INVESTOR PRESENTATION
June 2024
Material in the U.S.
for a Sustainable Planet
: IONR | ASX : INR | www.ioneer.com |
B Li
Disclaimer
This presentation has been prepared as a summary only and does not contain all information about ioneer Ltds (ioneer or the Company) assets and liabilities, financial position and performance, profits and losses, prospects, and the rights and liabilities attaching to ioneer's securities. The securities issued by ioneer are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the shares or that there will be an increase in the value of the shares in the future.
ioneer does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this presentation. Recipients of this presentation should carefully consider whether the securities issued by ioneer are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position. Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company's securities.
Forward Looking Statements
Various statements in this presentation constitute statements relating to intentions, future acts and events which are generally classified as "forward looking statements". These forward-looking statements are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other important factors (many of which are beyond the Company's control) that could cause those future acts, events and circumstances to differ materially from what is presented or implicitly portrayed in this presentation.
For example, future reserves described in this presentation may be based, in part, on market prices that may vary significantly from current levels. These variations may materially affect the timing or feasibility of particular developments.
Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "potential" and similar expressions are intended to identify forward-looking statements.
ioneer cautions security holders and prospective security holders to not place undue reliance on these forward-looking statements, which reflect the view of ioneer only as of the date of this presentation.
The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. Except as required by applicable regulations or by law, ioneer does not undertake any obligation to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance.
Competent Persons Statement
In respect of Mineral Resources and Ore Reserves referred to in this presentation and previously reported by the Company in accordance with JORC Code 2012, the Company confirms that it is not aware of any new information or data that materially affects the information included in the public reports titled "Rhyolite Ridge Ore Reserve Increased 280% to 60 million tonnes" dated 30 April 2020 and "Mineral Resource increases by 168% to 3.4 Mt lithium carbonate Underscores growth potential for U.S. supply chain" dated 26 April 2023, released on ASX. Further information regarding the Mineral Resource estimate can be found in that report. All material assumptions and technical parameters underpinning the estimates in the report continue to apply and have not materially changed.
In respect of production targets referred to in this presentation, the Company confirms that it is not aware of any new information or data that materially affects the information included in the public report titled "ioneer Delivers Definitive Feasibility that Confirms Rhyolite Ridge as a World-Class Lithium and Boron Project" dated 30 April 2020. Further information regarding the production estimates can be found in that report. All material assumptions and technical parameters underpinning the estimates in the report continue to apply and have not materially changed.
No offer of securities
Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell ioneer securities in any jurisdiction or be treated or relied upon as a recommendation or advice by ioneer.
Reliance on third party information
The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by ioneer.
Lithium Carbonate Equivalent
The formula used for the Lithium Carbonate Equivalent (LCE) values quoted in this presentation is: LCE = (lithium carbonate tonnes produced + lithium hydroxide tonnes produced * 0.880
Note
All $'s in this presentation are US$'s except where otherwise noted.
: IONR | ASX : INR | www.ioneer.com |
What Differentiates Ioneer from other emerging lithium companies
Permitting | Partnerships | Funding |
Expecting to be fully | Binding agreements with | US$490 million conditional |
permitted in 2024 | Ford (SK), Toyota-Panasonic | financing from Sibanye- |
and EcoPro | Stillwater |
Debt | Engineering | Growth |
US$700 million conditional | State of the art facility with | Multi-generational scale |
loan from U.S. Dept of Energy | construction set to commence | potential with 3.4Mt LCE |
Loan Programs Office | upon permitting approval | Mineral Resource Estimate |
Over 70% complete |
: IONR | ASX : INR | www.ioneer.com |
FACT SHEET: DFS 2020
Economics1,2
Rhyolite Ridge Lithium-Boron Project economics
A UNIQUE WORLD CLASS DEPOSIT WITH MULTI-GENERATIONAL
Location
Project Stage
Products
Mine Plan
Production
Binding Offtakes
All in sustaining cash cost
Nevada, USA
Bankable Feasibility Study (April, 2020)
Lithium Carbonate, Boric Acid
64Mt (2.5Mtpa x 26 years)
Li 22,000 tpa B 174,400 tpa
80% of Li production
US$2,510/t of LCE
Nevada Lithium
for the U.S EV B Li Supply Chain
Current Project
South Basin - still only partially drilled
- Producing enough lithium to power ~400,000 EVs per year
- >20 ktpa of lithium carbonate and 174 ktpa of boric acid
Multiple organic expansion opportunities
o Resource update3 estimates |
Rhyolite Ridge holds |
enough lithium carbonate |
to power over 50 million EVs |
SCALE POTENTIAL AND
COMPELLING ECONOMICS
: IONR | ASX : INR | www.ioneer.com |
EBITDA | US$288M (LOM) |
After-tax NPV8 | US$1.265B |
After-tax IRR | 20.8% |
Price | Li Carb - US$11,740/t |
assumptions | Boric Acid - US$710/t |
Mine Life | 26 years |
- Further expansion potential pending additional exploration - North and South Basins
- See Company announcement titled "ioneer delivers DFS that confirms Rhyolite Ridge as a world-classlithium-boron Project" dated 30 April 2020. As noted on slide 14 of this presentation, since release of the DFS in April 2020, there has been considerable cost inflation and Ioneer expects a materially higher cost estimate and different Project economics from the DFS.
- See Company announcement titled "Rhyolite Ridge Ore Reserve Increased 280% to 60 million tonnes" dated 30 April 2020.
- See Company announcement titled "Mineral Resource increases by 168% to 3.4Mt lithium carbonate" dated 26 April 2023
2024 Catalysts
Updated | Updated | Updated |
Capex / Opex | ||
Resource | Reserve & | |
Estimate | ||
Mine Plan | ||
Final | Federal | Final |
Environmental | Record of | Investment |
Impact | Decision | Decision |
Statement |
: IONR | ASX : INR | www.ioneer.com |
www.ioneer.com.
ir@ioneer.com
: IONR | ASX : INR | www.ioneer.com |
Corporate Snapshot
Total Shareholder Composition
Capital Structure
(As at 30 May 2024) | |
Shares Outstanding (see next slide on Equity Raise) | 2.3b |
Performance Rights And Options Outstanding | 36.8m |
Cash Balance - 31 March 2024 | US$19m |
Equity Placement - April 2024 | US$25.1m |
Share Price ASX - 30 May 2024 | A$0.20 |
ADR Price NASDAQ (1 ADR = 40 ASX Shares) | US$5.60 |
at 29 February 2024
23.9%
Unanalysed
2.6%
Brokers
3.9%
Unallocated DRs
5.8%
Related Parties
13.3%
Corporation/Non-Profit
26.5%
Institutional Investors
23.9%
Retail
Market Capitalisation | A$477m |
Total Shares by Geography
Research Coverage
at 29 February 2024
23.9%
Unanalysed
7.1%
Rest of the World
2.1%
Rest of Europe
0.9%
United Kingdom
8.4%
Asia
30.3%
Australia
27.4%
North America
: IONR | ASX : INR | www.ioneer.com | *Cash balance is based off the latest quarterly information and is unaudited and unreviewed. See Company announcement titled "March 2024 - Quarterly Activities Report" dated 30 April 2024. |
Company cash balance as at 31 December 2023 was US$28.0m |
**Note: Assumes a USD:AUD exchange rate of $0.6539:$1:00.
Sources and Uses of Funds
Equity Raising provides critical funding to reach Final Investment Decision
- Permitting timeline is now well-understood
- Funds provide necessary liquidity to reach FID in Dec-24
- Growing momentum in lithium prices
- Strong support from US Government for Rhyolite Ridge
- Robust pro forma balance sheet to achieve near term objectives
Pro Forma Cash Balance
As at 31 March 2024 (unaudited)* | $19.0m |
Placement proceeds** | $25.1m |
Sources of Funds | Uses of Funds | ||
Proceeds from Capital | Advance detailed | ||
$25.1m | engineering, vendor | $9.1m | |
Raising** | engineering, and Class II | ||
cost estimate | |||
Environmental, NEPA | |||
and permitting | $2.9m | ||
expenses | |||
Financing costs (DOE | $1.3m | ||
LPO loan) | |||
Rhyolite Ridge owners | |||
costs, working capital | $11.8m | ||
and corporate costs | |||
Total | $25.1m | Total | $25.1m |
Pro Forma | $44.1m |
*Cash balance is based off the latest quarterly information and is unaudited and unreviewed. See Company announcement titled "March 2024 - Quarterly Activities Report" dated 30 April 2024. Company cash balance as at 31 December 2023 was US$28.0m **Note: Assumes a USD:AUD exchange rate of $0.6539:$1:00.
: IONR | ASX : INR | www.ioneer.com |
"The Biden-Harris administration understands the important role
Permitting (NEPA) Process mining will continue to play in the modern economy and the growing need for responsibly sourced critical minerals to meet our climate, infrastructure, and global competitiveness goals." Dr. Steve Feldgus, Principal Deputy Assistant Secretary Land and Minerals Management (BLM Rhyolite Ridge Press Release 12/04/2024)
Pre-permitting | Permitting Process | ||||
Dec 2022 | |||||
June 2022 | Listing of | ||||
2020 | Tiehm's | ||||
Submitted revised | |||||
Submitted Mine | buckwheat and | ||||
2017 | 2019 | Plan of Operations | Mine Plan of Operations | designation of | Jan - Mar 2023 |
Exercised | Commenced | to BLM and BLM | that incorporated | critical habitat | |
option to | environmental | contracted Stantec | additional key | under | Public scoping |
acquire | baseline studies | to prepare and | commitments relating to | Endangered | comment |
interest | complete EIS | buckwheat conservation | Species Act | period |
We are Here
Expected | |
Q3 2024* | |
FWS Section 7 | Expected 2027* |
Biological Opinion | |
Rhyolite Ridge | |
Issued | |
Commences | |
Operations |
2016 | 2020 | Dec 2022 | 16 April 2024* | Expected |
Q3 2024* | ||||
Acquired | Held pre-application | Publication | Draft | Final EIS |
initial interest | meetings with BLM | of Notice of | Environmental | Published |
in Rhyolite | 2018 | Intent by BLM | Impact | (30-day agency |
Ridge Project | Statement | review period) | ||
Notice level | Mid 2021 | Issued - starts | ||
(BLM-permitted) | ||||
Received | 45-day public | |||
exploration | ||||
1) Air Quality and | comment period | |||
drilling activity | ||||
2) Water Pollution Control permits from Nevada | ||||
Expected Oct 2024* Record of Decision Issued by BLM
NEXT KEY PERMITTING MILESTONE IS THE COMPLETION OF THE DRAFT EIS COMMENT PERIOD
: IONR | ASX : INR | www.ioneer.com |
* All future dates subject to change without notice
Proven & Experienced Team
BOARD OF DIRECTORS
JAMES D. CALAWAY Executive Chair Former Non-executivechair of Orocobre Ltd
BERNARD ROWE
Managing Director
CEO & Founder
ALAN DAVIES
Non-executive Director
Former Chief Executive,
Energy & Minerals of Rio Tinto
ROSE McKINNEY-JAMES | MARGARET WALKER | STEPHEN GARDINER |
Non-executive Director | Non-executive Director | Non-executive Director |
Former President and CEO | Former VP Engineering and | Former CFO Oil Search |
of Corporation for Solar Tech | Technology Centers, Dow | |
& Renewable Resources | Chemical |
EXECUTIVE TEAM
IAN BUCKNELL | MATT WEAVER | CHAD YEFTICH | KEN COON | YOSHIO NAGAI |
CFO & Company Secretary | Snr VP Engineering & | VP Corporate Development | VP Human Resources | VP Commercial Sales |
Operations | & External Affairs | & Marketing | ||
: IONR | ASX : INR www.ioneer.com | |||
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Disclaimer
Ioneer Ltd. published this content on 05 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 June 2024 22:46:02 UTC.