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.