Earnings release
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ABN 76 098 564 606 ASX: INR Nasdaq: IONR Suite 16.01 Level 16, 213 Miller Street North Sydney NSW 2060 www.Ioneer.com 23 January 2026 – Ioneer Ltd (“Ioneer” or the “Company”) (ASX: INR, Nasdaq: IONR), an emerging lithium-boron supplier, is pleased to report on its activities for the quarter ending 3 1 December 2025 (the “December 2025 Quarter”) and provide an update on the development of its 100% -owned Rhyolite Ridge Lithium -Boron Project (“Rhyolite Ridge ” or the “Project”). Bernard Rowe , Ioneer’s Managing Director, said, “ The work completed on Rhyolite Ridge during the December quarter, including the significantly improved economics announced in October, continues our significant progress as we stand ready to reduce American dependence on foreign suppliers of critical minerals by developing the only permitted, shovel-ready lithium-boron project in the United States.” QUARTERLY ACTIVITIES REPORT For the period ending 31 December 2025 Highlights • Further Leach Optimisation Enhances Project Economics o 19% increase in unlevered life of mine NPV to US$2,237 million o 8% increase in unlevered life of mine IRR to 18% o 9% increase in annual lithium hydroxide production to 27,800 tpa o 7% increase in annual boric acid production to 135,500 tpa o All-in sustaining cash cost of US$4,628 per metric tonne lithium carbonate equivalent • Ongoing engagement with U.S. Government and potential Strategic Partners • Boron added to the US Government’s Critical Minerals list and highlighted for domestic small-scale processing ASX Announcement
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2 Suite 16.01 Level 16, 213 Miller Street North Sydney NSW 2060 www.Ioneer.com ABN 76 098 564 606 ASX: INR Nasdaq: IONR Leach Optimisation Drives Higher Throughput and Operational Improvements Following the Company’s announcement of the quadrupling of ore reserve s in the June 2025 quarter, Ioneer announced material improvements in project economics for Rhyolite Ridge1 in the September 2025 quarter . In October 2025, Ioneer announced further improvements in the Project economics2. In 2025, Ioneer focused on increasing lithium yield and optimising reagent efficiency as reagents and transportation comprise more than half of expected Project operating costs. This study work concluded that, without changing the acid plant output (3500 MT/d), mine production (ROM) could be increased by up to 25% and 40% if the total leach duration was reduced from 3 days (DFS) to 2 days (September 2025) and 1.5 days respectively. Although there is a minimal reduction in overall lithium and boron recover ies, there is a material increase in net chemical production due to additional ore being processed. Reagents include sulphur, li me and soda ash. Ioneer engaged the independent services of Independent Mining Consultants, Inc. to compile and complete the updated South Basin Mineral Resource estimate incorporating the reduced retention time in the vat leach from three (3) days to two (2) days and then to one and a half (1.5) days. The change in leach time allows additional ore to be processed with the same amount of acid. The impact to the Mineral Resource is a 1.7% increase in tonnage above cutoff (due to lower processing cost) with a 3.2% reduction in recovered boric acid and a 1.7% reduction in recovered lithium carbonate (lower recoveries due to shorter leach time). The prioritisation of high boron ( “Hi-B”) ore in the first 25 years results i n a substantial amount of stockpiling of low boron (“Lo-B”) ore. This is reflected in the materially lower average Life-of Mine (“LOM”) mining cost of $9.60 versus $18.00. Most of the ore being processed in the later years comes from stockpiles. Recent testwork has shown that Lo -B ore can be upgraded by a factor of between 1.4 -2.0 times using gravitational concentration, making this material an ideal c andidate feed for a future Stage 2 plant dedicated to Lo -B ore. For further information please refer to Company announcement “Ioneer Announces Results of Initial Upgrading Testwork Demonstrating Growth Optionality” dated 6 May 2025. The current 77-year mine plan is made up entirely of Reserve material (100%), and of that, approximately 35% is Proved Ore Reserve. The resource flexibility allows for a potential extension to the life of the mine or expansion opportunities in the future. The Resource and Reserve are summarised in Table 1 and 2 below. 1 See ASX announcement titled “Leach Optimisation and New Mine Plan Yields Material Improvement in Project Economics” dated 3 September 2025. 2 See ASX announcement titled “Further Leach Optimisation Enhances Project Economics” dated 29 October 2025.
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3 Suite 16.01 Level 16, 213 Miller Street North Sydney NSW 2060 www.Ioneer.com ABN 76 098 564 606 ASX: INR Nasdaq: IONR Table 1: Summary comparison of the current Ore Reserve against the previous August 2025 Ore Reserve Group Classification Tonnes (Mt) Li (ppm) B (ppm) Li2CO3 (wt. %) H3BO3 (wt. %) Li2CO3 (kt) H3BO3 (kt) October 2025 Reserve Proved 91.6 1,575 6,460 0.84 3.69 768 3,384 Probable 173.9 1,373 4,401 0.73 2.52 1,271 4,377 Total 265.5 1.443 5.112 0.77 2.92 2,039 7,761 August 2025 Reserve Proved 89.5 1,574 6,589 0.84 3.77 750 3.373 Probable 170.8 1.386 4,473 0.74 2.56 1,260 4,369 Total 260.3 1,451 5,201 0.77 2.97 2,010 7,742 Variation Proved 2.1 1,618 962 18 11 Probable 3.1 657 434 11 8 Total 5.2 1,045 647 29 19 Table 2: Summary comparison of the current Mineral Resource Estimate (October 2025) against the previous Mineral Resource Estimate (August 2025) Processing Stream Group Classification Tonnes (M) Li (ppm) B (ppm) Li2CO3 (wt. %) H3BO3 (wt. %) Li2CO3 (kt) H3BO3 (kt) Combined Streams October 2025 Resource Mea + Ind 440.3 1,424 5,026 0.76 2.87 3,337 12,655 Inf 108.3 1,310 3,384 0.70 1.93 755 2,095 Total 548.6 1,401 4,701 0.75 2.69 4,092 14,750 August 2025 Resource Mea + Ind 434.3 1,437 5,092 0.76 2.91 3,321 12,645 Inf 105.1 1,332 3,472 0.71 1.99 745 2,088 Total 539.5 1,417 4,776 0.75 2.73 4,067 14,733 Variation Mea + Ind 6.0 16 101 Inf 3.2 10 7 Total 9.1 25 17 The updated stage one operation with reduced leach times and higher plant throughput result in improved project economics, further enhancing the attractiveness of Rhyolite Ridge. The updated findings position Ioneer, on an LCE basis, in the lowest cost qua rtile for lithium production globally with an estimated all -in sustaining cash cost to produce battery grade lithium hydroxide of US$4,628 and a C1 cash cost of $2,933 per tonne net of expected boric acid revenue in the first 25 years. Rhyolite Ridge has a stable overall operating cost structure to produce lithium carbonate and battery grade lithium hydroxide due to the scale and reliability of its boric acid revenue. Boron has remained one of the most stable natural resource commodities over many decades.
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4 Suite 16.01 Level 16, 213 Miller Street North Sydney NSW 2060 www.Ioneer.com ABN 76 098 564 606 ASX: INR Nasdaq: IONR Table 3: Key Parameters for 1.5 Day Leach June 2025 3-day leach Life of Mine October 2025 1.5-day leach $1,367 million Unlevered NPV8 $2,237 million $497 million Avg. LOM Annual Revenue $608 million 17,200 tpa Avg. LOM LCE Prod. pa 20,400 tpa 60,400 tpa Avg. LOM Boric Acid Prod. pa 70,700 tpa 246.6 Mt Ore Processed 265.5 Mt 95 years Life of Project 77 years $319 million Average Annual EBITDA $417 million $1,668 million AACE Class 2 estimate Capital Costs $1,683 million AACE Class 2 estimate $1,830 million Sustaining Capex $2,168 million 14.5% Unlevered IRR 18.0% 8 years (from operations) Payback Period 7 years (from start of operations) P65 Confidence Level P65 Government and Strategic Partner Engagement In June 2025, Ioneer launched a formal strategic partnering process to identify a strong equity partner to help accelerate the development of Rhyolite Ridge and advance the Project into production. The strategic process is ongoing and Ioneer is in active discussions with a number of parties. Given the current industry conditions and geopolitical environment, this process is expected to conclude in the first half of 2026. In November, Boron was added to the U.S. Department of Interior updated Final 2025 List of Critical Minerals and in December, the U.S. Military announced plans to develop small -scale refineries to produce critical minerals, specifically mentioning doing so for boron. Given the critical minerals production transactions announced with the support of the U.S. Government in the second half of 2025 , and Rhyolite Ridge’s status as the only permitted, shovel-ready lithium-boron project in the U.S., Ioneer will continue to explore such options as part of the strategic partnering process. On 14 January 2026, President Trump released a proclamation title d “Adjusting Imports of Processed Critical Minerals and their De rivative Products into the United States ”. Within this document, the President described processed critical minerals and their derivative products as being essential to national security and indispensable to almost every industry, including national defence programs and critical infrastructure . Ioneer sees this proclamation as further evidence of the U.S. g overnment’s strong support for the development of new mining , processing and refining of boron and lithium within the United States. Goldman Sachs & Co. LLC is assisting with the strategic partnering process and acting as financial advisor to Ioneer. Rhyolite Ridge Permitting The Bureau of Land Management ( “BLM”) issued a favourable Record of Decision (ROD) on 24 October 2024, authorizing the Plan of Operations and completing the National Environmental Policy Act (“NEPA”) process.
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5 Suite 16.01 Level 16, 213 Miller Street North Sydney NSW 2060 www.Ioneer.com ABN 76 098 564 606 ASX: INR Nasdaq: IONR The State of Nevada issued the final revision of the Class II Air Operating Permit on 21 July 2025, and the final modified Water Pollution Control Permit on 8 August 2025, which aligned operational aspects of the P roject to the approved Mine Plan of Operations. Ioneer now holds all significant Federal and State authorizations required for construction of Rhyolite Ridge. In October 2024, the Center for Biological Diversity filed a federal lawsuit against the BLM decision. In November 2024, Ioneer filed a motion to intervene and join the federal government in its defence, which the court allowed in January 2025. Briefing on merits of the case was completed in December 2025. The parties have filed the last of their merits briefing and the case is ready for review by the court. The court may choose to hear oral argument before issuing a decision on the case. Sales & Marketing Lithium Market and Price According to Benchmark Minerals, global electric vehicle ( “EV”) sales reached 20.7 million units in 2025, up 20% from the previous year. EV markets in Europe, China, and the rest of the world grew by 33%, 17%, and 48%, respectively, while U.S. sales increased by only 1%, indicating weaker momentum following the reduc tion of federal tax incentives and policy support. Canada experienced a 41% decline in EV sales, whereas Mexico saw a 29% increase. Southeast Asia saw a nearly two-fold increase in Chinese EV imports. Wood Mackenzie projects global lithium demand to grow at a compound annual growth rate ( “CAGR”) of 8.9% from 2025 to 2035, with growth peaking above 13% in 2026 before moderating to 7 –10% annually from 2027 onward. Battery -grade lithium carbonate will account for the largest share of demand, driven by China’s preference for Lithium Iron Phosphate cathodes, increasing international adoption, and rising energy storage system (“ESS”) demand. Battery -grade lithium carbonate demand is forecast to grow at an 8% CAGR, reaching approximately 2.1 million tonnes of lithium carbonate equivalent ( “LCE”) by 2035. Demand for battery -grade lithium hydroxide is expected to increase at a higher rate, with strong growth from 2032 onwards, supported by nickel-rich cathode chemistries such as Nickel-Cobalt-Aluminum or NCE and Nickel-Manganese-Cobalt or NMC, with projected growth of 12% per annum, reaching 1.4 million tonnes LCE by 2035. The lithium chemicals market is expected to remain oversupplied in the medium term, with surplus peaking in 2027 at 579 kt LCE, equivalent to 29% of demand. Battery-grade chemicals will experience the fastest growth but remain comparatively tight due to stricter quality requirements, especially for battery-grade lithium hydroxide. In 2025, an estimated 8% supply shortfall contributed to a price rally late in the December 2025 Quarter. The market is expected to shift into surplus in 2026 as new capacity ramps up and demand for high -nickel cathodes remains subdued. Base-case surpluses are forecast to peak at 231 kt LCE in 2027 and increase to 353 kt LCE in 2028. As growth in demand eventually outpaces additions to supply, battery-grade lithium markets are expected to tighten ahead of the broader chemicals sector, with structural deficits emerging from 2031 onward. With the supply shortfall in 2025, lithium prices rose in the December 2025 Quarter. Spot Asia average CIF battery- grade lithium carbonate increased from US $9,600/tonne to US $13,750/tonne, while battery-grade lithium hydroxide rose from US$9,380/tonne to US$14,500/tonne, representing increases of 43% and 54.5%, respectively. The rally was driven by stronger converter demand, inventory reductions, and supply disruptions. Prices continued
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6 Suite 16.01 Level 16, 213 Miller Street North Sydney NSW 2060 www.Ioneer.com ABN 76 098 564 606 ASX: INR Nasdaq: IONR to rise in January 2026, reaching approximately US$20,250/tonne for lithium carbonate and US$20,750/tonne for lithium hydroxide. Boric Acid Market and Price Boric acid demand was strong in 2025 , led by construction, electronics, defence, and agriculture, with increased use in fiberglass and automotive applications, supported by growth in Asia-Pacific industrialization. Despite some market shifts, demand remained strong in the second half of 2025. Asia-Pacific is the largest and fastest-growing market, with a strong electronics sector . Expanding agricultural activities boosted demand for boron -based fertilizers and pesticides. The global boric acid market has shifted from a slight supply surplus in the first six months of 2025 to near equilibrium in the second half of 2025 , with the average price in Asia -Pacific rising by 10%. Boric acid demand remains strong, exceeding 2024 levels, and shows resilience despite recent US -China tariff tensions. The higher US import tariff on boric acid has caused shifts in global supply dynamics between U.S., Chinese, Russian and Chilean producers. Environmental, Health, Safety & Sustainability (EHSS) Program Sustainability Road Mapping /External Disclosure Alignment Ioneer has committed to participate in the S&P Global 2025 Corporate Sustainability Assessment with a submission of information completed in October 2025. The 2025 S&P Global Assessment Report was published in December 2025 and confirms Ioneer’ s continued prioritization of sustainable development. Environmental Regulatory Compliance Ioneer continues to maintain compliance with the issued State of Nevada Water Pollution Control Permit, Class 2 Air Permit and newly acquired State Reclamation permit. No compliance issues were noted during the December 2025 Quarter and Ioneer continues to report ongoing monitoring and compliance related activities as required under these obligations. Health & Safety During the quarter, Ioneer reported no lost time incidents, first aid incidents, or fatalities for Ioneer employees. Tiehm’s buckwheat Tiehm’s buckwheat conservation efforts continued at the Company’s dedicated greenhouse in Nevada during the quarter and focussed on the germination and propagation of new seedlings, and supporting the f lowering and pollination of existing plants. The Company continues to demonstrate the ability to grow and reproduce Tiehm’s buckwheat from seed in a variety of soil types including soils that are low in both lithium and boron. Significant enhancements were completed at the Company’s greenhouse during the quarter to maximize available space for plant growth and seed production. These upgrades included the construction of a dedicated office and a specialized seed germination area, enabling more efficient operations and improved workflow. As shown in the table below, these improvements will contribute to future seed germination and overall plant inventories beyond 2025.
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7 Suite 16.01 Level 16, 213 Miller Street North Sydney NSW 2060 www.Ioneer.com ABN 76 098 564 606 ASX: INR Nasdaq: IONR Ioneer Greenhouse Tiehm’s Buckwheat Plant Inventory 2021 2022 2023 2024 2025 102 136 220 341 962 Ioneer continues to work closely with the BLM and U.S. Fish and Wildlife Service (“USFWS”) to finalize the various Tiehm's buckwheat Applicant Proposed Conservation Measure Protocol and Procedure documents as outlined in the BLM's Record of Decision and USFWS Biological Opinion. As of the end of the December 2025 Quarter, 8 of the 12 Protocol and Procedure documents have been Issued for use, 2 have completed agency review, and the remaining 2 are expected to be issued for use during the quarter ended 31 March 2026 (“Q1 2026”). Further towards the conservation of Tiehm's buckwheat, I oneer voluntarily initiated the development of a Controlled Propagation Plan in collaboration with USFWS and BLM. The objectives of this multi -year effort are to establish new populations of Tiehm's buckwheat outside the P roject area to promote redundancy, representation and resilience in the species. Community & Tribal Nations Ioneer continues to engage with local communities and Tribal Nations to address any environmental and social concerns and enhance local economic opportunities. Engineering To enhance project economics and ensure adaptability to the evolving lithium market, Ioneer has advanced the Lithium Hydroxide Plant (“LiOH Plant”) to facilitate earlier conversion of the battery grade lithium carbonate into battery grade lithium hydroxide monohydrate, from a planned start in year 4 of operations to year 3. An update of the 2021 scoping study Class IV estimate of the LiOH Plant to PFS Class III estimate was completed by Atkins Realis to improve estimation accuracy and project sustaining capital cost (“Capex”). The production advantages of an onsite lithium hydroxide circuit will result in a lower capital cost per ton ne of lithium hydroxide, and a substantially lower net operating cost to convert lithium carbonate to lithium hydroxide relative to industry averages. Turner & Townsend performed an independent evaluation of the Project cost estimate, schedule, and risk profile. The review team was composed of professionals with specialized expertise in capital cost estimating, project scheduling, and risk management. This independent perspective provides an objective review of the Project and enhances confidence in the Project's planning and execution strategy. The evaluation concluded that: • The cost estimate is classified as a good quality Class 2 estimate based on a well-defined scope of work as illustrated by the quality of engineering deliverables. • The schedule demonstrates strong foundational quality in key areas such as schedule logic, building methodology, aligned WBS structure, and comprehensive l abor resource loading for construction scope. Several areas of improvement to enhance schedule reliability, transparency, and execution readiness were also identified. • The risk management audit confirmed that there is an established framework for managing
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8 Suite 16.01 Level 16, 213 Miller Street North Sydney NSW 2060 www.Ioneer.com ABN 76 098 564 606 ASX: INR Nasdaq: IONR project risks, with several key components in place such as a risk register, risk strategy, and quantitative analyses. Metallurgical test work to optimize the vat leaching system was completed with the objective to identify opportunities to increase overall lithium and boron production. The program concluded that the optimum metallurgical lithium and boron yield (ton nes of product per tonne of acid applied) could be achieved if the leach duration was reduced to 1.5 days. The increased lithium and boron production is achieved by increasing overall ore throughput (reducing the acid/ore ratio) by limiting the extent of unwanted gangue extraction and therefore non-productive acid consumption. Work to prepare an updated technical report under Subpart 1300 of the U.S. Securities and Exchange Regulation S-K that incorporates the impact of the reduced leach duration to 1.5 days is underway with the issuance of the final report expected in the first half of 2026. Organic Growth Projects EcoPro Lithium Clay Project The EcoPro Lithium Clay Research & Development project team has completed development of the commercially feasible process flow sheet in the December 2025 Quarter. The EcoPro Innovation and Ioneer senior management committee will evaluate the business feasibility and determine the timing for advancing to next step s in the six- month period ending 30 June 2026 (“H1 2026”). Corporate Activities Change in Financial Year End and Annual General Meeting As previously announced, the Board of Directors resolved to change the Company’s financial year from 1 July – 30 June, to 1 January – 31 December. The details for the Annual General Meeting for the stub period of 1 July 2025 to 31 December 2025, will be announced in Q1 2026. Appointments of New Chief Financial Officer and New Company Secretary In November 2025, the Company announced the appointment of April Hashimoto as Interim Chief Financial Officer and the appointment of Olga Smejkalova of Acclime Corporate Services Australia Pty Ltd as Company Secretary. In December 2025, Ian Bucknell, stepped down as Chief Financial Officer and Company Secretary, to pursue interests in another industry, after seven years of service with Ioneer.
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9 Suite 16.01 Level 16, 213 Miller Street North Sydney NSW 2060 www.Ioneer.com ABN 76 098 564 606 ASX: INR Nasdaq: IONR Update to Estimated Project Timeline Ioneer’s estimated timing* for Rhyolite Ridge is as follows: Milestone Targeted timing* Note Issuance of updated SEC S-K 1300 Technical Report Summary H1 2026 Targeted completion of Strategic Partner process H1 2026 The strategic partnering process is ongoing. Targeted Final Investment Decision TBA Dependent on outcomes of Strategic Partnering Process and requirement to refresh Project economics. Construction Circa 36 months Includes supply of long-lead items and construction. Subject to lead times and when orders are placed. *As of the date of this quarterly, and subject to change. Upcoming Work Program The work program over the coming months includes: • Issue technical report under Subpart 1300 of the U.S. Securities and Exchange Regulation S-K that incorporates the impact of the reduced leach duration to 1.5 days • Complete a strategic partnering process for the Rhyolite Ridge Project • Make a Final Investment Decision ASX Additional Information The Company provides the following information pursuant to ASX Listing Rule requirements. 1. ASX LR 5.3.1: Exploration and Evaluation Expenditure during the quarter was US$2.75 million. Details of the exploration activity are set out in this report. A breakdown of the expenditure is shown below: Expenditure US$’000 Exploration 0 Engineering 1,354 Environmental 688 Sales & Marketing 90 Other 621 Total 2,753
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10 Suite 16.01 Level 16, 213 Miller Street North Sydney NSW 2060 www.Ioneer.com ABN 76 098 564 606 ASX: INR Nasdaq: IONR 2. ASX LR 5.3.2: The Company confirms there were no production or development activities during the quarter. 3. ASX LR 5.3.5: Related party payments for the quarter totalled US$278,289 comprising salaries and fees for the Company’s executive and non-executive directors. No other payments were made to any related parties of the entity or their associates. 4. ASX LR 5.3.3: INR confirms that it has not acquired tenements during the quarter (see Appendix 1). Capital Structure Total cash and cash equivalents as of 31 December 2025, was US$17.9 million of which 43% was held in USD with the balance held in AUD. At the end of the quarter, Ioneer had on issue: • 2.67 billion ordinary shares, and • 76.7 million performance rights. This ASX release has been authorised by Ioneer Managing Director, Bernard Rowe. —ENDS— Media Contact Chad Yeftich Ioneer USA Corporation Investor Relations (USA) T: +1 775 993 8563 E: ir@ioneer.com
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11 Suite 16.01 Level 16, 213 Miller Street North Sydney NSW 2060 www.Ioneer.com ABN 76 098 564 606 ASX: INR Nasdaq: IONR About Ioneer Ioneer Ltd is an emerging lithium –boron producer and the 100% owner of the Rhyolite Ridge Lithium- Boron Project located in Nevada, USA. Rhyolite Ridge is one of two known lithium-boron deposit in North America and one of only two known such deposits in the world. Once operational, the world-class project is expected to power upward of 50 million electric vehicles and will instantly become a globally significant source of critical materials vital to the clean energy transition. In October 2024, Ioneer received its federal permit for the Rhyolite Ridge Lithium-Boron Project from the Bureau of Land Management. In January 2025, the U.S. Department of Energy finalized a $996 million loan debt financing for ioneer's Rhyolite Ridge lithium project. Ioneer signed separate offtake agreements with Dragonfly Energy in 2023, Ford Motor Company and PPES (joint venture between Toyota and Panasonic) in 2022 and Korea’s EcoPro Innovation in 2021. To learn more about Ioneer, visit www.Ioneer.com/investors or find us on X, Facebook, LinkedIn, Instagram and YouTube. 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 report titled “ Further Leach Optimisation Enhances Project Economics” dated 29 October 2025, released on ASX. Further information regarding the Mineral Resource estimate and Ore Reserve 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 “Further Leach Optimisation Enhances Project Economics” dated 29 October 2025. 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.
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12 Suite 16.01 Level 16, 213 Miller Street North Sydney NSW 2060 www.Ioneer.com ABN 76 098 564 606 ASX: INR Nasdaq: IONR Recent Announcements The table below lists announcements made by the Company during the quarter. Date Released Title 13/10/2025 Change in Substantial Holding 20/10/2025 Change in Substantial Holding 20/10/2025 September 2025 – Quarterly Activities Report 20/10/2025 September 2025 – Quarterly Cash Flow Report 21/10/2025 IMARC Conference Investor Presentation 29/10/2025 Further Leach Optimisation Enhances Project Economics 31/10/2025 2025 AGM – Managing Director Presentation 31/10/2025 2025 AGM – Executive Chair Address 31/10/2025 2025 AGM – Results of AGM 03/11/2025 Application for quotation of securities – INR 05/11/2025 Proposed issue of securities - INR 06/11/2025 Notification regarding unquoted securities – INR 06/11/2025 Notification regarding unquoted securities – INR 07/11/2025 Application for quotation of securities - INR 07/11/2025 Change of Director’s Interest Notice - Davies 07/11/2025 Change of Director’s Interest Notice – McKinney-James 07/11/2025 Change of Director’s Interest Notice – Walker 07/11/2025 Change of Director’s Interest Notice – Woodall 07/11/2025 Boron added to U.S. Critical Mineral List 07/11/2025 Change of Director’s Interest Notice – Calaway 07/11/2025 Change of Director’s Interest Notice - Rowe 11/11/2025 Appointment of Interim CFO 17/11/2025 Notification of Cessation of securities – INR 17/11/2025 Change of Director’s Interest Notice – Calaway 17/11/2025 Change of Director’s Interest Notice – Davies 01/12/2025 Change of Company Secretary 22/12/2025 Notification of cessation of securities - INR
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13 ABN 76 098 564 606 ASX: INR Nasdaq: IONR Suite 16.01 Level 16, 213 Miller Street North Sydney NSW 2060 www.Ioneer.com Appendix 1 - Schedule of Tenements ASX listing rule 5.3.3 Country Project Tenement ID Tenement Name Area (km2) Interest at beginning of quarter Interest at end of quarter Note USA Rhyolite Ridge NMC1117360 SLB claims (199) 15.9 100% 100% No change USA Rhyolite Ridge NV105809159 SLB claims (18) 1.4 100% 100% No change USA Rhyolite Ridge NMC1171536 SLM claims (122) 9.6 100% 100% No change USA Rhyolite Ridge NMC 1179516 RR claims (65) 4.8 100% 100% No change USA Rhyolite Ridge NV105810398 RR claims (14) 1.1 100% 100% No change USA Rhyolite Ridge NV105272779 RMS mill sites (23) 0.5 100% 100% No change USA Rhyolite Ridge NV106354216 RMS mill sites (325) 6.5 100% 100% No change USA Rhyolite Ridge NMC1147932 SLP claims (120) 9.6 100% 100% No change USA Rhyolite Ridge NV105272053 PR claims (11) 0.9 100% 100% No change USA Beacon Hill NMC1118666 NLB claims (160) 12.8 100% 100% No change USA Beacon Hill NV106310781 NLB claims (41) 3.3 100% 100% No change USA Beacon Hill NMC 1129523 BH claims (81) 6 100% 100% No change USA Sarcobatus Basin NV106735396 COB claims (231) 18.5 100% 100% No change