Ioneer Limited · ASX:INR
Ioneer — Investor Presentation (September 2025)
20 slides from Ioneer's investor presentation, September 2025
Slide 1: Rhyolite Ridge Project: Material Improvement in Project Economics
Rhyolite Ridge Project Material Improvement in Project Economics INVESTOR PRESENTATION September 2025 : 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: Rhyolite Ridge Project Snapshot
Rhyolite Ridge Project Snapshot A unique lithium-boron deposit of strategic importance to the U.S. 1 Material improvement in economics confirm strength and resilience of Project - NPV up 38% to $1.89B 2 Ore Reserve of 260 million tonnes comprising 3 ore streams - 82 year mine life at 3.0-3.2Mtpa 3 A
Slide 4: Material Improvement in Project Economics
1 Material Improvement in Project Economics Driven by leach optimisation, new mine plan and increased production Years 1-25 Estimate LOM Estimate Current1 June 20252 Change Current1 June 20252 Change Unlevered NPV8 $1,888 m $1,367 m +38% Levered NPV8 $1,998 m $1,499 m +33% Avg. Annual Revenue $725 m
Slide 5: Ore Reserve August 2025
2 Ore Reserve August 2025 Reserves Contained Contained Equivalent Grade (%) Equivalent Tons (kst) Tonnage Li Grade B Grade (kst) (ppm) (ppm) Li2Co3 H3BO3 Li2Co3 H3BO3 Hi-B Stream 1 91,241 1,715 12,329 0.91 7.05 833 6,432 Stream 2 145,301 1,177 1,368 0.63 0.78 911 1,136 Lo-B Stream 3 23,799 2,110 1,2
Slide 6: Rhyolite Ridge Operating Costs – In the Bottom Quartile
3 Rhyolite Ridge Operating Costs – In the Bottom Quartile LOM Production OPEX Rhyolite Ridge AISC OPEX2 Provides resilience through lithium commodity downturns 16% Mine Operating Costs Processing Facility Operating Costs 84% $5,626/t 4% Sulphur Supplies & 14% Transport Hydrated Lime Supplies Reagent
Slide 7: Substantially De-Risked Project
4 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 positive • Industry leading partners • Signed lithi
Slide 8: Large and Expandable Resource
5 Large and Expandable Resource Rhyolite Ridge has a large, long-life Resource with substantial expansion potential Potential Expansion Projects Summary of August 2025 Mineral Resource Estimate Contained Tonnage Li B Li2CO3 H3BO3 Type Stream Classification (ktonnes) (ppm) (ppm) (ktonnes) (ktonnes) H
Slide 9: Status of Partnering Process
6 Status of Partnering Process Planning for a Strategic Partnering Process has begun • Goldman Sachs is assisting with the formal Strategic Partnering process • Strategic partnering process in search of a partner who can help accelerate the development of Rhyolite Ridge • Process commenced early in
Slide 10: Overall Cost of Reagents Driving Optimisation
Overall Cost of Reagents Driving Optimisation LOM Operating Costs by Area • 49% of Operating Costs in reagent materials and transport 5% 7% 16% Mine Operating Costs • Area where Ioneer has focussed on optimisation 9% Reagents Transport Reagents Material • Reduced leach time improves acid yield, Pers
Slide 11: Proposed Rhyolite Ridge Process Plant – Stage 1
Proposed Rhyolite Ridge Process Plant – Stage 1 Reduction in leach retention time allows for reduction reduce in vat cycle time from 24hrs to 17hrs The spare vat capacity and spare acid is used to increase daily tonnages from 7000tpd to 8800tpd Sulphuric Evaporation/ Acid Plant Crystallization Vat L
Slide 12: Comprehensive Testwork – Over Leach Tests
Comprehensive Testwork – Over 400 Leach Tests Collection of bulk Crystallisers and evaporators, samples from site Kemetco pilot plant Vancouver Column test at KCA, Reno Ore post leach in vat at pilot plant, Kemetco Column testing of ore at KCA, Reno Vancouver Searlesite ore, pre leach Searlesite ore
Slide 13: Rhyolite Ridge Next Steps
Rhyolite Ridge Next Steps Secure equity financing to sit alongside U.S. Government debt ($996 M) Final Investment Decision once equity and debt are in place Construction Phase. Expected to take approximately 36 months (including long lead items) First Production – 36 months from FID1 Pathway to futu
Slide 14: Key Takeaways
Key Takeaways A rare, long-life, permitted, shovel ready project in the U.S. with strong government support A stable, secure, long-term supply of 2 products necessary for batteries, magnets, and military applications Unique Deposit Dual Revenue Shovel Ready Robust Expandable Economics Sedimentary 75
Slide 15: Questions
Questions Future U.S. Lithium & Boron Producer www.ioneer.com. ir@ioneer.com 15
Slide 16: Corporate Snapshot
Corporate Snapshot Capital Structure Research Coverage (As at 3 Sept 2025) Shares Outstanding 2.6b Performance Rights And Options Outstanding 64.9m Cash Balance– 30 June 20251 US$25.1m Share Price ASX – 3 September 2025 A$0.12 ADR Price NASDAQ (1 ADR = 40 ASX Shares) US$3.19 Market Capitalisation –
Slide 17: Proven & Experienced Team
Proven & Experienced Team 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 Former Non-executive CEO &
Slide 18: South Basin Resource Estimate August 2025
South Basin Resource Estimate August 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 In
Slide 19: Acid Leach Kinetics
Acid Leach Kinetics • Acid Yield is a measure of the amount of lithium produced per tonne of acid consumed • Acid Yield peaks during day 2 of the leach • Stream 2 (L6) exhibits a much greater change in Acid Yield compared to Stream 1 (B5) • Recovery continues to increase even after Acid Yield has pe
Slide 20: Comparison of 3-day to 2-day Leach Recoveries
Comparison of 3-day to 2-day Leach Recoveries Comparison 3-day (12c) to 2-day (14a) Li (LHS) and B (RHS) Recovered 35.0 250.0 30.0 200.0 25.0 150.0 20.0 15.0 100.0 10.0 50.0 5.0 0.0 0.0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year Year Year Year Year Year Year Year Year Year Y