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Ioneer’s Rhyolite Ridge Lithium-Boron Project Receives Final Permit Approval from U.S. Federal Government; Construction Planned for 2025

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Ioneer (NASDAQ: IONR) has received federal permit approval from the Bureau of Land Management for its Rhyolite Ridge Lithium-Boron Project in Nevada. The project, set to begin construction in 2025 with first production in 2028, will quadruple U.S. lithium output and supply batteries for over 370,000 American-made electric vehicles annually. The facility will create 500 construction jobs and 350 permanent positions. The project features sustainable elements including 50% water recycling and avoids using evaporation ponds. The company plans to issue updated reserve figures and project costs by December 2024, advancing toward Final Investment Decision in Q1 2025.

Ioneer (NASDAQ: IONR) ha ottenuto l'approvazione del permesso federale dal Bureau of Land Management per il suo Progetto Rhyolite Ridge Lithium-Boron in Nevada. La costruzione del progetto, che avrà inizio nel 2025 con la prima produzione nel 2028, quadruplerà la produzione di litio negli Stati Uniti e fornirà batterie per oltre 370.000 veicoli elettrici prodotti negli Stati Uniti ogni anno. L'impianto creerà 500 posti di lavoro temporanei e 350 posizioni permanenti. Il progetto include elementi sostenibili come il riciclaggio del 50% dell'acqua e evita l'uso di bacini di evaporazione. L'azienda prevede di pubblicare figure aggiornate sulle riserve e i costi del progetto entro dicembre 2024, avanzando verso la Decisione di Investimento Finale nel primo trimestre del 2025.

Ioneer (NASDAQ: IONR) ha recibido la aprobación del permiso federal por parte de la Oficina de Administración de Tierras para su Proyecto de Litio-Boro Rhyolite Ridge en Nevada. El proyecto, que comenzará la construcción en 2025 con la primera producción en 2028, cuadruplicará la producción de litio en EE. UU. y suministrará baterías para más de 370.000 vehículos eléctricos fabricados en América anualmente. La instalación creará 500 empleos de construcción y 350 puestos permanentes. El proyecto cuenta con elementos sostenibles que incluyen un 50% de reciclaje de agua y evita el uso de estanques de evaporación. La empresa planea emitir cifras de reservas actualizadas y costos del proyecto para diciembre de 2024, avanzando hacia la Decisión Final de Inversión en el primer trimestre de 2025.

Ioneer (NASDAQ: IONR)는 네바다에 있는 라이올라이트 리지 리튬-보론 프로젝트에 대해 토지 관리국으로부터 연방 허가 승인을 받았습니다. 이 프로젝트는 2025년에 건설을 시작하고 2028년에 첫 생산을 계획하고 있으며, 미국의 리튬 생산을 4배로 늘리고 연간 370,000대의 미국산 전기차에 배터리를 공급할 것입니다. 이 시설은 500개의 건설 일자리와 350개의 영구 직위를 창출할 것입니다. 이 프로젝트는 50%의 물을 재활용하는 등 지속 가능한 요소들을 포함하고 있으며, 증발 연못 사용을 피하고 있습니다. 회사는 2024년 12월까지 업데이트된 매장량 수치와 프로젝트 비용을 발표할 예정이며, 2025년 1분기에 최종 투자 결정을 진행할 것입니다.

Ioneer (NASDAQ: IONR) a obtenu l'approbation d'un permis fédéral de la part du Bureau de la gestion des terres pour son Projet de Lithium-Bore Rhyolite Ridge au Nevada. Le projet, qui devrait débuter sa construction en 2025 avec une première production en 2028, quadruplera la production de lithium aux États-Unis et fournira des batteries pour plus de 370 000 véhicules électriques fabriqués en Amérique chaque année. L'installation créera 500 emplois temporaires et 350 postes permanents. Le projet inclut des éléments durables, dont 50 % de recyclage de l'eau et évite l'utilisation de bassins d'évaporation. L'entreprise prévoit de publier des chiffres de réserve actualisés et les coûts du projet d'ici décembre 2024, avançant vers la décision d'investissement finale au premier trimestre 2025.

Ioneer (NASDAQ: IONR) hat die Genehmigung des Bundesamtes für Landverwaltung für sein Rhyolite Ridge Lithium-Boron-Projekt in Nevada erhalten. Das Projekt, das 2025 mit dem Bau beginnen und 2028 die erste Produktion anvisieren soll, wird die Lithiumproduktion in den USA vervierfachen und jährlich Batterien für über 370.000 in Amerika hergestellte Elektrofahrzeuge liefern. Die Einrichtung wird 500 Bauarbeitsplätze und 350 Dauerstellen schaffen. Das Projekt umfasst nachhaltige Elemente, einschließlich einer 50%igen Wasserrecyclingquote, und vermeidet die Nutzung von Verdunstungsbecken. Das Unternehmen plant, bis Dezember 2024 aktualisierte Reservemengen und Projektkosten zu veröffentlichen und strebt im ersten Quartal 2025 die endgültige Investitionsentscheidung an.

Positive
  • Federal permit approval received, clearing path for construction
  • Project will quadruple U.S. lithium output
  • Will supply batteries for 370,000+ EVs annually
  • Creation of 500 construction and 350 permanent jobs
  • 70% of processing facility engineering is complete
  • 50% water recycling capability
Negative
  • Construction not starting until 2025
  • First production delayed until 2028
  • Final Investment Decision pending until Q1 2025

Insights

<p>The federal permit approval for Ioneer's Rhyolite Ridge project represents a <b>major milestone</b> in U.S. critical minerals development. The project's projected output to supply <b>370,000 EVs annually</b> positions it as a significant domestic lithium source. Key financial implications include: <ul><li>Construction investment starting 2025 with production by 2028</li><li>Job creation: <b>500 construction jobs</b> and <b>350 permanent positions</b></li><li>Unique dual-product revenue stream from both lithium and boron</li><li>70% completed engineering for processing facility with water recycling capabilities</li></ul>The project's environmental commitments and modifications demonstrate strong ESG considerations, potentially reducing operational risks and enhancing long-term viability.</p>

<p>The project's approval marks a important balance between critical mineral development and environmental protection. Notable aspects include: <ul><li>Successful navigation of ESA requirements regarding Tiehm's buckwheat</li><li>Innovative facility design with <b>50% water recycling</b> and no evaporation ponds</li><li>Independent power generation reducing grid dependency</li></ul>The comprehensive environmental modifications and stakeholder engagement demonstrate a sustainable mining model that could set precedents for future critical mineral projects. The successful permitting process validates the project's environmental viability while supporting the administration's clean energy goals.</p>

Project will quadruple U.S. lithium output, create hundreds of high paying jobs in rural Nevada

SYDNEY--(BUSINESS WIRE)-- Ioneer Ltd (“Ioneer”) (ASX: INR, NASDAQ: IONR) received its federal permit for the Rhyolite Ridge Lithium-Boron Project from the Bureau of Land Management. With the positive decision, Rhyolite Ridge becomes the first U.S. lithium project approved by the Biden Administration as part of its efforts to accelerate domestic critical mineral production and advances the Esmeralda County, Nevada investment toward construction in 2025 and first production in 2028.

Rhyolite Ridge will supply the batteries for more than 370,000 American-made electric vehicles annually and process crucial battery materials on-site in the United States. The project will create an estimated 500 jobs during construction and 350 high paying jobs during its decades in operation.

“For more than six years, we have worked closely with state, federal and tribal governments, as well as the Fish Lake Valley community, to ensure the sound and sustainable development of our Rhyolite Ridge Lithium-Boron Project. We value our relationships with these stakeholders and appreciate their openness to engage, discuss concerns and develop solutions. Without that open and honest dialogue, such an outcome could never have been possible,” said Ioneer Managing Director Bernard Rowe. “This permit gives us a license to commence construction in 2025 and begin our work in creating hundreds of good-paying rural jobs, generating millions in tax revenue for Esmeralda County, and bolstering the domestic production of critical minerals.”

“I can say with absolute confidence there are few deposits in the world as impactful as Rhyolite Ridge. Today’s approval of Ioneer’s federal permit is the culmination of countless hours of work and a testament to our remarkable team’s dedication to developing and building one of the most sustainable mining projects in the country,” said Ioneer Executive Chairman James Calaway. “We are pleased by what we have achieved working with the Biden Administration, and by the bi-partisan support we have received at the federal, state and local levels.”

The formal Record of Decision (ROD) follows the issuance last month of the final Environmental Impact Statement (EIS)1 by the BLM, which incorporated public feedback received during the April-June open comment period, and concludes the rigorous and comprehensive formal federal permitting process, which began in early 2020. Ioneer’s pre-permitting work began in early 2019 and, in December 2022, the company formally entered the final stages of the National Environmental Policy Act (NEPA) review, as required by all projects on federal lands.

Ioneer enacted major changes to the project throughout the permitting process resulting in a stronger, more sustainable project that incorporates the needs and concerns of all stakeholders. They include:

  • Major modification to the location of the western wall of the quarry to avoid Tiehm’s buckwheat, an endangered species adjacent to the project designated in December 2022,
  • Relocation of all possible infrastructure and related disturbance to areas outside of critical habitat identified because of its potential to support pollinators for Tiehm’s buckwheat,
  • Relocation of overburden storage facilities to avoid culturally sensitive sites and other important mitigation measures based on input from tribal site visits and consultation,
  • Commitments to water conservation,2 and
  • Commitments to dust, noise and light monitoring as well as mitigation and minimization of impact for the community and nature.

As part of the final EIS, the U.S. Fish and Wildlife Service, which oversees the administration of the Endangered Species Act (ESA), also formally released the ESA Section 7 Biological Opinion concluding Rhyolite Ridge will not jeopardize Tiehm’s buckwheat or adversely modify its critical habitat.

Rhyolite Ridge’s commitment to sustainability extends to its processing facility, for which 70% of engineering is complete, to recycle half of all the water used. As Ioneer’s facility comes online, the company will evaluate and continue to deploy new technologies to further reduce water consumption.

Due to the deposit’s unique minerology, Ioneer will limit its operational footprint by avoiding the use of evaporation ponds and curtail its carbon footprint as its steam-powered facility will operate independently from the Nevada energy grid.

With the project formally approved by the federal government, Ioneer expects to issue updated reserve figures and estimated project costs by December 2024 and advance toward a Final Investment Decision with its financing partners.

Estimated Project Timeline

Ioneer’s estimated timing* for the Rhyolite Ridge Lithium-Boron Project is as follows:

Milestone

Targeted timing

Note

Anticipated Final Investment Decision

1Q 2025

Based on current management estimates and accounting for the Sibanye-Stillwater agreement, U.S. Department of Energy Loan Programs Office conditional loan and any other required funding close.

Construction

36 months

Includes supply of long-lead items and construction. Subject to lead times and when orders are placed.

Anticipated Commercial Production and Delivery to Partners

2028

Produce and process high-grade lithium and boron on-site at Rhyolite Ridge.

*As of October 2024, and subject to change.

This ASX release has been authorised by Ioneer Managing Director, Bernard Rowe.

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 the only known lithium-boron deposit in North America and one of only two known such deposits in the world. Once operational, the low-cost, 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 September 2021, Ioneer entered into an agreement with Sibanye-Stillwater where, following the satisfaction of conditions precedent, Sibanye-Stillwater will acquire a 50% interest in the Project, with Ioneer maintaining a 50% interest and retaining the operational management responsibility for the joint venture. In January 2023, Ioneer received a conditional commitment from the U.S. Department of Energy Loan Programs Office for up to $700 million of debt financing.

Ioneer signed separate offtake agreements with 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.

Important notice and disclaimer

Forward-looking statements

This announcement contains certain forward-looking statements and comments about future events, including Ioneer’s expectations about the Project and the performance of its businesses. Forward looking statements can generally be identified by the use of forward-looking words such as ‘expect’, ‘anticipate’, ‘likely’, ‘intend’, ‘should’, ‘could’, ‘may’, ‘predict’, ‘plan’, ‘propose’, ‘will’, ‘believe’, ‘forecast’, ‘estimate’, ‘target’ and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance on, the Conditional Commitment, financing plans, future earnings or financial position or performance are also forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. Forward-looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. Forward looking statements involve known and unknown risks, uncertainty and other factors which can cause Ioneer’s actual results to differ materially from the plans, objectives, expectations, estimates, and intentions expressed in such forward-looking statements and many of these factors are outside the control of Ioneer. Such risks include, among others, uncertainties related to the finalisation, execution, and funding of the DOE financing, including our ability to successfully negotiate definitive agreements and to satisfy any funding conditions, as well as other uncertainties and risk factors set out in filings made from time to time with the U.S. Securities and Exchange Commission and the Australian Securities Exchange. As such, undue reliance should not be placed on any forward-looking statement. Past performance is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast financial information or other forecast. Nothing contained in this announcement, nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Ioneer.

Except as required by law or the ASX Listing Rules, Ioneer assumes no obligation to provide any additional or updated information or to update any forward-looking statements, whether as a result of new information, future events or results, or otherwise.

________________________

1 “Ioneer’s Rhyolite Ridge Project Clears Major U.S. Federal Permitting Step, Advances Toward Construction” https://www.businesswire.com/news/home/20240919943952/en/Ioneer%25E2%2580%2599s-Rhyolite-Ridge-Project-Clears-Major-U.S.-Federal-Permitting-Step-Advances-Toward-Construction

2 “Water Use at Rhyolite Ridge” https://www.ioneer.com/wp-content/uploads/2024/07/Ioneer-Water-Fact-Sheet_Final-1-1.pdf

 

United States Investor Relations

Chad Yeftich

E: ir@ioneer.com

Media Relations (USA)

Daniel Francis, FGS Global

E: daniel.francis@fgsglobal.com

Australia Investor Relations

Ian Bucknell

E: ir@ioneer.com

Media Relations (Australia)

Peter Taylor, NWR Communications

peter@nwrcommunications.com.au

Source: Ioneer Ltd

FAQ

When will Ioneer (IONR) begin construction of the Rhyolite Ridge project?

Ioneer plans to begin construction of the Rhyolite Ridge project in 2025, with an estimated 36-month construction period.

How many jobs will Ioneer's Rhyolite Ridge project create?

The Rhyolite Ridge project will create approximately 500 jobs during construction and 350 high-paying permanent jobs during operations.

When will Ioneer's Rhyolite Ridge project begin commercial production?

Commercial production at the Rhyolite Ridge project is anticipated to begin in 2028.

How many electric vehicles will Ioneer's Rhyolite Ridge project support annually?

The Rhyolite Ridge project will supply batteries for more than 370,000 American-made electric vehicles annually.

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