Ioneer Advances Rhyolite Ridge with Korean MOUs and Legal Appeal Progress

Strategic Korean Partnerships Bring Rhyolite Ridge Closer to Construction

Ioneer Ltd (ASX:INR, Nasdaq: IONR) has taken a significant step towards advancing its Rhyolite Ridge lithium-boron project with the signing of non-binding Memorandums of Understanding (MOUs) with Korea Overseas Infrastructure & Urban Development Corporation (KIND) and Hyundai Engineering. KIND, a South Korean government-affiliated institution, is considering an equity investment, while Hyundai Engineering is eyeing procurement roles for the project. These MOUs underscore Rhyolite Ridge's strategic importance in the US-Korea critical minerals supply chain and are expected to culminate in binding agreements by the third quarter of 2026.

Goldman Sachs & Co. LLC is advising Ioneer on this strategic partnering process, which is a key precursor to the Final Investment Decision (FID). Construction is anticipated to span approximately 36 months once underway, subject to supply chain and ordering timelines.

Legal Appeal Progresses Without Construction Delay

The project’s permitting received a major boost when the U.S. District Court for the District of Nevada upheld the Bureau of Land Management’s (BLM) approval of the Plan of Operations in March 2026, dismissing challenges from environmental groups. However, the plaintiffs have appealed to the Ninth Circuit Court, with initial briefs filed and Ioneer preparing its response for September 2026. The company remains confident in its legal position and does not expect the appeal to delay the commencement of construction, which remains on track.

Robust Market Fundamentals Support Project Economics

Market conditions for lithium and boric acid remain favourable. Lithium prices rose 14% in Q2 2026 for battery-grade lithium carbonate and hydroxide, although spot prices slightly dipped by the end of June. Wood Mackenzie forecasts refined lithium supply growth of 28% in 2026, outpacing resource supply growth, hinting at tightening markets ahead. Ioneer expects lithium prices to strengthen materially in the early 2030s, aligning with Rhyolite Ridge’s planned production start.

Demand for boric acid is also on the rise, driven by its applications in consumer electronics, military-grade materials, and construction. Utilisation rates of global boric acid capacity are forecast to exceed 100% by 2037, suggesting upward pressure on prices, which have already seen increases in Asia in early 2026.

Advances in Project Engineering and Product Development

Engineering efforts have focused on consolidating geological samples and expanding resource understanding, including sampling previously classified overburden zones that may add economic value. These results will feed into updated resource and reserve estimates.

Complementing lithium production, Ioneer is progressing a pre-feasibility study (PFS) for a defence-grade boron carbide plant, with Fluor Corporation nearing completion of the study expected in Q3 2026. This aligns with a conditional land lease awarded by the U.S. Army at the Tooele Army Depot, aiming to establish a domestic advanced boron products facility, critical for national defence applications.

Environmental Stewardship and Community Engagement Continue

Ioneer reported no environmental compliance issues or workplace incidents during the quarter. Conservation efforts for Tiehm’s buckwheat, a rare plant species near the project site, have progressed with successful transplantation and monitoring, supported by federal agencies.

The company maintains active engagement with local communities and Tribal Nations, supporting cultural events and providing project updates to nearby county and tribal councils, reinforcing its commitment to responsible development.

Financial Position and Corporate Readiness

With US$58.84 million in cash reserves as of 30 June 2026, Ioneer is well positioned financially to advance the project. The company has proactively filed a Form F-3 shelf prospectus with the U.S. Securities and Exchange Commission to preserve strategic flexibility for future capital raising, although no immediate plans to issue securities exist.

Shareholder support remains solid, with all resolutions passed at the recent Annual General Meeting. The company holds 3.07 billion ordinary shares and 77.3 million performance rights on issue.