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Financial Data and Key Metrics Changes - The company reported a net present value (NPV) of $2.3 billion and an internal rate of return (IRR) of 23.2% [13] - The all-in sustaining cash cost for lithium carbonate production is $4,628 per tonne, placing it in the bottom quartile globally [15][20] - Annual revenue is projected to be $790 million with an annual EBITDA of $563 million over the first 25 years [16] Business Line Data and Key Metrics Changes - The ore reserve is now 265 million tonnes, sufficient for 77 years of mining at the current rate of 3.4 million tonnes per annum [14] - The total mineral resource is 549 million tonnes, indicating significant expansion potential [15] Market Data and Key Metrics Changes - The project is positioned within the lowest cost quartile globally for lithium carbonate equivalent production, benefiting from the co-production of boric acid [9][20] - Approximately 50% of the world's lithium production costs exceed $10,000 per tonne, while Rhyolite Ridge operates at a significantly lower cost [20] Company Strategy and Development Direction - The company aims to finalize a global strategic partnering process to secure capable equity partners for the Rhyolite Ridge project [4][9] - The project is designed to be a vertically integrated lithium-boron operation, enhancing the U.S. position as a significant producer of critical minerals [5][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the coming year will be transformational, translating years of effort into long-term value [10] - The company acknowledges the volatile geopolitical environment affecting the lithium sector, which has led to an extension of the partnering process into 2026 [26][41] Other Important Information - The project has received a favorable record of decision from the Bureau of Land Management, completing the NEPA permitting process [5][6] - A $986 million loan from the U.S. Department of Energy has been secured, strengthening the project's financial foundation [6][22] Q&A Session Summary Question: Why does the U.S. government prioritize overseas supply deals despite domestic projects? - Management clarified that very few projects are shovel-ready for lithium production, with Ioneer being one of the few fully permitted projects [37][40] Question: What is the plan for completing the remaining 30% of design engineering? - The remaining design will be completed post-FID with the assistance of an EPC contractor, Fluor [42] Question: What reasons did Sibanye give for not proceeding with the project? - Sibanye cited a lack of capacity to fund their share and stated that the project did not meet their investment criteria [44]

Project Overview - Rhyolite Ridge is a rare lithium and boron deposit in Nevada, poised to produce high-purity, refined chemicals on-site[14] - The project boasts strong economics with a levered NPV of $2.3 billion and an IRR of 23.2%[20] - The project has a substantial ore reserve of 265Mt, supporting a 77-year mine life with a Phase 1 operation processing 3.4mtpa[20] - The project is fully permitted, shovel-ready, has secured offtakes, and benefits from low-cost US government debt[20] Financial Performance - The project anticipates average annual revenue of $790 million during years 1-25 and $608 million over the Life of Mine (LOM)[22] - Average annual EBITDA is projected at $563 million for years 1-25 and $417 million over the LOM[22] - Capital costs are estimated at $1,683 million[22] - The project's unlevered NPV is $2,237 million, with an unlevered IRR of 18.0%[22] Operational Efficiency - The project aims for an all-in sustaining cash cost of US$4,628 per tonne of Lithium Carbonate Equivalent (LCE), placing it in the bottom quartile of the global lithium cost curve[20] - The project's C1 OPEX is projected at $2,933 per LCE tonne for years 1-25[28] - The Life of Mine (LOM) AISC OPEX is $5,216 per LCE tonne[30] Expansion and Resources - The project has a proven expansion potential with a 549Mt Mineral Resource[20] - The total Proved & Probable Ore Reserve is 265,531 kt with a Li grade of 1,443 ppm and a B grade of 5,112 ppm, containing 2,039 kt of Li2CO3 equivalent and 7,761 kt of H3BO3 equivalent[23]

Funding and Financial Performance - The company estimates that the development of the Project will require approximately $1,668 million by June 2025, with expectations of increased costs due to inflation in the global mining industry[48]. - The company plans to fund part of the capital expenditure with proceeds from a $996 million loan from the U.S. Department of Energy[48]. - The company has not realized any revenues to date from the sale of lithium or boron, indicating a significant reliance on equity issuances for immediate cash flow needs[52]. - The company is currently assessing options for additional funding, including strategic partnerships, debt, and equity financing[49]. - The company faced a setback when Sibanye Stillwater Limited decided not to proceed with a joint venture, which was expected to close in Q1 2025[69]. - The company announced the closing of a loan from the DOE's Loan Programs Office to support the development of an on-site processing facility, contingent on meeting certain conditions[70]. - The company acknowledges that its future performance is difficult to evaluate due to its limited operating history and reliance on successful project development[52]. - The company expects to derive revenues primarily from the sale of refined lithium and boron compounds, with prices subject to unpredictable fluctuations due to various uncontrollable factors[99]. - The company has never declared or paid cash dividends on its ordinary shares and does not anticipate doing so in the foreseeable future[113]. - The company does not anticipate paying dividends in the foreseeable future, intending to retain future earnings to finance business development[133]. - The company expects to incur significant increased costs due to compliance with U.S. public company regulations, which may impact its financial performance[132]. - For fiscal 2025, the company reported a loss from operating activities of $10,196,000, an increase from $9,225,000 in fiscal 2024[228]. - Net loss for fiscal 2025 was US$9,554,000, an increase of US$1,729,000 or 22% from fiscal 2024's loss of US$7,825,000[235]. - Total current assets decreased to $25,267,000 in fiscal 2025 from $36,058,000 in fiscal 2024[228]. - Total assets increased to $233,541,000 in fiscal 2025 from $224,475,000 in fiscal 2024[228]. - As of September 30, 2025, the company had cash assets of $25,059,000, down from $35,715,000 in fiscal 2024[228]. - Net cash used in operating activities decreased by US$393,000 to US$6,805,000 in fiscal 2025 compared to fiscal 2024[237]. - Net cash used in investing activities decreased significantly by US$21,553,000 to US$13,830,000 in fiscal 2025, driven by reduced project engineering work[238]. - Net cash provided by financing activities was US$10,202,000 in fiscal 2025, a decrease of US$15,284,000 from fiscal 2024[239]. - Accumulated losses reached US$69,906,000 as of June 30, 2025, reflecting ongoing exploration and development costs[240]. Project Development and Permitting - The Rhyolite Ridge Project received BLM approval to mine properties in October 2024 after completing the NEPA review[75]. - The Company has obtained a Water Pollution Control Permit and Class II Air Quality Permit from the State of Nevada[76]. - A positive Record of Decision (ROD) was published by the BLM in October 2024, allowing the Company to commence construction activities[76]. - The permitting process for mining operations is complex and time-consuming, with potential delays impacting future revenues and profitability[91]. - Environmental regulations may impose significant costs and delays, affecting the Company's financial performance and operational timelines[93]. - The project has received approval for its Mine Plan of Operations, which includes measures to protect the endangered Tiehm's buckwheat[161]. - The final Environmental Impact Statement was published in September 2024, marking a significant step towards the project's approval[146]. - Significant state authorizations for the project have been obtained, including a Nevada State Reclamation Permit issued in December 2024[194]. - The company is currently involved in a legal case regarding the BLM's Record of Decision, with no injunctions issued against site construction[196]. - The company is working towards securing all necessary permits and approvals for the construction and operation of the project[222]. Resource Estimates and Production - In March 2025, ioneer reported a 45% increase in the mineral resource estimate for the Rhyolite Ridge Project to 510 million tonnes[146]. - The ore reserve was more than quadrupled to 247 million tonnes in June 2025, along with updated project economics[146]. - The mineral resource estimate for the Rhyolite Ridge South Basin as of August 2025 includes a total of 60,516 kt of lithium carbonate (Li2CO3) and 26,877 kt of inferred resources[158]. - The total measured and indicated resources (M&I) for all streams amount to 173,971 kt, with an average lithium grade of 1.416 wt%[158]. - The August 2025 mineral resource estimate totals 279.1 million tonnes (MT) with lithium (Li) at 1,384 ppm and boron (B) at 4,380 ppm, yielding 2,056 kilotonnes (ktonnes) of Li2CO3 and 6,991 ktonnes of H3BO3[165]. - The recovery rates for lithium and boron in Stream 1 are 85.7% and 80.2% respectively, while Stream 2 and 3 show lower recovery rates ranging from 32.9% to 78.0%[166]. - The total contained lithium in the measured resources is 67,440 kt, with an average lithium grade of 1.530 wt%[158]. - The total contained lithium carbonate (Li2CO3) is estimated at 2,010 kt, while contained boric acid (H3BO3) is estimated at 7,742 kt[181]. - Proven reserves increased by 330% compared to the October 2023 estimate, with a total of 199.8 million tonnes of proven and probable reserves[181]. - Contained lithium increased by 248% and contained boron increased by 46% in the updated reserve estimate[181]. - The average lithium grade decreased due to the inclusion of lower grade material from Stream 2 and Stream 3[181]. - The process costs have been revised to include a combination of fixed costs and acid consumption based on the resource model, with reduced leach retention time from three days to two[167]. - The geological model was developed using a stratigraphic gridded surface model, with a block size of 9.14 meters for economic attributes assignment[172]. Market and Competitive Landscape - New and existing competitors have increased lithium supply, which has negatively affected prices; further production increases could exacerbate this issue[101]. - The market price of the company's American Depositary Shares (ADSs) may be highly volatile, influenced by economic conditions beyond its control[107]. - The dual listing of the company's ordinary shares on ASX and ADSs on Nasdaq may adversely affect the liquidity and value of the ADSs[120]. - The company cannot predict which new technologies may become commercially viable, potentially impacting demand for lithium batteries in various applications[100]. - The company competes with larger mining companies for exploration properties and qualified personnel[200]. Environmental and Regulatory Risks - Tiehm's buckwheat was listed as an endangered species, with approximately 910 acres designated as critical habitat, potentially impacting project development[78]. - The company faces risks related to unpatented mining claims, including compliance with federal and state laws and potential forfeiture[82]. - Cybersecurity risks may adversely affect the Company's business, with increasing sophistication of unauthorized access attempts[89]. - Compliance with environmental regulations may impose substantial costs and liabilities on the company, affecting its operations[204]. Employee and Management Considerations - The company is dependent on key management employees, and the loss of such personnel may adversely affect performance[71]. - The company will require additional personnel to support growth, which may pose challenges in recruitment and retention[72]. - Employee benefits expense increased by US$1,028,000 or 19% from fiscal 2024 to fiscal 2025, primarily due to increased share-based payments[231]. Legal and Compliance Issues - The deposit agreement governing the ADSs includes a waiver of jury trial, which may limit legal recourse for ADS holders[102]. - The company may face challenges in enforcing U.S. securities laws in jurisdictions outside the United States, complicating legal proceedings for ADS holders[117]. - The company cannot assure that an active public market for the ADSs will be maintained, which could adversely affect their market price and liquidity[110]. - The company may lose its foreign private issuer status if more than 50% of its outstanding voting securities are held by U.S. residents, which would increase legal and compliance costs[127]. - As a foreign private issuer, the company is permitted to file less information with the SEC compared to domestic issuers, which may result in less publicly available information[123]. - The company is classified as an emerging growth company and may take advantage of reduced disclosure requirements, which could affect the attractiveness of its ADSs to investors[128].

Project Overview - Rhyolite Ridge is a rare lithium-boron deposit in the U S [25, 28] - The project has strong economics with a Net Present Value (NPV) of $2 0 billion and an Internal Rate of Return (IRR) of 20 9% (levered) [26] - The project is construction ready and fully permitted [24, 26] Boron Market - Southwest USA and Turkey account for approximately 80% of global boron production [18] - The U S Department of Defense (DoD) consumed over 35 thousand tonnes of boron carbide for military applications in 2023 [24] - Boron is used in over 300 separate applications and is critical for energy, defense, and aerospace [18] Resource and Reserve Estimates - The South Basin Mineral Resource is estimated at 539 458 Ktonnes [49] - This resource contains 4 067 Kt of Lithium Carbonate Equivalent (Li2CO3) and 14 733 Kt of Boric Acid (H3BO3) [49] - The South Basin Ore Reserve is estimated at 260 341 Ktonnes [51] - This reserve contains 2 010 Kt of Li2CO3 and 7 742 Kt of H3BO3 [51] Company Information - As of October 20, 2025, the company had 2 7 billion shares outstanding [38] - As of September 30, 2025, the company's cash balance was $21 8 million [38]

Core Insights - U.S. stocks exhibited mixed performance, with the Nasdaq Composite increasing by over 100 points on Monday [1] - Comerica Incorporated's shares surged 15.7% to $81.64 following the announcement of its acquisition by Fifth Third Bancorp for $10.9 billion [1] Company Performance - Critical Metals Corp. saw a significant increase in shares, jumping 78.8% to $14.27 after securing a $35 million securities purchase agreement [3] - Pioneer Ltd experienced a gain of 51.2%, reaching $7.18 [3] - Arteris, Inc. shares rose by 31.7% to $14.47 [3] - Advanced Micro Devices, Inc. surged 27.6% to $210.18 due to a multi-year partnership with OpenAI involving 6 Gigawatts of AMD GPUs and a warrant for up to 160 million shares [3] - Kopin Corporation's shares increased by 25.5% to $3.5391 following a $41 million PIPE financing announcement [3] - Sanmina Corporation rose 23.6% to $140.99 [3] - HIVE Digital Technologies Ltd. gained 23.2% to $5.48, with a 138% year-over-year increase in September Bitcoin output [3] - Eightco Holdings Inc. rose 21.1% to $9.98 [3] - Heidrick & Struggles International, Inc. jumped 19.8% to $58.31 after announcing a definitive agreement for acquisition valued at $1.3 billion [3] - Solid Power, Inc. increased by 19.4% to $5.16 [3] - UiPath Inc. rose 14.6% to $14.78 [3] - Diginex Limited gained 13.6% to $18.70 after completing the acquisition of Matter DK ApS [3] - Riot Platforms, Inc. rose 12.2% to $21.81, with an analyst maintaining an Overweight rating and raising the price target from $22 to $26 [3] - Eos Energy Enterprises, Inc. increased by 13.1% to $14.25 following a strategic partnership announcement with Unico [3] - IREN Limited jumped 10.6% to $55.84 [3] - Lumen Technologies, Inc. gained 10.3% to $7.24 [3] - Archer Aviation Inc. rose 9.9% to $12.72 [3]

Core Insights - The Trump administration's acquisition of up to a 10% equity stake in Lithium Americas Corp (LAC) aims to enhance domestic production of critical minerals, particularly lithium, by renegotiating a $2.26 billion Department of Energy loan for the Thacker Pass project in Nevada [1] Company Summaries - **Lithium Americas Corp (LAC)**: The company is at the center of a strategic investment by the Trump administration, which seeks to bolster domestic lithium production through a significant loan renegotiation [1] - **MP Materials Corp (MP)**: As the largest producer of rare earths in the U.S., MP Materials has secured a 15% equity stake from the Department of Defense, positioning it as a key player for potential further government investment [3][4] - **USA Rare Earth Inc (USAR)**: The company is advancing the Round Top project in Texas, focusing on building a fully integrated U.S. rare earth supply chain, making it a strong candidate for federal support [5] - **Ioneer Ltd (IONR)**: Developing the Rhyolite Ridge lithium-boron project in Nevada, Ioneer has received a conditional commitment for a $700 million loan from the Department of Energy, aligning with national security objectives [6] - **Perpetua Resources Corp (PPTA)**: The company is advancing the Stibnite Gold Project in Idaho, which offers gold and significant antimony reserves, contributing to U.S. supply and aligning with national security goals [7] Industry Implications - The Trump administration's strategic investments in critical minerals companies indicate a broader initiative to strengthen domestic supply chains and reduce dependence on foreign sources, suggesting potential increased valuations and strategic partnerships for these companies [8]

Core Insights - The Trump administration's acquisition of up to a 10% equity stake in Lithium Americas Corp (LAC) aims to enhance domestic production of critical minerals, particularly lithium, by renegotiating a $2.26 billion Department of Energy loan for the Thacker Pass project in Nevada [1] Company Summaries - **Lithium Americas Corp (LAC)**: The company is at the center of a strategic investment by the Trump administration, which seeks to bolster domestic lithium production through a significant loan renegotiation [1] - **MP Materials Corp (MP)**: As the largest U.S. producer of rare earths, MP Materials operates the Mountain Pass mine in California and has secured a 15% equity stake from the Department of Defense, positioning it as a potential candidate for further government investment [3][4] - **USA Rare Earth Inc (USAR)**: The company is advancing the Round Top project in Texas, focusing on building a fully integrated U.S. rare earth supply chain. Its alignment with the administration's goals makes it a likely candidate for federal support [5] - **Ioneer Ltd (IONR)**: Developing the Rhyolite Ridge lithium-boron project in Nevada, Ioneer has received a conditional commitment for a $700 million loan from the Department of Energy, indicating its strategic importance in securing domestic lithium sources [6] - **Perpetua Resources Corp (PPTA)**: The company is advancing the Stibnite Gold Project in Idaho, which offers gold and significant antimony reserves. This aligns with national security objectives by enhancing domestic mineral production [7] Industry Implications - The Trump administration's strategic investments in critical minerals companies reflect a broader initiative to strengthen domestic supply chains and reduce reliance on foreign sources, indicating potential for increased valuations and strategic partnerships for these companies [8]

Summary of Ioneer (IONR) Update / Briefing September 03, 2025 Company Overview - **Company**: Ioneer (IONR) - **Project**: Rhyolite Ridge, a lithium and boron deposit of strategic importance to the United States Key Points and Arguments 1. **Project Economics Upgrade**: A significant upgrade to the economics of the Rhyolite Ridge project was announced, with the NPV increasing by 38% to just under $1,900,000,000 [3][12] 2. **Production Capacity**: The project has an ore reserve of 260,000,000 tons, allowing for an 82-year mine life with a production rate of 3,000,000 to 3,200,000 tons per annum, up from 2.4 to 2.6 million tons previously [4][5] 3. **Cost Efficiency**: The all-in sustaining cash cost is positioned in the bottom quartile at $5,626 per ton of lithium carbonate equivalent, benefiting from a boron credit that significantly reduces costs [5][20] 4. **Resource Potential**: The total resource is over 540,000,000 tons, indicating substantial potential for future expansion in lithium and boron production [8][24] 5. **Debt Financing**: A loan of just under $1,000,000,000 has been secured from the US government, which is a low-cost, long-term financing option [7][12] 6. **Production Transition**: The project will initially produce lithium carbonate before transitioning to lithium hydroxide, with a 20% increase in hydroxide production expected [10][11] 7. **EBITDA Growth**: Average annual EBITDA is projected to increase by 22% from $406,000,000 to $497,000,000 [12] 8. **Operational Readiness**: The project is fully permitted, shovel-ready, and has over 70% of the engineering completed, which is ahead of most mining projects at this stage [6][22] 9. **Strategic Partnerships**: Ioneer is in the process of securing an equity partner, with Goldman Sachs involved in the partnering process [25][51] 10. **Government Support**: Strong backing from both federal and state governments, emphasizing the importance of critical minerals projects [55][58] Additional Important Insights 1. **Boron Revenue Contribution**: The project is expected to produce over 100,000 tons of boric acid annually, contributing significantly to the overall economics [20][21] 2. **Unique Deposit Characteristics**: Rhyolite Ridge is noted for its unique physical properties, allowing for efficient leaching and high recovery rates [33][42] 3. **Market Demand**: The US government is focused on securing domestic supply chains for critical minerals, which aligns with the strategic importance of the Rhyolite Ridge project [59][60] 4. **Future Growth Pathways**: The company is exploring various pathways for future growth and expansion of the project, indicating a proactive approach to scaling operations [34][35] 5. **Strategic Review of Competitors**: The strategic review of Rio Tinto's borates business highlights the competitive landscape and the strategic value of boron assets [46][47] This summary encapsulates the critical updates and strategic insights from the Ioneer briefing, emphasizing the project's economic viability, operational readiness, and alignment with government priorities in the critical minerals sector.

Project Economics Improvement - NPV increased by 38% to $1.888 billion due to leach optimization and new mine plan[16] - Levered NPV increased by 33% to $1.998 billion[16] - Average annual revenue is estimated at $575 million over the Life of Mine (LOM)[16] - Average annual Lithium Hydroxide (LiOH) production is projected at 21,900 tonnes per annum (tpa) over the LOM[16] - Average annual Boric Acid production is projected at 68,000 tpa over the LOM[16] - Ore Reserves are estimated at 260 million tonnes[15, 16] Operating Costs and Production - All-in sustaining cash cost (AISC) is estimated at US$5,626 per LCE tonne, placing the project in the bottom quartile of the global lithium cost curve[15] - Reagents account for approximately 49% of the operating expenses (Opex)[22, 37] - The project aims for a stable, secure, long-term supply with 75% of revenue from Lithium and 25% from Boron[48, 50] Project Status and Resources - The project has received its final federal permit and is shovel-ready[15, 27] - A US Department of Energy (DOE) loan of $996 million has been secured[15, 27] - The Mineral Resource is large and expandable, totaling 539,458 ktonnes[29]