Karnavati Holdings, Inc. → 5E Advanced Materials, Inc. FEAV

The Reporting Persons acquired the shares as consideration in partial satisfaction of secured obligations owed by SVM, as described in Item 3, and hold them for investment purposes. Under the APA, KHI may receive up to an additional 2,155,818 shares, consisting of 312,500 shares held back by the Issuer pending delivery of executed deeds and the Tranche 2 Funding under the Bridge Facility, and any residual of 1,843,318 shares held in escrow pending resolution of a mechanic's lien claim. Under Section 6.23 of the APA, the Issuer has agreed to file a resale registration statement covering the shares. Except as described in this Schedule 13D, the Reporting Persons have no present plans or proposals that relate to or would result in any of the matters described in clauses (a) through (j) of Item 4. The Reporting Persons may review their investment and, subject to applicable law, may acquire or dispose of securities of the Issuer from time to time.