Ioneer (INR) Q2 2026 TU earnings summary

Executive summary

• Leach optimization increased unlevered life of mine NPV by 19% to US$2,237 million and IRR by 8% to 18%.

• Annual lithium hydroxide and boric acid production increased by 9% and 7%, respectively.

• All-in sustaining cash cost for lithium carbonate equivalent is US$4,628/tonne, placing the project in the lowest cost quartile globally.

• Ongoing engagement with U.S. government and strategic partners, with boron added to the U.S. Critical Minerals list.

• All major federal and state permits for Rhyolite Ridge construction are secured.

Financial highlights

• Average annual EBITDA increased to US$417 million with updated project economics.

• Total cash and cash equivalents at 31 December 2025 were US$17.9 million.

• Exploration and evaluation expenditure for the quarter was US$2.75 million.

• No production or development activities occurred during the quarter.

Outlook and guidance

• Updated SEC S-K 1300 technical report and completion of strategic partner process targeted for H1 2026.

• Final investment decision timing is dependent on strategic partner process outcomes.

• Construction expected to take approximately 36 months once commenced.