Forward Looking Statements

5E’s website contains forward-looking statements within the meaning of or as described in securities legislation in the United States, Australia and other jurisdictions. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “budget,” “target”, “aim”, “strategy,” “estimate”, “plan,” “guidance,” “outlook,” “intend”, “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions, although not all forward-looking statements contain these identifying words.

Forward-looking statements include statements regarding exploration, development and construction activities; current plans for the 5E’s projects; projections of market demand and prices; statements about the timing and amount of resource declarations and current or planned operations; strategy; value; returns; capital allocation and investment; expectations regarding permitting; costs and expenses; and statements about the timing and ability to complete scoping studies and feasibility studies. Forward-looking statements reflect 5E’s beliefs and expectations based on current estimates and projections. While 5E believes these expectations, and the estimates and projections on which they are based, are reasonable and were made in good faith, these statements are subject to numerous risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties and other important risk factors, many of which are beyond the control of 5E, and which may cause actual timing of events, results, performance or achievements and other factors to be materially different from the future timing of events, results, performance or achievements expressed or implied by the forward-looking statements.

Except as required by law, 5E disclaims any intent or obligation to correct, update or revise such forward-looking statements, projections and estimates, whether as a result of new information, future events or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.

Market and Industry Data

Certain market and industry data presented throughout 5E’s website was obtained from third-party sources, industry reports and publications, websites and other publicly available information, as well as industry and other data prepared by or on behalf of 5E. While 5E believes the industry, market and competitive position data included in 5E’s website is reliable and is based on reasonable assumptions, such data is necessarily subject to a high degree of uncertainty and risk and is subject to change due to a variety of factors. These and other factors could cause results to differ materially from those expressed in the estimates included in 5E’s website. Neither 5E not its representatives or advisors have independently verified any market or industry data provided by third parties, industry reports and publications or other publicly available information.

JORC Code and Regulation S-K 1300 Mineral Resources

In 5E’s website, some references to estimated mineral resources are compliant with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”) and other references to estimated mineral resources are compliant with the new SEC mining property disclosure requirements contained in Subpart 1300 of Regulation S-K under the U.S. Securities Act (“Regulation S-K 1300“), whereas mining companies in other countries may be required to report their mineral reserves and/or resources in accordance with other guidelines.

Investors should note that while the information in 5E’s website relating to mineral resources complies variously with the JORC Code and Regulation S-K 1300, it may not comply with the relevant guidelines in other countries.

Mining disclosure in the United States was previously required to comply with SEC Industry Guide 7 under the Exchange Act (“SEC Industry Guide 7”). In accordance with the SEC’s Final Rule 13-10570, Modernization of Property Disclosure for Mining Registrant, the SEC has adopted final rules, effective February 25, 2019, to replace SEC Industry Guide 7 with new mining disclosure rules (the “Mining Disclosure Rules”) under Regulation S-K 1300. Regulation S-K 1300 replaces the historical property disclosure requirements included in SEC Industry Guide 7. Regulation S-K 1300 uses the Committee for Mineral Reserves International Reporting Standards (“CRIRSCO”)-based classification system for mineral resources and mineral reserves and accordingly, under Regulation S-K 1300, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources,” and require SEC-registered mining companies to disclose in their SEC filings specified information concerning their mineral resources, in addition to mineral reserves. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be substantially similar to corresponding international standards, including the JORC Code. The SEC Mining Disclosure Rules more closely align SEC disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including the JORC Code. While the SEC now recognizes “measured mineral resources,” “indicated mineral resources” and “inferred mineral resources” under the SEC Mining Disclosure Rules, recipients of 5E’s website should not assume that any part or all of the mineral deposits in these categories will be converted into a higher category of mineral resources or into mineral reserves.

Competent Person Statement (JORC) and Technical Reports Summary (Regulation S-K 1300)

The information in 5E’s website that relates to exploration targets, exploration results and mineral resources reported under the JORC Code is based on information prepared by Mr Louis Fourie, P.Geo of Terra Modelling Services. Refer to the announcement made by American Pacific Borates Limited dated 3 December 2018 for full details of the JORC Compliant Resource Estimate and Reserve for the Ford Cady Project. 5E confirms that it is not aware of any new information or data that materially affects the Resource Estimate and Reserve and that all material assumptions and technical parameters underpinning the Resource Estimate and Reserve continue to apply and have not materially changed.

5E retained Millcreek Mining Group to prepare an independent technical report summary (the “Report”). The purpose of the technical report summary was to support the disclosure of Mineral Resource estimates for the Project in compliance with Regulation S-K 1300. The summary was prepared in accordance with the SEC’s new mining disclosure rules including Regulation S-K 1300 and Item 601(b)(96) (technical report summary) of Regulation S-K. The Mineral Resources estimates reported in compliance with Regulation S-K 1300 in 5E’s website are extracted from the Report.