September 2023 - Quarterly Activities Report

Ioneer Ltd (“Ioneer” or “the Company”) (ASX: INR, Nasdaq: IONR), an emerging lithium-boron supplier, is pleased to report on its activities for the quarter ending 30 September 2023 and provide an update on the development of its 100%-owned Rhyolite Ridge Lithium-Boron Project in Esmeralda County, Nevada (“Rhyolite Ridge Project” or “the Project”).

Highlights

• Permitting Progress – the Project continues to advance through the NEPA permitting process with no major issues or delays. A draft EIS is expected in Q4 2023.
• Construction and Operational Readiness – the Company continues its preparations for commencement of construction in 2024:
  • Steering and Technical committees in place with partner Sibanye Stillwater ahead of the expected formalization of joint venture in 2024
  • Continued progress on engineering and procurement including construction planning, securing long lead items, and ensuring deliverables are at an “issued for construction” stage
  • Advancing ESG and ESH programs and building the owner’s team
  • Ongoing engagement with community stakeholders, including Tribal Nations
• Organic Growth Potential – 360Mt Mineral Resource Estimate (MRE)
  • Three distinct types of mineralisation based on boron and clay content with Types 1 and 3 being low-clay types
  • Only Type 1 currently included in Project economics
  • Extensive testwork has shown that Type 3 (128Mt) is a candidate for vat or heap leaching methods, similar to those to be employed for processing Type 1 ore

Ioneer Managing Director, Bernard Rowe said:

“Rhyolite Ridge is one of a limited number of lithium projects in the U.S. expected to begin production by 2026. The site’s rare minerology and presence of our meticulously engineered, on-site processing facility will allow Ioneer to provide a stable, long-term, socially, and environmentally responsible source of lithium and boron in and for the United States.

Ioneer’s progress toward a Final Investment Decision and commencement of construction at Rhyolite Ridge continued this past quarter. We are financially well-positioned as we approach being fully permitted with conditional debt and equity commitments of nearly US$1.2 billion.

In September, we announced findings from our latest leach tests conducted on low-boron (Type 3) mineralisation. The results further reinforced Rhyolite Ridge’s unique ability to help meet domestic lithium needs and demonstrated the material’s organic growth potential – currently excluded from Project economics but located within the existing footprint of the proposed mine site.

We look forward to completing the important federal permitting process, delivering these critical and valuable materials, and strengthening domestic EV supply chains.”

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