Ioneer (INR) H2 2025 earnings summary

Executive summary

• Achieved major milestones including federal permitting (Record of Decision) for the Rhyolite Ridge Lithium-Boron Project and closing a $996 million DOE loan, positioning the project for final investment decision and construction commencement.

• Ore Reserve quadrupled to 247 million tonnes and Mineral Resource increased by 45% to 510 million tonnes, supporting a 95-year mine life and robust project economics.

• Strategic partnership process underway to secure an equity partner after Sibanye-Stillwater withdrew from the joint venture.

Financial highlights

• Net loss after tax for FY2025 was $9.55 million, compared to $7.83 million in FY2024.

• Net cash at year-end was $25.1 million, down from $35.7 million the previous year.

• Operating cash outflows improved to $6.8 million from $7.2 million year-over-year; investing cash outflows decreased to $13.8 million from $35.4 million.

• Raised $16 million via placement and $2.2 million via share purchase plan to fund project advancement.

Outlook and guidance

• Focus remains on closing a strategic partner agreement, obtaining FID approval, and commencing construction.

• Expansion pathways identified to increase lithium production above 100,000 tonnes per year through multiple plant expansions.

• Ongoing optimisation and R&D efforts to improve production efficiency and reduce costs.