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 ...

Core Viewpoint - Rock Tech Lithium Inc. has announced the receipt of irrevocable subscription agreements for a total of $4.8 million through a private placement offering of units priced at $0.90 per unit, which includes both brokered and non-brokered offerings [1][3][6]. Group 1: Offering Details - The offering consists of units that include one common share and one common share purchase warrant, with the warrant exercisable at $1.17 for three years [3][6]. - The Brokered Offering is managed by Maxim Group LLC as the sole placement agent [2]. - The expected closing date for the offerings is around September 3, 2025, and may occur in multiple tranches [4][8]. Group 2: Additional Offerings - The company plans to offer up to 2,975,111 additional units for gross proceeds of up to $2.678 million on a non-brokered basis, targeting select Canadian and offshore institutional investors [5][6]. - The total offering may be increased by an additional $2.5 million based on investor demand, potentially raising total gross proceeds to $10 million [6]. Group 3: Use of Proceeds - The net proceeds from the offerings are intended to fund the advancement of the Guben Converter project and for general corporate and working capital purposes [6]. Group 4: Company Overview - Rock Tech Lithium aims to enhance the battery supply chain in Europe and North America by producing high-quality lithium, supporting a sustainable and transparent value chain [10][11]. - The company operates lithium hydroxide converter projects in Guben, Germany, and Ontario, Canada, with a focus on responsible sourcing and circular economy principles [11][12].

A core element of the renewable energy initiative is the direct supply of electricity from new wind and photovoltaic plants in the neighboring Polish municipality of Gubin. ENERTRAG intends to provide at least 70 GWh of renewable electricity per year under a future power purchase agreement (PPA), covering at least 50 percent of the converter's expected electricity demand. For Rock Tech, this means a significant reduction in indirect CO2 emissions (Scope 2 GHG) by at least 25 percent. "With the planned direc ...

Summary of Key Points from J.P. Morgan's Lithium Industry Report Industry Overview - The report focuses on the lithium industry, specifically the trade data related to lithium hydroxide (LiOH) and lithium carbonate from China for July 2024 and year-to-date (YTD) figures. Key Data Points Lithium Hydroxide (LiOH) - **Exports**: In July 2024, LiOH exports from China dropped by 86% year-over-year (y/y) to 1.2kt compared to 9.1kt in July 2023. This marks the lowest monthly export level for the year [2][4]. - **YTD Exports**: Net exports YTD are 21.2kt, which is 71% lower than the same period last year. Full-year 2024 net exports are projected at 113kt, down 11% from 2023 [2][4]. - **Historical Context**: FY2023 net exports were 126.2kt, a 40% increase y/y, while 2022 exports were 90.3kt, which was 29% higher than 2021 [2][4]. Lithium Carbonate - **Imports**: July 2024 lithium carbonate imports decreased by 43% y/y to 13.8kt from 24.2kt in July 2023. YTD net imports are 128.7kt, approximately flat compared to the same period in 2023 [2][4]. - **Full-Year Projections**: For full-year 2024, net imports are expected to reach 231kt, a 55% increase compared to 2023 [2][4]. - **Historical Context**: In 2023, net imports were 149.2kt, a 19% increase y/y, while 2022 saw imports of 125.7kt, which was 72% higher than 2021 [2][4]. Price Trends - **Lithium Carbonate Prices**: The average import price for lithium carbonate decreased by 1% month-over-month (m/m) and 9% y/y in July, averaging $9,987 per ton [2][4]. - **LiOH Prices**: The average export price for LiOH fell by 8% m/m and 39% y/y in July, averaging $9,961 per ton [2][4]. Additional Insights - The significant drop in exports and imports indicates a potential slowdown in demand or production challenges within the lithium sector, which could impact pricing and availability in the global market [2][4]. - The historical data shows a trend of increasing exports and imports in previous years, making the current declines noteworthy and warranting further investigation into market dynamics and potential causes [2][4]. Conclusion - The lithium industry is experiencing notable fluctuations in trade volumes and pricing, with significant declines in both LiOH and lithium carbonate exports and imports in July 2024 compared to previous years. This trend may have implications for market participants and investors in the lithium sector [2][4].

对此，紫金天风期货撰文分析认为，近期锂价波动主要受国内供应端扰动影响。一方面枧下窝、青海盐 湖等受合规性制约，出现强制停产，另一方面，此前个别冶炼厂开启检修、停售等行为，进一步助推锂 价上行。 华闻期货也认为，宁德枧下窝矿区停产落地，短期供应缺口显现；尽管当前锂辉石产线及加工厂库存暂 补缺口，但停产传闻直接点燃市场对"金九银十"供应紧张的担忧，导致库存向中下游转移，显示产业链 接受度提升。 【环球网财经综合报道】据上海有色网最新报价显示，8月19日，碳酸锂（99.5% 电池级/国产）价格涨 1080.0元报8.57万元/吨，创逾1年新高，连涨9日，近5日累计涨7700.0元，近30日累计涨22800.0元；氢 氧化锂（56.5% 电池级粗颗粒/国产）价格涨980.0元报7.78万元/吨，创逾1年新高，连涨8日，近5日累计 涨8050.0元，近30日累计涨20370.0元。 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the lithium industry, particularly the spodumene market, with significant developments in China affecting supply and pricing dynamics [1][11][15]. Core Company Insights Pilbara Minerals (PLS) - PLS has increased its price target by 45% to A$1.60/share due to improved short-term price outlook, despite a strong share price performance [1][7]. - The company reported a strong production quarter with recoveries improving to ~72% and production of 221kt of SC5.1 [7]. - PLS's capex guidance is expected to decline by ~50% YoY, indicating a shift towards operational and cost discipline [2][18]. - The recent site visit highlighted PLS's advanced ore sorting as a competitive advantage, with a strong balance sheet of ~$1 billion in cash [3][18]. - Production guidance for FY26 is set at 820-870kt with cost guidance of A$560-600/t FOB [7][18]. IGO Limited (IGO) - IGO's price target has been raised by 33% to A$4.80/share, but the company retains a Sell rating due to share price performance [1][7]. - The June quarter saw improved performance from the Nova asset, but production guidance for FY26 was disappointing, with expectations of 1.5-1.65mt, below prior estimates [7][16]. - IGO's capex for Greenbushes is higher than expected at A$575-675 million, and the Kwinana refinery is expected to continue operations despite previous assumptions of care and maintenance [7][16]. Patriot Battery Metals (PMT) - PMT's price target has been increased to A$0.65/share and C$5.90/share, with a Buy rating due to an improved funding environment [1][7][20]. - The company is positioned well for long-term production, with a focus on the Shaakichiuwaanaan Project, which is not sensitive to short-term pricing fluctuations [7][20]. - PMT's funding strategy includes a ~60:40 debt-equity split totaling C$1.6 billion, with an increased assumed raise price to C$4.50/share [7][20]. Pricing and Market Dynamics - Spodumene prices have been revised upwards by 17%/27%/27%/16% for 2025-2028, now projected at US$838/950/1,050/1,100/t, respectively [1][11]. - The market is currently pricing in higher spodumene prices than spot prices, indicating potential overvaluation of equities [4][18]. - The long-term price forecast for spodumene remains at US$1,200/t, with current prices expected to recover steadily [11][12]. Additional Insights - The recent crackdown on lepidolite mines in China may lead to supply disruptions, but the actual impact could be less severe than anticipated [1]. - The focus on operational efficiency and cost discipline is becoming increasingly important for companies in the lithium sector as they navigate market fluctuations [2][18]. - The strategic significance of downstream operations, such as IGO's Kwinana refinery, is highlighted, although it faces operational challenges [16][18]. Conclusion - The lithium industry is experiencing significant price adjustments and operational shifts, with companies like PLS, IGO, and PMT adapting to changing market conditions. The focus on cost discipline and strategic investments will be crucial for navigating the evolving landscape.

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Lithium - **Key Players**: CATL, Zangge Mining, Australian producers (IGO, PLS, MIN), Rio Tinto Core Insights and Arguments 1. **Supply Disruption Risks**: Recent scrutiny over mining licenses in China has led to supply concerns, particularly after CATL halted operations at its Jianxiawo lepidolite mine due to an expired license, indicating a closure of "at least 3 months" [1][2] 2. **Price Outlook Upgrade**: Due to supply disruptions and updated supply forecasts, lithium price outlooks have been revised upwards, with spodumene prices expected to rise by 16-27% and lithium chemicals (carbonate & hydroxide) by 5-14% across CY25-28E [1][5] 3. **Compliance Issues**: Many lithium miners are not compliant with licensing regulations, with an estimated 229kt LCE of lithium supply at risk and up to 120kt LCE facing high risk of curtailment [2] 4. **Demand Signals**: The demand for electric vehicles (EVs) remains strong, with global EV sales growing 26% year-over-year in June, led by a 31% increase in China [4] 5. **Battery Energy Storage Systems (BESS)**: The global BESS project pipeline is projected to reach approximately 1.6TWh from 2025 to 2030, indicating significant growth in this sector [58] Additional Important Insights 1. **Market Dynamics**: The worst of the lithium price downcycle is believed to have passed, although the company remains below consensus estimates [1][5] 2. **Supply Growth Adjustments**: Supply growth expectations for listed Australian producers have been updated, with delays in projects like Rio Tinto's James Bay [3] 3. **Inventory Management**: Chinese chemical inventories are currently sufficient but may see restocking due to mine supply shutdowns, which could support higher chemical prices [4] 4. **Future Catalysts**: Potential further disruptions in Chinese mine supply and inventory restocking of lithium chemicals are seen as upcoming catalysts for price movements [1][4] Conclusion The lithium industry is currently facing significant supply risks due to regulatory scrutiny in China, which has led to an upward revision in price forecasts. Demand for EVs and BESS remains robust, indicating a strong market outlook despite potential compliance issues among miners.

Core Insights - Rock Tech Lithium Inc. has been awarded funding from the Federal Ministry for Research, Technology and Space for the project "ELiSePro – Efficient Lithium Recovery Using Selective Processes" aimed at increasing lithium yield at the Guben site, contributing to Germany's raw material independence [1][4] - The project will be executed in collaboration with RWTH Aachen University, emphasizing the partnership between industry and academic research in Germany, with total funding amounting to approximately 250,000 Euros [2][9] - Various advanced ion separation methods will be compared to minimize lithium losses, with results intended for direct industrial application and publication in scientific journals [3] Company Strategy - The funding supports technological advancement in the German and European battery industry, marking a significant step towards enhancing supply security for critical raw materials and building sustainable value chains in Europe [4] - Rock Tech has received multiple public funding sources recently, positioning itself as a strategic player in the lithium industry, including funding from EIT RawMaterials (800,000 Euros) and Ontario's Critical Minerals Innovation Fund (388,000 CAD) [5] - The company aims to supply the electric vehicle and battery industry with sustainable lithium, targeting a 100% recycling rate and plans to build lithium converters in Germany and Ontario, Canada [6]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Chinese economy** and its current challenges, particularly in relation to the **anti-involution push** and **social welfare initiatives** introduced by Beijing to address the "3D" challenges facing the country [1][5]. Core Insights and Arguments - **Supply-side Dynamics**: There has been an **uneven rebound in upstream prices** in July, with notable increases in specific sectors: - **Polycrystalline silicon** prices increased by approximately **30% month-to-date (MTD)** from late June. - **Lithium hydroxide** prices rose by about **8%**. - **Coal** prices saw a **4%** increase [2][20]. - **Demand-side Concerns**: The sustainability of the price rebound is contingent on **final demand**. The current recovery in upstream prices may not be sustainable without a corresponding increase in consumer demand, which has been sluggish [3][4]. - **Final Demand Trends**: - The **housing market** and **export recovery** were critical in previous cycles (2015-2018) for successful reflation. However, current indicators suggest a potential moderation in exports, particularly to the US, due to declining restocking demand [4][10]. - **Construction activity** remains weak, with demand for **rebar** and **cement** below 2024 levels, indicating ongoing challenges in the housing market and local government financing [7][24]. - **Social Dynamics Indicator**: Recent surveys indicate a decline in sentiment among depositors, with perceptions of the employment situation reaching a record low. This reflects broader economic challenges and aligns with the recent policy shifts aimed at addressing these issues [7][26]. Additional Important Insights - The **July Politburo meeting** emphasized "high quality" urban renewal as a strategy to mitigate the housing market downturn, suggesting limited infrastructure investment support in the absence of decisive stimulus [7]. - The **Social Dynamics Indicator** has shown renewed challenges in Q2 2025, closely tracking with policy moves such as anti-involution initiatives and expanded social welfare [7][26]. - The report highlights that while upstream sectors may experience price increases due to supply constraints, midstream sectors like **petrochemicals** and **construction materials** have shown muted pricing improvements, indicating a lag in demand recovery [3][4]. This summary encapsulates the key points from the conference call, providing a comprehensive overview of the current state of the Chinese economy and its implications for various sectors.