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.

Rhyolite Ridge Project Material Improvement in Project Economics For personal use only INVESTOR PRESENTATION September 2025 : IONR ASX : INR www.ioneer.com B Li 1 Disclaimer This presentation has been prepared as a summary only and does not contain all information about ioneer Ltds (ioneer or the Company) assets and liabilities, financial position and performance, profits and losses, prospects, and the rights and liabilities attaching to ioneer's securities. The securities issued by ioneer are considered sp ...