Ioneer (INR) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum, instructions for online participation and voting, and a presentation by the Managing Director on 31 October 2025 focusing on project updates and strategic direction.

• Agenda included presentations, formal business, and time for shareholder questions.

Financial performance review

• Project NPV updated to $2.3 billion with an IRR of 23.2% (levered), and unlevered NPV of $2,237 million at 18% IRR for the current life-of-mine estimate.

• Annual revenue projected at $790 million and EBITDA at $563 million for the first 25 years; average annual revenue $563 million and EBITDA $417 million for the life-of-mine.

• All-in sustaining cash cost for lithium carbonate at $4,628/ton, placing the project in the lowest global cost quartile.

Board and executive committee updates

• Board and executive team introduced, with recognition of their contributions and leadership.

• CEO and executive team commended for technical achievements and successful permitting.