June 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 June 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

• Rhyolite Ridge South Basin Mineral Resource increases by 168% to 3.4 Mt lithium carbonate equivalent (LCE) and 14.1 Mt of boric acid equivalent
• Ioneer and Dragonfly Energy Partnership to strengthen U.S. lithium battery and storage supply chain
• Federal permitting process (NEPA) continues to advance with completion of the first public scoping period and progress towards publication of a draft EIS
• Detailed engineering and procurement activities advancing in preparation for commencement of construction in H1 2024
• Growth studies (North and South Basins) progressing well with an update on metallurgical testwork expected in August 2023

“As the world’s demand for lithium in electric vehicle and energy storage increases, the need to secure a reliable, sustainable, and U.S. domestic source of lithium is critical.

Our Project is uniquely positioned in the U.S., and has been engineered to ensure a stable, long- term, socially, and environmentally responsibly mined source of lithium.

This past quarter has continued the Company’s progress toward a Final Investment Decision and commencement of construction.

In April, we updated our Mineral Resource estimate for the South Basin, demonstrating the tremendous growth potential at Rhyolite Ridge. We look forward to building on South Basin extensions and related exploration efforts on the much larger North Basin with similar mineral composition.

In May, Ioneer was pleased to announce a partnership with Nevada-based Dragonfly to deliver these critical electric vehicle battery materials from Rhyolite Ridge.

We continue to make measurable progress in the NEPA process following the completion of the first public scoping period during the quarter and the decision of the Bureau of Land Management (BLM) to publish a Notice of Intent (NOI) in December 2022. The next phase, the release of a draft Environmental Impact Statement (EIS), is expected to be completed in Q3 2023.

The Company is financially well positioned as we approach the final permitting stage with conditional debt and equity commitments of nearly US$1.2 billion.”

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