Ioneer (INR) H2 2024 earnings summary

Executive summary

• Advanced permitting and engineering for the Rhyolite Ridge Lithium-Boron Project, with a Final Investment Decision (FID) targeted after expected federal approval in October 2024.

• Raised $25 million through a share placement and progressed a $700 million conditional loan from the US Department of Energy.

• Increased Measured Resource by 71% to 75Mt, with total Mineral Resource at 351Mt and Ore Reserve at 60Mt.

• Secured binding offtake agreements for over 80% of expected lithium carbonate and most boric acid production.

• No dividends declared; focus remains on project development and future growth opportunities.

Financial highlights

• Net loss after tax of $7.8 million for FY2024, compared to $6.4 million in FY2023.

• Net cash outflow of $17.1 million, improved from $40.8 million outflow in FY2023.

• Net assets increased to $218.2 million from $197.4 million year-over-year.

• Cash and cash equivalents at $35.7 million as of June 30, 2024.

• Capitalised exploration expenditure rose to $35.4 million.

Outlook and guidance

• Anticipates federal Record of Decision in October 2024, enabling construction start.

• Finalisation of DOE loan and Sibanye-Stillwater equity commitment expected post-permitting.

• Project positioned as a cornerstone US lithium supplier, with multi-stage growth potential.