Ioneer Ltd.

Overview

Decarbonization initiatives have created a growing demand for the critical minerals necessary to manufacture clean technologies. Supply is already struggling to keep up with this new level of demand, especially when it comes to lithium — a key element used in renewable energy technology. Lithium-ion batteries are vital for electric vehicles (EVs), and the batteries to store energy from wind and solar. By 2050, around 300 terawatt hours (TWh) of lithium-ion battery deployed capacity will be needed to power EVs and supply energy storage systems.

But lithium is not the only critical mineral the world needs to reach ambitious net-zero goals. Boron is an element prized for its heat absorption, insulation and lightweight properties. The element is widely used in manufacturing EV chassis and permanent magnets.

The Rhyolite Ridge Project is unique both within North America and globally due to its lithium-boron deposits. Both elements are necessary for decarbonization, making the asset ideal for supporting the United States’ goals of achieving net-zero emissions by 2050. A 2020 definitive feasibility study (DFS) confirmed the project is a world-class lithium and boron asset with a long mine life and strong economics.

Ioneer has signed binding lithium offtake agreements with EcoPro Innovation, Ford Motor Company (NYSE:F), Prime Planet Energy Solutions (a joint venture between Toyota and Panasonic), and Dragonfly Energy. Entering into these agreements marks the completion of a key milestone as it moves toward production. The company expects the Rhyolite Ridge Project to be operational by 2026, and then begin supplying materials to its offtake partners. The DFS anticipates the project to generate enough lithium carbonate to produce high-capacity batteries for almost 400,000 EVs for its partners annually.

A board with decades of experience in the natural resources industry leads the company toward fully developing its promising project.

James Calaway, executive chairman, is the former chairman of Orocobre Ltd (now Allkem), a significant global lithium supplier. Bernard Rowe, managing director, has over 25 years of experience in mineral exploration and mine development. Alan Davies, independent non-executive director, is the former chief executive of energy and minerals at Rio Tinto, including the Borates division. Margaret Walker, independent non-executive director, brings over 40 years of experience in chemical engineering, construction and development of complex projects. Rose McKinney-James, independent non-executive director, provides a wealth of experience in both public and private sector service across corporate sustainability, social impact and small business leadership. Stephen Gardiner, independent non-executive director, has over 40 years of corporate finance experience at major international publicly listed companies.

The management team includes additional engineering, sales/marketing, corporate development and international finance experts.

Company Highlights

• Ioneer Ltd is an exploration and development mining company with a 100-percent-owned advanced-stage lithium-boron asset in the United States, with a goal to reach production and become an important source for the US domestic supply chain with lithium and boron, elements necessary for decarbonization.
• Rhyolite Ridge, the company’s flagship lithium-boron asset, is the only deposit of its kind in North America and is one of two known lithium-boron deposits globally.
• The Rhyolite Ridge South Basin Mineral Resource is 360Mt containing 3.4Mt of lithium carbonate equivalent and 14.1Mt boric acid equivalent, inclusive of the 60Mt reserve of high boron and lithium that supports the 26-year phase one mine development.
• A definitive feasibility study (DFS) indicates the asset has the potential to become a world-class project with a long mining life and strong economics.
• The DFS forecasts that the Rhyolite Ridge asset can produce batteries necessary for nearly 400,000 EVs per year.
• Ioneer has entered into binding lithium offtake agreements with automotive and electronics manufacturers, securing a future revenue stream once the project reaches production.
• The company has entered into a joint venture agreement with Sibanye-Stillwater to contribute US$490 million in exchange for a 50 percent interest in the project.
• The US Department of Energy (DOE) has offered a conditional loan commitment of up to US$700 million at fixed 10-year US Treasury rates to develop the Rhyolite Ridge project
• Ioneer is primed to commence construction of the Rhyolite Ridge Project upon final permitting and is well-positioned to become a cornerstone supplier of lithium to the US EV battery supply chain.
• An experienced management team with expertise throughout the mining industry, including lithium and boron, guides the company towards its mission of supporting the domestic US supply chain.