Ioneer Ltd (INR:ASX, IONR:NASDAQ), an emerging lithium-boron supplier, has released its quarterly activities report for the period ending 30 June 2025, highlighting a significant increase in the ore reserve at its Rhyolite Ridge Lithium-Boron Project in Nevada. The company announced that the Rhyolite Ridge Ore Reserve more than quadrupled, increasing from 60 million tonnes in 2020 to 247 million tonnes, extending the mine life to 95 years. Ioneer is 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.
The company also reported compelling project economics, with an after-tax net present value (NPV) of US$1.367 billion and an unlevered, after-tax internal rate of return (IRR) of 14.5%. The all-in sustaining cash cost of US$5,745 per metric tonne of lithium carbonate equivalent positions the Rhyolite Ridge Project in the bottom quartile of the global lithium cost curve. To progress the project through a strategic partnering process and towards a final investment decision, Ioneer successfully raised US$16.0 million (~A$25 million) via a placement.
Ioneer has initiated a strategic partnering process, engaging Goldman Sachs & Co. LLC as financial advisor. The company is also advancing modifications to State Permits required by the approved Plan of Operations. Permitting efforts are ongoing, with the State of Nevada expected to issue a final decision and permit in Q3 2025. The Company has also initiated Tiehm’s buckwheat demographic and recruitment surveys, counting the plants in each of the sub populations.
The company’s financial position remains solid, with total cash and cash equivalents of US$25.1 million as of 30 June 2025. Ioneer’s upcoming work program includes the advancement of state permit modifications, completion of the strategic partnering process, and a final investment decision for the Rhyolite Ridge Project.
