IONEER LTD — AGM Information 2021

Nov 4, 2021

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Managing Director's AGM Presentation

5 NOVEMBER 2021

Disclaimer

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This presentation has been prepared as a summary only and does not contain all information about ioneer Ltds (ioneer or the Company) assets and liabilities, financial position and performance, profits and losses, prospects, and the rights and liabilities attaching to ioneer’s securities. The securities issued by ioneer are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the shares or that there will be an increase in the value of the shares in the future.

ioneer does not purport to give financial or investment advice. No account has been taken of 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 financial and taxation position. Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company's securities.

Forward Looking Statements

Various statements in this presentation constitute statements relating to intentions, future acts and events which are generally classified as “forward looking statements”. These forward looking statements are not guarantees or predictions of future performance and involve 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.

Competent Persons Statement

In respect of Mineral 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 “Rhyolite Ridge Ore Reserve Increased 280% to 60 million tonnes” dated 30 April 2020 and released on ASX. Further information regarding the Mineral Resource 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.

No offer of securities

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 recommendation or advice by ioneer.

For example, future reserves described in this presentation may be based, in part, on market prices that may vary significantly from current levels. These variations may materially affect the timing or feasibility of particular developments.

Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “potential” and similar expressions are intended to identify forward-looking statements.

Reliance on third party information

The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by ioneer.

Lithium Carbonate Equivalent

ioneer cautions security holders and prospective security holders to not place undue reliance on these forwardlooking statements, which reflect the view of ioneer only as of the date of this presentation.

The formula used for the Lithium Carbonate Equivalent (LCE) values quoted in this presentation is: LCE = (lithium carbonate tonnes produced + lithium hydroxide tonnes produced * 0.880

The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. Except as required by applicable regulations or by law, ioneer does not undertake any obligation to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance.

Note

All $’s in this presentation are US$’s except where otherwise noted.

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Milestones achieved this past year

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Lithium
Offtake
Agreement
Signed binding lithium
offtake agreement with
Korea’s EcoPro
Innovation Co
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Permitting for
Project
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• Issued State Class II Air Quality Permit

• Issued State Water Pollution Control Permit

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Engineering
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• US$122-148 million in

• major work packages under negotiation

• Work continuing with

• design increasing from 30%

• (DFS level) to 50% complete

• BOTTOM OF THE LITHIUM COST CURVE FOR END PRODUCTS Funding

• PRODUCED AT SITE • Announced Strategic Partnership with SibanyeStillwater for 50% of

• Rhyolite Ridge (60% of DFS Capex)

• Progressing debt

• funding for balance of Project

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• Submitted Plan of Operation
– main federal permit
application
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The white hill at Rhyolite Ridge, showing the searlesite ore body at surface

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Why ioneer

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FULLY FUNDED TO FINAL EXPECTED LOWEST SIGNIFICANT UPSIDE
INVESTMENT DECISION COST LITHIUM FROM LARGE
PRODUCER RESOURCE BASE
COMMITMENT TO THE RIGHT TEAM TO
MOST ADVANCED
SUSTAINABILITY DELIVER THE PROJECT
LITHIUM PROJECT IN US
Low emissions, energy & water
Mining-friendly Nevada
efficient
Engineering rendering of the Rhyolite Ridge Processing Plant
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Fully funded to final investment decision

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Project financing and sources of capital

Project Debt Financing

• Sibanye-Stillwater is direct funding ~60% of the DFS estimated capital

• ioneer and Sibanye-Stillwater working together to secure full debt financing to production for the Project

• Discussions are well progressed with a number of potential parties and ioneer will look to agree a debt solution in 1H22

• Supported by Goldman Sachs

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Debt
US$490m
Direct funding by
Funded with existing cash
Sibanye-
Stillwater for a
50% interest in
2020 & 2021 Rhyolite Ridge
Forecast
Capex Spend
US$55m
Capex Spend Indicative
to FID Funding Stack
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DFS Estimated
Capex
US$785m
Funded with existing cash
2020 & 2021
Forecast
Capex Spend
US$55m
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Estimated Capex
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Note: The size of the boxes and timescale are illustrative only and should not be relied upon as an indicator of the final composition of the capital stack.

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Why Sibanye-Stillwater?

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ioneer believes Sibanye-Stillwater is the right partner for ioneer and Rhyolite Ridge

Leading international miner with extensive experience operating and developing large projects

Established US operator,

with three integrated facilities in Montana, and a depth of experience in US mining and permitting

First class ESG credentials

and commitment to sustainability, including the pioneering Good Neighbor Agreement in the US

Well capitalized partner

Deep relationships with

automakers and automotive OEMs as a leading producer and recycler of PGMs

Hydrometallurgical processing expertise

committed to growing and investing in battery metal supply chains to support the production of Hybrid, EV and Fuel Cell vehicles

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Transaction highlights

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Transformational strategic investment highlights the quality of Rhyolite Ridge and ioneer’s future as a major lithium and boron producer in the US

Sibanye-Stillwater is a US$10 billion[1] international mining company, with existing US operations and a proven track record in operating and developing large-scale mining projects

US$490 million of funding from Sibanye-Stillwater covers expected equity funding requirement

Joint venture will work collaboratively to secure debt financing for the Project on acceptable terms

Placement proceeds from Sibanye-Stillwater will progress long-lead items and medium term capital needs to minimize time to production

1 Market capitalisation as of 14 September 2021 being the day before the

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Most advanced lithium project in the US

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After-tax NPV (8% real): Unlevered After Tax IRR ~US$1.3B ~21% Annual Revenue Annual EBITDA US$422M US$288M Split ~70% Lithium & 30% Boric Acid

Annual Lithium Hydroxide: 22,000 Tonnes (Years 4-26) Annual Boric Acid: 174,400 Tonnes (Years 1-26)

Note: The DFS base case lithium carbonate equivalent (LCE) prices average ~US$13,000/tonne and boric acid prices average US$710/tonne over the Life of Mine (LOM). All annual figures are on an average year basis over 25.24 years (LOM), Tonnes are metric tonnes. Lithium Hydroxide production replaces Lithium Carbonate after year 4. See ASX Release titled “Investor Presentation Rhyolite Ridge DFS Announcement” dated 30 April 2020 for additional detail .

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Expected lowest cost producer

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All-in sustaining cash cost at the bottom of the cost curve

2019 LCE Cost Curve (US$/metric tonne) Global Producers

Source: Roskill for all producing lithium brine and mineral operations shown on this cost curve, except for ioneer estimate sourced from the Rhyolite Ridge DFS. Costs as shown are all-in sustaining costs. The Rhyolite Ridge all-in sustaining costs were based on the same methodology as the Roskill cost estimates. (Cost includes Conversion Cost to Li2CO3, Royalties, Freight CFR China, Assumes spot FX for RMB, AUD, ARS, CLP)

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Commitment to sustainability

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Low emissions

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Majority of on-site power will be met with CO2-free energy production, low greenhouse gas emissions. Mobile equipment meets Tier 4 EPA standards

Low water usage

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Project design implements best-in-class water utilization while recycling the majority of water usage. Expected to use 30x less water per tonne than existing U.S. production

Small mine footprint

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No evaporation ponds, no tailings dam. Initial mine footprint approximately 3.25 km[2]

Efficient equipment

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Generating all power on-site. Automation of mine haulage equipment

Commitment to sustainability

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All baseline studies (14) for EIS completed over 2 years. Ongoing commitment to the environment and the protection and conservation of Tiehm’s buckwheat

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Significant upside from large resource base

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Opportunity to expand Resource with further drilling:

• Resource open to south, north and east

• Best grades and shallow intersections are to the south

Large Mineral Resource 146.5M Tonnes

Large Ore Reserve 60.0M Tonnes

Total Ore Mined 63.8M Tonnes

Long Life of Mine Over 26 Years

Note: For further information on Mineral Resources and Ore Reserves referred to above, see Company announcement titled “ Rhyolite Ridge Ore Reserve Increased 280% to 60 million tonnes” dated 30 April 2020. Mineral Resource estimates include Ore Reserves.

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Ideally positioned to serve the US supply chain

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Demand

• Eight US megafactories in the pipeline to 2024, three are already operational

• Benchmark Minerals estimates that these megafactories will be producing 125GWh of cells by 2024 requiring ~107ktpa of lithium chemicals

• Benchmark expects increased US production requiring 340ktpa LCE by 2030

Supply

• Current total annual production from Albemarle’s Silver Peak Mine in Nevada, US is ~5ktpa

• Rhyolite Ridge is expected to produce 20.6ktpa of lithium carbonate converting in year four to 22.0ktpa of battery-grade lithium hydroxide – more than quadrupling current production

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LG CHEM IM3
Michigan New York
20GWh 15GWh
TESLA,
GIGAFATORY 1
Nevada
LG CHEM/GM
100GWh
LORDSTOWN
Ohio
30GWh
AESC
Tennessee
10GWh
SKI, COMMERCE
TESLA, Georgia
RHYOLITE RIDGE TERAFACTORY 60GWh
Texas
PROJECT
200 GWh (2029)
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Note: With the addition of the LG Chem-GM Megafactory in Ohio, the US now has 8 battery megafactories in the pipeline across 7 different states. Farasis Energy is yet to confirm the location of its US megafactory. On 7 January 2021, Albemarle announced its intention to double production capacity at its Silver Peak Mine. Source: Benchmark Mineral Intelligence Report.

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Surrounded by world-class partners

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EPCM
Evaporation and Evaporation and
Crystallization Crystallization Acid Plant
Material
Handling Haulage
System
Automation Solutions
Controls Mining
Pilot Plant Spent Ore
Environmental Leaching
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LITHIUM COST CURVE FOR END PRODUCTS Ioneer Limited has invested >A$125m to date appraising PRODUCED AT SITE and developing the Project

Sibanye-Stillwater 50% JV partner in Rhyolite Ridge having committed US$490m

Fluor led the DFS work and is EPCM on the Project

Ioneer has sought best in class advisors to partner with

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The right team

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Board of Directors

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JAMES D. CALAWAY Executive Chairman FORMER:

ALAN DAVIES Non-executive Director FORMER: Chief Executive, Energy & Minerals of Rio Tinto

Non-exec chairman of Orocobre Ltd

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BERNARD ROWE Managing Director IONEER: Managing Director since August 2007

ROSE McKINNEY-JAMES Non-executive Director FORMER: President and CEO of Corporation for Solar Tech & Renewable Resources

MARGARET WALKER JULIAN BABARCZY Non-executive Non-executive Director Director FORMER: FORMER: Head of Australian Equities, VP Engineering and Regal Funds Management Technology Centers, Dow Chemical

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Management Team

BOTTOM OF THE

LITHIUM COST CURVE FOR END PRODUCTS JAMES D. BERNARD ROWE CALAWAYPRODUCED AT SITE Managing Director Executive Chairman

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MATT WEAVER Snr VP Engineering & Operations

IAN BUCKNELL CFO & Company Secretary

KEN COON YOSHIO NAGAI VP Human VP Commercial Sales Resources & Marketing

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Clear path to completion

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• Key

• Milestones 2H21 1H22 2H22 BOTTOM OF THE 2H24 Completed LITHIUM COST CURVE FOR END PRODUCTS PRODUCED AT SITE

• ✓ DFS • Register of Notice • Construction ready • Anticipated • Mechanical ✓ Pilot Plant of Intent (NOI) • Release equipment Record of completion Decision (ROD)

• ✓ Water Rights • Continue to award fabrication • Commission plant major contracts • Fully permitted •

• ✓ First Lithium • Financing solution First product • Advance Lithium agreed • Complete shipment

• Offtake Offtake financing • Appoint lead

• ✓ Boric Acid Offtake • Engagement with arranging bank for • Begin Construction

• ✓ Air Permit ECA’s debt ✓ Water Permit • Advance US listing ✓ Announce strategic partner

Note: All dates and times are indicative and subject to change.

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Contact information

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Bernard Rowe ioneer Ltd Managing Director T: +61 419 447 280 E: browe@ioneer.com

Alex Cowie NWR Communications Investor & Media Relations (Australia) T: +61 412 952 610 E: alexc@nmwcommunications.com.au

Matt Dempsey FTI Consulting Investor & Media Relations (USA) T: +1 202 316 9609 E: matt.dempsey@fticonsulting.com

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Thank you

www.ioneer.com