Ioneer (INR) Investor Presentation summary

Project overview and market context

• Rhyolite Ridge is a rare, fully permitted lithium-boron project in the U.S. with strong government support and robust economics, including an NPV of $2.0B and a 20.9% IRR (levered).

• The project is shovel-ready, with off-take agreements and low-cost U.S. government debt, and is positioned as the only construction-ready, DFS-complete boron deposit in the U.S.

• Boron and lithium are critical for batteries, magnets, semiconductors, and military applications, with boron supply dominated by the U.S. and Turkey.

• Rhyolite Ridge will produce high-purity lithium carbonate and boric acid onsite, supporting over 300 applications across energy, defense, and technology sectors.

• Approximately 25% of project revenue is expected from boron, generating $100–200m per year.

Resource and reserve estimates

• South Basin resource estimate (August 2025): 539.5Mt at 1,417ppm Li and 4,776ppm B, containing 4,067kt Li2CO3 and 14,733kt H3BO3.

• South Basin ore reserve estimate (August 2025): 260.3Mt at 1,451ppm Li and 5,201ppm B, containing 2,010kt Li2CO3 and 7,742kt H3BO3.

• Phase 1 operation targets 3Mtpa, with all-in sustaining cash cost of $5,626, placing it in the bottom quartile of the global lithium cost curve.

• Proven expansion potential exists, with derisked and construction-ready status.

Corporate and financial snapshot

• As of October 2025, market capitalization is A$566m, with 2.7b shares outstanding and a cash balance of US$21.8m.

• Shareholder base is diversified across institutional, retail, and corporate investors, with 51.4% of shares held in North America and 34.4% in Australia.

• Board and management team have significant industry experience, including former executives from Orocobre, Rio Tinto, Dow Chemical, and the energy sector.