Ioneer’s expanded partnership with EcoPro to bolster U.S. lithium production - Seite 2

As part of the new agreement, EcoPro has agreed to fund and build a commercial-scale refining plant to develop lithium clay supplied from Rhyolite Ridge. The lithium clay raw material would be supplied at no cost to EcoPro, and the profits from the commercial refining plant would be equally shared between EcoPro and Rhyolite Ridge. Under the agreement, the MOU will be managed by a jointly developed Project Committee.

Once operational, Stage 1 of Rhyolite Ridge will quadruple the current U.S. supply of lithium and help to rebalance the global production of boric acid. Upon anticipated completion of the U.S. federal permitting process, construction at Rhyolite Ridge, largely funded through the combination of conditional commitments of $490 million USD in equity from Sibanye-Stillwater and a $700 million USD conditional loan from the U.S. Department of Energy’s Loan Programs Office, is set to begin in 2024. Lithium production is expected to follow in 2026.

This ASX release has been authorised by Ioneer Managing Director, Bernard Rowe.

About Ioneer

Ioneer Ltd is the 100% owner of the Rhyolite Ridge Lithium-Boron Project located in Nevada, USA, the only known lithium-boron deposit in North America and one of only two known such deposits in the world. The Definitive Feasibility Study (DFS) completed in 2020 confirmed Rhyolite Ridge as a world-class lithium and boron project that is expected to become a globally significant, long-life, low-cost source of lithium and boron vital to a sustainable future.

In September 2021, Ioneer entered into an agreement with Sibanye-Stillwater where, following the satisfaction of conditions precedent, Sibanye-Stillwater will acquire a 50% interest in the Project, with Ioneer maintaining a 50% interest and retaining the operational management responsibility for the joint venture. In January 2023, Ioneer received a conditional commitment from the U.S. Department of Energy Loan Programs Office for up to $700 million of debt financing. Ioneer signed separate offtake agreements with Ford Motor Company and PPES (joint venture between Toyota and Panasonic) in 2022 and Korea’s EcoPro Innovation in 2021.