Rhyolite Ridge American Source of Lithium & Boron for a - PowerPoint PPT Presentation

Rhyolite Ridge American Source of Lithium & Boron for a Sustainable Future James D. Calaway, Chairman of ioneer Ltd Lithium Supply & Markets Conference Santiago, Chile June 2019 1

Imp Importa ortant no nt notices tices an and d disclaimers disclaimers This presentation has been prepared as a summary only and does not contain all information Competent Persons Statement about ioneer Ltd’s ( ioneer or the Company ) assets and liabilities, financial position and The information in this presentation that relates to Exploration Results is based on information performance, profits and losses, prospects, and the rights and liabilities attaching to ioneer’s compiled by Bernard Rowe, a Competent Person who is a Member of the Australian Institute of securities. The securities issued by ioneer are considered speculative and there is no Geoscientists. Bernard Rowe is a shareholder, employee and Managing Director of ioneer Ltd. guarantee that they will make a return on the capital invested, that dividends will be paid on Mr Rowe has sufficient experience that is relevant to the style of mineralisation and type of the shares or that there will be an increase in the value of the shares in the future. deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Bernard Rowe consents to the inclusion in the ioneer does not purport to give financial or investment advice. No account has been taken of report of the matters based on his information in the form and context in which it appears. the objectives, financial situation or needs of any recipient of this presentation. Recipients of this presentation should carefully consider whether the securities issued by ioneer are an appropriate investment for them in light of their personal circumstances, including their In respect of Mineral Resources referred to in this presentation and previously reported by the financial and taxation position. Investors should make and rely upon their own enquiries Company in accordance with JORC Code 2012, the Company confirms that it is not aware of before deciding to acquire or deal in the Company's securities. any new information or data that materially affects the information included in the public report titled “Updated Rhyolite Ridge Mineral Resource Statement” dated 23 October 2018 and released on ASX. Further information regarding the Mineral Resource estimate can be found in Forward Looking Statements that report. All material assumptions and technical parameters underpinning the estimates in Various statements in this presentation constitute statements relating to intentions, future the report continue to apply and have not materially changed. The Company intends to report acts and events which are generally classified as “forward looking statements”. These forward updated Mineral Resource and Ore Reserve estimates as part of the Definitive Feasibility Study looking statements are not guarantees or predictions of future performance and involve currently in progress and due for completion in Q3 2019. known and unknown risks, uncertainties and other important factors (many of which are beyond the Company’s control) that could cause those future acts, events and circumstances to differ materially from what is presented or implicitly portrayed in this presentation. In respect of production targets referred to in this presentation and previously disclosed, 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 “Outstanding Results from Rhyolite Ridge Pre - For example, future reserves described in this presentation may be based, in part, on market Feasibility” dated 23 October 2018. Further information regarding the production estimates prices that may vary significantly from current levels. These variations may materially affect can be found in that report. All material assumptions and technical parameters underpinning the timing or feasibility of particular developments. the estimates in the report continue to apply and have not materially changed. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, No offer of securities “potential” and similar expressions are intended to identify forward -looking statements. Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell ioneer securities in any jurisdiction, or be treated or relied upon as a ioneer cautions security holders and prospective security holders to not place undue reliance recommendation or advice by ioneer. on these forward-looking statements, which reflect the view of ioneer only as of the date of this presentation. Reliance on third party information The forward-looking statements made in this presentation relate only to events as of the date The views expressed in this presentation contain information that has been derived from on which the statements are made. Except as required by applicable regulations or by law, publicly available sources that have not been independently verified. No representation or ioneer does not undertake any obligation to publicly update or review any forward-looking warranty is made as to the accuracy, completeness or reliability of the information. This statements, whether as a result of new information or future events. Past performance presentation should not be relied upon as a recommendation or forecast by ioneer. cannot be relied on as a guide to future performance. Note: All $’s in this presentation are US$’s except where otherwise noted. ASX: INR 2

Boron differentiates Rhyolite Ridge 100% ownership of Rhyolite Ridge lithium-boron searlesite resource is is set set to de to deli liver ver a a Fluor on-track to be complete DFS in major li major lith thium ium-bo boro ron n mine mine Q3 2019 in th in the USA e USA Extensive process flowsheet testwork 100%-owned Rhyolite Ridge: completed by Kemetco and Veolia • +30 year mine life, capable of producing: Pilot plant commissioning underway and will process one tonne per day • +20,000 tonnes p.a. lithium carbonate • +170,000 tonnes p.a. boric acid Environmental baseline studies near complete • Dual revenue stream • Uniquely position to be a major supplier of 104Mt Indicated Resource with further both products drilling completed to upgrade Reserve • Forecast to be bottom of the lithium cost Nevada location: major supplier of curve due to revenue from boron co-product critical material to North America ASX: INR 3

Rhyolite Ridge Lithium-Boron Project Boron makes Rhyolite Ridge different to other sedimentary lithium deposits  Sedimentary lithium deposits are often incorrectly assumed to be synonymous with clay  There are two basic types of sedimentary lithium deposit: Lithium-Boron type and Clay type  Lithium-Boron deposits are mineralogically different to clay and this has major implications for ease and cost of processing  Rhyolite Ridge is one of only two known large Lithium- Boron deposits globally  Rhyolite Ridge ore is dominated (40-50%) by searlesite – a sodium boro-silicate mineral that is soluble in acid  Boron is a legitimate co-product providing 30-50% of revenue, into a global market that exceeds $3B annually Hi High-grade sear searle lesit ite e Li Li-B min ineralis lisatio ion in outcrop op  ioneer set to become third largest boron producer globally Unique lithium-boron deposit where metals can be extracted using proven commercial processes to produce lithium and boron end-products on site ASX: INR 4

Boron is essential for a modern world  Boron is a larger market than lithium at ≈US$3.3 billion p.a.  Stable price and steady growth of 4-6% CAGR  Broad range of uses  Essential to modern life, often no substitutes  Duopoly:  Eti (Turkey) ≈50%  Rio (Boron, California) ≈30%  Rio’s Boron mine is an aging asset with finite mine life and limited potential for expansion  74% of global reserves located in Turkey  Major boron users also use lithium Boron demand driven by:  Urbanisation  Energy efficiency  Agriculture 5

Funding flexibility & strategic partnering Multiple options to fund US$600M in capex 100% ownership  Working with a top-tier international bank of asset  Currently in the discovery phase  Engaging with interested parties on potential: Two product o Lithium and boron offtake streams Structured o Vendor and export credit finance funding process o Strategic partnering in parallel with completion of the DFS in Well positioned to assess and negotiate Q3 2019 funding:  Large , scalable project provides optionality  Funded (~A$60M cash) to progress project to FID by early 2020  USA supplier of critical minerals ASX: INR 6

Rhyolite Ridge progress Resource and Reserve upgrade Lithium hydroxide Positive met testwork First production of confirmed by Veolia lithium and boron Drilling doubles from Rhyolite Ridge Pilot plant in operation Resource Fluor completes DFS 2016 2017 2018 2019 2020 2021 Testwork confirms high Rhyolite Ridge vat leach recoveries & acquired Construction premium boric acid planned Initial Resource Initial Reserve Positive, comprehensive Pre-Feasibility Study 7

Rhyolite Ridge video This video is available on the ioneer YouTube Channel ASX: INR 8