Ioneer Limited · ASX:INR
Ioneer — ASX SMIDcaps Conference 2026
26 slides from Ioneer's conference presentation, Sep 23, 2026
Slide 1: ASX SMIDcaps Conference
ASX SMIDcaps Conference Sydney, NSW INVESTOR PRESENTATION 23 September 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: 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 in the U.S. 4 INVESTOR PRESENTATION 23 September 2026 : IONR ASX : INR www.ioneer.com
Slide 5: Boron – Key Facts
Boron – Key Facts • Commercially viable quantities found in very few places globally • Among the rarest ores on Earth • Southwest USA & Turkey account for ~80% of global production • Incredibly versatile, used in over 300 separate applications • Essential to modern life and critical for energy, defe
Slide 6: From Termites to Tanks
From Termites to Tanks Critical for Energy, Defense, Aerospace, Agriculture & Everyday Life Nuclear Aerospace & Defense Armor & Ballistics Defense Missile & Aerospace Communications Systems Energy Semiconductor / Agriculture Glass & Chemicals Electronics 6 INVESTOR PRESENTATION 23 September 2026 : I
Slide 7: Boron – A Global Business Sourced from Two Countries
Boron – A Global Business Sourced from Two Countries • A 4Mt pa global business • Boron mine in California produces ~30% of world supply (1Mt pa) • DoD consumed over 35kt of boron carbide for military applications in 2023 • ~73% boron reserves are found in Turkey Rhyolite Ridge • The only constructi
Slide 8: Strong and Resilient Project Economics
Strong and Resilient Project Economics Driven by leach optimisation, new mine plan and increased production October 2025 1.5-day leach1 Avg. Annual LCE Production (Years 1-25) 24,500 tpa Avg. Annual Boric Acid Production (Years 1-25) 135,000 tpa Ore Processed LOM 265.5 Mt Ore Processed TPA 3.4 Mt Or
Slide 9: Rhyolite Ridge at the Bottom of the Global Cost Curve
Rhyolite Ridge at the Bottom of the Global Cost Curve 9 INVESTOR PRESENTATION 23 September 2026 : IONR ASX : INR www.ioneer.com www.ioneer.com
Slide 10: 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 11: 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 12: Strategic Partnering Process
Strategic Partnering Process • Strategic Partnering process involving a • Executed non-binding MoUs with the Korea minority sell-down of ioneer’s 100% interest in Investment Development Fund (KIND) and Rhyolite Ridge, consortium approach Hyundai Engineering • Change of focus following inclusion of b
Slide 13: 2026 – Advancing towards FID and development
2026 – Advancing towards FID and development Ioneer represents direct exposure to the US onshoring thematic 1 Strategic partnering process to secure capable and committed equity partner(s) Partnering process benefitting from favourable supply / demand dynamics in lithium and boron 2 markets and the
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 essential for batteries, magnets, semiconductors, nuclear and military a
Slide 15: Corporate Snapshot
Corporate Snapshot Capital Structure Research Coverage (As of 21 September 2026) Shares Outstanding 3.07b Performance Rights And Options Outstanding 77.3m Corporate Cash Balance – 30 June 2026 Share Price ASX – 21 September 2026 US$59m A$0.12 Snapshot ADR Price NASDAQ (1 ADR = 40 ASX Shares) Market
Slide 16: Appendix A: Supporting Materials
Appendix A: Supporting Materials 16
Slide 17: Proven Team with Extensive Lithium & Boron Experience
Proven Team with Extensive Lithium & Boron Experience 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
Slide 18: Overview of Rhyolite Ridge’s Geology
Overview of Rhyolite Ridge’s Geology Overview Rhyolite Ridge Lithology Overview Rhyolite Ridge is a geologically unique sediment-hosted, lithium-boron deposit that occurs within lacustrine sedimentary rocks of the South Basin, peripheral to the Silver Peak Caldera — It is one of only two major lit
Slide 19: Sedimentary Deposit Examples
Sedimentary Deposit Examples CORE Ioneer Rhyolite Ridge Li-B (Searlesite) Resource Rhyolite Ridge is only known occurrence of a Searlesite hosted lithium deposit CORE Other Li-Only (Clay) Most common type of sedimentary deposit in North America 19 INVESTOR PRESENTATION 23 September 2026 : IONR ASX :
Slide 20: Acid Leach Results – Average Recoveries >84%
Acid Leach Results – Average Recoveries >84% South Basin Beacon Hill Stream 1 Stream 2 Stream 3 High Boron Low Boron Clay Low Boron Li 1,544 kt LCE 1,888 kt LCE 659 kt LCE 1,000 – 3,000 kt LCE Contained Grade 1,624 ppm 1,149 ppm 2,029 ppm 1,000 – 1,700 ppm Recovery 94% Li 84% Li 89% Li 91% Li #TEST
Slide 21: Proposed Rhyolite Ridge Process Plant
Proposed Rhyolite Ridge Process Plant 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 Plant 21 IN
Slide 22: Well Understood and Proven Flow Sheet
Well Understood and Proven Flow Sheet Sulfuric Power Steam Systems Water Systems Other Utilities Reagents Acid Plant Gen STG IR-2 Cake Recycle (Recycle Reagent) BA Flotation Recycle EVP-2 Brine (Boron Recovery) (Li Recycle) Evaporation Boric Acid Impurity Impurity Lithium ROM Leach Crystallization E
Slide 23: U.S. District Court Upholds Rhyolite Ridge Federal Permit
U.S. District Court Upholds Rhyolite Ridge Federal Permit • Following Issuance of Record of Decision in October 2024, litigation was brought by NGOs against federal agencies challenging Project approval • On March 30, 2026, the Court found that BLM and USFWS complied with NEPA and FLPMA in their rev
Slide 24: 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 25: 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 26: ir@ioneer.com
www.ioneer.com. ir@ioneer.com 26