Ioneer Limited · ASX:INR
Ioneer — Shareholder Meeting (October 2025)
15 slides from Ioneer's shareholder meeting presentation, Oct 31, 2025
Slide 1: 2025 AGM Managing Director Presentation
2025 AGM Managing Director Presentation MANAGING DIRECTOR PRESENTATION 31 October 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 A Very Rare Lithium and Boron Deposit
Rhyolite Ridge A Very Rare Lithium and Boron Deposit That will produce high-purity, refined chemicals at site in Nevada MANAGING DIRECTOR 3 31 October 2025 : IONR ASX : INR www.ioneer.com PRESENTATION
Slide 4: Rhyolite Ridge – A Very Rare Lithium-Boron Deposit
Rhyolite Ridge – A Very 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$4,628 bottom quartile of global lithium cost cu
Slide 5: Strong and Resilient Project Economics
1 Strong and Resilient Project Economics1 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 Ore Processed TPD 10,500 t Life of Project 77 years Unl
Slide 6: Ore Reserve Underpins 77 Year Mine Life
2 Ore Reserve Underpins 77 Year Mine Life 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 1,632 11,640 450 3,448 Sub-total Stream 1 91,241 1,715 12
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 OPEX2,3 Provides resilience through lithium commodity downturns 16% Mine Operating Costs Processing Facility Operating Costs 84% 4% Sulphur Supplies & 16% Transport Hydrated Lime Supplies Reagents & Tra
Slide 8: 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 9: Expansion Potential
5 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 to increase lithium and boron supply to meet growing demand Mineral R
Slide 10: Status of Partnering Process
6 Status of Partnering Process • Goldman Sachs assisting with the formal Strategic Partnering process • Partner(s) to help accelerate the development of Rhyolite Ridge • Interest from across multiple sectors • Given current sector and geopolitical environment, process expected to extend into 2026 MA
Slide 11: Impact of Leach Optimization in 2025
Impact of Leach Optimization in 2025 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 Avg. LOM Annual Boric Acid Production 60,400 tpa 68,00
Slide 12: Boron makes Rhyolite Ridge the only known Vat/Heap Leachable Lithium deposit globally
Boron makes Rhyolite Ridge the only known Vat/Heap Leachable Lithium deposit globally Collection of bulk Crystallisers and samples from site evaporators, Kemetco pilot plant Vancouver Column test at KCA, Reno Ore post leach in vat at pilot Column testing of plant, Kemetco Searlesite ore, pre Searles
Slide 13: Proposed Rhyolite Ridge Process Plant
Proposed Rhyolite Ridge Process Plant 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 Carbonate Circuit Power Plant Plant Utilities Boric
Slide 14: 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 necessary for batteries, magnets, semiconductors and other military appl
Slide 15: The next U.S. Lithium Producer
The next U.S. Lithium Producer www.ioneer.com. ir@ioneer.com 15