5E Advanced Materials progressed through a challenging QQ4 2024 with a focused strategic pivot toward engineering-driven value creation. Reported revenue of $0.66 million against cost of revenue of $2.462 million produced a gross loss of $2.0 million and a total operating loss of $15.1 million for the quarter, culminating in a net loss of $16.1 million and an EPS of -$0.25. These results reflect a development-stage operation (small-scale boric acid facility) transitioning to a commercial engineering phase rather than a commercial production ramp. In late 2024, management secured a $10 million capital raise to fund FEL-2 engineering through early 2025, support small-scale facility operations, advance offtake negotiations, and government funding pursuits. The company reports ongoing progress at the Fort Cady site, including consistent head grades and a one-ton-per-day production rate in the small-scale facility, with downtime attributable to equipment fixes and containment upgrades. A pivotal element of the forward plan is a shift to chilled crystallization, anticipated to reduce energy intensity by about 60% versus evaporative crystallization, lowering OpEx and enabling a more economical path to 90,000 t boric acid production. Management remains focused on completing the first phase of commercial engineering by late 2024/early 2025, refreshing the technical report, advancing customer qualification, and securing bankable offtakes and government support (EXIM $285 million guarantee; DoD/DoE grant avenues; Cornerstone program). While the near-term financials remain negative, the opportunity lies in the scale-up economics, optionality on byproducts (e.g., lithium chloride, calcium chloride, gypsum), and the potential for non-dilutive financing to unlock large-scale project finance. This report lays out the quantitative situation, management commentary, and a framework for evaluating 5E’s investment case through 2025 and beyond.