ioneer Ltd 6-K, filed Apr 4, 2025
ioneer Ltd (IONR)
6-K
2025-04-04
For: 2024-12-31
View Original
Added on
April 05, 2026
About this 6-K
ioneer Ltd filed this 6-K on April 4, 2025.
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
Date: April 4, 2025
Commission File Number: 001-41412
ioneer Ltd
(Translation of registrant’s name into English)
Suite 16.01, Level 16, 213 Miller Street
North Sydney, NSW 2060, Australia
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXHIBIT INDEX
The following exhibits are filed as part of this Form 6-K:
|
Exhibit
|
Description
|
|
|
Interim Financial Report for the Six Months ended December 31, 2024
|
||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
ioneer Ltd
|
|||
|
(registrant)
|
|||
|
Date: April 4, 2025
|
By:
|
/s/ Ian Bucknell | |
|
Name: Ian Bucknell
|
|||
|
Title: Chief Financial Officer & Company Secretary
|
|||
Exhibit 99.1
|
ioneer Limited
|
|
Contents
|
|
31 December 2024
|
|
Directors’ report
|
2
|
|
Auditor’s independence declaration
|
5
|
|
Interim condensed consolidated statement of profit or loss and other comprehensive income
|
6
|
|
Interim condensed consolidated statement of financial position
|
7
|
|
Interim condensed consolidated statement of changes in equity
|
8
|
|
Interim condensed consolidated statement of cash flows
|
9
|
|
Notes to the interim condensed consolidated financial statements
|
10
|
|
Directors’ declaration
|
16
|
|
Independent auditor’s review report to the members of ioneer Limited
|
17
|
1
|
ioneer Limited
|
|
Directors’ report
|
|
31 December 2024
|
The directors of ioneer Ltd present their report, together with the condensed consolidated financial statements of ioneer Ltd (‘ioneer’ or the ‘Company’) and its controlled entities (collectively the Group) for
the six months ended 31 December 2024 (‘half-year’) and the Auditor’s review report thereon. The financial statements are presented in US dollars.
Directors
The following persons were directors of the Company during the whole of the financial period and up to the date of this report, unless otherwise stated:
|
Mr. J.D. Calaway
|
Executive Chairman
|
|
Mr. B. Rowe
|
Managing Director
|
|
Mr. A. Davies
|
Non-executive Director
|
|
Mr. S. Gardiner
|
Non-executive Director
|
|
Ms. R. McKinney-James
|
Non-executive Director
|
|
Ms. M. Walker
|
Non-executive Director
|
Results and review of operations
The Group reported a consolidated comprehensive loss of $5.6 million for the half year ending 31 December 2024 (first half FY2024: $2.6 million loss).
Further details of the Group’s performance can be found in the ‘Summary of Performance and Financial Position’ review on page 3.
Principal activities
The principal activity of the Group continues to be the development of the Rhyolite Ridge Lithium-Boron Project (‘Rhyolite Ridge’ or ‘Project’) in Nevada, United States of America.
Rhyolite Ridge is one of the largest lithium and boron deposits in the world and has the potential to become a strategic, long-life source of lithium and boron. The Project is located close to existing
infrastructure and is well positioned to become a major US domestic lithium producer capable of supplying a meaningful portion of future American lithium demand. The Project received a positive Record of Decision (ROD) for the Project from the
Bureau of Land Management in October.
No significant change in the nature of these activities occurred during the half year.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the Group during the half year.
Matters subsequent to the end of the financial period
After the end of the financial period, on 20 January 2025, ioneer announced the signing of a US$996 million loan from the U.S. Department of Energy (DOE) Loan Programs Office (LPO) under the Advanced Technology
Vehicles Manufacturing (ATVM) program to support the development of an on-site processing facility at the Rhyolite Ridge Lithium-Boron Project in Esmeralda County, Nevada.
The directors are not aware of any other matter of material circumstance which has arisen since the end of the half year ending 31 December 2024 which would be expected to have a material effect on the financial
and operating performance or results of the Group.
Dividends
The directors have determined that there will be no dividend paid in respect of the half year ending 31 December 2024 (2023: $nil). No dividends have been proposed or paid since the start of the financial year.
Operating and financial performance
The operating and financial performance 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.
2
|
ioneer Limited
|
|
Directors’ report
|
|
31 December 2024
|
Summary of performance and financial position
|
Half year ended
|
Unit
|
31 Dec 2024
|
31 Dec 2023
|
% Change
|
||||||||||
|
Total operating cash flows
|
$'000
|
(4,038
|
)
|
(4,554
|
)
|
(11
|
%)
|
|||||||
|
Investing cash flows
|
$'000
|
(9,301
|
)
|
(20,376
|
)
|
(54
|
%)
|
|||||||
|
Financing cash flows - equity
|
$'000
|
(70
|
)
|
8
|
(975
|
%)
|
||||||||
|
Total cash decreased in the half year
|
(13,409
|
)
|
(24,922
|
)
|
||||||||||
|
Net loss after tax
|
$'000
|
(4,719
|
)
|
(2,747
|
)
|
72
|
%
|
|||||||
|
Balance as at
|
Unit
|
31 Dec 2024
|
31 Dec 2023
|
%
|
||||||||||
|
Cash
|
$'000
|
21,552
|
27,989
|
(23
|
%)
|
|||||||||
|
Capitalised exploration for period
|
$'000
|
10,618
|
19,959
|
(47
|
%)
|
|||||||||
|
Net assets
|
$'000
|
216,407
|
196,294
|
10
|
%
|
|||||||||
|
|
Unit
|
31 Dec 2024
|
31 Dec 2023
|
%
|
||||||||||||
|
Mineral Resource:
|
Measure and Indicated
|
mt
|
258.1
|
294.5
|
(12.0
|
%)
|
||||||||||
|
Inferred
|
mt
|
93.3
|
65.7
|
42.0
|
%
|
|||||||||||
|
Mineral Resource:
|
Total (1)
|
mt
|
351.4
|
360.2
|
2.0
|
%
|
||||||||||
|
(1)
|
Further detail on Mineral Resources and Ore Reserves can be found in the Group’s annual consolidated financial statements as at 30 June 2024.
|
The Group recorded a loss from ordinary activities for the period of $4.7 million (2023: loss $2.7 million).
The net assets of ioneer decreased slightly to $216.4 million as at 31 December 2024, from $218.2 million at 30 June 2024, due primarily to a lower cash balance offset by continued investment in the Rhyolite
Ridge asset and lower total liabilities.
Exploration and evaluation expenditure for the first half of FY2025 was $10.6 million (first half FY2024: $20.0 million) incurred advancing the permitting, funding and engineering of the Project.
Cash at 31 December 2024 was $21.6 million (30 June 2024: $35.7 million).
Highlights for the half year ended 31 December 2024
State & Federal permitting process
| ● |
The Bureau of Land Management (BLM) published the final Environmental Impact Statement (EIS) for the Rhyolite Ridge Lithium-Boron Project in September.
|
| ● |
Ioneer received its federal permit for the Rhyolite Ridge Project from the BLM in October, concluding the comprehensive formal federal permitting process, which began in early 2020.
|
Environmental
| ● |
Ioneer continued to maintain compliance with the issued State of Nevada Water Pollution Control and Class II Air Permits.
|
| ● |
Applications were submitted to modify both the State of Nevada Water Pollution Control and Class II Air Permits, to align them with the revised and approved, Mine Plan of Operations.
|
Geotechnical Drilling Program
| ● |
Results of the drilling program completed in early 2024, confirmed the importance of the “Shelf Zone” located in the southeast section of the South Basin deposit at Rhyolite Ridge. The Shelf Zone has a
high lithium grade, is shallow, flat lying to gently dipping, and lies completely outside of the Tiehm’s buckwheat critical habitat.
|
Engineering and Vendor Packages
| ● |
Engineering and vendor work will have minimal spend ahead of FID.
|
3
|
ioneer Limited
|
|
Directors’ report
|
|
31 December 2024
|
Corporate
| ● |
The EcoPro Lithium Clay R&D project has shown promising progress in the period. Lithium was successfully concentrated by testing various beneficiation methods to reduce sulfuric acid consumption, and
high lithium recoveries were achieved.
|
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 during the reporting period.
In September 2024, the U.S. Bureau of Land Management (BLM) published the final Environmental Impact Statement (EIS) for the Rhyolite Ridge Project. In October, the BLM issued a favourable Record of Decision
(ROD), authorizing the Project’s Plan of Operations and completing the National Environmental Policy Act (NEPA) process. As part of the Final EIS, the US Fish and Wildlife Service (USFWS) also formally released the Endangered Species Act
(ESA) Section 7 Biological Opinion, concluding ioneer’s Rhyolite Ridge Lithium-Boron Project will not jeopardize the ESA-listed Tiehm’s buckwheat or adversely modify its critical habitat. The issue of the ROD concludes the formal federal
permitting process, which began in early 2020.
Soon after the issue of the ROD, the Center for Biological Diversity (CBD) filed a federal lawsuit against the BLM decision. In November, ioneer filed a motion to intervene, which the court allowed in January
2025.
Ioneer continues to maintain compliance with the issued State of Nevada Water Pollution Control and Class 2 Air Permits. During the period, ioneer submitted applications to modify both the State of Nevada Water
Pollution Control and Class II Air Permits to align them with the revised, and approved, Mine Plan of Operations.
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.
Rounding of amounts
The Group is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to ‘rounding-off’. Amounts in this report have been rounded off
in accordance with that Corporations Instrument to the nearest thousand dollars, unless otherwise stated.
This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.
On behalf of the directors
|
|
|
|
James D Calaway
|
|
|
Chairman
|
|
|
19 February 2025
|
|
4
|
ioneer Limited
|
|
Auditor’s independence declaration
|
[This page has intentionally been left blank for the insertion of the auditor’s independence declaration]
5
ioneer Limited
Interim condensed consolidated statement of profit or loss and other comprehensive income
For the period ended 31 December 2024
| Note |
31 Dec 2024
|
31 Dec 2023
|
||||||||||
| $'000 | $'000 | |||||||||||
|
Revenue
|
||||||||||||
|
Finance income
|
6
|
|
|
|||||||||
|
Expenses
|
||||||||||||
|
Employee benefits expense
|
4 |
(
|
)
|
(
|
)
|
|||||||
|
Exploration expenditure written off
|
10
|
(
|
)
|
(
|
)
|
|||||||
|
Other expenses
|
5 |
(
|
)
|
(
|
)
|
|||||||
|
Finance costs
|
6
|
(
|
)
|
(
|
)
|
|||||||
|
Loss before income tax expense
|
(
|
)
|
(
|
)
|
||||||||
|
Income tax expense
|
|
|
||||||||||
|
Loss after income tax expense for the period attributable to the owners of ioneer Limited
|
(
|
)
|
(
|
)
|
||||||||
|
Other comprehensive income
|
||||||||||||
|
Items that may be reclassified subsequently to profit or loss
|
||||||||||||
|
Foreign currency translation
|
(
|
)
|
|
|||||||||
|
Other comprehensive (loss)/income for the period, net of tax
|
(
|
)
|
|
|||||||||
|
Total comprehensive loss for the period attributable to the owners of ioneer Limited
|
(
|
)
|
(
|
)
|
||||||||
|
Cents
|
Cents
|
|||||||
|
Basic earnings per share
|
(
|
)
|
(
|
)
|
||||
|
Diluted earnings per share
|
(
|
)
|
(
|
)
|
||||
The above interim condensed consolidated statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes
6
ioneer Limited
Interim condensed consolidated statement of financial position
As at 31 December 2024
| Note |
31 Dec 2024
|
30 Jun 2024
|
||||||||||
| $'000 | $'000 | |||||||||||
|
Assets
|
||||||||||||
|
Current assets
|
||||||||||||
|
Cash and cash equivalents
|
7
|
|
|
|||||||||
|
Receivables
|
8
|
|
|
|||||||||
|
Total current assets
|
|
|
||||||||||
|
Non-current assets
|
||||||||||||
|
Receivables
|
|
|
||||||||||
|
Property, plant and equipment
|
9
|
|
|
|||||||||
|
Right-of-use assets
|
|
|
||||||||||
|
Exploration assets
|
10
|
|
|
|||||||||
|
Total non-current assets
|
|
|
||||||||||
|
Total assets
|
|
|
||||||||||
|
Liabilities
|
||||||||||||
|
Current liabilities
|
||||||||||||
|
Payables
|
11
|
|
|
|||||||||
| Provisions |
12 |
|||||||||||
|
Borrowings
|
13
|
|
|
|||||||||
|
Lease liabilities
|
|
|
||||||||||
|
Total current liabilities
|
|
|
||||||||||
|
Non-current liabilities
|
||||||||||||
|
Lease liabilities
|
|
|
|
|||||||||
|
Total non-current liabilities
|
|
|
||||||||||
|
Total liabilities
|
|
|
||||||||||
|
Net assets
|
|
|
||||||||||
|
Equity
|
||||||||||||
|
Issued capital
|
14
|
|
|
|||||||||
|
Reserves
|
(
|
)
|
(
|
)
|
||||||||
|
Accumulated losses
|
(
|
)
|
(
|
)
|
||||||||
|
Total equity
|
|
|
||||||||||
The above interim condensed consolidated statement of financial position should be read in conjunction with the accompanying
notes
7
ioneer Limited
Interim condensed consolidated statement of changes in equity
For the period ended 31 December 2024
|
Issued
capital
|
Foreign currency
translation
reserve
|
Equity
compensation
reserve
|
Accumulated
losses
|
Total equity
|
||||||||||||||||
|
$'000
|
$'000
|
$'000
|
$'000
|
$'000
|
||||||||||||||||
|
Balance at 1 July 2023
|
|
(
|
)
|
|
(
|
)
|
|
|||||||||||||
|
Loss after income tax expense for the period
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
|
Foreign currency translation
|
|
|
|
|
|
|||||||||||||||
|
Total comprehensive income for the period
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
|
Fair value of performance rights exercised
|
( |
) | ||||||||||||||||||
|
Share based payments expensed/capitalised
|
|
|
|
|
|
|||||||||||||||
|
Fair value of unlisted options exercised
|
|
|
(
|
)
|
|
|
||||||||||||||
|
Share issue costs
|
(
|
)
|
|
|
|
(
|
)
|
|||||||||||||
|
Balance at 31 December 2023
|
|
(
|
)
|
|
(
|
)
|
|
|||||||||||||
|
Issued
capital
|
Foreign currency
translation
reserve
|
Equity
compensation
reserve
|
Accumulated
losses
|
Total equity
|
||||||||||||||||
|
$'000
|
$'000
|
$'000
|
$'000
|
$'000
|
||||||||||||||||
|
Balance at 1 July 2024
|
|
(
|
)
|
|
(
|
)
|
|
|||||||||||||
|
Loss after income tax expense for the period
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
|
Foreign currency translation
|
|
(
|
)
|
|
|
(
|
)
|
|||||||||||||
|
Total comprehensive income for the period
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||
|
Fair value of performance rights exercised
|
|
|
|
|
|
|||||||||||||||
|
Share based payments expensed/capitalised
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||
|
Balance at 31 December 2024
|
|
(
|
)
|
|
(
|
)
|
|
|||||||||||||
The above interim condensed consolidated statement of changes in equity should be read in conjunction with the accompanying
notes
8
ioneer Limited
Interim condensed consolidated statement of cash flows
For the period ended 31 December 2024
| Note |
31 Dec 2024
|
31 Dec 2023
|
||||||||||
| $'000 | $'000 | |||||||||||
|
Cash flows from operating activities
|
||||||||||||
|
Payments to suppliers and employees
|
$
|
(
|
)
|
(
|
)
|
|||||||
|
Net cash used in operating activities
|
(
|
)
|
(
|
)
|
||||||||
|
Cash flows from investing activities
|
||||||||||||
|
Payments for property,plant and equipment
|
|
(
|
)
|
|||||||||
|
Payments for exploration and evaluation
|
(
|
)
|
(
|
)
|
||||||||
|
Interest received
|
|
|
||||||||||
|
Net cash used in investing activities
|
(
|
)
|
(
|
)
|
||||||||
|
Cash flows from financing activities
|
||||||||||||
|
Proceeds from exercise of options
|
|
|
||||||||||
|
Share issue transaction costs
|
|
(
|
)
|
|||||||||
|
Repayment of leases
|
(
|
)
|
(
|
)
|
||||||||
|
Net cash from/(used in) financing activities
|
(
|
)
|
|
|||||||||
|
Net decrease in cash and cash equivalents
|
(
|
)
|
(
|
)
|
||||||||
|
Cash and cash equivalents at the beginning of the financial period
|
|
|
||||||||||
|
Effects of exchange rate changes on cash and cash equivalents
|
(
|
)
|
|
|||||||||
|
Cash and cash equivalents at the end of the financial period
|
7 |
|
|
|||||||||
The above interim condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes
9
|
ioneer Limited
|
|
Notes to the interim condensed consolidated financial statements
|
|
31 December 2024
|
Note 1. Corporate information
The interim condensed consolidated financial statements of ioneer Ltd and its subsidiaries (collectively the “Group” or the “Company”)
for the six months ended 31 December 2024 were authorised for issue in accordance with a resolution of the directors on 19 February 2025.
ioneer Ltd is a for profit company limited by shares and incorporated in Australia whose shares are publicly traded on the Australian
Securities Exchange (“ASX”) under the ticker code “INR”. The registered office of the Company is suite 16.01, 213 Miller Street, North Sydney, NSW 2060 Australia.
Note 2. Basis of preparation
These general purpose financial statements for the interim half-year reporting period ended 31 December 2024 have been prepared in
accordance with Australian Accounting Standard AASB 134 ‘Interim Financial Reporting’ and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International
Financial Reporting Standard IAS 34 ‘Interim Financial Reporting’.
The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. The Directors
consider that there are no material uncertainties that may cast significant doubt over this assumption. They have formed a judgement that there is reasonable expectation that the Group has adequate resources to continue in operational
existence for the foreseeable future, and not less than 12 months from the end of the reporting period.
These general purpose financial statements do not include all the notes of the type normally included in annual financial statements.
Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2024 and any public announcements made by the Company during the interim reporting period in accordance with the
continuous disclosure requirements of the Corporations Act 2001.
The consolidated financial statements are presented in USD, except where otherwise indicated.
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period,
unless otherwise stated.
New or amended Accounting Standards and Interpretations adopted
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.
The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position
of the Company.
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with
those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 30 June 2024. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not
yet effective.
Note 3. Operating segments
Description of segments
The Group 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. The following summary describes the operations in each of the Groups reportable
segments:
|
North America
|
Represents activity in the US, primarily in relation to Rhyolite Ridge and the Reno office.
|
|
Australia
|
Represents head office expenditure, exchange gains and losses and corporate assets (predominantly cash).
|
10
|
ioneer Limited
|
|
Notes to the interim condensed consolidated financial statements
|
|
31 December 2024
|
Note 3. Operating segments (continued)
The following table presents segment information for the six months ended 31 December 2024 and 2023, respectively:
| Segment information |
North America
|
North America
|
Australia
|
Australia
|
Total
|
Total
|
||||||||||||||||||
| (US$'000) |
31 Dec 2024
|
31 Dec 2023
|
31 Dec 2024
|
31 Dec 2023
|
31 Dec 2024
|
31 Dec 2023
|
||||||||||||||||||
|
Exploration and evaluation expenditure
|
||||||||||||||||||||||||
|
Exploration and evaluation expenditure - non-core
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||
|
Other expenses
|
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
Reportable segment profit/(loss)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
|
Employee benefits and other expenses
|
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
Net financing (expense)/income
|
|
|
|
|
|
|
||||||||||||||||||
|
Net loss before income tax
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
|
31 Dec 2024
|
31 Dec 2023
|
31 Dec 2024
|
31 Dec 2023
|
31 Dec 2024
|
31 Dec 2023
|
|||||||||||||||||||
|
$'000
|
$'000
|
$'000
|
$'000
|
$'000
|
$'000
|
|||||||||||||||||||
|
Segment assets
|
||||||||||||||||||||||||
|
Exploration and evaluation assets
|
|
|
|
|
|
|
||||||||||||||||||
|
Other assets
|
|
|
|
|
|
|
||||||||||||||||||
|
Total assets
|
|
|
|
|
|
|
||||||||||||||||||
|
Segment liabilities
|
||||||||||||||||||||||||
|
Payables
|
|
|
|
|
|
|
||||||||||||||||||
|
Provisions
|
|
|
|
|
|
|
||||||||||||||||||
|
Borrowings
|
||||||||||||||||||||||||
|
Total current liabilities
|
|
|
|
|
|
|
||||||||||||||||||
|
Payables
|
|
|
|
|
|
|
||||||||||||||||||
|
Total non-current liabilities
|
|
|
|
|
|
|
||||||||||||||||||
|
Total liabilities
|
|
|
|
|
|
|
||||||||||||||||||
|
Net assets
|
|
|
|
|
|
|
Note 4. Employee benefits expense
|
Half year ended
31 Dec 2024
|
Half year ended
31 Dec 2023
|
|||||||
| $'000 | $'000 | |||||||
|
Directors fees
|
|
|
||||||
|
Employee benefits expense
|
|
|
||||||
|
Share-based payments
|
|
(
|
)
|
|||||
|
|
|
|||||||
11
|
ioneer Limited
|
|
Notes to the interim condensed consolidated financial statements
|
|
31 December 2024
|
Note 5. Other expenses
|
Half year ended
31 Dec 2024
|
Half year ended
31 Dec 2023
|
|||||||
|
$'000
|
$'000
|
|||||||
|
General and administrative expenses
|
|
|
||||||
|
Consulting and professional costs
|
|
|
||||||
|
Depreciation and amortisation
|
|
|
||||||
|
|
|
|||||||
Note 6. Net finance income
|
Half year ended
31 Dec 2024
|
Half year ended
31 Dec 2023
|
|||||||
|
$'000
|
$'000
|
|||||||
|
Interest income
|
|
|
||||||
|
Net foreign exchange gain
|
|
|
||||||
|
Finance income
|
|
|
||||||
| Bank charges |
( |
) | ( |
) | ||||
| Lease interest |
( |
) | ( |
) | ||||
| Finance costs |
( |
) | ( |
) | ||||
| Net finance income |
||||||||
Note 7. Current assets - cash and cash equivalents
|
31 Dec 2024
|
30 Jun 2024
|
|||||||
|
$'000
|
$'000
|
|||||||
|
Cash at bank
|
|
|
||||||
|
Short term deposit
|
|
|
||||||
|
|
|
|||||||
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 8. Current assets - receivables
|
31 Dec 2024
|
30 Jun 2024
|
|||||||
|
$'000
|
$'000
|
|||||||
|
Other debtors
|
|
|
||||||
|
Prepayments
|
|
|
||||||
|
|
|
|||||||
12
|
ioneer Limited
|
|
Notes to the interim condensed consolidated financial statements
|
|
31 December 2024
|
Note 9. Non-current assets - property, plant and equipment
|
31 Dec
2024
|
30 Jun
2024
|
|||||||
|
|
$'000
|
|
$'000
|
|||||
|
Plant and equipment - at cost
|
|
|
||||||
|
Less: Accumulated depreciation
|
(
|
)
|
(
|
)
|
||||
|
|
|
|||||||
Reconciliations
Reconciliations of the written down values at the beginning and end of the current financial period are set out below:
|
$'000
|
||||
|
Balance at 1 July 2024
|
|
|||
|
Depreciation expense
|
(
|
)
|
||
|
Balance at 31 December 2024
|
|
Note 10. Non-current assets - exploration and evaluation
|
31 Dec 2024
|
30 Jun 2024
|
|||||||
|
$'000
|
$'000
|
|||||||
|
Exploration assets
|
|
|
||||||
Reconciliations
Reconciliations of the written down values at the beginning and end of the current financial period are set out below:
|
31 Dec 2024
|
||||
|
$'000
|
||||
|
Opening balance at 1 July 2024
|
|
|||
|
Additions - Rhyolite Ridge
|
|
|||
|
Exploration expenditure - non-core
|
|
|||
|
Exploration expenditure - written off
|
(
|
)
|
||
|
Balance at 31 December 2024
|
|
|||
Note 11. Current liabilities - payables
|
31 Dec 2024
|
30 Jun 2024
|
|||||||
|
$'000
|
$'000
|
|||||||
|
Trade payables
|
|
|
||||||
|
Accrued expenses
|
|
|
||||||
|
|
|
|||||||
Refer to note 16 for further information on financial risk management.
13
|
ioneer Limited
|
|
Notes to the interim condensed consolidated financial statements
|
|
31 December 2024
|
Note 12. Current liabilities - provisions
|
31 Dec 2024
|
30 Jun 2024
|
|||||||
|
$'000
|
$'000
|
|||||||
|
Provision for employee benefits
|
|
|
||||||
Note 13. Current liabilities - borrowings
|
31 Dec 2024
|
30 Jun 2024
|
|||||||
|
$'000
|
$'000
|
|||||||
|
Other current debt
|
|
|
||||||
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 14. Equity - issued capital
|
31 Dec 2024
|
30 Jun 2024
|
31 Dec 2024
|
30 Jun 2024
|
|||||||||||||
|
Shares
|
Shares
|
$'000
|
$'000
|
|||||||||||||
|
Ordinary shares - fully paid
|
|
|
|
|
||||||||||||
|
Half year ended
31 Dec 2024
Number
|
Year ended
30 Jun 2024
Number
|
Half year ended
31 Dec 2024
$'000
|
Year ended
30 Jun 2024
$'000
|
|||||||||||||
|
Reconciliation of movement:
|
||||||||||||||||
|
Balance at the beginning of the period
|
|
|
|
|
||||||||||||
|
Exercise of unlisted options
|
|
|
|
|
||||||||||||
|
Performance rights vested
|
|
|
|
|
||||||||||||
|
Share issue costs from vesting of performance rights
|
-
|
-
|
|
(
|
)
|
|||||||||||
|
Capital raise
|
||||||||||||||||
|
Share issue costs from capital raise
|
- | - | ( |
) | ||||||||||||
|
Balance at the end of the financial period
|
|
|
|
|
||||||||||||
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number
of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one
vote.
Share buy-back
There is no current on-market share buy-back.
Note 15. Equity - dividends
There were no
14
|
ioneer Limited
|
|
Notes to the interim condensed consolidated financial statements
|
|
31 December 2024
|
Note 16. Financial risk management
Framework
The Group is involved in activities that expose it to a variety of financial risks including:
a) Credit risk
b) Liquidity risk
c) Capital management risk
d) 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.
Fair value measurement
All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, based on
the lowest level input that is significant to the fair value measurement, as follows:
| ● |
Level 1 – Quoted market prices in an active market (that are unadjusted) for identical assets or liabilities.
|
| ● |
Level 2 – Valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable).
|
| ● |
Level 3 – Valuation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable).
|
The carrying amounts of the Group’s financial assets and liabilities are a reasonable approximation of their fair values. During the 6
months ended 31 December 2024, there were no no
The fair value of the options granted is determined by using the Black & Scholes option pricing model and the fair value of
performance-based performance rights is determined by using the Monte Carlo model.
Note 17. Contingent assets/liabilities
The Company 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 the board of
directors 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 USD $
|
| ● |
Issue shares (or a mix of both shares and cash) to Boundary Peak LLC, to the equivalent of USD $
|
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 31 December 2024.
Note 18. Events after the reporting period
After the end of the financial period, on 20 January 2025, ioneer announced the signing of a US$996 million loan from the U.S. Department of Energy (DOE) Loan Programs Office (LPO) under the Advanced Technology Vehicles Manufacturing (ATVM) program to support
the development of an on-site processing facility at the Rhyolite Ridge Lithium-Boron Project in Esmeralda County, Nevada.
15
|
ioneer Limited
|
|
Directors’ declaration
|
|
31 December 2024
|
In the directors’ opinion:
| ● |
the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 ‘Interim Financial
Reporting’, the Corporations Regulations 2001 and other mandatory professional reporting requirements;
|
| ● |
the attached financial statements and notes give a true and fair view of the Company’s financial position as at 31 December 2024 and of its
performance for the financial period ended on that date; and
|
| ● |
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
|
Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001.
On behalf of the directors
|
James D Calaway
|
|
|
Chairman
|
|
|
19 February 2025
|
16
|
ioneer Limited
|
|
Independent auditor's review report to the members of ioneer Limited
|
[This page has intentionally been left blank for the insertion of page one of the independent auditor’s review report]
17
|
ioneer Limited
|
|
Independent auditor’s review report to the members of ioneer Limited
|
[This page has intentionally been left blank for the insertion of page two of the independent auditor’s review report]
18
