset Retirement Obligations and Accrued Reclamation Liabilities [Line Items] | ||
Estimated closure and reclamation costs for wells Inflation rates | 11.30% |
Leases - Additional Information
Leases - Additional Information (Detail) | Jun. 30, 2022 |
CA | New Berry Springs [Member] | |
Lessee operating lease term of contract | 3 years |
Maximum [Member] | TX | |
Lease expire period | December 2024 |
Minimum [Member] | TX | |
Lease expire period | February 2024 |
Leases - Summary of leases incl
Leases - Summary of leases including short-term leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Flow, Operating Activities, Lessee [Abstract] | ||
Operating Lease, Payments | $ 124 | $ 24 |
Short-term Lease Payments | 57 | 55 |
Total for all leases | 181 | 79 |
Income and Expenses, Lessee [Abstract] | ||
Operating Lease, Expense | 125 | 26 |
Short-term Lease, Cost | 57 | 55 |
Total for all leases | $ 182 | 81 |
Office Space [Member] | ||
Operating leases of lessee disclosure [Line Items] | ||
Operating Lease, Weighted Average Remaining Lease Term | 2 years 4 months 24 days | |
Weighted average discount rate | 1.60% | |
Cash Flow, Operating Activities, Lessee [Abstract] | ||
Operating Lease, Payments | $ 92 | 22 |
Income and Expenses, Lessee [Abstract] | ||
Operating Lease, Expense | $ 93 | 24 |
Other Operating Leases [Member] | ||
Operating leases of lessee disclosure [Line Items] | ||
Operating Lease, Weighted Average Remaining Lease Term | 3 months 18 days | |
Weighted average discount rate | 0.10% | |
Cash Flow, Operating Activities, Lessee [Abstract] | ||
Operating Lease, Payments | $ 32 | 2 |
Income and Expenses, Lessee [Abstract] | ||
Operating Lease, Expense | $ 32 | $ 2 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Annual Lease Payments (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Lessee Disclosure [Abstract] | ||
2023 | $ 164 | |
2024 | 143 | |
2025 | 72 | |
Total | 379 | |
Less imputed interest | (4) | |
Net lease liability | 375 | |
Current portion | 164 | $ 91 |
Long-term portion | $ 211 | $ 125 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Payables and Accruals [Abstract] | ||
Accounts payable—trade | $ 3,459 | $ 1,188 |
Accrued expenses | 2,935 | 265 |
Accrued payroll | 780 | 141 |
Current portion of debt | 38 | 0 |
Accounts payable and accrued liabilities | $ 7,212 | $ 1,594 |
Debt - Summary of Debt Disclosu
Debt - Summary of Debt Disclosure (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Debt Instrument [Line Items] | ||
Debt | $ 186 | $ 93 |
Current portion of debt | 38 | 0 |
Long-term debt | 148 | 93 |
Note payable for land [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 0 | 93 |
Vehicle notes payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 186 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) - Vehicle Notes Payable [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Instrument [Line Items] | ||
Long term debt maturities repayment of principle next twelve months | $ 38 | |
Long term debt maturities repayment of principle in year two | 40 | |
Long term debt maturities repayment of principle in year three | 42 | |
Long term debt maturities repayment of principle in year four | 44 | |
Long term debt maturities repayment of principle in year five | $ 22 | |
Long term debt bearing fixed rate of interest | 3.90% | |
Interest expenses on long term debt | $ 6 | $ 5 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Class of Stock [Line Items] | ||
Common stock, shares authorized | 180,000,000 | |
Preferred stock, shares authorized | 20,000,000 | |
Common stock, par or stated value per share | $ 0.01 | |
Preferred stock par or stated value per share | $ 0.01 | |
Stock shares issued during the period new issues | 4,900,000 | 7,900,000 |
Proceeds from issuance of common stock | $ 26,309 | $ 30,110 |
Payment of stock issuance costs | 797 | 1,574 |
Chess Depositry Interest [Member] | ||
Class of Stock [Line Items] | ||
Proceeds from issuance of common stock | $ 31,500 | $ 39,400 |
Net Loss Per Common Share - Add
Net Loss Per Common Share - Additional Information (Detail) - shares shares in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement, Option [Member] | ||
Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 5,092 | 5,554 |
Share Based Compensation - Summ
Share Based Compensation - Summary Of Share-Based Payment Award, Stock Options, Valuation Assumptions (Detail) - Black Scholes [Member] - $ / shares | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate | 0.75% | |
Dividend rate | 0% | 0% |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise price | $ 14.62 | $ 6.58 |
Share price | $ 9.87 | $ 4.2 |
Volatility, Mininmum | 69% | 73% |
Expected term in years | 10 months 24 days | 1 year |
Risk free interest rate, Minimum | 0.10% | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise price | $ 18.27 | $ 18.27 |
Share price | $ 12.35 | $ 14.76 |
Volatility, Maximum | 85% | 110% |
Expected term in years | 3 years 10 months 24 days | 4 years |
Risk free interest rate, Maximum | 1.50% |
Share Based Compensation - Su_2
Share Based Compensation - Summary Of Share-Based Payment Arrangement, Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | ||
Number of Options, Outstanding at beginning of the period | 5,554 | 6,742 |
Number of Options, Granted | 1,700 | 1,700 |
Number of Options, Exercised | (1,904) | (2,799) |
Number of Options, Expired/forfeited | (476) | (89) |
Number of Options, Outstanding at end of the period | 4,874 | 5,554 |
Number of Options, Vested at the end of the period | 3,367 | 5,284 |
Weighted Averaged Exercise Price, Outstanding at beginning of the period | $ 5.19 | $ 3.36 |
Weighted Averaged Exercise Price, Granted | 15.39 | 9.21 |
Weighted Averaged Exercise Price, Exercised | 2.75 | 3.22 |
Weighted Averaged Exercise Price, Expired/forfeited | 5.48 | 7.09 |
Weighted Averaged Exercise Price, Outstanding at end of the period | 9.67 | 5.19 |
Weighted Averaged Exercise Price, Vested at the end of the period | $ 7.3 | $ 4.75 |
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 | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 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% | 0% | 0% | 0% |
Estimated fair value per share | $ 10.68 | $ 6.63 | $ 9.01 | $ 4.88 |
Share Based Compensation -our s
Share Based Compensation -our share based compensation expense included in general and administrative expense (Details) - General and Administrative Expense [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 37,729 | $ 6,376 |
Service Based Compensation [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | 6,458 | 4,653 |
Option Issued To Suppliers [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | 238 | 1,723 |
Consulting Stock Awards [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | 31,033 | 0 |
Share-based Payment Arrangement, Option [Member] | Service Based Compensation [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | 5,812 | 4,653 |
Restricted Stock Units (RSUs) [Member] | Service Based Compensation [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 646 | $ 0 |
Share Based Compensation -our_2
Share Based Compensation -our share based compensation expense included in general and administrative expenses (Parenthetical) (Detail) - Two Thousand And Twenty Two Equity Compensation Incentive Plan [Member] - USD ($) $ in Millions | Sep. 16, 2021 | Jun. 30, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized share based compensation stock options | $ 5 | |
Share based payment arrangement unrecognized compensation remaining period for recognition | 3 years |
Share Based Compensation -The f
Share Based Compensation -The following table provides information about stock options outstanding and exercisable at the end of each period presented (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 3,367 | 5,284 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 7.3 | $ 4.75 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 1 year 1 month 6 days | 1 year 9 months 18 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 24,568 | $ 21,200 |
Share Based Compensation -the a
Share Based Compensation -the activity for our Incentive Plan (Details) - Two Thousand And Twenty Two Equity Compensation Incentive Plan [Member] - $ / shares | 12 Months Ended | |
Jun. 29, 2022 | Jun. 30, 2022 | |
Service Based Shares [Member] | ||
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Performance Based Units Vested And Expected To Vest [Line Items] | ||
Granted | 48.8 | |
Ending balance | 48.8 | |
Performance Shares [Member] | ||
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Performance Based Units Vested And Expected To Vest [Line Items] | ||
Granted | 19,200 | 19.2 |
Ending balance | 19.2 | |
Service Based Shares And Performance Shares [Member] | ||
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Performance Based Units Vested And Expected To Vest [Line Items] | ||
Granted | 68 | |
Ending balance | 68 | |
Granted | $ 18.03 |
Share Based Compensation -the_2
Share Based Compensation -the activity for our Incentive Plan (Parenthetical) (Detail) - Two Thousand And Twenty Two Equity Compensation Incentive Plan [Member] - shares | 12 Months Ended | |
Jun. 29, 2022 | Jun. 30, 2022 | |
Service Based Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation share based award equity instruments other than options granted during the period | 48.8 | |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation share based award equity instruments other than options granted during the period | 19,200 | 19.2 |
Minimum [Member] | Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation share based award equity instruments other than options vesting percentage | 0% | |
Maximum [Member] | Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation share based award equity instruments other than options vesting percentage | 150% | |
Restricted Stock Units (RSUs) [Member] | Service Based Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation share based award equity instruments other than options granted during the period | 29,600 |
Share Based Compensation - Su_4
Share Based Compensation - Summary of Nonvested Share Activity (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | ||
Number of Options, Unvested options at beginning of the period | 270 | 335 |
Number of Options, Granted | 1,700 | 1,700 |
Number of Options, Vested | (463) | (1,676) |
Number of Options, Expired/forfeited | 0 | (89) |
Number of Options, Unvested options at end of the period | 1,507 | 270 |
Weighted Average Grant Date Fair Value per share, Unvested options at beginning of the period | $ 5.79 | $ 1.2 |
Weighted Average Grant Date Fair Value per share, Granted | 6.26 | 4.65 |
Weighted Average Grant Date Fair Value per share, Vested | 4.65 | 3.79 |
Weighted Average Grant Date Fair Value per share, Expired/forfeited | 0 | 4.35 |
Weighted Average Grant Date Fair Value per share, Unvested options at end of the period | $ 6.05 | $ 5.79 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Adjustment to additional paid in capital share based compensation | $ 6,696 | $ 6,376 |
Stock Issued During Period, Value, Issued for Services | 31,033 | 32 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated share based compensation | $ 37,729 | $ 6,376 |
Consulting Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares subscribed but not issued | 250,000 | |
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 | |
Common stock shares subscribed but not issued | 1,000,000 | |
Consulting Stock Awards [Member] | Volume Weighted Average Price One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volume weighted average price per share | $ 21.94 | |
Consulting Stock Awards [Member] | Volume Weighted Average Price Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volume weighted average price per share | 29.25 | |
Consulting Stock Awards [Member] | Volume Weighted Average Price Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volume weighted average price per share | 36.57 | |
Consulting Stock Awards [Member] | Volume Weighted Average Price Four [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volume weighted average price per share | $ 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 | |
Adjustment to additional paid in capital share based compensation | $ 13,200 | |
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 | |
Share based compensation by share based award number of shares available for issuance | 2,400,000 | |
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% | |
Share based compensation by share based award term of award | 3 years | |
Advisory Adgreement Dated April Twenty six Two Thousand Twenty One [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 | 600,000 | |
Stock Issued During Period, Value, Issued for Services | $ 10,000 |
Defined Contribution Plan - (De
Defined Contribution Plan - (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Defined Contribution Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 128 | $ 41 |
One Hundred Percentage [Member] | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Defined contribution plan employer matching contribution percentage of match | 100% | |
Defined contribution plan employer matching contribution percent | 4% | |
Fifty Percentage [Member] | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Defined contribution plan employer matching contribution percentage of match | 50% | |
Defined contribution plan employer matching contribution percent | 6% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Jun. 30, 2022 USD ($) |
Commitments and Contingencies [Line Items] | |
Purchase commitments | $ 28.6 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | ||
Australia | $ 15,479 | $ 11,214 |
United States | 51,234 | 8,039 |
Total net loss | $ 66,713 | $ 19,253 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Loss before income taxes | $ 66,713 | $ 19,253 |
Statutory income tax rate | 21% | 21% |
Income tax benefit at statutory tax rates | $ 14,010 | $ 4,043 |
State income tax benefit | 2,801 | 561 |
Foreign rate differential | 822 | 379 |
Share based compensation | (751) | (1,376) |
Disallowed exploration costs | (861) | 0 |
Other | 97 | (97) |
Change in valuation allowance | (16,118) | (3,510) |
Income tax benefit | $ 0 | $ 0 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Deferred tax assets: | ||
Net operating loss carryforward | $ 14,282 | $ 4,352 |
Amortization of exploration expenditures | 6,423 | 3,225 |
Unrealized loss - translation | 308 | 447 |
Share based compensation | 1,946 | 0 |
Other deferred tax assets | 867 | 429 |
Total deferred tax assets | 23,826 | 8,453 |
Less: valuation allowance | (23,671) | (7,941) |
Deferred tax assets, net of valuation allowance to offset | 155 | 512 |
Deferred tax liabilities: | ||
Unrealized gain - translation | 0 | (425) |
Other | (102) | (60) |
Depreciation | $ (53) | $ (27) |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 15,730 | $ 2,883 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Loss Carryforwards [Line Items] | ||
Income tax expense | $ 0 | $ 0 |
Operating Loss Carryforwards Expiration Period | 2037 years | |
Deferred Tax Assets, Valuation Allowance | $ 23,671 | 7,941 |
Unrecognized Tax Benefits | 0 | 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 35,100 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income tax expense | 0 | 0 |
Operating Loss Carryforwards | 29,200 | 7,500 |
State and Local Jurisdiction [Member] | Tax Year 2017 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 34,900 | |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income tax expense | 0 | 0 |
Operating Loss Carryforwards | $ 16,200 | $ 7,500 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands | Dec. 31, 2025 USD ($) | Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Aug. 11, 2022 USD ($) Day $ / shares |
Senior Secured Convertible Notes [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, convertible, threshold trading days | Day | 20 | |||
Subsequent Event [Member] | Senior Secured Convertible Notes [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, face amount | $ 60,000 | |||
Debt instrument maturity date description | 2027 | |||
Debt instrument, convertible, conversion price | $ / shares | $ 17.6 | |||
Subsequent Event [Member] | Senior Secured Convertible Notes [Member] | Debt Instrument Repayable By Cash [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 4.50% | |||
Subsequent Event [Member] | Senior Secured Convertible Notes [Member] | Debt Instrument Repayable By Issuing Additional Notes [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 6% | |||
Subsequent Event [Member] | Senior Secured Convertible Notes [Member] | Debt Conversion On Or Before The 24 Month From Closing Date [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, convertible, threshold percentage of stock price trigger | 200% | |||
Subsequent Event [Member] | Senior Secured Convertible Notes [Member] | Debt Conversion After 24 Months But Before 36 Months From Closing Date [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, convertible, threshold percentage of stock price trigger | 150% | |||
Subsequent Event [Member] | Senior Secured Convertible Notes [Member] | Debt Conversion After 36 Months From Closing Date [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, convertible, threshold percentage of stock price trigger | 130% | |||
Subsequent Event [Member] | Salt Wells Earn In Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Exploration expenses | $ 756,000 | $ 800,000 | $ 900,000 |