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IONEER LTD — Capital/Financing Update 2021
Oct 19, 2021
65129_rns_2021-10-19_9f122136-81d3-44ba-ab7c-809960b916a6.pdf
Capital/Financing Update
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Sibanye-Stillwater receives South African Reserve Bank approval in relation to its strategic investments in Rhyolite Ridge and ioneer
Wednesday, 20 October 2021 – ioneer Ltd (“ioneer” or the “Company”) (ASX: INR) is pleased to advise that Sibanye Stillwater Limited (“ Sibanye-Stillwater ”) has received approval from the Financial Surveillance Department of the South African Reserve Bank (“ SARB ”) in relation to both its US$490 million investment for a 50% interest in the Rhyolite Ridge Lithium-Boron Project (“ Project ”) (the “ JV Transaction ”), and the US$70 million strategic placement of ioneer ordinary shares (the “ Sibanye-Stillwater Placement ”).
As previously announced, the SARB approvals were a condition of both the JV Transaction and the Sibanye-Stillwater Placement. The remaining conditions for the JV Transaction, including the receipt of necessary permits and binding debt funding commitments, are expected to be satisfied in 2H2022. The Sibanye-Stillwater Placement is conditional on shareholder approval at the upcoming Extraordinary General Meeting on 21 October 2021 and other customary conditions precedent.
ioneer’s Managing Director, Bernard Rowe commented:
“We are delighted to have reached this important milestone and look forward to working with Sibanye-Stillwater to satisfy the remaining conditions precedent across both transactions including the shareholder vote in relation to the Sibanye-Stillwater Placement this week. Receiving these approvals represents the first step in our long-term partnership with Sibanye-Stillwater, which we expect will unlock significant value at Rhyolite Ridge.
We are excited to continue working with Sibanye-Stillwater, with a focus on securing debt financing on acceptable terms and progressing the necessary permits and approvals, to ensure the successful delivery of the Project “
This ASX release has been authorised by ioneer Managing Director Bernard Rowe.
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Contacts:
| Bernard Roweioneer LtdManaging DirectorT: +61 419 447 280[email protected] | Alex CowieNWR CommunicationsInvestor & Media Relations(Australia)T: +61 412 952 610[email protected] | Matt DempseyFTI ConsultingInvestor & Media Relations(USA)T: +1 202 316 9609[email protected] | |
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ioneer Ltd. (ASX: INR) Suite 5.03, 140 Arthur Street, North Sydney, NSW 2060 T: +61 2 9922 5800 W: ioneer.com ABN : 76 098 564 606
About ioneer
ioneer Ltd is the 100% owner of the Rhyolite Ridge Lithium-Boron Project located in Nevada, USA, the only known lithium-boron deposit in North America and one of only two known such deposits in the world. The Definitive Feasibility Study (DFS)[1] completed in 2020 confirmed Rhyolite Ridge as a world-class lithium and boron project that is expected to become a globally significant, long-life, low-cost source of lithium and boron vital to a sustainable future. In September 2021[2] , ioneer entered a 50/50 joint venture agreement with Sibanye Stillwater Ltd to advance the Rhyolite Ridge project. ioneer will be the operator of the Project, which is expected to come onstream in 2024.
1 Refer ASX release titled ‘ioneer Delivers Definitive Feasibility Study that Confirms Rhyolite Ridge as a World-Class Lithium and Boron Project’ announced 30 April 2020.
2 Refer ASX release titles ‘Sibanye-Stillwater to invest US$490M in Rhyolite Ridge’ announced on 16 September 2021
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