Ioneer Ltd.

Ioneer Ltd. is a junior lithium development company headquartered in North Sydney, Australia, operating primarily in USA. The company's portfolio consists of 1 development project. Key assets include Rhyolite Ridge. The company's business model is centered on the development of a globally significant, long-life, low-cost source of co-produced industrial materials. A key operational characteristic is the detailed characterization of its mineral deposit into 3 distinct streams based on chemical and physical properties, allowing for targeted processing and development strategies. The project is distinguished by its advanced stage of development, with detailed engineering approximately 70% complete and a Fluor-led AACE Class 2 capital estimate prepared. This advanced engineering status places the project significantly ahead of many comparable development projects. The operational plan is designed to be independent of certain foreign supply chains, positioning the entity as a cornerstone domestic supplier. The enterprise is the 100% owner of its sole project, which is one of only 2 known such deposits in the world, providing a unique competitive advantage in the supply of materials vital for a sustainable future.

Strategic focus is centered on advancing its sole project to a Final Investment Decision (FID) and the commencement of construction. Key near-term objectives include securing full federal permitting, with a Record of Decision expected in late 2024, and finalizing debt and equity financing arrangements. The business strategy involves leveraging extensive technical and financial reporting to meet commitments to strategic partners and government agencies. A core part of the strategy is the development of a multi-generational, multi-stage resource, with concept-level studies underway to evaluate growth potential beyond the initial phase. To accelerate the commercialization of a specific high-clay mineral stream, the company entered a binding Research and Development Memorandum of Understanding with EcoPro Innovation, which includes provisions for EcoPro to fund a future commercial-scale refining plant. This approach aims to establish the organization as a responsible domestic developer and a cornerstone materials supplier.

The Board of Directors consists of 6 members, including an Executive Chair and a Managing Director. Governance is structured through 4 key committees: Audit & Risk, Nomination & Remuneration, Project Execution, and an Environmental, Health, Safety & Sustainability (EHSS) committee. The Executive Chair, James D. Calaway, has significant experience building young companies, including a prior role as non-executive chairman at Orocobre Ltd. The Managing Director and CEO, Bernard Rowe, is a geologist with over 30 years of international experience in mineral exploration and mine development. The board's composition includes directors with specialized expertise in chemical engineering and clean energy policy. The remuneration framework is aligned with U.S. market standards, featuring a higher proportion of equity-based compensation and a claw-back policy for recovering paid incentives in cases of material restatements or serious misconduct. This structure is designed to attract and retain qualified executives while aligning leadership interests with shareholder value.

The organization's sustainability approach is guided by a new 3-year plan and a comprehensive materiality assessment developed with consulting firm ERM-CVS. A key initiative includes participation in an International Lithium Association working group to standardize life cycle analysis for carbon across various extraction methods, with final guidance published in March 2024. The company has demonstrated a commitment to community and Tribal relations by entering into a Memorandum of Understanding with 4 Tribal Nations regarding Cultural Resource Monitoring for ground disturbance activities. Environmental stewardship is evidenced by specific conservation programs for Tiehm's buckwheat, including operating a dedicated conservation center that successfully collected 3,600 seeds in 2023. The company reported no lost time incidents, first aid incidents, or fatalities for its staff in fiscal year 2024, underscoring its commitment to workplace safety.

The corporate structure is defined by key strategic partnerships and offtake agreements. A conditional agreement was established in September 2021 with Sibanye-Stillwater to form a joint venture for project development, under which Sibanye-Stillwater would contribute US$490 million for a 50% interest, subject to conditions precedent including final permits and an FID. The company has secured binding offtake agreements for over 80% of its planned primary product output with major end-users, including a 3-year, 7,000 tpa agreement with EcoPro Innovation; a 5-year, 7,000 tpa agreement with Ford; and a 5-year, 4,000 tpa agreement with PPES, a joint venture between Toyota and Panasonic. A partnership with Dragonfly Energy covers surplus volumes. In October 2023, a binding research and development MOU was signed with EcoPro Innovation to test and develop a specific high-clay mineral stream, with EcoPro agreeing to fund a commercial refining plant upon successful process development.