What dissipated mates may run out of? (5)

I believe the answer is:

steam

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'run out of?' is the definition.
'steam' can be an answer for 'run' (thesaurus). I am unsure of the 'out of?' bit.

'what dissipated mates' is the wordplay.
'mates' anagrams to 'STEAM'.
But, I'm not sure how the anagram is indicated.

'may' acts as a 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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