Ioneer (INR) Investor presentation summary

Project scale and economics

• Levered project NPV $2.3B and IRR 23.2%.

• Oct 2025 optimized plan: unlevered NPV8 $2,237m, IRR 18.0%, average annual EBITDA $417m and revenue $608m over the project life.

• Average annual output: 24,500 tpa LCE and 135,000 tpa boric acid; 265.5Mt of ore processed over the project life.

• All-in sustaining cost $4,628/t LCE for years 1-25, versus global weighted average $9,098/t.

Resources and expansion

• South Basin Ore Reserve totals 265.5Mt; the broader Mineral Resource totals 548.6Mt.

• October 2025 resource contains 4,092kt LCE and 14,750kt H3BO3; resource covers only part of the South Basin.

• Further drilling in the South and North Basins could increase the resource; expansion options could lift lithium and boron supply.

• Rhyolite Ridge is described as one of two major global lithium-boron deposits and the only known Searlesite-hosted lithium deposit.

Project readiness and funding

• Final federal permit received in Oct 2024; 70% of engineering design complete, with more than $200m invested.

• U.S. DOE loan totals $996m, described as low-interest and long-tenor government debt.

• Lithium offtakes signed with Ford, EcoPro, PPES and Dragonfly; boron offtake and sales agreements also in place.

• On Mar 30, 2026, the District Court found BLM and USFWS complied with NEPA and FLPMA; NGO groups announced an appeal to the 9th Circuit on Apr 8.