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]

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 Viewpoint - ioneer has announced a significant upgrade to the economics of the Rhyolite Ridge Project, highlighting its strategic importance in the lithium and boron market in the United States [2][3]. Economic Upgrade - The Net Present Value (NPV) of the Rhyolite Ridge Project has increased by 38%, reaching just under $1.9 billion, which translates to approximately AUD 1 per share for ioneer [3]. - The project is expected to produce more lithium and boron without any changes in upfront capital expenditures [3]. Resource Details - The ore reserve for the Rhyolite Ridge Project is 260 million tonnes, consisting of three ore streams that are blended together [4].

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]