Ioneer Limited · ASX:INR
Ioneer — Investor Presentation (January 2026)
38 slides from Ioneer's investor presentation, Jan 30, 2026
Slide 1: Equity Raising Presentation
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Equity Raising Presentation INVESTOR PRESENTATION January 2026 : IONR ASX : INR www.ioneer.com B Li 1
Slide 2: Important Notices and Disclaimers
Important Notices and Disclaimers NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES IMPORTANT: You must read the following before continuing. Competent Persons Statement This presentation has been prepared by ioneer Ltd (ABN 76 098 564 606) (and / or its subsidiaries, as the In respect of Mineral
Slide 3: Important Notices and Disclaimers
Important Notices and Disclaimers NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Such information and financial measures (including EBITDA) do not have a standardised meaning dependence on commodity prices, availability of funding, impact of inflation on costs, exploration risks prescribed by
Slide 4: Important Notices and Disclaimers
Important Notices and Disclaimers NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Reliance on third party information Joint Lead Managers and advisors The views expressed in this presentation contain information that has been derived from publicly Neither the Joint Lead Managers nor any of thei
Slide 5: Important Notices and Disclaimers
Important Notices and Disclaimers NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Swap Agreements In connection with the Placement, one or more investors may elect to acquire an economic interest in the New Shares (“Economic Interest”), instead of subscribing for or acquiring the legal or benef
Slide 6: Calendar 2025 – continued project advancement and optimisation
Calendar 2025 – continued project advancement and optimisation NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES In 2025 INR achieved several milestones that fundamentally de-risked the project and enhanced its strategic appeal Confirmed and improved robust project economics through completion of
Slide 7: Calendar 2026 – advancing towards FID and development
Calendar 2026 – advancing towards FID and development NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Ioneer represents direct exposure to the US onshoring thematic and is uniquely positioned as the most advanced critical minerals project in the US Strategic partnering process expected to compl
Slide 8: Equity Raising Summary
Equity Raising Summary 8
Slide 9: Equity Raising Overview
Equity Raising Overview NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Equity raising by virtue of a Placement • ioneer has undertaken a ~US$50.4 million1 (A$72 million) institutional placement to institutional, sophisticated and professional investors (“Placement”). Offer Structure • Approxim
Slide 10: Sources and Uses of Funds
Sources and Uses of Funds NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 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 U
Slide 11: Equity Raising Timetable
Equity Raising Timetable NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Event Date (2026)1 Trading halt lifted and announcement of completion of Placement Pre-market Friday, 30 January 2026 Settlement of New Shares issued under the Placement Thursday, 5 February 2026 Issue and commencement of
Slide 12: Rhyolite Ridge Project Overview
Rhyolite Ridge Project Overview 12
Slide 13: Corporate Snapshot
Corporate Snapshot NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Capital Structure Research Coverage (As at 28 January 2026) Shares Outstanding 2.7b Performance Rights And Options Outstanding 86.3m Cash Balance – 31 December 20251 US$17.9m Share Price ASX – 28 January 2026 A$0.21 ADR Price NA
Slide 14: Proven & Experienced Team
Proven & Experienced Team NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 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 Direct
Slide 15: Rhyolite Ridge – A Rare Lithium-Boron Deposit
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Rhyolite Ridge – A Rare Lithium-Boron Deposit 1 Strong and resilient economics Lithium-Boron Project – NPV = $2.3B, IRR = 23.2% (levered) 2 265Mt Ore Reserve (PP), 77 year mine life, 3.4mtpa in Phase 1 operation 3 All-in sustaining cash cost of US
Slide 16: Strong and Resilient Project Economics
Strong and Resilient Project Economics1 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 1 Years 1-25 Estimate Current LOM Estimate Avg. Annual LCE Production 24,500 tpa 20,400 tpa Avg. Annual Boric Acid Production 135,500 tpa 70,700 tpa Ore Processed 86.2 Mt 265.5 Mt Ore Processed TPA 3.4 Mt Or
Slide 17: Ore Reserve Underpins Year Mine Life
Ore Reserve Underpins 77 Year Mine Life NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 2 Mine life of 77 years at 3.4 Mtpa Ore Reserve1 Contained Equivalent Tons (kt) Tonnage Li Grade B Grade (kt) (ppm) (ppm) Li2Co3 H3BO3 Proved 39,428 1,823 13,235 383 2,984 Total Stream 1 Probable 51,812 1,63
Slide 18: Rhyolite Ridge Operating Costs – In the Bottom Quartile
Rhyolite Ridge Operating Costs – In the Bottom Quartile NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 3 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 Supplies
Slide 19: Substantially De-Risked Project
Substantially De-Risked Project NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 4 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
Slide 20: Expansion Potential
Expansion Potential NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 5 • 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 t
Slide 21: Status of Partnering Process
Status of Partnering Process NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 6 • Goldman Sachs assisting with the formal Strategic Partnering process • Partner(s) to help accelerate the development of Rhyolite Ridge • Interest across multiple sectors, lithium and boron, public and private • Pro
Slide 22: Strong Recent Industry Engagement
Strong Recent Industry Engagement NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES • US identify Critical Mineral priority as a key policy agenda – Boron and Lithium identified as key strategic minerals by Trump administration • United States – Australia Critical Minerals Framework signed - Stra
Slide 23: Impact of Leach Optimization in 2025
Impact of Leach Optimization in 2025 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Driven by leach optimisation, new mine plan and increased production June 2025 August 2025 October 2025 3-day leach1 2-day leach2 1.5-day leach3 Avg. LOM Annual LCE Production 17,200 tpa 19,300 tpa 20,400 tpa A
Slide 24: Key Takeaways
Key Takeaways NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 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 necessary for batte
Slide 25: Appendix A: Supporting Materials
Appendix A: Supporting Materials 25
Slide 26: Proposed Rhyolite Ridge Process Plant
Proposed Rhyolite Ridge Process Plant NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Lithium and boron mined at Rhyolite Ridge will be processed into final products onsite Sulphuric Acid Plant Evaporation / Ore Handling/ Sizing Crystallization and Storage Vat Leach Plant Sulphur Supply Lithium
Slide 27: Commitment to Sustainability
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES • Majority of on-site power from CO2- free energy production, low Low Emissions greenhouse gas emissions. • Mobile equipment meets Tier 4 EPA standards • Project design implements best-in- class water utilization while recycling Low Water Usage th
Slide 28: South Basin Resource Estimate October 2025
South Basin Resource Estimate October 2025 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 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
Slide 29: South Basin Ore Reserve Estimate October 2025
South Basin Ore Reserve Estimate October 2025 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 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
Slide 30: Appendix B: Key Risks
Appendix B: Key Risks 30
Slide 31: Key Risks
Key Risks NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES There are a number of factors, specific to the Company and of a general nature, which may affect the If they were to eventuate, these risks and uncertainties could result in the Company not achieving its future operating and financial pe
Slide 32: Key Risks
Key Risks NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Higher than expected inflation rates generally, or specific to the mining industry in particular, could be • The Company prepares updated cost estimates and projected economics to support the expected to increase development and operatin
Slide 33: Key Risks
Key Risks NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Reserves and Resources The Company does not hedge its commodity price exposure. Commodity price fluctuations, as well as increased production and capital costs, may render the Company’s Ore Reserves unprofitable for periods On 29 October
Slide 34: Key Risks
Key Risks NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES The Development Agreement is divided into 3 phrases to coincide with the Project's planned The entities established to undertake the Project will similarly be subject to taxation and other import construction and operations schedule and
Slide 35: Key Risks
Key Risks NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES The factors which affect the price for refined lithium materials and boric acid (many of which are outside The qualification process may require approval from multiple parties in the supply chain and not just the control of the Company a
Slide 36: Key Risks
Key Risks NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES The operations of the Company and the Project are subject to various laws and plans including those The total population in the area is sparse with an older demographic and approximately 9,000 residents relating to mining, prospecting, d
Slide 37: Key Risks
Key Risks NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Litigation and disputes can be costly, including amounts payable in respect of judgments and The Company does not engage in any hedging or derivative transactions to manage interest rate risk. Any settlements made against, or agreed to b
Slide 38: ir@ioneer.com
www.ioneer.com. ir@ioneer.com 38