Ioneer Ltd Taps Goldman Sachs in US$25m Funding for Rhyolite Ridge Lithium-Boron Project

Ioneer Ltd (ASX: INR, NASDAQ: IONR) has secured Goldman Sachs as the Sole Lead Manager to a US$25.1 million (A$38.4m) placement.

The funding will accelerate the development of Ioneer’s 100% owned Rhyolite Ridge Lithium-Boron Project.

Goldman received commitments from new and existing shareholders and pitched the raising at an issue price of A$0.18 (US$0.1177) per share.

A total of 213.6 million new fully paid ordinary shares will be issued.

About Rhyolite Ridge

Located in Nevada, USA it is the only known lithium-boron deposit in North America and one of only two known such deposits in the world.

It has received strong support from the U.S. Government for Rhyolite Ridge given its critical minerals scale and green clean energy credentials.

It has a total Mineral Resource of 351 Mt of lithium carbonate.

At peak production, it could power 400,000 Electric Vehicles per year.

Stage 1 construction will be largely funded through the combination of conditional commitments of US$490m in equity from Sibanye-Stillwater and US$700m in debt funding from the U.S. Department of Energy.

Stage 2 will require additional capital.

Funds raised will advance detailed engineering which is 70% complete and vendor engineering to construction-ready status.

This will also fund environmental, NEPA, and permitting expenses.

Ioneer is expecting to receive final permitting to commence construction, in October 2024, ahead of a final investment decision in December 2024.

Debt financing

In January 2023, Ioneer received a conditional commitment from the DOE Loan Programs Office for up to $700 million of debt financing.

Separately, Ioneer signed offtake agreements with Ford Motor Company and PPES (a joint venture between Toyota and Panasonic) in 2022 and Korea’s EcoPro Innovation in 2021.

The company held $19.1 million of cash on hand on 31 December 2023.





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