Ioneer (INR) Status Update summary

Project economics and financial performance

• Net present value (NPV) increased by 38% to just under $1.9 billion, with a 33% rise in levered NPV to nearly $2 billion, and average annual revenue of $575 million.

• Average annual EBITDA rises 22% to $497 million.

• All-in sustaining cash cost for lithium carbonate equivalent is $5,626 per tonne, in the bottom quartile globally.

• Initial capital costs are estimated at $1.67 billion, with an unlevered IRR of 16.8% and a payback period of 7 years.

• No increase in upfront capital expenditure required for these improvements.

Operational and technical improvements

• Ore reserve stands at 260 million tonnes, supporting an 82-year mine life at 3–3.2 million tonnes per annum.

• Enhanced acid leach process reduced leach time from three to two days, increasing lithium hydroxide output by 20% and boric acid by 9%.

• Processing plant capacity increased by 25% due to more efficient use of vats and reagents.

• Reduction in leach retention time from 24 to 17 hours enables higher daily throughput, from 7,000 to 8,800 tpd.

• Extensive pilot testing and engineering confirm robust recoveries and unique ore properties.

Strategic positioning and expansion potential

• Project is fully permitted, shovel ready, and over 70% engineered, with over $200 million invested.

• $1 billion, 20-year low-cost loan secured from the U.S. government.

• Large resource base (540 million tonnes) offers significant future expansion opportunities, with multiple expansion stages identified.

• Partnering process underway with multiple interested parties, assisted by Goldman Sachs, expected to take at least four months.

• Uncommitted lithium capacity of 7,500 tonnes available, attracting strategic partners.