Ioneer (INR) Q4 2025 TU earnings summary

Executive summary

• Rhyolite Ridge Ore Reserve increased from 60 Mt in 2020 to 247 Mt in 2025, extending mine life to 95 years and making it the largest lithium-boron reserve globally.

• After-tax NPV stands at US$1.367 billion with an unlevered IRR of 14.5%, confirming robust project economics.

• All-in sustaining cash cost of US$5,745 per tonne LCE places the project in the lowest global cost quartile.

• US$16 million raised via placement to fund project advancement and strategic partnering.

• Strategic partnering process initiated with Goldman Sachs as advisor; final investment decision pending.

Financial highlights

• Total cash and cash equivalents as of 30 June 2025 were US$25.1 million, with 35% in USD and the rest in AUD.

• Placement raised US$16 million at a 13% discount to last close, issuing 253 million new shares.

• Exploration and evaluation expenditure for the quarter was US$3.2 million.

• No production or development activities occurred during the quarter.

Outlook and guidance

• Strategic partnering process expected to complete in Q4 2025; final investment decision timing to be announced.

• Construction phase estimated at 36 months, subject to supply and permitting outcomes.

• Upcoming work includes advancing state permit modifications and completing the strategic partnering process.