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 30 July 2026 – Ioneer Ltd (“Ioneer” or the “Company”) (ASX: INR, Nasdaq: IONR), an emerging U.S. lithium- boron supplier, is pleased to report on its activities for the quarter ending 30 June 2026 (the “June 2026 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 second quarter was one of continued momentum for Ioneer. We are pleased to be working with KIND and Hyundai Engineering to advance Rhyolite Ridge to construction, create American jobs and bring two critical minerals, lithium and boron, to market.” Government and Strategic Partner Engagement On 8 July 2026, Ioneer signed non-binding Memorandums of Understanding (each an “MOU”) with the Korea Overseas Infrastructure & Urban Development Corporation ("KIND"), the Republic of Korea’s specialized public institution mandated by the Ministry of Land, Infrastructure and Transport ("MOLIT"), and Hyundai Engineering Co. Ltd. ("Hyundai Engineering"), a leading Korean and international engineering, procurement and construction company, to advance the development of Rhyolite Ridge. Under the MOUs, KIND is considering making an equity investment in the Project, and Hyundai Engineering is considering the provision of certain procurement-related activities in connection with the Project. The MOUs reflect Rhyolite Ridge's strategic value for both the United States and the Republic of Korea, and its role as a cornerstone of America's efforts to secure a domestic supply of urgently needed critical minerals. The MOUs are non-binding and do not create legally enforceable obligations on the part of KIND and Hyundai Engineering to invest in or otherwise support the development of Rhyolite Ridge. There can be no certainty that legally binding arrangements will be entered into. QUARTERLY ACTIVITIES REPORT For the period ending 30 June 2026 Highlights • Signed non-binding Memorandums of Understanding to advance the development of Rhyolite Ridge. • Received a conditional award from the United States Army for a long-term land lease on the Tooele Army Depot for the purpose of establishing a critical mineral processing facility. • Ongoing engagement with U.S. Government and potential strategic partners. • Completed pre-feasibility study to produce battery-grade lithium carbonate. • Company in a strong financial position through completion of the Strategic Partnering Process, a Final Investment Decision and Early Construction Works.
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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 Goldman Sachs & Co. LLC is assisting Ioneer with the strategic partnering process and the process is expected to conclude during the third quarter of 2026. 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. On 27 March 2026, the U.S. District Court for the District of Nevada (“U.S. District Court”) upheld the BLM decision to approve the Plan of Operations following a lawsuit brought by the Center for Biological Diversity, Great Basin Resource Watch, and Western Shoshone Defence Project (collectively, the “Plaintiffs”). In its decision, the Court found that the BLM and U.S. Fish and Wildlife Service complied with the Endangered Species Act, Federal Land Policy and Management Act, and National Environmental Policy Act in their review and approval of the Project. On 9 April 2026, the Plaintiffs filed a notice of appeal of the U.S. District Court’s decision to the United States Court of Appeals for the Ninth Circuit. The Company is actively participating in the appeal of the U.S. District Court’s decision upholding BLM’s approval of the Project. The Plaintiffs have filed their initial brief. The Company remains confident in its legal position and expects to file its response briefs in September 2026. The timing of the process is outside of the Company’s control; however, a decision is anticipated in mid-2027. The appeal is not expected to delay commencement of construction. Sales & Marketing Lithium Market and Price Lithium markets remain materially stronger to date in 2026 than 2025. There has been a shift in demand from lithium hydroxide to lithium carbonate, driven by cost and performance considerations and reflecting changes in battery chemistry and regional needs. Refined lithium supply is expected to reach 2,681 kt LCE in 2026, up 28% over 2025, but resource supply is projected to grow by only 13%, according to Wood Mackenzie. Lithium prices rose in Q2 2026, with battery -grade lithium carbonate and lithium hydroxide prices up 14% quarter-over-quarter. Lithium prices are expected to strengthen materially in the early 2030s as the market moves into deficit, which coincides with when Rhyolite Ridge is currently expected to commence production. Based on Fastmarkets spot prices, the median CIF CJK Asia prices for battery -grade lithium carbonate and lithium hydroxide were slightly lower as of 30 June 2026, at US$19,500/tonne and US$19,250/tonne, respectively, compared with 31 March 2026 prices of US$21,000/tonne and US$20,250/tonne. Boric Acid Market and Price Ioneer forecasts growth in global demand for boric acid driven by its applications in consumer electronics (Thin Film Transistor display glass substrates), the military (ferroboron and boron carbide) and the construction industry (insulation and ceramics) , reaching 1,207 KT/pa in 2026. Current utilization of global capacity is
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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 estimated to be 80% and historical data sugge sts a susta inable utilization rate of 85%. Ioneer forecasts utilization to rise to 88% by 2032, 92% by 2034, 94% by 2036 and to exceed 100% by 2037. Trade statistics show Asian boric acid prices rose 4 -6% in Q1 2026 and continued to slightly increase in Q2 2026 due to higher costs , while US prices remain ed stable. Prices are likely to rise as demand and capacity tighten. Environmental, Health, Safety & Sustainability (EHSS) Program 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 June 2026 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 and the federally approved introduction sites. Ioneer has successfully completed the first phase of its multi-year Tiehm's buckwheat introduction program. In April 2026, 35 plants were transplanted from the greenhouse to an approved introduction site after receiving all necessary approvals from the BLM and U.S. Fish and Wildlife Service. The plants have demonstrated strong survival and early growth. The Company’s monitoring program is ongoing. Rodent enclosures have been proven effective at protecting the transplanted plants. A second planting of an additional 35 plants and seed previously collected from the greenhouse is scheduled for September 2026. The Company continues to demonstrate the ability to grow and reproduce Tiehm’s buckwheat while advancing the goals of the Tiehm’s Buckwheat Protection Plan. The continued conservation efforts have created robust populations, while enhancing the redundancy, representation, and resilience of the species. As outlined in the Tiehm’s buckwheat protection plan, the Company completed its annual demographic and population surveys with initial results indicating robust populations compared to the previous few years of drought conditions. In line with action permitted by the BLM and U.S. Fish and Wildlife Service, Ioneer successfully conducted a seed collection from the wild population. 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. Throughout the quarter, Ioneer continued its practice of briefing nearby county commissions and tribal councils to solicit feedback and provide project updates. Ioneer also was pleased to once again financially support seasonal community activities, such as Tribal Nations festivals, the Nevada Mining Championships and the Fish Lake Valley 4 th of July Festival. Engineering Ioneer completed a pre-feasibility study for a battery-grade lithium carbonate (Li2CO3) circuit, which
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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 confirmed the feasibility to produce battery grade Li2CO3. This work complements the currently planned production of technical grade Li2CO3 and lithium hydroxide as described in the Updated Ore Reserve and Project Economics announced on 13 June 2025, which was followed by further material improvements in project economics announced in September 2025 and October 20251. In the second half of 2025, Ioneer undertook a coordinated effort to consolidate storage of all Project drill core, coarse reject, and pulp storage at a centralized facility in Reno. This consolidation improved inventory management by establishing a detailed database of available materials, ensuring efficient access for ongoing studies and analysis. As part of this process, Ioneer completed a targeted sampling campaign to address data gaps associated with previously unsampled L6 and S5 stratigraphic units, increasing confidence in the Stream 2 ore for the resource and reserve estimates. In addition, Ioneer identified two stratigraphic zones (S3 and M4) as potential resource horizons that had previously limited analysis. These strata, currently classified as overburden, are set to be mined in order to access the underlying ore. The two zones were sampled and submitted for assay to further evaluate their economic potential. In total, approximately 8,500 feet of core was split and submitted for analytical testing. The assay results will support additional metallurgical test work to better understand the characteristics, recovery potential, and overall value contribution of these materials to the Project. The results will also be incorporated into future resource modeling efforts and considered as part of the next Mineral Resource and Reserve update to further refine the understanding of the resource extent and geological continuity. Boron Carbide Ioneer has engaged Fluor Corporation to prepare a pre-feasibility study to evaluate the feasibility of building a plant to produce defence-grade boron carbide from boron produced at Rhyolite Ridge. The pre-feasibility study is 95% completed and the report is expected to be issued in Q3 2026. Organic Growth Projects On 26 June 2026, Ioneer announced the receipt of a conditional award from the United States Army for a long-term land lease on the Tooele Army Depot for the purpose of establishing a facility to produced advanced boron products. In November 2025, the U.S. Government added boron to its list of critical minerals. The United States, including the Department of War, has long recognized boron as essential to national security and energy dominance because boron ceramics (i.e., boron carbide and boron nitride) are essential for military applications, including advanced armour, high-strength permanent magnets, semiconductors and nuclear applications. Ioneer will be working with the United States Army in the coming months to satisfy conditions of the award and help forge a secure, domestic supply chain for critical minerals that underpin national defence and security. EcoPro Lithium Clay Project 1 See Company announcements titled “Clarification to Ore Reserves and Mineral Resource Estimate” dated 13 June 2025, “Leach Optimization and New Mine Plan Yields Material Improvement in Project Economics” dated 3 September 2025 and “Further Leach Optimization Enhances Project Economics” dated 29 October 2025.
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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 EcoPro completed its Lithium Clay Research & Development project and a final project report has been prepared, which includes a process flow sheet developed with commercially feasible operating costs. Corporate Activities Shelf Prospectus The Company filed a Form F-3 shelf prospectus with Securities and Exchange Commission on 20 July 2026, which gives Ioneer the ability to issue debt or equity securities in the United States in the future. Ioneer has no current plans to issue securities in the United States and has taken this step solely as a proactive measure to maintain future strategic flexibility. Annual General Meeting The Annual General Meeting was held on 21 May 2026 for the six month period ending 31 December 2025, as part of the transition from a 30 June year -end to a 31 December year -end as approved by the Board of Directors on 25 September 2025. All resolutions were carried without amendment. Update to Estimated Project Timeline Ioneer’s estimated timing* for Rhyolite Ridge is as follows: Milestone Targeted timing* Note Targeted completion of Strategic Partner process Q3 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: • Complete the strategic partnering process for the Rhyolite Ridge Project • Make a Final Investment Decision (FID) • Prepare for commencement of construction • Finalise agreement with Hyundai Engineering to provide procurement services • Continue work with Hyundai Engineering to review potential Korean suppliers for the Project • Complete the Pre-Feasibility Study (PFS) regarding the boron carbide plant and work with the United States Army to satisfy conditions related to the award received to lease land at the Tooele Army depot • Test work confirming economic assessment of selected stratigraphic units currently classified as overburden waste in the mine plan potentially moving into the resource followed by a potential
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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 resource update. 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$2.49 million. Details of the exploration activity are set out in this report. A breakdown of the expenditure is shown below: Expenditure US$’000 Exploration 0 Engineering 1,270 Environmental 577 Sales & Marketing 127 Other 511 Total 2,485 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$276,821 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 30 June 2026, was US$58.84 million of which 94.2% was held in USD with the balance held in AUD. At the end of the quarter, Ioneer had on issue: • 3.07 billion ordinary shares, and • 77.3 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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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 About Ioneer Ioneer Ltd. is an emerging lithium–boron producer and the 100% owner of the Rhyolite Ridge Lithium-Boron Project. Rhyolite Ridge is one of only a small number of lithium-boron ore deposits globally and a linchpin project in Nevada’s burgeoning Lithium Loop. Rhyolite Ridge closed a US$996 million loan with the U.S. Department of Energy’s Energy Dominance Finance Program in January 2025. In October 2024, Ioneer received the final federal permit for the project from the Bureau of Land Management, concluding the formal federal permitting process which began in early 2020. Ioneer signed separate offtake agreements with Ford Motor Company and Prime Planet Energy & Solutions (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 join our online communities on X, Facebook, LinkedIn, Instagram and YouTube. Competent Persons Statement In respect of Mineral Resources and Ore Reserves referred to in this report 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 report, 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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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 Recent Announcements The table below lists announcements made by the Company during the quarter. Date Released Title 07/04/2026 Change in substantial holding 20/04/2026 Notice of Annual General Meeting/Proxy Form 30/04/2026 March 2026 – Quarterly Activities Report 30/04/2026 March 2026 – Quarterly Cash Flow Report 30/04/2026 March 2026 – Quarterly Activities Report – Correction 30/04/2026 March 2026 – Quarterly Activities Report – Correction 01/05/2026 Change in substantial holding 21/05/2026 2026 AGM – Executive Chairs Address 21/05/2026 2026 AGM – Managing Director Presentation 21/05/2026 2026 AGM – Results of AGM 09/06/2026 Notification regarding unquoted securities – INR 12/06/2026 Change in Director’s Interest Notice – James Calaway 12/06/2026 Change in Director’s Interest Notice – Alan Davies 12/06/2026 Change in Director’s Interest Notice – Margaret Walker 12/06/2026 Change in Director’s Interest Notice – Rose McKinney James 12/06/2026 Change in Director’s Interest Notice – Tim Woodall 23/06/2026 Strategic Letters of Intent with KIND and Hyundai 26/06/2026 Conditional Award from the US Army Received
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9 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 Radiator Springs NV106735396 COB claims (231) 18.5 100% 100% No change