Slide 1: Equity Raising Presentation
1 Equity Raising Presentation B Li INVESTOR PRESENTATION June 2025 : IONR www.ioneer.com ASX : INR NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
Slide 2: Important: You must read the following before continuing
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES INVESTOR PRESENTATION June 2025 : IONR ASX : INR www.ioneer.com 4 IMPORTANT: You must read the following before continuing. This presentation has been prepared by ioneer Ltd (ABN 76 098 564 606) (and / or its subsidiaries, as the context requires,
Slide 3: Important Notices and Disclaimers
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES INVESTOR PRESENTATION June 2025 : IONR ASX : INR www.ioneer.com 4 Important Notices and Disclaimers Such information and financial measures (including EBITDA) do not have a standardised meaning prescribed by Australian Accounting Standards (“AAS”)
Slide 4: Important Notices and Disclaimers
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES INVESTOR PRESENTATION June 2025 : IONR ASX : INR www.ioneer.com 4 Important Notices and Disclaimers Reliance on third party information The views expressed in this presentation contain information that has been derived from publicly available sour
Slide 5: Important Notices and Disclaimers
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES INVESTOR PRESENTATION June 2025 : IONR ASX : INR www.ioneer.com 4 Important Notices and Disclaimers Swap Agreements In connection with the Placement, one or more investors may elect to acquire an economic interest in the New Shares (“Economic Inte
Slide 6: Equity Raising Summary
Equity Raising Summary 6
Slide 7: Equity Raising Overview
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES INVESTOR PRESENTATION June 2025 : IONR ASX : INR www.ioneer.com 7 Equity Raising Overview Offer Structure and Size ioneer has successfully completed a ~US$16 million1,2 (~A$25 million) institutional placement to institutional, sophisticated and pr
Slide 8: Sources and Uses of Funds
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES INVESTOR PRESENTATION June 2025 : IONR ASX : INR www.ioneer.com 7 Sources and Uses of Funds Sources of Funds* Uses of Funds* Proceeds from Placement ~US$16.4m Advance Project readiness ~US$4.5m Proceeds from SPP Up to ~US$3.3m Environmental, permi
Slide 9: Equity Raising Timetable
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES INVESTOR PRESENTATION June 2025 : IONR ASX : INR www.ioneer.com 7 Equity Raising Timetable Event Date (2025)1 Record Date for eligibility to participate in SPP 4:00pm Thursday, 12 June Trading halt lifted and announcement of completion of Placemen
Slide 10: Rhyolite Ridge Project Overview
10 Rhyolite Ridge Project Overview
Slide 11: Corporate Snapshot
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Corporate Snapshot Capital Structure (As at 10 June 2025) Shares Outstanding 2.4b Performance Rights And Options Outstanding 64.9m Cash Balance – 31 Mar 20251 US$14.1m Share Price ASX – 10 June 2025 A$0.115 ADR Price NASDAQ (1 ADR = 40 ASX Shares)
Slide 12: Proven & Experienced Team
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Proven & Experienced Team Experienced Board of Directors ALAN DAVIES Non-executive Director Former Chief Executive, Energy & Minerals of Rio Tinto ROSE McKINNEY-JAMES Non-executive Director Former President and CEO of Corporation for Solar Tech &
Slide 13: Rhyolite Ridge Project Update
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Rhyolite Ridge Project Update A unique lithium-boron deposit of strategic importance to the U.S. Rhyolite Ridge Ore Reserve more than quadrupled from 60 to 247 million tonnes underpinning a mine life of 95 years All-in sustaining cash cost places
Slide 14: Ore Reserve More Than Quadruples
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Ore Reserve More Than Quadruples 1 See Company announcement titled “Ore Reserve Quadruples; Revised Project Economics” dated 2 June 2025. Reserves Contained Equivalent Tons (kst) Tonnage (kst) Li Grade (ppm) B Grade (ppm) Li2Co3 H3BO3 Ore Reserve1
Slide 15: Compelling Updated Economics
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Compelling Updated Economics 2 INVESTOR PRESENTATION June 2025 : IONR ASX : INR www.ioneer.com 14 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
Slide 16: Rhyolite Ridge Operating Costs – In the Bottom Quartile
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Rhyolite Ridge Operating Costs – In the Bottom Quartile 3 LOM Production OPEX 14% Mine Operating Costs Processing Facility Operating Costs 86% 4% Sulphur Supplies & 13% Transport Hydrated Lime Supplies Reagents & Transport 16% ~51% of Opex Soda As
Slide 17: Substantially De-Risked Project
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Substantially De-Risked Project 1 See announcement dated 25 October 2024 entitled “Rhyolite Ridge Lithium-Boron Project Receives Final Permit Approval”. 2 See announcement dated 20 January 2025 entitled “Rhyolite Ridge Lithium-Boron Project closes
Slide 18: Large and Expandable Resource
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Large and Expandable Resource 1 See Company announcement titled “February 2025 Mineral Resource Estimate” dated 5 March 2025. Rhyolite Ridge has a large, long-life Resource with substantial expansion potential Potential Expansion Projects Large an
Slide 19: Status of Partnering Process
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Status of Partnering Process 6 Planning for a Strategic Partnering Process has begun INVESTOR PRESENTATION June 2025 : IONR ASX : INR www.ioneer.com 20 Goldman Sachs engaged to assist with the formal Strategic Partnering process We have relaunched
Slide 20: Rhyolite Ridge Next steps
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES INVESTOR PRESENTATION June 2025 : IONR ASX : INR www.ioneer.com 20 1 All future dates subject to change without notice Secure equity financing to sit alongside U.S. Government debt ($996 M) Final Investment Decision once equity and debt are in pla
Slide 21: Key Takeaways
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key Takeaways Shovel Ready Permitted Engineered Offtakes in place US government debt Water Expandable 510Mt Resource 247Mt Ore Reserve Stage 1 = 2.6Mtpa Multiple future stages possible High and low boron streams Robust Economics June 2025 Update R
Slide 22: Appendix A: Supporting Materials
Appendix A: Supporting Materials 22
Slide 23: South Basin Resource Estimate Feb 2025
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES INVESTOR PRESENTATION June 2025 : IONR ASX : INR www.ioneer.com 24 South Basin Resource Estimate Feb 2025 Contained Stream Classification Tonnage Ktonnes Li ppm B ppm Li2CO3 Wt. % H3BO3 Wt. % Li2CO3 (kt) H3BO3 (kt) 1 Searlesite: High-boron lithium
Slide 24: Proposed Rhyolite Ridge Process Plant
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Proposed Rhyolite Ridge Process Plant Ore Handling/ Sizing and Storage Sulphuric Acid Plant Vat Leach Plant Sulphur Supply Power Plant Plant Utilities Boric Acid Circuit Reagents Lithium Carbonate Circuit Evaporation/ Crystallization Engineering r
Slide 25: Commitment to Sustainability
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Commitment to Sustainability Designed to minimise impact on the environment Majority of on-site power from CO2- free energy production, low greenhouse gas emissions. Mobile equipment meets Tier 4 EPA standards Project design implements best-in- cl
Slide 26: Appendix B: Key Risks
26 Appendix B: Key Risks
Slide 27: Key Risks
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES INVESTOR PRESENTATION June 2025 : IONR ASX : INR www.ioneer.com 30 Key Risks There are a number of factors, specific to the Company and of a general nature, which may affect the future operating and financial performance of the Company, the Rhyoli
Slide 28: Key Risks
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES INVESTOR PRESENTATION June 2025 : IONR ASX : INR www.ioneer.com 30 Key Risks Higher than expected inflation rates generally, or specific to the mining industry in particular, could be expected to increase development and operating costs and potent
Slide 29: Key Risks
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES INVESTOR PRESENTATION June 2025 : IONR ASX : INR www.ioneer.com 30 Key Risks Reserves and Resources On 2 June 2025, ioneer announced a 308% increase in the Rhyolite Ridge Ore Reserve to 247Mt, relative to the Ore Reserve announced in support of th
Slide 30: Key Risks
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES INVESTOR PRESENTATION June 2025 : IONR ASX : INR www.ioneer.com 30 Key Risks The Development Agreement is divided into 3 phrases to coincide with the Project's planned construction and operations schedule and will become fully effective once the C
Slide 31: Key Risks
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES INVESTOR PRESENTATION June 2025 : IONR ASX : INR www.ioneer.com 30 Key Risks The factors which affect the price for refined lithium materials and boric acid (many of which are outside the control of the Company and its directors) include, among ma
Slide 32: Key Risks
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES INVESTOR PRESENTATION June 2025 : IONR ASX : INR www.ioneer.com 30 Key Risks The operations of the Company and the Project are subject to various laws and plans including those relating to mining, prospecting, development, permit and licence requi
Slide 33: Key Risks
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES INVESTOR PRESENTATION June 2025 : IONR ASX : INR www.ioneer.com 30 Key Risks Litigation and disputes can be costly, including amounts payable in respect of judgments and settlements made against, or agreed to by, the Company or Project entities. T
Slide 34: www.ioneer.com, ir@ioneer.com
34 www.ioneer.com. ir@ioneer.com