In which stage of the permitting phase is Rhyolite Ridge?

Ioneer is now in the final steps of the federal permitting process, NEPA, which began in December 2022. We anticipate securing the Record of Decision in the first half of 2024, which will trigger construction at Rhyolite Ridge. In the second half of 2026, Rhyolite Ridge will begin lithium production.

Can you speak of the significance of the ATVM fund provided by the DOE?

We have achieved a significant milestone by securing a conditional commitment for a loan from DOE Loan Programs Office’s Advanced Technology Motor Vehicle (ATVM) program, making us the sole lithium mining-inclusive project in the US to receive such support. The process lasted two years and mirrors the thoroughness of a commercial bank’s project financing. The conditional US$700 million loan’s conditions precedent requires permits and equity funding. We aim to finalize these conditions by mid-2024 in collaboration with Sibanye-Stillwater to ensure funds are available upon completion.

I would, however, like to address a common misconception about the ATVM program. Contrary to belief, it does not specifically fund mining activities; it focuses on chemical processing plants. The funding is earmarked for the chemical processing plant at Rhyolite Ridge, a critical distinction given that most of our project's capital investment is allocated to this phase.

In April Ioneer increased the mineral resources by 168%, can you shed some light on this milestone?

The substantial 168% increase in the resource estimate can be attributed to the presence of three types of ore at Rhyolite Ridge. The project focuses on extracting lithium and boron, which are found together. The other two types of ore at Rhyolite Ridge lack boron, with one containing high clay content and the other being clay-free, the three types being vertically stacked. When we announced that resource update, we included all three types of mineralization in the resource estimate.

Deposits of this substantial size and the distinctive mixture of lithium and boron are truly unique and sets it apart globally. Rhyolite Ridge is the only sedimentary deposit known to have non-clay mineralization, a distinctive feature that adds to its importance.

The estimated 3.4 million t of lithium carbonate makes this one of the world’s largest deposits. We anticipate further growth within the existing permitted area as drilling expands to the basin’s edges.

How is Ioneer’s partnership with EcoPro Innovation going to bolster lithium production?

What sets our Rhyolite Ridge apart is the integration of proven technologies from various industries—copper, lithium, and boron—resulting in a cutting-edge chemical processing plant. Notably, we leverage established components instead of introducing entirely new equipment, mitigating project risk by relying on well-established industry practices.

By partnering with EcoPro Innovation (EcoPro), a Korean company specializing in cathode manufacturing and chemical processing technologies that is also an offtake partner for lithium carbonate produced from our lithium and boron layer, we are developing a production process for our specific, high-carbonate lithium and clay material.

How are offtake agreements in the mining industry reshaping the supply chain?

Active participation from end-users and intermediate processors is crucial in overcoming industry challenges, streamlining the supply chain and fostering stakeholder interdependence.

Ioneer’s partnerships tear down these silos and align with our commitment to keeping lithium within the US, exclusively for American-made EVs. This is why we have secured substantial offtake agreements, including 7,000 t/y with Ford, 7,000 t/y with EcoPro, and 4,000 t/y with Toyota, totaling 18,000 t/y.

This collaborative approach also allows us to address industry challenges and bring knowledge and financial support from entities directly interested in the entire supply chain.

We are also dedicated to supporting emerging industries in Nevada. We recently partnered with Dragonfly Energy, which develops lithium-ion batteries for recreational vehicles while advancing solutions for safe, long term energy storage. This collaboration reflects our commitment to diverse applications beyond traditional EVs.

Do you have a final message for GBR’s audience?

At the core of Ioneer's focus is the singular goal of commencing production, and all our efforts are directed toward achieving this milestone.

Securing permits, completing critical project components related to financing, and ensuring engineering readiness are all integral steps leading to construction at Rhyolite Ridge in 2024.

Beyond the initial construction phase, we anticipate significant expansion potential, making Rhyolite Ridge a central piece of the US’ domestic supply of lithium.