ioneer Business Summary

ioneer Ltd is a critical minerals developer focused on the Rhyolite Ridge Lithium-Boron Project in Nevada, the only known lithium-boron deposit in North America. The company generates revenue through the production and sale of battery-grade lithium carbonate and technical-grade boric acid, utilizing a unique sedimentary deposit that allows for low-cost extraction via byproduct credits. Its primary business segments are lithium for the electric vehicle (EV) battery supply chain and boron for industrial applications such as glass, ceramics, and agriculture. ioneer competes directly with major North American lithium developers like Albemarle Corporation, Lithium Americas Corp., and Piedmont Lithium. Within this landscape, ioneer distinguishes itself as a shovel-ready producer with a 77-year mine life and a cost profile in the lowest global quartile, supported by a $996 million U.S. Department of Energy (DOE) loan closed in early 2025. The leadership team is anchored by Executive Chairman James Calaway, the former Chairman of Orocobre (now Arcadium Lithium), and Managing Director Bernard Rowe, a veteran geologist who co-founded the company and has over 30 years of international mineral exploration experience. In late 2025, the company strengthened its executive suite by appointing April Hashimoto, formerly of Lithium Americas, as Interim Chief Financial Officer, alongside Matt Weaver as Senior VP of Engineering and Operations. The board includes notable figures such as clean energy advocate Rose McKinney-James and former Rio Tinto executive Alan Davies. ioneer’s commercial viability is underpinned by long-term offtake agreements with major automotive and battery players, including Ford Motor Company, Prime Planet Energy & Solutions (a Toyota-Panasonic joint venture), and EcoPro Innovation.