What dissipated mates may run out of? (5)

I believe the answer is:

steam

I'm a little stuck... Click here to teach me more about this clue!

'run out of?' is the definition.
'steam' can be an answer for 'run' (thesaurus). I'm not sure about the 'out of?' bit.

'what dissipated mates' is the wordplay.
'mates' can be anagrammed to 'STEAM'.
But, I am not sure how the anagram is indicated.

'may' is the link.

Can you help me to learn more?

(Other definitions for steam that I've seen before include "Hot water vapour" , "Water-vapour" , "Form of water" , "Kettle emission" , "Vapour; energy" .)

I've seen this clue in the Evening Standard.

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