Ioneer Limited · ASX:INR
Ioneer — Bell Potter Unearthed Natural Resource Conference 2026
16 slides from Ioneer's conference presentation, February 2026
Slide 1: Bell Potter – Unearthed Natural Resource Conference
Bell Potter – Unearthed Natural Resource Conference INVESTOR PRESENTATION February 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: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: Corporate Snapshot
Capital Structure Research Coverage (As at 10 February 2026) Shares Outstanding 3.1b Performance Rights And Options Outstanding 86.3m Corporate Cash Balance – 31 December 20251 Capital (Cash) Raised – 4 February 20262 US$17.9m US$50.4m Snapshot Share Price ASX – 10 February 2026 ADR Price NASDAQ (1
Slide 12: Appendix A: Supporting Materials
Appendix A: Supporting Materials 12
Slide 13: 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 14: 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 15: 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 16: ir@ioneer.com
www.ioneer.com. ir@ioneer.com 16
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