ioneer Ltd 6-K, filed Sep 18, 2024
ioneer Ltd (IONR)
6-K
2024-09-18
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About this 6-K
ioneer Ltd filed this 6-K on September 18, 2024.
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 September 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:
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.
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ioneer Ltd
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(registrant)
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Date: September 18, 2024
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By:
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/s/ Ian Bucknell |
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Name:
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Ian Bucknell | |
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Title:
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Chief Financial Officer & Company
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Exhibit 99.1
Annual
Report 2024
AGM The 2024 Annual General Meeting of shareholders of Ioneer Limited (Company)
will be held at 10am on Friday, 1 November 2024. Shareholders are invited to attend the AGM at the Vibe Hotel North Sydney, 171 Pacific Highway, North Sydney NSW 2060 and online at https: /meetings.lumiconnect.com/300-264-866-053. Providing
materials for a sustainable and thriving planet Ioneer Ltd is the 100% owner of the Rhyolite Ridge Lithium-Boron Project located in Nevada, USA, the only known lithium-boron deposit in North America and one of only two known such deposits
in the world. Rhyolite Ridge is expected to become a globally significant, long- life, low-cost source of lithium and boron vital to a sustainable future. ioneer Ioneer Ltd ACN 098 564 606
Executive Chair’s letter 02 Year in review 04 Directors’ report 09 FY2024
highlights 10 Directors’ qualifications and experience 16 Auditor’s independence declaration 22 Remuneration report 23 Consolidated financial statements 50 Notes to and forming part of the financial statements 54 Consolidated entity
disclosure statement 83 Directors’ declaration 84 Independent auditor’s report 85 Mineral resource and ore reserves 90 Glossary and abbreviations 92 Schedule of tenements 93 Shareholder and ASX information 94 Corporate directory
97 Contents Annual Report 2024 1
Dear shareholders, I am pleased to advise that your Company has made
considerable progress toward a Final Investment Decision (FID) and commencement of construction at Rhyolite Ridge this past financial year. Following our at-market $25 million share placement, we believe we now have a stronger balance sheet
to reach full federal permitting, and to assist our efforts to put in place the debt and equity elements required to support a FID on our historic U.S. lithium-boron chemicals operation at Rhyolite Ridge. As we previously noted, we have
largely completed the capital-intensive heavy lifting work required to meet our commitments to Sibanye-Stillwater and the US Department of Energy (conditional debt) and to make an informed FID decision. To achieve this position has required
our team to complete: an extensive drilling campaign in the southern part of the basin in order to gain geotechnical and geological information needed to finalize a SK1300 compliant, long-life mine plan that avoids direct impact of Tiehm’s
buckwheat; a Fluor led AACE Class 2 CAPEX estimate (+15%/-10%) and updated economic analysis, and the production of extensive technical and financial reports required by Sibanye-Stillwater and the Department of Energy (DOE). In addition, it
was critical that the Bureau of Land Management (BLM), in collaboration with the relevant consulting agencies, completed and released the draft Environmental Impact Statement (EIS) for public comment. The public comment period closed in June
and the National Environmental Protection Act (NEPA) permitting process continues to progress on schedule for an expected October 2024, Record of Decision. Over our five years of engagement with federal, state and tribal officials and members
of the community, our objective has been to set the new standard for responsible domestic lithium project development. Intently listening and adapting our plans where necessary has made our Project stronger. We are confident that our
patience and determined effort is about to be rewarded with a positive Record of Decision. Executive Chair’s Letter ioneer 2
We believe we already have by far the most advanced lithium project in North
America. The second half of 2024 is a momentous time for our company. It is our expectation that we will be fully documented and will receive a positive Record of Decision from the Biden administration. Our preparedness will allow us to move
into large scale procurement soon after FID. To further strengthen the importance of Rhyolite Ridge, this year we invested heavily in drilling and understanding the full scale of our Project. It is important to understand that the Rhyolite
Ridge opportunity goes well beyond stage one. Unlike many developers, we have been reluctant to talk about growth, believing that getting stage one accomplished was the key to our success and essential to growth. Rhyolite Ridge is a
multi-generational, multi-stage resource. Our work this year clearly shows this potential. We are excited to be a cornerstone, globally significant Tier 1 lithium project in the United States. We are confident that as the market recognizes
the mature state of our Project and the importance of our co-production of both lithium chemicals and our high value-low price volatility boron in America, our shareholders will be finally rewarded for the work done to deliver real production
outcomes that are independent of China. We look forward to delivering these critical and valuable materials and strengthening domestic U.S, EV supply chains. To our shareholders, I thank you once again for your continued support. I am
immensely proud of our entire Ioneer team for their dedication and endurance. Without them, delivering this valuable supply of lithium and boron would not be possible. I want to also thank our amazing executive team, led by our able and
courageous leader Bernard Rowe, for its leadership. And finally, I am honoured once again to be the Executive- Chair of such a thoughtful and engaged Board of Directors. They are detailed, experienced and committed to helping management
focus on what matters. I cannot imagine doing this work without their judgement and experience. James D. Calaway Executive Chair Annual Report 2024 3
Mineral Resource and Ore Reserve Estimates In April Ioneer published an updated
Mineral Resource Estimate (MRE)1 for the South Basin at the Rhyolite Ridge Lithium-Boron Project located in Nevada. The previous Resource estimate was completed in March 2023, and an Ore Reserve estimate in April 2020, for the Rhyolite Ridge
Definitive Feasibility Study (‘DFS’). For the first time, the Mineral Resource was reported as three separate streams: Stream 1 high-boron lithium mineralisation (low clay content) Stream 2 low-boron lithium mineralisation (low clay
content) Stream 3 low-boron lithium mineralisation (high clay content) Streams 1, 2 and 3 all contain high levels of lithium. Stream 1 is differentiated by having high boron content (>5000ppm) and low clay content. Stream 2 is
differentiated by having low boron content (<5000ppm) and low clay content. Stream 3 is differentiated by having low boron content and high clay content and is solely restricted to one stratigraphic unit within the deposit (M5 unit). The
total Resource decreased slightly compared to 2023 due to 1) an adjustment in density assumptions based on new, superior rock density data and 2) the updated geological/ structural model which captured a break in continuity of the units where
faulting has uplifted a block in the central part of the basin. The total number and spacing of drill holes have resulted in a material increase in the portion of the Resource classified as Measured and Indicated, the two highest confidence
categories. The Measured Resource for all three streams has increased from 44Mt to 75Mt, an increase of 71%. Refer ASX release titled ‘Mineral Resource update delivers high-grade, shallow Shelf Zone, outside of critical habitat’ dated 30
April 2024. Refer ASX release titled ‘Ioneer Issued Air Quality Permit for Rhyolite Ridge’ announced 24 June 2021. Refer ASX release titled ‘Issuance of Water Pollution Control Permit’ announced 19 July 2021. Rhyolite Ridge
Permitting Ioneer requires three key permits to commence construction at Rhyolite Ridge: State of Nevada issued Air Quality Permit2 – received 24 June 2021. State of Nevada issued Water Pollution Control Permit3 – received 19 July
2021. The Mine Plan of Operations that must be approved by the Federal Bureau of Land Management (BLM) – expected October 2024. National Environmental Policy Act (NEPA) Permitting Process During the year, the NEPA permitting process saw
several key milestones completed, including: The Draft Environmental Impact Statement (Draft EIS) was completed in mid-January. The Draft EIS was published in the Federal Register on 19 April, starting a 45-calendar day public comment
period. The public comment period closed in early June. Key future milestones include completion by the Bureau of Land Management (BLM) of a Final Environment Impact Statement (FEIS). The FEIS, incorporating responses to public comments
lodged with BLM, is expected in September 2024 and is intended to lead to final approval of the FEIS by the BLM through the issue of a Record of Decision (ROD) expected in October 2024. Receipt of the ROD will allow construction of the
Project to commence and provide the permitting framework for production at the site. Ioneer continues to work closely with the BLM and U.S. Fish and Wildlife Service (FWS) to keep both the NEPA and the Section 7 Endangered Species Act (ESA)
processes progressing in parallel. Ioneer is confident the process can be completed in a timely fashion given the amount of preparation and cooperation that has taken place over the past several years. Year in Review ioneer 4
Other Permits Ioneer continues to maintain compliance with the issued State of
Nevada Water pollution Control and Class 2 Air Permits. No compliance issues were noted during the year under review and Ioneer continues to report ongoing monitoring and compliance related activities as required under these
obligations. Funding Department of Energy $700M Loan On 13 January 2023, the U.S. Department of Energy (DOE) Loan Programs Office’s (LPO) Advanced Technology Vehicle Manufacturing (ATVM) program and Ioneer announced finalisation of a term
sheet and offer of a conditional commitment for a loan of up to US$700 million from the DOE for financing the construction of the Rhyolite Ridge Project. Under the conditional commitment, the proposed loan is for an amount up to US$700
million with a term of approximately 10 years. The loan will be at interest rates fixed from the date of each advance for the term of the loan at 10-year U.S. Treasury rates. The proposed loan is to be made under the DOE’s ATVM loan program
in support of the U.S. government’s critical minerals strategy. The term sheet and conditional commitment from DOE demonstrate its strong support for the Rhyolite Ridge Project. During the year, Ioneer has made considerable progress
satisfying the conditions to finalise the DOE loan. Ioneer anticipates finalising the definitive loan document agreement with DOE by end of calendar year 2024. Sibanye-Stillwater equity commitment In September 2021, Ioneer entered into a
conditional agreement with Sibanye-Stillwater to establish a joint venture to develop the Project, under which Sibanye- Stillwater agreed to contribute US$490 million for a 50% interest in the joint venture. The equity funding commitment is
subject to certain conditions precedent including receipt of final permits, debt financing commitments and a Final Investment Decision. Since that time Sibanye-Stillwater has worked collaboratively with Ioneer, including supporting and
approving the proposed DOE LPO project debt funding commitment and pre-funding US$1.2 million for Phase 3B geotechnical drilling of 6 holes, with amendments made to the original agreement to reflect developments that have occurred. US$25
Million Placement In May, Ioneer completed a share placement to raise US$25 million to progress the Rhyolite Ridge project through to FID. Under terms of the Placement, the Company issued approximately 213.6 million new fully paid ordinary
shares in the Company within the Company’s existing placement capacity under ASX Listing Rule 7.1. The final Placement issue price of A$0.18 was equal to Ioneer’s last close on 26 April 2024. The Placement will provide funding to advance
the development of Ioneer’s 100% owned Rhyolite Ridge Lithium- Boron Project, including to: Advance detailed engineering (~70% complete) and vendor engineering to construction ready status Fund environmental, NEPA and permitting
expenses Financing costs; and Rhyolite Ridge owners’ costs, working capital and general corporate purposes Engineering schematic of the Rhyolite Ridge processing plant Annual Report 2024 5
Year in Review continued Environmental, Health, Safety &
Sustainability Ioneer is committed to sustainability principles and as we grow, seek to imbed them as fundamental elements of our organisational DNA. We were therefore pleased to see a number of significant achievements delivered in FY2024,
including: Developing a comprehensive materiality assessment, improving our sustainability strategic plan, and climate resiliency plan with the help of consulting firm, ERM-CVS. Approval of and clear headway on our new three-year
Sustainability Plan. Development of document registers for the Towards Sustainable Mining (TSM) Action Plans and good progress in self-assessments being used to gauge readiness of the programs for a TSM audit. Participation in the
International Lithium Association’s working group to standardize life cycle analysis for carbon across various extraction methods including sedimentary, spodumene, and brines. The final guidance was published on 13 March 2024. No lost time
incidents, first aid incidents, or fatalities were reported for Ioneer staff. We closed a successful year of seed collection at the Tiehm’s buckwheat Conservation Center, in 3rd quarter of 2023 and are encouraged by the early positive signs
at the start of the 2024 season. Community & Tribal Nations Ioneer remains committed to engaging with local communities and Tribal Nations to address environmental and social concerns and enhance local economic opportunities. During
the year, Ioneer and four Tribal Nations entered into a Memorandum of Understanding regarding Cultural Resource Monitoring of groundwater disturbance activities at Rhyolite Ridge. Though field studies have been undertaken by archaeological
experts for years as part of the NEPA process, Ioneer recognizes the unique knowledge that Tribal Nations have regarding traditional cultural resources and are pleased to fund observation by Tribal specialists so that places, features and
objects of cultural significance are preserved and protected. Sales & Marketing Lithium offtakes Ioneer has binding offtake agreements for more than 80% of its expected total 22,000 tonnes per annum (tpa) of lithium carbonate to be
produced from Rhyolite Ridge. EcoPro Innovation Co. Ltd – For 7,000 tpa of lithium carbonate over a 3-year term. Ford Offtake Agreement – For 7,000 tpa of lithium carbonate over a 5-year term for use in Ford electric vehicles produced
through BlueOval SK, the Ford-SK On battery manufacturing joint venture. PPES Offtake Agreement - For 4,000 tpa of lithium carbonate over a 5-year term. PPES is a joint venture between Toyota Motor Corporation and Panasonic
Corporation Dragonfly Energy Partnership - Dragonfly Energy Holdings Corp. (NASDAQ: DFLI) is an industry leader in energy storage. For the supply of lithium carbonate over a 3-year term, with variable volumes based on surplus tonnes
available after meeting other offtake commitments. Boric Acid Offtake Ioneer has three offtake agreements in place for its boric acid production, which were announced in FY2020 and together account for 100% of Ioneer’s first year of boric
acid production and over 80% of years two and three boric acid production. During the year, the Ioneer Sales & Marketing team continued to maintain strong relationships with our offtake partners and to update contracts where
necessary. Engineering The focus for the year was on finalising detailed vendor engineering to allow the EPCM (Fluor) to advance engineering deliverables to “Issued For Construction” (IFC) status, which places the Project well ahead of
other comparable U.S. development projects. During the back half of the fiscal year, Ioneer worked to complete an updated AACE Class 2 capital estimate and associated back up documentation and operating cost estimates required under the
Approved Feasibility Study. The Class 2 estimate and updated economic analysis will be finalised to coincide with delivery of the ROD (expected in October), to support an informed Final Investment Decision (FID). Once the Approved
Feasibility Study is completed, Ioneer anticipates greatly reduced engineering spend ahead of a Final Investment Decision. ioneer 6
Geotechnical Program In November, Ioneer received its third drilling program
approval from the BLM to collect additional geotechnical data to support the NEPA analysis of the Mine Plan of Operations (the first and second drilling program approvals were received in FY2023). In total, Ioneer completed 53 drill holes
across the three drilling programs targeting the southern extension of the lithium-boron deposit in order to collect and provide valuable geotechnical information for the Project’s evaluation required under the National Environmental Policy
Act (NEPA). The 53 holes were drilled outside of the then current 360Mt Resource. All but 4 holes intersected mineralised sedimentary strata, extending the deposit a further 1 km to the south and southeast. Growth Opportunities Throughout
FY2024, Ioneer continued its evaluation of future growth potential at the Rhyolite Ridge project with concept-level studies of both the South Basin, where mine permitting is in progress, and the North Basin (located 5km north), which is at a
pre-resource stage. The Rhyolite Ridge deposit hosts three main types of mineralisation, however, only one of these (high boron) is included in the current project design and DFS economics. The three distinct styles of mineralisation are
described in the April 2024 Mineral Resource Estimate (MRE). EcoPro Lithium Clay Project In October, Ioneer announced a binding lithium clay Research and Development Memorandum of Understanding signed with Korea’s EcoPro Innovation Co. Ltd,
a subsidiary of the EcoPro Group of Companies, to research, test, and develop lithium clay (M5) at Ioneer’s Rhyolite Ridge site in rural Nevada. The MOU provides an opportunity for Rhyolite Ridge to accelerate technical activities and the
potential commercialisation of the 1MT (million tonnes) lithium carbonate equivalent (LCE) clay resource within the soon- to-be-permitted Rhyolite Ridge Lithium-Boron Project. The agreement includes the funding from EcoPro for a commercial
lithium hydroxide refining plant once the process is successfully developed. Bernard Rowe CEO and Managing Director Bernard Rowe speaks to media at the Rhyolite Ridge Project site Drill pad preparation ahead of geotechnical
drilling Annual Report 2024 7
Directors’ Report and Consolidated Financial Statements 51 52 Directors’
Report 09 Auditor’s Independence Declaration 22 Remuneration Report 23 Consolidated statement of profit and 50 loss and other comprehensive income Consolidated statement of financial position Consolidated statement of changes in
equity Consolidated statement of cash flows 53 Notes to and forming part of the 54 financial statements Directors’ Declaration Independent Auditor’s Report 84 85 Contents 8 ioneer
Directors’ Report The directors of Ioneer Ltd present their report, together
with the consolidated financial statements of ioneer Ltd (‘Ioneer’ or the ‘Company’) and its controlled entities (collectively the Group) for the financial year ended 30 June 2024 and the Auditor’s report thereon. Operating and financial
review The loss for the Group after providing for income tax amounted to $7,825,000 (30 June 2023: $6,391,000). The operating and financial review forms part of the Directors’ Report and has been prepared in accordance with section 299A of
the Corporations Act 2001 (Cth). The information provided aims to assist users to better understand the operations and financial position of the Group. To assist users, financial information included in this review contains non-IFRS financial
information. The principal activity of the Group continues to be the development of the Rhyolite Ridge Lithium-Boron Project (Project) in Nevada, United States of America. Summary of Performance and Financial Position Year ended 30 June
Unit 2024 2023 Change Mineral Resource: Measured mt 75 44 31 Indicated mt 183 250 (67) Inferred mt 93 66 27 Total Mineral Resource1 mt 351 360 (9) Operating cash flows $’000 (7,198) (8,069) 871 Investing cash
flows $’000 (35,383) (32,472) (2,911) Financing cash flows $’000 25,486 (225) 25,711 Total change in cash used in the financial year $’000 (17,095) (40,766) 23,671 Net cash $’000 35,715 52,709 (16,994) Capitalised
exploration $’000 35,398 33,579 1,605 Net assets $’000 218,221 197,399 20,508 Net loss after tax $’000 (7,825) (6,391) (958) 1. For further detail on Mineral Resources and Ore Reserves, refer to the Other Information section
set out on page 91. Annual Report 2024 9
Directors’ Report continued FY2024 Highlights Significant progress in
permitting, environmental, Mineral Resources, growth opportunities and corporate funding. Sets a clear path forward to construction and brings us one step closer to making Rhyolite Ridge a reality. Rhyolite Ridge will be a significant,
reliable and sustainable source of critical minerals for the United States Measured Resource increased by 71% To 75Mt lithium carbonate ioneer 10
Permitting Project continues to advance through the NEPA permitting process
with no major issues or delays. Key permitting milestone achieved by issuance of BLM of the draft EIS in April 2024. 45-day public comment period on draft EIS concluded June 2024. Environmental Endangered Species Act Section 7
Consultation began with the submittal and approval of the ERTI Buckwheat Protection Plan. Ioneer collected 3,600 Tiehm’s buckwheat seeds from our conservation center, in addition to 8,000 seeds at site. Project Funding US$25 million
Placement completed to move project through the Record of Decision and support the Final Investment Decision. Engineering Continues to be on target to be construction ready at Final Investment Decision. Resource Update Successfully
completed 53 drill holes outside of the then Mineral Resource. Increased the overall Measured Resource by 71% (75Mt) compared to 2023 (44Mt). Growth Binding R&D MOU signed with EcoPro Innovation Co. Ltd, to research, test, and develop
lithium clay (M5) at Rhyolite Ridge. Annual Report 2024 11
Directors’ Report continued Business Strategy Our Purpose we exist to enable
a sustainable world for all. Our Mission responsibly and profitably provide the materials necessary for realising a sustainable planet Our Vision we see a world in which our global population, our environment and all future generations
are thriving. Our Values we are imaginative, caring, committed and responsible. Ioneer’s business strategy is focused on developing the 100%-owned Rhyolite Ridge Lithium-Boron Project in Nevada, USA. We believe in an electrified future and
the strategic imperative for the USA to develop a domestic battery materials supply chain. We actively promote the development of this battery materials supply chain and look to be a thought leader in this space. ioneer 12
Annual Report 2024 13
Directors’ Report continued Opportunities The focus of the Company is
developing Rhyolite Ridge. After successfully delivering this Project, Ioneer will pursue other growth initiatives from its existing portfolio (the current estimated resource is open to the north, south and east and does not include the north
basin tenements) as well as new opportunities where they are value accretive and where balance sheet capacity exists to support future development. Material business risks The following material business risks have been identified as key
issues that have the potential to impact the Company’s performance: Health, safety and environmental risks are of critical importance in ensuring we safely and responsibly build and operate a sustainable business. Global economic conditions
– Economic conditions, both domestic and global, may affect the performance of the Company and the Project. Adverse changes in macroeconomic conditions, including global and country-specific growth rates, the cost and availability of credit,
the rate of inflation, interest rates, exchange rates, government policy and regulations, general consumption and consumer spending, input costs, employment rates and industrial disruptions, among others, are variables which while generally
outside the control of the Company and its Directors, may result in material adverse impacts on the Company’s businesses and its operational and financial performance. Execution of the Project – As the Company progresses the development of
its Rhyolite Ridge Project, there are risks and uncertainties involved which could result in the Company not delivering on its anticipated timing for future milestones, including those for permitting, taking a Final Investment Decision and
for construction. Upon construction commencing, the Company and the Project will be subject to risks associated with construction of Stage 1 of the Project until such time as practical completion of construction is achieved, and first
production is achieved. Funding risk – The Company’s continued ability to operate it and the Project’s business and effectively implement its business plan over time will depend in part on its ability to raise funds for operations and growth
activities. There can be no guarantee that the Company will be able to raise sufficient funding on acceptable terms, or at all, to fund the Rhyolite Ridge Project. An inability to obtain finance on acceptable terms, or at all, may cause,
among other things, substantial delays in, or prevent, the funding of the Rhyolite Ridge Project to Final Investment Decision, and in turn the development or operation of the Rhyolite Ridge Project. Partner risk – The availability of
funding under the conditional agreement with Sibanye-Stillwater is subject to conditions precedent being met and Sibanye-Stillwater approving a Final Investment Decision. If any of these conditions precedent are not satisfied within
specified periods Sibanye Stillwater can terminate its participation in the Project. In addition, if closing occurs under the Sibanye-Stillwater equity commitment, Sibanye-Stillwater must fund its equity commitment to the Project. The
Project will be exposed to the then ability of Sibanye-Stillwater to meet those payment commitments. Offtake risk, including volume and price risks associated with the sale of technical grade lithium carbonate and boric acid, counterparty
risk and contract terms. Pricing of lithium is likely to be largely subject to the rate ioneer 14
of uptake in electric vehicles. The Company has entered into binding offtake
agreements and distribution and sales agreements for the supply of boric acid from the Project. There is a risk that the parties to the agreements may not perform their respective obligations or may breach the agreements. The offtake
agreements include conditions precedent that include the timing of the Final Investment Decision and first production. There can be no guarantee that the Company will be able to renegotiate these conditions precedent on acceptable terms
should there be delays in the Project. Litigation risk – The Company and the Project may be involved in litigation and disputes from time to time with its contractors, sub-contractors, contractual counterparties and other parties.
Litigation and disputes can be costly, including amounts payable in respect of judgments and settlements made against, or agreed to by, the Company or Project entities. They can also take up significant time and attention from management and
the Board and have an impact on the Company’s activities. Accordingly, the Company’s involvement in litigation and disputes could have an adverse impact on its financial position and performance. Sovereign risk relating to the fiscal, tax
and regulatory environment in jurisdictions that Ioneer does business. The Company’s and the Project’s operations could be adversely affected by government actions in the U.S. or other countries or jurisdictions in which it has operational
exposures or investment or exploration interests. This includes increasing regulations and costs associated with climate change and management of carbon emissions, and potential delays as a result of any change in federal administration in
the coming U.S. federal elections. Social licence to operate – Maintaining the Company’s social licence to operate by proactively engaging with communities, regulators and other key stakeholders. Cyber security – Ensuring our cyber security
through the integrity, availability and confidentiality of data within our information and technology systems from either intentional or unintentional disruption (‘cyber attack’). Climate change – Managing exposures of physical climate
change such as increased frequency of extreme weather events including severe weather storms, floods, drought and wildfires which could damage Ioneer’s future production infrastructure and operations. Annual Report 2024 15
Directors’ Report continued James D Calaway Executive Chair BA (Econ), MA
(PP&E) James has considerable experience and success in building young companies into successful commercial enterprises. He was the non-executive chairman Orocobre Ltd for 8 years until his retirement in July 2016, helping lead the
company from its earliest development to becoming a significant producer of lithium carbonate and a member of the ASX 300. James was appointed a director in April 2017 and has served as Chair since 2017. He was appointed executive chair in
July 2020. James is currently chairman of Distributed Power Partners (appointed 2014), a US international distributed power development company which is a leader of clustered distributed solar power development. He has also been a chair of
several other U.S. corporate boards including the Centre for Houston’s Future, and the Houston Independent School District Foundation. Special responsibilities: Member of the EHSS Committee. Other listed directorships:
N/A Bernard Rowe Managing Director & CEO BAppSc (Geology) (Hons) Bernard is a geologist, manager and company director with more than 30 years’ international experience in mineral exploration and mine development. His diverse
industry experience includes gold, copper, zinc, diamond, lithium and boron exploration in Australia, Europe, Africa, North America and South America. Bernard was appointed managing director in August 2007. He led the Company’s listing on
the ASX in 2007 with a focus on gold and copper exploration in Nevada and Peru. In early 2016, Bernard visited a little- known lithium-boron deposit in southern Nevada - later to be renamed Rhyolite Ridge. He realised the potential
opportunity and quickly secured the Project. Bernard is a member of the Australian Institute of Geoscientists, the Society of Economic Geologist and the Geological Society of Nevada. Special responsibilities: Member of the Project Execution
Committee. Other listed directorships: G50 Corporation (ASX:G50) (2021–current) Alan Davies Independent Non-executive Director B.Bus (Accounting), LLB, LLM Alan has 20 years of experience in running and leading mining businesses, most
recently as chief executive, Energy & Minerals with Rio Tinto. Former roles include chief executive, Diamonds & Minerals and chief financial officer of Rio Tinto Iron Ore. Alan has held management positions in Australia, London and
the US, and has run and managed operations in Africa, Asia, Australia, Europe and North and South America. He is also a former director of Rolls Royce Holdings plc. This experience includes industrial minerals and more specifically borates,
where he led the Rio Tinto Borax business and the Jadar lithium-boron deposit in Serbia. Alan joined the board as a non-executive director in May 2017. He is currently the chief executive officer of Moxico Resources plc, a Zambian copper
and zinc explorer and developer (appointed March 2017), and Chairman of Trigem DMCC, a vertically integrated diamond and colour stone service provider (appointed March 2018). Special responsibilities: Chair of the Nomination and
Remuneration Committee, Member of the Audit & Risk Committee, Member of the Project Execution Committee. Other listed directorships: N/A Company Secretary Ian Bucknell Company secretary B.Bus (Accounting), FCPA, GAICD Ian joined
Ioneer in November 2018 as Chief Financial Officer and became Company Secretary in April 2019. Ian is responsible for the finance, investor relations, IT and company secretarial functions of the Company. He has more than 25 years of
international resource sector experience, most recently as Chief Financial Officer and Company Secretary of AWE Limited and prior to that held the position as Chief Financial Officer and at times Company Secretary of Drillsearch Energy
Limited. 16 Directors’ qualifications and experience The following persons were directors of Ioneer Ltd during the whole of the financial year and up to the date of this report. Their qualifications and experience are: ioneer
Stephen Gardiner Independent Non-executive Director BEc (Hons),
FCPA Stephen has over 40 years of corporate finance experience at major international companies listed on the ASX, culminating in 17 years at Oil Search Limited. He has significant expertise in corporate finance and control, treasury, tax,
audit and assurance, risk management, investor relations and communications, ICT and sustainability. He also served as Group Secretary for 10 years while performing his finance roles. Prior to Oil Search, he held senior corporate finance
roles at major multinational companies including CSR Limited and Pioneer International Limited, including being based in the US for a period. Stephen joined the board as a non- executive director in August 2022. Stephen holds a Bachelor of
Economics from Sydney University and is a Fellow of CPA Australia. Special responsibilities: Chair of the Audit & Risk Committee, Member of the Nomination and Remuneration Committee. Other listed directorships: Central Petroleum
Limited (ASX: CTP) (2021–Present) Rose McKinney- James Independent Non-executive Director Juris Doctorate law, BA Liberal Arts, NACD Fellow, NACD Director 100 Rose is an experienced public company director, clean energy advocate, and
small business leader with a broad history in public service, private sector corporate sustainability, social impact, and non- profit volunteerism. She also served as Nevada’s first Director of the Department of Business and Industry. Rose
joined the board as a non-executive director in February 2021. Rose is a Nevada-based expert in environmental business and technology policy, renewable and clean energy advocacy, and sustainable development. She directed the Department of
Business and Industry, Nevada’s largest state agency and was recognised for services to the Nevada business community. As the former CEO of CSTRR, solar and renewable energy company, she is credited with authoring the strategy to fast track
the integration of renewable resource into utility energy portfolios. Rose is also the former Commissioner, Nevada Public Service Commission. Rose currently serves as a non-executive director of MGM Resorts International (appointed 2005),
Toyota Financial Savings Bank (appointed 2006), Pacific Premier Bancorp Inc (appointed March 2022), Clean Energy for America (appointed 2021), and the Las Vegas Stadium Authority (appointed 2024). Special responsibilities: Chair of the EHSS
Committee, Member of the Nomination and Remuneration Committee. Other listed directorships: MGM Resorts International (NYSE: MGM) (2005–Present), Pacific Premier Bancorp Inc (NASDAQ: PPBI)
(2022–present) Margaret Walker Independent Non-executive Director BS Chem Engineering, NACD Certified Director/Fellow Margaret is a chemical engineer with significant experience working across the chemical, engineering and construction
sectors. She brings over 40 years’ experience and leadership in large-scale chemical engineering, project management and organisational development gained through a career as a chemical engineer with The Dow Chemical Company. She has deep
experience in constructing and successfully bringing into production complex projects. Margaret joined the board as a non- executive director in February 2021. Margaret currently serves as a non- executive director of Methanex Corporation,
and the board of Independent Project Analysis Inc., a privately held firm that drives improvement in capital performance (appointed January 2011). Margaret holds a Bachelor of Science in Chemical Engineering from Texas Tech University, and
in 2018 became a National Association of Corporate Directors Board Leadership Fellow. Special responsibilities: Chair of the Project Execution Committee, Member of the Audit & Risk Committee, Member of the EHSS Committee. Other listed
directorships: Methanex (TSX: MX, NASDAQ: MEOH) (2015– Present) Annual Report 2024 17
Directors’ Report continued Directors’ interests in shares, options and
performance rights James D Calaway 56,790,814 653,120 4,290,111 58,642,011 653,120 1,870,681 Bernard Rowe 67,112,580 – 6,486,978 69,609,147 – 3,382,663 Alan
Davies 4,774,045 653,120 252,214 4,774,045 653,120 252,214 Stephen Gardiner 71,449 – 452,214 71,449 – 452,214 Rose McKinney-James 417,856 – 252,214 417,856 – 252,214 Margaret R
Walker 497,856 – 252,214 497,856 – 252,214 129,664,600 1,306,240 11,985,945 134,012,364 1,306,240 6,462,200 Shares Options PRs Shares Options PRs held at held at held at held at held at held at Director 30 June 2024
30 June 2024 30 June 2024 report date report date report date Directors’ meetings Directors’ attendance at Directors’ meetings are shown in the following table: Board Audit & Risk
Remuneration Held1 Attended2 Held1 Attended2 Held1 Attended2 Held1 Attended2 Held1 Attended2 James D Calaway 6 6 – – – – – – 4 4 Bernard Rowe 6 6 – – – – 3 3 – – Alan
Davies 6 4 6 6 4 4 3 3 – – Stephen Gardiner 6 6 6 6 4 4 – – – – Rose McKinney- James 6 5 – – 4 4 – – 4 4 Margaret R Walker 6 6 6 6 – – 3 3 – – Project Execution EHSS Held: Number of meetings held
during the time the Director was a member of the Board or Board Committee. Attended: Number of Board or Committee meetings that the Director attended as a member (unless otherwise stated). ioneer 18
Committee membership As at the date of this report, the Company had an audit
and risk committee, a remuneration committee, a project execution committee, and an environmental, health, safety and sustainability (EHSS) committee. Members on the committees of the board at the end of the financial year are: Audit and
Risk Nomination and Remuneration Project Execution EHSS James D Calaway Bernard Rowe Alan Davies Stephen Gardiner Rose McKinney-James Margaret R Walker2 1 1 1 1 11 11 1 1 11 1 1 11 The chair of each committee is denoted by
an asterisk. They are all independent non-executive directors. Margaret Walker was appointed to the EHSS Committee at the last Board meeting of the financial year. Indemnification and insurance Indemnification of directors and
officers The Company has not, during or since the end of the financial period, in respect of any person who is or has been an officer of the Company or a related body corporate, indemnified or made any relevant agreement for indemnifying
against a liability incurred as an officer, including costs and expenses in successfully defending legal proceedings. Insurance premiums for directors and officers During the financial period the Company has paid premiums to insure each of
the directors and officers against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of director or officer of the Company, other than conduct
involving a wilful breach of duty in relation to the Company. The premiums paid are not disclosed as such disclosure is prohibited under the terms of the contract. Indemnification and insurance of auditors The company has not, during or
since the end of the financial year, indemnified or agreed to indemnify the auditor of the company or any related entity against a liability incurred by the auditor. During the financial year, the company has not paid a premium in respect of
a contract to insure the auditor of the company or any related entity. Remuneration report The remuneration report set out on pages 23 to 49 forms part of the Directors’ Report for the year ended 30 June 2024. Corporate governance
statement Details of the Company’s corporate governance practices are included in the Corporate Governance Statement set out on the Company’s website. Annual Report 2024 19
Directors’ Report continued Dividends There were no dividends paid,
recommended or declared during the current or previous financial year. Shares – issued and unissued 30 June 2024 Number Issued shares 2,325,614,708 2,098,818,267 Unissued shares: Options 2,938,803 4,369,643 Performance
Rights 33,882,163 31,470,849 30 June 2023 Number Since the end of the financial year, the following additional shares, options or performance rights have been granted or lapsed: 11,811,594 Performance rights have vested, and new shares
issued. 2,703,000 Performance rights have lapsed. Environmental performance The Group holds exploration licences issued by the relevant government authorities which specify guidelines for environmental impacts in relation to exploration
activities. The licence conditions provide for the full rehabilitation of the areas of exploration in accordance with regulatory guidelines and standards. There have been no known breaches of the licence conditions. Ioneer is seeking
approval from the federal government to begin construction at Rhyolite Ridge under the rules of the National Environmental Policy Act, commonly known as the NEPA process. In preparation for the NEPA process, Ioneer has completed baseline
studies and associated field work for 14 different resource areas of the Rhyolite Ridge Project (e.g., air quality, biology, cultural resources, groundwater, recreation, socioeconomics, soils, and rangeland) and submitted a Plan of Operations
(Plan), which includes measures to be implemented to prevent unnecessary or undue degradation of public lands by operations authorized under the Mining Act (1872). It describes all aspects of the Project including construction, operations,
reclamation, and environmental protection measures. In late December 2022, the Rhyolite Ridge Project advanced into the final stage of federal permitting with the decision by the U.S. Bureau of Land Management (BLM) to publish a Notice of
Intent in the Federal Register. This marked a major milestone toward the completion of the National Environmental Policy Act (NEPA) process and approval of the Project’s Plan of Operations. During this past financial year, the draft
Environmental Impact Statement (EIS) for the Project was made public by the BLM and was published in the Federal Register on 19 April 2024. A 45-calendar day public comment period commenced on that date and concluded on 5 June 2024. After
comments on the draft EIS have been collected and reviewed, the BLM will publish a Final EIS (expected in September 2024) which is intended to lead to a Record of Decision (expected in October 2024). The Record of Decision is the culmination
of the NEPA process, representing the Department of Interior’s final decision of Ioneer’s application for an approved Plan of Operations. An approved Plan will allow the Company to commence construction of the Rhyolite Ridge
Project. ioneer 20
Audit and non-audit services The directors are satisfied that the provision of
non-audit services is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. Auditor’s independence declaration A copy of the auditor’s independence declaration as required under section 307C
of the Corporations Act 2001 is set out immediately after this directors’ report. Matters subsequent to the end of the financial year No matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may
significantly affect the Group’s operations, the results of those operations, or the Group’s state of affairs in future financial years. In the period since 30 June 2024 and up to the date of this report, there has not been any other item,
transaction or event of a material and unusual nature likely in the opinion of directors, to substantially affect the operations of the Group, the results of those operations or the state of affairs of the Group in subsequent financial
years. Rounding The amounts contained in the Directors’ Report have been rounded to the nearest $1,000 (where rounding is applicable) where noted ($’000) under the option available to the Company as provided in ASIC Corporations (Rounding
in Financial/ Directors’ Report) Instrument 2016/191. The Company is an entity to which this legislative instrument applies. This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations
Act 2001. On behalf of the directors James D. Calaway Executive Chairman 18 September 2024 Annual Report 2024 21
Auditor’s Independence Declaration A member firm of Ernst & Young Global
Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248
5959 ey.com/au Auditor’s independence declaration to the directors of Ioneer Ltd As lead auditor for the audit of the financial report of Ioneer Ltd for the financial year ended 30 June 2024, I declare to the best of my knowledge and
belief, there have been: No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; No contraventions of any applicable code of professional conduct in relation to the audit; and No
non-audit services provided that contravene any applicable code of professional conduct in relation to the audit. This declaration is in respect of Ioneer Ltd and the entities it controlled during the financial year. Ernst &
Young Scott Nichols Partner Sydney 18 September 2024 ioneer 22
Letter from Committee Chair Dear fellow shareholders, On behalf of the Board,
I am pleased to present the FY2024 audited remuneration report for Ioneer Ltd (“Ioneer” or the “Company”). Changes to the Board and KMP executives There were no changes made to the Board or KMP over the 2024 financial year (FY2024). FY2024
STI Performance In FY2024 the executive KMP STI scorecard elements that met or exceeded the Board’s expectations included: Significantly advancing federal permitting with two key milestones achieved: the issuance of the Draft Environmental
Impact Study (DEIS) and the subsequent closing of the DEIS comment period. Permitting is now in the Final EIS stage, with a clear path toward a Record of Decision. Obtaining approvals for construction water rights. Delivering a drilling
program, that resulted in a Resource update that defined a high-grade, shallow shelf zone, outside of critical habitat with a 71% increase in overall Measured Resource (75Mt) compared to 2023 (44Mt). The enhanced geological understanding
allowed the Company to subdivide the deposit into three separate streams. Stream 1 – high-boron lithium mineralisation (low clay content). Stream 2 – low-boron lithium mineralisation (low clay content). Stream 3 – low-boron lithium
mineralisation (high clay content). Near finalisation of a AACE Class 2 Capital estimate for stage 1 of the Rhyolite Ridge Project and preparation of an Approved Feasibility Study (AFS), a significant undertaking that included: progressing
engineering design generally above 70% complete, updating the Resource and Reserve estimates, optimising the mine plan of operation and construction execution plan, and updating Project economics. Entering a Research and Development MOU
with EcoPro Innovation (EcoPro) to research, test, and develop Stream 3, low-boron high lithium mineralisation (M5) at Ioneer’s Rhyolite Ridge. The goal is to develop a process to commercialise Rhyolite Ridge lithium clay to produce refined
lithium materials for the U.S. EV battery supply chain. Under the agreement, EcoPro will fund and build a commercial-scale refining plant to develop lithium clay supplied from Rhyolite Ridge. Initial phases of the research have shown positive
results. Completing an initial Sustainability Strategy and achieving more than 30 related activities, including a refined Water Stewardship Plan. Executing a capital raise of US$25 million equal to the closing price of A$0.18 on 26 April
2024, to further advance engineering toward construction, fund remaining environmental permitting expenses and aimed at providing funding to Final Investment Decision. While most objectives were met or exceeded, federal permitting has
required additional time. Overall, the Board assessed the performance of the Ioneer team as generally having met expectations. The Board remains impressed with the resilience and creativity of the team to find balanced solutions to the
challenges it encounters. The scorecard component makes up 75% of the STI. Following a detailed assessment, the Board determined to award an STI of 100% of target opportunity (50% of maximum) for this component – refer to section 4.4.2 for
further details. Individual performance, based on contributing to organisational objectives and performance in role makes up 25% of the incentive. Outcomes from this component ranged from 28%-124% of target (14%-62% of maximum). Total
Individual KMP rewards ranged from 82% to 106% of target STI (41%-53% of maximum) based upon the company scorecard, individual performance and contribution to Company objectives. The Board did not exercise discretion in respect to these STI
outcomes. LTI Performance In addition to a share price performance hurdle tied to a comparator group of companies, LTI performance targets set in 2021 focused on incentivising the team to gain environmental permits, to make a Final
Investment Decision (FID), Remuneration Report Annual Report 2024 23
Remuneration Report continued and to commence construction. Over the
three-year performance period, the Project has faced various challenges that resulted in federal permitting delays, and consequently delays to FID and the Project moving into construction. This means multiple aspects of the 2021 LTI scorecard
did not achieve threshold performance requirements, including: Health, Safety, Environment and Community performance (whilst in construction), Project construction expenditures, management of the construction schedule, and operations
readiness – in total these comprised 75% of the performance-based LTI value. The relative share price performance target compared Ioneer to 13 other companies engaged in lithium development. The Ioneer share price over the 3-year performance
period sat above the median of the comparator group and the Board approved a 100% of target (50% of maximum) pay-out for this portion of the performance-based LTI Program. This competitive measure constitutes 25% of performance-based LTI.
Overall, 12.5% of the maximum performance- based LTI grant vested. The Board did not exercise discretion in respect of these performance-based LTI outcomes as it was believed the outcomes appropriately balance employee rewards with
shareholder experience. Executive KMP incentive outcomes A detailed review of FY2024 STI goals and performance outcomes was undertaken by the Board (see section 4.4.2). On an overall basis the executive KMP FY2024 STI scorecard award
(company performance) was 50% of maximum, with individual reward outcomes ranging from 41% to 53% of maximum. This outcome was primarily based on progressing the Project to near finalization of the AACE Class 2 Capex estimate and AFS,
updating the SK1300 and optimization of the mine plan of operation. Above target and maximum performance were achieved for growth opportunities and sustainability and water stewardship measures. As was the case for FY2023, STI bonuses were
awarded in the form of one-year time-based performance rights to conserve cash. LTI performance rights (PRs) granted in 2021 and vesting 1 July 2024, were comprised of 60% performance-based PRs and 40% time-based PRs. Time-based PRs are
normal practice in the U.S. where most of our staff are based. 2021 performance-based LTI PRs The 2021 performance-based LTI PRs vested at 12.5% of maximum performance-based LTI opportunity based on relative share price performance and LTI
scorecard performance. As noted above, components of the LTI scorecard critical to value were not met due to continued headwinds resulting in Project delays. Consequently, 87.5% of the performance-based LTI opportunity, that was granted at
target, did not vest. The Nomination and Remuneration Committee and the Board considered the percentage of PRs approved for vesting appropriately aligned with shareholder outcomes over the period. Hence, no discretion to override vesting
outcomes was judged necessary. 2021 time-based LTI PRs The 2021 time-based PRs are aligned with shareholder interests, assist in retaining key people and at grant comprised around 25% of maximum LTI remuneration opportunity. The 2021
time-based PRs fully vested 1 July 2024. Overall, the Board determined that FY2024 rewards were appropriate given the progress of the Project and that long- term rewards are aligned with shareholder experience and consistent with
performance. Incentive framework changes Base salaries increased by 4% for FY2024 for all executive KMP. Incentive framework changes During the FY2024 performance period, an executive incentive claw-back policy was adopted that enables
the Company to recover paid STI and vested LTI incentive awards for circumstances of material restatements associated with incentive compensation targets, restatements of financial reporting and serious individual misconduct. This policy was
adopted to meet shareholder expectations and market exchange requirements in the U.S. There were no other changes to the annual STI or LTI incentive framework for FY2024. The majority of the executive KMP remuneration framework is contingent
on performance. ioneer 24
Board fees No changes were made to board fees. Board fees remain unchanged
since 2020. I trust that you find the remuneration report is informative and that it addresses any queries you have. Any further questions are welcomed and will be encouraged at the upcoming Annual General Meeting. Alan Davies Chair,
Nomination & Remuneration Committee Key terms used in this report Act Corporations Act 2001 (Cth) LTI Long-term incentive AGM Annual General Meeting MD Managing director ASX Australian Securities Exchange NED Non-executive
director FID Final Investment Decision PRs Performance Rights FY Financial Year SRs Share Rights INR Ioneer Equity Plan Equity Incentive Plan KMP Key management personnel STI Short-term incentive Annual Report 2024 25
Remuneration Report continued Introduction The directors of Ioneer Ltd
present the Audited Remuneration Report (the Report) for the Company for the year ended 30 June 2024. The Report forms part of the Directors’ Report and has been prepared and audited in accordance with Section 300A of the Australian
Corporations Act 2001 (the Act). This Remuneration Report outlines the remuneration strategy, framework and practices adopted by the consolidated entity in accordance with the requirements of the Act and its regulations. This information has
been audited as required by section 308 (3C) of the Act. Key Management Personnel Key management personnel (KMP) covered in this report are detailed below (See pages 16 to 17 for details of each director): Table 1: Key Management
Personnel Name Position Held Tenure Executive Directors James D Calaway (1) Executive chair Appointed 5 April 2017 Bernard Rowe Managing director Appointed 23 August 2007 Non-Executive Directors Alan Davies Non-executive
director Appointed 23 May 2017 Stephen Gardiner Non-executive director Appointed 25 August 2022 Rose McKinney-James Non-executive director Appointed 1 February 2021 Margaret R Walker Non-executive director Appointed 1 February
2021 Executives Ian Bucknell Chief financial officer & company secretary Appointed 14 November 2018 Ken Coon Vice president human resources Appointed 1 July 2019 Yoshio Nagai Vice president commercial sales &
marketing Appointed 1 August 2019 Matt Weaver Senior vice president engineering & operations Appointed 28 November 2017 Chad Yeftich Vice president corp. development & external affairs Appointed 1 September 2022 (1) Mr Calaway
assumed an executive role on 1 July 2020. Remuneration governance Nomination & Remuneration Committee Remuneration governance is overseen by the Nomination & Remuneration Committee. The Committee is a committee of the Board
established in accordance with the Company’s constitution and authorised by the Board to assist it in fulfilling its statutory, fiduciary, and regulatory responsibilities. The ASX Corporate Governance Council’s “Corporate Governance
Principles and Recommendations” (ASX Recommendations) recommend that the Company has formal and rigorous processes for the appointment and reappointment of directors to the Board. The Committee was established to assist the Board by
undertaking the roles and exercising the responsibilities set out in the Nomination & Remuneration Committee Charter. A copy of this Charter is available on the Company’s website. The Committee aims to bring transparency, focus and
independent judgment to these roles. The Committee will review and make recommendations to the Board on matters relevant to these roles and responsibilities, and as required to satisfy the Corporations Act, ASX Recommendations and ASX Listing
Rule requirements relevant to these roles and responsibilities. The Committee currently comprises the following independent non-executive directors: Alan Davies (chair); Stephen Gardiner; and Rose McKinney-James. ioneer 26
Remuneration advisors The Nomination and Remuneration Committee engages
external advisors as required. External advisors provide advice on market remuneration levels and mix, market trends, incentives and performance measurement, governance, taxation and legal compliance. None of the Committee’s engagements with
remuneration advisors were for work that constituted a remuneration recommendation for the purposes of the Australian Corporations Act 2001. Share trading policy The Ioneer Securities Trading Policy applies to all NEDs, executives and
employees. The policy prohibits employees from dealing in Ioneer securities while in possession of material non-public information relevant to the Company. Executives must not enter into any hedging arrangements over unvested equity under
the Company’s equity plan. The Company would consider a breach of this policy as gross misconduct, which may lead to disciplinary action and potentially dismissal. Executive Remuneration Remuneration strategy The principles of the Ioneer
remuneration policy are to: attract, retain and motivate directors, executives and employees who will create value for shareholders by providing remuneration packages that are aligned with shareholder interests, are equitable and externally
competitive; provide a remuneration balance weighted toward risk and return to align with shareholders; clearly align short and long-term company objectives to financial awards; be fair and appropriate having regard to the performance of
the Company and the relevant director, executive or employee and the interests of shareholders; conserve cash in the development phase of the business by granting equity in lieu of cash where appropriate; and comply with relevant legal
requirements. Relationship with company performance The Ioneer executive compensation framework provides for fair, competitive remuneration that aligns potential rewards with the Company’s objectives while being transparent to shareholders.
We are a Company with a single, pre-development project, with most of our people in the U.S. The framework is aligned with U.S. standards. Typically, this means proportionately less cash and higher equity than the Australian market standard,
with some of the equity contingent on service to make up for the relatively low cash proportion. Performance objectives for STI and equity vesting are set such that achievement would accelerate development during our current pre-production
phase for higher shareholder value. This means that the value of remuneration realised at vesting is highly aligned with the value realised by investors. Key remuneration elements are reviewed annually to determine appropriate awards based
upon factors such as individual performance, Company results and competitive benchmark survey data. The following is a brief description of the approach for each element: Base salary is reviewed annually and adjusted for individual
performance and benchmarks that may be reviewed from time to time to ensure competitiveness. Short term incentives are reviewed annually with awards granted based upon individual performance and Company results. STI targets are benchmarked
from time to time to ensure competitiveness. STIs may range from 0 to 200% of target. The Board reserves the right to grant STI outcomes greater than 200% of target for exceptional contributions to Company objectives, as well as exercise
negative discretion when formulaic outcomes do not align with the shareholder experience. As part of a program that covers all employees, executives are encouraged to receive the STI in PRs as by opting to do so, they will receive an
additional 20% in STI value. The PRs are deferred for a year to encourage retention, conserve cash, and enhance alignment with shareholders. Annual Report 2024 27
Remuneration Report continued Equity grants are reviewed annually. The Board
has a current practice of granting a target grant ratio with a ratio of 60% performance-based PRs and 40% time-based PRs. A key risk for Ioneer is not being able to attract and retain qualified and experienced U.S. executives. The
remuneration framework needs to have full regard for U.S. market standards, optimal shareholder alignment and cash conservation. Performance-based PRs make up 60% of the annual target grant value. The final vesting may range between 0% to
200% of grant based on achievement of a scorecard of business objectives suited to the Company’s current pre-production phase, such that if all were achieved, they would add substantially to market value. Time-based PRs make up 40% of the
annual target grant value, equivalent to 25% of maximum potential grant value. Vesting is based on the executive remaining employed to the vesting date. The grant aligns employees with shareholders, conserves cash that would otherwise have to
be used for higher salaries and meets U.S. market standards. Remuneration framework Remuneration information is derived from relevant remuneration surveys conducted by independent third parties. Remuneration is benchmarked against a peer
group of direct competitors and a sector peer group. Ioneer’s remuneration framework and executive reward strategy provides a mix of fixed and variable remuneration with a blend of short-term incentives and long-term equity grants. The key
elements of the remuneration packages are as follows: Annual base salary: reviewed annually and adjusted based upon individual performance and competitive benchmarks that may be reviewed from time to time to ensure
competitiveness. Post-employment benefits: superannuation contributions for Australian based executives and similar retirement benefits savings for non-Australia based executives. Fixed (TFR): Annual base salary plus superannuation for
Australia based executives and annual base salary for non-Australia based executives. Short-term incentive (STI): Remuneration for performance measured over one year or less, including any deferred amounts. Equity incentive grants: Equity
granted under shareholder approved equity plans. At maximum, the remuneration mix is as follows: Figure 1: Executive KMP remuneration mix at maximum 4.3.1 Base Salary Base salary is reviewed annually and adjusted based upon individual
performance and competitive benchmarks that may be reviewed from time to time to ensure competitiveness. Adjustments to base salary were agreed for all executive KMP to standardise their base salaries to benchmarked comparatives. The base
salaries for FY2024 were approved by the Board on the recommendation of the Nomination and Remuneration Committee and are as
follows: 28 32% 23% 30% 41% 41% 30% 38% 38% 34% 30% 33% 33% 30% 31% 8% 11% 10% 7% 7% 10% 8% 23% 33% 30% 20% 20% 30% 23% 0% 20% 40% 60% 80% 100% Executive Chairman Managing Director Chief Financial Officer
& Company Secretary Vice President Human Resources Vice President Commercial Sales & Marketing Senior Vice President Engineering & Operations Vice President Corp. Development & External Affairs TFR STI {Cash} LTI {Time
based} LTI {Performance based} ioneer
Table 3: Executive KMP Base Salary Base salary (1 ) %
Increase 30-Jun-24 30-Jun-23 A$ US$ A$ US$ James D Calaway 4% 312,000 - 300,000 Bernard Rowe 4% 557,400 - 536,000 - Ian Bucknell 4% 416,000 - 400,000 - Ken Coon 4% - 260,000 - 250,000 Yoshio
Nagai 4% - 275,600 - 265,000 Chad Yeftich (2) 4% 280,800 - 270,000 Matt Weaver 4% - 317,200 - 305,000 (1) Base salaries are shown in the above table at contract amounts, where KMP have not worked a full year or superannuation
caps have been met and excess amounts taken as salary, it will not agree to Table 16: Statutory Remuneration. 4.3.2 Short-Term Incentive (STI) Executive KMP can earn an annual STI based on a percentage of their base salary. The STI
percentage increases with seniority to ensure a higher proportion of remuneration is “at risk” for more materially accountable employees. The table below presents the features and approach for the Ioneer STI plan. Table 4: FY2024 Ioneer STI
plan Feature Approach Purpose Align team and individual performance and behaviours with annual Group objectives. Provide individuals with a competitive market position for total reward (i.e. variable and fixed pay
components). Eligibility Those considered for participation in the program must be able to impact the performance of their own work area, their business or function and contribute to the Group’s overall performance. Form of payment The
default payment is cash, however in FY2024 executive KMP did not have the option of being paid in cash but received the STI award as equity (PRs) deferred for 12 months with a 20% uplift. The Executive chair and Managing Director’s STI awards
issued on the same terms, are subject to shareholder approval at the Annual General Meeting in November. Ordinarily, executive KMP can elect to receive STI awards as cash or equity (PRs) deferred for 12 months, as part of an STI conversion
program that covers all employees. If an employee elects to receive all or a part of an STI award in PRs instead of cash, Ioneer will grant an additional 20% in value. This encourages greater alignment with shareholders, increases retention,
and conserves cash. Opportunity The maximum STI opportunity as a percentage of base salary for the executive KMP are as follows: Executive Chair: 120% Managing Director: 160% Senior Vice President Engineering & Operations: 100% Chief
Financial Officer and Company Secretary: 100% Vice President Human Resources: 80% Vice President Commercial Sales & Marketing: 80% Vice President – Corporate Development and External Affairs: 80% Target STI opportunity is half of the
maximum STI opportunity. Performance period 1 year, 1 July to 30 June Annual Report 2024 29
Remuneration Report continued Feature Approach Performance measures Annual
executive KMP performance is set and assessed based upon a set of key Company targets (scorecard) that directly affect shareholder value and are directly linked to the Ioneer Strategic Plan. This scorecard is 75% of the STI. Each scorecard
goal is measured, weighted according to its importance, and assessed quantitatively. The remaining 25% is the contribution to organisational objectives and performance in role (individual component). Both the scorecard and individual
component can vest up to 200% of target (100% of maximum). At the start of each year, the Board determines Company hurdles with threshold and maximum performance levels which form the STI goal. Additionally, the MD reviews and approves the
goals of each executive KMP, ensuring alignment with Company objectives. The target levels of performance set by the Board are challenging and are driven by an annual target setting exercise and longer-term strategic objectives. Achievement
of target levels of performance delivers the payment of 50% of STI maximum opportunity. Payments from target to maximum opportunity are on a straight-line basis consistent with the level of performance attained. Board discretion The Board
reserves the right to grant above 200% of target STI for truly exceptional contributions to the business or to exercise negative discretion if the formulaic outcome does not accord with the shareholder experience, behaviours not consistent
with the Company’s code of conduct, reputational damage, safety or environmental expectations, or the Board’s overall assessment of performance on a holistic basis. Clawback The Board can clawback previous incentive awards that may have
been awarded erroneously. The following are examples of such circumstances, including: A restatement of any financial measure or target that an incentive award was based upon; A restatement of the Company’s financial statements even though
the restatement did not involve a metric that was explicitly part of an incentive award calculation; The serious or gross misconduct, fraud, bribery, severe reputational damage, and any other deliberate, reckless, or unlawful conduct that
may have a serious adverse impact on Ioneer, its reputation, customers, the environment, or its people which resulted in dismissal, or the Board considers at its discretion would have justified the dismissal. In exceptional cases, Remco may
determine that recovery of incentive awards is appropriate though dismissal does not occur. Treatment on termination If the executive is deemed a good leaver, STI is rewarded on a pro rata basis for time served. PRs lapse if an employee
resigns. Details of the STI scorecard are disclosed in the table below. The STI scorecard is reflective of Ioneer’s current stage of development in obtaining approval for environmental permits, obtaining the necessary funding and preparing
the Company to take a Final Investment Decision and begin construction on the Project. ioneer 30
Table 5: STI scorecard for FY2024 Measure
Description Threshold Maximum Individual Weighting Category Weighting Permitting & Sustainability NEPA permitting process Progress to Final EIS Record of Decision achieved 20% 30% Sustainability & Water Stewardship Develop
ESG strategy, endorsed by EHSS Committee. Obtain construction water rights transfer. Complete 80% of identified ESG initiatives and refine water stewardship plan per TSM. 10% Final Investment Decision & Schedule Progress toward
Final Investment Decision Finalize Class2 project estimate, JORC Resource & Reserve, and optimized Mine Plan Finalize all activities and materials to enable the INR and SSW Boards to make an FID decision 40% 55% Long Lead Items
(LLIs) Achieve LLI funding and at least 20% downpayment on LLIs, while maintaining timing within construction budget Achieve 15% LLI downpayment and meet BASE goal targets. 10% Spend to budget +/-5% N/A 5% Expansion Growth
Opportunities Obtain 3rd party initial funding to progress bench scale process test work for a single expansion, including progressing additional baselines if required Secure 3rd party funding for a multiphase project through pilot and
DFS. Or Progress two expansions reflected in base target 15% 15% Long-Term Incentive (LTI) Equity Grants The executive KMP LTI equity grant comes in 2 parts, a performance-based PR grant and a time-based PR grant. The tables below
present the features and approaches for both components of the grant. Performance-based LTI PRs Table 6 presents the terms and conditions of the performance-based PRs for 2024. Table 6: FY2024 performance-based LTI PRs Feature
Approach Purpose To align executive accountability and remuneration with the long-term interests of shareholders by rewarding for the delivery of sustained performance. Participants All executive KMP and senior management members. The
Board may at its discretion make invitations to or grant awards to eligible persons. Eligible persons include executive directors or executive officers of the Group, employees, contractors or consultants of the group or any other
person. Instruments issued Performance rights (PRs) to acquire ordinary shares in the Company for nil consideration. Within 30 days after the vesting date in respect of a vested instrument, the Company, at its discretion only, must either
allocate shares or procure payment to the participant of a cash amount equal to the market price of the shares which would have otherwise been allocated. Allocation value 10-day VWAP prior to start of the performance period Annual Report
2024 31
Remuneration Report continued Feature Approach Maximum value The maximum
number of performance-based PRs that can vest is based on the following percentage of base salaries: Executive Chair: 72% Managing Director: 144% Chief Financial Officer and Company Secretary: 102% Vice President Human Resources: 48% Vice
President Commercial Sales & Marketing: 48% Senior Vice President Engineering & Operations: 102% Vice President Corporate Development and External Affairs: 60% Executive KMP are granted 50% of the maximum number of PRs to
vest. Performance period 3 years, 1 July 2023 to 30 June 2026 Performance measurement date 30 June 2026 Vesting Date 1 July 2026 Performance measures Annually Executive KMP performance targets are set and then assessed on a range of
key measures that are critical to shareholder value and are directly linked to the Ioneer Strategic Plan. At this point in the Rhyolite Ridge Project, targets are focused on moving through the Project’s objectives of permitting, engineering,
funding and construction. Each scorecard measure is measured, weighted according to its importance, and is assessed objectively. At the grant date, the Board determines the hurdles and minimum, target and maximum levels of performance which
form the LTI scorecard. The target levels of performance set by the Board are challenging and are driven by an annual goal setting exercise and the longer-term strategic plan. Achievement of target levels of performance delivers the payment
of 50% of LTI maximum opportunity. Payments from threshold to maximum opportunity are on a straight-line basis consistent with the level of performance attained. Details can be found in Table 7. Acquisition of performance rights The PRs
are issued by the company and held by the participant subject to the satisfaction of the vesting conditions. The number of PRs held may be adjusted pro-rata, consistent with ASX adjustment factors for any capital restructure. If the PRs
vest, executives receive newly issued shares or shares acquired on market. Trading restrictions may apply to the newly issued shares. Treatment of dividends and voting rights Unvested PRs do not have voting rights or accrue dividend
benefits. Restriction on hedging Hedging of PRs by executives is not permitted Treatment on termination If the executive is deemed a good leaver, PRs are prorated for time served. PRs lapse if an employee resigns. Board Discretion The
board may apply upward or downward discretion as appropriate. The Company may adjust downwards the number of performance-based PRs where there has been a material negative misstatement of results to align executive awards with shareholder
outcomes. ioneer 32
Feature Approach Clawback The Board can clawback previous incentive awards
that may have been awarded erroneously. The following are examples of such circumstances, including: A restatement of any financial measure or target that an incentive award was based upon; A restatement of the Company’s financial
statements even though the restatement did not involve a metric that was explicitly part of an incentive award calculation; The serious or gross misconduct, fraud, bribery, severe reputational damage, and any other deliberate, reckless, or
unlawful conduct that may have a serious adverse impact on Ioneer, its reputation, customers, the environment, or its people which resulted in dismissal, or the Board considers at its discretion would have justified the dismissal. In
exceptional cases, Remco may determine that recovery of incentive awards is appropriate though dismissal does not occur. Minimum Share ownership Executive KMP are expected to achieve a minimum share ownership in the Company over a 5- year
period. The minimum level for the Managing Director is 5 times his base salary. The minimum level for other executives is 3 times their base salaries. Change of control Vesting is subject to board discretion, taking into account performance
to the date of change in control. Details of the scorecard are disclosed in the table below. The scorecard reflects the Company’s desire to move through initial project phase, into construction and, in time, production. Table 7: FY2024
performance-based LTI PRs scorecard Measure Weighting Assumes Construction & Startup Sustainability Performance (E, H&S, Community). 20% Construction delivery compared to schedule at FID. 20% Construction spend compared to
budget at FID. 10% Not tied to ROD, FID & Construction INR shareholder return compared to comparators. The comparators are: Vulcan Energy Resources, Core Lithium, Lake Resources, Sigma Lithium, Sayona Mining, Liontown Resources,
American Lithium, Frontier Lithium Inc, Standard Lithium, Lithium Americas Corp, Piedmont Lithium, Pilbara Minerals, and Critical Elements Lithium. 30% The vesting scale for the shareholder return component is as
follows: Percentile Vesting outcome (% target) Vesting outcome (% maximum) Bottom quartile (0-25th) 0% 0% Third quartile (25th-50th) 0%-25% 0%-12.5% Second quartile (50th-75th) 26%-100% 13%-50% First quartile
(75th-100th) 101%-200% 50.5%-100% Vesting is on a straight-line basis within each quartile. Growth – Increase Measured and Indicated LCE Resource at 30 June 2023 by 10%. 20% 4.3.3.2 Time-based LTI PRs Table 8 presents the terms and
conditions of the time-based PRs in the Equity Plan for FY2024. Table 8: FY2024 time-based LTI PRs Feature Approach Purpose To provide equity in lieu of cash salary for shareholder alignment, cash conservation, consistency with non-KMP
employee remuneration, and consistency with market practice. Annual Report 2024 33
Remuneration Report continued Feature Approach Participants All executive
KMP and senior management members The Board may at its discretion make invitations to or grant awards to eligible persons. Eligible persons include executive directors or executive officers of the Group, employees, contractors or consultants
of the group or any other person. Instruments issued PRs to acquire ordinary shares in the Company for nil consideration. Within 30 days after the vesting date in respect of a vested instrument, the Company, at its discretion only, must
either allocate shares or procure payment to the participant of a cash amount equal to the market price of the shares which would have otherwise been allocated. Allocation value 10-day VWAP prior to start of the performance period Value at
grant The time-based PRs granted as a percentage of base salary for the executive KMP are as follows: Executive Chair: 24% Managing Director: 40% Chief Financial Officer & Company Secretary: 24% Vice President Human Resources:
16% Vice President Commercial Sales & Marketing: 16% Senior Vice President Engineering & Operations: 28% Vice President Corporate Development & External Affairs: 20% Service period 3 years Service measurement date 30 June
2026 Vesting Date 1 July 2026 Acquisition of PRs The PRs are issued by the Company and held by the participant subject to the satisfaction of the vesting conditions. The number of instruments held may be adjusted pro-rata, consistent with
ASX adjustment factors for any capital restructure. If the PRs vest, executives receive newly issued shares or shares acquired on market. Trading restrictions may apply to the newly issued shares. Treatment of dividends and voting
rights Unvested PRs do not have voting rights or accrue dividend benefits. Restriction on hedging Hedging of PRs by executives is not permitted Treatment on termination If the executive is deemed a good leaver, PRs are prorated for time
served. PRs lapse if an employee resigns. Adjusting Awards The Company may adjust downwards the number of time-based PRs where there has been a material negative misstatement of results to align executive awards with shareholder
outcomes. Clawback The Board can clawback previous time-based incentive awards that may have been awarded erroneously. The following are examples of such circumstances, including: The serious or gross misconduct, fraud, bribery, severe
reputational damage, and any other deliberate, reckless, or unlawful conduct that may have a serious adverse impact on Ioneer, its reputation, customers, the environment, or its people which resulted in dismissal, or the Board considers at
its discretion would have justified the dismissal. In exceptional cases, Remco may determine that recovery of incentive awards is appropriate though dismissal does not occur. Minimum Share ownership Executive KMP are expected to achieve a
minimum share ownership in the Company over a 5-year period. The minimum level for the Managing Director is five times base salary. The minimum level for other executives is three times base salaries. Board Discretion The board may apply
discretion as appropriate. Change of control Vesting is subject to board discretion, taking into account performance to the date of change in control. ioneer 34
Performance and remuneration outcomes for 2024 Company performance Table 9:
Historical Financial Performance 2024 2023 2022 2021 2020 2019 Net Loss after tax (US$) (7,824,924) (6,391,492) (8,502,400) (14,032,302) (3,700,458) (675,623) Basic loss per share (US
CPS) (0.336) (0.305) (0.422) (0.803) (0.232) (0.046) Diluted loss per share (US CPS) (0.336) (0.305) (0.422) (0.803) (0.232) (0.046) Dividends per share - - - - - - Closing share price
(A$) 0.15 0.34 0.41 0.35 0.13 0.135 5-year TSR 11.11% (5.56%) 182.76% 600.00% 3150.00% 410.50% Figure 2: Ioneer total shareholder return against the S&P ASX200
Index 141% 111% 0% 100% 200% 300% 400% 500% 600% 700% Jul-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Total Shareholder Return (Indexed to 100) Ioneer ASX200 (Total Return) Annual Report 2024 35
Remuneration Report continued 4.4.2 Annual performance and STI outcome At the
end of the FY2024 performance period, a thorough assessment of performance outcomes relative to established targets was undertaken. The below table reflects this assessment and the translation into STI awards. Table 10: FY2024 STI scorecard
outcome Measure Outcome as % of target Outcome as % of Maximum Permitting & Sustainability (30%): Progress of NEPA Permitting (20%): Staff work closely with the Bureau of Land Management to ensure the EIS progressed through the
NEPA review process, and with the U.S. Fish and Wildlife Service to support the Biological Record of Assessment and Biological Opinion. The public comment Progress to Final EIS Decision period on the draft EIS concluded on 3 June. The
first steps of Achieved preparing an administrative draft final EIS have been achieved with a final EIS expected to be released in September 2024. Complete 80% Sustainability & Water Stewardship (10%): Strategy Develop ESG
Strategy, of ESG endorsed by Committee and construction water rights endorsed by ESG Committee. initiatives and achieved. Of 36 stretch ESG goals more than 30 were Obtain construction water refine Water achieved, including a refined
Water Stewardship Plan. rights transfer. Stewardship Plan per TSM. Final Investment Decision & Schedule (55%): Finalise all Progress to Final Investment Decision (40%): The AACE Class 2 estimate, JORC/SK1300 Resource and Reserve
Estimate, and optimized Mine plan were delivered to Sibanye- Stillwater for review shortly after the reporting period. Finalize AACE Class 2 Estimate, JORC/SK1300 Reserve & Resource Estimate, and optimized mine plan activities and
materials such that the INR and SSW Boards can make an FID decision Long Lead Items (10%): Work on LLIs was prevented due to funding constraints. Achieve LLI funding and at least 20% downpayment on LLIs, while maintaining Project
construction schedule. Achieve 15% LLI downpayment and meet BASE goal targets. Spend to budget (5%): Spending levels compared to approved FY2024 budget and revisions agreed by the Board. Prudent cash management and a lower cash balance
forced a clear focus on controlling expenditures. The Ioneer team responded by driving down discretionary costs while delivering critical project objectives. +/- 5% Not applicable Growth Opportunities (15%) Growth Opportunities (15%): INR
and EcoPro entered into a binding research and development MOU that provides for EcoPro funding the research, testing, and development of lithium clay (M5) at Ioneer’s Rhyolite Ridge site. The agreement includes the funding from EcoPro for a
commercial scale refining plant once the process is successfully developed Obtain 3rd party initial funding to progress bench scale process test work for a single expansion, including progressing additional baselines if required Secure 3rd
party funding for a multiphase project through pilot and DFS. Or Progress two expansions reflected in base target The FY2024 STI is split between Company performance (75%) and contribution to organisational objectives and performance in the
role (individual performance 25%). ioneer 36
Table 11 provides the calculated outcome for each measure in the FY2024 STI
scorecard. Table 11: Overall FY2024 STI scorecard outcome Measure Weighting Outcome as a % of Target Maximum Weighted Outcome Target Maximum Total Environmental Permitting Progress 20% 50% 0% 10.0% 0.0% 10% Sustainability
& Water Stewardship 10% 100% 100% 10.0% 10.0% 20% Final Investment Decision 40% 100% 0% 40.0% 0.0% 40% Long Lead Time Items 10% 0% 0% 0.0% 0.0% 0% Spend to Budget 5% 100% N/A 5.0% 0.0% 5% Growth
Opportunities 15% 100% 67% 15.0% 10.0% 25% Total 100% - - 80% 20% 100% The scorecard outcome is 100% of target (50% of maximum). The payout to each executive is as follows: Table 12: STI payout Executive Grant Date Target
STI (% of base salary) Weighted Outcome (% target) Weighted Outcome (% max.) Award STI (% of base salary) Payout1 % taken as 12 mth PRs James D Calaway2 1/07/2024 60% 100% 50% 60% 188,000 100% Bernard
Rowe2 1/07/2024 80% 106% 53% 85% 313,000 100% Ian Bucknell 1/07/2024 50% 102% 51% 51% 141,000 100% Ken Coon 1/07/2024 40% 82% 41% 33% 85,000 100% Yoshio Nagai 1/07/2024 40% 93% 47% 37% 103,000 100% Chad
Yeftich 1/07/2024 40% 100% 50% 40% 112,000 100% Matt Weaver 1/07/2024 50% 104% 52% 52% 165,000 100% This is the cash value of the incentive payout in USD. In FY2024 executive KMP were not given the election to take the bonus
in cash. Instead, the STI will be paid as 12-month Performance Rights which will be issued with a 20% uplift that will be reflected in the grant value. The STI awards for KMP were split between Company performance (75%) and individual
performance (25%). Performance Rights issued in lieu of the incentive payout for James D Calaway and Bernard Rowe are subject to shareholder approval at the Annual General Meeting in November 2024. 4.4.3 LTI PRs vesting Table 13 shows the
scorecard outcome for performance-based PRs granted as LTIs in FY2021 with a performance period from 1 July 2021 to 30 June 2024. The grant vested 1 July 2024 (FY2025). Table 13: 2021 Performance Based PR Scorecard Outcome (compared to
North American mining projects) Measure Weighting Measure Outcome Measure Outcome Overall Outcome Overall Outcome (% target) (% max.) (% target) (% max.) Assumes: ROD, FID, and Construction Top quartile HSE & Community
performance 19% 0% 0% 0% 0% Construction schedule on pace as stated at FID 19% 0% 0% 0% 0% Project spend within margin established at FID 19% 0% 0% 0% 0% Operations & Business readiness on track for
18% 0% 0% 0% 0% start-up (recruiting, systems, training) Not tied to ROD, FID, Construction Annual Report 2024 37
Remuneration Report continued Measure Weighting Measure Outcome (%
target) Measure Outcome (% max.) Overall Outcome (% target) Overall Outcome (% max.) INR share price compared to comparators 25% 100% 50% 25% 12.5% Total 100% 25% 12.5% INR share price compared to comparators was above median
performance. Twenty-five percent of target (12.5% of maximum) performance-based PRs granted in 2021 vested on 1 July 2024. In addition, all of the time-based PRs vested. Table 14 presents the vesting outcome of the 2021 LTI. Table 14: 2021
LTI vesting Executive Time- based PR No. to vest No. granted (target) Performance-based % to Max. target vesting vest no. (200% target) PR % of max. vest No. to vest % (granted) to vest Total % total 4 to vest No. to
vest Bernard Rowe 540,220 810,331 25% 1,620,662 12.5% 202,583 55% 34% 742,803 Ian Bucknell 290,268 435,402 25% 870,804 12.5% 108,851 55% 34% 399,119 Ken
Coon 162,978 244,466 25% 488,932 12.5% 61,117 55% 34% 224,095 Yoshio Nagai 173,416 260,124 25% 520,248 12.5% 65,031 55% 34% 238,447 Chad Yeftich 223,084 223,084 25% 446,168 12.5% 55,771 63% 42% 278,855 Matt
Weaver 345,907 518,860 25% 1,037,720 12.5% 129,715 55% 34% 475,622 Note, in the FY2021 grant Chad Yeftich was awarded PRs that were 50% time-based and 50% performance based. All other KMP awards were 40% time-based and 60%
performance based. 4.4.4 Statutory remuneration Table 15 sets out KMP remuneration for the 2024 and 2023 Financial Year in US Dollars and has been prepared in accordance with the requirements of Section 300A of the Australian Corporations
Act 2001 and associated accounting standards. 4 Total refers to maximum performance-based PRs plus time-based PRs. ioneer 38
Table 15: Statutory remuneration Name (Position) Year Base Salary Super-
annuation, Health & Life Benefits Non-Monetary Benefits STI Long Service Leave Share Based Payment Options & Rights (1 ) Total Statutory Remuneration % of performance- based rem. Non-Executive Director Alan Davies Stephen
Gardiner Rose McKinney-James Margaret R
Walker 2024 2023 2024 2023 2024 2023 2024 2023 65,000 65,000 65,000 56,033 65,000 65,000 65,000 65,000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 35,807 26,032 64,658 42,973 48,609 48,049 48,609 48,049 100,807 91,032 129,658 99,006 113,049 113,049 113,049 113,049 36% 29% 50% 43% 43% 43% 43% 43% Executive
Director James D Calaway Bernard Rowe 2024 2023 2024 2023 462,000 450,000 386,361 379,984 - - 18,032 18,502 - - - - 188,000 216,000 313,000 331,200 - -
15,114 8,791 146,767 323,314 240,071 378,135 796,767 989,314 972,578 1,116,612 42% 55% 57% 64% Executives Ian Bucknell Ken Coon Yoshio Nagai Chad Yeftich Matt
Weaver 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 294,749 277,884 258,167 249,333 274,717 264,375 275,580 225,000 312,524 302,869 18,032 18,502 1,027 1,027 16,516 16,800 45,948 54,174 21,936 23,229 - 4,639 46,289 43,220 - - - - - - 141,000 161,400 85,000 120,000 103,000 127,200 112,000 129,600 165,000 175,375 40,269 - - - - - - - - - 335,562 133,474 199,807 94,225 215,971 102,686 234,278 118,147 314,123 185,603 829,612 595,899 590,289 507,805 610,203 511,061 667,807 526,921 813,582 687,076 57% 49% 48% 42% 52% 45% 52% 47% 59% 53% Annual
Report 2024 39
Remuneration
Report continued Total 2024 2023 2,524,097 2,400,478 121,491 101,365 46,289 47,859 1,107,000 1,260,775 55,383 8,791 1,884,261 1,500,687 5,738,522 5,319,954 (1) Share based payment expense for the year ended 30 June
2024. 4.4.5 KMP shareholdings The movements in Share and other Equity Holdings for KMP are disclosed in the table below. Table 16: KMP shareholdings 30/06/23 Acquired1 Disposed2 Other 30/06/24 Options Balance at Balance at 30/06/23
Net change 30/06/24 1,010,830 (357,710) 653,120 - - - - - - - - - 1,010,830 (357,710) 653,120 - - - - - - - - - - - - - - - - - - 2,021,660 (715,420) 1,306,240 Performance rights Balance at Balance at 30/06/23 Net change
30/06/24 71,449 180,765 252,214 271,449 180,765 452,214 371,449 (119,235) 252,214 371,449 (119,235) 252,214 2,044,963 2,245,148 4,290,111 6,112,050 374,928 6,486,978 3,254,224 104,499 3,358,723 2,195,039 (301,889) 1,893,150 2,333,853
(325,464) 2,008,389 4,142,957 (326,567) 3,816,390 2,267,704 10,663 2,278,367 23,436,586 1,904,378 25,340,964 Ordinary shares Balance at Balance at 3,996,559 777,486 - - 4,774,045 - 71,449 - - 71,449 46,407 371,449 - - 417,856 126,407
371,449 - - 497,856 56,333,076 457,738 - - 56,790,814 65,062,193 2,050,387 - - 67,112,580 2,932,416 1,096,233 - - 4,028,649 1,197,736 979,431 (399,103) - 1,778,064 1,145,197 1,182,016 - - 2,327,213 3,832,498 1,688,314 (410,585) -
5,110,227 1,155,665 1,058,010 (549,508) - 1,664,167 135,828,154 10,103,962 (1,359,196) - 144,572,920 Name Non-Executive Directors Alan Davies Stephen Gardiner Rose McKinney-James Margaret R Walker Executive Directors James D Calaway
Bernard Rowe Executives Ian Bucknell Ken Coon Yoshio Nagai Matt Weaver Chad Yeftich Total (ͳ) During the year Alan Davies bought 706,037 ordinary shares on market, with all other ordinary shares acquired being the direct result of KMP
exercising options or PRs vesting. (2) All disposals were made by KMP in their capacity as shareholders. The disposals were made to cover tax. ioneer 40
Equity vesting All options are exercisable following vesting. The following
table presents all the options that have vested or been granted that have not lapsed. Options are exercised into ordinary shares on a 1-for-1 basis. The option terms are set out in section 5.1 of the notes to and forming part of the financial
statements. Table 17: Option movement during the year Grant Date Expiry Date Options Granted Options Lapsed Balance at 30/06/24 Name James D Calaway 9/11/2018 14/11/2019 16/11/2020 9/11/2023 14/11/2024 16/11/2025 Vesting
Date 9/11/2019 14/11/2020 16/11/2021 Fair value at grant 0.126 0.138 0.138 Exercise Price 0.242 0.243 0.185 Financial year to vest 2020 2021 2022 Sub Total Alan
Davies 9/11/2018 14/11/2019 16/11/2020 9/11/2019 14/11/2020 16/11/2021 9/11/2023 14/11/2024 16/11/2025 0.126 0.138 0.138 0.242 0.243 0.185 2020 2021 2022 Sub Total Total Balance at
30/06/23 357,710 326,797 326,323 1,010,830 357,710 326,797 326,323 1,010,830 2,021,660 - - - - - - - - - Options Exercised (357,710) - - (357,710) - - - -
(357,710) - - - - (357,710) - - (357,710) (357,710) - 326,797 326,323 653,120 - 326,797 326,323 653,120 1,306,240 Annual Report 2024 41
Remuneration Report continued The following table presents all PRs that have
vested or been granted that have not lapsed. The rights terms are set out in section 5.1 of the notes to and forming part of the financial statements. Table 18: PR movement during the year Name Plan Grant Date Vesting Date Fair value at
grant Balance at 30/06/23 Rights Granted Rights Vested Rights Lapsed Balance at 30/06/24 % vested Financial year to
vest 1/07/2021 1/07/2021 4/11/2022 4/11/2022 4/11/2022 3/11/2023 3/11/2023 3/11/2023 3/11/2023 1/07/2024 1/07/2024 4/11/2023 1/07/2025 1/07/2025 1/07/2024 3/11/2024 1/07/2026 1/07/2026 0.790 0.724 0.570 0.570 0.525 0.175 0.175 0.175 0.162 - -
100% - - - - - - 2025 2025 2024 2026 2026 2025 2025 2027 2027 505,096 757,644 100,028 272,878 409,317 - - - - 2,044,963 - - - - - 1,156,690 353,099 334,155 501,232 2,345,176 - -
(100,028) - - - - - - (100,028) - - - - - - - - - - 505,096 757,644 -
272,878 409,317 1,156,690 353,099 334,155 501,232 4,290,111 4/11/2022 3/11/2023 4/11/2023 3/11/2024 0.570 0.240 100% 2024 2025 71,449 - 71,449 - 252,214 252,214 (71,449) - (71,449) - - - - 252,214 252,214 25/08/2022 4/11/2022 3/11/2023 25/08/2025 4/11/2023 3/11/2024 0.660 0.570 0.240 - 100% - 2026 2024 2025 200,000 71,449 - 271,449 - -
252,214 252,214 - (71,449) - (71,449) - - - - 200,000 - 252,214 452,214 James D Calaway 2021 LTI - time based 2021 LTI - performance based In lieu of director fees 2022 LTI - time based 2022 LTI - performance based 2023 STI -
time based In lieu of director fees 2023 LTI - time based 2023 LTI - performance based Sub Total Alan Davies In lieu of director fees In lieu of director fees Sub Total Stephen Gardiner Granted on employment In lieu of director
fees In lieu of director fees Sub Total Rose McKinney-James Granted on appointment 1/02/2021 1/02/2024 0.330 300,000 - (300,000) - - 100% 2024 ioneer 42
4/11/2022 3/11/2023 4/11/2023 3/11/2024 0.570 0.240 100% - 2024 2025 71,449 - 371,449 - 252,214 252,214 (71,449) - (371,449) - - - - 252,214 252,214 1/02/2021 4/11/2022 3/11/2023 1/02/2024 4/11/2023 3/11/2024 0.330 0.570 0.240 100% 100% - 2024 2024 2025 300,000 71,449 - 371,449 - -
252,214 252,214 (300,000) (71,449) - (371,449) - - - - - -
252,214 252,214 1/07/2020 1/07/2020 1/07/2021 1/07/2021 1/07/2022 1/07/2022 1/07/2023 1/07/2023 1/07/2023 1/07/2023 1/07/2023 1/07/2024 1/07/2024 1/07/2025 1/07/2025 1/07/2024 1/07/2026 1/07/2026 0.125 0.137 0.330 0.371 0.425 0.453 0.340 0.340 0.599 100% 35% - - - - - - - 2024 2024 2025 2025 2026 2026 2025 2027 2027 718,841 1,078,261 290,268 435,402 292,581 438,871 - - - 3,254,224 - - - - - -
853,586 419,206 628,809 1,901,601 (718,841) (377,392) - - - - - - - (1,096,233) - (700,869) - - - - - - - (700,869) - - 290,268 435,402 292,581 438,871 853,586 419,206 628,809 3,358,723 In lieu of director
fees In lieu of director fees Sub Total Margaret R Walker Granted on appointment In lieu of director fees In lieu of director fees Sub Total Ian Bucknell 2020 LTI - time based 2020 LTI - performance based 2021 LTI - time based 2021
LTI - performance based 2022 LTI - time based 2022 LTI - performance based 2023 STI - time based 2023 LTI - time based 2023 LTI - performance based Sub Total Ken Coon 2020 LTI - time based 2020 LTI - performance based 2022 cash bonus
conversion 2021 LTI - time based 2021 LTI - performance based 2022 LTI - time based 2022 LTI - performance based 2023 STI - time based 2023 LTI - time
based 1/07/2020 1/07/2020 1/07/2022 1/07/2021 1/07/2021 1/07/2022 1/07/2022 1/07/2023 1/07/2023 1/07/2023 1/07/2023 1/07/2023 1/07/2024 1/07/2024 1/07/2025 1/07/2025 1/07/2024 1/07/2026 0.125 0.137 0.425 0.330 0.371 0.425 0.453 0.340 0.340 440,171 660,257 308,170 162,978 244,466 151,599 227,398 - - - - - - - - -
642,605 185,642 (440,171) (231,090) (308,170) - - - - - - - (429,167) - - - - - - - - - -
162,978 244,466 151,599 227,398 642,605 185,642 100% 35% 100% - - - - - - 2024 2024 2024 2025 2025 2026 2026 2025 2027 Annual Report 2024 43
Remuneration
Report continued 1/07/2023 1/07/2026 0.599 - 2027 - 2,195,039 278,462 1,106,709 - (979,431) - (429,167) 278,462 1,893,150 1/07/2020 1/07/2020 1/07/2022 1/07/2021 1/07/2021 1/07/2022 1/07/2022 1/07/2023 31/08/2023 31/08/2023 31/08/2023 1/07/2023 1/07/2023 1/07/2023 1/07/2024 1/07/2024 1/07/2025 1/07/2025 1/07/2024 1/07/2026 1/07/2026 3/10/2023 0.125 0.137 0.425 0.330 0.371 0.425 0.453 0.340 0.240 0.418 0.260 100% 35% 100% - - - - - - -
100% 2024 2024 2024 2025 2025 2026 2026 2025 2027 2027 2024 468,267 702,401 327,908 173,416 260,124 160,695 241,042 - - - - 2,333,853 - - - - - - -
681,162 196,780 295,170 140,000 1,313,112 (468,267) (245,841) (327,908) - - - - - - - (140,000) (1,182,016) - (456,560) - - - - - - - - - (456,560) - - -
173,416 260,124 160,695 241,042 681,162 196,780 295,170 - 2,008,389 6/11/2020 6/11/2020 5/11/2021 5/11/2021 4/11/2022 4/11/2022 3/11/2023 3/11/2023 3/11/2023 1/07/2023 1/07/2023 1/07/2024 1/07/2024 1/07/2025 1/07/2025 1/07/2024 1/07/2026 1/07/2026 0.195 0.167 0.790 0.724 0.570 0.525 0.175 0.175 0.162 100% 35% - - - - - - - 2024 2024 2025 2025 2026 2026 2025 2027 2027 1,344,516 2,016,774 540,220 810,331 560,084 840,125 - - - 6,112,050 - - - - - -
1,753,764 792,982 1,189,472 3,736,218 (1,344,516) (705,871) - - - - - - - (2,050,387) - (1,310,903) - - - - - - - (1,310,903) - - 540,220 810,331 560,084 840,125 1,753,764 792,982 1,189,472 6,486,978 2023 LTI
- performance based Sub Total Yoshio Nagai 2020 LTI - time based 2020 LTI - performance based 2022 cash bonus conversion 2021 LTI - time based 2021 LTI - performance based 2022 LTI - time based 2022 LTI - performance based 2023 STI -
time based 2023 LTI - time based 2023 LTI - performance based 2023 MD Award Sub Total Bernard Rowe 2020 LTI - time based 2020 LTI - performance based 2021 LTI - time based 2021 LTI - performance based 2022 LTI - time based 2022 LTI -
performance based 2023 STI - time based 2023 LTI - time based 2023 LTI - performance based Sub Total Chad Yeftich 2020 LTI - time based(1) 2020 LTI - performance based
(1) 6/11/2020 6/11/2020 1/07/2023 1/07/2023 0.125 0.137 602,894 602,894 - - (602,894) (211,013) - (391,881) - - 100% 35% 2024 2024 ioneer 44
1/07/2022 5/11/2021 5/11/2021 1/07/2022 1/07/2022 1/07/2023 31/08/2023 31/08/2023 31/08/2023 1/07/2023 1/07/2024 1/07/2024 1/07/2025 1/07/2025 1/07/2024 1/07/2026 1/07/2026 3/10/2023 0.425 0.510 0.457 0.615 0.645 0.340 0.240 0.418 0.260 100% 2024 2025 2025 2026 2026 2025 2027 2027 2024 - - - - - -
100% 104,103 223,084 223,084 204,658 306,987 - - - - 2,267,704 - - - - - 694,014 250,616 375,924 140,000 1,460,554 (104,103) - - - - - - -
(140,000) (1,050,010) - - - - - - - - - (391,881) - 223,084 223,084 204,658 306,987 694,014 250,616 375,924 - 2,278,367 1/07/2020 1/07/2020 1/07/2022 1/07/2021 1/07/2021 1/07/2022 1/07/2022 1/07/2023 31/08/2023 31/08/2023 1/07/2023 1/07/2023 1/07/2023 1/07/2024 1/07/2024 1/07/2025 1/07/2025 1/07/2024 1/07/2026 1/07/2026 0.125 0.137 0.425 0.330 0.371 0.425 0.453 0.340 0.240 0.418 100% 35% 100% - - - - - 2024 2024 2024 2025 2025 2026 2026 2025 2027 2027 2022
cash bonus conversion (1) 2021 LTI - time based (1) 2021 LTI - performance based (1) 2022 LTI - time based 2022 LTI - performance based 2023 STI - time based 2023 LTI - time based 2023 LTI - performance based 2023 MD Award Sub Total
Matt Weaver 2020 LTI - time based 2020 LTI - performance based 2022 cash bonus conversion 2021 LTI - time based 2021 LTI - performance based 2022 LTI - time based 2022 LTI - performance based 2023 STI - time based 2023 LTI - time
based 2023 LTI - performance based Sub Total Total 800,737 1,201,106 467,189 345,907 518,860 323,663 485,495 - - - 4,142,957 23,436,586 - - - - - - -
939,275 481,276 721,914 2,142,465 14,734,691 (800,737) (420,388) (467,189) - - - - - - - (1,688,314) (8,760,215) - (780,718) - - - - - - - - (780,718) (4,070,098) - - -
345,907 518,860 323,663 485,495 939,275 481,276 721,914 3,816,390 25,340,964 Annual Report 2024 45
Remuneration Report continued Key terms of executive KMP employment
contracts Notice and termination payments Table 19 sets out for the contractual provisions for current executive KMP Table 19: KMP contracts Position Contract Type Notice Period for Company Notice Period for Employee Termination
Payment for Change of control Treatment of STI on termination Treatment of unvested LTI on termination Executive chair 12 months 1 month 1 month Nil Pro-rata for time served as executive Pro-rata for good leavers Pro-rata for good
leavers Lapses MD Open term agreement Open term agreement 6 months 6 months 12 months Lapses Executive KMP 6 Months 3 Months 12 months Lapses Termination payments are calculated based upon base salary at the date of termination.
No payment is made for termination due to gross misconduct. 4.5.2 Executive Directors’ employment agreements Table 20: Executive chair contract Feature Approach Term Expected to continue until a Final Investment Decision (FID) has been
accomplished. The FID is expected to be achieved in FY2025. Base Salary US$312,000 per annum. This is in addition to the existing non-executive chair remuneration of US$185,000. Base salary does not include pension and non-cash
benefits. STI For FY2024, the executive chair was eligible for a target bonus that is 60% of base salary. Maximum STI is 200% of target (120% of base salary). Further details are discussed in section 4.3.2 Equity Grants For FY2024, the
executive chair was eligible for an equity grant at 60% of base salary in the form of PRs. 60% of the PRs will be performance based. 40% of the PRs will be time based. As the executive chair’s contract is defined in U.S. dollars, the number
of PRs awarded is calculated using a VWAP up to and including 30 June each year and the closing exchange rate as at 30 June. Performance based awards may range from 0 to 200% of grant based upon achievement of pre- established targets.
Maximum performance-based PRs is 72% of base salary. Time based PRs is 24% of base salary. Further details are discussed in section 4.3.3 Termination Either party may terminate the contract with one month’s notice. The Company may also
terminate the contract without notice in circumstances such as material breach or serious misconduct. Table 21: Managing director contract Feature Approach Term Open term agreement ioneer 46
Feature Approach Base Salary AU$557,400 per annum. Base salary does not
include superannuation and non-cash benefits. STI For FY2024, the MD was eligible for a target bonus that is 80% of base salary. Maximum STI is 200% of target (160% of base salary). Further details are discussed in section 4.3.2 Equity
Grants For FY2024, the MD was eligible for an equity grant at 120% of base salary in the form of PRs. 60% of the PRs will be performance based. 40% of the PRs will be time based. Performance based awards may range from 0 to 200% of grant
based upon achievement of pre- established targets. Maximum performance-based PRs is 144% of base salary. Time based PRs is 48% of base salary. Further details are discussed in section 4.3.3 Termination By executive: 6 months’ notice By
company: 6 months’ notice Table 22: Other executive contracts Feature Approach KMP Senior vice president engineering & operations Chief financial officer Vice president human resources Vice president commercial sales &
marketing Vice president corporate development & external affairs Term Open-term agreements Base Salary See section 4.3.1 Base salary does not include superannuation and non-cash benefits. STI For FY2024, the: Senior vice
president engineering & operations was eligible for a target bonus that is 50% of base salary. Maximum STI is 200% of target (100% of base salary. Chief financial officer was eligible for a target bonus that is 50% of base salary.
Maximum STI is 200% of target (100% of base salary). Vice president human resources was eligible for a target bonus that is 40% of base salary. Maximum STI is 200% of target (80% of base salary). Vice president commercial sales &
marketing was eligible for a target bonus that is 40% of base salary. Maximum STI is 200% of target of target (80% of base salary). Vice president commercial corporate development & external affairs was eligible for a target bonus that
is 40% of base salary. Maximum STI is 200% of target of target (80% of base salary). Further details are discussed in section 4.3.2 Annual Report 2024 47
Remuneration Report continued Feature Approach Equity Grants For FY2024,
60% of the PRs will be performance based. 40% of the PRs will be time based. Performance-based awards may range from 0 to 200% of grant based upon achievement of pre- established targets. For FY2024, the: Senior vice president engineering
& operations was eligible for an equity grant at 85% of base salary in the form of PRs. Maximum performance-based PRs is 102% of base salary. Time based PRs is 34% of base salary. Chief financial officer was eligible for an equity grant
at 85% of base salary in the form of PRs. Maximum performance-based PRs is 102% of base salary. Time based PRs is 34% of base salary. Vice president human resources was eligible for an equity grant at 40% of base salary in the form of PRs.
Maximum performance-based PRs is 48% of base salary. Time based PRs is 16% of base salary. Vice president commercial sales & marketing was eligible for an equity grant at 40% of base salary in the form of PRs. Maximum performance-based
PRs is 48% of base salary. Time based PRs is 16% of base salary. Vice president commercial corporate development & external affairs was eligible for an equity grant at 50% of base salary in the form of PRs. Maximum performance-based PRs
is 60% of base salary. Time based PRs is 20% of base salary. Further details are discussed in section 4.3.3 Termination By executive: 3 months’ notice By company: 6 months’ notice ioneer 48
Non-executive Director remuneration policy Remuneration Policy Remuneration
for Non-executive Directors (NEDs) is subject to the aggregate limit of A$1,000,000 per annum which was set by shareholders at the 2017 Annual Meeting. This includes superannuation and other retirement benefits and does not include any
payments made to the executive chair for his role as an executive. Fees for Non-executive Directors are fixed and are not linked to the financial performance of the Company. In addition to Board and Committee fees, Non-executive Directors
are entitled to be reimbursed for all reasonable travel, accommodation and other expenses incurred in attending meetings of the Board, Committees, or shareholders or while engaged on Ioneer business. Table 23 sets out the Board fee structure
effective 1 July 2023. The fees do not include superannuation or other retirement benefits. Table 23: Board fees Chair Cash Equity Member Cash Equity Board $150,000 $35,000 $60,000 $25,000 Audit & Risk
committee $5,000 - - - Remuneration committee $5,000 - - - Projection Execution committee $5,000 - - - Environmental, Health, Safety and Sustainability committee $5,000 - - - 5.2 NED equity As discussed in Table 23, a
portion of the NED fees are paid in the form of share rights. Table 24 presents the terms of the NED equity arrangement. Table 24: NED equity terms Feature Approach Purpose Issued in lieu of paying remuneration in cash. Participants The
executive chair and NEDs. Instruments issued Share Rights (SRs). Allocation value 10-day VWAP up to the AGM. Value of SRs to be granted Executive chair: US$35,000 (18.9% of total non-executive chair fees). NEDs: US$25,000 (27.8% of total
NED fees). Vesting Date 1 year from date of approval. Acquisition of SRs and shares PRs are issued by the company and held by the participant subject to the satisfaction of the time requirement. The number of SRs held may be adjusted
pro-rata, consistent with ASX adjustment factors for any capital restructure. If the SRs vest, NEDs receive newly issued shares. Treatment of dividends and voting rights PRs do not have voting rights or provide dividend payments. Equity
Incentive Plan and/or clawback N/A Restriction on hedging Hedging of SRs by NEDs is not permitted. Treatment on termination Some or all of the grants may remain on foot. Annual Report 2024 49
The above consolidated statement of profit or loss and other comprehensive
income should be read in conjunction with the accompanying notes. Note 30-Jun-24 $'000 30-Jun-23 $'000 Revenue Finance income 4 1,411 3,321 Expenses Employee benefits expense 23 (5,344) (5,967) Exploration expenditure written
off 3 (31) (45) Other expenses 3 (3,850) (3,684) Finance costs 4 (11) (16) Loss before income tax expense (7,825) (6,391) Income tax expense 5 - - Loss after income tax expense for the year attributable to the owners
of ioneer Limited 20 (7,825) (6,391) Other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation (45) (2,523) Other comprehensive income for the year, net of tax (45)
(2,523) Total comprehensive income/(loss) for the year attributable to the owners of ioneer Limited (7,870) (8,914) Cents Cents Diluted earnings per share 25 (0.31) (0.30) ioneer 50 Consolidated statement of profit or loss and
other comprehensive income For the year ended 30 June 2024
The above consolidated statement of financial position should be read in
conjunction with the accompanying
notes. 51 Note 30-Jun-24 $'000 30-Jun-23 $'000 Assets 35,715 52,709 324 353 19 - 36,058 53,062 276 307 406 522 71 202 187,664 152,226 188,417 153,257 224,475 206,319 4,543 8,340 41 134 428 368 1,200 - 6,312 8,842 42 78 42 78 6,254 8,920 218,221 197,399 281,671 255,364 (3,098) (5,438) (60,352) (52,527) 218,221 197,399 Current
assets Cash and cash equivalents Receivables Prepayments Total current assets 6 7 8 Non-current assets Receivables Plant and equipment Right-of-use assets Exploration and evaluation expenditure Total non-current
assets 9 10 11 12 Total assets Liabilities Current liabilities Payables Lease liabilities Provisions Borrowings Total current liabilities 13 14 15 16 Non-current liabilities Lease liabilities Total non-current
liabilities 17 Total liabilities Net assets Equity Contributed equity Reserves Accumulated losses 18 19 20 Total equity Annual Report 2024 Consolidated statement of financial position As at 30 June 2024
The above consolidated statement of changes in equity should be read in
conjunction with the accompanying notes. Total equity Issued capital Foreign currency Equity transaction compensation reserve reserve Accumulated losses $'000 $'000 $'000 $'000 $'000 Balance at 1 July
2022 254,273 (10,193) 5,755 (46,136) 203,699 Loss after income tax expense for the year - - - (6,391) (6,391) Foreign currency exchange differences - (2,523) - - (2,523) Total comprehensive income for the
year - (2,523) - (6,391) (8,914) Share-based payments Share-based payments expensed/capitalised - - 2,626 - 2,626 Fair value of performance rights vested 1,103 - (1,103) - - Share issue costs (12) - - - (12) Balance at 30
June 2023 255,364 (12,716) 7,278 (52,527) 197,399 Issued Foreign currency transaction Retained capital reserve Reserves profits Total equity $'000 $'000 $'000 $'000 $'000 Balance at 1 July
2023 255,364 (12,716) 7,278 (52,527) 197,399 Loss after income tax expense for the year - - - (7,825) (7,825) Foreign currency exchange differences - (45) - - (45) Total comprehensive income for the
year - (45) - (7,825) (7,870) Shares issued from capital raise 25,141 - - - 25,141 Options exercised 54 - - - 54 Fair value of performance rights vested 1,892 - (1,892) - - Share issue costs from capital
raise (768) - - - (768) Share issue costs from vesting of performance rights (12) - - - (12) Share-based payments expensed/capitalised - - 4,277 - 4,277 Balance at 30 June 2024 281,671 (12,761) 9,663 (60,352)
218,221 ioneer 52 Consolidated statement of changes in equity For the year ended 30 June 2024
The above consolidated statement of cash flows should be read in conjunction
with the accompanying notes. Note 30-Jun-24 $'000 30-Jun-23 $'000 Cash flows from operating activities Payments to suppliers and employees (8,069) (7,198) (7,198) Net cash used in operating activities (8,069) Cash flows from
investing activities Expenditure on mining exploration and evaluation Purchase of equipment Interest received (33,333) (601) 1,462 10 Net cash used in investing activities (36,635) (2) 1,254 (35,383) (32,472) Cash flows from
financing activities Proceeds from issue of shares Proceeds from borrowings Transaction costs related to issues of equity securities Unlisted options exercised Share issue costs from vesting of performance rights Repayment of
leases 18 - - - - (12) (213) Net cash from/(used in) financing activities (225) Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Effects of exchange rate changes on cash
and cash equivalents (40,766) 94,177 (702) 25,141 1,200 (768) 55 (12) (130) 25,486 (17,095) 52,709 101 35,715 Cash and cash equivalents at the end of the financial year 6 52,709 Annual Report 2024 53 Consolidated
statement of cash flows For the year ended 30 June 2024
Note 1. Basis of preparation and Material accounting policies Corporate
information The consolidated financial statements of Ioneer Ltd (the Company or parent) and its subsidiaries (collectively, the Group) for the year ended 30 June 2024 was authorised for issue in accordance with a resolution of the Directors
on 17 September 2024. The Group is a for-profit company limited by shares and incorporated in Australia whose shares are publicly traded on the Australian Securities Exchange under the ticker code "INR" and on Nasdaq under the ticker code
"IONR". The registered office of the Company is suite 16.01, 213 Miller Street, North Sydney, NSW 2060 Australia. The Group is principally engaged in the development of the Rhyolite Ridge lithium-boron deposit in the state of Nevada, United
States of America. Further information about the nature of the Group's operations and activities is provided in the Directors' Report. Information on the group structure is set out in Section 8 of this report and information on other related
party disclosures of the Group is provided in Section 9. Basis of preparation These consolidated financial statements of the Group have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board ('IASB'), including new or amended accounting standards effective for reporting periods beginning 1 July 2023. The consolidated financial statements have been prepared on a historical cost basis. The
consolidated financial statements are presented in USD and all values are rounded to the nearest thousand ($000), except where otherwise indicated. The Group has prepared the financial statements on the basis that it will continue to operate
as a going concern. The consolidated financial statements provide comparative information in respect of the previous period. - - 1.3. New or amended Accounting Standards and Interpretations The Group has adopted all of the new or amended
Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory
have not been early adopted. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Group. The following standards and interpretations that have
recently been issued but are not yet mandatory, have not been early adopted by the Group for the annual reporting period ended 30 June 2024. The Group's management have yet to assess the impact of these new or amended Accounting Standards and
Interpretations, which are most relevant to the Group are set out below: Amendments to AASB 101 - Classification of Liabilities as current or non-current A liability is classified as current if the entity has no right at the end of the
reporting period to defer settlement for at least 12 months after the reporting period. The AASB issued amendments to AASB 101 Presentation of Financial Statements to clarify the requirements for classifying liabilities as current or
non-current. Specifically: The amendments specifying the conditions which exist at the end of the reporting period are those which will be used to determine if a right to defer settlement of a liability exists. Management intention or
expectation does not affect classification of liabilities. in cases where an instrument with a conversion option is classified as a liability, the transfer of equity instruments would constitute settlement of the liability for the purpose of
classifying it as current or non-current. The Group is currently assessing the impact the amendments will have on current practice and whether existing loan agreements may require renegotiation. AASB 18 - Presentation and Disclosure in
Financial Statements AASB 18 replaces AASB 101 as the standard describing the primary financial statements and sets out the requirements for the presentation and disclosure of information in AASB-compliant financial statements. Amongst other
changes, it introduces the concept of 'management-defined performance measure' to financial statements and requires the classification of transactions presented within the statement of profit or loss within one of five categories - operating,
investing, financing, income taxes and discontinued operations. It also provides ioneer 54 Notes to the consolidated financial statements
enhanced requirements for the aggregation and disaggregation of
information. The Group is currently assessing the impact the amendments will have on current practice. 1.4. Basis of consolidation Controlled entities The consolidated financial statements comprise the financial statements of the Company
and its subsidiaries as at 30 June 2024. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
Specifically, the Group controls an investee if, and only if, the Group has: Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) Exposure, or rights, to variable
returns from its involvement with the investee The ability to use its power over the investee to affect its returns Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when
the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: The contractual arrangement(s) with
the other vote holders of the investee Rights arising from other contractual arrangements The Group's voting rights and potential voting rights There has been no change in the control of any subsidiaries during the financial period. All
subsidiaries are 100% owned by the Company (2023: 100%). Transactions eliminated on consolidation All intercompany balances and transactions, including unrealised profits arising from intra-group transactions, have been eliminated in
full. Accounting policies The financial statements of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. 1.5. Current and non-current classification The Group presents
assets and liabilities in the statement of financial position based on current and non-current classification. An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the Group's
normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to
settle a liability for at least 12 months after the reporting period. All other assets are classified as non- current. A liability is classified as current when: it is either expected to be settled in the Group's normal operating cycle; it
is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period.
All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current assets and liabilities. 1.6. Critical accounting estimates and judgements The preparation of these financial
statements in conformity with Australian Accounting Standards has required management to make judgements, estimates and assumptions which impact the application of policies and reported amounts of assets and liabilities, income and expenses.
These estimates and associated assumptions are based on historical knowledge and various other factors that are believed to be reasonable in the circumstance. Actual results may differ from these estimates. Estimates and underlying
assumptions are reviewed regularly and revisions to accounting estimates are reviewed in the period in which the estimate is revised. The most significant estimates and assumptions are based on historical knowledge and various other factors
that are believed to be reasonable in the circumstance. Actual results may differ from these estimates. Annual Report 2024 55
Notes to the consolidated financial statements continued Reserve
estimates Reserves are estimates of the amount of product that can be economically and legally extracted, processed and sold from the Group's properties under current and foreseeable economic conditions. The Group determines and reports
reserves under the standards incorporated in the Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves, 2012 edition (the JORC code). The determination of ore reserves includes estimates and assumptions about
a range of geological, technical and economic factors including quantities, grades, production techniques, recovery rates, commodity prices and exchange rates. Changes in ore reserves impact the assessment of recoverability of exploration and
evaluation assets. Estimating the quantity and/or grade of reserves requires the size, shape and depth of ore to be determined by analysing geological data. This process may require complex and difficult judgements to interpret the data,
Additional information about the Group's Reserves and Resources is set out in the 'Other Information' section. Exploration and evaluation assets The Group's policy for exploration and evaluation expenditure is set out in Note 12. The
application of this policy requires certain judgements, estimates and assumptions as to the future events and circumstances, in particular the assessment of whether economic quantities of reserves will be found. Any such estimates and
assumptions may change as new information becomes available. If, after capitalisation of expenditure under the policy, it is concluded that the capitalised expenditure will not be recovered by future exploitation or sale, then the relevant
amount will be written off in the statement of profit and loss. Changes in assumptions may result in a material adjustment to the carrying amount of exploration and evaluation assets. Share-based payment transactions The Group measure the
cost of equity-settled transactions with employees by reference to the fair value of the equity investments at the date on which they are granted. 1.7. Foreign currency transactions and balances Functional and presentation currency The
functional currency of each of the Group's entities is measured using the currency of the primary economic environment in which that entity operates. The functional currency of the entities in the Group is predominately US Dollars, with the
exception of Ioneer Ltd which has a functional currency of Australian Dollars. Transactions and balances Foreign currency transactions are translated at the foreign exchange rate at the date of transaction. Monetary assets and liabilities
denominated in a foreign currency at the end of the reporting period are translated at the year-end exchange rate. Exchange differences arising on the translation of monetary items are recognised in the statement of profit and
loss. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of transaction. Exchange differences arising on the translation of non-monetary items are recognised directly in other comprehensive
income to the extent that the underlying gain or loss is recognised in other comprehensive income; otherwise, the exchange difference is recognised in the profit and loss. Presentation of foreign exchange gains or losses in the statement of
profit or loss The Group presents its foreign exchange gains and losses within net financing income/(costs) in the statement of profit and loss. Borrowings Loans and borrowings are initially recognised at the fair value of the
consideration received, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method. Finance costs Finance costs attributable to qualifying assets are capitalised as part of the asset. All
other finance costs are expensed in the period in which they are incurred ioneer 56
2.1. Operating Segments An operating segment is a component of the Group that
engages in business activities from which it may earn revenues and incur expenses; including revenues and expenses that relate to transactions with any of the Group's other components. An operating segment's operating results are reviewed
regularly by the Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Management Director is
considered to be the CODM and is empowered by the Board to allocate resources and assess the performance of the Group. Segment results that are reported to the CODM include items directly attributable to a segment as well as those that can
be allocated on a reasonable basis. Description of segments The Company operates predominantly as a mineral exploration and development company. The operating segments are based on the reports reviewed by the Managing Director for assessing
performance and determining the allocation of resources and strategic decision making within the Group. North America Australia Represents activity in the US primarily in relation to Rhyolite Ridge and the Reno office. Represents head
office expenditure, including ASX listing costs, employee benefits, exchange gains and losses and corporate assets (predominantly cash). North America 30-Jun-24 North America 30-Jun-23 Australia 30-Jun-24 Australia 30-Jun-23 Total
30-Jun-24 Total 30-Jun-23 Segment information (US$’ 000) Exploration and evaluation expenditure Exploration and evaluation expenditure - non-core Other expenses Reportable segment profit / loss - - (31) (2,383) (2,414) (45)
(1,356) (1,401) (45) (3,684) (3,729) (1,467) (1,467) (2,328) (2,328) (31) (3,850) (3,881) Employee benefits and other expenses Net financing (expense) / income (2,043) (3,924) (5,967) (25) 3,330 3,305
(2,407) (1,802) (6,623) Net loss before income tax (3,469) (2,937) 3,202 (1,202) (2,922) (5,344) 1,400 (7,825) (6,391) Annual Report 2024 57
Notes to the consolidated financial statements continued Exploration and
evaluation assets Other assets Total assets - 187,664 8,576 196,240 152,226 5,258 157,484 152,226 54,093 206,319 28,235 28,235 48,835 48,835 - 187,664 36,811
224,475 Payables 4,442 7,547 142 927 4,584 8,474 Provisions 177 167 251 201 428 368 Borrowings Total current liabilities - 7,714 - 8,842 Payables Total non-current liabilities Total liabilities 77 77 7,791
78 78 8,920 1,200 5,819 (8) (8) 5,811 190,429 Net assets 149,693 - - 393 1,128 50 60 443 27,792 47,707 1,200 6,212 - 42 - 42 1,128 6,254 218,221 197,399 Major customers This
Company has no major customers and nil revenues (2023: nil) Note 3. Expenses Impairment 30-Jun-24 $'000 30-Jun-23 $'000 Exploration expenditure written off (31) (45) (31) (45) Other expenses 30-Jun-24 30-Jun-23 General and
administration expenses 1,668 2,751 Consulting and professional costs 1,922 881 Depreciation and amortisation 260 52 Total other expenses 3,850 3,684 ioneer 58
30-Jun-24 30-Jun-23 $'000 $'000 Interest income from external
parties 1,293 1,484 Other revenue - 26 Net foreign exchange gain 57 1,811 Finance income 1,350 3,321 Bank charges (9) (6) Lease interest (2) (10) Finance costs (11) (16) Net finance income 1,400 3,305 Note 5.
Income tax benefit 30-Jun-24 30-Jun-23 $'000 $'000 Numerical reconciliation of income tax benefit and tax at the statutory rate Loss before income tax expense (7,825) (6,391) Tax at the statutory tax rate of
30% (2,348) (1,917) Tax effect amounts which are not deductible/(taxable) in calculating taxable income: Difference in tax rates 232 224 Non-deductible expenses 746 1,113 Foreign exchange and other translation
adjustments (130) (586) Additional tax-deductible expenditure (7) (166) Unrecognised tax losses relating to current year 1,507 1,181 Adjustment for prior years - 151 Income tax benefit - - No provision for income tax is
considered necessary in respect of the Company for the year ended 30 June 2024. No recognition has been given to any future income tax benefit which may arise from operating losses not claimed for tax purposes (2023: nil). The Group has
estimated tax loss positions across the Group as follows: 30-Jun-2024 30-Jun-2023 $'000 $'000 Deferred tax relates to the following: Foreign exchange gain/loss Losses available for offsetting against future taxable income (1,368) 1,368
- (1,238) 1,238 Net deferred tax asset - Annual Report 2024 59
Notes to the consolidated financial statements continued The Group has tax
losses for which no deferred tax assets has been recognised on the Statement of Financial Position that amounted to $34.9 million (2023: $29.2 million). 30-Jun-24 $'000 30-Jun-23 $'000 Total tax losses 45,017 39,501 Deferred tax
recognised (4,560) (4,126) 40,457 35,375 Jurisdiction Revenue Losses Australia $'000 12,591 USA $'000 17,804 Canada $'000 188 Total $’ 000 30,583 Balance at the beginning of the period Movement during the period (200)
5,283 - 5,083 Balance at the end of the period 12,390 23,087 188 35,666 Jurisdiction Capital Losses Non-recognised tax losses - capital Balance at the beginning of the period Movement during the
period Australia $'000 4,792 USA $'000 Canada $'000 Total $'000 4,792 - - - - - - Total capital tax losses not recognised 4,792 - - 4,792 Total revenue and capital tax losses not recognised 17,182 23,087 188 40,457
These amounts will only be obtained if: the Company and Controlled Entities derive future assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for the losses to be realised. the Company and
Controlled Entities continue to comply with the conditions for deductibility imposed by the law, and no changes in tax legislation adversely affect the Company and Controlled Entities in realising the benefit from the deductions for the
losses, i.e. current tax legislation permits carried forward tax losses to be carried forward indefinitely. the accumulated tax losses in Australia may be carried forward and offset against taxable income in the future for an indefinite
period, subject to meeting Australian tax rules around continuity of ownership or business continuity test. The accumulated tax losses in the USA can be carried forward and used to offset future taxable income for a period of 20 years from
the year in which the losses were incurred and losses will start to expire from the year 2027 onwards. Ioneer Ltd is not part of an Australian tax-consolidated group. Current and deferred tax amounts (if any) are measured as a stand-alone
taxpayer. There are no tax funding arrangements or tax sharing agreements in place. The Group has additional tax value embedded in the Rhyolite Ridge exploration asset. Future deductibility is expected against anticipated assessable income
from the Project once in production. ioneer 60
Note 6. Current assets - cash and cash
equivalents 30-Jun-24 30-Jun-23 $'000 $'000 Cash at bank 19,205 16,238 Short term deposits 16,510 36,471 35,715 52,709 Cash flow reconciliation 30-Jun-24 $'000 30-Jun-23 $'000 Reconciliation of net cash outflow from
operating activities to operating loss after tax Loss for the period (7,825) (6,391) Adjustments to reconcile profit to net cash flows Depreciation 118 52 Exploration expenditure written-off 31 45 Share-based
payments 1,633 1,378 Net foreign exchange differences - unrealised (96) (1,811) Interest income (1,293) (1,484) Interest expense 11 9 (Increase)/decrease in trade and other receivables (50) (96) (Decrease)/increase in
provisions and employee benefits (60) (130) Increase/(decrease) in accounts payables 344 350 Interest paid (11) (9) Net cash flow from operating activities (7,198) (8,069) Cash and short-term deposits in the statement of
financial position comprise cash at bank and on hand and short term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in
value. Note 7. Current assets - receivables 30-Jun-24 $'000 30-Jun-23 $'000 Other debtors 195 246 Prepayments 129 107 Total current receivables 324 353 Receivables are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest rate method less provision for impairment. Impairment losses, if any, are recognised in the profit and loss. Annual Report 2024 61
Notes to the consolidated financial statements continued Note 8. Current
assets - other 30-Jun-24 $'000 30-Jun-23 $'000 Prepayments 19 - Note 9. Non-current assets - receivables 30-Jun-24 $'000 30-Jun-23 $'000 Other debtors 276 307 Non-current other debtors represent security deposits. Note 10.
Non-current assets - property, plant and equipment 30-Jun-24 $'000 30-Jun-23 $'000 Plant and equipment - at cost 606 629 Less: Accumulated depreciation (200) (107) Total plant and equipment 406 522 Reconciliation of the
movement 30-Jun-24 $'000 30-Jun-23 $'000 Opening balance 522 - Additions 2 601 Disposals - (27) Depreciation expense (118) (52) Closing balance 406 522 Plant and equipment assets are stated at cost less accumulated
depreciation and any impairment in value. Depreciation is calculated on a straight-line basis over the useful life of the asset being between 1-4 years. An item of plant and equipment is derecognised upon disposal. Any gain or loss arising
on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the statement of profit and loss in the period the item is derecognised. The residual values,
useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end adjusted prospectively, if appropriate. At each reporting date, the Group assesses whether there is any indication that an asset
may be impaired. Where an indicator of impairment exists, the Group makes a formal estimate of the recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down
to its recoverable amount. Recoverable amount is the greater of fair value less costs to sell and value in use. ioneer 62
Note 11. Non-current assets - right-of-use
assets 30-Jun-24 $'000 30-Jun-23 $'000 Plant and equipment - right-of-use 368 356 Less: Accumulated depreciation (297) (154) Total right-of-use assets 71 202 Reconciliation of the
movement 30-Jun-24 $'000 30-Jun-23 $'000 Opening balance 202 245 Additions 11 161 Depreciation expense (142) (206) Foreign exchange translation difference - 2 Closing balance 71 202 The Group recognises right-of-use
assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of
lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before commencement date less any less incentives received. Unless the Group
is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of their estimated useful life and the lease term.
Right-of-use assets are subject to impairment. The current lease terms range between 1-4 years (2023: 1-4 years). Note 12. Non-current assets - exploration and evaluation Exploration and evaluation expenditure incurred by or on behalf of
the Group is accumulated separately for each area of interest. Such expenditure comprises net direct costs and an appropriate portion of related overhead expenditure but does not include general overheads or administrative expenditure not
having a specific connection with a particular area of interest. Exploration and evaluation costs in relation to separate areas of interest for which rights of tenure are current are brought to account in the year in which they are incurred
and carried forward provided that: ● such costs are expected to be recouped through successful development and exploitation of the area, or alternatively through its sale; or exploration and/or evaluation activities in the area have not
yet reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves. ● The types of costs recognised as exploration and evaluation assets include costs to acquire the legal rights to
explore in the specific area and costs incurred in respect of the search for mineral resources, determination of technical feasibility and the assessment of commercial viability of an identified resource, in accordance with AASB 6. A Final
Investment Decision (FID) to develop the Project is expected to be made after considering the following key factors: required permits are in place, engineering has reached construction ready status, adequate offtake agreements have been
signed to underwrite any debt requirements, and the Project is funded through a mix of equity and debt. In order for FID and to attract funding, the Project will need to demonstrate technical feasibility and commercial viability. Annual
Report 2024 63
Notes to the consolidated financial statements continued Once FID has been
taken, all past and future exploration and evaluation assets in respect of the area of interest are tested for impairment and transferred to the costs of development. To date, no development decision has been made. The Directors assess at
each reporting date whether there is an indication that an asset has been impaired and for exploration and evaluation costs carried forward whether the above carry forward criteria are met. No indicators of impairment have been identified as
at 30 June 2024. When the above criteria do not apply or when the Directors assess that the carrying value may exceed the recoverable amount, the accumulated costs in respect of areas of interest are written off in the Statement of profit
and loss and other comprehensive income. Exploration assets 30-Jun-24 $'000 187,664 30-Jun-23 $'000 152,226 Reconciliation of movement 30-Jun-24 $'000 30-Jun-23 $'000 Opening balance 152,226 118,487 Additions - Rhyolite
Rydge 35,398 33,579 Exploration expenditure - noncore 71 205 Exploration expenditure - written off (31) (45) Carrying amount at the end of the financial year 187,664 152,226 The above amounts represent costs of areas of interest
carried forward as an asset in accordance with the accounting policy described above. The ultimate recoupment of exploration and evaluation expenditure in respect of an area of interest carried forward is dependent upon the discovery of
commercially viable reserves and the successful development and exploitation of the respective areas or alternatively sale of the underlying areas of interest for at least their carrying value. Amortisation, in respect of the relevant area of
interest, is not charged until a mining operation has commenced. Exploration and evaluation costs carried forward relate primarily to the Rhyolite Ridge Lithium-Boron Project in Nevada, USA. Exploration and evaluation expenditure on all
other tenements owned by the Company have been fully impaired where applicable. Note 13. Current liabilities - payables 30-Jun-24 $'000 30-Jun-23 $'000 Trade payables 4,056 6,805 Accrued expenses 487 1,535 Total current
payables 4,543 8,340 All financial liabilities are recognised initially at fair value net of directly attributable transaction costs. After initial measurement, financial liabilities are subsequently measured at amortised cost. Current
payables, other than lease liabilities, due to their short-term nature, are measured at amortised cost and are not discounted. ioneer 64
The current payables, other than lease liabilities, are unsecured and are
non-interest bearing generally on 30-60 day terms. The carrying amounts approximate fair value. Note 14. Current liabilities - lease liabilities 30-Jun-24 $'000 30-Jun-23 $'000 Lease liability 41 134 At the commencement date of the
lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payment includes fixed payments (including in-substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised
by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as expense in the
period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the
lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities
is remeasured if there is a modification, a change in lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. Note 15. Current liabilities -
provisions 30-Jun-24 $'000 30-Jun-23 $'000 Provision for employee benefits 428 368 Provisions are made for the Group's liability for employee benefits arising from services rendered by employees to the end of the reporting period.
Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled. Employees benefits payable later than one year have been measured at the present value of
the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employee may satisfy vesting requirements. Those cash flows are
discounted using market yields on high quality corporate bonds with terms to maturity that match the expected timing of cash flows. Annual Report 2024 65
Notes to the consolidated financial statements continued Note 16. Current
liabilities - borrowings 30-Jun-24 $'000 30-Jun-23 $'000 Other current debt 1,200 - Current debt is comprised of an unsecured loan from Sibanye Stillwater Limited. The loan will mature and be repaid in full 30 days following the
termination of the strategic partnership unit purchase agreement (an agreement with Sibanye Stillwater Limited to make an equity investment of $490 million for a 50% share of the Rhyolite Ridge Project as announced on 16 September 2021) by
either party, or alternatively, will be deducted from the initial capital commitment ($490 million) under the unit purchase agreement at closing (that is when all conditions precedent to the agreement are met and a final investment decision
taken with Sibanye-Stillwater to develop the Rhyolite Ridge Project) . The interest rate is 0% to maturity date. If unpaid by maturity date, then the interest will be accrued at the Secured Overnight Financing Rate (SOFR) plus 8% per annum.
The SOFR is the cost of borrowing cash overnight collateralised by Treasury securities. Note 17. Non-current liabilities - lease liabilities 30-Jun-24 $'000 30-Jun-23 $'000 Lease liability 42 78 Note 18. Equity - issued
capital 30-Jun-24 Shares 30-Jun-23 Shares 30-Jun-24 $'000 30-Jun-23 $'000 Ordinary shares - fully paid 2,325,614,708 2,098,818,267 281,671 255,364 Movements in ordinary share capital Details Balance at 30 June 2022 Performance
rights vested 1 Share issue costs Shares 2,091,299,420 7,518,847 $'000 254,273 1,103 - (12) Balance at year ended 30 June 2023 2,098,818,267 255,364 Performance rights vested 1 12,836,169 1,892 Share issue costs from vesting of
performance rights - (12) Capital raise 213,602,562 25,141 Share issue costs from capital raise - (768) Options exercised 357,710 54 Balance at year ended 30 June 2024 2,325,614,708 281,671 (1) Ordinary shares issued to employees
upon vesting of performance rights ioneer 66
Note 18. Equity - issued capital (continued) Ordinary shares are classified as
equity. There are no restrictions on voting rights. On a show of hands every member present or by proxy shall have one vote and upon a poll each share shall have one vote. Where a member holds shares, which are not fully paid, the number of
votes to which that member is entitled on a poll in respect of those part paid shares shall be fraction of one vote which the amount paid up bears to the total issued price thereof. They have the right to receive dividends as declared and, in
the event of winding up of the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Incremental costs directly attributable to the issue of new shares,
options or rights are shown in equity as a deduction from the proceeds. Management controls the capital of the Group in order to maintain a sustainable debt to equity ratio, generate long-term shareholder value and that the Group can fund
its operations and continue as a going concern. The Group is not subject to any externally imposed capital requirements. During the year ended 30 June 2024, the Company issued 12,836,169 shares as a consequence of Performance Rights vesting
under the Equity Incentive Plan, 357,710 shares as a result of options exercised, and 213,602,562 shares as a consequence of a capital raise. During the year ended 30 June 2023, the Company issued 7,518,847 shares as a consequence of
Performance Rights vesting under the Equity Incentive Plan. Share schemes The Company has two share schemes in operation: ● ● The Share Option Plan; and The Equity Incentive Plan. Under these plans, ordinary shares have been granted to
senior executives, directors and employees and a number of consultants. Further details about the operation of these plans are set out in note 26, Share-based payments. The Equity Incentive Plan is capable of issuing both options and
performance rights. The pre-existing Share Option Plan will be phased out as existing options are issued or expire. The movement in options and performance rights issued under these plans is set out in the following tables. Share
options Movement in options on issue for the year ended 30 June 2024 Grant date Vesting Expiry date date FV per option at grant date A$ Exercise price A$ Opening balance Exercised Expired Closing balance NEDs (1) 09-Nov- 09-Nov-
09-Nov-23 0.126 0.242 715,420 (357,710) (357,710) - 18 19 Ex-NEDs (2) 09-Nov- 09-Nov- 09-Nov-23 0.126 0.242 715,420 - (715,420) - 18 19 NEDs (1) 14-Nov-19 14-Nov- 14-Nov-24 0.138 0.243 653,594 - - 653,594 20 Ex-NEDs
(2) 14-Nov-19 14-Nov- 14-Nov-24 0.138 0.243 653,594 - - 653,594 20 NEDs (1) 16-Nov- 16-Nov-21 16-Nov-25 0.138 0.185 652,646 - - 652,646 20 Ex-NEDs (2) 16-Nov- 16-Nov-21
16-Nov-25 0.138 0.185 978,969 - - 978.969 20 Movement for the year ended 30 June 2024 4,369,643 (357,710) (1,073,130) 2,939,803 Annual Report 2024 67
Notes to the consolidated financial statements continued Grant date
Vesting Expiry date FV per Exercise Opening Transferred Closing date option at price balance balance grant date A$ A$ NEDs (1) 09-Nov-18 09-Nov-19 09-Nov-23 0.126 0.242 715,420 - 715,420 Ex-NEDs (2) 09-Nov-18
09-Nov-19 09-Nov-23 0.126 0.242 715,420 - 714,420 NEDs (1) 14-Nov-19 14-Nov-20 14-Nov-24 0.138 0.243 653,594 - 653,594 Ex-NEDs (2) 14-Nov-19 14-Nov-20 14-Nov-24 0.138 0.243 653,594 - 653,594 NEDs (1) 16-Nov-20
16-Nov-21 16-Nov-25 0.138 0.185 978,969 (326,323) 652,646 Ex-NEDs (2) 16-Nov-20 16-Nov-21 16-Nov-25 0.138 0.185 652,646 326,323 978.969 Movement for the year ended 30 June 2023 4,369,643 - 4,369,643 NEDs refers to
Non-executive directors. Ex-NEDs refer to former Non-executive directors. No options were issued or transferred during the year ended 30 June 2024. No options were issued, exercised or expired during the year ended 30 June
2023. ioneer 68
Performance rights Movement in performance rights on issue for the year ended
30 June 2024 Grant Vesting Fair value Opening Issued Exercised Forfeited Closing date date per right balance balance at grant date A$ No. No. No. No. No. 2020 LTI perf. based - KMP
6-Nov-20 1-Jul-23 0.1665 2,016,774 - (705,871) (1,310,903) - 2020 LTI time based - KMP 6-Nov-20 1-Jul-23 0.1950 1,344,516 - (1,344,516) - - 2020 LTI perf. based – staff
1-Jul-20 1-Jul-23 0.1370 1,527,255 - (534,541) (992,714) - 2020 LTI time based - staff 1-Jul-20 1-Jul-23 0.1250 2,170,190 - (2,170,190) - - 2020 LTI perf. based - KMP
1-Jul-20 1-Jul-23 0.1370 3,642,025 - (1,274,711) (2,367,314) - 2020 LTI time based - KMP 1-Jul-20 1-Jul-23 0.1250 2,428,016 - (2,428,016) - - Retention on employment 30-Sep- 30-Sep- 0.1200 226,129 - (226,129) - - –
staff 20 23 Retention on employment 1-Feb-21 1-Feb-24 0.3300 600,000 - (600,000) - - – directors 2021 LTI perf. based - KMP 1-Jul-21 1-Jul-24 0.3710 1,458,852 - - - 1,458,852 2021 LTI time based - KMP
1-Jul-21 1-Jul-24 0.3300 972,569 - - - 972,569 Retention on employment 1-Jul-21 1-Jul-24 0.3300 679,146 - - - 679,146 – staff 2021 LTI perf. based – staff 26-Aug-21 1-Jul-24 0.4570 605,125 - - (27,948) 577,177 2021
LTI time based – staff 26-Aug-21 1-Jul-24 0.5100 1,028,040 - - (83,845) 944,195 2021 LTI perf. based – KMP 5-Nov-21 1-Jul-24 0.7240 1,567,975 - - - 1,567,975 2021 LTI time based – KMP
5-Nov-21 1-Jul-24 0.7900 1,045,316 - - - 1,045,316 2021 LTI time based – 5-Nov-21 05-Nov- 0.7900 - - - - - directors 22 Retention on employment 16-Nov-21 16-Nov-24 0.7050 115,000 - - - 115,000 - staff 2022 LTI perf.
based – KMP 1-Jul-22 1-Jul-25 0.4528 1,392,806 - - - 1,392,806 2022 LTI time based – KMP 1-Jul-22 1-Jul-25 0.4250 928,538 - - - 928,538 Retention on employment 1-Jul-22 1-Jul-25 0.4250 35,000 - - - 35,000 – staff 2022
cash bonus 1-Jul-22 1-Jul-23 0.4250 1,207,370 - (1,207,370) - - conversion – KMP 2022 cash bonus 1-Jul-22 1-Jul-23 0.4250 929,307 - (929,307) - - conversion – staff 2022 LTI time based – staff
22-Aug- 1-Jul-25 0.6800 200,000 - - - 200,000 22 Retention on employment 25-Aug- 25-Aug- 0.6600 200,000 - - - 200,000 – directors 22 25 2022 LTI perf. based – staff 1-Sep-22 1-Jul-25 0.6128 59,905 - - - 59,905 2022
LTI time based – staff 1-Sep-22 1-Jul-25 0.6500 179,715 - - - 179,715 2022 LTI perf. based – KMP 5-Sep-22 1-Jul-25 0.6448 306,987 - - - 306,987 2022 LTI time based – KMP
5-Sep-22 1-Jul-25 0.6150 204,658 - - - 204,658 2022 LTI perf. based – staff 5-Sep-22 1-Jul-25 0.5780 681,095 - - (29,455) 651,640 2022 LTI time based – staff 5-Sep-22 1-Jul-25 0.6150 1,050,312 - - (88,364) 961,948 2022
LTI perf. based – KMP 4-Nov-22 1-Jul-25 0.5245 1,249,442 - - - 1,249,442 2022 LTI time based – KMP 4-Nov-22 1-Jul-25 0.5700 832,962 - - - 832,962 PRs in lieu of directors fees
4-Nov-22 4-Nov-23 0.5700 385,824 - (385,824) - - Retention on employment 1-Jan-23 1-Jan-26 0.5700 200,000 - - - 200,000 - staff 2023 STI time based – staff 1-Jul-23 1-Jul-24 - 548,268 - - 548,268 2023 STI perf. based -
KMP 1-Jul-23 1-Jul-24 - 3,810,642 - - 3,810,642 2023 STI time based – KMP 3-Nov-23 1-Jul-24 - 2,910,454 - - 2,910,454 Retention on employment 3-Nov-23 2-Novl-24 - 1,361,955 - - 1,361,955 – directors 2023 LTI time based –
staff 12-Sep-23 1-Jul-26 - 2,249,082 - - 2,249,082 2023 LTI perf. based – staff 12-Sep-23 1-Jul-26 - 1,361,291 - - 1,361,291 2023 LTI time based – KMP 12-Sep-23 1-Jul-26 - 1,533,520 - - 1,533,520 2023 LTI perf. based –
KMP 12-Sep-23 1-Jul-26 - 2,300,279 - - 2,300,279 Retention on employment 1-Oct-23 30-Sep- - 225,000 - - 225,000 – staff 26 2023 LTI time based – KMP 12-Sep-23 1-Jul-26 - 1,127,137 - - 1,127,137 2023 LTI perf. based -
KMP 12-Sep-23 1-Jul-26 - 1,690,704 - - 1,690,704 2023 MD Awards – KMP 1-Oct-23 3-Oct-23 - 280,000 (280,000) - - 2023 cash bonus 29-Sep- 1-Oct-23 - 749,694 (749,694) - - conversion – staff 23 Movement for the year ended
30 June 2024 31 ,470,849 20,148,026 (12,836,169) (4,900,543) 33,882,163 Annual Report 2024 69
Notes to the consolidated financial statements continued Movement in
performance rights on issue for the year ended 30 June 2023 Grant date Vesting date Fair value per right at grant date A$ Opening balance No. Issued No. Exercised No. Forfeited No. Closing balance No. 2019 LTI perf. based -
KMP 6-Nov-20 1-Jul-22 0.1695 1,659,763 - (547,722) (1,112.041) - 2019 LTI time based – KMP 6-Nov-20 1-Jul-22 0.1950 1,106,509 - (1,106,509) - - 2019 LTI perf. based –
KMP 1-Jul-20 1-Jul-22 0.1400 1,676,363 - (553,200) (1,123,163) - LTI - KMP 8-Aug-19 1-Jul-22 0.1750 1,125,434 - (1,125,434) - - Sign on perf. rights – KMP 1-Jul-19 1-Jul-22 0.1352 956,145 - (956,145) - - Retention
on employment – staff 1-Jul-19 1-Jul-22 0.1352 169,457 - (169,457) - - Retention on employment – staff 15-Jul-19 15-Jul-22 0.1850 256,156 - (256,156) - - Retention on employment -
KMP 1-Aug-19 1-Aug-22 0.1862 741,120 - (741,120) - - Special award 30-Jun-20 30-Jun-23 0.1300 280,000 - (280,000) - - Special award 30-Jun-20 30-Jun-23 0.1300 200,000 - (200,000) - - 2020 LTI perf. based -
KMP 6-Nov-20 1-Jul-23 0.1665 2,016,774 - - - 2,016,774 2020 LTI time based - KMP 6-Nov-20 1-Jul-23 0.1950 1,344,516 - - - 1,344,516 2020 LTI perf. based –
staff 1-Jul-20 1-Jul-23 0.1370 1,527,255 - - - 1,527,255 2020 LTI time based - staff 1-Jul-20 1-Jul-23 0.1250 2,170,190 - - - 2,170,190 2020 LTI perf. based -
KMP 1-Jul-20 1-Jul-23 0.1370 3,642,025 - - - 3,642,025 2020 LTI time based - KMP 1-Jul-20 1-Jul-23 0.1250 2,428,016 - - - 2,428,016 Retention on employment –
staff 30-Sep- 20 30-Sep- 23 0.1200 226,129 - - - 226,129 Retention on employment – directors 1-Feb-21 1-Feb-24 0.3300 600,000 - - - 600,000 2021 LTI perf. based -
KMP 1-Jul-21 1-Jul-24 0.3710 1,458,852 - - - 1,458,852 2021 LTI time based - KMP 1-Jul-21 1-Jul-24 0.3300 972,569 - - - 972,569 Retention on employment – staff 1-Jul-21 1-Jul-24 0.3300 679,146 - - - 679,146 2021
cash bonus conversion – KMP 1-Jul-21 1-Jul-22 0.3300 909,173 - (909,173) - - 2021 cash bonus conversion – staff 1-Jul-21 1-Jul-22 0.3300 469,740 - (469,740) - - 2021 LTI perf. based –
staff 26-Aug-21 1-Jul-24 0.4570 605,125 - - - 605,125 2021 LTI time based – staff 26-Aug-21 1-Jul-24 0.5100 1,028,040 - - - 1,028,040 2021 LTI perf. based –
KMP 5-Nov-21 1-Jul-24 0.7240 1,567,975 - - - 1,567,975 2021 LTI time based – KMP 5-Nov-21 1-Jul-24 0.7900 1,045,316 - - - 1,045,316 2021 LTI time based –
directors 5-Nov-21 5-Nov-22 0.7900 250,598 - (204,191) (46,607) - Retention on employment - staff 16-Nov-21 16-Nov-24 0.7050 115,000 - - - 115,000 2022 LTI perf. based –
KMP 1-Jul-22 1-Jul-25 0.4528 - 1,392,806 - - 1,392,806 2022 LTI time based – KMP 1-Jul-22 1-Jul-25 0.4250 - 928,538 - - 928,538 Retention on employment –
staff 1-Jul-22 1-Jul-25 0.4250 - 157,000 - (122,000) 35,000 2022 cash bonus conversion – KMP 1-Jul-22 1-Jul-23 0.4250 - 1,207,370 - - 1,207,370 2022 cash bonus conversion –
staff 1-Jul-22 1-Jul-23 0.4250 - 929,307 - - 929,307 2022 LTI time based – staff 22-Aug- 22 1-Jul-25 0.6800 - 200,000 - - 200,000 Retention on employment –
directors 25-Aug- 22 25-Aug- 25 0.6600 - 200,000 - - 200,000 2022 LTI perf. based – staff 1-Sep-22 1-Jul-25 0.6128 - 59,905 - - 59,905 2022 LTI time based –
staff 1-Sep-22 1-Jul-25 0.6500 - 179,715 - - 179,715 2022 LTI perf. based – KMP 5-Sep-22 1-Jul-25 0.6448 - 306,987 - - 306,987 2022 LTI time based – KMP 5-Sep-22 1-Jul-25 0.6150 - 204,658 - - 204,658 2022 LTI perf.
based – staff 5-Sep-22 1-Jul-25 0.5780 - 681,095 - - 681,095 2022 LTI time based – staff 5-Sep-22 1-Jul-25 0.6150 - 1,050,312 - - 1,050,312 2022 LTI perf. based –
KMP 4-Nov-22 1-Jul-25 0.5245 - 1,249,442 - - 1,249,442 2022 LTI time based – KMP 4-Nov-22 1-Jul-25 0.5700 - 832,962 - - 832,962 PRs in lieu of directors fees 4-Nov-22 4-Nov-23 0.5700 - 385,824 - - 385,824 Retention
on employment - staff 1-Jan-23 1-Jan-26 0.5700 - 200,000 - - 200,000 Movement for the year ended 30 June 2023 31,227,386 10,165,921 (7.518,947) (2,403,611) 31,470,849 ioneer 70
Note 19. Equity - reserves 30-Jun-24 $'000 30-Jun-23 $'000 Foreign currency
translation reserve (12,761) (12,716) Equity compensation reserve 9,663 7,278 Total reserves (3,098) (5,438) The equity compensation reserve is used to recognise the value of equity-settled share-based payments provided to
employees, directors and consultants. The fair value of such compensation is measured using generally accepted valuation methodologies for pricing financial instruments, and incorporates all factors and assumptions that knowledgeable, willing
market participants would consider in setting the price. The fair value of instruments granted is recognised as an expense or capitalised if appropriate over the vesting period with a corresponding increase in equity. The foreign currency
translation reserve comprises all foreign exchange differences arising from the following: ● The translation of the financial statements of foreign operations where the functional currency is different to functional currency of the parent
entity; and Exchange differences arise on the translation of monetary items which form part of the net investment in the foreign operation. ● Movements in reserves Movements in each class of reserve during the current and previous
financial year are set out below: Equity compensation reserve Foreign currency translation reserve Total reserves $'000 $'000 $'000 Balance at 1 July 2022 5,755 (10,193) (4,438) Share based payment
expensed/capitalised 2,626 - 2,626 Fair value of performance rights vested (1,103) - (1,103) Foreign currency translation differences for foreign operations - (2,523) (2,523) Balance at 30 June 2023 7,278 (12,716) (5,438) Share
based payment expensed/capitalised 4,277 - 4,277 Fair value of performance rights vested (1,892) - (1,892) Foreign currency translation differences for foreign operations - (45) (45) Balance at 30 June 2024 9,663 (12,761)
(3,098) Annual Report 2024 71
Notes to the consolidated financial statements continued Note 20. Equity -
accumulated losses 30-Jun-24 $'000 30-Jun-23 $'000 Accumulated losses at the beginning of the financial year (52,527) (46,136) Loss after income tax expense for the year (7,825) (6,391) Accumulated losses at the end of the
financial year (60,352) (52,527) Note 21. Equity - dividends There were no dividends paid, recommended or declared during the current or previous financial year. Note 22. Financial instruments 22.1. Classification and measurement The
carrying values of financial assets and liabilities of the Group approximate their value. The Group measures and recognises in the statement of financial position on a recurring basis certain assets and liabilities at fair value in
accordance with AASB 13 Fair value measurement. The fair value must be estimated for recognition and measurement or for disclosure purposes in accordance with the following hierarchy: Level 1: Level 2: Quoted prices (unadjusted) in active
markets for identical assets or liabilities; Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and Inputs for the assets
or liabilities which are not based on observable market data (unobservable inputs). Level 3: The Group has no financial assets where the carrying amount exceeds net fair values at balance date. The Group's receivables at balance date are
detailed in Section X of this report. 22.2. Financial risk management Framework The Group is involved in activities that expose it to a variety of financial risks, including: Credit risk Liquidity risk Capital management risk Market
risk related to commodity pricing, interest rates and currency fluctuations. The Board of Directors has overall responsibility for the establishment and oversight of the financial risk management framework of the group. Management is
responsible for monitoring the financial risks. The objective of the financial risk management strategy is to minimise the impact of volatility in financial markets on the financial performance, cash flows and shareholder returns. This
requires the identification and analysis of relevant financial risks and possible impact on the achievement of the Group's objectives. The Group does not undertake any hedging activities. 72 ioneer
Credit risk Credit risk is the risk of sustaining a financial loss as a result
of the default by a counterparty to make full and timely payments on transactions which have been executed, after allowing for set-offs which are legally enforceable. Credit risk arises from investments in cash and cash equivalents with
banks and credit exposure to customers and/or suppliers. Receivables and cash and cash equivalents represent the Group's maximum exposure to credit risk. There are no trade receivables past due or impaired at the end of the reporting period
(2023: nil). Liquidity risk Liquidity risk is the risk that the Group will not have sufficient liquidity to meet its financial obligations as they fall due. The Group manages liquidity by continually monitoring forecast and actual cash
flows and matching maturity profiles of financial assets and liabilities. Short-term and long-term cash flow projections are prepared periodically and submitted to the Board. Below is a table representing the Group's undiscounted contractual
cash flows: Contractual cash flows Note Less than 1 year ' 000 1-2 years ' 000 2-5 years ' 000 More than 5 years ' 000 Total ' 000 Consolidated - 2024 Payables 13 4,614 - - - 4,614 Lease
liabilities 14 41 29 13 - 83 Borrowings 16 1,200 - - - 1,200 5,855 29 13 - 5,897 Consolidated - 2023 Payables 13 8,340 - - - 8,340 Lease liabilities 14 138 38 43 - 219 8,478 38 43 - 8,559 Capital
management risk The overriding objective of the Group's capital management strategy is to increase shareholder return whilst maintaining the flexibility to pursue strategic initiatives within a prudent capital structure. The primary
objective of the capital management policy is to ensure the Group maintains a strong credit profile and appropriate capital ratios to support the development of the Company's assets. The Company manages its capital structure and makes
adjustments to it in light of economic conditions. Market risk The method and assumptions remain consistent with prior periods. Foreign exchange risk Foreign exchange risk arises from the commercial transactions and valuations of assets
and liabilities that are denominated in a currency that is not the entity's functional currency. Annual Report 2024 73
Notes to the consolidated financial statements continued The Group has
monetary items, including financial assets, denominated in currencies other than the functional currency of the entity. These are primarily US$ cash and intercompany loan balances in the holding company, which has a A$ functional currency.
These items are restated to A$ equivalent at each period end, and the associated gain or loss is taken to the income statement. The US$ equivalent of these FX balances is reported in the group income statement as the functional currency
financial statements are translated to US$ reporting currency for group reporting purposes. The Group operates in a predominately US$ environment. The majority of the Group's financial position is managed and reported in US$. There is a
foreign exchange exposure where the Group holds financial assets and liabilities in A$. These positions are summarised in the table below: Exchange rates applied during the year AUD/USD Average rate for the year ended
30-Jun-24 0.6557 Spot rate at 30-Jun-24 0.6674 Financial instruments denominated in Australian dollars Financial assets Cash Trade and other receivables Financial liabilities Trade and other payables
Provisions 30-Jun-24 $'000 30-Jun-23 $'000 11,513 105 - (120) (251) 11,247 11,988 103 - (857) (201) Net financial instruments 11,033 10% increase in the AUD:USD foreign exchange rate 2024 decrease in
AUD:USD foreign 10% 10% increase exchange rate 2024 in the AUD:USD foreign exchange rate 2023 10% decrease in AUD:USD foreign exchange rate 2023 Foreign exchange rate sensitivity Impact to A$ balance: Financial assets
Cash Trade and other receivables Financial liabilities - - - - 1,151,297 10,492 1,199,000 10,000 (1,199,000) (10,000) (1,151,297) (10,492) - - - - Trade and other
payables 11,981 (11,981) 86,000 (86,000) Provision 25,081 (25,081) 20,000 (20,000) There is no impact to the current year loss on the above scenarios as the impact is taken to the foreign currency translation reserve. Interest rate
risk The Company's exposure to interest rate risk, which is the risk that a financial instrument's value will fluctuate as a result of reasonable possible changes in the market interest rates, arise in relation to the Company's bank
balance. The Company does not engage in any hedging or derivative transactions to manage interest rate risk. ioneer 74
An increase of interest rates of 1% would result in $308,000 (30 June 2023:
$687,000) decrease in the current year loss and an increase in interest income related to cash deposits. A decrease of interest rates of 1% would result in $308,000 (30 June 2023: $687,000) increase in the current year loss and a decrease in
interest income related to cash deposits. Commodity price risk The Company is exposed to future commodity price risk. This risk arises from its activities directed at exploration and development of mineral commodities. If commodity prices
fall, the share price for companies exploring for these commodities may be affected. The Company does not hedge its exposures. Note 23. Employee benefits expensed 30-Jun-24 $'000 30-Jun-23 $'000 Non-executive Director
fees 410 401 Executive Director fees 311 516 Employee benefits expense 2,990 3,674 Share-based payments 1,633 1,376 Total employee benefits expensed 5,344 5,967 Note 24. Key management personnel
disclosures Compensation The aggregate compensation made to directors and other members of key management personnel of the company is set out below: 30-Jun-24 $'000 30-Jun-23 $'000 Salary and short-term
incentives 3,734 3,709 Post-employment benefits 121 101 Share-based payments 1,884 1,501 Total key management personnel compensation 5,739 5,311 Transactions with directors and KMP With the exception of the disclosures within
this note, no director or executive has entered into any material contracts with the Group since the end of the previous financial year and there were no material contracts involving director or executive interests existing at year end. The
Company has entered into indemnity deeds to indemnify executives and directors of the Company against certain liabilities incurred in the course of performing their duties. Annual Report 2024 75
Notes to the consolidated financial statements continued Note 25. Earnings per
share Earnings used in calculating earnings per share 30-Jun-24 $'000 30-Jun-23 $'000 Loss after income tax attributable to the owners of ioneer Limited (7,825) (6,391) Weighted average number of ordinary shares used as the
denominator Number Number Issued ordinary shares - opening balance 2,098,818,267 2,091,299,420 Effect of shares issued 46,244,015 6,894,635 Weighted average number of ordinary shares 2,145,062,282 2,098,194,055 Weighted
average number of shares (diluted) 30-Jun-24 $'000 30-Jun-23 $'000 Weighted average number of ordinary shares at 30 June for basic EPS 2,145,062,282 2,098,194,055 Effect of dilution from options and rights on issue - - Weighted
average number of ordinary shares adjusted for effect of dilution 2,145,062,282 2,098,194,055 The options and performance rights are anti-dilutive and have been excluded from the diluted EPS calculation
below: 30-Jun-24 Cents 30-Jun-23 Cents Basic loss per share attributable to the ordinary equity holders of the company (0.31) (0.30) Diluted loss per share attributable to the ordinary equity holders of the
company (0.31) (0.30) Basic EPS is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is
calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on
conversion of all the dilutive potential ordinary shares into ordinary shares. The effect of the dilution from options and rights on issue in the financial year would be X (2023: 35,840,492). The impact of the potential ordinary shares is
treated as dilutive only when their conversion to ordinary shares would decrease EPS. Note 26. Share-based payments Share-based compensation is provided to employees via rights or options to acquire shares in the Company. As described in
note X Share capital, the Company has two share schemes in operation. Under these plans, options or performance rights which may be converted into ordinary shares have been granted to non-executive directors, senior executives, employees and
a number of consultants. The cost of these equity-settled transactions is determined by reference to the fair value at the date at which they are granted. The fair value of the options granted is determined by using the Black & Scholes
option pricing model. The fair value of the performance rights granted with time-based hurdles is determined using the 10-day VWAP of the Company's fully paid share capital, up to and including the date the performance rights are granted. For
the performance-based performance rights, the fair value is determined by using a Monte Carlo model for the valuation of the performance rights subject to the relative performance hurdle and for those rights subject to the business
objectives, the valuation is equal to the value of the share price at grant date, multiplied by the number of shares anticipated to vest. The cumulative expense recognised for equity-settled transactions at each reporting date
reflects: 76 ioneer
the extent to which the vesting period has expired, and the number of awards
that, in the opinion of the directors of the Company, will ultimately vest. This opinion is formed based on the best available information at balance date. Where an equity-settled award is cancelled, the estimate is treated as if it had
vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. Each plan is described in more detail below. Equity Incentive Plan - established at the 2018 AGM An Equity Incentive Plan was
established following the AGM held on 31 October 2018. The purpose of the new Equity Incentive Plan ("the Plan") is to provide eligible persons the opportunity to participate in the growth and profits of the Company, and to attract, motivate
and retain their services to promote the Company's long-term success. Under the terms of the Plan, the Board may at its discretion invite eligible persons to participate in a grant of awards. An award may be either an option or performance
right, to acquire a share in the capital of the Company in accordance with the Plan rules. Options and rights issued under the terms and conditions and of the Plan are as follows: Annual Report 2024 77
Notes to the consolidated financial statements continued HSE: Top quartile HSE
& Community performance (compared to North American Mining Projects) Construction: Construction delivery compared to schedule at FID Ops Readiness: Operational and business readiness on track (recruiting, systems, training etc.) Cost
Control: Project spend within margin established at FID Share price: INR shareholder return compared to competitors Unlike producing organisations with established operations that typically aim to deliver performance conditions tied to
anticipated revenues, production levels and growth objectives, Ioneer has a single pre-production project with less certainty or control over key deliverables. Providing the Board with the discretion to assess the extent of delivery, the
importance/value of the various targets delivered (or not) allows the ability to balance shareholder expectations and KMP reward, motivation and retention. The Board will employ discretion in assessing Project results and determining the
vesting of performance units; below, at or above targets (up to 200%). Type Key terms Expiry date Options Non-Executive The options were issued at an exercise price equal to VWAP for the Company's Tranche 1: Directors Performance
rights - shares over the 10 trading days immediately before the date of the AGM. The options vest after 12 months and expire 60 months from the date of issue. 9 Nov 23 Tranche 2: 14 Nov 24 time based Retention on Employment Agreements
with early recruits including vesting in equal instalments after 12, 24 and 36 months. However, since mid-2019 a standard approach of vesting after 3 years has been implemented. Conditional on the achievement of continuing
employment N/A Deferred STI 12 month vesting period from 1 July the tear following the relevant STI period Conditional on the achievement of continuing employment LTI grants 36 month vesting period from 1 July of relevant
period Conditional on the achievement of continuing employment Performance rights - performance based LTI grants 36 month vesting period from 1 July of relevant period The Board will employ discretion in assessing Project results and
determining vesting of performance units; below, at or above targets: N/A ioneer 78
Key features include: ● ● ● The Board may at its discretion make invitations
to or grant awards to eligible persons. Award means an option or a performance right to acquire a Share in the capital of the Company. Eligible Persons include executive directors or executive officers of the Group, employees, contractors
or consultants of the Group or any other persons. A participant may not sell or assign awards. Within 30 days after the vesting date in respect of a vested performance right, the Company must either allocate shares or procure payment to the
participant of a cash amount equal to the market price of the shares which would have otherwise been allocated. At any time during the exercise period, a participant may exercise any or all of their vested options by paying the exercise
price. ● ● ● Whilst there are a number of options and performance rights remaining on issue under the terms and conditions of previous schemes, no further options or rights will be issued under these pre-existing schemes which are
described below. Share Option Plan The Group established a Share Option Plan in 2010 (and reconfirmed it at the 2016 AGM) to assist in the attraction, retention and motivation of KMP and in the retention of key consultants. Key features
include: ● ● ● ● ● ● Full or part time employee or consultants of the Group are eligible to participate. Options issued pursuant to the plan will be issued free of charge. Options are time based and there are no performance
conditions. Options cannot be transferred and are not quoted on the ASX. Options expire if not exercised 90 days after a participant resigns from the company. The exercise of the options, at grant date, shall be as the directors in their
absolute discretion determine, provided the exercise price shall not be less than the weighted average of the last sale price of the Company's shares on ASX at the close of business on each of the 5 business days immediately preceding the
date on which the directors resolve to grant the options. The directors may limit the total number of options which may be exercised under the plan in any year. ● A summary of options and performance rights on issue is set out in Note
18. Note 27. Parent entity disclosures Result for the parent entity 30-Jun-24 $'000 30-Jun-23 $'000 Loss for the period (1,202) (2,921) Total comprehensive loss for the period (1,202) (2,921) Financial position of the parent
entity Current assets 248,796 222,044 Non-current assets - - Total assets 248,796 222,044 Annual Report 2024 79
Notes to the consolidated financial
statements continued 30-Jun-24 $'000 30-Jun-23 $'000 1,138 - Current liabilities Non-current liabilities 442 - 442 Total liabilities 1,138 Net assets 248,354 220,906 Contributed equity Reserves Accumulated
losses 281,671 (11,835) (21,482) 248,354 255,364 (14,176) (20,282) Total equity 220,906 Parent entity contingencies and disclosures Commitments of the Company as at reporting date are disclosed in Note 29 to the financial
statements. Parent entity guarantees in respect of debts of its subsidiaries No guarantees have been entered into by the Company in relation to the debts of its subsidiaries. Note 28. Controlled entities The consolidated financial
statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 1: Ownership interest Controlled entities of Ioneer Limited Principal place of business
/ Country of incorporation 30-Jun-24 % 30-Jun-2023 % Ioneer USA Corporation USA 100.00% 100.00% Ioneer Minerals Corporation USA 100.00% 100.00% Ioneer Holdings USA Inc. USA 100.00% 100.00% Ioneer Holdings Nevada
Inc. USA 100.00% 100.00% Gerlach Gold LLC USA 100.00% 100.00% Paradigm AZ LLC USA 100.00% 100.00% Ioneer Rhyolite Ridge Holdings LLC USA 100.00% 100.00% Ioneer Rhyolite Ridge Midco LLC USA 100.00% 100.00% Ioneer Rhyolite
Ridge LLC USA 100.00% 100.00% Ioneer SLP LLC USA 100.00% 100.00% Ioneer Canada ULC Canada 100.00% 100.00% ioneer 80
30-Jun-24 $'000 30-Jun-23 $'000 Payable within one year Water
rights 498 518 Non-cancellable lease commitments 267 252 Exploration and evaluation expenditure commitments 216 170 981 940 Payable after one year but not later than five years Water rights 953 Non-cancellable lease
commitments 54 Exploration and evaluation expenditure commitments 432 1,439 Payable later than five years Water rights - Non-cancellable lease commitments - Exploration and evaluation expenditure commitments - - Total
commitments 2,419 1,370 71 432 1,873 - - - - 2,813 Water rights The Company has secured water rights via exclusive options to enter into long-term leases. In addition, there is an option to purchase these water rights and
associated land at any time at the Company's sole election. This is a discretionary purchase and is excluded from the commitments disclosed above. Non-cancellable lease commitments Included within non-cancellable lease commitments is the
lease of a neighbouring property to the Rhyolite Ridge Lithium- Boron Project. The Company has entered an option agreement to purchase this property. The cost of this discretionary purchase is excluded from the commitments disclosed
above. Exploration licence expenditure requirements In order to maintain the Company's tenements in good standing with various mines departments and comply with the underlying option agreements, the Company will be required to pay annual
claim maintenance fees. It is likely that the granting of new licenses and changes in license areas at renewal or expiry will change the expenditure commitment to the Company from time to time. Note 30. Contingent
assets/liabilities Settlement of Rhyolite Ridge The Company has entered an option agreement to purchase Rhyolite Ridge from Boundary Peak Minerals LLC on 3 June 2016. The Company has made 4 progress payments to Boundary Peak under the
agreement. A final payment will fall due following Board making a 'decision to mine' the Rhyolite Ridge property. Once this decision is made, the Company is required under the terms of the contract to either: ● ● Pay Boundary Peak LLC US$3
million, or Issue shares (or a mix of both shares and cash) to Boundary Peak LLC, to the equivalent of US$3 million at a fixed exchange rate of USD$0.75 = AUD$1.00. Annual Report 2024 81
Notes to the consolidated financial statements continued As at the date of
this report, the decision to mine has not yet been made by the Company. There are no other known contingent liabilities as at 30 June 2024. Note 31. Remuneration of auditors During the financial year, the following fees were paid or payable
for services provided by Ernst & Young, the auditor of the Company: 2024 $ 2023 $ Audit services - Ernst & Young Audit or review of the financial statements 211,400 148,363 Other services - Ernst & Young Other
assurance services - 17,811 Non-audit services - 561 - 18,372 Total audit services 211,400 166,735 Note 32. Related party transactions Non-key management personnel disclosures The Group has a related party relationship with its
controlled entities, refer to note 28. The Company and its controlled entities engage in a variety of related party transactions in the ordinary course of business. These transactions are conducted on normal terms and conditions. Key
management personnel disclosures Disclosures relating to key management personnel are set out in note 24 and the remuneration report included in the directors' report. Note 33. Events after the reporting period In the period since 30 June
2024 and up to the date of this report, there has not been any other item, transaction or event of a material and unusual nature likely in the opinion of directors, to substantially affect the operations of the Group, the results of those
operations or the state of affairs of the Group in subsequent financial years. ioneer 82
Annual Report 2024 83 Entity name Entity type Body corporates Place formed
or incorporated Body corporates % of share capital held Tax residency Australian or foreign Tax residency Foreign jurisdiction Ioneer Limited Body corporate Australia N/A Australian N/A Ioneer Canada ULC Body
corporate Canada 100% Australian N/A Ioneer Holdings USA Inc. Body corporate USA 100% Foreign USA Ioneer Holdings Nevada Inc. Body corporate USA 100% Foreign USA Ioneer USA Corporation Body
corporate USA 100% Foreign USA Gerlach Gold LLC Body corporate USA 100% Foreign USA Ioneer Rhyolite Ridge Holdings LLC Body corporate USA 100% Foreign USA Ioneer Rhyolite Ridge Midco LLC Body
corporate USA 100% Foreign USA Ioneer Rhyolite Ridge LLC Body corporate USA 100% Foreign USA Ioneer SLP LLC Body corporate USA 100% Foreign USA Ioneer Minerals Corporation Body corporate USA 100% Foreign USA Paradigm AZ
LLC Body corporate USA 100% Foreign USA Consolidated entity disclosure statement
ioneer 84 Directors’ declaration In the directors' opinion: ● the attached
financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; ● the attached financial statements and notes comply
with International Financial Reporting Standards as issued by the International Accounting Standards Board as described in note 1 to the financial statements; ● the attached financial statements and notes give a true and fair view of the
company's financial position as at 30 June 2024 and of its performance for the financial year ended on that date; ● there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and
payable; and ● the consolidated entity disclosure statement required by section 295(3A) of the Corporations Act is true and correct. The directors have been given the declarations required by section 295A of the Corporations Act
2001. Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001. On behalf of the directors James D Calaway Executive Chairman 18 September 2024
Annual Report 2024 85 A member firm of Ernst & Young Global
Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248
5959 ey.com/au Independent auditor’s report to the members of Ioneer Ltd Report on the audit of the financial report Opinion We have audited the financial report of Ioneer Ltd (the Company) and its subsidiaries (collectively the Group),
which comprises the consolidated statement of financial position as at 30 June 2024, the consolidated statement of profit and loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash
flows for the year then ended, notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration. In our opinion, the accompanying financial
report of the Company is in accordance with the Corporations Act 2001, including: Giving a true and fair view of the Company’s financial position as at 30 June 2024 and of its financial performance for the year ended on that date;
and Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further
described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical
requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia.
We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independent Auditor’s Report
Independent Auditor’s Report continued ioneer 86 A member firm of Ernst
& Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the financial report of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each
matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial report section of our report,
including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial report. The results of our audit procedures,
including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial report. Carrying value of capitalised exploration and evaluation expenditure Why significant How our
audit addressed the key audit matter At 30 June 2024 the Group recorded capitalised exploration and evaluation (E&E) assets of US$187.7 million as disclosed in Note 12. The carrying value of this asset is assessed for impairment when
facts and circumstances indicate that it may exceed its recoverable amount. The determination as to whether there are any indicators that require the Group’s E&E assets to be assessed for impairment involves judgment, including: Whether
the Group’s exploration licenses are current; The Group’s ability and intention to continue to evaluate and develop the Rhyolite Ridge project; and Whether the results of the Group’s exploration and evaluation work to date are sufficiently
progressed for a decision to be made as to the commercial viability or otherwise of the project. Given the value of the asset and the judgmental nature of impairment indicator assessments associated with E&E assets, we considered this to
be a key audit matter. Our audit procedures included the following: Assessed the Group’s right to explore in the relevant exploration area, which included obtaining relevant documentation such as license agreements; Evaluated the Group’s
ability and intention to carry out significant exploration and evaluation activity in the relevant exploration area which included assessment of the Group’s budgets, planned spend and discussions with senior management and Directors as to the
intentions and strategy of the Group; Assessed whether any evidence existed that would indicate that the carrying value of capitalised exploration and evaluation expenditure is unlikely to be recovered through development or sale and
understanding whether any contradictory events or conditions were identified; Assessed the adequacy of disclosures included within the notes to the financial report including those made with respect to judgments and estimates.
Annual Report 2024 87 A member firm of Ernst & Young Global
Limited Liability limited by a scheme approved under Professional Standards Legislation Information other than the financial report and auditor’s report thereon The directors are responsible for the other information. The other information
comprises the information included in the Company’s 2024 annual report, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we
do not express any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related assurance opinion. In connection with our audit of the financial report, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors for the financial report The directors
of the Company are responsible for the preparation of: The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act
2001; and The consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001; and for such internal control as the directors determine is necessary to enable the preparation of: The
financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and The consolidated entity disclosure statement that is true
and correct and is free of misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters
relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the
audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.
Independent Auditor’s Report continued ioneer 88 A member firm of Ernst
& Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. Conclude on
the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate
the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. We
communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also
provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated to the directors, we determine those matters that were of most significance in the audit of the financial report of
the current year and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Annual Report 2024 89 A member firm of Ernst & Young Global
Limited Liability limited by a scheme approved under Professional Standards Legislation Report on the audit of the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included within the
directors’ report for the year ended 30 June 2024. In our opinion, the Remuneration Report of Ioneer Ltd for the year ended 30 June 2024, complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the
Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit
conducted in accordance with Australian Auditing Standards. Ernst & Young Scott Nichols Partner Sydney 18 September 2024
ioneer Note: Totals may not add due to rounding. Mineral Resources reported on
a dry in-situ basis. Mineral Resources are reported inclusive of Ore Reserves. WSP USA Inc. estimated the Ore Reserve estimates for the Rhyolite Ridge Definitive Feasibility Study (‘DFS’) completed in April 2020. The statement of estimates
of Mineral Resources completed in April 2024, was compiled by Independent Mining Consultants, Inc. The 2024 Mineral Resource is estimated to contain: 351.4mt at 1,739ppm lithium (equivalent to 0.9% lithium carbonate) and 6,379ppm boron
(equivalent to 3.7% boric acid) 3.3mt of equivalent lithium carbonate and 12.8mt of equivalent boric acid. Mineral Resources are reported in accordance with the Australasian Code of Reporting of Exploration Results, Mineral Resources and
Ore Reserves (The Joint Reserves Committee Code – JORC 2012 Edition). 90 Summarised below are the current Mineral Resources and Ore Reserves for the South Basin at Ioneer’s 100%-owned Rhyolite Ridge Lithium-Boron Project in Nevada,
USA. Following completion of the DFS program in April 2020, Ioneer released the lithium-boron (searlesite) Mineral Resource & Ore Reserve Estimates. The Mineral Resource Estimate was updated and released in April 2024. A summary of the
Mineral Resource & Ore Reserve Estimates is tabulated below. Summary of Mineral Resource & Ore Reserve Estimates Rhyolite Ridge Lithium-Boron Project Metric Tonnes (Mt) Li Grade (ppm) B Grade (ppm) Equivalent Grade Li2CO3
H2BO3 % % Equivalent Contained Tonnes Li2CO3 H2BO3 kt kt Mineral Resource Stream 1 (>5,000 ppm B) Measured Resource 43.2 1,755 14,657 0.9 8.4 403 3,619 Indicated Resource Inferred
Resource 74.2 35.6 1,599 1,581 12,183 12,144 0.9 0.8 7.0 6.9 632 300 5,171 2,473 Total Stream 1 153. 0 1,639 12,872 0. 9 7. 4 1,335 11,262 Mineral Resource Stream 2 (>1,090 ppm Li, no B COG, low clay) Measured
Resource 17.2 1,509 1,566 0.8 0.9 138 154 Indicated Resource 79.3 1,500 1,560 0.8 0.9 633 707 Inferred Resource 46.1 1,737 1,139 0.9 0.7 426 300 Total Stream 2 142. 5 1,578 1,425 0.8 0.8 1,197 1,161 Mineral
Resource Stream 3 (>1,090 ppm Li, no B COG, high clay) Measured Resource Indicated Resource Inferred Resource 14.8 29.5 11.6 2,454 2,420 2,388 1,733 1,228 605 1.3 1.3 1.3 1.0 0.7 0.4 193 380 148 146 207 40 Total
Stream 3 55. 9 2,422 1,232 1.3 0.7 720 394 Total Mineral Resource (Streams 1, 2 and 3) 351. 4 1,739 6,379 0.9 3.7 3,251 12,817 Ore Reserve Proved Reserve 29.0 1,900 16,250 1.0 9.3 290 2,700 Probable
Reserve 31.5 1,700 14,650 0.9 8.4 280 2,620 Total Proved and Probable Ore Reserve 60. 0 1,800 15,400 1.0 8.8 580 5,310 Mineral resource and ore reserves
Annual Report 2024 91 Other Information In December 2022, the United States
Fish and Wildlife Service (USFWS) listed Tiehm’s buckwheat as an endangered species under the Endangered Species Act (ESA) and has designated critical habitat by way of applying a 500 m radius around several distinct plant populations that
occur on the Project site. ioneer is committed to the protection and conservation of the Tiehm’s buckwheat. The Project’s Mine Plan of Operations submitted to the BLM in July 2022 and currently under NEPA review has no direct impact on
Tiehm’s buckwheat and includes measures to minimise and mitigate for indirect impacts within the designated critical habitat areas identified. The mineral resource pit shell used to constrain the April 2024 mineral resource estimate was not
adjusted to account for any impacts from avoidance of Tiehm’s buckwheat or minimisation of disturbance within the designated critical habitat. Environmental and permitting assumptions and factors have not been taken into consideration during
modifying factors studies for the Project. The tonnes and grade within the avoidance polygons have not been removed from the Mineral Resources for the April 2024 estimate. Environmental and permitting assumptions and factors may be taken into
consideration during future modifying factors studies for the Project. These permitting assumptions and factors may result in potential changes to the Mineral Resource footprint in the future. The 2020 Ore Reserve is estimated to
contain: 60.0mt at 1,800ppm lithium (equivalent to 1.0% lithium carbonate) and 15,400ppm boron (equivalent to 8.8% boric acid) Containing 0.6mt of equivalent lithium carbonate and 5.3mt of equivalent boric acid. The Ore Reserves referenced
have not been updated from the April 2020 Ore Reserves estimate. The Ore Reserves are based exclusively on HiB-Li mineralisation. The Mineral Resources are reported inclusive of the Ore Reserves. Approximately half of the Ore Reserves is
classified as Proved, the highest confidence category, within lithium and boron grades in Proved Reserve being higher than those in the Probable Reserve. The 60mt Ore Reserve provides the foundation for a very long mine life at the Rhyolite
Ridge Project, with clear potential for expansion and extension further underpinned by the 351mt Mineral Resource. The lithium-boron mineralisation remains open, particularly to the south where it continues to shallow and is generally higher
in grade, and we expect further increases to Resources and Reserves with additional drilling. .
ioneer 92 B Carbonate minerals DFS H2BO3 GSC INR K-feldspar
km kt K2SO4 Li Li2BO3 LCE mt Mt PFS ppm Searlesite Sepiolite BLM FWS ROD FID Boron Calcite and dolomite Definitive Feasibility Study Boric acid Global Geoscience Limited Ioneer Limited Potassium feldspar Kilometre
Kilotonne Potassium sulphate Lithium Lithium carbonate Lithium carbonate equivalent Million tonnes Metric tonnes Pre-Feasibility Study parts per million Sodium borosilicate mineral Magnesium silicate Bureau of Land Management US Fish
and Wildlife Service Record of Decision Final Investment Decision Glossary and abbreviations
Annual Report 2024 93 Interest at 30 June Interest at end
of Project Country Tenement ID Tenement Name Area (km2) 2024 quarter Note Rhyolite Ridge USA NMC118666 NLB claims (160) 13.00 100% 100% No change Rhyolite Ridge USA NMC1117360 SLB claims (199) 16.50 100% 100% No
change Rhyolite Ridge USA NMC1171536 SLM claims (122) 9.70 100% 100% No change Rhyolite Ridge USA NMC1179516 RR claims (65) 5.40 100% 100% No change Rhyolite Ridge USA NMC1129523 BH claims (81) 7.00 - - No
change Rhyolite Ridge USA 105272779 RMS claims (23) 0.50 100% 100% No change Rhyolite Ridge USA 105272053 PR claims (11) 0.92 100% 100% No change SM USA NMC1166813 SM claims (96) 7.70 100% 100% No
change GD USA NMC1166909 GD claims (13) 1.10 100% 100% No change CLD USA NMC1167799 CLD claims (65) 5.20 100% 100% No change Schedule of tenements
ioneer 94 Introduction Information relating to shareholders at 10 September
2024 (per ASX listing Rule 4.10) Issued capital The Company has 2,337,426,302 fully paid shares on issue. Options and performance rights on issue including holders of more than 20% The Company has on issue 2,938,803 options and 18,914,945
performance rights. There are no holders of options or performance rights more than 20%. There are no listed options or performance rights. ASX listing Listed on the Australian Securities Exchange 19 December 2007 ASX Code: INR
(previously GSC) ABN: 76 098 564 606 Nasdaq listing Listed on the Nasdaq Securities Exchange, under a level two American Depositary Receipt 30 June 2022 Nasdaq Code: IONR Voting rights There are no restrictions on voting rights. On a
show of hands every member present or by proxy shall have one vote and upon a poll each share shall have one vote. Where a member holds shares, which are not fully paid, the number of votes to which that member is entitled on a poll in
respect of those part paid shares shall be that fraction of one vote which the amount paid up bears to the total issued price thereof. Options and performance rights holders have no voting rights until the options are exercised or performance
rights vest. Shareholder and ASX information
Annual Report 2024 95 Top 20 shareholders as at 10 September
2024 Name Shares % Citicorp Nominees Pty Ltd 571,601,924 24.454% HSBC Custody Nominees (Australia) Limited 219,270,041 9.381% Sibanye Battery Metals Pty Ltd 145,862,742 6.240% J P Morgan Nominees Australia Pty
Limited 90,383,452 3.867% Merrill Lynch (Australia) Nominees Pty Ltd 88,977,948 3.807% Lithium Investors America LLC 56,268,106 2.407% BNP Paribas Nominees Pty Ltd (IB AU Noms Retail Client) 38,799,093 1.660% Mopti Pty Ltd (The
Rowe Family A/C) 36,690,902 1.570% FNL Investments Pty Ltd (Superannuation Plan A/C) 24,000,000 1.027% Kolley Pty Ltd (Lucas Family A/C) 20,650,000 0.883% Versatile Money Pty Ltd (Versatile Money A/C) 20,079,068 0.859% Quality
Life Pty Ltd (The Viking Fund A/C) 19,024,590 0.814% Quality Life Pty Ltd (The Neill Family A/C) 18,250,000 0.781% BNP Paribas Noms Pty Ltd 16,619,227 0.711% BNP Paribas Nominees Pty Ltd (Clearstream) 13,230,871 0.566% Boman Asset
Pty Ltd 11,518,356 0.493% FNL Investments Pty Ltd 11,000,000 0.471% Howarth Commercial Pty Ltd 10,599,999 0.453% BNP Paribas Nominees Pty Ltd (HUB24 Custodial Serv Ltd) 10,466,701 0.448% National Nominees Ltd 9,600,754
0.411% Total 1,432,893,774 Distribution of shareholders Holders Total Units 1-1000 750 506,730 1001-5000 3,297 9,238,859 5001-10,000 1,824 14,651,795 10,001-100,000 4,839 187,781,972 101,000 and over 1,421
2,128,246,946 Total 12,131 2,340,426,302 Unmarketable parcels Minimum parcel size Holders 3,448 3,028 Minimum $500 parcel at $0.145 per unit Substantial shareholders The following are substantial shareholder registered as at 10
September 2024 Name Centaurus Sibanye Battery Metals Pty Ltd Shares 377,352,433 145,862,742 % 16.226% 6.272%
Shareholder and ASX information continued On-market buy-back There is no
current on-market buy-back. Competent Persons Statement In respect of Minerals 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 report titled "Mineral Resource update delivers high-grade, shallow Shelf Zone, outside of critical habitat” dated 30 April 2024 and
released on ASX. Further information regarding the Mineral Resources 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. ioneer 96
Corporate directory James D. Calaway Bernard Rowe Stephen Gardiner Alan
Davies Rose McKinney-James Magaret R. Walker Executive Chair Managing Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Company Secretary Ian Bucknell Auditor Ernst & Young 200
George Street Sydney NSW 2000 Offices Sydney (Registered Office) Level 16, 213 Miller Street North Sydney NSW 2060 Australia Telephone Website Email +61 (2) 9922-5800 www.ioneer.com info@ioneer.com Reno 9460 Double R Blvd. Suite
200 Reno Nevada 89521 United States of America Share Registrar Boardroom Pty Limited Grosvenor Place Level 12, 225 George Street Sydney NSW 2000 Telephone: 1300 737 760 Annual Report 2024 97
98
Ioneer 2024 Sustainability Report
Contents About this report Ioneer at a glance Year in review Message from the
leadership team Approach to sustainability Strong governance Our people Environmental stewardship Partnering with communities GRI content index Corporate directory 1 2 4 6 8 16 22 26 29 31 37 ioneer Ioneer Ltd ACN 098 564 606
About this report The report has been prepared with reference to the Global
Reporting Initiatives (GRI) Standards 2021. Additionally, we also use the Sustainability Accounting Standards Board (SASB) for Metals and Mining industry standard, version 2023-12 and the International Financial Reporting Standards
Foundation’s (IFRS) General Requirements for Disclosure of Sustainability-related (S1) and Climate-related (S2) Financial Information to guide the disclosure of our data. We also highlighted our contributions to the Sustainable Development
Goals (SDGs), adopted by the UN to end poverty, protect the planet, and ensure prosperity for all. The Content Index, provided at the end of the report, compiles disclosure information, and explains any omissions to the reported data. The
report has undergone an internal review process, including reviews by subject maer experts and the Executive leadership team. It has not been externally assured. Learn more An archive of our Sustainability Report’s and companion documents
can be found on the Environmental, Health, Safety and Sustainability (EHSS) segment of our corporate website at www.ioneer.com. We are pleased to present Ioneer’s 2024 Sustainability Report, our third annual report on our advancing
sustainability strategy, initiatives, and performance, covering the financial year from July 1, 2023, to June 30, 2024. This report provides an overview of our approach to sustainability. It addresses material topics relevant to our
organisation, highlights our robust governance in support of our strategy, and oers an operational overview of Rhyolite Ridge, our world-class lithium- boron project in Esmeralda County, Nevada, USA. For more information on the material
topics and the process we used to identify them, please refer to the “Approach to Sustainability” section. 1 Sustainability Report 2024
Ioneer Ltd (“Ioneer”) is the 100% owner of the Rhyolite Ridge Lithium-Boron
Project located in Nevada, U.S.A. Founded in 2001 and headquartered in Sydney, New South Wales, Australia, ioneer Ltd is a wholly owned subsidiary of Rhyolite Ridge Holdings LLC (Rhyolite Ridge), a joint venture between Ioneer USA
Corporation and Sibanye-Stillwater. In 2007, the company began trading on the Australian Securities Exchange (ASX) as ioneer Limited (“INR”), previously Global Geoscience Limited, and listed on Nasdaq as IONR on 30 June 2022. With a core
mission to develop a U.S. based source of lithium and boron to be extracted in a responsible manner, this globally significant project provides a long-life source of critical minerals vital for the future of sustainable mobility and
decarbonisation globally. Both lithium and boron are used in emerging clean technologies such as electric vehicles, baery storage for renewable energy, as well as a diverse range of everyday items and innovative technologies that are
essential to modern life. Purpose We exist to enable a sustainable world for all. Mission We responsibly and proitably provide the materials necessary for realising a sustainable planet. Vision We see a world in which our global
population, our environment and all future generations are thriving. Values We embrace one another. We listen to unlock. We do what's right. We deliver excellence. We move forward together. We act as pioneers. Ioneer at
a glance 2 ioneer
The Rhyolite Ridge Project located in Nevada, USA. We embrace one another We
care deeply for all our colleagues. We invest in diversity and use it as a strategic advantage. We treat everyone in our global community with respect and dignity. We create an environment where everyone can thrive. We act as
pioneers We gladly travel through uncharted territory. We take charge: setting a new course within an energy revolution. We push against the impossible with our commitment to innovation. We are the new standard of mining. We listen to
unlock We seek to understand one another. We possess the freedom to constructively disagree and push against ideas. We build belonging by making people feel heard. We keep an open mind, even when it’s hard. We deliver excellence We
don't quit, we do it. We think strategically, thoroughly, and brilliantly. We honor our commitments. We are disciplined, we hold each other accountable. We do what's right We protect and cherish our planet. We are unwavering with our
safety. We stop the job, we help, and we act with integrity, even when no one is looking. We let our courage shine through. We move forward together We connect and celebrate with one another. We are supportive and inclusive to all ioneer
collaborators. We leverage the skills of each team member. We create alignment and move in the same direction. Sustainability Report 2024 3
Year in review Safety We prioritise the health and safety of our employees,
contractors, and surrounding communities. We are proud to report zero injuries or lost time over the 57,642 hours worked by our full-time employees during the reporting year. To further enhance safety, we initiated the development of our
Safety Management System, which will centralise our health and safety protocols, processes, and governance. This system will help ensure that emergency response programs are in place once the project becomes operational. Additionally, we
have supported workforce upskilling through safety-related training sessions, aimed at minimising incidents, and eliminating serious injuries. Environmental stewardship Environmental stewardship is a fundamental pillar of Ioneer’s
sustainability strategy as we continue preparing for the future operational phase of the Rhyolite Ridge Project. Over the past year, we have achieved significant milestones in environmental management, demonstrating our commitment to
sustainable mining practices, and the protection of local ecosystems. 4 ioneer
Key achievements: Biodiversity Conservation Efforts: We have made substantial progress in our efforts to conserve local biodiversity, particularly with the endangered
Tiehm’s Buckwheat. At our Conservation Center, we collected 3,600 seeds and implemented successful propagation techniques, achieving a 20% germination rate. Additionally, we collected 8,000 seeds directly from the Rhyolite Ridge site, further
supporting the preservation of this critical species. These seeds are stored at the Rae Selling Berry Seed Bank at Portland State University in Portland Oregon. These efforts underscore our dedication to safeguarding unique flora and
enhancing biodiversity in the region. Tiehm’s Buckwheat Protection Plan: We continued to implement our comprehensive Tiehm’s Buckwheat Protection Plan, which includes specific measures to protect and enhance the habitat of the endangered
Tiehm’s Buckwheat. This plan outlines ongoing efforts to monitor plant health, prevent habitat disturbance, and promote species recovery through strategic conservation initiatives. Golden Eagle Protection: During a spring survey, we
identified an occupied Golden Eagle nest within two miles of the project site. In response, we established a protective one-mile buffer zone around the nest to prevent disturbances and control noise, demonstrating our commitment to wildlife
protection and responsible project planning. Advancements in Permitting and Regulatory Compliance: We advanced the Rhyolite Ridge project through key stages of the National Environmental Policy Act (NEPA) permitting process, including the
completion of the public comment period for the Draft Environmental Impact Statement (DEIS) and moving closer to the Final Environmental Impact Statement (FEIS) and Record of Decision (ROD). Maintaining Environmental Compliance: We continued
to meet all regulatory requirements for our environmental permits, including the Water Pollution Control Permit and Class II Air Quality Operating Permit. All necessary reports were submitted on time, illustrating our proactive approach to
environmental management and compliance. ISO 14001 Environmental Management System: We maintained our Environmental Management System (EMS) in accordance with ISO 14001:2015 standards, completing a comprehensive Environmental Aspects and
Impacts assessment for the entire facility. This assessment is vital for identifying potential environmental risks and opportunities, reinforcing our commitment to ongoing improvement and sustainable operational readiness. As we move closer
to the operational phase, Ioneer remains focused on strengthening our environmental management practices and fostering sustainable development. By prioritising conservation, regulatory compliance, and effective resource management, we are
dedicated to minimising our environmental footprint and contributing to a sustainable future. Stakeholder and community engagement We are dedicated to maintaining responsible operating practices and value transparency with our stakeholders
and communities throughout our planning and operations. In 2024, we provided comprehensive details about the project, including its potential environmental and social impacts, through the publication of the Bureau of Land Management (BLM)
Draft Environmental Impact Statement (DEIS). Following this, a 45 day public comment period was initiated, allowing both the BLM and Ioneer to evaluate and address feedback from the communities where we operate. To facilitate effective
communication and engagement, we developed a Stakeholder Engagement Plan to guide our interactions with rights holders, communities, and other stakeholders. Additionally, in 2024, we launched Syntrio, a 24/7 confidential grievance submission
platform, to ensure that concerns are promptly addressed and responded to by our team. Workforce At Ioneer, our employees, contractors, and community stakeholders are central to realising our mission and vision. In response to feedback from
our workforce, gathered through employee engagement surveys, we developed our People Pledge in 2023. This pledge focuses on supporting our employees to excel, uphold integrity, embrace one another, and feel heard. To retain top talent and
expand our talent pool, we have dedicated significant effort to developing our Talent Acquisition policy, We are proud to cultivate a workplace where everyone feels welcome, supported, and celebrated. For the third consecutive year, we have
exceeded our 30% gender diversity target for our total work force. In 2024, 45% of our workforce identified as female, while 55% identified as male. We remain committed to achieving a diverse workforce and implementing measures for equal
opportunities regardless of gender, race, or background across our organisation. Sustainability Report 2024 5
We are excited to present our sustainability report for fiscal year 2024. This report outlines Ioneer’s commitment to responsible development as we progress through the
permitting phase of the Rhyolite Ridge Lithium-Boron Project. This report highlights our efforts to prepare for sustainable operations and our alignment with global sustainability frameworks. Our commitment to sustainability At Ioneer,
sustainability is central to our mission. As we progress through the permitting process, we are dedicated to building a solid foundation for future operations. We have adopted the Toward Sustainable Mining (TSM) framework and are a proud
signatory of the UN Global Compact (UNGC), aligning our actions with internationally recognised sustainability standards. At Ioneer, we are committed to leading the way towards a sustainable future that is built on responsible business
practices and that upholds our core values. Message from the leadership team ioneer 6
Current focus: Permitting and preparation While we are not yet operational, we are actively preparing for the future. This year, we advanced through key stages of the
NEPA process, engaged with stakeholders on the Draft Environmental Impact Statement, and strengthened our internal Environmental Management System in line with ISO 14001 standards. Looking ahead: Building a sustainable future Our
three-year Sustainability Strategic Plan outlines our plan to enhance environmental, safety, and social performance as we prepare for future operations. We are focused on key areas such as biodiversity conservation, greenhouse gas (GHG)
emissions reduction, and water stewardship. These eorts, including the development of advanced water management strategies and identification of decarbonisation initiatives, are foundational to our goal of achieving sustainable growth while
minimising our environmental footprint. Engaging with our stakeholders We recognise the importance of transparent and ongoing dialogue with our stakeholders. In 2024, we expanded our stakeholder engagement efforts, including launching a new
24/7 grievance platform to ensure all concerns are addressed promptly and effectively. At Ioneer, we are committed to leading the way towards a sustainable future that is built on responsible business practices and that upholds our core
values. We are proud of our sustainability achievements and progress this past year and are looking forward to raising the bar in the next reporting period without losing our momentum. Thank you to our employees, investors, and community
partners for their ongoing support. Bernard Rowe CEO & Managing Director Rose McKinney-James EHSS Committee Chair Sustainability Report 2024 7
Approach to sustainability Sustainability is more than just a cornerstone of our corporate strategy – it is woven into the very fabric of our organisation. It defines
our purpose and drives us to help create a sustainable world where the environment and future generations can thrive. Our dedication to sustainability inspires us to be innovative, compassionate, committed, and responsible in every aspect of
our mining practices. Enabling the decarbonisation of the transportation industry At Ioneer, we contribute to the decarbonisation of the transportation industry by supplying critical minerals. The transportation sector is a major
contributor to global GHG emissions, accounting for nearly a quarter of the world’s total emissions. In the U.S., the transportation sector alone is responsible for 28 percent of domestic GHG emissions. Decarbonising this sector is
essential to tackling the climate crisis and achieving the Paris Agreement’s goal of limiting global temperature rise to 1.5°C. Transitioning to electric vehicles (EVs) provides a key opportunity to reduce emissions from transportation and
promote a cleaner, more sustainable future. This shift will significantly increase the demand for critical minerals, particularly lithium and boron. Ioneer is positioned to play a vital role in supporting the decarbonisation efforts of the
transportation sector by supplying these essential materials. To achieve this, the Rhyolite Ridge Project will bolster American-led transition technology and responsibly produce the critical materials needed to reduce fossil fuel reliance.
This Project is set to quadruple the nation’s current lithium supply, reduce the need for imports, and support economic development. The Rhyolite Ridge Project also stands out due to its world- class operational process, designed with
sustainability at its core. The Project requires minimal water usage, recycling contact water to the maximum extent possible. It will operate on a zero-carbon dioxide (CO2) emission power system through a closed-loop steam process for
onsite green power generation. The project will not rely on external power from local grids and has no operating evaporation ponds or tailings ponds ensuring efficient use of water. Rhyolite Ridge is a multi-generational project, supporting
the global energy transition and future generations. Achieving our sustainability goals at Rhyolite Ridge would not be possible without partnerships with various stakeholders and industry leaders who share our vision and are committed to
advancing electrification efforts. ioneer 8
Stakeholder engagement At Ioneer, we prioritise building trust with our
stakeholders. We have a responsibility to keep our stakeholders abreast of our plans, understand their questions and concerns, and collaborate with them in a timely and thoughtful manner. Through collaboration, the diverse and unique
perspectives of our stakeholders play a crucial role in shaping our sustainability practices, policies, and priorities. To guide our interactions with rights holders, communities, and stakeholders for the Rhyolite Ridge Project, we developed
our Stakeholder Engagement Plan (SEP). This plan includes a comprehensive list of stakeholders who are essential to the development, operations, and ongoing engagement of the Project. Government and Regulatory Bodies How we
engage Meetings Formal Project Updates Q&A Sessions Workshops Weekly Meetings with County Liaison Key topics of engagement Economic development and job creation Taxation and investment incentivisation Biodiversity and land
use Formal project updates Community How we engage Community Meetings Listening Sessions Newsleers / Email Announcements Local Publications Workshops Community Events Key topics of engagement Economic development and job
creation Local employment Community investment and support Water stewardship Transportation and mobility Housing and community development initiatives Formal project updates Indigenous Groups How we engage Direct
Consultations Indirect Consultations facilitated between the BLM and tribal governments (as part of the NEPA review) On-site Cultural Monitoring Key topics of engagement Social and economic inclusion Indigenous employment Community
investment and partnerships Potential impacts to Aboriginal and Treaty Rights Institutions and Associations How we engage Meetings Conferences / Symposiums Workshops Key topics of engagement Biodiversity and land use Environment and
emissions reduction Process technology Housing and community development initiatives Workforce development Sustainability Report 2024 9
Investors How we engage Annual Meeting of Shareholders Quarterly Analyst Calls SEC Filings Annual Sustainability Report Investor Presentations and Investor
Days Regular Investor Outreach and Engagement Materiality Assessment Exercise Key topics of engagement Biodiversity and land use Emissions reductions Energy transition Water stewardship Governance and executive compensation Economic
development Emerging regulations Financial discipline and capital allocation Transparency/ external reporting Safety and operational performance Commitment to local communities Health, safety, and well being Talent attraction
Customers and Supply Chain How we engage Contract Negotiations Supplier Enrollment Process Supplier Meetings Key topics of engagement Performance expectations Cost efficiencies Alignment with climate, safety and diversity
expectations Employees How we engage Organisational Health Surveys Performance Management Career Development Health and Safety Training Policy Training Town Halls Integrity Helpline Employee Wellness Programs Key topics of
engagement Inclusion and diversity Health, safety and the environment Career development and enhancement Ethics and compliance Benefits ioneer 10
Our SEP allows us to: 1. Identify issues 2. Reduce conflicts 3. Gain broad community support 4. Demonstrate commitment The success of our SEP and its
implementation, along with the ongoing monitoring of any grievances that arise, is managed by our Engagement Taskforce. This team includes the following members and their associated responsibilities: Title Responsibility Vice President of
External Relations and Corporate Development Direct oversight of project-related stakeholder engagement. Government and Public Affairs Manager Responsible for the implementation of the SEP. Manages day-to-day stakeholder engagement
activities, main point of contact for concerns, and responsible for coordinating resolutions. Tribal Liaison Main point of contact with Indigenous communities, organisations, and enterprises, in addition to environmental permitting,
protection and economic development efforts. We manage our engagements with all rights holders and stakeholders using StakeTracker, our stakeholder tracking tool, which documents and stores data on past interactions and tracks future
engagements. Additionally, Ioneer has integrated Syntrio into our SEP as our confidential grievance and reporting platform. This system allows stakeholders and community members to report grievances through a 24/7 hotline service, ensuring
that our Task force can respond promptly and effectively through our response management system. Sustainability Report 2024 11
Our material topics In June 2024, we engaged an independent consultant to identify material sustainability topics that inform this report and our overarching
sustainability strategy. We use the Global Reporting Initiative (GRI) definition of materiality, which states that a material topic reflects a reporting organisation’s significant economic, environmental, and social impacts, or substantively
influences the assessments and decisions of stakeholders. Once identified, these topics were prioritised in terms of importance to our business and stakeholders. The complete assessment process is explained below: Current State
Assessment Stakeholder Engagement Synthesis and Validation Conducted a thorough review of business drivers and emerging trends Performed benchmarking against: − Peers − Reporting frameworks and standards − Raters and
rankers Identified a list of seventeen (17) potential material topics Engaged with Ioneer’s internal stakeholders to refine the list of topics Gathered insights and evidence on how these topics impact both internal operations and
external stakeholders through interview Assigned each topic with a value based on importance to Ioneer’s business and stakeholders to identify material sustainability topics Results revealed five priority material topics Validated the
results with the Executive leadership team Of the 17 topics assessed, the outcomes of our exercise identified our five priority material topics, disclosed within this report. Biodiversity and land use Climate change and greenhouse gas
emissions Local communities and Indigenous Peoples Talent attraction, development, and retention Water and effluents ioneer 12
Environmental Social Governance Cross-cutting Stakeholder Interest Business Impact Given the constantly evolving business landscape, we recognise that material
topics may shift over time. At Ioneer, our team is committed to regularly reviewing external factors, understanding their implications for our business, and maintaining our competitive edge. We plan to conduct a materiality assessment every
two to three years to ensure our strategy reflects the changing environment. Contribution to UN SDGS The United Nations Sustainable Development Goals (UN SDGs) provide a blueprint for peace and prosperity for people and the planet. Global
challenges — ranging from climate, ecosystem degradation, water, and food crises to poverty and inequality— need targeted solutions. By aligning their strategies, operations, and goals with the SDGs, businesses can contribute significantly to
achieving these global objectives. As a signatory to the UNGC, Ioneer is dedicated to advancing the SDGs. Our sustainability efforts concentrate on five of the 17 SDGs, which we selected based on an assessment of how our key material topics
align with these goals and targets. Manage Manage Track Priority Transparency and advocacy Economic impact Water and effluents Climate change and GHG emissions Local communities and Indigenous Peoples Biodiversity and land
use Talent attraction, development and retention Health, safety and well-being Mine closure and rehabilitation Security Innovation Human rights Air emissions Waste and circular economy Cybersecurity Ethics and integrity Diversity,
equity and inclusion Sustainability Report 2024 13
Reporting framework TSM In 2022, we adopted the TSM accountability framework to guide our sustainability strategy, at our Rhyolite Ridge Project as it transitions
into the construction phase. Our goal is to achieve a “Level A” rating under this framework by executing transparent, accountable, credible, and measurable actions across eight protocols and 30 indicators. Our sustainability strategy and
reporting framework are shaped by these protocols and organised under four main pillars. Strong Governance Our People Partnering with Communities Environmental Stewardship This structure enables us to integrate responsible policies,
procedures, and actions into the core of our organisation. It lays a strong foundation for ongoing sustainable growth, long-term value creation, and creating a positive impact on both our business and the world. IFRS During the reporting
period, we assessed the alignment of our reporting strategy and disclosures with the IFRS Sustainability Disclosure Standards. Aligning with IFRS standards will enhance the transparency and consistency of our sustainability-related financial
information, ensuring credibility with investors and stakeholders. In the coming years, we will align our disclosures with IFRS S1: General Requirements for Disclosure of Sustainability-related Financial Information as well as IFRS S2:
Climate-related Disclosures. 3-year sustainability strategic plan In 2023, Ioneer developed a Sustainability Strategic Plan to align our focus and efforts on the mission, vision, and three (3) year plan towards sustainability. This plan
is based on the four main pillars of our sustainability strategy and reporting framework, as outlined in previous sections. 3-year sustainability strategic plan: Assess Current State Define Sustainability Goal Develop Timeline, Budget
& Initiatives Identify Key Stakeholders Implement and Monitor Programs We identified a total of 41 initiatives across the four pillars. A high-level overview of progress in each category is provided below. ioneer 14
Sustainability strategic plan achievements Actions per Category Social – Internal In progress • Not started • Postponed • Completed Total in progress • Total not
started Total postponed • Total completed Environmental Social – External Status Total Governance Environmental Social – Internal Social –
External Governance 11 90% 10% 78% 7% 15% 90% 10% 80% 20% 55% 36% 9% 10 10 10 In 2024, we made significant progress on our 3-Year Sustainability Strategic Plan, successfully completing a range of initiatives across social,
environmental, and governance categories. These efforts demonstrate our commitment to responsible mining practices, stakeholder engagement, and sustainable development. 1 Nevada SCATS provides high quality safety and health consultation
services focusing on the prevention of injuries and illness. Social initiatives: External engagement: We developed a document register for the TSM Community, Indigenous, and Tribal Nations Action Plan and formalised our community
consultation processes, engagement strategy, and grievance mechanisms. A revised Stakeholder Mapping Plan was also completed to better identify and engage with key stakeholders. Internal development: Initiatives focused on enhancing our
internal culture and employee engagement, including the formation of Employee Resource Groups, the introduction of a Volunteer Day policy with paid leave, formalisation of employee performance review processes, and developing diversity
tracking metrics. We also improved our Health and Safety (H&S) programs and completed SCATS1 consultations. Governance enhancements: We strengthened our governance framework by updating data security policies, developing a Risk Policy
and refining our Risk Register, and establishing a 24/7 Whistleblower reporting hotline. Additionally, we implemented Anti-Bribery and Corruption (ABC) training. We began efforts to enhance our sustainability strategy and reporting framework
by conducting a materiality assessment and evaluating alignment with IFRS Standards. Environmental initiatives: In response to community concerns, we incorporated feedback into our TSM Water Stewardship Plan, particularly regarding water
use for fugitive dust control. We also developed a Climate Resiliency Plan and identified initiatives to reduce carbon footprint in our operational phase, including exploring recycling alternatives and reviewing low-carbon building
supplies. Other environmental efforts included reclamation and invasive plant management efforts, and development of EHSS training programs for contractors and new hires, including Tiehm’s Buckwheat, Cultural Resources, and Raptor protection
measures. Continuous improvement and future focus As we move forward, we remain focused on completing ongoing initiatives such as analysing opportunities in the global supply chain to enforce UN SDGs and other frameworks as well as
exploring further reductions in embodied carbon through sustainable building materials and fuel use. Sustainability Report 2024 15
Strong governance Ioneer views strong governance practices as essential to our company’s success and sustainability. Our governance framework ensures that we build
trust with our stakeholders by operating with integrity, transparency, and strict adherence to applicable regulations. Corporate governance and integrity Ioneer has an established Corporate Governance framework with delineated roles and
responsibilities for the Board and its committees, Executive leadership team, senior management, and other employees. This framework has been defined in accordance with the ASX Corporate Governance Council’s Principles and
Recommendations. Our Board of Directors and Committees Our Board of Directors (the Board) has ultimate responsibility for the Company’s business strategy and performance. In doing so, our Board not only takes our employees’ and
organisation’s interests into consideration, but also those of our stakeholders and the communities in which we operate. The Board also reviews the procedures and practices employed in relation to health, safety, and the environment and
assesses their adequacy. To support the Board in its governance role, four standing committees have been established to provide advice and recommendations to assist the Board to discharge its responsibilities: the Audit & Risk
Committee; the Nomination & Remuneration Committee; the Project Execution Committee; and the Environmental, Health, Safety & Sustainability Committee. Each Committee operates under a written charter approved by the Board, setting
out the roles and responsibilities of the Committees. ioneer 16
As of September 2024, the Board consisted of six members, the majority of whom have been assessed by the Board as independent. James D. Calaway Executive
Chair Appointed: Apr 2017 Chair: Board Member: EHSS Committee Alan Davies Independent non-executive director Appointed: May 2017 Chair: Nominations & Remuneration Committee Member: Audit & Risk Committee, and Project Execution
Committee Rose McKinney-James Independent non-executive director Appointed: Feb 2021 Chair: EHSS Committee Member: Audit & Risk Committee, and Nominations & Remuneration Committee Bernard Rowe Managing Director &
CEO Appointed: Aug 2007 Member: Project Execution Committee Stephen Gardiner Independent non-executive director Appointed: Aug 2022 Chair: Audit & Risk Committee Member: Nominations & Remuneration Committee Margaret R.
Walker Independent non-executive director Appointed: Feb 2021 Chair: Project Execution Committee Member: Audit & Risk Committee, and EHSS Committee Sustainability Report 2024 17
Our Board Skills Matrix assesses the skills, competencies, experience, and diversity of the Board. It identifies gaps for future appointments and supports upskilling
through development and training. Our Board members undergo a self-assessment of their knowledge and expertise associated nine categories, rating themselves on a scale of 0 (no experience) to 10 (advanced experience). The below skills matrix
outlines the collective mix of the boards standing against those identified categories: Category Rating Strategy Experience at developing, implementing and delivering on strategy. Senior leadership Senior leadership experience. Mining,
resources & commodities Experience in mining and resources with proven expertise in exploration, development, mine production, mineral processing, distribution of resource products, marketing and development of product and/or customer
management strategies Stakeholder management Experience in socially responsible development and engagement with investors, local communities, First Nations stakeholders, landholders, regulators, government, industry associations, the media
and the general public. Risk management Experience in the identification, evaluation, assurance, monitoring and review of key business risks. Technology, cyber security & IT Experience in software, programming and data sourcing,
analytics, enterprise resource planning, maintenance and storage, digital technology, digital marketing, cyber security, social media, emerging technology and technical innovation. Sustainability & ESG (including climate
change) Experience in health, safety and wellbeing, the workplace environment, environmental management and sustainability, and community and other stakeholder engagement. Possesses an understanding of the regulatory framework, employer and
operator duties, climate-related threats and opportunities (including climate science, the transition to low carbon economy and public policy), and climate and sustainability-related reporting standards and guidance. Financial
acumen Experience in accounting and finance, tax, financial statements, assessing financial viability, capital management and financial planning, the preparation of budgets and plans, and funding strategies. Corporate
transactions Experience in identifying and managing corporate transactions including setting strategic direction, undertaking due diligence and transaction execution. Corporate transactions including debt and equity capital funding,
restructuring transactions, and mergers, acquisitions and divestments. Directors with strong experience Directors with general experience ioneer 18
Diversity within our Board At Ioneer, we are dedicated to advancing diversity within our workforce and Board of Directors. We value inclusion and equality across various dimensions, including gender, age, experience, and perspectives, as
these factors enrich our culture and talent. Our Diversity Policy affirms our commitment to establishing meaningful, measurable diversity objectives and to reporting progress toward achieving them. In September of 2023, the Board set the
following targets toward gender diversity over the next 3 reporting periods: Our executive leadership team The Board has delegated responsibility for the day-to-day management of the Company to the Managing Director (MD), and, through the
MD, to executive leadership team and senior management. James D. Calaway Role: Executive Chairman Bernard Rowe Role: Managing Director Ian Bucknell Role: Chief Financial Officer and Company Secretary Matt Weaver Role: Senior Vice
President of Engineering & Operations Ken Coon Role: Vice President Human Resources Yoshio Nagai Role: Vice President Commercial Sales and Marketing Chad Yeftich Role: Vice President Corporate Development and External Affairs For
more information on our Corporate Governance framework, please refer to our Corporate Governance Statement. Sustainability Report 2024 19
Our corporate policies Ioneer maintains a comprehensive set of policies that define the expectations for our directors, employees, and supply chain partners. These
policies are regularly reviewed by the relevant Board committees to ensure they align with emerging laws, regulations, and best practices. A snapshot of key policies is provided below: Anti-bribery and Corruption Policy Details Ioneer’s
responsibilities, and the responsibilities of those working for us or on our behalf, in observing and upholding our position on bribery and corruption. Community, Indigenous Peoples and Tribal Nations Policy Details the Company’s commitment
to develop mutually beneficial relationships with local communities, Indigenous Peoples and tribal nations through open engagement and active involvement in the areas in which we operate. Environmental Policy Outlines our dedication and
commitment toward conserving, respecting, and caring for our environment, and its communities. All employees, contractors, and consultants are expected to abide by the policy and applicable legal requirements and standards in our efforts of
protecting our biodiverse environments. Equal Employment Opportunities and Child Labor Policy Highlights our commitment to provide equal employment opportunities to all employees and applicants for employment without regard to race, color,
religion, sex, sexual orientation, gender identity, pregnancy, national origin, age, disability, genetic information, marital status, veteran status or any other basis protected by regulation where the Company operates. Harassment in the
Workplace Policy Highlights our zero-tolerance policy for any form of harassment whether sexual or discriminatory in the workplace Human Rights Integrated Policy Developed in alignment with the UN Guiding Principles on Business and Human
Rights (UNGPs) and TSM Initiative Indigenous and Community Relationships Protocol to uphold ethical standards and respect human rights across our organisation. Supplier Code of Ethics Policy Developed to guide our suppliers to operate in a
socially responsible manner, fostering long-term benefits for the communities where we operate, building and maintaining trust, and creating value for all stakeholders and rightsholders. Whistleblower Policy Sets out the processes
established by Ioneer for reporting unethical or unlawful behavior, and other reportable conduct, its investigation process, and how Ioneer will support and protect persons who make a report under the Policy. Diversity Policy Endeavours to
create a diverse work environment in which everyone is treated fairly and with respect and where everyone feels responsible for the reputation and performance of the Company. Please refer to https://www.ioneer.com/about/corporate-governance/
to view our corporate policies and charters. Risk oversight We recognise that effective management of risk is essential for the achievement of our corporate strategy. Our risk management framework aids in identifying, prioritising, and
mitigating current and potential risks to the company, such as strategic, governance, people, project, and construction. Environmental and climate change risks are evaluated as a part of governance risks. In addition, emerging risks in each
category are monitored due to the potential of massive economic loss. An emerging risk is a risk that is evolving in areas and ways where the body of available knowledge is weak. To effectively manage these risks, ultimate responsibility for
risk management at Ioneer rests with the Board. Each of the Board’s standing Committees plays a role in supporting the Board to discharge its responsibilities regarding risk management. The Audit & Risk Committee assists the Board in its
oversight of the Company’s risk management framework, including the management of material business risks. The risk management framework is regularly reviewed by the Audit & Risk Committee to ensure that it is appropriate to Ioneer’s
business operations, and in line with the risk appetite set by the Board. ioneer 20
Sustainability governance Sustainability is fundamental to our business strategy and governance. The Environmental, Health, Safety, & Sustainability (EHSS)
Committee holds ultimate responsibility for overseeing sustainability efforts. This Committee monitors performance and risk management in areas including health, safety, well-being, environmental impact (such as climate action and waste
management), community and social engagement, human rights, and security. It also reviews commitments to Indigenous rights and engagements. The EHSS Committee is comprised of the following Board members: Rose McKinney James (chair) James
D. Calaway Margaret R. Walker During the FY2024, the EHSS Committee held four meetings. Details on the topics discussed, qualifications and attendance of EHSS members can be found in the Directors’ Report of the Annual Report. The EHSS
Charter is reviewed annually to ensure it remains aligned with the organisation’s evolving needs. Details on the topics discussed can be viewed in the Quarterly Activities Report. Key items and actions that occurred in FY2024 included
advances in permitting environmental compliance activities, community and tribal engagements, the development of Occupational Safety and Health Administration (OSHA) and Mine Health and Safety Association (MSHA) Safety management plans,
Tiehm’s Buckwheat Conservation Center developments, the addition of a 3rd board member to the Committee, and the review and revision of the Committee Charter, Sustainability-linked remuneration Ioneer is committed to recognising the
achievements and efforts of our Board, executive leadership, senior management, and employees through a robust remuneration framework. This framework rewards contributions to operational, financial, and ESG objectives while supporting the
growth of our leadership team. Our remuneration framework is based on the following key principles: Attract, retain and motivate our employees and leaders by providing remuneration packages that align with shareholder interests, are
equitable, and externally competitive; Provide a remuneration balance weighted towards risk and return to align with shareholders; Clearly align short and long-term objectives to financial awards; Ensure fairness and appropriateness in
relation to the performance of the Company and stakeholder expectations; Grant equity-based remuneration during the Company’s development phase to conserve cash; and Comply with all relevant legal requirements. The Nomination &
Remuneration Committee supports the Board in overseeing, guiding, and making recommendations on remuneration matters. All Ioneer employees are eligible to participate in the short-term incentive plan (STIP) on an annual basis, with
performance evaluated against clear goals and objectives set at the start of each fiscal year. Sustainability measures are incorporated into the STIP. For example, in FY2024, initiatives related to Sustainability, and Environmental
Stewardship such as permitting, Tiehm’s buckwheat conservation and propagation, water stewardships items, and development of sustainability governance structures accounted for 30% of all short-term incentives. The Capitalize (LTIP) is
designed for senior-level roles or critical individual contributors, where performance is assessed against organisational objectives and targets. Sustainability performance made up 19% in the LTIPs scorecard. Our approach to business ethics
and corruption At Ioneer, we are committed to ensuring that our workforce, contractors, and stakeholders embody our dedication to ethical conduct, compliance with laws and standards and sustainable practices. Our Code of Conduct and
Anti-Bribery & Anti-Corruption Policy reinforce our commitment to maintaining the highest levels of integrity and ethical standards throughout our business. These policies, endorsed by the Board and reviewed annually, are mandatory for
all contractors, employees, and stakeholders to review and follow. Additionally, our Supplier Code of Ethics requires our third-party suppliers, contractors, and consultants to adhere to the same ethical principles while supporting the
development and operations of the Rhyolite Ridge Project. We provide formal training on our Anti-Bribery & Anti- Corruption Policy to all new employees, and we require all suppliers and third parties to align with our zero-tolerance
stance on bribery and corruption by reviewing and complying with the policy. Sustainability Report 2024 21
Our people We are dedicated to creating a workplace where every team member feels valued, safe, and empowered every day. We support career development through on the
job learning, training opportunities and skills development. We value all our employees and offer competitive wages and benefits to ensure our talent feels recognised. Talent attraction, development and retention Ioneer recognises the
importance of attracting, engaging, and retaining top talent to ensure long-term success and sustainability. We believe that cultivating a corporate culture that encourages excellence and supports employees in achieving their personal and
professional development goals is essential for meeting our organisational objectives. This focus is particularly crucial for managing potential challenges related to attracting qualified candidates in rural areas and mitigating increased
attrition. ioneer 22
We provide fair, competitive, and equitable compensation, including both base and variable pay, to all our employees. Each year, our human resources team reviews
employee base salaries to ensure they are competitive within the market and exceed living wage standards. Adjustments are made as needed to align with industry benchmarks and individual performance. As outlined in the “Sustainability- Linked
Remuneration” section of this report, all employees are eligible to receive variable compensation through our STIP, with targets based on industry benchmarks and data from various roles across our organisation. Senior-level roles and key
contributors are also eligible to participate in our LTIP. Our employees are not subject to a collective bargaining agreement. Throughout the reporting period, we concentrated on developing a comprehensive workforce plan that forecasts the
required full-time equivalents (FTEs) and roles to support our future operational and strategic growth. This forecast is carefully designed based on anticipated future workforce needs, enabling us to proactively plan for market demands,
support the upskilling of our workforce, and create competitive compensation packages to attract and onboard the necessary talent to fill any identified gaps. Being a member of a start-up organisation and part of the energy transition can
heighten concerns about employment security. To address this apprehension and attract strong talent during our development phase,Ioneer implemented a three-month notice period. This notice period allows us to support our employees during a
start-up period that can be viewed as a time of uncertainty. This bespoke approach also reflects our efforts to understand employee needs as circumstances dictate and balance those needs with the needs of the business. As the Project
progresses and Ioneer operations grow, unique approaches such as this notice period will likely no longer be necessary. In 2024, we developed a draft Talent Acquisition Plan, which is meant to guide the growth of our team through the future
construction and operations phases of the Project. This plan outlines key aspects such as the critical skills required for specific roles, labor supply analysis by jurisdiction, diversity objectives, work schedules, workforce commuting
support, resettlement assistance, compensation, team culture, recruitment strategies, and more. Workforce diversity In 2023, Ioneer set a gender diversity target for our workforce of 30% for the following three reporting periods. Since
2022, we have exceeded this target, year after year. Male • Female Male • Female Male • Female Workforce Gender Diversity 2022 Workforce Gender Diversity 2023 Workforce Gender Diversity 2024 57% 43% 54% 46% 55% 45% In 2024,
66% of our senior managers identified as female. Sustainability Report 2024 23
Employee engagement To date, we have conducted two employee engagement surveys, Culture Survey of 2022, and the Pulse Check- in Survey of 2023. The results of each
survey have been released to our employees for transparency and have resulted in the development of our People Pledge, depicted on page 3. Employee training and upskilling In 2024, Ioneer concentrated on creating the first draft of our
Training & Development Policy to support the Rhyolite Ridge project as it transitions into the construction phase and begins operations. This policy covers key areas such as required job skills and future development needs. Additionally,
our annual performance reviews focus on setting development goals for the coming year. These goals often include participating in training sessions for skill enhancement, fostering future growth, and encouraging continuous education. In the
2022 Culture Survey, 72% of our staff answered YES, when asked if they are working toward developing skills and abilities on a regular basis within their roles, outlining that they are supported by their teams to allow for professional and
personal development. Health, safety and well-being Our culture is founded on the core values of inclusion, integrity, collaboration, transparent communication, and a strong drive to deliver innovative results. At Ioneer, we are dedicated
to: Ensuring a healthy and safe workplace for employees, contractors, and business partners to minimise incidents and accidents and eliminate serious injuries. Fostering a diverse and inclusive work environment that mirrors the communities
in which we operate, supporting equal opportunities for success and growth, and maintaining a zero-tolerance policy for biased or unethical behavior. The EHSS Committee provides guidance that drives all safety- related processes and
practices at Ioneer. This Committee is responsible for addressing health and safety incidents, system failures, and operational concerns, as well as for the development, review, and approval of safety procedures and policies related to the
Rhyolite Ridge project. ioneer 24
Benefits and well-being We deeply care for the physical and emotional well-being of our employees. We do so by providing our employees competitive healthcare
benefits, paid time off, and retirement savings investment accounts. All full-time employees are eligible to enroll in group medical, dental, vision, life, and long-term disability benefits, and for their dependents, beginning on their first
day of the month after employment of employment at Ioneer. Our voluntary 401K plan is available to our U.S. based full-time employees, in which Ioneer matches contributions for up to 5% of earnings. Benefits begin the first day of the month
after employment. Through our primary health care provider strong support is provided for virtual, and out-patient mental health and substance abuse disorders. Ioneer’s suite of health and wellness programs also includes and Employee
Assistance Program, through another insurance provider that includes help at no cost for confidential emotional counseling, work-life solutions, financial resources, identity theft services, legal guidance and online will preparation. Per
our time-off policy, we offer our full-time employees vacation time based on experience and years of service, in addition to a sick-time package upon hire. Our employees are eligible for a remote working arrangement if agreed upon with the
hiring manager or situational circumstances. Health and safety Health and safety are critical priorities for Ioneer, essential not only to our organisation but to the entire industry. We are committed to ensuring that all our employees –
full-time, part-time, and contract – return safely to their families. We are pleased to report zero injuries or lost time over the 57,642 hours worked by our full-time employees. To support this commitment, we have established a Safety
Committee composed of members from various departments. We also conduct a series of “lunch and learn” sessions throughout the year, covering topics such as Situational Awareness. In 2024, we began drafting our Safety Management System to
document our health and safety protocols, processes, and governance. Additionally, we are developing a Crisis Management program to guide our response to emergency scenarios and ensure prompt, effective action. Within the reporting year, our
employee’s participated in both online and in-person safety-related training sessions equating to over 20 hours. Such topics within these training sessions included: Working at Heights Safe Driving Bloodborne Pathogens Workplace
Violence Fire Prevention Corporate Policies (Supply Chain Code of Ethics) Environmental Awareness and Compliance (incl. Spill prevention and Control, Hazardous Waste, etc.) Material Handling 2024 health and safety metrics: 20 hours of
health and safety related training undergone by our FTEs 0 Lost time 0 Near misses 1 Instance with a contractor requiring medical treatment 1 Instance of property damage (minor scratches to company vehicle) Prevention of child and forced
labor across our value chain Ioneer firmly condemn any forms of human rights violations, including modern slavery, child labor, and forced labor, both within our own operations and among our suppliers. According to our Supplier Code of
Ethics, all suppliers are required to adhere to the International Labor Organization’s (ILO) Declaration of Fundamental Principles and Rights at Work. In accordance with the TSM Guiding Principles, suppliers must not participate in, or
support forced or child labor practices. Sustainability Report 2024 25
Environmental stewardship The environment and its ecosystems are crucial to sustaining life on Earth. As an organisation, we are dedicated to safeguarding their
health, preserving natural spaces, and supporting biodiversity, as outlined in our sustainability strategy. We are committed to environmental stewardship across all our operations. Our efforts are focused on identifying initiatives to
reduce greenhouse gas emissions, improve energy efficiency, use water more effectively, and conserve biodiversity throughout the operational phase. We are working to establish the ISO 14001 Environmental Management System for our
operation. Water and effuents Water and effuents were identified as a material topic to our organisation in 2024, highlighting our critical role in managing current and future risks, opportunities, and impacts related to water resources.
Although the Rhyolite Ridge Project is not yet operational, we are actively planning and enhancing our team’s skills in effective water stewardship and management. We are integrating advanced water management and efficiency practices into
the Project, to maximise recycling while seeking opportunities to minimise our use of water. We recognise that water in Esmeralda County is not only a vital input for our operations but also a precious resource shared by local communities
for agriculture, flora, fauna, and all that call earth home. Our EHSS Committee and Operations team oversees our water stewardship practices, facilitating collaboration with local rightsholders and a broad range of stakeholders. They help
forecast future water demands, assess potential impacts from jurisdictional regulations, and stay compliant with federal legislation. Our Operations department, along with the Board and Committee members, work together to minimise impacts on
both surface and groundwater resources and ensure land reclamation meets regulatory standards as outlined in our Environmental Policy. The Rhyolite Ridge Project is engineered as a zero-discharge facility; meaning no water impacted by our
operation will be released to the environment. All water used for processing or that contacts mined materials will be maintained in liners and or engineered containments structures designed, operated and monitored in compliance with State of
Nevada and federal regulation. The Project features no evaporation ponds or tailings ponds which minimises our evaporative sources that are typical of other similar operations. Instead, the Spent Ore Storage Facility is designed as a “dry
facility,” yet, equipped with liners, seepage collection systems, and leak detection systems to manage and collect precipitation that falls on the facility. Throughout the Project design, multiple water diversion and management structures
are included to divert non-contact water around facilities and minimise volumes of contact water requiring management. Committed to continuous improvement in water stewardship, our teams strive to enhance water recycling rates, raise
awareness about water resource protection, and boost efficiency as part of our annual capital allocation planning. We assess all water-related impacts, risks, and opportunities annually within in our risk management process, aligning them
with our water management plans and Water Pollution Control Permit. Water-related metrics*: 50% anticipated annual water recycling rate 5 million m3 anticipated annual water consumption 56.8% cooling water 33% crystalline water in final
product and spent ore 9.6% evaporative loss * The above water-related metrics are hypothetical estimates based on a business as usual (“BAU”) scenario for when the project is fully operational. Biodiversity and land use Biodiversity and
land use have been integrated into Ioneer’s planning process as we are going through our permitting process. Through construction and as we commence mining activities it will be integral to our operations. Mining operations are disruptive by
their very nature to natural habitats. Through careful planning and implementation, these effects can be minimised to the maximum extent practicable and mitigated through thoughtful implementation of state-of-the-art monitoring and
reclamation actions. This proactive approach supports long-term operational success and fosters the achievement of Ioneer’s commitment to environmental stewardship and corporate responsibility. ioneer 26
During the planning and permitting phase of the Rhyolite Ridge Project, Ioneer has developed specific measures to avoid, minimise, and compensate for unavoidable
project effects to natural resources and biological diversity, in cooperation with federal, state, and local regulatory authorities and land management agencies. Our operations intersect with the habitat of Tiehm’s buckwheat, an endangered
species listed by the U.S. Department of Fish and Wildlife in January 2023. The table below provides a summary of the identified actions and the timing of their implementation relative to the Project’s life
cycle. Action Planning Construction & Operation Reclamation & Closure General Baseline Biological Survey and Inventory x Demographic Studies of Tiehm’s Buckwheat x x x Golden Eagle Surveys x x Bighorn Sheep Monitoring
(funding to NDOW) x Water Development Project for Bighorn and other Wildlife (funding to NDOW) x x Spring and Seep Monitoring and Mitigation – provide replacement water for sites impacted x x Concurrent Reclamation
Program x x Enhanced Pollinator Reclamation in critical habitat x x Lighting Management Plan to minimise impacts to pollinators and reduce overall light effects x x x Lighting Plan Audits x Light monitoring in critical habitat
for Tiehm’s buckwheat x x Noise monitoring in Critical Habitat for Tiehm’s buckwheat x Dust Monitoring in Critical Habitat for Tiehm’s buckwheat x Access Control within Critical Habitat for Tiehm’s buckwheat x s Ex-Situ Conservation
Planning for Tiehm’s buckwheat including seed collection, propagation, transplant studies, and scientific research x x x Noxious and Invasive Species Control Program Throughout the Project Area Insect Pollinator Monitoring in Tiehm’s
buckwheat critical habitat x x Bird and Bat Management Plan that includes x Pre-disturbance clearance surveys for Tiehm’s buckwheat within critical habitat prior to clearing activities x Securing water resources that for project
operations that does not add to existing groundwater uses but replaces them to result in no net increase in water use from Fish Lake Valley x To aid in the conservation of Tiehm’s buckwheat, we have established a Conservation Centre
dedicated to seed collection and germination efforts, aiming to support population growth within our project area and enhance germination rates. Sustainability Report 2024 27
Over the reporting year we have: Collected 11,600 seeds Cold stratified 1,062 seeds, producing 208 new seedlings to date, which corresponds to a 20% germination
rate Over the spring season we conducted a Golden Eagle Survey discovering an occupied nest (with an eaglet) within two miles of the Rhyolite Ridge project. Since then, we have developed a one-mile buffer zone around the nest, where no
activities of any kind may occur within the zone. Through ongoing monitoring and evaluation, we will ensure that no activities commence within the area until all occupants have left the nest for a set timeframe. Climate change We intend to
play a key role in global decarbonisation efforts. Lithium, a crucial resource which we aim to produce at our facilities, to support the transition to electric vehicles and sustainable mobility. In line with our sustainability strategy and
our goal of achieving Level A status as a TSM partner, we are committed to integrating climate mitigation and adaptation measures across all our offices and facilities. The Rhyolite Ridge facility will feature a unique closed-loop design for
energy optimisation and efficiency. Through our unique electricity generation process, 94% of the electricity produced will be through a steam turbine associated with our on-site sulfuric acid process and waste heat bypass. The remaining 6%
of power will be derived from onsite diesel generators. This near-closed loop system enhances operational resilience, reduces GHG emissions, and decreases our reliance on the local electrical grid. In 2024, Ioneer conducted a GHG emission
quantification exercise to assess emissions from our construction and operational phases. This analysis revealed that most of our emissions come from the operational processing phase, leading us to explore various decarbonisation strategies
for reducing both direct emissions (Scopes 1 and 2) and indirect emissions (Scope 3) in our value chain. Ioneer identified short-term decarbonisation levers with high suitability and readiness such as small-scale carbon capture and storage,
and opportunities in development of sustainable supply chains. Medium-term opportunities include alternative fuel for vehicles. These opportunities will help shape our climate plan, which is currently being developed, focusing on high- impact
and effective abatement strategies. Particulate matter is also a critical aspect of our onsite air quality improvement efforts. Vehicle and dust emissions, including SO2 and NOx impact local air quality for residents, communities and
ecosystems broadly. The Ioneer EHSS team is evaluating technologies and practices to be integrated into the construction and operational phase of the Rhyolite Ridge Project, with the goal of reducing all emissions. As we work towards the
next steps of building out our climate plan, Ioneer has also identified the importance of integrating climate-related risks into our company risk management framework, and the development of a comprehensive climate resiliency plan to support
the construction and operational phases of the project. Our sustainable procurement strategy will aid in abating indirect emissions (Scope 3) associated with our suppliers and encourage change on a broader scale. Our EHSS Committee drives
our efforts towards climate mitigation and resiliency. The Committee leads Ioneer’s climate resiliency planning and reporting efforts, including alignment with emerging regulations. Ioneer aims to align its reporting frameworks with the
International Sustainability Standards Board (ISSB) IFRS S2 – Climate-related Disclosures. ioneer 28
Partnering with communities Engaging with local communities and Indigenous Peoples is vital for building trust and transparency, fostering positive relationships
between Ioneer and the local communities. Through consistent engagement, we gain a deeper understanding of their needs, concerns, and expectations, ensuring that our projects align with their interests and values. Gaining community support is
essential for obtaining and maintaining our social license to operate. Local communities and indigenous peoples Our materiality assessment revealed that engagement with indigenous and local communities is a critical aspect of our business.
Therefore, we are committed to advancing our relationships with these stakeholders through consultations, fostering trust with transparency and action, and creating shared long-term economic and social value in the communities where we
operate. We prioritise supporting the local economic development of local and tribally owned businesses, ensuring that all communities, stakeholders, benefit from the Project’s success. Through our Stakeholder Engagement Plan, we engage
directly with local tribal nations via council meetings, fundraisers, and community events, and indirectly through interactions with the BLM and tribal governments as part of the NEPA review process. Communities are encouraged to use Syntrio,
our grievance reporting hotline, as detailed in the Stakeholder Engagement section of our report. Our VP of External Affairs oversees our strategy and governance related to indigenous and local communities, focusing on consultation,
relationship building, employment, and investment opportunities. Grievances are addressed promptly through the TSM grievance mechanism and framework. The VP of External Affairs manages relationships with local communities and tribal nations
in accordance with our Community, Indigenous Peoples, and Tribal Nations policy. We are dedicated to making a meaningful, positive impact through engaging with the communities where we operate. The Rhyolite Ridge Project is located within
the territory of the Northern Paiute, and Western Shoshone tribal communities. In 2024, Ioneer actively engaged with Tribal Nations through council meetings, department-specific meetings and scheduled events such as the Inter-Tribal Council
of Nevada (ITCN) Tribal Leadership Conference, the Reservation Economic Summit, and the Fallon-Paiute Earth Day event. Over the course of the reporting year, Ioneer donated health and safety equipment to local community centers and fire
departments (e.g. AEDs), in addition to technology such as televisions and video conferencing equipment for use within the community which also allows for remote training and certification for local emergency responders. Sustainability
Report 2024 29
Through consistent engagement with local communities and their elected representatives, four elected government bodies including 3 separate County Commissions provided
letters of support for the Rhyolite Ridge Project during the Draft EIS Comment Period in 2024. Ioneer and Esmeralda County reached a road maintenance agreement whereby Ioneer will be responsible for upgrading and for providing ongoing
maintenance of the Project’s access road which is a County owned BLM Right-of-way. Ioneer also provided resources for an independent expert to conduct an emergency services assessment. The report was finished in early 2024 and outlines
strategies and recommendations for how Ioneer can support local emergency responders once construction activities commence. Ioneer is committed to nurturing the ambitions, education, and professional development of the next generation of
leaders who share our vision for global energy transition and decarbonisation. Since 2020, we have invested over $35,000 in scholarships through the Sustainable World Scholarship Program to support high school graduates. In the reporting
year, we awarded scholarships to five outstanding recipients from institutions including Montana Western, Western Welding Academy, University of Nevada Reno, and Hastings College. Since the Sustainable World Scholarship Program was
initiated in 2020, Ioneer has provided scholarships to 13 individuals from nearby communities, and six have graduated with degrees in their chosen fields which include four bachelor’s degrees, one associate’s degree, and one vocational
certificate. Economic impact The Rhyolite Ridge Project will not only boost the U.S. supply of critical minerals like lithium and boron but is also expected to revitalise the local economy. Once the Project is fully operational, we
anticipate: Pay US$22.5 million annually in net proceeds on mineral taxes to Esmeralda County, local School districts and the State of Nevada; Provide 1,346 employment opportunities (direct, indirect and induces) for local
communities; Supply over US$60.4 million USD in local salaries; Support local economic development through a total output of US$579 million; and Provide charitable donations ranging from US$100,000 to $250,000 annually. * All metrics
above were developed in a medium-case BAU scenario ioneer 30
GRI content index Statement of use ioneer has reported the information cited in this GRI content index for the period of July 1, 2023, to June 30, 2024 with
reference to the GRI Standards. GRI 1 Used GRI 1: Foundation 2021 Universal standards 2021 Disclosure 2021 GRI Standard Number Disclosure Title GRI 2: General Disclosures 2021 2-1 Organisational details Ioneer at a
Glance Headquarters: Nevada, USA Page 02 GRI 2: General Disclosures 2021 2-2 Entities included in the organisation’s sustainability reporting About this Report Page 01 GRI 2: General 2-3 Reporting period, frequency, About this
Report Page 01 Disclosures 2021 and contact point Publication Date: September 18, 2024 GRI 2: General Disclosures 2021 2-4 Restatements of information Not applicable GRI 2: General Disclosures 2021 2-5 External
assurance Sustainability Report 2024 has not been externally assured Page 02 Activities and workers GRI 2: General Disclosures 2021 2-6 Activities, value chain, and other business relationships Ioneer at a Glance Page 02 GRI 2:
General Disclosures 2021 2-7 Employees Talent Attraction, Development, and Retention Page 22 Contextual information: GRI 2: General Disclosures 2021 2-8 Workers who are not employees Location Page Number The organisation and its
reporting practices Sustainability Report 2024 31
2021 GRI Standard 2021 Disclosure Number Disclosure Title Location Page Number Governance GRI 2: General Disclosures 2021 2-9 Governance structure and
composition Corporate Governance and Integrity For more information on our governance structure, please refer to our Corporate Governance Statement Pages 16-21 structure, please refer to our Corporate Disclosures
2021 remuneration 2-10 Nomination and selection of the highest governance body Corporate Governance and Integrity 2024 Annual Report GRI 2: General 2-11 Chair of the highest Corporate Governance and Integrity Page 16 Disclosures
2021 governance body For more information on our governance structure, please refer to our Corporate Governance Statement GRI 2: General Disclosures 2021 2-12 Role of the highest governance body in overseeing the management of
impacts Corporate Governance and Integrity For more information on our governance Pages 16-17 Governance Statement GRI 2: General Disclosures 2021 2-13 Delegation of responsibility for managing impacts Sustainability Governance Page
21 GRI 2: General 2-14 Role of the highest governing Sustainability Governance Disclosures 2021 body in sustainability reporting https://www.ioneer.com/wp-content/ uploads/2024/06/12.-INR-EHSS-Committee- Charter-May-2024.vF_.pdf GRI
2: General 2-15 Collective knowledge of the Corporate Governance and Integrity Disclosures 2021 highest governance body For more information, please refer to our Corporate Governance Statement GRI 2: General Disclosures
2021 2-16 Commincations of Critical Concern Corporate Governance and Integrity GRI 2: General 2-17 Collective knowledge of the Corporate Governance and Integrity Disclosures 2021 highest governance body For more information, please
refer to our Corporate Governance Statement GRI 2: General 2-18 Evaluation of the performance of Corporate Governance and Integrity Disclosures 2021 the highest governance body For more information, please refer to our Corporate
Governance Statement GRI 2: General 2-19 Remuneration policies Sustainability-linked Remuneration Disclosures 2021 For more information, please refer to Annual Report (Director’s Report on Remuneration) GRI 2: General 2-20 Process to
determine Sustainability-linked Remuneration For more information, please refer to Annual Report (Director’s Report on Remuneration) ioneer 32
2021 Disclosure 2021 GRI Standard Number Disclosure Title Location Page
Number Strategy, policies and practices GRI 2: General 2-21 Disclosures 2021 N/A GRI 2: General 2-22 Disclosures 2021 Statement on sustainable development strategy Message from the Leadership Team Pagse 06-07 GRI 2: General
2-23 Policy commitments Our Corporate Policies Pages 20-21 Disclosures 2021 Risk Oversight Our Approach to Business Ethics and Corruption GRI 2: General 2-24 Disclosures 2021 Embedding policy commitments Our Corporate Policies GRI
2: General 2-25 Processes to remediate Stakeholder Engagement Pages 08-15 Disclosures 2021 negative impacts Risk Oversight GRI 2: General 2-26 Mechanisms for seeking advice Stakeholder Engagement Pages 08-15 Disclosures 2021 and
raising concerns Risk Oversight GRI 2: General 2-27 Disclosures 2021 Compliance with laws and regulations Zero cases of instances of non-compliance GRI 2: General 2-28 Disclosures 2021 Membership associations Not
applicable Stakeholder engagement GRI 2: General Disclosures 2021 2-29 Approach to stakeholder engagement Stakeholder Engagement Pages 09-11 GRI 2: General Disclosures 2021 2-30 Collective bargaining agreements Not
applicable Disclosures on material topics GRI 3: Material Topics 2021 3-1 Process to determine material topics Our Material Topics Pages 12-13 GRI 3: Material Topics 2021 3-2 List of material topics Our Material Topics Page
12 Sustainability Report 2024 33
Topic-specific disclosures 2021 Disclosure 2021 GRI Standard Number
Disclosure Title Location Page Number Priority topic: energy and emissions Emissions 2016 Emissions GRI 3: 3-3 Management of material topics Our Material Topics Pages 22-30 Material Topics 2021 Climate Change GRI 305: Emissions
2016 305-1 Direct (Scope 1) GHG emissions Please note that the Rhyolite Ridge project is currently not operational. Hence, we are not monitoring our greenhouse gas emissions. We will report our emissions inventory once we start
operations GRI 305: Emissions 2016 305-2 Energy indirect (Scope 2) GHG emissions Please note that the Rhyolite Ridge project is currently not operational. Hence, we are not monitoring our greenhouse gas emissions. We will report our
emissions inventory once we start operations GRI 305: Emissions 2016 305-3 Other indirect (Scope 3) GHG emissions Please note that the Rhyolite Ridge project is currently not operational. Hence, we are not monitoring our greenhouse gas
emissions. We will report our emissions inventory once we start operations Page 28 GRI 305: Emissions 2016 305-4 GHG emissions intensity Climate Change Page 28 GRI 305: 305-5 Reduction of GHG emissions Climate Change Page
28 Please note that the Rhyolite Ridge project is currently not operational. Hence, we are not monitoring our greenhouse gas emissions as well as impact of emissions reduction initiatives. At this stage, we are working to create a
decarbonisation plan, to be implemented in the operational phase. A high-level snapshot of our planned initiatives is provided ioneer 34
Water GRI 3: 3-3 Management of material topics Our Material Topics Pages Material Topics 2021 Water and Effluents 12-13, 26 GRI 303: Water and Effluents
2018 303-1 Interactions with water as a shared resource Water and Effluents Page 26 GRI 303: Water and Effluents 2018 303-5 Water consumption Water and Effluents Page 26 Biodiversity GRI 304: 3-3 Management of material
topics Our Material Topics Pages 12-13, Biodiversity 2016 Biodiversity and Land Use 26-27 GRI 304: Biodiversity 2016 304-2 Significant impacts of activities, products and services on biodiversity Biodiversity and Land Use Pages
26-27 Employment GRI 3: 3-3 Management of material topics Our Material Topics Pages 12-13, Material Topics 2021 Our People 22-25 GRI 401: Employment 2016 401-1 New employee hires and employee turnover Talent Attraction,
Development, and Retention Pages 24-25 GRI 401: Employment 2016 401-2 Benefits provided to full-time employees that are not provided to temporary or part time employees Health Safety and Well-Being Pages 24-25 Training and
education GRI 3: 3-3 Management of material topics Our Material Topics Pages 12-13, Material Topics 2021 Our People Pages 22-25 GRI 404: Training and Education 2016 404-1 Average hours of training per year per employee Talent
Attraction, Development, and Retention Pages 12-13, and 22-25 2021 Disclosure 2021 GRI Standard Number Disclosure Title Location Page Number Priority topic: water and effluents Priority topic: biodiversity and land-use Priority
topic: talent retention, development and attraction Sustainability Report 2024 35
GRI 3: Material Topics 2021 3-3 Management of material topics Our Material
Topics Health, Safety, and Well-being Pages 24-25 GRI 403: 403-1 Occupational health and safety Health, Safety, and Well-being Pages 24-25 Occupational Health management system and Safety 2018 GRI 403: 403-4 Worker
participation, Health, Safety, and Well-being Pages 24-25 Occupational Health consultation, and and Safety 2018 communication on occupational health and safety GRI 403: 403-5 Worker training on Health, Safety, and Well-being Pages
24-25 Occupational Health occupational health and safety and Safety 2018 GRI 403: 403-9 Work-related injuries Health, Safety, and Well-being Pages 24-25 Occupational Health and Safety 2018 GRI 403: 403-10 Work-related ill
health Health, Safety, and Well-being Pages 24-25 Occupational Health and Safety 2018 2021 Disclosure 2021 GRI Standard Number Disclosure Title Location Page Number Priority topic: local community Local Communities GRI
3: Material Topics 2021 3-3 Management of material topics Our Material Topics Partnering with Communities Pages 12-13, 29-30 GRI 413: Local Communities 2016 413-1 Operations with local community engagement, impact assessments, and
development programs Partnering with Communities Pages 12-13, 29-30 Occupational health and safety ioneer 36
Corporate directory Directors James D. Calaway Bernard Rowe Stephen Gardiner Alan Davies Rose McKinney-James Margaret R. Walker Executive Chair Managing
Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Company Secretary Ian Bucknell Offices Sydney (Registered Office) Level 16, 213 Miller Street North Sydney NSW 2060
Australia Telephone: Website: Email: Reno +61 (2) 9922-5800 www.ioneer.com info@ioneer.com 9460 Double R Blvd. Suite 200 Reno Nevada 89521 United States of America Share Registrar Boardroom Pty Limited Grosvenor Place Level 12, 225
George Street Sydney NSW 2000 Telephone: 1300 737 760 Sustainability Report 2024 37
ioneer