Ioneer (INR) Investor presentation summary

Project overview and strategic positioning

• Rhyolite Ridge is a fully permitted, shovel-ready lithium-boron project in the U.S., with a 77-year mine life and significant expansion potential, targeting the growing demand for domestic critical minerals supply.

• The project has completed the NEPA process, received a Record of Decision from the BLM, and secured a $996 million low-cost loan from the U.S. Department of Energy.

• It is the only construction-ready, DFS-complete, fully permitted boron deposit in the U.S., with binding offtake agreements for both lithium and boron.

• Strategic partnering process is underway, aiming for a minority sell-down and equity partner alongside government debt, expected to conclude in 1H 2026.

• The project is advancing toward full construction readiness, with FID targeted for 2H 2026 and first production expected in 2029.

Financials and economics

• Post-tax unlevered NPV is $2.24 billion (8% discount), with an IRR of 18% and average annual EBITDA of $417 million over the life of mine.

• All-in sustaining cost (AISC) is $4,628/t LCE, placing it in the bottom quartile of the global lithium cost curve; C1 cash cost is $2,933/t LCE for years 1-25.

• Initial CAPEX is $1.68 billion, with robust economics driven by leach optimization and increased production.

• Equity raising of ~$50.4 million fully funds project activities through 2026, with a pro forma cash balance of ~$68.3 million as of December 2025.

• Approximately 25% of revenue is expected from boron, with $100-200 million per year.

Resource and production profile

• Mineral Resource stands at 549 Mt, with an Ore Reserve of 266 Mt; average annual LCE production is 24,500 tpa and boric acid production is 135,000 tpa (years 1-25).

• The deposit is geologically unique, being one of only two major lithium-boron deposits globally and the only known Searlesite-hosted lithium deposit.

• Acid leach recoveries exceed 84% for lithium, with high grades and significant contained metal.

• Expansion potential exists through further drilling in both South and North Basins.