6-K
ioneer Ltd (IONR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of February 2024
Commission File Number: 001-41412
ioneer Ltd
(Translation of registrant’s name into English)
Suite 5.03, Level 5, 140 Arthur Street
North Sydney, NSW 2060, Australia
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXHIBIT INDEX
The following exhibits are filed as part of this Form 6-K:
| Exhibit | Description |
|---|---|
| 99.1 | February 2024 Investor Presentation |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ioneer Ltd | ||
|---|---|---|
| (registrant) | ||
| Date: February 26, 2024 | By: | /s/ Ian Bucknell |
| --- | --- | --- |
| Name: Ian Bucknell | ||
| --- | ||
| Title: Chief Financial Officer & Company Secretary |
Exhibit 99.1
: IONR ASX : INR www.ioneer.com Providing Material in the U.S. for a Sustainable Planet INVESTOR PRESENTATION B Li February 2024 : IONR ASX : INR www.ioneer.com
This presentation has been prepared as a summary only and does not contain all information about ioneer Ltds (ioneer or the Company) assets and liabilities, financial position and performance, profits and losses, prospects, and the rights and liabilities attaching to ioneer’s securities. The securities issued by ioneer are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the shares or that there will be an increase in the value of the shares in the future. ioneer does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this presentation. Recipients of this presentation should carefully consider whether the securities issued by ioneer are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position. Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company's securities. Forward Looking Statements Various statements in this presentation constitute statements relating to intentions, future acts and events which are generally classified as “forward looking statements”. These forward-looking statements are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other important factors (many of which are beyond the Company’s control) that could cause those future acts, events and circumstances to differ materially from what is presented or implicitly portrayed in this presentation. For example, future reserves described in this presentation may be based, in part, on market prices that may vary significantly from current levels. These variations may materially affect the timing or feasibility of particular developments. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “potential” and similar expressions are intended to identify forward-looking statements. ioneer cautions security holders and prospective security holders to not place undue reliance on these forward-looking statements, which reflect the view of ioneer only as of the date of this presentation. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. Except as required by applicable regulations or by law, ioneer does not undertake any obligation to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance. : IONR ASX : INR www.ioneer.com 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 reports titled “Rhyolite Ridge Ore Reserve Increased 280% to 60 million tonnes” dated 30 April 2020 and “Mineral Resource increases by 168% to 3.4 Mt lithium carbonate Underscores growth potential for U.S. supply chain” dated 26 April 2023, released on ASX. Further information regarding the Mineral Resource estimate 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 “ioneer Delivers Definitive Feasibility that Confirms Rhyolite Ridge as a World-Class Lithium and Boron Project” dated 30 April 2020. 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. No offer of securities Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell ioneer securities in any jurisdiction or be treated or relied upon as a recommendation or advice by ioneer. Reliance on third party information The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by ioneer. Lithium Carbonate Equivalent The formula used for the Lithium Carbonate Equivalent (LCE) values quoted in this presentation is: LCE = (lithium carbonate tonnes produced + lithium hydroxide tonnes produced * 0.880 Note All $’s in this presentation are US$’s except where otherwise noted. Disclaimer
Capital Structure (As at 14 February 2024) Shares Outstanding 2.1b Performance Rights And Options Outstanding 37.4m Cash Balance – 1 Jan 2024 US$28m Share Price ASX – 14 Feb 2024 A$0.125 ADR Price NASDAQ (1 ADR = 40 ASX Shares) US$3.23 Market Capitalisation A$264m Research Coverage Corporate snapshot Total Shareholder Composition at 31 December 2023 29.4% Institutional Investors 23.2% Retail 13.5% Corporation/Non-Profit Unallocated DRs 5.8% Related Parties 2.3% Brokers 4.0% 21.5% Unanalysed Total Shares by Geography at 31 December 2023 30.2% Australia 29.3% North America 8.7% Asia 0.9% United Kingdom 7.6% Rest of the World 1.7% Rest of Europe 21.5% Unanalysed : IONR ASX : INR www.ioneer.com
BOARD OF DIRECTORS ALAN DAVIES Non-executive Director Former Chief Executive, Energy & Minerals of Rio Tinto ROSE McKINNEY-JAMES Non-executive Director Former President and CEO of Corporation for Solar Tech & Renewable Resources JAMES D. CALAWAY Executive Chair Former Non-executive chair of Orocobre Ltd MARGARET WALKER Non-executive Director Former VP Engineering and Technology Centers, Dow Chemical STEPHEN GARDINER Non-executive Director Former CFO Oil Search BERNARD ROWE Managing Director CEO & Founder EXECUTIVE TEAM IAN BUCKNELL CFO & Company Secretary MATT WEAVER Snr VP Engineering & Operations CHAD YEFTICH VP Corporate Development & External Affairs : IONR ASX : INR www.ioneer.com KEN COON VP Human Resources YOSHIO NAGAI VP Commercial Sales & Marketing Proven & Experienced Team
In final stage of federal permitting process Permitting Binding agreements with Ford (SK), Toyota (Panasonic) and EcoPro Partnerships US$490 million conditional financing from Sibanye- Stillwater Funding US$700 million conditional loan from U.S. Dept of Energy Loan Programs Office Debt State of the art facility with construction set to commence upon permitting approval Engineering Multi-generational scale potential with 3.4Mt LCE Mineral Resource Estimate Growth What Differentiates Ioneer from other emerging lithium companies : IONR ASX : INR www.ioneer.com
Rhyolite ridge lithium-boron project economics FACT SHEET Location Nevada, USA Project Stage Bankable Feasibility Study (April, 2020) Products Lithium Carbonate, Boric Acid Mine Plan 64Mt (2.5Mtpa x 26 years) Production Li 22,000 tpa B 174,400 tpa Binding Offtakes 80% of Li production All in sustaining cash cost US$2,510/t of LCE EBITDA US$288M (LOM) After-tax NPV8 US$1.265B After-tax IRR 20.8% Price assumptions Li Carb – US$11,740/t Boric Acid – US$710/t Mine Life 26 years Nevada Lithium for the U.S EV Supply Chain Current Project South Basin – still only partially drilled Producing enough lithium to power ~400,000 EVs per year >20 ktpa of lithium carbonate and 174 ktpa of boric acid Multiple organic expansion opportunities Resource update3 estimates Rhyolite Ridge holds enough lithium carbonate to power over 50 million EVs Further expansion potential pending additional exploration – North and South Basins B Li : IONR ASX : INR www.ioneer.com A UNIQUE WORLD CLASS DEPOSIT WITH MULTI-GENERATIONAL SCALE POTENTIAL AND COMPELLING ECONOMICS See Company announcement titled “ioneer delivers DFS that confirms Rhyolite Ridge as a world-class lithium-boron Project” dated 30 April 2020 See Company announcement titled “Rhyolite Ridge Ore Reserve Increased 280% to 60 million tonnes” dated 30 April 2020. See Company announcement titled “Mineral Resource increases by 168% to 3.4Mt lithium carbonate” dated 26 April 2023
IDEALLY POSITIONED TO SERVE THE U.S. EV MARKET with Ford & Toyota production facilities shown CURRENT LITHIUM & BORON PRODUCTION RHYOLITE RIDGE PROJECT Albemarle Silver Peak Lithium Operations Rio Boron California Boron mine : IONR www.ioneer.comASX : INR : IONR ASX : INR www.ioneer.com Only known large lithium-boron deposit in North America. Combination of lithium and boron reduces price volatility Binding offtake agreements with Ford, Toyota/Samsung & EcoPro Two of three key permits. Final permit in NEPA process Conditional funding of up to ~US$1.2B from Sibanye- Stillwater and DOE Loan Program Office Multiple organic expansion opportunities Nevada Lithium for the U.S EV Supply Chain Rhyolite Ridge Lithium-Boron Project Ford Toyota
U.S. Government Support REFLECTS STRONG GOVERNMENT SUPPORT TO DEVELOP A U.S. DOMESTIC EV SUPPLY CHAIN Amount Conditional loan of up to US$700 million Term Approximately 10 years Interest rate Applicable U.S. Treasury rates Rate Type Fixed from the date of each advance for the term of the loan at applicable U.S. Treasury rates Purpose Develop the Rhyolite Ridge Lithium-Boron Project Conditions Include a positive Record of Decision and Final Investment Decision IRA advantage Source for U.S domestic lithium supply Close to customer markets World’s 2nd largest car market Potential benefits under the Act Advanced Manufacturing Production Credit (45X) Clean Vehicle Credit (30D) $7,500 credit for qualifying light vehicle purchases Credit requires increasing use of domestically sourced lithium U.S. Department of Energy Loan Programs Office (DOE LPO) Conditional Term Sheet signed Inflation Reduction Act (IRA) : IONR ASX : INR www.ioneer.com
Best in Class Partners Technically led approach EPCM Acid Plant Mining Spent Ore Leaching Pilot Plant Haulage System Evaporation and Crystallization Material Handling Power and Controls Environmental Shell Canada Sulfuric Acid >US$150m invested to date PFS, Pilot Plant, DFS completed, Engineering ready. Fluor is EPCM Signed binding lithium offtake agreements Funding Sibanye-Stillwater to be a 50% JV partner for US$490m1 U.S. Dept of Energy Loan Programs Office Conditional Commitment offer for a loan of up to US$700m2 Ford Motor : IONR ASX : INR www.ioneer.com PPES (Toyota - Panasonic) EcoPro Innovation
Detailed Engineering is ready : IONR ASX : INR www.ioneer.com
Ore Handling/ Sizing and Storage Sulphuric Acid Plant Vat Leach Plant Sulphur Supply Power Plant Plant Utilities Boric Acid Circuit Reagents Lithium Carbonate Circuit Evaporation/ Crystallization Engineering rendering of the Rhyolite Ridge Processing Plant : IONR ASX : INR www.ioneer.com Proposed Rhyolite Ridge Process Plant
: IONR ASX : INR www.ioneer.com Commitment to Sustainability DESIGNED TO MINIMISE IMPACT ON THE ENVIRONMENT Low Emissions Majority of on-site power from CO2-free energy production, low greenhouse gas emissions. Mobile equipment meets Tier 4 EPA standards Low Water Usage Project design implements best-in-class water utilization while recycling the majority of water usage. Expected to use 30x less water per tonne than existing U.S. production Small Mine Footprint No evaporation ponds or tailings dam Efficient Equipment Generating all power on-site. Automation of mine haulage equipment Commitment to Sustainability All baseline studies for EIS completed over 2 years. Ongoing commitment to the environment and the protection and conservation of Tiehm’s buckwheat Implementation of TSM1 ESG program 1. Towards sustainable mining
: IONR ASX : INR www.ioneer.com Permitting Process 2019 Commenced environmental baseline studies 2020 Submitted Mine Plan of Operations to BLM and BLM contracted Stantec to prepare and complete EIS June 2022 Submitted revised Mine Plan of Operations that incorporated additional key commitments relating to buckwheat conservation Dec 2022 Publication of Notice of Intent by BLM Jan - Mar 2023 Public scoping comment period Expected Q1 2024* Draft Environmental Impact Statement Issued Expected 2026* Rhyolite Ridge Commences Operations Pre-permitting 2016 Acquired initial interest in Rhyolite Ridge Project 2017 Exercised option to acquire interest 2018 Notice level (BLM-permitted) exploration drilling activity 2020 Held pre-application meetings with BLM Dec 2022 Listing of Tiehm’s buckwheat and designation of critical habitat under Endangered Species Act Expected Q3 2024* Record of Decision Issued by BLM Mid 2021 Received Air Quality and Water Pollution Control permits from Nevada Expected Q3 2024* Final EIS Published (30-day review period) Director of the DOE Loan Programs Office Jigar Shah “said the loan is intended to ‘provide assurances to equity investors’ that the administration believes the project has ‘a pathway forward’ to obtaining the permit.” (The Electric 18/01/2023) NEXT KEY PERMITTING MILESTONE IS THE PUBLISHING OF THE DRAFT ENVIRONMENTAL IMPACT STATEMENT Permitting (NEPA) Process * All future dates subject to change without notice
Four areas aimed at increasing lithium production: 1 High boron-lithium Current 26-year mine plan 41% of Hi-B Resource B5 and L6 zones based on only 2 Low boron-lithium M5, S5 and L6 zones Already in mine plan for stockpiling Evaluation of processing options is underway 3 North Basin 4x larger than South Basin footprint Leach tests in progress Well defined by gravity and historic drilling 4 Other Projects Non-Rhyolite Ridge Existing tenements Lithium and Boron WITHIN INITIAL MINE PLAN FOOTPRINT Near Term : IONR ASX : INR www.ioneer.com Medium Term Long Term Key Growth Opportunities
Recent Activities : IONR www.ioneer.comASX : INR : IONR www.ioneer.comASX : INR : IONR ASX : INR www.ioneer.com
Why Ioneer The Right Products Lithium carbonate and boric acid The Right Location Positioned to serve the U.S. EV battery supply chain An Experienced Team With a proven track record Expansion Potential With significant organic growth potential Third Party Validation U.S. DOE, Sibanye- Stillwater, Ford Motor, PPES, EcoPro Clear Path to Production Engineering 70% Complete, Conditional funding, 2 of 3 permits Plug in to the Future : IONR ASX : INR www.ioneer.com
Final Environmental Impact Statement Updated Resource and Reserves Updated Mine Plan Updated Capex / Opex Estimate Federal Record of Decision Final Investment Decision 2024 Catalysts : IONR ASX : INR www.ioneer.com
www.ioneer.com. ir@ioneer.com : IONR ASX : INR www.ioneer.com
Rhyolite Ridge – High Level Chemical Process Flow Diagram Lithium H Circuit (Ex ydroxiode pansion Sulphuric Acid Plant & Steam Turbine Run-of- Mine Ore Crushing to under 20mm VAT LEACHING Vat Leach Spent Ore Steam : IONR ASX : INR www.ioneer.com Sulphuric Acid for leaching Boric Acid Circuit Boric Acid Packaging & Storage Evaporation & Crystallization Lithium Carbonate Circuit Lithium Carbonate Packaging & Storage
: IONR ASX : INR www.ioneer.com South Basin Resource Ore Unit Ore Tonnes (mT) Lithium Grade (ppm) Contained LCE (kT) Boron Grade (ppm) Contained Boric Acid (kT) High Boron B5 79 1,800 770 17,200 7,790 L6 73 1,350 530 10,900 4,520 M5 (clay) 75 2,450 990 1,200 510 Low Boron S5 20 1,650 200 1,200 140 L6 108 1,500 870 1,450 910 TOTAL 360 1,750 3,350 6,850 14,060 DOES NOT INCLUDE 2022-23 DRILLING Source: For further information on Resources 1) ASX release titled “Mineral Resource increases by 168% to 3.4 Mt lithium carbonate Underscores growth potential for U.S. supply chain” dated 26 April 2023. Note, totals may differ due to rounding. Mineral Resources include Ore Reserves.
South Basin Reserves : IONR ASX : INR www.ioneer.com Classification Tonnage (Mt) Li (ppm) B (ppm) Proved Reserves 29.0 1,900 16,250 Probable Reserves 31.5 1,700 14,650 Total Ore Reserves 60.0 1,800 15,400 Ore Reserves – High Boron Only Per 2020 Resource & Reserve Report) Approximately half of the Ore Reserve is classified as Proved Ore Reserve provides 94% of tonnes in current 26-year mine plan Source: For further information on Resources and Reserves see 1) ASX release titled “Mineral Resource increases by 168% to 3.4 Mt lithium carbonate Underscores growth potential for U.S. supply chain” dated 26 April 2023 and 2) ASX release titled “Rhyolite Ridge Ore Reserve Increased 280% to 60 million tonnes” dated 30 April 2020. Note, totals may differ due to rounding..
Significant growth opportunities Resource Area 3km2 X X' South Basin North Basin South Basin 2x larger than footprint of current 360Mt Mineral Resource containing 3.4Mt LCE Mineralisation is open to north, south and east Mineral Resource updated April 2023 North Basin Over 4x larger footprint than South Basin Resource US Borax (Rio) drilled >50 holes 1980-90s 2 holes drilled by INR in 20161 : IONR ASX : INR www.ioneer.com
Growth Opportunity in Proposed Permitting Footprint M 5 B5 S5 L6 Mineralised : IONR ASX : INR www.ioneer.com ALL FOUR MINERALISED LAYERS PROVIDE UPSIDE AND OPTIONALITY
South Basin Mineralisation Types Type 1 High Boron-Lithium SEARLESITE 157Mt Resource 60Mt Ore Reserve Acid Leachable Metallurgical tests and Pilot Plant Supports DFS and phase one processing facility design 26 years initial mine life 22Kt Li Carb, 174Kt boric acid p.a. Binding Offtakes - Ford, Toyota/Panasonic (PPES), EcoPro Type 2 Low Boron-Lithium HIGH-CLAY 75Mt Resource Acid Leachable Metallurgical tests Stockpiled in phase one mine plan Treated as waste in DFS Potential lithium output increase Existing offtake partner demand Flow sheet to be finalised – MOU with EcoPro Type 3 Low Boron-Lithium LOW-CLAY 128Mt Resource Acid Leachable Metallurgical tests Stockpiled in phase one mine plan Treated as waste in DFS Potential lithium output increase with low capex via phase one process plant Flow sheet to be finalised Similar to Type 1 TOTAL MINERAL RESOURCE – 360MT CONTAINING 3.4MT OF LITHIUM CARBONATE AND 14.1MT OF BORIC ACID : IONR ASX : INR www.ioneer.com
Acid Leach Results – Average recoveries >89% Type 1 B5 (Vat) Type 2 M5 (Agitated) Type 3 S5 (Vat or Heap) Type 3 L6 (Vat or Heap) Type 3 NLB (Vat or Heap) 770 kMT LCE 990 kMT LCE 200 kMT LCE 1,400 kMT LCE 1000 – 3000 kMT LCE 1,800 ppm 2,450 ppm 1,650 ppm 1,500 ppm 1000 – 1700 ppm 94% Li 89% Li 90 – 94% Li 89 – 91% Li 91% Li 300 + 45 20 20 35 SOUTH BASIN NORTH BASIN Li Gr R #TEST LEACH HEAD LEACH TAILS : IONR ASX : INR www.ioneer.com
History of ioneer’s Ownership of Rhyolite & Development Schedule TIMING OF PERMITTING KEY DRIVER TO DEVELOPMENT TIMELINE 2016 : IONR ASX : INR www.ioneer.com 2017 2018 2019 2020 2021 2022 2023 2024 Acquired initial interest in Project Maiden Resource Start drilling campaign Procure water rights Double Mineral Resource Discovery of heap leach Li-B extraction Completion of mining study Release of PFS First production of Boric Acid Complete exploration drilling Maiden Reserve Start Pilot Plant LiCO produced at Pilot Plant BA – Binding offtake Reserves & Resources upgrade Complete DFS Complete BA Sales & Distribution Final Plan of Operation deemed complete by BLM Production of battery grade LiOH Air Permit issued First Li offtake signed with EcoPro Innovation Water Control Permit issued JV with Sibanye-Stillwater DOE Loan submission accepted as complete US Listing on Nasdaq Li offtakes signed with Ford Motor and PPES (Toyota/ Panasonic JV) NOI Published Anticipated Record of Decision (ROD) Receipt of conditional loan commitment from US Department of Energy Construction ready FID Mineral Resource update
Sedimentary deposit examples Ioneer Rhyolite Ridge Li-B (Searlesite) Resource* BLM submitted mine plan of operations contemplates mine 25m tonnes of Li-B material which will be processed Rhyolite Ridge is only known occurrence of Searlesite 170M tons at: 1,650 ppm Li, 14,100 ppm B Including 90M tons at: 1,850ppm Li, 17,050 ppm B CORE Li-only (clay) BLM submitted mine plan of operations contemplates mine 23m tonnes of Li-Clay material which will be stockpiled Most common type of sedimentary deposit in North America CORE : IONR www.ioneer.comASX : INR : IONR ASX : INR www.ioneer.com
Li-B (Searlesite) Before and After Acid Leaching SEARLESITE ORE EASY AND LESS EXPENSIVE TO WASH, DE-WATER AND DISPOSE OF LEACH RESIDUE Li-B (Searlesite) mineralisation after acid leach : IONR www.ioneer.comASX : INR : IONR ASX : INR www.ioneer.com Li-B (Searlesite) mineralisation before acid leach
Li-only (Clay) Mineralisation Before and After Acid Leaching CLAY ORE IS DIFFICULT AND MORE EXPENSIVE TO WASH, DE-WATER AND DISPOSE OF LEACH RESIDUE Li-only (Clay) mineralisation after acid leach Li-only (Clay) mineralisation before acid leach : IONR www.ioneer.comASX : INR : IONR ASX : INR www.ioneer.com