5E Advanced Materials Inc
For the period ended Jun 30, 2024. Filed Sep 9, 2024.
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FY2024 · Filed Sep 9, 2024
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2. Mineral Rights and Properties, Net
- Mineral Rights and Properties, Net
The Company owns surface properties and the associated mineral rights for the Project. The Company has capitalized the cost of drilling water supply wells, which provide water for the Project. For the years ended June 30, 2024 and 2023, the Company recognized hydrology income of $2 thousand and $62 thousand, respectively.
The Company had a net royalty lease agreement with Elementis Specialties, Inc. (“Elementis”) to explore, develop and mine boron and lithium on claims held by Elementis which expired on March 31, 2023 when the Company elected not to renew the agreement. As a result, the Company recognized approximately $908 thousand of related impairment expense related to the book value of the lease during the year ended June 30, 2023.
Mineral rights and properties, net consisted of the following at the end of each period presented.
| June 30, | June 30, | |
|---|---|---|
| 2024 | 2023 | |
| (in thousands) | ||
| Mineral properties | $6,733 | $6,733 |
| Hydrology wells | 547 | 547 |
| Asset retirement cost, net of accumulated amortization of $44 and $23 at June 30, 2024 and 2023, respectively (1) | 336 | 357 |
| Mineral rights and properties, net | $7,616 | $7,637 |
(1) Represents the carrying value of capitalized costs associated with asset retirement obligations, as discussed in Note 5—Asset Retirement Obligations.
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