Quarterly Activities Report For The Period Ending 31 December 2022

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 31 December 2022 and to 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

• U.S. Department of Energy offers conditional commitment for a loan of up to US$700 million for the Rhyolite Ridge Project (announced Jan 16, 2023)
• Rhyolite Ridge Project advances into final stage of permitting
  • BLM published Notice of Intent
  • Major milestone toward completion of the NEPA process and approval of the Project’s Plan of Operations
• U.S. Fish and Wildlife Service establishes formal clarification in line with expectations, through decision to list Tiehm’s buckwheat as an endangered species
• Memorandum of Understanding signed with Shell Canada Energy for sulphur supply
• Detailed engineering and procurement activities advancing
• Dedicated Tiehm’s buckwheat greenhouse completed and operational

“Once again, we enjoyed a quarter marked by some very significant milestones, culminating in the United States Department of Energy (DOE) offering the Company a Conditional Commitment for a loan of up to US$700m in January. I regard this as the most significant milestone in the history of the Company and a testament to the countless hours of hard work by the Ioneer team over the past six years.

In early December, we announced an MOU with Shell Canada for the supply of sulphur, then in mid-December the U.S. Fish and Wildlife Service, as anticipated, announced the listing of Tiehm’s buckwheat, closely followed by the BLM’s decision to publish a Notice of Intent (NOI) that advances Rhyolite Ridge into the final stage of permitting.

Both the NOI and DOE conditional loan commitment mark significant and important milestones toward the realisation of the Rhyolite Ridge Lithium-Boron Project and reflect the hard work and dedication of everyone involved, including the Ioneer and Stantec teams working closely with the BLM and cooperating agencies.

We are greatly encouraged by these events as we understand the Rhyolite Ridge Project is the first lithium project to be issued a NOI under the Biden Administration and the loan would be the first-ever by the DOE to provide financing for the processing component of a project where lithium is extracted and refined at site. We see these as significant steps toward ensuring a strong domestic supply of critical and strategic materials necessary for development of a domestic battery supply chain essential to the electrification of transportation in the U.S.

Our Project is uniquely positioned in the U.S., and has been engineered to ensure a stable, long- term, environmentally sustainable source of lithium. Now, with conditional debt and equity commitments of nearly US$1.2 billion, we are well positioned to commence construction upon receipt of final permitting.”

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