Ioneer Limited · ASX:INR
Ioneer — Investor Presentation (June 2025)
23 slides from Ioneer's investor presentation, Jun 2, 2025
Slide 1: Rhyolite Ridge Project Reserve & Economics Update
Rhyolite Ridge Project Reserve & Economics Update INVESTOR PRESENTATION June 2, 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 Update
Rhyolite Ridge Project Update A unique lithium-boron deposit of strategic importance to the U.S. 1 Rhyolite Ridge Ore Reserve more than quadrupled from 60 to 247 million tonnes underpinning a mine life of 95 years 2 Updated economics confirm strength and resilience of Project at prevailing weak lith
Slide 4: Ore Reserve More Than Quadruples
1 Ore Reserve More Than Quadruples Underpins mine life of 95 years Reserves Contained Contained Equivalent Grade (%) Equivalent Tons (kst) Tonnage Li Grade B Grade (kst) (ppm) (ppm) Li2Co3 H3BO3 Li2Co3 H3BO3 Ore Reserve Proved 39,428 1,823 13,235 0.97 7.57 383 2,984 Total Hi-B Probable 51,812 1,632
Slide 5: Compelling Updated Economics
2 Compelling Updated Economics Key metrics of Current Update Current LOM Estimate Years 1-25 Unlevered NPV8 $1,367 million Levered NPV8 $1,469 million Avg. LOM Annual Revenue $497 million $619 million Avg. Annual Lithium Production 18,800 tpa 21,200 tpa Avg. Annual Boric Acid Production 60,400 tpa 1
Slide 6: Project Capex Reconciliation
2 Project Capex Reconciliation Estimate Summary Reconciliation - Class 3 2020 vs Class 2 2024 122.1 21.3 1.3 64.5 65.4 98.2 225.1 US$ x Million 146.8 311.0 1,667.9 785.5 600 Estimate Class 3 Changes Equipment and Equipment and Indirect Cost EPCM Escalation and Evaporator / Sunk Costs Removal Owner's
Slide 7: 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 14% Illustrative 2025e ASIC Operating Expense (US%/t LCE) 20,000 Mine Operating Costs 18,000 16,000 Processing Facility Operating Costs 14,0
Slide 8: Rhyolite Ridge Lithium & Boric Acid Production (Years 1-25)
3 Rhyolite Ridge Lithium & Boric Acid Production (Years 1-25) Contribution of boric acid is key to Project economics in low lithium price cycles 225 kpta Boric Acid Lithium Product (LCE) 200 kpta 192 193 185 186 174 175 kpta 166 166 166 158 147 150 150 kpta 145 142 130 130 125 125 kpta 115 118 111 1
Slide 9: Diversified Revenue Streams Provide Stability
3 Diversified Revenue Streams Provide Stability Contribution of boric acid is key to Project economics in low lithium price cycles Historical Price Volatility | 15 Years 53 % 40 % 34 % 30 % 24 % 18 % 17 % 17 % 13 % Lithium Natural Gas Met Coal Oil Nickel Copper Zinc Aluminum Boric Acid Carbonate (Ba
Slide 10: 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 11: Fully Permitted Project with Path to Production
4 Fully Permitted Project with Path to Production 2007 2019 2022 NASDAQ listing 2025 YTD Listing of Tiehm’s DOE $996 million Loan to support Commenced buckwheat and designation Global Geoscience development of an on-site processing environmental baseline of critical habitat under listed on ASX facil
Slide 12: Rhyolite Ridge - a U.S. Shovel Ready Project
4 Rhyolite Ridge - a U.S. Shovel Ready Project Over 70% Engineering Design Complete 12 INVESTOR PRESENTATION June 2025 : IONR ASX : INR www.ioneer.com
Slide 13: Proposed Rhyolite Ridge Process Plant – Stage 1
4 Proposed Rhyolite Ridge Process Plant – Stage 1 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
Slide 14: Rhyolite Ridge has the Right Partners
4 Rhyolite Ridge has the Right Partners Technically led approach EPCM >US$200m PFS, Pilot Plant, DFS completed, Evaporation and invested to date Engineering ready. Fluor is EPCM Crystallization Acid Plant Material Haulage Handling System Signed binding lithium offtake agreements Power and Controls M
Slide 15: 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 February 2025 Mineral Resource Estimate Contained Tonnage Li B Li2CO3 H3BO3 Type Stream Classification (ktonnes) (ppm) (ppm) (ktonnes) (ktonnes)
Slide 16: Overall Cost of Reagents Driving Optimisation
5 Overall Cost of Reagents Driving Optimisation LOM Operating Costs by Area • 51% of Operating Costs in reagent materials 6% and transport 14% 6% Mine Operating Costs • Area where Ioneer has focussed on 8% Reagents Transport optimisation Reagents Material • Reduced leach time improves acid yield, 22
Slide 17: Status of Partnering Process
6 Status of Partnering Process Planning for a Strategic Partnering Process has begun • Goldman Sachs engaged to assist with the formal Strategic Partnering process • We have relaunched a strategic partnering process in search of a partner who can help accelerate the development of Rhyolite Ridge • A
Slide 18: 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 19: Key Takeaways
Key Takeaways A rare, long-life, permitted, shovel ready project in the U.S. Unique Deposit Dual Revenue Shovel Ready Robust Economics Expandable Sedimentary lithium & 75% from Li and 25% Permitted June 2025 Update 510Mt Resource boron from B Engineered REVENUE 247Mt Ore Reserve High & low boron Unc
Slide 20: Questions
Questions Future U.S. Lithium & Boron Producer www.ioneer.com. ir@ioneer.com 20
Slide 21: Corporate Snapshot
Corporate Snapshot Capital Structure Research Coverage (As at 2 June 2025) Shares Outstanding 2.4b Performance Rights And Options Outstanding 64.9m Cash Balance– 31 Mar 20251 US$14.1m Share Price ASX – 30 May 2025 A$0.12 ADR Price NASDAQ (1 ADR = 40 ASX Shares) US$3.43 Market Capitalisation – 30 May
Slide 22: 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 23: South Basin Resource Estimate Feb 2025
South Basin Resource Estimate Feb 2025 Contained Tonnage Li B Li2CO3 H3BO3 Li2CO3 H3BO3 Stream Classification Ktonnes ppm ppm Wt. % Wt. % (kt) (kt) Measured 64,380 1,752 12,670 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 Infer