Ioneer (INR) Investor Update summary

Reserve and Resource Update

• Ore reserve quadrupled to 247 million tons, supporting a 95-year mine life at an average mining rate of 2.6 million tons per year, with 48% of the 510 million ton resource now classified as reserve and 35% in the proved category.

• Reserve increase driven by inclusion of low-boron lithium mineralization, additional drilling, and mine plan optimizations, with high-boron ore prioritized for the first 25 years.

• The deposit is unique as the only known VAT or heap leachable lithium and boron deposit globally.

• Stockpiling of low-boron material allows for future processing flexibility and potential plant expansion.

• Reserve and resource estimates are independently verified and JORC 2012 compliant.

Economics and Cost Structure

• After-tax NPV8 is US$1.37 billion, levered NPV is US$1.47 billion, with an unlevered IRR of 14.5% and payback in 8 years; average annual EBITDA margin is 65.7% over the first 25 years.

• All-in sustaining cash costs are US$5,745 per ton of lithium carbonate equivalent for years 1–25, placing the project in the bottom quartile globally.

• Capital costs are US$1,667.9 million (AACE Class 2 estimate, 10% contingency), with a payback period of eight years.

• Average life-of-mine revenue is just under US$500 million per year, with US$620 million per year in the first 25 years due to high boron prioritization.

• Dual revenue streams from lithium and boron provide stability, with boron contributing about 25% of revenue and offsetting lithium price volatility.

Financing and Partnerships

• US$996 million closed loan from the U.S. Department of Energy is secured, with first draw contingent on securing equity partners.

• Equity process is launching with Goldman Sachs, targeting a minority partner or partners while retaining project control.

• Over 80 potential partners identified, including mining, chemical, oil & gas, investment, and trading companies.

• Formal equity process will run for about four months, with construction to begin after final investment decision.

• No early works will commence until both debt and equity are in place and board approval is secured.