5E Advanced Materials, Inc.

Basic loss per share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding during the respective period. Diluted loss per share includes certain adjustments to basic loss per share for income and to common shares outstanding that could occur if RSUs, PSUs, stock options and convertible securities such as the Convertible Notes and Warrants were exercised or converted into common stock. Diluted loss per share equals basic loss per share for the years ended June 30, 2025 and 2024, as the effect of including dilutive securities in the calculation would be antidilutive.

For the years ended June 30, 2025 and 2024, the following effects are excluded from the computation of dilutive loss per share as such effects would have an anti-dilutive effect.

(1)

In accordance with the relevant authoritative guidance, this represents the shares that would have been issued if noteholders had elected to convert the Convertible Notes into shares of Common Stock based upon the principal balance and Conversion Rate applicable at the beginning of the respective period, or at the issuance date of such Convertible Notes, if later.

Subsequent Equity Issuance – August 2025

As discussed in Note 16–Subsequent Events, subsequent to June 30, 2025, the Company issued an aggregateof 2,374,481 sharesof its Common Stock in connection with the August 2025 Equity Offering (as defined in Note 16–Subsequent Events). The impact of the equity issuance is not reflected in the computation of earnings per share for the year ended June 30, 2025.