Ioneer (INR) Q1 2026 TU earnings summary

Executive summary

• Project economics for the Rhyolite Ridge Lithium-Boron Project improved significantly due to leach optimisation and a new mine plan, increasing ore throughput and production volumes without additional capital expenditure or plant redesign.

• Ore Reserve and Mineral Resource estimates increased by approximately 5% from the previous update, with a mine life of 82 years and 260 million tonnes to be mined and processed.

• All major federal and state permits for construction are secured, and the strategic partnering process to accelerate project development is ongoing.

Financial highlights

• Unlevered life of mine NPV increased by 38% to US$1,888 million; IRR rose by 16% to 16.8%.

• Annual lithium hydroxide production (years 3–25) up 20% to 25,500 tpa; boric acid production (years 1–25) up 9% to 126,700 tpa.

• All-in sustaining cash cost for lithium carbonate equivalent is US$5,626 per tonne; C1 cash cost is US$3,554 per tonne (net of boric acid revenue).

• Total cash and cash equivalents at quarter end were US$21.8 million.

• Raised US$2.2 million via Share Purchase Plan and completed a US$16 million placement.

Outlook and guidance

• Updated project timeline targets key technical and economic reports in Q4 2025, strategic partner completion in 1H 2026, and construction over approximately 36 months post-FID.

• Ongoing strategic partner search and final investment decision pending.