Ioneer Limited · ASX:INR
Ioneer — Canaccord Genuity Global Metals and Mining Conference 2026
28 slides from Ioneer's conference presentation, May 2026
Slide 1: Canaccord Global Metals and Mining Conference
Canaccord– Global Metals and Mining Conference INVESTOR PRESENTATION May 2026 : IONR ASX : INR www.ioneer.com B Li 1
Slide 2: Disclaimer
Disclaimer This presentation has been prepared as a summary only and does not contain all information about ioneer Ltds Competent Persons Statement (ioneer or the Company) assets and liabilities, financial position and performance, profits and losses, prospects, and In respect of Mineral Resources a
Slide 3: Overview of Rhyolite Ridge
Overview of Rhyolite Ridge Large-scale, shovel ready project positioned to supply increasing lithium demand and well-positioned to benefit from increasing focus on U.S. domestic supply chain security Strategically Located Only fully permitted and shovel ready Key Statistics | October-20251 to Serve
Slide 4: Rhyolite Ridge Lithium-Boron Project
Rhyolite Ridge Lithium-Boron Project A construction-ready mining and processing development that is key to U.S. Critical Mineral onshoring 1 Strong and resilient economics Lithium-Boron Project – NPV = $2.3B, IRR = 23.2% (levered) 2 265Mt Ore Reserve (PP), Largest undeveloped boron reserve globally
Slide 5: Strong and Resilient Project Economics
Strong and Resilient Project Economics Driven by leach optimisation, new mine plan and increased production June 2025 October 2025 Change 3-day leach1 1.5-day leach2 Avg. Annual LCE Production (Years 1-25) 19,200 tpa 24,500 tpa +28% Avg. Annual Boric Acid Production (Years 1-25) 116,400 tpa 135,000
Slide 6: Rhyolite Ridge Operating Costs – Bottom Quartile
Rhyolite Ridge Operating Costs – Bottom Quartile Driven by boron co-product - a unique advantage for Rhyolite Ridge LOM Production OPEX Rhyolite Ridge AISC OPEX2,3 Provides resilience through lithium commodity downturns 16% Mine Operating Costs Processing Facility Operating Costs 84% 4% Sulphur Supp
Slide 7: Substantially De-Risked Project
Substantially De-Risked Project Shovel Offtakes Low-Cost Permitted Ready In Place Debt Final Federal permit 70% Engineering design Lithium & Boron offtake U.S DOE loan for $996 received in October 20241 complete Placed million2 • The BLM issued a • Industry leading partners • Signed lithium offtakes
Slide 8: Expansion Potential
Expansion Potential • Mineral Resource is limited to part of the South Basin as shown on the map • Further drilling in South and North Basins likely to result in increase to Mineral Resource Estimate • Multiple expansion options with potential to increase lithium and boron supply to meet growing dem
Slide 9: Strategic Partnering Process
Strategic Partnering Process • Strategic Partnering process involving a minority sell-down of ioneer’s 100% interest in Rhyolite Ridge • Partner(s) to provide equity to sit alongside U.S. Government closed loan • Interest across multiple sectors, lithium and boron, public and private = consortium ap
Slide 10: 2026 – Advancing towards FID and development
2026 – Advancing towards FID and development Ioneer represents direct exposure to the US onshoring thematic Strategic partnering process expected to complete in 1H CY26 to secure capable and committed 1 equity partner(s) 2 Partnering process benefitting from favourable supply / demand dynamics in li
Slide 11: Key Takeaways
Key Takeaways A rare, long-life, permitted, shovel ready project in the U.S. with strong government support Unique Deposit Dual Revenue Shovel Ready Robust Expandable Economics A stable, secure, long-term supply of two products essential for batteries, magnets, semiconductors and other military appl
Slide 12: Corporate Snapshot
Corporate Snapshot Capital Structure Research Coverage (As at 18 May 2026) Shares Outstanding 3.1b Performance Rights And Options Outstanding 86.3m Corporate Cash Balance – 31 March 20261 Share Price ASX – 10 February 2026 US$61.8m A$0.15 Snapshot ADR Price NASDAQ (1 ADR = 40 ASX Shares) Market Capi
Slide 13: Appendix A: Supporting Materials
Appendix A: Supporting Materials 13
Slide 14: Proven Team with Extensive Lithium & Boron Experience
Proven Team with Extensive Lithium & Boron Experience Experienced Board of Directors JAMES D. CALAWAY BERNARD ROWE ALAN DAVIES ROSE McKINNEY-JAMES MARGARET WALKER TIM WOODALL Executive Chair Managing Director Non-executive Director Non-executive Director Non-executive Director Non-executive Director
Slide 15: Rhyolite Ridge A Very Rare Lithium and Boron Deposit
Rhyolite Ridge A Very Rare Lithium and Boron Deposit That will produce high-purity, refined chemicals in the U.S. 15 INVESTOR PRESENTATION May 2026 : IONR ASX : INR www.ioneer.com
Slide 16: Boron – Key Facts
Boron – Key Facts • Commercially viable quantities found in very few places globally • Among the rarest ores on Earth • Southwest USA & Turkey account for ~80% of global production • Incredibly versatile, used in over 300 separate applications • Essential to modern life and critical for energy, defe
Slide 17: From Termites to Tanks
From Termites to Tanks Critical for Energy, Defense, Aerospace, Agriculture & Everyday Life Nuclear Aerospace & Defense Armor & Ballistics Defense Missile & Aerospace Communications Systems Energy Semiconductor / Agriculture Glass & Chemicals Electronics 17 INVESTOR PRESENTATION May 2026 : IONR ASX
Slide 18: Boron – A Global Business Sourced from Two Countries
Boron – A Global Business Sourced from Two Countries • A 4Mt pa global business • Boron mine in California produces ~30% of world supply (1Mt pa) • DoD consumed over 35kt of boron carbide for military applications in 2023 • ~73% boron reserves are found in Turkey Rhyolite Ridge • The only constructi
Slide 19: Overview of Rhyolite Ridge’s Geology
Overview of Rhyolite Ridge’s Geology Overview Rhyolite Ridge Lithology Overview Rhyolite Ridge is a geologically unique sediment-hosted, lithium-boron deposit that occurs within lacustrine sedimentary rocks of the South Basin, peripheral to the Silver Peak Caldera — It is one of only two major lit
Slide 20: Sedimentary Deposit Examples
Sedimentary Deposit Examples CORE Ioneer Rhyolite Ridge Li-B (Searlesite) Resource Rhyolite Ridge is only known occurrence of a Searlesite hosted lithium deposit CORE Other Li-Only (Clay) Most common type of sedimentary deposit in North America 20 INVESTOR PRESENTATION May 2026 : IONR ASX : INR www.
Slide 21: Acid Leach Results – Average Recoveries >84%
Acid Leach Results – Average Recoveries >84% South Basin Beacon Hill Stream 1 Stream 2 Stream 3 High Boron Low Boron Clay Low Boron Li 1,544 kt LCE 1,888 kt LCE 659 kt LCE 1,000 – 3,000 kt LCE Contained Grade 1,624 ppm 1,149 ppm 2,029 ppm 1,000 – 1,700 ppm Recovery 94% Li 84% Li 89% Li 91% Li #TEST
Slide 22: Proposed Rhyolite Ridge Process Plant
Proposed Rhyolite Ridge Process Plant Sulphuric Evaporation/ Acid Plant Crystallization Vat Leach Plant Ore Handling/ Sizing and Sulphur Storage Supply Lithium Carbonate Circuit Power Plant Plant Utilities Boric Acid Circuit Reagents Engineering rendering of the Rhyolite Ridge Processing Plant 22 IN
Slide 23: Well Understood and Proven Flow Sheet
Well Understood and Proven Flow Sheet Sulfuric Power Steam Systems Water Systems Other Utilities Reagents Acid Plant Gen STG IR-2 Cake Recycle (Recycle Reagent) BA Flotation Recycle EVP-2 Brine (Boron Recovery) (Li Recycle) Evaporation Boric Acid Impurity Impurity Lithium ROM Leach Crystallization E
Slide 24: U.S. District Court Upholds Rhyolite Ridge Federal Permit
U.S. District Court Upholds Rhyolite Ridge Federal Permit • Following Issuance of Record of Decision in October 2024, litigation was brought by NGOs against federal agencies challenging Project approval • On March 30, 2026, the Court found that BLM and USFWS complied with NEPA and FLPMA in their rev
Slide 25: Sources and Uses of Funds
Sources and Uses of Funds Equity raising of ~US$50.4m fully funds project activities through CY2026, including completion of a Strategic Partnering process through to Final Investment Decision Strategic asset in the US – Boron & Lithium on the US Critical Minerals List Sources of Funds* Uses of Fu
Slide 26: South Basin Resource Estimate October 2025
South Basin Resource Estimate October 2025 Contained Tonnage Li B Li2CO3 H3BO3 Li2CO3 H3BO3 Stream Classification Ktonnes ppm ppm Wt. % Wt. % (kt) (kt) Measured 64,385 1,752 12,669 0.93 7.24 600 4,664 1 Indicated 87,372 1,551 11,280 0.83 6.45 721 5,636 Searlesite: High-boron lithium mineralisation I
Slide 27: South Basin Ore Reserve Estimate October 2025
South Basin Ore Reserve Estimate October 2025 Contained Tonnage Li B Li2CO3 H3BO3 Li2CO3 H3BO3 Stream Classification Ktonnes ppm ppm Wt. % Wt. % (kt) (kt) Proven 39,428 1,823 13,235 0.97 7.57 383 2,984 1 Probable 51,812 1,632 11,640 0.87 6.66 450 3,448 (>= 5,000 ppm B) Total S1 91,241 1,715 12,329 0
Slide 28: ir@ioneer.com
www.ioneer.com. ir@ioneer.com 28
ioneer — Canaccord Genuity Global Metals and Mining Conference 2026 on 6ix