# EDGAR Filing Document

**Accession Number:** 0001896084
**File Stem:** 0001140361-26-017853
**Filing Date:** 2026-4
**Character Count:** 1585604
**Document Hash:** b295acba8ce94b4ab7b78cd6cbc4c2ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-017853.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001140361-26-017853

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 183

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ioneer Ltd
- **CENTRAL INDEX KEY:** 0001896084
- **STANDARD INDUSTRIAL CLASSIFICATION:** MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** C3
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41412
- **FILM NUMBER:** 26917735

**BUSINESS ADDRESS:**
- **STREET 1:** 140 ARTHUR STREET
- **STREET 2:** SUITE 5.03, LEVEL 5
- **CITY:** NORTH SYDNEY
- **STATE:** C3
- **ZIP:** NSW 2060
- **BUSINESS PHONE:** 61(2)99225800

**MAIL ADDRESS:**
- **STREET 1:** 140 ARTHUR STREET
- **STREET 2:** SUITE 5.03, LEVEL 5
- **CITY:** NORTH SYDNEY
- **STATE:** C3
- **ZIP:** NSW 2060

?xml version='1.0' encoding='ASCII'?

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, DC 20549

### FORM 20-F
☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from July 1, 2025 to December 31, 2025

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

Commission file number 001-41412

## IONEER LTD
(Exact name of Registrant as specified in its charter)

---

| | |
|:---|:---|
| N/A | **AUSTRALIA**<br>|
| (Translation of Registrant's name into English) | (Jurisdiction of incorporation or organization) |

---

#### Suite 16.01, Level 16, 213 Miller Street

#### North Sydney, NSW 2060, Australia
(Address of principal executive offices)

#### Bernard Rowe

#### Managing Director and Chief Executive Officer

#### 61 (2) 9922-5800 (telephone)

#### Suite 16.01, Level 16, 213 Miller Street

#### North Sydney, NSW 2060, AU
*(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)*

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| *Title of each class:* | *Trading Symbol(s):* | *Name of each exchange on which registered or to be registered:* |
| American Depositary Shares each representing 40 Ordinary Shares, no par value<br>| IONR<br>| The Nasdaq Capital Market<br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) Evidenced by American Depositary Receipts

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Number of outstanding shares of each of the issuer's classes of capital or common stock as of December 31, 2025: 2,674,633,957 ordinary shares.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing.

U.S. GAAP ☐

International Financial Reporting Standards as issued by the International Accounting Standards Board ☒

Other ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☐

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes ☐ No ☐

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [INTRODUCTION](#INTRODUCTION) | 3 |
| [ABOUT THIS TRANSITION REPORT](#ABOUTTHISTRANSITIONREPORT) | 4 |
| [CAUTIONARY NOTE TO UNITED STATES INVESTORS](#CAUTIONARYNOTETOUNITEDSTA) | 5 |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#FORWARD-LOOKINGSTATEMENTS) | 6 |
| [PRESENTATION OF FINANCIAL INFORMATION](#PRESENTATIONOFFINANCIALIN) | 7 |

---

---

| | | | |
|:---|:---|:---|:---|
| [PART I.](#PARTI.) | [PART I.](#PARTI.) | [PART I.](#PARTI.) | 8 |
|  | ITEM 1. | [IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#ITEM1) | 8 |
|  | ITEM 2. | [OFFER STATISTICS AND EXPECTED TIMETABLE](#ITEM2.) | 8 |
|  | ITEM 3. | [KEY INFORMATION](#ITEM3.) | 8 |
|  | A. | [\[Reserved\]](#Reserved) | 8 |
|  | B. | [Capitalization and Indebtedness](#CapitalizationandIndebted) | 8 |
|  | C. | [Reasons for the Offer and Use of Proceeds](#ReasonsfortheOfferandUseo) | 8 |
|  | D. | [Risk Factors](#RiskFactors) | 8 |
|  | ITEM 4. | [INFORMATION ON THE COMPANY](#ITEM4.) | 25 |
|  | A. | [History and Development of the Company](#HistoryandDevelopmentofth) | 25 |
|  | B. | [Business Overview](#BusinessOverview) | 40 |
|  | C. | [Organizational Structure](#OrganizationalStructure) | 44 |
|  | D. | [Property, Plant and Equipment](#PropertyPlantandEquipment) | 44 |
|  | ITEM 4A. | [UNRESOLVED STAFF COMMENTS](#ITEM4A) | 46 |
|  | ITEM 5. | [OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#ITEM5.) | 46 |
|  | A. | [Operating Results](#OperatingResults) | 46 |
|  | B. | [Liquidity and Capital Resources](#LiquidityandCapitalResour) | 51 |
|  | C. | [Research and Development, Patents and Licenses](#ResearchandDevelopmentPat) | 52 |
|  | D. | [Trend Information](#TrendInformation) | 52 |
|  | E. | [Critical Accounting Estimates](#CriticalAccountingEstimat) | 52 |
|  | ITEM 6. | [DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#ITEM6.) | 53 |
|  | A. | [Directors and Senior Management](#DirectorsandSeniorManagem) | 53 |
|  | B. | [Compensation](#Compensation) | 55 |
|  | C. | [Board Practices](#BoardPractices) | 61 |
|  | D. | [Employees](#Employees) | 62 |
|  | E. | [Share Ownership](#ShareOwnership) | 62 |
|  | ITEM 7. | [MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#ITEM7.) | 63 |
|  | A. | [Major Shareholders](#MajorShareholders) | 63 |
|  | B. | [Related Party Transactions](#RelatedPartyTransactions) | 64 |
|  | C. | [Interests of Experts and Counsel](#InterestsofExpertsandCoun) | 65 |
|  | ITEM 8. | [FINANCIAL INFORMATION.](#ITEM8.) | 65 |
|  | A. | [Consolidated Statements and Other Financial Information.](#ConsolidatedStatementsand) | 65 |
|  | B. | [Significant Changes](#SignificantChanges) | 65 |
|  | ITEM 9. | [THE OFFER AND LISTING](#ITEM9.) | 65 |
|  | A. | [Offer and Listing Details](#OfferandListingDetails) | 65 |
|  | B. | [Plan of Distribution](#PlanofDistribution) | 65 |
|  | C. | [Markets](#Markets) | 66 |
|  | D. | [Selling Shareholders](#SellingShareholders) | 66 |
|  | E. | [Dilution](#Dilution) | 66 |
|  | F. | [Expenses of the Issue](#ExpensesoftheIssue) | 66 |
|  | ITEM 10. | [ADDITIONAL INFORMATION](#ITEM10.) | 66 |
|  | A. | [Share Capital](#ShareCapital) | 66 |
|  | B. | [Constitutional Documents](#ConstitutionalDocuments) | 66 |

---

i

------

---

| | | |
|:---|:---|:---|
| C. | [Material Contracts](#MaterialContracts) | 78 |
| D. | [Exchange Controls](#ExchangeControls) | 78 |
| E. | [Taxation](#Taxation) | 79 |
| F. | [Dividends and Paying Agents](#DividendsandPayingAgents) | 87 |
| G. | [Statement by Experts](#StatementbyExperts) | 87 |
| H. | [Documents on Display](#DocumentsonDisplay) | 87 |
| I. | [Subsidiary Information.](#SubsidiaryInformation.) | 88 |
| J. | [Annual Report to Security Holders.](#AnnualReporttoSecurityHol) | 88 |
| ITEM 11. | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#ITEM11.) | 88 |
| ITEM 12. | [DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#ITEM12.) | 89 |
| A. | [Debt Securities.](#DebtSecurities.) | 89 |
| B. | [Warrants and rights.](#Warrantsandrights.) | 89 |
| C. | [Other Securities.](#OtherSecurities.) | 89 |
| D. | [American Depositary Shares](#AmericanDepositaryShares) | 89 |

---

---

| | | | |
|:---|:---|:---|:---|
| [PART II.](#PARTII.) | [PART II.](#PARTII.) | [PART II.](#PARTII.) | 90 |
|  | ITEM 13. | [DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#ITEM13.) | 90 |
|  | ITEM 14. | [MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#ITEM14.) | 90 |
|  | ITEM 15. | [CONTROLS AND PROCEDURES](#ITEM15.) | 90 |
|  | ITEM 16. | [\[RESERVED\]](#ITEM16.) | 91 |
|  | ITEM 16A. | [AUDIT COMMITTEE FINANCIAL EXPERT](#ITEM16A.) | 91 |
|  | ITEM 16B. | [CODE OF ETHICS](#ITEM16B.) | 92 |
|  | ITEM 16C. | [PRINCIPAL ACCOUNTANT FEES AND SERVICES](#ITEM16C.) | 92 |
|  | ITEM 16D. | [EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#ITEM16D.) | 92 |
|  | ITEM 16E. | [PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#ITEM16E.) | 92 |
|  | ITEM 16F. | [CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT](#ITEM16F.) | 92 |
|  | ITEM 16G. | [CORPORATE GOVERNANCE](#ITEM16G.) | 92 |
|  | ITEM 16H. | [MINE SAFETY DISCLOSURE](#ITEM16H.) | 93 |
|  | ITEM 16I. | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#ITEM16I.) | 93 |
|  | ITEM 16J. | [INSIDER TRADING POLICIES](#ITEM16J.) | 93 |
|  | ITEM 16K. | [CYBERSECURITY](#CYBERSECURITY) | 94 |
| [PART III.](#PARTIII.) | [PART III.](#PARTIII.) |  | 95 |
|  | ITEM 17. | [FINANCIAL STATEMENTS](#ITEM17.) | 95 |
|  | ITEM 18. | [FINANCIAL STATEMENTS](#ITEM18.) | 95 |
|  | ITEM 19. | [EXHIBITS](#ITEM19.) | F-35 |

---

ii

------

[**Table of Contents**](#TABLEOFCONTENTS)

![graphic](image0.jpg)

#### INTRODUCTION
ioneer Ltd ("**ioneer**" or the "**Company**") is the operator and 100% owner of the Rhyolite Ridge Lithium-Boron Project ("**Rhyolite Ridge**" or "**the Project**") located in Nevada, the only known lithium-boron deposit in North America and one of only two known such deposits in the world. Rhyolite Ridge is expected to become a globally significant, long-life, cost-effective source of lithium and boron vital to a sustainable future.

Rhyolite Ridge's unique mineralogy allows lithium and boron to be extracted in a low-cost and environmentally sustainable manner. The Project's commercial viability is made possible by having both lithium and boron revenue streams.

On October 25, 2024, the Rhyolite Ridge Lithium-Boron Project received its federal permit from the Bureau of Land Management ("**BLM**"). The formal Record of Decision ("**ROD**") followed the issuance in September 2024 of the final Environmental Impact Statement ("**EIS**") by the BLM. This concluded the federal permitting process, which began in early 2020.

On January 20, 2025, we announced the closing of a US$996 million loan from the U.S. Department of Energy ("**DOE**") Office of Energy Dominance Financing ("**EDF**") (formerly the Loan Programs Office ("**LPO**")) under the Advanced Technology Vehicles Manufacturing program to support the development of an on-site processing facility at the Project (the **"DOE Loan**"). The total amount of the DOE Loan of US$996 million includes US$968 million in principal and US$28 million in capitalized interest with a term of 20 years. The loan amount represents a US$268 million increase in loan principal from the conditional loan commitment announced January 16, 2023. The loan will be at an interest rate fixed from the date of each advance for the term of the loan at applicable U.S. Treasury rates. Conditions precedent to first loan funding include among other requirements, closing a strategic partnering agreement for the equity component of the build cost, securing necessary additional required funding and a project finance model bring down. The Company has initiated a strategic partnering process that is ongoing. Given the current industry conditions and geopolitical environment, this process is expected to conclude in the first half of 2026.

On June 2, 2025, ioneer released revised Project economics to the completed definitive feasibility study ("**DFS**") announced April 30, 2020, which was followed by a second announcement of further material improvement in project economics released in September 2025. In October 2025, we announced an additional material improvement in project economics (the "October 2025 Technical Report"), which forms the basis of the "SEC S-K 1300 Technical Report Summary, Rhyolite Ridge Lithium-Boron Project Technical Report" dated April 25, 2026 (the "April 2026 S-K 1300 Technical Report Summary"), which is being filed as an exhibit to this transition report on Form 20-F. The October 2025 Technical Report provided updated Project economics which reaffirmed that Rhyolite Ridge can operate at scale, over a long life and with the potential to be a low-cost and globally significant producer of both lithium and boron. Following the completion of all technical studies and all necessary permitting activities, we may undertake mining and processing activities to become a U.S. source of lithium and boron. As of December 31, 2025, we had invested US$209.0 million in Rhyolite Ridge.

The Project has a stable overall operating cost structure to produce lithium carbonate and battery grade lithium hydroxide due to the scale and reliability of its boric acid credit. Boron remains one of the most stable natural resource commodities over many decades.

ioneer has refined Project plans over the past four years and updates now include an Association for the Advancement of Cost Engineering ("**AACE**") Class 2 capital cost estimate (-10%, +15%) with approximately 70% of the Project's engineering complete. As a result of this and other engineering work including reliability, availability and maintainability (RAM) analysis and detailed engineering design, ioneer has adopted a more conservative approach to plant availability, equipment downtime and maintenance strategies. While this approach reduces bottom line economics, the Company believes it is appropriate for a Project of this type and scale.

------

[**Table of Contents**](#TABLEOFCONTENTS)

The Company now estimates total capital expenditure to complete the Project will be US$1,683.2 million, including a 10% contingency (2020 DFS estimate US$785 million).

![graphic](image00067.jpg)

#### Location of the Rhyolite Ridge Project in Nevada
Our U.S. office is located at 9460 Double R. Blvd, Suite 200, Reno, Nevada 89521. Our corporate office is located at Suite 16.01, Level 16, 213 Miller Street North Sydney, NSW 2060, Australia. The telephone number of our U.S. office is +1 (775) 382-4800 and the telephone number of our corporate office is +61 (2) 9922-5800.

Our ordinary shares are publicly traded on the Australian Securities Exchange, or ASX, under the symbol "**INR**".

Our American Depositary Shares ("**ADSs**"), each representing 40 of our ordinary shares, are listed on the Nasdaq Capital Market ("**Nasdaq**") under the symbol "**IONR**". The Bank of New York Mellon acts as depositary for the ADSs.

We also maintain a website at www.ioneer.com. The information contained on our website or available through our website is not incorporated by reference into and should not be considered a part of this transition report on Form 20-F, and the reference to our website in this transition report on Form 20-F is an inactive textual reference only.

#### ABOUT THIS TRANSITION REPORT
Unless otherwise indicated or the context implies otherwise, any reference in this transition report on Form 20-F to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**ioneer**" refers to ioneer Ltd, unless otherwise indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**the Company** ", "**we** ", "**us** ", or "**our**" refer to
 ioneer Ltd and its consolidated subsidiaries, through which it conducts its business, unless otherwise indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**shares**" or "**ordinary shares**" refers to our ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**ADS**" refers to the American depositary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**ASX**" refers to the Australian Securities Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**April 2026 SEC S-K 1300 Technical Report Summary**" refers to our Technical Report Summary dated April 2026, which is being filed as an exhibit to this Transition Report
 on Form 20-F;

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[**Table of Contents**](#TABLEOFCONTENTS)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**October 2025 Technical Report**" refers to our Technical Summary Report dated October 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**QP**" refers to a qualified person, as defined in Subpart 1300 (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**TY2025**" and "**Transition Period**" refers to the six month period ended December 31, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "**FY2025** ", "**FY2024**" and "**FY2023**" refer to the 12 month periods ended June 30, 2025, 2024
 and 2023 respectively.

Unless otherwise indicated, all references to "**A$**" are to Australian dollars, and all references to "**US$**" are to United States dollars. Our reporting and functional currency has traditionally been the Australian dollar, although our U.S. subsidiaries have used U.S. dollars as their reporting and functional currency. This transition report contains translations of certain Australian dollar amounts into U.S. dollar amounts for convenience. Unless otherwise noted, all translations from Australian dollars to U.S. dollars in this transition report were made at A$0.6678 to US$1.00, the closing rate for December 31, 2025, as set forth in the H. 10 statistical release of the Board of Directors of the Federal Reserve System.

On September 25, 2025, the Board of Directors of ioneer approved a change in the Company's financial year end from June 30 to December 31 to better align the reporting of our results with our industry peers. As a result, we are required to file this transition report on Form 20-F for the six month transition period of July 1, 2025 to December 31, 2025 ("**Transition Report**"). After filing this Transition Report, our next financial year will be the 12 months ending December 31, 2026. Unless otherwise noted, all references to "fiscal year" or "FY" in this Transition Report on Form 20-F refer to the fiscal year which, prior to the Transition Period, ended on June 30.

This Transition Report on Form 20-F contains forward-looking statements that involve risks and uncertainties. See "**Cautionary Note Regarding Forward-Looking Statements.**" This Transition Report on Form 20-F also includes statistical data, market data and other industry data and forecasts, which we obtained from market research, publicly available information and independent industry publications and reports that we believe to be reliable sources.

#### CAUTIONARY NOTE TO UNITED STATES INVESTORS
We are subject to the reporting requirements of the applicable U.S. and Australian securities laws, and as a result we report our mineral reserves and mineral resources as required by both of these standards. As an Australian listed public company, we are required to report estimates of mineral resources and ore reserves in terms of "**Measured, Indicated and Inferred**" Mineral Resources and "**Proved and Probable**" Ore Reserves in compliance with the JORC 2012, Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "**JORC Code**"). The JORC Code was prepared by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia. These defined terms contained within the JORC Code differ in some respects from the definitions under the U.S. Securities Act of 1933, as amended (the "**Securities Act**"), including in Regulation S-K, Subpart 1300 ("**Subpart 1300**").

Information about mineral reserves and resources contained in this Transition Report on Form 20-F is also presented in compliance with Subpart 1300. While guidelines for reporting mineral resources, including subcategories of measured, indicated and inferred resources, are largely similar between JORC Code and Subpart 1300 standards, information contained herein that describes our mineral deposits may not be directly comparable to similar information made public by other U.S. companies under the SEC's old reporting standard, Industry Guide 7, or to similar information published by other ASX-listed companies. Investors are cautioned that public disclosure by us of such mineral resources in Australia in accordance with ASX Listing Rules do not form a part of this Transition Report on Form 20-F.

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[**Table of Contents**](#TABLEOFCONTENTS)

#### CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information included or incorporated by reference in this Transition Report on Form 20-F may be deemed to be "**forward-looking statements**" within the meaning of applicable securities laws. Such forward-looking statements concern our anticipated results and progress of our operations in future periods, planned exploration and, if warranted, development of our properties, plans related to our business and other matters that may occur in the future. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. All statements contained herein that are not clearly historical in nature are forward-looking, and the words "**anticipate**", "**believe**", "**expect**", "**estimate**", "**may**", "**will**", "**could**", "**leading**", "**intend**", "**contemplate**", "**shall**" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Forward-looking statements in this Transition Report on Form 20-F include, but are not limited to, statements with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to our limited operating history in the lithium and boron industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to our status as a development stage company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to our ability to identify mineralization and achieve commercial mining at the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to mining, exploration and mine construction, if warranted, on our properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to our ability to achieve and maintain profitability and to develop positive cash flow from our mining activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to investment risk and operational costs associated with our exploration activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to our ability to access capital and the financial markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to compliance with government regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to our ability to acquire necessary mining licenses, permits or access rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to environmental liabilities and reclamation costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to volatility in lithium or boron prices or demand for lithium or boron;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to stock price and trading volume volatility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks relating to the development of an active trading market for the ADSs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to ADS holders not having certain shareholder rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to ADS holders not receiving certain distributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to our status as a foreign private issuer and emerging growth company.

All forward-looking statements reflect our beliefs and assumptions based on information available at the time the assumption was made. These forward-looking statements are not based on historical facts but rather on management's expectations regarding future activities, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, known and unknown, that contribute to the possibility that the predictions, forecasts, projections or other forward-looking statements will not occur. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the securities laws of the United States and Australia, we disclaim any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. We qualify all the forward-looking statements contained in this Transition Report on Form 20-F by the foregoing cautionary statements.

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[**Table of Contents**](#TABLEOFCONTENTS)

#### PRESENTATION OF FINANCIAL INFORMATION
Unless otherwise indicated, the consolidated financial statements and related notes included in this transition report on Form 20-F have been prepared in accordance with International Financial Reporting Standards ("**IFRS**") and interpretations issued by the International Accounting Standards Board, (the "**IASB**") which differ in certain significant respects from Generally Accepted Accounting Principles in the United States ("**U.S. GAAP**") and thus may not be comparable to financial statements of United States companies. Because the SEC has adopted rules to accept financial statements prepared in accordance with IFRS as issued by the IASB without reconciliation to U.S. GAAP for foreign private issuers such as us, we will not be providing a description of the principal differences between U.S. GAAP and IFRS.

#### COMPETENT PERSONS STATEMENT
As required by Australian securities laws and the ASX Listing Rules, we hereby notify Australian investors that the information in this Transition Report that relates to mineral resources is based on estimates and data included in the Technical Report dated October 2025.

We confirm to Australian investors that: a) we are not aware of any new information or data that materially affects the information included in the original ASX announcement or the TRS; b) all material assumptions and technical parameters underpinning the Mineral Resource Statement and Parameters and Ore Reserve Statement and Parameters included in the original ASX announcements continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons' findings are presented in this report have not been materially modified from the original ASX announcement or the TRS.

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#### PART I.

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| **ITEM 1** | **IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS** |

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Not applicable.

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| **ITEM 2.** | **OFFER STATISTICS AND EXPECTED TIMETABLE** |

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Not applicable.

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| **ITEM 3.** | **KEY INFORMATION** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **[Reserved]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **Capitalization and Indebtedness** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **Reasons for the Offer and Use of Proceeds** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **Risk Factors** 

*You should carefully consider the risks described below, together with all of the other information in this Transition Report on Form 20-F. If any of the following risks occur, our business, financial condition and results of operations could be seriously harmed and you could lose all or part of your investment. Further, if we fail to meet the expectations of the public market in any given period, the market price of the ADSs could decline. We operate in a competitive environment that involves significant risks and uncertainties, some of which are outside of our control. If any of these risks actually occurs, our business and financial condition could suffer and the price of the ADSs could decline.*

#### Business Risks

#### We will need additional funds to develop the Project.
We estimated in October 2025 that development of the Project would require approximately US$1,683.2 million. We expect that this estimate will increase due to cost inflation in the global mining industry until re-estimated at the time of taking a Final Investment Decision ("**FID**"). We expect to fund part of the capital expenditure for the Project with proceeds from the US$996 million DOE Loan. ioneer is currently running a strategic partnering process with the assistance of Goldman Sachs to secure a sale of a stake in the Project.

We continue to actively assess options to fund the Project beyond these sources of funding, including through further strategic partnering, debt and equity. Project funding considerations and funding sources will be considered in any decision to approve the FID.

We cannot assure you that we will have, or will be able to raise on favorable terms or at all, sufficient cash to fully develop the Project and also to maintain adequate liquidity to satisfy future working capital requirements. There can be no assurances that we will be able to meet all conditions precedent to funding under the DOE Loan. Even if the relevant conditions precedent are met for the debt from the DOE, we may need to secure substantial additional funds, through future debt or equity financings, to complete development of the Project. In addition, any reduction in federal funding or changes in the terms of funding could impact our ability to operate, thereby affecting our operational capabilities and financial performance. Furthermore, we anticipate that between the release of the October 2025 cost estimate, and any future FID, there will be construction cost inflation across the global mining industry. We expect similar pressure to also increase the capital cost estimates at the Project, in particular as it relates to labor, fuel and logistics costs. If we are unable to raise additional funds through equity or debt financing, we may not have the necessary cash resources to finance our business plan. If we are able to raise additional funds, these funds may be on less favorable terms than anticipated, which may adversely affect our future profitability and financial flexibility.

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Funding terms may also place restrictions on the manner in which we conduct our business and impose limitations on our ability to execute on our business plan and growth strategies.

#### Our future performance is difficult to evaluate because we have a limited operating history.
We are a development stage company and have not realized any revenues to date from the sale of lithium or boron. Our immediate operating cash flow needs are expected to be significant and to be financed primarily through issuances of our ordinary shares and not through cash flows derived from our operations. As a result, we have little historical financial and operating information available to help you evaluate our performance.

#### We cannot guarantee that our properties will result in the commercial extraction of mineral deposits.
We are engaged in the business of developing mineral properties with the intention of locating economic deposits of minerals. Our Rhyolite Ridge property interest is at the development stage. Accordingly, it is unlikely that we will realize profits in the short term, and we cannot assure you that we will realize profits in the medium to long term. Any profitability in the future from our business will be dependent upon development of mineral deposits and further exploration and development of other economic deposits of minerals, each of which is subject to numerous risk factors. Further, we cannot assure you that, even to the extent mineral deposits have been located, any of our property interests can be commercially mined. The exploration and development of mineral deposits involves a high degree of financial risk over a significant period of time which a combination of careful evaluation, experience and knowledge of management may not eliminate. While discovery of additional ore-bearing deposits may result in substantial rewards, few properties which are explored are ultimately developed into producing mines. Major expenses may be required to construct mining and processing facilities. It is impossible to ensure that our current development and exploration programs will result in profitable commercial mining operations. The profitability of our operations will be, in part, directly related to the cost and success of our development and exploration programs which may be affected by a number of factors. Additional expenditures are required to commercially mine and to construct, complete and install mining and processing facilities in those properties that are actually mined and developed.

In addition, development stage projects like ours have no operating history upon which to base estimates of future operating costs and capital requirements. Estimates of reserves, ore recoveries and cash operating costs are to a large extent based upon the interpretation of geologic data, obtained from a limited number of drill holes and other sampling techniques, and feasibility studies. Actual operating costs and economic returns of any and all projects may materially differ from estimated costs and returns, and accordingly, our financial condition, results of operations and cash flows may be negatively affected.

#### We face risks related to mining, exploration and mine construction on our properties.
Our level of profitability, if any, in future years will depend to a great degree on lithium and boron prices and whether our properties can be brought into production. Whether it will be economically feasible to extract ore deposits depends on a number of factors, including, but not limited to: the particular attributes of the deposit, such as size, grade and proximity to infrastructure; sale prices; mining, processing and transportation costs; the willingness of lenders and investors to provide project financing; labor costs and possible labor strikes; and governmental regulations, including, without limitation, regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting materials, foreign exchange, environmental protection, employment, worker safety, transportation, and reclamation and closure obligations. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in us receiving an inadequate return on invested capital. In addition, we are subject to the risks normally encountered in the mining industry, such as:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the discovery of unusual or unexpected geological formations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accidental fires, floods, earthquakes or other natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unplanned power outages and water shortages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• controlling water and other similar mining hazards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating labor disruptions and labor disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to obtain suitable or adequate machinery, equipment, or labor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our liability for pollution or other hazards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other known and unknown risks involved in the conduct of exploration and operation of mines.

The nature of these risks is such that liabilities could exceed any applicable insurance policy limits or could be excluded from coverage. There are also risks against which we cannot insure or against which we may elect not to insure. The potential costs which could be associated with any liabilities not covered by insurance, or in excess of insurance coverage, or compliance with applicable laws and regulations may cause substantial delays and require significant capital outlays, adversely affecting our future earnings and competitive position and, potentially, our financial viability.

#### Our long-term success will depend ultimately on our ability to achieve and maintain profitability and to develop positive cash flow from our mining activities.
Our long-term success, including the recoverability of the carrying values of our assets, our ability to acquire additional projects, and continuing with development, exploration and commissioning and mining activities on our existing projects, will depend ultimately on our ability to achieve and maintain profitability and to develop positive cash flow from our operations by establishing ore bodies that contain commercially recoverable deposits and develop profitable mining activities. The economic viability of our mining activities has many risks and uncertainties including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a significant, prolonged decrease in the market prices of lithium or boron;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulty in marketing and/or selling lithium or boron;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significantly higher than expected capital costs to construct our mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significantly higher than expected extraction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significantly lower than expected ore extraction quantities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significantly lower than expected recoveries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant delays, reductions or stoppages of ore extraction activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant delays in achieving commercial operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the introduction of significantly more stringent regulatory laws and regulations.

Our future mining activities may change as a result of any one or more of these risks and uncertainties, and we cannot assure you that any ore body that we extract mineralized materials from will result in achieving and maintaining profitability and developing positive cash flow.

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***We depend on our ability to successfully access the capital and financial markets. Any inability to access the capital or financial markets may limit our ability to execute our business plan or pursue investments that we may rely on for future growth.***

We rely on access to long-term capital markets as a source of liquidity for our capital and operating requirements. We will require additional capital to establish any future mining operations, which would require funds for construction and working capital. We cannot assure you that such additional funding will be available to us on satisfactory terms, or at all, or that we will be successful in commencing commercial lithium extraction, or that our sales projections will be realized.

In order to finance our future capital needs, we expect to raise additional funds through the issuance of additional equity or debt securities. Depending on the type and the terms of any financing we pursue, shareholders' rights and the value of their investment in our ordinary shares or the ADSs could be reduced. Any additional equity financing will dilute shareholdings, and new or additional debt financing, if available, may involve restrictions on financing and operating activities. In addition, if we issue secured debt securities, the holders of the debt would have a claim to our assets that would be prior to the rights of shareholders until the debt is paid. Interest on such debt securities would increase costs and negatively impact operating results. If the issuance of new securities results in diminished rights to holders of our ordinary shares or the ADSs, the market price of the ADSs could be negatively impacted.

If we are unable to obtain additional financing, as needed, at competitive rates, our ability to implement our business plan and strategy may be affected, and we may be required to reduce the scope of our operations and scale back our exploration, development and mining programs. There is, however, no guarantee that we will be able to secure additional funding or be able to secure funding which will provide us with sufficient funds to meet our objectives, which may adversely affect our business and financial position.

Certain market disruptions may increase our cost of borrowing or affect our ability to access one or more financial markets. Such market disruptions could result from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse general capital market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• poor performance and health of the lithium or mining industries in general;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bankruptcy or financial distress of unrelated lithium companies or marketers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant decrease in the demand for lithium; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse regulatory actions that affect our exploration and construction plans or the use of lithium generally.

#### Our efforts to grow may adversely affect our business, financial condition and results of operations.
Future growth may place strains on our financial, technical, operational and administrative resources and cause us to rely more on project partners and independent contractors, potentially adversely affecting our financial position and results of operations. Our ability to grow will depend on a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to develop existing properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain leases or options on properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to identify and acquire new exploratory prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to continue to retain and attract skilled personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain or enter into new relationships with project partners and independent contractors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the results of our development and exploration programs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market prices for our production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our access to capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to enter into sales arrangements.

We may not be successful in upgrading our technical, operational and administrative resources or increasing our internal resources sufficiently to provide certain of the services currently provided by third parties, and we may not be able to maintain or enter into new relationships with project partners and independent contractors on financially attractive terms, if at all. Our inability to achieve or manage growth may materially and adversely affect our business, results of operations and financial condition.

***Our failure to successfully secure any potential future strategic partners, or to close conditions precedent to the DOE Loan, could have an adverse effect on us.***

We believe that any potential future strategic partners and the DOE Loan will give us additional capital to substantially fund our growth and expand our operational capabilities. However, our failure to successfully identify, complete and integrate any potential future strategic partners, or to close conditions precedent to first draw of the DOE Loan, could have adverse consequences on us. Additionally, at this time we cannot predict what effect, if any investment by potential future strategic partners, or the DOE Loan will have on the trading price of our ordinary shares or the ADSs.

We had targeted to close the transactions encompassing a joint venture with Sibanye Stillwater Limited ("Sibanye") in the first quarter of calendar year 2025. However, the closing of such transactions was subject to various conditions precedent, including obtaining necessary project permits, executing the Sibanye-Stillwater agreement, securing adequate debt financing, and procurement of additional funding requirements to enable us to make an FID regarding the Rhyolite Ridge Project. In February 2025, Sibanye decided not to proceed with the joint venture and ioneer and Sibanye terminated the related Unit Purchase and Subscription Agreement. Although this development has not resulted in a material adverse effect on the trading price of our ordinary shares or the ADSs, there can be no assurances that our future agreement with strategic partners will be executed on terms and timeline reasonably satisfactory to us.

Additionally, on January 20, 2025, we announced the closing of a loan from the DOE's Department of Energy Office of EDF (formerly the LPO) under the Advanced Technology Vehicles Manufacturing program to support the development of an on-site processing facility at the Rhyolite Ridge Lithium-Boron Project. Conditions precedent to first loan funding include closing a strategic partnering agreement for the equity component of the build cost, securing necessary additional required funding and a project finance model bring down. We cannot guarantee that these conditions precedent will be satisfied according to our anticipated timeline or at all. If for any reason the conditions precedent to the loan are not satisfied according to our anticipated timeline or at all, including due to new or changed policies implemented by the administration in the United States, the trading price of our ordinary shares or the ADSs may be adversely affected and we may need to seek other sources of capital in order to fund our growth, which we cannot guarantee we will successfully obtain.

#### We are dependent upon key management employees.
The responsibility of overseeing the day-to-day operations and the strategic management of our business depends substantially on our senior management and our key personnel. Loss of such personnel may have an adverse effect on our performance. The success of our operations will depend upon numerous factors, many of which are beyond our control, including our ability to attract and retain additional key personnel in sales, marketing, technical support and finance. We currently depend upon a relatively small number of key persons to seek out and form strategic alliances and find and retain additional employees. Certain areas in which we operate are highly competitive regions and competition for qualified personnel is intense. We may be unable to hire suitable field personnel for our technical team or there may be periods of time where a particular position remains vacant while a suitable replacement is identified and appointed. We may not be successful in attracting and retaining the personnel required to grow and operate our business profitably.

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#### Our growth will require new personnel, which we will be required to recruit, hire, train and retain.
Members of our management team possess significant experience and have previously carried out or been exposed to exploration and production activities including development of greenfield lithium projects into commercial production. However, we have limited operating history with respect to lithium projects and our ability to achieve our objectives depends on the ability of our directors, officers and management to implement current plans and respond to any unforeseen circumstances that require changes to those plans. The execution of our exploration and development plans will place demands on us and our management. Our ability to recruit and assimilate new personnel will be critical to our performance. We will be required to recruit additional personnel and to train, motivate and manage employees, which may adversely affect our plans.

***Lawsuits against us or affecting our interests in the Rhyolite Ridge Project may be filed, and an adverse ruling in any such lawsuit may adversely affect our business, financial condition or liquidity or the market price of the ADSs.***

In the normal course of our business, we may become involved in, named as a party to, or be the subject of, various legal proceedings, including regulatory proceedings, tax proceedings and legal actions, relating to personal injuries, property damage, property taxes, land rights, endangered species, the environment and contract disputes, or our interests may be indirectly affected by such legal proceedings. The outcome of outstanding, pending or future proceedings cannot be predicted with certainty and may be determined adversely to us and as a result, could have a material adverse effect on our assets, liabilities, business, financial condition or results of operations. Even if we prevail in any such legal proceeding, the proceedings could be costly and time-consuming and may divert the attention of management and key personnel from our business operations, which could adversely affect our financial condition.

While currently pending regulatory proceedings have not impacted our permitting or development activities to date, legal challenges by third parties, such as non-governmental organizations, could materially adversely affect our operations.

#### Government regulations relating to mineral rights tenure, permission to disturb areas and the right to operate have the potential to materially adversely affect us.
The Project is located on federal lands administered by the Bureau of Land Management under the Federal Land Policy and Management Act of 1976 ("FLPMA"). Proposed BLM actions require review under the National Environmental Policy Act ("NEPA"). The Project completed the NEPA review and received BLM approval under FLPMA to mine our properties at Rhyolite Ridge in October 2024. The process for permitting applications is often complex and time-consuming, requiring a significant amount of time and other resources. The duration and success of efforts to obtain permits are contingent upon many variables outside of the Company's control. Any amendments to our development, mining or production plans would need to be approved by relevant regulatory authorities. There is no certainty that any future permitting changes will be approved.

Certain key federal and other state permits are required for the Rhyolite Ridge Project to proceed. These include air quality, water pollution control, and reclamation permits and approvals of the Company's use of water under the water rights certificates and permits the Company holds. Applications have been submitted for many of the necessary permits and rights. The Company has received a Water Pollution Control Permit and Class II Air Quality Permit from the State of Nevada. The BLM published a final Environmental Impact Statement for the Project in September, 2024 and a positive Record of Decision, in October 2024. Receipt of the positive ROD gives us a license to commence construction activity at Rhyolite Ridge. Future actions, expansions or material changes to process from those described in the current plan of operation may require additional BLM review under NEPA and or modifications to our State of Nevada authorizations. There can be no assurance that all necessary additional approvals and permits will be obtained for either of the Company's projects, projected timelines for agency permitting decisions will be met, or the projected costs of permitting will prove accurate.

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In addition, most major permitting authorizations are subject to appeals or administrative protests, resulting in the potential for litigation that could lead to administrative reconsiderations or reversals of permitting decisions. On October 31, 2024, three non-government organizations (Center for Biological Diversity, Great Basin Resource Watch and Western Shoshone Defense Project) (the "**Plaintiffs**") filed suit against the BLM seeking to vacate the Department of Interior decisions related to the BLM's Record of Decision and U.S. Fish and Wildlife Service's ("**USFWS**") Biological Opinion related to the Rhyolite Ridge approval. ioneer joined the case as an intervenor. On March 31, 2026, the U.S. District Court for the District of Nevada (the "**District Court**") issued its decision to uphold the approval of the BLM's approval of the Rhyolite Ridge mine plan and its findings that the BLM and USFWS had complied with the Endangered Species Act, Federal Land Policy and Management Act, and National Environmental Policy Act in their review and approval of the Project. On April 9, 2026, the Plaintiffs filed a notice of appeal of the District Court's decision to the United States Court of Appeals for the Ninth Circuit (the "**Ninth Circuit**"). Although the timing of the process is outside of the Company's control, we anticipate a decision will be issued by the Ninth Circuit in mid- 2027. Similar litigation processes may occur in the future which could cause lengthy delays, with uncertain outcomes. Such issues could impact the expected development timelines of the Company's projects and have a material adverse effect on our business.

Endangered or threatened species protections may impact the development of the project by subjecting it to time delays, restrictions or mitigation measures. For example, the Center for Biological Diversity petitioned both the USFWS and the Nevada Department of Conservation and Natural Resources ("NDCNR") to require additional protection for Tiehm's buckwheat, a plant found along the western margin of Rhyolite Ridge. On December 14, 2022, USFWS listed Tiehm's buckwheat as an endangered species under the Endangered Species Act ("ESA") and designated approximately 910 acres of critical habitat. For Tiehm's buckwheat, critical habitat includes the approximately 10 acres of occupied habitat suitable for the species and approximately 900 acres of surrounding land that has been identified because of their potential to support pollinators for Tiehm's buckwheat. As part of publication of the Final Environmental Impact Statement (EIS) by BLM on September 20, 2024, the USFWS also formally released the ESA Section 7 Biological Opinion, concluding the Rhyolite Ridge Project will not jeopardize the ESA-listed Tiehm's buckwheat or adversely modify its critical habitat. The issuance of the Biological Opinion marked the end of the ESA consultation process between USFWS and the BLM regarding Rhyolite Ridge. The NDCNR process is ongoing.

The USFWS proposed listing of Fish Lake Valley Tui Chub (FLVTC) as an endangered species on May 20, 2025. The species is a small minnow found in the McNett Spring system, at a location adjacent to the access road and infrastructure corridor for the Rhyolite Ridge Project, approximately 2,200 feet from the infrastructure corridor and more than 8 miles from and approximately 1,600 feet lower in elevation than the project. A second FLVTC population has been introduced into Lida Pond which is over 50 miles from the Rhyolite Ridge Project.

While we do not believe adverse impacts will occur to such species from Rhyolite Ridge Project activities, should the FLVTC be listed, the BLM could potentially require Section 7 consultation to be reinitiated, which may delay project timelines.

There is a risk that these and any other habitat protections for endangered and threatened species could compromise the economic viability of future development of the Project.

#### Our mineral properties consist of unpatented mining claims that may carry certain risks and uncertainties.
Our mineral properties consist of unpatented mining claims which are located on lands administered by the BLM. The United States retains and manages the surface of these lands and the Company holds only possessory title to the minerals and the right to use the surface to extract and process the minerals. Title to unpatented mining claims is subject to inherent uncertainties. These uncertainties relate to such things as the sufficiency of the Company's discovery of a deposit of valuable minerals as required under the Mining Law of 1872, proper location and posting and marking of boundaries, and possible conflicts with other claims which are not determinable from descriptions of record. The Company has undertaken investigations of the unpatented mining claims that it acquired from third parties and which it located and is confident that its unpatented mining claims are compliant with federal and state laws. Substantial mineral exploration, development and mining in the western United States occurs on unpatented mining claims, and these uncertainties are inherent in the mining industry.

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The present status of our unpatented mining claims located on public lands allows us the right to mine and remove valuable minerals, including lithium and other metals, from the claims conditioned upon applicable environmental reviews and permitting programs. We also are generally allowed to use the surface of the land solely for purposes related to mining and processing the mineral-bearing ores. Legal ownership of the land remains with the United States. We remain at risk that the mining claims may be forfeited either to the United States or to rival private claimants if we fail to comply with statutory requirements, including payment of the federal annual mining claim maintenance fees which presently are US$200.00 for each unpatented mining claim.

Before 1994, a mining claim locator who was able to prove the discovery of valuable, locatable minerals on an unpatented mining claim, and to meet all other applicable federal and state requirements and procedures pertaining to the location and maintenance of the unpatented mining claim, had the right to prosecute a patent application to secure fee title to the mining claim from the federal government. The right to pursue a patent, however, has been subject to a moratorium since October 1994, through federal legislation restricting the BLM from accepting any new mineral patent applications. If we do not obtain fee title to our unpatented mining claims, we can provide no assurance that we will be able to obtain compensation in connection with an action by BLM to contest or condemn our claims.

Legislation has been proposed periodically that could, if enacted, significantly affect the cost of our operations on our unpatented mining claims or the amount of net proceeds of mineral tax we will pay to the State of Nevada on the commencement of production of minerals from the Rhyolite Ridge Project.

Members of the U.S. Congress have periodically introduced bills which would supplant or alter the provisions of the Mining Law of 1872. Such bills have proposed, among other things, to impose a federal royalty on production from unpatented mining claims. Such proposed legislation could change the cost of holding unpatented mining claims and could significantly impact our ability to develop mineralized material on unpatented mining claims. Our mining claims are unpatented claims. Although we cannot predict what legislated royalties might be, the enactment of these proposed bills could adversely affect the potential for development of our unpatented mining claims and the economics of our existing operating mines on federal unpatented mining claims. Passage of such legislation could adversely affect our financial performance and results of operations.

We are subject to net proceeds of mineral tax payable to the State of Nevada on up to 5% of net proceeds generated from the Rhyolite Ridge Project. Net proceeds are calculated as the excess of gross yield over certain direct costs. Gross yield is determined as the value received when minerals are sold, exchanged for anything of value or removed from the state. Direct costs generally include the costs to develop, extract, produce, transport and refine minerals. From time-to-time Nevada legislators introduce bills which aim to increase the amount of net proceeds of minerals tax which Nevada mining companies pay.

#### Cybersecurity risks and cyber incidents may adversely affect our business.
Attempts to gain unauthorized access to our information technology systems become more sophisticated over time. These attempts, which might be related to industrial or other espionage, include covertly introducing malware to our computers and networks and impersonating authorized users, among others. We seek to detect and investigate all security incidents and to prevent their recurrence, but in some cases, we might be unaware of an incident or its magnitude and effects. The theft, unauthorized use, or publication of our intellectual property and/or confidential business information could harm our competitive position, reduce the value of our investment in research and development and other strategic initiatives or otherwise adversely affect our business. In addition, the devotion of additional resources to the security of our information technology systems in the future could significantly increase the cost of doing business or otherwise adversely impact our financial results.

#### Regulatory and Industry Risks

#### The Project will be subject to significant governmental regulations, including the U.S. Federal Mine Safety and Health Act and the Endangered Species Act.
Mining activities in the United States are generally subject to extensive federal, state, local and foreign laws and regulations governing environmental and endangered species protection, natural resources, prospecting, development, production, post-closure reclamation, taxes, labor standards and occupational health and safety laws and regulations, including mine safety, toxic substances and other matters. The costs associated with compliance with such laws and regulations are substantial. In addition, changes in such laws and regulations, or more restrictive interpretations of current laws and regulations by governmental authorities, could result in unanticipated capital expenditures, expenses or restrictions on or suspensions of our operations and delays in the development of our properties.

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#### We must obtain and renew governmental permits in order to develop our mining operations, a process which is often costly and time-consuming.
We are required to obtain and renew the licenses, permits, rights-of-way and regulatory consents necessary for our development and exploration activities. Obtaining and renewing these licenses, permits, rights-of-way and regulatory consents is a complex and time-consuming process. The timeliness and success of permitting efforts are contingent upon many variables not within our control, including the interpretation of approval requirements administered by the applicable authority. We may not be able to obtain or renew licenses, permits and regulatory consents that are necessary to our planned operations or the cost and time required to obtain or renew such licenses, permits and regulatory consents may exceed our expectations. Further, we may not be able to maintain our existing licenses, permits and regulatory consents in full force and effect without modification or revocation adverse to our interests. Any unexpected delays or costs associated with the permitting process could delay the development, exploration or operation of our properties, which in turn could materially adversely affect our future revenues and profitability. In addition, key licenses, permits and regulatory consents may be revoked or suspended or may be changed in a manner that adversely affects our activities.

Private parties, such as environmental activists, frequently attempt to intervene in the approval process and to persuade regulators to deny necessary licenses, permits and regulatory consents or seek to overturn those that have been issued. Obtaining the necessary governmental licenses, permits and regulatory consents involves numerous jurisdictions, public hearings, and possibly costly undertakings. These third-party actions can materially increase the costs and cause delays in the process and could cause us to not proceed with the development or operation of a property. In addition, our ability to successfully obtain key permits and approvals to develop, explore, operate, and expand operations will likely depend on our ability to undertake such activities in a manner consistent with the creation of social and economic benefits in the surrounding communities, which may or may not be required by law. Our ability to obtain permits and approvals and to successfully operate in particular communities may be adversely affected by real or perceived detrimental events associated with our activities.

***Compliance with environmental regulations and litigation based on environmental regulations could require significant expenditures and delay development timelines, and the physical effects of climate change could have an adverse effect on our operations.***

Environmental regulations mandate, among other things, the maintenance of air and water quality standards, land development and land reclamation, and set forth limitations on the generation, transportation, storage and disposal of solid and hazardous waste. Environmental legislation is evolving in a manner that may require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects, and a heightened degree of responsibility for mining companies and their officers, directors and employees. New environmental laws and regulations or changes in existing environmental laws and regulations could have a negative effect on exploration activities, operations, production levels and methods of production. In connection with our current exploration and development activities or in connection with our prior mining operations, we may incur environmental costs that could have a material adverse effect on financial condition and results of operations. Any failure to remedy an environmental problem could require us to suspend operations or enter into interim compliance measures pending completion of the required remedy.

Moreover, governmental authorities and private parties may bring lawsuits based upon damage to property and injury to persons resulting from the environmental, health and safety impacts of prior and current operations. These lawsuits could lead to the imposition of substantial fines, remediation costs, penalties and other civil and criminal sanctions. We cannot assure you that any such law, regulation, enforcement or private claim would not have a material adverse effect on our financial condition, results of operations or cash flows. Mining companies may also be held responsible for the costs of addressing contamination at the site of current or former activities or at third party sites. Under the Comprehensive Environmental Response, Compensation, and Liability Act and its state law equivalents, present or past owners of a property may be held jointly and severally liable for cleanup costs or forced to undertake remedial actions in response to unpermitted releases of hazardous substances at such property, in addition to, among other potential consequences, potential liability to governmental entities for the cost of damages to natural resources, which may be substantial.

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Environmental regulations require us to obtain various operating permits, approvals and licenses and also impose standards and controls relating to development and production activities—see above. For example, USFWS has designated critical habitat areas it believes are necessary for survival of Tiehm's buckwheat, which it listed as an endangered species. The critical habitat designation could result in further material restrictions to land use and may materially delay or prohibit land access for our development. Failure to obtain necessary permits or authorizations required under environmental regulations could also result in delays in beginning or expanding operations, incurring additional costs for investigation or cleanup of hazardous substances, litigation, payment of penalties for non-compliance or discharge of pollutants, and post-mining closure, reclamation and bonding, all of which could have a material adverse impact on our financial performance, results of operations and liquidity.

We cannot predict at this time what changes, if any, to federal laws or regulations may be adopted or imposed by Congress and the Trump Administration. We cannot provide any assurance that future changes in environmental laws and regulations will not adversely affect our current operations or future projects. Any changes to these laws and regulations could have an adverse impact on our financial performance and results of operations by, for example, requiring changes to operating constraints, technical criteria, fees or financial assurance requirements.

Congress has from time to time considered adopting legislation to reduce emissions of greenhouse gas emissions ("**GHGs**"), and a number of state and regional efforts have emerged that are aimed at tracking and/or reducing GHG emissions by means of cap and trade programs. Cap and trade programs typically require major sources of GHG emissions to acquire and surrender emission allowances in return for emitting those GHGs The United States rejoined the Paris Agreement but is in the process of withdrawal with a formal exit set for January 2026. Various states and local governments such as Nevada's have also vowed to continue to enact regulations to satisfy their proportionate obligations under the Paris Agreement. The adoption of legislation or regulatory programs or other government action to reduce emissions of GHGs could require us to incur increased operating costs. Finally, some scientists have concluded that increasing concentrations of GHGs in the earth's atmosphere may produce climate changes that could have significant physical effects, such as increased frequency and severity of storms, droughts, floods and other climatic events; if such effects were to occur, they could have an adverse impact on our operations.

#### Lithium and boron prices are subject to unpredictable fluctuations.
We currently expect to derive revenues, if any, principally from the sale of refined lithium and boron compounds. The price of these materials may fluctuate widely and is affected by numerous factors beyond our control, including international, economic and political trends, expectations of inflation, currency exchange fluctuations, tariff rate changes, export regulations, chemical classifications, interest rates, global or regional consumptive patterns, speculative activities, increased production due to new extraction developments and improved extraction and production methods and technological changes in the markets for the end products. The effect of these factors on prices, and therefore the economic viability of any of our properties, cannot accurately be predicted.

#### Changes in technology or other developments could result in preferences for substitute products.
Lithium, boron and their derivatives are preferred raw materials for certain industrial applications, such as lithium-ion batteries. Many materials and technologies are being researched and developed with the goal of making batteries lighter, more efficient, faster charging and less expensive. Some of these technologies could be successful and could adversely affect demand for lithium batteries in personal electronics, electric and hybrid vehicles and other applications, as well as the type of lithium product required. We cannot predict which new technologies may ultimately prove to be commercially viable and on what time horizon. In addition, alternatives to such products may become more economically attractive as global commodity prices shift. Any of these events could adversely affect demand for and market prices of lithium, thereby resulting in a material adverse effect on the economic feasibility of extracting any mineralization we discover and reducing or eliminating any reserves we identify.

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#### New production of lithium from current or new competitors in the lithium markets could adversely affect prices.
In recent years, new and existing competitors have increased the supply of lithium, which has affected its price. Further production increases could negatively affect prices. There is limited information on the status of new lithium production capacity expansion projects being developed by current and potential competitors and, as such, we cannot make accurate projections regarding the capacities of possible new entrants into the market and the dates on which they could become operational. If these potential projects are completed in the short term, they could adversely affect market lithium prices, thereby resulting in a material adverse effect on the economic feasibility of extracting any mineralization we discover and reducing or eliminating any reserves we identify.

#### Risks Related to an Investment in the ADSs
***ADSs holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable outcomes to the plaintiffs in any such action.***

The deposit agreement governing the ADSs provides that, to the fullest extent permitted by law, ADS holders waive the right to a jury trial of any claim they may have against us or the depositary arising out of or relating to our ordinary shares, the ADSs or the deposit agreement, including any claim under the U.S. federal securities laws. The waiver of jury trial provision applies to all holders of ADSs, including purchasers who acquire ADSs on the open market. If we or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable based on the facts and circumstances of that case in accordance with the applicable state and federal law. To our knowledge, the enforceability of a contractual pre-dispute jury trial waiver in connection with claims arising under the federal securities laws has not been finally adjudicated by the United States Supreme Court. However, we believe that a contractual pre-dispute jury trial waiver provision is generally enforceable, including under the laws of the State of New York, which govern the deposit agreement, by a federal or state court in the City of New York, which has non-exclusive jurisdiction over matters arising under the deposit agreement. In determining whether to enforce a contractual pre-dispute jury trial waiver provision, courts will generally consider whether a party knowingly, intelligently and voluntarily waived the right to a jury trial. We believe that this is the case with respect to the deposit agreement and the ADSs. In addition, New York courts will not enforce a jury trial waiver provision in order to bar a viable setoff or counterclaim sounding in fraud or one which is based upon a creditor's negligence in failing to liquidate collateral upon a guarantor's demand, or in the case of an intentional tort claim (as opposed to a contract dispute), none of which we believe are applicable in the case of the deposit agreement or the ADSs. It is advisable that you consult legal counsel regarding the jury waiver provision before obtaining ADSs.

If you or any other holder of ADSs bring a claim against us or the depositary in connection with matters arising under the deposit agreement or the ADSs, including claims under federal securities laws, you or such other holder may not be entitled to a jury trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits against us and/or the depositary. If a lawsuit is brought against us or the depositary under the deposit agreement, it may be heard only by a judge of the applicable trial court, which would be conducted according to different civil procedures and may result in different outcomes than a trial by jury would have had, including results that could be less favorable to the plaintiffs in any such action.

Nevertheless, if this jury trial waiver provision is not permitted by applicable law, an action could proceed under the terms of the deposit agreement with a jury trial.

#### Limitations in the deposit agreement may not be effective to waive claims against the Company based on compliance with the federal securities laws.
Although the deposit agreement provides a waiver of jury trial as described above, we have been advised that no condition, stipulation or provision of the deposit agreement or ADSs can serve as a waiver by any owner or holder of ADSs or by us or the depositary of compliance with any substantive provision of the U.S. federal securities laws and the rules and regulations promulgated thereunder. Accordingly, we expect to be subject to a jury trial in actions based on such laws, rules and regulations.

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#### The market price and trading volume of the ADSs may be volatile and may be affected by economic conditions beyond our control.
The market price of the ADSs may be highly volatile and subject to wide fluctuations. In addition, the trading volume of the ADSs may fluctuate and cause significant price variations to occur. If the market price of the ADSs declines significantly, you may be unable to resell the ADSs at or above the purchase price, if at all. We cannot assure you that the market price of the ADSs will not fluctuate or significantly decline in the future.

Some specific factors that could negatively affect the price of the ADSs or result in fluctuations in their price and trading volume include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes or delays in development or exploration activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or expected fluctuations in our prospects or operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the demand for, or market prices of, lithium or boron;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additions to or departures of our key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations of exchange rates between the U.S. dollar and the Australian dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes or proposed changes in laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in trading volume of ADSs on Nasdaq and of our ordinary shares on the ASX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales or perceived potential sales of the ADSs or ordinary shares by us, our directors, senior management or our shareholders in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcement or expectation of additional financing efforts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conditions in the U.S. or Australian financial markets or changes in general economic conditions.

#### An active trading market for the ADSs may not be maintained, and the trading price for our ordinary shares may fluctuate significantly.
We listed our ADSs on Nasdaq in June 2022, and we cannot assure you that an active public market for the ADSs will be maintained. If an active public market for the ADSs is not maintained, the market price and liquidity of the ADSs may be adversely affected, and you may experience a decrease in the value of the ADSs regardless of our operating performance. We are aware that following past periods of volatility in the market price of a company's securities, shareholders of those companies have often instituted securities class action litigations. If we were to become involved in a class action suit, it could divert the attention of senior management and, if adversely determined, could have a material adverse effect on our results of operations and financial condition.

#### ADS holders are not our shareholders and do not have shareholder rights.
The Bank of New York Mellon, as depositary, registers and delivers the ADSs. ADS holders are not treated as our shareholders and do not have shareholders rights. The depositary is the holder of our ordinary shares underlying the ADSs. Holders of ADSs have ADS holder rights. A deposit agreement among us, the depositary, ADS holders, and the beneficial owners of ADSs, sets out ADS holder rights as well as the rights and obligations of the depositary. New York law governs the deposit agreement and the ADSs. We and the depositary may amend or terminate the deposit agreement without the ADS holders' consent in a manner that could prejudice ADS holders. For a description of ADS holder rights, see "**Additional Information—Constitutional Documents—Description of Share Capital—American Depositary Shares.**" Our shareholders have shareholder rights. Australian law and our Constitution govern shareholder rights.

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ADS holders do not have the same voting rights as our shareholders. Shareholders are entitled to receive our notices of general meetings and to attend and vote at our general meetings of shareholders. At a general meeting, every shareholder present (in person or by proxy, attorney or representative) and entitled to vote has one vote on a show of hands. Every shareholder present (in person or by proxy, attorney or representative) and entitled to vote has one vote per fully paid ordinary share on a poll. This is subject to any other rights or restrictions that may be attached to any shares. ADS holders may instruct the depositary to vote the ordinary shares underlying their ADSs. ADS holders will not be entitled to attend and vote at a general meeting unless they surrender their ADSs and withdraw the ordinary shares. However, ADS holders may not have sufficient advance notice about the meeting to surrender their ADSs and withdraw the shares. If we ask for ADS holders' instructions, the depositary will notify ADS holders of the upcoming vote and arrange to deliver our voting materials and form of notice to them. If we ask the depositary to solicit voting instructions, the depositary will try, as far as practical, subject to Australian law and the provisions of the depositary agreement, to vote the shares as ADS holders instruct. The depositary will not vote or attempt to exercise the right to vote other than in accordance with the instructions of ADS holders. We cannot assure ADS holders that they will receive the voting materials in time to ensure that they can instruct the depositary to vote their shares. In addition, there may be other circumstances in which ADS holders may not be able to exercise voting rights.

ADS holders do not have the same rights to receive dividends or other distributions as our shareholders. Subject to any special rights or restrictions attached to any shares, the directors may determine that a dividend will be payable on our ordinary shares and fix the amount, the time for payment and the method for payment (although we have never declared or paid any cash dividends on our ordinary shares and we do not anticipate paying any cash dividends in the foreseeable future). Dividends may be paid on our ordinary shares of one class but not another and at different rates for different classes. Dividends and other distributions payable to our shareholders with respect to our ordinary shares generally will be payable directly to them. Any dividends or distributions payable with respect to ordinary shares represented by ADSs will be paid to the depositary, which has agreed to pay to ADS holders the cash dividends or other distributions it or the custodian receives on shares or other deposited securities, after deducting its fees and expenses. Before the depositary makes a distribution to you in respect of your ADSs, any withholding taxes that must be paid will be deducted. Additionally, if the exchange rate fluctuates during a time when the ADS depositary cannot convert the foreign currency, you may lose some or all of the value of the distribution. ADS holders will receive these distributions in proportion to the number of ordinary shares their ADSs represent. In addition, there may be certain circumstances in which the depositary may not pay to ADS holders amounts distributed by us as a dividend or distribution.

#### There are circumstances where it may be unlawful or impractical to make distributions to the holders of the ADSs.
The deposit agreement requires the depositary to convert foreign currency distributions it receives on deposited ordinary shares into U.S. dollars and distribute the net U.S. dollars to ADS holders if it can do so on a reasonable basis and transfer the money to the United States. If it cannot make that conversion and transfer, the deposit agreement allows the depositary to distribute the foreign currency only to those ADS holders to whom it is possible to do so. If a distribution is payable by us in Australian dollars, the depositary will hold the foreign currency it cannot convert for the account of ADS holders who have not been paid. It will not invest the foreign currency and it will not be liable for any interest. If the exchange rates fluctuate during a time when the depositary cannot convert the foreign currency, ADS holders may lose some of the value of the distribution. The depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any ADS holders. This means that ADS holders may not receive the distributions we make on our ordinary shares or any value for them if it is illegal or impractical for us to make them available to them.

***Rights as a holder of ordinary shares are governed by Australian law and our Constitution and differ from the rights of shareholders under U.S. law. Holders of the ADSs may have difficulty in effecting service of process in the United States or enforcing judgments obtained in the United States.***

We are a public company incorporated under the laws of Australia. Therefore, the rights of holders of our ordinary shares are governed by Australian law and our Constitution. These rights differ from the typical rights of shareholders in U.S. corporations. The rights of holders of ADSs are affected by Australian law and our Constitution but are governed by U.S. law. Circumstances that under U.S. law may entitle a shareholder in a U.S. company to claim damages may also give rise to a cause of action under Australian law entitling a shareholder in an Australian company to claim damages. However, this will not always be the case.

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Holders of the ADSs may have difficulties enforcing, in actions brought in courts in jurisdictions located outside the United States, liabilities under U.S. securities laws. In particular, if such a holder sought to bring proceedings in Australia based on U.S. securities laws, the Australian court might consider whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it did not have jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it was not an appropriate forum for such proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• applying Australian conflict of laws rule, U.S. law (including U.S. securities laws) did not apply to the relationship between holders of our ordinary shares or ADSs and us or our directors
 and officers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. securities laws were of a public or penal nature and should not be enforced by the Australian court.

Certain of our directors and executive officers are residents of countries other than the United States. Furthermore, a portion of our and their assets are located outside the United States. As a result, it may not be possible for a holder of our ordinary shares or ADSs to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effect service of process within the United States upon certain directors and executive officers or on us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enforce in U.S. courts judgments obtained against any of our directors and executive officers or us in the U.S. courts in any action, including actions under the civil liability provisions
 of U.S. securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enforce in U.S. courts judgments obtained against any of our directors and senior management or us in courts of jurisdictions outside the United States in any action, including actions
 under the civil liability provisions of U.S. securities laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bring an original action in an Australian court to enforce liabilities against any of our directors and executive officers or us based upon U.S. securities laws.

Holders of our ordinary shares and the ADSs may also have difficulties enforcing in courts outside the U.S. judgments obtained in the U.S. courts against any of our directors and executive officers or us, including actions under the civil liability provisions of the U.S. securities laws.

#### The dual listing of our ordinary shares and the ADSs may adversely affect the liquidity and value of the ADSs.
Our ordinary shares are listed on the ASX. We cannot predict how the dual listing of our ordinary shares on ASX and our ADSs on Nasdaq will affect the value of these securities. Dual listing may dilute the liquidity in one or both markets and may adversely affect the development of an active trading market for the ADSs in the United States.

#### Currency fluctuations may adversely affect the price of the ADSs relative to the price of our ordinary shares.
The price of our ordinary shares is quoted in Australian dollars and the price of the ADSs is quoted in U.S. dollars. Movements in the Australian dollar/U.S. dollar exchange rate may adversely affect the U.S. dollar price of the ADSs and the U.S. dollar equivalent of the price of our ordinary shares. If the Australian dollar weakens against the U.S. dollar, the U.S. dollar price of the ADSs could decline, even if the price of our ordinary shares in Australian dollars increases or remains unchanged. If we pay dividends, we will likely calculate and pay any cash dividends in Australian dollars and, as a result, exchange rate movements will affect the U.S. dollar amount of any dividends holders of the ADSs will receive from the depositary.

***As a foreign private issuer, we are permitted and expect to follow certain home country corporate governance practices in lieu of certain Nasdaq requirements applicable to domestic issuers.***

As a foreign private issuer listed on Nasdaq, we will be permitted to, and intend to, follow certain home country corporate governance practices in lieu of certain Nasdaq practices. In particular, we follow home country law instead of Nasdaq practice regarding: (i) the requirement that a majority of the board of directors be independent; (ii) the establishment of independent committees to oversee compensation matters and director nominations; (iii) the requirement that we obtain shareholder approval for certain dilutive events, such as an issuance that may result in a change of control of the company, certain transactions other than a public offering involving issuances of a 20% or more interest in the company and certain acquisitions of the stock or assets of another company; and (iv) the requirement to have at least annual meetings of independent directors in executive sessions. See "**Item 16G. Corporate Governance**" for additional information with respect to these differences.

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#### As a foreign private issuer, we are permitted to file less information with the SEC than a company that files as a domestic issuer.
As a foreign private issuer, we are exempt from certain rules under the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, that impose disclosure requirements as well as procedural requirements for proxy solicitations under Section 14 of the Exchange Act. In addition, our officers, directors and principal shareholders are exempt from the reporting and "short-swing" profit recovery provisions of Section 16 of the Exchange Act. Moreover, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as a company that files as a domestic issuer whose securities are registered under the Exchange Act, nor are we generally required to comply with the SEC's Regulation FD, which restricts the selective disclosure of material non-public information.

Under Australian law, we prepare financial statements on an annual and semi-annual basis, we are not required to prepare or file quarterly financial information other than quarterly updates. Our quarterly updates have consisted of a brief review of operations for the quarter together with a statement of cash expenditure during the quarter, the cash and cash equivalents balance as at the end of the quarter and estimated cash outflows for the following quarter.

For as long as we are a "foreign private issuer," we intend to file our annual financial statements on Form 20-F and furnish our semi-annual financial statements and quarterly updates on Form 6-K to the SEC as long as we are subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act. However, the information we file or furnish is not the same as the information that is required in annual and quarterly reports on Form 10-K or Form 10-Q for U.S. domestic issuers. Accordingly, there may be less information publicly available concerning us than there is for a company that files as a U.S. issuer.

***We may lose our foreign private issuer status, which would then require us to comply with the Exchange Act's domestic reporting regime and cause us to incur additional legal, accounting and other expenses.***

We are required to determine our status as a foreign private issuer on an annual basis at the end of our second fiscal quarter. We would cease to be a foreign private issuer at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances applies: (1) the majority of our executive officers or directors are U.S. citizens or residents; (2) more than 50% of our assets are located in the United States; or (3) our business is administered principally in the United States. Since more than 50% of our assets are located in the United States, we will lose our status as a foreign private issuer if more than 50% of our outstanding voting securities are held by U.S. residents as of the last day of our second fiscal quarter in any year. If we lost this status, we would be required to comply with the Exchange Act reporting and other requirements applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for foreign private issuers. We may also be required to make changes in our corporate governance practices and to comply with United States generally accepted accounting principles, as opposed to IFRS. The regulatory and compliance costs to us under U.S. securities laws if we are required to comply with the reporting requirements applicable to a U.S. domestic issuer may be higher than the cost we would incur as a foreign private issuer. As a result, we expect that a loss of foreign private issuer status would increase our legal and financial compliance costs.

***We are an emerging growth company, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies may make the ADSs less attractive to investors and, as a result, adversely affect the price of the ADSs and result in a less active trading market for the ADSs.***

We are an emerging growth company as defined in the U.S. Jumpstart Our Business Startups Act of 2012, or the JOBS Act, and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. For example, we have elected to rely on an exemption from the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act relating to internal control over financial reporting, and we will not provide such an attestation from our auditors.

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We may avail ourselves of these disclosure exemptions until we are no longer an emerging growth company. We cannot predict whether investors will find the ADSs less attractive because of our reliance on some or all of these exemptions. If investors find the ADSs less attractive, it may adversely affect the price of the ADSs and there may be a less active trading market for the ADSs.

We will cease to be an emerging growth company upon the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the last day of the fiscal year during which we have total annual gross revenues of US$1,235,000,000 (as such amount is indexed for inflation every five years by the United States
 Securities and Exchange Commission, or SEC) or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the last day of our fiscal year following the fifth anniversary of the completion of our first sale of common equity securities pursuant to an effective registration statement under the
 Securities Act, which is currently expected to be December 31, 2027;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which we have, during the previous three-year period, issued more than US$1,000,000,000 in non-convertible debt; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which we are deemed to be a "**large accelerated filer** ", as defined in Rule 12b-2 of the Exchange Act, which would occur in future fiscal
 years if the market value of our ordinary shares and ADSs that are held by non-affiliates exceeds US$700,000,000 as of the last day of our most recently-completed second fiscal quarter.

***We will incur significant increased costs as a result of operating as a company whose ADSs are publicly traded in the United States, and our management will be required to devote substantial time to new compliance initiatives.***

As a company whose ADSs will be publicly traded in the United States, we will incur significant legal, accounting, insurance and other expenses that we did not previously incur. In addition, the Sarbanes-Oxley Act, Dodd-Frank Wall Street Reform and Consumer Protection Act and related rules implemented by the SEC, have imposed various requirements on public companies including requiring establishment and maintenance of effective disclosure and internal controls. Our management and other personnel will need to devote a substantial amount of time to these compliance initiatives, and we will need to add additional personnel and build our internal compliance infrastructure. Moreover, these rules and regulations will increase our legal and financial compliance costs and will make some activities more time-consuming and costly. These laws and regulations could also make it more difficult and expensive for us to attract and retain qualified persons to serve on our board of directors, our board committees or as our senior management. Furthermore, if we are unable to satisfy our obligations as a public company in the United States, we could be subject to delisting of the ADSs, fines, sanctions and other regulatory action and potentially civil litigation.

#### We do not anticipate paying dividends in the foreseeable future.
We do not anticipate paying dividends in the foreseeable future. We currently intend to retain future earnings, if any, to finance the development of our business. Dividends, if any, on our outstanding ordinary shares will be declared by and subject to the discretion of our Board of Directors on the basis of our earnings, financial requirements and other relevant factors, and subject to Australian law. As a result, a return on your investment will only occur if the ADS price appreciates. We cannot assure you that the ADSs will appreciate in value or even maintain the price at which you purchase the ADSs. You may not realize a return on your investment in the ADSs and you may even lose your entire investment in the ADSs.

***If U.S. securities or industry analysts do not publish research reports about our business, or if they issue an adverse opinion about our business, the market price and trading volume of our ordinary shares or ADSs could decline.***

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The trading market for our ordinary shares and ADSs will be influenced by the research and reports that U.S. securities or industry analysts publish about us or our business. Securities and industry analysts may discontinue research on us, to the extent such coverage currently exists, or in other cases, may never publish research on us. If no or too few U.S. securities or industry analysts commence coverage of our Company, the trading price for the ADSs would likely be negatively affected. In the event securities or industry analysts initiate coverage, if one or more of the analysts who cover us downgrade the ADSs or publish inaccurate or unfavorable research about our business, the market price of the ADSs would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, demand for the ADSs could decrease, which might cause our price and trading volume to decline. In addition, research and reports that Australian securities or industry analysts publish about us, our business or our ordinary shares may impact the market price of the ADSs.

#### You may be subject to limitations on transfers of the ADSs.
The ADSs are transferable on the books of the depositary. However, the depositary may close its transfer books at any time or from time to time when it deems expedient in connection with the performance of its duties. In addition, the depositary may refuse to deliver, transfer or register transfers of ADSs generally when our books or the books of the depositary are closed, or at any time if we or the depositary deems it advisable to do so because of any requirement of law or of any government or governmental body, or under any provision of the deposit agreement, or for any other reason.

***Our Constitution and Australian laws and regulations applicable to us may adversely affect our ability to take actions that could be beneficial to our shareholders.***

As an Australian company we are subject to different corporate requirements than a corporation organized under the laws of the United States. Our Constitution, as well as the Australian Corporations Act, set forth various rights and obligations that are unique to us as an Australian company. These requirements may operate differently than those of many U.S. companies. You should carefully review the summary of these matters set forth under the section entitled "**Additional Information—Constitutional Documents – Description of Share Capital**" as well as our Constitution, which is incorporated by reference to Exhibit 1.1 to our registration statement on Form 20-F, filed on June 3, 2022.

#### If we fail to maintain proper internal controls, our ability to produce accurate financial statements or comply with applicable regulations could be impaired.
We are subject to the reporting obligations under the U.S. securities laws. The SEC, as required under Section 404 of the Sarbanes-Oxley Act, has adopted rules requiring a public company to include a report of management on the effectiveness of such company's internal control over financial reporting in its transition report on Form 20-F. In addition, once we cease to be an "emerging growth company," as such term is defined in the JOBS Act, an independent registered public accounting firm for a public company must issue an attestation report on the effectiveness of our internal control over financial reporting. If in the future we are unable to conclude that we have effective internal controls over financial reporting or our independent auditors are unwilling or unable to provide us with an unqualified report on the effectiveness of our internal controls over financial reporting as required by the Sarbanes-Oxley Act, investors may lose confidence in our operating results, the price of the ADSs could decline and we may be subject to litigation or regulatory enforcement actions. In addition, if we are unable to meet the requirements of the Sarbanes-Oxley Act, we may not be able to remain listed on Nasdaq.

***We believe that we were a passive foreign investment company (**"**PFIC**"**) for U.S. federal income tax purposes for the taxable year ended June 30, 2025, and we expect to be a passive foreign investment company for the current taxable year, which could have adverse tax consequences for our investors.***

The rules governing PFICs can have adverse consequences for U.S. investors for U.S. federal income tax purposes. Under the Internal Revenue Code of 1986, as amended (the "Code"), we will be a PFIC for any taxable year in which, after the application of certain "look-through" rules with respect to our subsidiaries, either (i) 75% or more of our gross income consists of "passive income," or (ii) 50% or more of the average quarterly value of our assets consist of assets that produce, or are held for the production of, "passive income." Passive income generally includes interest, dividends, rents, certain non-active royalties and capital gains. As discussed in "Taxation—Material U.S. Federal Income Tax Considerations—Certain Tax Consequences If We Are a PFIC," we believe that we were a PFIC for the taxable year ended June 30, 2025 because we did not have active business income in that taxable year, and we expect to be a PFIC for the current taxable year because we do not expect to begin active business operations in the current taxable year.

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If we are a PFIC for any taxable year during which a U.S. Holder (as defined in "Taxation—Material U.S. Federal Income Tax Considerations") holds ADSs or ordinary shares, we generally would continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during which the U.S. Holder holds ADSs or ordinary shares, even if we ceased to meet the threshold requirements for PFIC status. Such a U.S. Holder may suffer adverse tax consequences, including ineligibility for any preferential tax rates on capital gains or on actual or deemed dividends, interest charges on certain taxes treated as deferred and additional reporting requirements under U.S. federal income tax laws and regulations. A U.S. Holder may, in certain circumstances, make a timely qualified electing fund ("QEF") election or a mark-to-market election to avoid or minimize the adverse tax consequences described above. We do not, however, expect to provide the information regarding our income that would be necessary in order for a U.S. Holder to make a QEF election. Potential investors should consult their tax advisors regarding all aspects of the application of the PFIC rules to the ADSs and ordinary shares.

We are subject to the reporting obligations under the U.S. securities laws. The SEC, as required under Section 404 of the Sarbanes-Oxley Act, has adopted rules requiring a public company to include a report of management on the effectiveness of such company's internal control over financial reporting in its transition report on Form 20-F. In addition, once we cease to be an "emerging growth company," as such term is defined in the JOBS Act, an independent registered public accounting firm for a public company must issue an attestation report on the effectiveness of our internal control over financial reporting. If in the future we are unable to conclude that we have effective internal controls over financial reporting or our independent auditors are unwilling or unable to provide us with an unqualified report on the effectiveness of our internal controls over financial reporting as required by the Sarbanes-Oxley Act, investors may lose confidence in our operating results, the price of the ADSs could decline and we may be subject to litigation or regulatory enforcement actions.

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| | |
|:---|:---|
| **ITEM 4.** | **INFORMATION ON THE COMPANY** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **History and Development of the Company** 

#### Overview
ioneer Ltd's primary business is developing a lithium-boron mine and processing facility, known as the Rhyolite Ridge Project, in Esmeralda County, Nevada, United States. The Project is located on public land administered by the BLM of the U.S. Department of Interior. ioneer Ltd. currently holds a 100% interest in the project.

The SEC maintains an internet site at http://www.sec.gov that contains reports, information statements, and other information regarding issuers that file electronically with the SEC.

#### History
Several previous drilling and exploration projects have occurred at or near the project site, with the earliest known boron exploration beginning in the 1890s. Major exploration activities at the site have included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stauffer Chemicals drilling boreholes in the vicinity more than 50 years ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Borax drilled 16 holes on the Cave Spring property between 1987 and 1992 and excavated and sampled numerous trenches. U.S. Borax held claims until sometime after 2000, at which time
 the property was released by U.S. Borax and acquired by Gold Summit Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 2003, our predecessor, Global Geoscience Limited, began exploratory operations in Nevada under the leadership of our current Managing Director, Bernard Rowe.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 2010 and 2011, JOGMEC-American Lithium, after acquiring the property from Gold Summit, resampled existing trenches and drilled a total of 21 diamond core HQ-sized core holes
 (approximately 16,850 feet) as well as 15 reverse circulation (RC) rotary percussion holes (approximately 12,000 feet) in the South Basin, for a total of nearly 29,000 feet of drilling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 2015, Boundary Peak Minerals acquired mineral rights to the property prior to its transfer to us in 2016.

ioneer's history at Rhyolite Ridge has included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 2016, we acquired our initial interest in the Rhyolite Ridge Project under a Mining Lease and Option to Purchase Agreement with Boundary Peak Minerals dated June 3, 2016. We exercised
 our option to purchase and acquired title to the unpatented mining claims in May 2017.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During 2016 and 2017, we drilled an additional 28 RC holes (17,330 feet) and 3 diamond HQ core holes (about 2,800 feet) at the property, for a total of over 20,000 feet of drilling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During 2017 and 2018, we performed all payment obligations under the mining lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In October 2018, we completed a Prefeasibility Study ()"**PFS** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During 2018 and 2019, we commissioned additional infill drilling to further define the lithium-boron resource at the site, collecting and testing approximately 29,000 feet of additional
 core and installing one test well, three monitoring wells, and five vibrating wire piezometers. In addition, we signed our first binding offtake agreement for boron.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 2020, we completed a Definitive Feasibility Study ()"**DFS**") which affirmed the Project's scale, long life and potential to become a low-cost and
 globally significant producer of both lithium and boron products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During 2021, we announced our first lithium offtake agreement and continued to advance engineering, funding discussions and project permitting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In June 2021, we agreed a binding 3-year offtake agreement with EcoPro Innovation for 2,000 tpa of lithium carbonate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In September 2021, we agreed to enter into the Strategic Partnership with Sibanye-Stillwater to develop the Rhyolite Ridge Project. Under the terms of the agreement, subject to the
 satisfaction of conditions precedent, Sibanye-Stillwater will contribute US$490 million for a 50% interest in the Joint Venture holding the project, with ioneer maintaining a 50% interest and retaining operatorship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In October 2021, the Company completed a US$70 million strategic investment by Sibanye-Stillwater.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In February 2022, we announced that EcoPro Innovation, a major Korean battery manufacturer had increased its 3-year lithium offtake volume to 7,000 tpa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In June 2022, our ADSs were listed and commenced trading on Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In July 2022, we agreed a binding 5-year offtake agreement with the Ford Motor Company for 7,000 tpa of lithium carbonate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In August 2022, we announced a binding 5-year offtake agreement with Prime Planet Energy & Solutions, Inc. ()"**PPES** "), a joint venture between
 Toyota Motor Corporation and Panasonic Corporation, for 4,000 tpa of lithium carbonate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In December 2022, the BLM announced its decision to publish the Notice of Intent for Rhyolite Ridge Lithium-Boron Project in the federal register, representing a major milestone toward
 completion of the NEPA process and approval of the Project's Plan of Operations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In January 2023, we announced finalization of a term sheet and offer of a Conditional Commitment for a proposed loan of up to US$700 million from the DOE Office of EDF (formerly the LPO)
 for financing the construction of the Rhyolite Ridge Lithium-Boron Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In May 2023, we announced a lithium offtake agreement with Dragonfly Energy Holdings Corp. (NASDAQ: DFLI), a Nevada-based industry leader in energy storage for 250 tpa of lithium carbonate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In October 2023, we announced a Research and Development Memorandum of Understanding with EcoPro Innovation Co Ltd, a global leader in battery grade high purity lithium hydroxide
 conversion. The Lithium Clay R&D project is currently excluded from the Stage 1 Project design and economics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In April 2024, we announced the draft Environmental Impact Statement ()"**DEIS**") for the Project was made public by the Federal Bureau of Land
 Management (BLM) and was published in the Federal Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In April 2024, we announced that we had completed three separate geotechnical drilling programs (53 drill holes in total) under 2920 permits with a primary reason to collect geotechnical
 data. The 53 holes were drilled outside of the then mineral resource over an area of approximately 0.8 km2 – compared to the 3 km2 footprint of the current Resource.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In September 2024, the BLM published the Final Environmental Impact Statement ()"**EIS**") regarding the Rhyolite Ridge Project, which included the USFWS
 Biological Opinion concluding the Project would not jeopardize ESA-listed Tiehm's buckwheat or adversely modify its critical habitat. Publication of the Final EIS begins a 30-day statutory waiting period before a Record of Decision can
 be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In October 2024, ioneer announced it had received a positive Record of Decision, being final approval from the U.S. Government to develop the Rhyolite Ridge Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In January 2025, ioneer announced the closing of a US$996 million loan (consisting of $968 million in principal and $28 million of capitalized interest) from the U.S. Department of Energy
 Office of EDF (formerly the LPO) under the Advanced Technology Vehicles Manufacturing program to support the development of an on-site processing facility at the Rhyolite Ridge Lithium-Boron Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In February 2025, Sibanye-Stillwater announced that it had decided not to proceed with the proposed joint venture in the Rhyolite Ridge Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In March 2025, the Company announced a 45% increase in the mineral resource estimate for the Rhyolite Ridge Project to 510 Million tonne ()"**Mt** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In June 2025, ioneer announced the more than quadrupling of ore reserve to 247 Mt, and updated economics for the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In September 2025, ioneer announced a further material improvement in Project economics achieved through reducing vat leach retention time from three days to two days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In October 2025, ioneer announced a further material improvement in Project economics achieved through reducing vat leach retention time from two days to one and a half days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In November 2025, the U.S. Department of Interior updated the Final 2025 List of Critical Minerals to include boron.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In February 2026, ioneer completed an equity raise on the ASX for gross proceeds of A$72 million (~US$50 million).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On March 31, 2026, ioneer announced that the U.S. District Court issued its decision in *Center for Biological Diversity v. Stone-Manning*, upholding
 the approval of the Rhyolite Ridge mine plan and affirming that the BLM and USFWS had complied with the Endangered Species Act, Federal Land Policy and Management Act, and National Environmental Policy Act in their review and approval of
 Rhyolite Ridge. On April 9, 2026, the plaintiffs filed a notice of appeal of the District Court's decision to the Ninth Circuit. The appeal is not expected to delay commencement of construction.

Following the completion of all permitting activities, pre-construction engineering works, offtake agreements for lithium and boron and funding discussions, we intend to undertake mining and processing activities to become a U.S. source of lithium and boron.

![graphic](image00094.jpg)

#### Location of the Rhyolite Ridge Project in Nevada
Our U.S. office is located at 9460 Double R. Blvd, Suite 200, Reno, Nevada 89521. Our corporate office is located at Suite 16.01, Level 16, 213 Miller Street, North Sydney, NSW 2060, Australia. The telephone number of our U.S. office is +1 (775) 382-4800 and the telephone number of our corporate office is +61 (2) 9922-5800.

Our ordinary shares are publicly traded on the Australian Securities Exchange, or ASX, under the symbol "**INR**".

Our ADSs, each representing 40 of our ordinary shares, are listed on Nasdaq under the symbol "**IONR**". The Bank of New York Mellon acts as depositary for the ADSs.

We also maintain a web site at www.ioneer.com. The information contained on our website or available through our website is not incorporated by reference into and should not be considered a part of this Transition Report on Form 20-F, and the reference to our website in this Transition Report on Form 20-F is an inactive textual reference only.

We were originally incorporated on October 26, 2001, as Paradigm Geoscience Pty Ltd. The Company changed its name to Global Geoscience Pty Limited on September 21, 2007, and was listed on the Australian Stock exchange as a public company on December 19, 2007. On October 31, 2018, the Company changed its name to ioneer Ltd.

#### Strengths
We believe that we are well-positioned to successfully execute our business strategies because of the following competitive strengths:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Demonstrated potential to become a world-class lithium-boron producer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Definitive Feasibility Study (2020) and updated Project economics (2025) confirm plans for a large, long-life, low-cost operation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strategically advantageous location in a tier-one mining jurisdiction with easy access to key US and Asian markets

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Set to produce two materials essential in a modern world and well-positioned to capitalize on expected lithium demand boom

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed offtake strategy for both boron and lithium production, obtained significant debt financing, subject to the satisfaction of conditions precedent, via the US$996 million
 conditional loan from U.S. Department of Energy Office of EDF (formerly the LPO)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaged top-tier mining, engineering, processing and environmental partners in Fluor, Veolia, and Atkins (previously SNC Lavalin). Approximately 70% detailed engineering has been completed
 on a state-of-the-art facility

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Highly experienced board and management with necessary skills to develop, build and operate a world-class lithium-boron mine

#### Development Plans
Subject to market conditions and the ability to define an economically viable project, our business plan for the Project is to become a low-cost and globally significant producer of both lithium and boron products. We plan to effect our business plan by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Complete required permitting and zoning activities*** . Though we must obtain several permits, there are three key permits necessary
 before we can begin construction at Rhyolite Ridge, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Class II Air Quality Permit from the Nevada State Government (Received in June 2021) was resubmitted for approval to amend it for the updated approved mine plan - received July 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Water Pollution Control Permit from the Nevada State Government (Received July 2021) was resubmitted for approval to amend it for the updated approved mine plan – received August 2025;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• completion of an environmental review and final decision by the federal government authorizing the use of federal land under the National Environmental Policy Act ()"**NEPA**") – received in October 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Undertake discussions with potential offtake parties for future sales of lithium and boron products.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Lithium</u> – We announced our first lithium offtake agreement on June 30, 2021 with EcoPro Innovation ()"**EcoPro** "), a large Korean lithium and
 battery materials manufacturer. On February 16, 2022 we announced that EcoPro had exercised an option under the agreement to increase the annual supply volume. Under the agreement, we will deliver 7,000 tonnes per annum (tpa) of lithium
 carbonate to EcoPro over a three-year term, which we estimate will represent approximately one-third of our projected lithium carbonate production over that period. On July 22, 2022 we announced a five-year binding offtake agreement with
 the Ford Motor Company for the supply of 7,000 tpa of technical grade lithium carbonate. On August 1, 2022 we announced the signing of a further five-year binding offtake agreement with PPES, a joint venture battery company between
 Toyota Motor Corporation and Panasonic Corporation. The agreement is for a total of 4,000 tonnes per annum of lithium carbonate from ioneer's Rhyolite Ridge Lithium-Boron operation in Nevada and represents approximately 20% of annual
 output in the first five years of production. In total, the three binding offtake agreements account for approximately 90% of our expected first three years of production of lithium carbonate. In May 2023, we announced a commercial
 offtake agreement partnership with Dragonfly Energy Holdings Corp. ("Dragonfly") for a variable amount of surplus tonnes available after meeting previously announced offtake commitments. The contract duration is three years beginning when
 ioneer notifies Dragonfly that the project has been fully completed and commissioned.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Boron</u> – On December 18, 2019, we announced our first binding offtake agreement for the sale of boric acid to Dalian Jinma Boron Technology Group Co. Ltd ()"**Jinma**") for 105,000 tpa of boric acid which included a distribution agreement for the territories of China and Taiwan. On May 21, 2020, we announced that we had secured two separate boric acid Distribution and Sales
 Agreements for the supply of boric acid to Kintamani Resources Pte Limited and Boron Bazar Limited. In aggregate, the volume commitments and minimum volume targets in these agreements place 100% of our first four years of projected boric
 acid production. As with our lithium carbonate agreements, we anticipate entering into offtake and other sales agreements with a variety of partners to build a diversified customer base for our boric acid production. We anticipate that
 our boric acid production will account for approximately 25% of the Project's revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Complete pre-construction engineering*** . This workstream includes progressing engineering to the start of the Full Notice to
 Proceed ()"**FNTP**") phase; also known as the Engineering, Procurement, and Construction Management ()"**EPCM**") phase. The key aim of ongoing activities is to be
 construction ready to support construction mobilization following FNTP award. The FNTP award will be dependent on the receipt of all permitting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Complete required financing activities*** . We estimated in October 2025 that development of the Rhyolite Ridge Project would
 require approximately US$1,683.2 million, and we will update the cost estimate prior to making an FID. If we ultimately make an FID to develop the Project, we will need to secure substantial additional funds to complete development. We
 plan to fund the capital expense by raising equity capital by selling an interest in the Rhyolite Ridge Project to a strategic partner and drawing on the DOE Loan of US$996 million, subject to the satisfaction of conditions precedent.
 Even if the conditions precedent to first draw of the DOE Loan are met, we may need to secure substantial additional funds, through future debt or equity financings, to complete development of the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Complete Construction at the Rhyolite Ridge Project*** . We are targeting to commence construction as soon as all permitting is
 received, funding is in place and the Company makes an FID to construct the Project. The timing of making an FID and starting construction is dependent on the outcomes of the strategic partnering process. Construction is expected to be
 approximately 36 months (including the supply of long-lead items). We anticipate a 6-month period of ramp-up of production post the start of construction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Continue our exploration programs*** . Our development of the Rhyolite Ridge Project is situated in the southern basin (the "**South Basin**") and all resource and reserve estimates are for the South Basin. Pursuant to our mine plan of operations, we intend to conduct further activities to define additional reserves and
 resources in the South Basin. We are also currently undertaking technical studies to assess the additional economic potential of the northern basin of Rhyolite Ridge (the "**North Basin**") and
 defining additional reserves and resources.

#### Summary Mineral Resource Data
We are required by ASX Listing Rules to report ore reserves and mineral resources in Australia in compliance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code 2012 Edition) prepared by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC). In contrast, the SEC generally requires disclosure of mining reserves and resource in accordance with Regulation S-K, Subpart 1300.

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Mineral Resource Estimate (exclusive of ore reserves), for Rhyolite Ridge South Basin (as of the end of October, 2025 Based on Prices Set Forth in Footnote 6 Below)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Stream** | **Group** | **Classification** | **Tonnage**<br> **kt** | **Li**<br> **ppm** | **B**<br> **ppm** | **Li<sub>2</sub>CO<sub>3</sub>**<br> **wt. %** | **H<sub>3</sub>BO<sub>3</sub>**<br> **wt. %** | **Contained**<br> **Li<sub>2</sub>CO<sub>3</sub>**<br> **kt** | **Contained**<br> **H<sub>3</sub>BO<sub>3</sub>**<br> **kt** |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> B5 Unit | Measured | 10414 | 1921 | 15063 | 1.02 | 8.61 | 106 | 897 |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> B5 Unit | Indicated | 7214 | 1749 | 13240 | 0.93 | 7.57 | 67 | 546 |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> B5 Unit | Total (M&I) | 17628 | 1850 | 14317 | 0.98 | 8.19 | 174 | 1443 |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> B5 Unit | Inferred | 10628 | 1712 | 10563 | 0.91 | 6.04 | 97 | 642 |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> B5 Unit | Total (MII) | 28256 | 1798 | 12905 | 0.96 | 7.38 | 270 | 2085 |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> M5 Unit | Measured | 1073 | 2186 | 7397 | 1.16 | 4.23 | 12 | 45 |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> M5 Unit | Indicated | 813 | 2100 | 7535 | 1.12 | 4.31 | 9 | 35 |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> M5 Unit | Total (M&I) | 1886 | 2149 | 7456 | 1.14 | 4.26 | 22 | 80 |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> M5 Unit | Inferred | 763 | 2197 | 6515 | 1.17 | 3.73 | 9 | 28 |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> M5 Unit | Total (MII) | 2650 | 2163 | 7185 | 1.15 | 4.11 | 31 | 109 |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> S5 Unit | Measured | 1456 | 1560 | 7467 | 0.83 | 4.27 | 12 | 62 |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> S5 Unit | Indicated | 1393 | 1570 | 7133 | 0.84 | 4.08 | 12 | 57 |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> S5 Unit | Total (M&I) | 2849 | 1565 | 7303 | 0.83 | 4.18 | 24 | 119 |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> S5 Unit | Inferred | 1572 | 1400 | 6469 | 0.75 | 3.70 | 12 | 58 |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> S5 Unit | Total (MII) | 4421 | 1506 | 7006 | 0.80 | 4.01 | 35 | 177 |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> Total | Measured | 12943 | 1903 | 13573 | 1.01 | 7.76 | 131 | 1005 |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> Total | Indicated | 9420 | 1752 | 11843 | 0.93 | 6.77 | 88 | 638 |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> Total | Total (M&I) | 22364 | 1839 | 12845 | 0.98 | 7.34 | 219 | 1643 |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> Total | Inferred | 12963 | 1703 | 9828 | 0.91 | 5.62 | 117 | 728 |
| **Stream 1 (>= 5,000 ppm B)** | Upper Zone<br> Total | Total (MII) | 35327 | 1789 | 11738 | 0.95 | 6.71 | 336 | 2371 |
| **Stream 1 (>= 5,000 ppm B)** | Lower Zone<br> L6 Unit | Measured | 12014 | 1355 | 9838 | 0.72 | 5.63 | 87 | 676 |
| **Stream 1 (>= 5,000 ppm B)** | Lower Zone<br> L6 Unit | Indicated | 26139 | 1318 | 10365 | 0.70 | 5.93 | 183 | 1549 |
| **Stream 1 (>= 5,000 ppm B)** | Lower Zone<br> L6 Unit | Total (M&I) | 38153 | 1330 | 10199 | 0.71 | 5.83 | 270 | 2225 |
| **Stream 1 (>= 5,000 ppm B)** | Lower Zone<br> L6 Unit | Inferred | 13914 | 1415 | 12287 | 0.75 | 7.03 | 105 | 978 |
| **Stream 1 (>= 5,000 ppm B)** | Lower Zone<br> L6 Unit | Total (MII) | 52066 | 1353 | 10757 | 0.72 | 6.15 | 375 | 3203 |
| **Stream 1 (>= 5,000 ppm B)** | Total Stream 1 (all zones) | Measured | 24957 | 1639 | 11775 | 0.87 | 6.73 | 218 | 1680 |
| **Stream 1 (>= 5,000 ppm B)** | Total Stream 1 (all zones) | Indicated | 35559 | 1433 | 10757 | 0.76 | 6.15 | 271 | 2187 |
| **Stream 1 (>= 5,000 ppm B)** | Total Stream 1 (all zones) | Total (M&I) | 60516 | 1518 | 11177 | 0.81 | 6.39 | 489 | 3868 |
| **Stream 1 (>= 5,000 ppm B)** | Total Stream 1 (all zones) | Inferred | 26877 | 1554 | 11101 | 0.83 | 6.35 | 222 | 1706 |
| **Stream 1 (>= 5,000 ppm B)** | Total Stream 1 (all zones) | Total (MII) | 87393 | 1529 | 11153 | 0.81 | 6.38 | 711 | 5574 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Upper Zone<br> B5 Unit | Measured | 438 | 2327 | 2913 | 1.24 | 1.67 | 5 | 7 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Upper Zone<br> B5 Unit | Indicated | 363 | 2088 | 3668 | 1.11 | 2.10 | 4 | 8 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Upper Zone<br> B5 Unit | Total (M&I) | 801 | 2219 | 3255 | 1.18 | 1.86 | 9 | 15 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Upper Zone<br> B5 Unit | Inferred | 3717 | 1688 | 1764 | 0.90 | 1.01 | 33 | 37 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Upper Zone<br> B5 Unit | Total (MII) | 4518 | 1782 | 2028 | 0.95 | 1.16 | 43 | 52 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Upper Zone<br> S5 Unit | Measured | 10126 | 958 | 1161 | 0.51 | 0.66 | 52 | 67 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Upper Zone<br> S5 Unit | Indicated | 9025 | 947 | 1392 | 0.50 | 0.80 | 45 | 72 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Upper Zone<br> S5 Unit | Total (M&I) | 19151 | 953 | 1270 | 0.51 | 0.73 | 97 | 139 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Upper Zone<br> S5 Unit | Inferred | 17145 | 847 | 934 | 0.45 | 0.53 | 77 | 92 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Upper Zone<br> S5 Unit | Total (MII) | 36296 | 902 | 1111 | 0.48 | 0.64 | 174 | 231 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Upper Zone<br> Total | Measured | 10565 | 1015 | 1233 | 0.54 | 0.71 | 57 | 75 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Upper Zone<br> Total | Indicated | 987 | 991 | 1480 | 0.53 | 0.85 | 50 | 79 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Upper Zone<br> Total | Total (M&I) | 19952 | 1004 | 1349 | 0.53 | 0.77 | 107 | 154 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Upper Zone<br> Total | Inferred | 20862 | 977 | 1082 | 0.53 | 0.62 | 111 | 129 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Upper Zone<br> Total | Total (MII) | 40418 | 1000 | 1213 | 0.53 | 0.69 | 217 | 283 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Lower Zone<br> L6 Unit | Measured | 19094 | 1152 | 1975 | 0.61 | 1.13 | 117 | 216 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Lower Zone<br> L6 Unit | Indicated | 51498 | 1155 | 1619 | 0.61 | 0.93 | 317 | 477 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Lower Zone<br> L6 Unit | Total (M&I) | 70592 | 1154 | 1715 | 0.61 | 0.98 | 434 | 692 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Lower Zone<br> L6 Unit | Inferred | 48433 | 1232 | 794 | 0.66 | 0.45 | 318 | 220 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Lower Zone<br> L6 Unit | Total (MII) | 119026 | 1186 | 1340 | 0.63 | 0.77 | 747 | 912 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Total Stream 2 (all zones) | Measured | 29.659 | 1.103 | 1711 | 0.59 | 0.98 | 174 | 290 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Total Stream 2 (all zones) | Indicated | 60885 | 1130 | 1597 | 0.60 | 0.91 | 366 | 556 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Total Stream 2 (all zones) | Total (M&I) | 90544 | 1121 | 1634 | 0.60 | 0.93 | 540 | 846 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Total Stream 2 (all zones) | Inferred | 69295 | 1161 | 881 | 0.62 | 0.50 | 428 | 349 |
| **Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | Total Stream 2 (all zones) | Total (MII) | 159840 | 1138 | 1308 | 0.61 | 0.75 | 968 | 1195 |
| **Stream 3(>= 11.13/tonne net value, < 5,000 ppm B, High Clay)** | Total Stream 3 (M5 zone) | Measured | 12222 | 2199 | 1504 | 1.17 | 0.86 | 143 | 105 |
| **Stream 3(>= 11.13/tonne net value, < 5,000 ppm B, High Clay)** | Total Stream 3 (M5 zone) | Indicated | 11529 | 2045 | 1145 | 1.09 | 0.65 | 125 | 75 |
| **Stream 3(>= 11.13/tonne net value, < 5,000 ppm B, High Clay)** | Total Stream 3 (M5 zone) | Total (M&I) | 23751 | 2124 | 1330 | 1.13 | 0.76 | 268 | 181 |
| **Stream 3(>= 11.13/tonne net value, < 5,000 ppm B, High Clay)** | Total Stream 3 (M5 zone) | Inferred | 12119 | 1621 | 579 | 0.86 | 0.33 | 105 | 40 |
| **Stream 3(>= 11.13/tonne net value, < 5,000 ppm B, High Clay)** | Total Stream 3 (M5 zone) | Total (MII) | 35869 | 1954 | 1076 | 1.04 | 0.62 | 373 | 221 |
| **All Streams** | **M&I Resource** | **Measured** | **66838** | **1503** | **5431** | 0.80 | 3.11 | **535** | **2076** |
| **All Streams** | **M&I Resource** | **Indicated** | **107974** | **1327** | **4565** | 0.71 | 2.61 | **763** | **2819** |
| **All Streams** | **M&I Resource** | **Total (M&I)** | **174812** | **1395** | **4896** | 0.74 | 2.80 | **1298** | **4894** |
| **All Streams** | **Inferred Resource** | **Inferred** | **108290** | **1310** | **3384** | 0.70 | 1.93 | **755** | **2095** |
| **All Streams** | **Inferred Resource** | **Total (MII)** | **283102** | **1362** | **4318** | 0.73 | 2.47 | **2053** | **6989** |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. kt = thousand tonnes; Li = Lithium; B = Boron; ppm = parts per million; Li<sub>2</sub>CO<sub>3</sub> = Lithium carbonate; H<sub>3</sub>BO<sub>3</sub> = boric acid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Totals may differ due to rounding, mineral resources reported on a dry in-situ basis. Lithium is converted to Equivalent Contained Tonnes of Lithium Carbonate (Li2CO3) using a stochiometric conversion
 factor of 5.322, and boron is converted to Equivalent Contained Tonnes of Boric Acid (H3BO3) using a stochiometric conversion factor of 5.718. Equivalent stochiometric conversion factors are derived from the molecular weights of the
 individual elements which make up Lithium Carbonate (Li2CO3) and Boric Acid (H3BO3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The statement of estimates of mineral resources has been compiled by the QP, a full-time employee of Independent Mining Consultants, Inc. and is independent of ioneer and its affiliates. The QP has
 sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Qualified Person as defined in Subpart 1300.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All mineral resource figures reported in the table above represent estimates at October 2025. Mineral resource estimates are not precise calculations, being dependent on the interpretation of limited
 information on the location, shape and continuity of the occurrence and on the available sampling results. The totals contained in the above table have been rounded to reflect the relative uncertainty of the estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral resources have been prepared in accordance with requirements of Subpart 1300. Mineral resources are also reported in accordance with the Australasian Code for Reporting of Exploration Results,
 Mineral Resources and Ore Reserves (The Joint Ore Reserves Committee Code – JORC 2012 Edition).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The mineral resource estimate is the result of determining the mineralized material that has a reasonable prospect of economic extraction. In making this determination, constraints were applied to the
 geological model based upon a pit optimization analysis that defined a conceptual pit shell limit. The conceptual pit shell was based upon a net value per tonne calculation including a 5,000ppm boron cut-off grade for high boron – high
 lithium (HiB-Li) mineralization (Stream 1) and a $11.13/tonne net value cut-off grade for low boron (LoB-Li) mineralization below 5,000ppm boron broke into two material types, low clay and high clay material respectfully (Stream 2 and
 Stream 3). The pit shell was constrained by a conceptual mineral resource optimized pit shell for the purpose of establishing reasonable prospects of eventual economic extraction based on potential mining, metallurgical and processing
 grade parameters identified by mining, metallurgical and processing studies performed to date on the Project. Key inputs in developing the mineral resource pit shell included a 5,000ppm boron cut-off grade for HiB-Li mineralization,
 $11.13/tonne net value cut-off grade for LoB-Li low clay mineralization and LoB-Li high clay mineralization; mining cost of US$1.69 /tonne; G&A cost of US$11.13 /process tonne; plant feed processing and grade control costs which
 range between US$17.49/tonne and US$80.11/tonne of plant feed (based on the acid consumption per stream and the mineral resource average grades); boron and lithium recovery (respectively) for Stream 1: M5 80.2% and 85.7%, B5 76.6% and
 85.3%, S5 75.4% and 80.9%, L6 72.3% and 75.6%; Stream 2 and 3: M5 65.0% and 78.0%, B5 76.6% and 85.3%, S5 45.2% and 83.2%, L6 29.4% and 74.9%, respectively; boric acid sales price of US$1,172.78/tonne; lithium carbonate sales price of
 US$19,351.38/tonne.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The mineral resource is reported <u>exclusive</u> of the mineral reserves.

In December 2022, the United States Fish and Wildlife Service listed Tiehm's buckwheat as an endangered species under the Endangered Species Act (ESA) and has designated critical habitat by way of applying a 500 meter radius around several distinct plant populations that occur on the Project site. ioneer is committed to the protection and conservation of the Tiehm's buckwheat. The Project's Mine Plan of Operations, approved by the BLM's ROD in October 2024, has no direct impact on Tiehm's buckwheat and includes measures to minimize and mitigate for indirect impacts within the designated critical habitat areas identified.

The mineral resource pit shell used to constrain the October 2025 mineral resource estimate was not adjusted to account for any adjustments from avoidance of Tiehm's buckwheat or minimization of disturbance within the designated critical habitat. Environmental and permitting assumptions and factors have not been taken into consideration during modifying factors studies for the Project. The tonnes and grade within the avoidance polygons have not been removed from the mineral resources for the October 2025 estimate. Environmental and permitting assumptions and factors may be taken into consideration during future studies for the Project. These permitting assumptions and factors may result in potential changes to the mineral resource footprint in the future.

#### Comparison with Previous Resource
The Table below presents a summary comparison of the current October 2025 Mineral Resource estimate against the previous mineral resource estimate for the Project, in August 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Tonnage (MT)<sup>1</sup>** | **Li, ppm** | **B,ppm** | **Li<sub>2</sub>CO<sub>3</sub> ktonnes** | **H<sub>3</sub>BO<sub>3</sub> ktonnes** |
| **October 2025** | **October 2025** | **October 2025** | **October 2025** | **October 2025** | **October 2025** |
| Measured | 66.8 | 1503 | 5431 | 535 | 2076 |
| Indicated | 108.0 | 1327 | 4565 | 763 | 2819 |
| Sum M&I | 174.8 | 1395 | 4896 | 1298 | 4894 |
| Inferred | 108.3 | 1310 | 3384 | 755 | 2095 |
| Total | 283.1 | 1362 | 4318 | 2053 | 6989 |
| **August 2025** | **August 2025** | **August 2025** | **August 2025** | **August 2025** | **August 2025** |
| Measured | 67.4 | 1530 | 5406 | 549 | 2085 |
| Indicated | 106.5 | 1344 | 4627 | 762 | 2818 |
| Sum M&I | 174.0 | 1416 | 4929 | 1311 | 4903 |
| Inferred | 105.1 | 1332 | 3472 | 745 | 2088 |
| Total | 279.1 | 1384 | 4380 | 2056 | 6991 |
| **Difference** | **Difference** | **Difference** | **Difference** | **Difference** | **Difference** |
| Measured | -0.6 |  |  | -14 | -9 |
| Indicated | 1.5 |  |  | 1 | 1 |
| Sum M&I | 0.9 |  |  | -13 | -8 |
| Inferred | 3.2 |  |  | 10 | 7 |
| Total | 4.1 |  |  | -3 | -1 |

---

<u>Notes</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MT = one million metric tonnes.

The updated October 2025 Mineral Resource estimate has been constrained by applying a 5,000 ppm Boron cut-off grade to HiB-Li mineralisation within the B5, M5, S5 and L6 geological units (Stream 1) as well as a $11.13/tonne net value cut-off grade to LoB-Li low clay mineralisation in the B5, S5 and L6 geological units (Stream 2) and LoB-Li high clay in the M5 geological unit (Stream 3). All three styles of mineralisation have also been constrained by the application of a single high-level optimised resource pit shell.

Relative to the August 2025 Mineral Resource estimate, the updated October 2025 Mineral Resource estimate for the Project reflects an increase in the estimated resource tonnes and grades due to the inclusion of additional economical material primarily located in the Stream 2 category. The material changes that have affected the resource model and resource estimate are as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leach retention: Time is reduced from two days to one and half days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Process Recovery: The reduction in retention time reduced the recovery of lithium and boron in the B5, S5 and L6 seams, the predominate impact is to Stream 2; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Economics: The reduction in retention time also reduced the acid consumption of the gangue minerals in the M5, B5, S5 and L6 seams for Streams 1,2 and 3.

#### Estimation Methodology
• Drill core samples were assayed on nominal 1.52 m lengths and this data set was composited to 1.52m lengths which respected seam contacts and was used for the interpolation of grade data into a 1.52m bench height block model. The data set honored geological contacts (i.e. assay intervals did not span unit contacts).

• Based on a statistical analysis, extreme B grade values were identified in some of the units other than the targeted G5, B5, M5, S5, G6, L6 and Lsi units. The units other than these units were not estimated so no grade capping was applied to the drill hole database. The units B5, M5, S5 and L6 are the units of economic interest and the grades in these units and the adjacent units were estimated for completeness when re-blocking to a 9.14m bench height block model used to tabulate the mineral resource.

• The geological model was developed as a gridded surface stratigraphic model with fault domains included which offset the stratigraphic units in various areas of the deposit. The geological model was developed by GSI Environmental Inc., an engineering and environmental science consulting firm, under direction of ioneer and provided to IMC as the geologic basis for grade estimation. IMC has reviewed the geological model and accepts the interpretation.

• Domaining in the model was constrained by the roof and floor surfaces of the geological units. The unit boundaries were modelled as hard boundaries, with samples interpolated only within the unit in which they occurred.

• The geological model used as the basis for estimating mineral resources was developed as a stratigraphic gridded surface model using a 7.6m regularized grid in plan. The grade block model was developed using a 7.6m north-south by 7.6m east-west by 1.52m vertical block dimension (no sub-blocking was applied). The grid cell and block size dimensions represent 25 percent of the nominal drill hole spacing across the model area. The model was reblocked to 9.14 m high blocks (six 1.52m blocks combined vertically) for assigning the economic attributes and tabulating the mineral resource.

• Inverse Distance Squared ('**ID2**') grade interpolation was used for the estimate, constrained by stratigraphic unit roof and floor surfaces from the geological model. The search direction for estimating grade varied and followed the floor orientation of the seams which changed within the fault block domains. The search distances ranged from 533 m in B5 to 229 m in S5. The number of drill hole composites used to estimate the grades of a model block ranges from a minimum of two composites to a maximum of 10 composites, with no more than 3 composites from one drill hole.

• The density values used to convert volumes to tonnages were assigned on a by-geological unit basis using mean values calculated from 120 density samples collected from drill core during the 2018 and more recent 2022-2023 P1 and P2 drilling programs. The density values by seam ranged from 1.53 grams per cubic centimeter ('g/cm3') for S3 to 1.98/cm3 in seam L6. The density analyses performed by geotechnical consultants present during both the 2018 and 2022-2023 drilling programs (P1 and P2) followed a strict repeatable process in sample collection and analysis utilizing the Archimedes-principle (water displacement) method for density determination, with values reported in dry basis. This provided consistent representative data. The 2018 and 2022-2023 data aligned well and proved to be representative across the resource.

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#### Classification Criteria
Estimated mineral resources were classified as follows:

• Measured: Between 107 and 122 meter spacing between points of observation depending on the seam, with sample interpolation from a minimum of four drill holes.

• Indicated: Between 168 and 244 meter spacing between points of observation depending on the seam, with sample interpolation from a minimum of two drill holes.

• Inferred: To the limit of the estimation range (maximum 533 meters, depending on the seam), with sample interpolation from a minimum of one drill hole (2 composites).

The mineral resource classification included the consideration of data reliability, spatial distribution and abundance of data and continuity of geology, fault structures and grade parameters.

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#### Ore Reserve Statement, for Rhyolite Ridge South Basin (as of the end of October, 2025)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Group** | **Classification** | **Metric** | **Lithium** | **Boron** | **Contained**<br> **Equivalent**<br> **Grade<sup>2,9</sup>** | **Contained**<br> **Equivalent**<br> **Grade<sup>2,9</sup>** | **Contained<sup>6</sup>**<br> **Equivalent<sup>2</sup>** <br> **Tonnes** | **Contained<sup>6</sup>**<br> **Equivalent<sup>2</sup>** <br> **Tonnes** | **Recovered<sup>6</sup>**<br> **Equivalent<sup>2</sup>** <br> **Tonnes** | **Recovered<sup>6</sup>**<br> **Equivalent<sup>2</sup>** <br> **Tonnes** |
| **Area** | **Group** | **Classification** | **Tonnes<sup>2</sup>** | **Grade<sup>7</sup>** | **Grade<sup>7</sup>** | **Contained**<br> **Equivalent**<br> **Grade<sup>2,9</sup>** | **Contained**<br> **Equivalent**<br> **Grade<sup>2,9</sup>** | **Contained<sup>6</sup>**<br> **Equivalent<sup>2</sup>** <br> **Tonnes** | **Contained<sup>6</sup>**<br> **Equivalent<sup>2</sup>** <br> **Tonnes** | **Recovered<sup>6</sup>**<br> **Equivalent<sup>2</sup>** <br> **Tonnes** | **Recovered<sup>6</sup>**<br> **Equivalent<sup>2</sup>** <br> **Tonnes** |
| **Area** | **Group** | **Classification** | | **Li** | **B** | **Li<sub>2</sub>CO<sub>3</sub>** | **H<sub>3</sub>BO<sub>3</sub>** | **Li<sub>2</sub>CO<sub>3</sub>** | **H<sub>3</sub>BO<sub>3</sub>** | **Li<sub>2</sub>CO<sub>3</sub>** | **H<sub>3</sub>BO<sub>3</sub>** |
| **Area** | **Group** | **Classification** | (ktonnes) | (ppm) | (ppm) | **(Wt. %)** | **(Wt. %)** | (kt) | (kt) | (kt) | (kt) |
| **Stream 1**<br> **(>= 5,000 ppm B)** | Upper Zone | Proven | 3489 | 2401 | 7652 | 1.28 | 4.38 | 45 | 153 | 38 | 122 |
| **Stream 1**<br> **(>= 5,000 ppm B)** | M5 Unit | Probable | 3411 | 2262 | 7430 | 1.20 | 4.25 | 41 | 145 | 35 | 116 |
| **Stream 1**<br> **(>= 5,000 ppm B)** |  | **Sub-total B5 Unit** | **6900** | **2332** | **7542** | 1.24 | 4.31 | **86** | **298** | **73** | **239** |
| **Stream 1**<br> **(>= 5,000 ppm B)** | Upper Zone | Proven | 27990 | 1880 | 15364 | 1.00 | 8.79 | 280 | 2459 | 239 | 1925 |
| **Stream 1**<br> **(>= 5,000 ppm B)** | B5 Unit | Probable | 31456 | 1742 | 14169 | 0.93 | 8.10 | 292 | 2549 | 248 | 1995 |
| **Stream 1**<br> **(>= 5,000 ppm B)** |  | **Sub-total M5 Unit** | **59446** | **1807** | **14732** | 0.96 | 8.42 | **572** | **5007** | **488** | **3836** |
| **Stream 1**<br> **(>= 5,000 ppm B)** | Upper Zone | Proven | 2237 | 1326 | 7754 | 0.71 | 4.43 | 16 | 99 | 13 | 76 |
| **Stream 1**<br> **(>= 5,000 ppm B)** | S5 Unit | Probable | 3354 | 1166 | 7533 | 0.62 | 4.31 | 21 | 144 | 17 | 109 |
| **Stream 1**<br> **(>= 5,000 ppm B)** |  | **Sub-total S5 Unit** | **5591** | **1230** | **7622** | 0.65 | 4.36 | **37** | **244** | **30** | **184** |
| **Stream 1**<br> **(>= 5,000 ppm B)** | Upper Zone | Proven | 33716 | 1897 | 14061 | 1.01 | 8.04 | 340 | 2711 | 290 | 2081 |
| **Stream 1**<br> **(>= 5,000 ppm B)** | (B5, M5 & S5) | Probable | 38221 | 1738 | 12985 | 0.92 | 7.43 | 354 | 2838 | 301 | 2177 |
| **Stream 1**<br> **(>= 5,000 ppm B)** | Sub-Total | **Sub-total Upper Zone** | **71937** | **1813** | **13489** | 0.96 | 7.71 | **694** | **5549** | **591** | **4258** |
| **Stream 1**<br> **(>= 5,000 ppm B)** | Lower Zone | Proven | 5712 | 1389 | 8357 | 0.74 | 4.78 | 42 | 273 | 32 | 197 |
| **Stream 1**<br> **(>= 5,000 ppm B)** | L6 Unit | Probable | 13591 | 1334 | 7856 | 0.71 | 4.49 | 97 | 611 | 73 | 441 |
| **Stream 1**<br> **(>= 5,000 ppm B)** |  | **Sub-total Lower Zone** | **19303** | **1351** | **8004** | 0.72 | 4.58 | **139** | **883** | **105** | **639** |
| **Stream 1**<br> **(>= 5,000 ppm B)** | Total Stream 1 (all zones) | Proven | 39428 | 1823 | 13235 | 0.97 | 7.57 | 383 | 2984 | 323 | 2278 |
| **Stream 1**<br> **(>= 5,000 ppm B)** | Total Stream 1 (all zones) | Probable | 51813 | 1632 | 11640 | 0.87 | 6.66 | 450 | 3448 | 377 | 2619 |
| **Stream 1**<br> **(>= 5,000 ppm B)** | Total Stream 1 (all zones) | **Sub-total Stream 1** | **91241** | **1715** | **12329** | 0.91 | 7.05 | **833** | **6432** | **696** | **4897** |
| **Stream 2**<br> **(**$11.13/tonne net value cut-off grade**, Low Clay)** | Upper Zone | Proven | 4528 | 2218 | 2143 | 1.18 | 1.23 | 53 | 55 | 46 | 43 |
| **Stream 2**<br> **(**$11.13/tonne net value cut-off grade**, Low Clay)** | B5 Unit | Probable | 4386 | 2117 | 2414 | 1.13 | 1.38 | 49 | 61 | 42 | 46 |
| **Stream 2**<br> **(**$11.13/tonne net value cut-off grade**, Low Clay)** |  | **Sub-total B5 Unit** | **8915** | **2169** | **2276** | 1.15 | 1.30 | **103** | **116** | **88** | **89** |
| **Stream 2**<br> **(**$11.13/tonne net value cut-off grade**, Low Clay)** | Upper Zone | Proven | 15672 | 998 | 1087 | 0.53 | 0.62 | 83 | 97 | 69 | 44 |
| **Stream 2**<br> **(**$11.13/tonne net value cut-off grade**, Low Clay)** | S5 Unit | Probable | 30409 | 789 | 805 | 0.42 | 0.46 | 128 | 140 | 106 | 63 |
| **Stream 2**<br> **(**$11.13/tonne net value cut-off grade**, Low Clay)** |  | **Sub-total S5 Unit** | **46082** | **860** | **901** | 0.46 | 0.52 | **211** | **237** | **175** | **107** |
| **Stream 2**<br> **(**$11.13/tonne net value cut-off grade**, Low Clay)** | Upper Zone | Proven | 20201 | 1271 | 1324 | 0.68 | 0.76 | 137 | 153 | 115 | 87 |
| **Stream 2**<br> **(**$11.13/tonne net value cut-off grade**, Low Clay)** | (B5 & S5) | Probable | 34796 | 956 | 1008 | 0.51 | 0.58 | 177 | 200 | 148 | 110 |
| **Stream 2**<br> **(**$11.13/tonne net value cut-off grade**, Low Clay)** | Sub-Total | **Sub-total Upper Zone** | **54997** | **1072** | **1124** | 0.57 | 0.64 | **314** | **353** | **263** | **196** |
| **Stream 2**<br> **(**$11.13/tonne net value cut-off grade**, Low Clay)** | Lower Zone | Proven | 2499 | 1253 | 1277 | 0.67 | 0.73 | 167 | 182 | 125 | 54 |
| **Stream 2**<br> **(**$11.13/tonne net value cut-off grade**, Low Clay)** | L6 Unit | Probable | 69104 | 1195 | 1532 | 0.64 | 0.88 | 440 | 605 | 329 | 178 |
| **Stream 2**<br> **(**$11.13/tonne net value cut-off grade**, Low Clay)** |  | **Sub-total Lower Zone** | **94102** | **1211** | **1464** | 0.64 | 0.84 | **606** | **788** | **454** | **232** |
| **Stream 2**<br> **(**$11.13/tonne net value cut-off grade**, Low Clay)** | Total Stream 2 (all zones) | Proven | 45200 | 1261 | 1298 | 0.67 | 0.74 | 303 | 335 | 240 | 140 |
| **Stream 2**<br> **(**$11.13/tonne net value cut-off grade**, Low Clay)** | Total Stream 2 (all zones) | Probable | 103899 | 1115 | 1356 | 0.59 | 0.78 | 617 | 806 | 478 | 288 |
| **Stream 2**<br> **(**$11.13/tonne net value cut-off grade**, Low Clay)** | Total Stream 2 (all zones) | **Sub-total Stream 2** | **149099** | **1159** | **1339** | 0.62 | 0.77 | **920** | **1141** | **717** | **428** |
| **Stream 3**<br> **(**$11.13/tonne net value cut-off grade, High Clay) | Total Stream 3 (M5 zone) | Proven | 7001 | 2205 | 1630 | 1.17 | 0.93 | 82 | 65 | 64 | 42 |
| **Stream 3**<br> **(**$11.13/tonne net value cut-off grade, High Clay) | Total Stream 3 (M5 zone) | Probable | 18191 | 2110 | 1176 | 1.12 | 0.67 | 204 | 122 | 159 | 80 |
| **Stream 3**<br> **(**$11.13/tonne net value cut-off grade, High Clay) | Total Stream 3 (M5 zone) | **Sub-total Stream 3** | **25192** | **2137** | **1302** | 1.14 | 0.74 | **286** | **188** | **223** | **122** |
| **TOTAL of All Streams, All Seams, and All Proven & Probable<sup>8</sup>** | **TOTAL of All Streams, All Seams, and All Proven & Probable<sup>8</sup>** | **TOTAL of All Streams, All Seams, and All Proven & Probable<sup>8</sup>** | **265531** | **1443** | **5112** | 0.77 | 2.92 | **2039** | **7761** | **1636** | **5447** |

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<u>Notes</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ktonnes – thousand metric tonnes, MT – million metric tonnes,; Li= lithium; B= boron' ppm= parts per million; Li2CO3 = lithium carbonate; H3BO3 = boric acid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Totals may differ due to rounding, mineral reserves reported on a dry in-situ basis. The Contained and Recovered Lithium Carbonate (Li2CO3) and Boric Acid (H3BO3) are reported in the
 table above in short tonnes. Lithium is converted to Equivalent Contained Tonnes of Lithium Carbonate (Li2CO3) using a stochiometric conversion factor of 5.322, and boron is converted to Equivalent Contained Tonnes of Boric Acid
 (H3BO3) using a stochiometric conversion factor of 5.718. Equivalent stochiometric conversion factors are derived from the molecular weights of the individual elements which make up Lithium Carbonate (Li2CO3) and Boric Acid
 (H3BO3). The Equivalent Recovered Tons of Lithium Carbonate (Li2CO3) and Boric Acid (H3BO3) is the portion of the contained tonnage that can be recovered after processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The statement of estimates of mineral reserves has been compiled by Independent Mining Consultants, Inc. (IMC) and is independent of ioneer and its affiliates. IMC has sufficient
 experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in Subpart 1300.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The mineral reserve estimate is the result of determining the measured and indicated resource that is economically minable allowing for the conversion to proven and probable. In making
 this determination, constraints were applied to the geological model based upon a pit optimization analysis that defined a conceptual pit shell limit. The conceptual pit shell was based upon a net value per ton calculation including a
 5,000ppm boron cut-off grade for high boron – high lithium (HiB-Li) mineralization (Stream 1) and $11.13 Net value per tonne cut-off for low boron (LoB-Li) mineralization below 5,000ppm boron broke in to two material types low clay
 and high clay material respectfully (Stream 2 and Stream 3). The conceptual pit shell was constrained by the measured and indicated resource that incorporates the potential mining, metallurgical and processing grade parameters
 identified by mining, metallurgical and processing studies performed to date on the Project. The conceptual pit shell was used as a guide for an engineered pit design. Key inputs in developing the mineral reserve pit shell included a
 5,000ppm boron cut-off grade for HiB-Li mineralization, $11.13 Net Value per tonne cut-off for LoB-Li low clay mineralization and $11.13 Net value per tonne cut-off for LoB-Li high clay mineralization; base mining cost of
 US$1.69/tonne and incremental cost of $0.055/tonne per bench below 6220ft elevation; plant feed processing and grade control costs which range between US$52.92/tonne and US$82.55/ton of plant feed for stream 1, US$18.87 and US$98.62
 for streams 2&3; boron and lithium recovery for Stream 1: M5= of 80.2% and 85.7%, B5=80.2% and 78.3%, S5=77.0% and 82.5%, L6=75.8% and 79.4%; Stream 2 and 3: M5 65% and 78%, B5 78.3% and 85.2%, S5 46.8% and 84.8%, L6 32.9% and
 78.7%, respectively; boric acid sales price of US$1,172.78/tonne; lithium carbonate sales price of $19,351.38/tonne.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Ore reserves are based on a block model that is 7.62m x 7.62m in plan and 9.14m high. The model block size used for the ore reserve estimate is based on selected mining equipment and
 approached used within the mine plan. As a result, the dilution and ore loss are incorporated within the block model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. All ore reserve figures represent estimates as of October 2025. Ore reserve estimates are not precise calculations, being dependent on the interpretation of limited information on the
 location, shape and continuity of the occurrence and on the available sampling results. The totals have been rounded to reflect the relative uncertainty of the estimate. Totals may not sum due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Mineral reserves are reported in accordance with the US SEC Regulation S-K Subpart 1300. The mineral reserves in this report were estimated and reported using the regulation S-K
 §229.1304 of the United States Securities and Exchange Commission ("SEC"). Mineral reserves are also reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The
 Joint Ore Reserves Committee Code – JORC 2012 Edition).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The mineral reserve is reported exclusive of mineral resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Equivalent Lithium Carbonate (Li2CO3) and Boric Acid (H3BO3) grades have been rounded to the nearest tenth of a percent.

#### Comparison with Previous Ore Reserve
The Table below presents a summary comparison of the current October 2025 mineral resource estimate against the previous August 2025 mineral resource estimate for the Project.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Group** | **Classification** | **Tonnes**<br> (Mt) | **Li**<br> (ppm) | **B**<br> (ppm) | **Li<sub>2</sub>CO<sub>3</sub>**<br> **(wt. %)** | **H<sub>3</sub>BO<sub>3</sub>**<br> **(wt. %)** | **Li<sub>2</sub>CO<sub>3</sub>**<br> (kt) | **H<sub>3</sub>BO<sub>3</sub>**<br> (kt) |
| October 2025<br> Reserve | Proved | 91.6 | 1574 | 6460 | 0.84 | 3.69 | 768 | 3384 |
| October 2025<br> Reserve | Probable | 173.9 | 1373 | 4401 | 0.73 | 2.52 | 1271 | 4377 |
| October 2025<br> Reserve | **Total** | 265.5 | **1443** | **5112** | 0.77 | 2.92 | **2039** | **7761** |
| August 2025<br> Reserve | Proved | 89.5 | 1574 | 6589 | 0.84 | 3.77 | 750 | 3373 |
| August 2025<br> Reserve | Probable | 170.8 | 1386 | 4473 | 0.74 | 2.56 | 1260 | 4369 |
| August 2025<br> Reserve | **Total** | 260.3 | **1451** | **5201** | 0.77 | 2.97 | **2010** | **7742** |
| <br> *Variation* | *Proved* | 2.1 | 1618 | 962 |  |  | 18 | 11 |
| <br> *Variation* | *Probable* | 3.1 | 657 | 434 |  |  | 11 | 8 |
| <br> *Variation* | ***Total*** | 5.2 | **1045** | **647** |  |  | **29** | **19** |

---

Compared with the August 2025 estimate, the updated October 2025 ore reserve estimate has been

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revised with an increase of 2% in proven and probable total tonnes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With an increase in Stream 2 Ore feed overall lithium grade has remained relatively the same but boron grade decreased by 2%.

The changes as compared to the previous ore reserve estimate primarily relate to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Decrease in vat resident leach time from two days to one and a half days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Decrease in acid consumption in seams M5, B5, S5 and L6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inclusion of addition Stream 2 and Stream 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Decrease in boron and lithium recovery in seams B5, S5 and L6.

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#### U.S. Regulations
We have internal controls for reviewing and documenting the information supporting the mineral reserve and mineral resource estimates, describing the methods used, and ensuring the validity of the estimates. These internal control processes were not materially impacted by the adoption of S-K 1300. Information that is utilized to compile mineral reserves and mineral resources is prepared and certified by appropriate QPs and is subject to our internal review process, which includes review by a QP. The QP and management agree on the reasonableness of the criteria for the purposes of estimating resources and reserves. Calculations using these criteria are reviewed and validated by the QP. We recognize the risks inherent in mineral resource and reserve estimates, such as the geological complexity, interpretation and extrapolation of data, changes in operating approach, macroeconomic conditions and new data, among others. Overestimated resources and reserves resulting from these risks could have a material effect on future profitability.

We are an "**emerging growth company**" under the U.S. Jumpstart Our Business Startups Act of 2012, or the JOBS Act, and will continue to qualify as an "**emerging growth company**" until the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the last day of the fiscal year during which we have total annual gross revenues of US$1,235,000,000 (as such amount is indexed for inflation every five years by the SEC) or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the last day of our fiscal year following the fifth anniversary of the completion of our first sale of common equity securities pursuant to an effective registration statement under the
 Securities Act, which is currently expected to be December 31, 2027;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which we have, during the previous three-year period, issued more than US$1,000,000,000 in non-convertible debt; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which we are deemed to be a "**large accelerated filer** ", as defined in Rule 12b-2 of the U.S. Securities Exchange Act of 1934, as
 amended, or the Exchange Act, which would occur in future fiscal years if the market value of our ordinary shares and ADSs that are held by non-affiliates exceeds US$700,000,000 as of the last day of our most recently-completed second
 fiscal quarter.

An emerging growth company may take advantage of specified exemptions from various requirements that are otherwise applicable to public companies in the United States. Generally, a company that registers any class of its securities under Section 12 of the Exchange Act is required to include in the second and all subsequent annual reports filed by it under the Exchange Act, a management report on internal control over financial reporting and an auditor attestation report on management's assessment of the company's internal control over financial reporting. However, for so long as we continue to qualify as an emerging growth company, we will be exempt from the requirement to include an auditor attestation report in our annual reports filed under the Exchange Act. In addition, Section 103(a)(3) of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, has been amended by the JOBS Act, to provide that, among other things, auditors of an emerging growth company are exempt from any rules of the Public Company Accounting Oversight Board minimum mandatory audit firm rotation or a supplement to the auditor's report in which the auditor would be required to provide additional information about the audit and the financial statements of the company. See "**Risk Factors – We are an emerging growth company, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies may make the ADSs less attractive to investors and, as a result, adversely affect the price of ADSs and result in a less active trading market for the ADSs.**"

We are also considered a "**foreign private issuer**" pursuant to Rule 405 under the Securities Act. As a foreign private issuer, we are exempt from certain rules under the Exchange Act that impose certain disclosure obligations and procedural requirements for proxy solicitations under Section 14 of the Exchange Act. In addition, our officers, directors and principal shareholders are exempt from the reporting and "**short-swing**" profit recovery provisions of Section 16 of the Exchange Act and the rules under the Exchange Act with respect to their purchases and sales of our ordinary shares or ADSs. Moreover, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as United States companies whose securities are registered under the Exchange Act. In addition, we are not required to comply with Regulation FD (Fair Disclosure), which restricts the selective disclosure of material information.

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Under Australian law, we prepare financial statements on an annual and semi-annual basis, and we are not required to prepare or file quarterly financial information other than quarterly updates. Our quarterly updates consist of a brief review of operations for the quarter together with a statement of cash expenditure during the quarter, the cash and cash equivalents balance as at the end of the quarter and estimated cash outflows for the following quarter.

For as long as we are a "**foreign private issuer**" we intend to file our annual financial statements on Form 20-F and furnish our semi-annual financial statements and quarterly updates on Form 6-K to the SEC for so long as we are subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act. However, the information we file or furnish is not the same as the information that is required in annual and quarterly reports on Form 10-K or Form 10-Q for U.S. domestic issuers. Accordingly, there may be less information publicly available concerning us than there is for a company that files as a domestic issuer.

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We are required to determine our status as a foreign private issuer on an annual basis at the end of our second fiscal quarter. We would cease to be a foreign private issuer at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances applies: (1) the majority of our executive officers or directors are U.S. citizens or residents; (2) more than 50% of our assets are located in the United States; or (3) our business is administered principally in the United States. Since more than 50% of our assets are located in the United States, we will lose our status as a foreign private issuer if more than 50% of our outstanding voting securities are held by U.S. residents as of the last day of our second fiscal quarter in any year. See "**Risk Factors— We may lose our foreign private issuer status, which would then require us to comply with the Exchange Act's domestic reporting regime and cause us to incur additional legal, accounting and other expenses.**"

#### Capital Expenditures
Our capital expenditures for the six month period ended December 31, 2025 and the years ended June 30, 2025, 2024 and 2023 amounted to US$5.9 million, US$15.3 million, US$35.4 million, US$33.6 million, respectively.

Our capital expenditures have historically consisted principally of expenditures on exploration and geotechnical drilling, permitting, PFS engineering, the Rhyolite Ridge pilot plant, DFS, vendor engineering and post DFS engineering. We financed these expenditures principally through the issue of new ordinary shares in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **Business Overview** 

#### Overview
ioneer Ltd's primary business is to develop a lithium-boron mine and processing facility, known as the Rhyolite Ridge Project, in Esmeralda County, Nevada, United States. The Project is located on public land administered by the BLM of the U.S. Department of Interior. ioneer Ltd. currently holds a 100% interest in the Project. Under the terms of the loan from the U.S. Department of Energy Loans Program Office, once conditions precedent to first loan funding are met, including closing a joint venture agreement, securing necessary additional required funding and a project finance model bring down, a loan of US$996 million will be available to help fund the Project. The company is currently running a strategic partnering process to secure a sale of a portion of a stake in the Project.

#### Marketing
Because we are a development stage company, we do not currently have any marketing or distribution channels or sales agreements. We continue to evolve our marketing and sales plans as we progress toward development of the Project. We have completed our pre-production plans for the sale of lithium carbonate and boric acid. These offtakes deliver on ioneer's strategy to ensure our lithium, produced in the U.S., is delivered into the U.S. domestic supply chain. For boric acid, we have entered into one binding offtake and three sales and distribution agreements with committed and minimum target volumes totaling 100% of our expected first three years of production. All of the aforementioned agreements are subject to conditions precedent, including the taking of an FID and meeting a supply start date. We expect to enter into additional agreements of the same type in the near term and from time to time. The primary agreements we have entered into as of the date hereof include:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Binding lithium offtake supply agreement between the Company and EcoPro Innovation Co. Ltd, a three-year agreement for a total of 7,000 tpa of technical-grade lithium carbonate, upon
 commencement of production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Binding lithium offtake supply agreement between the Company and the Ford Motor Company, a five-year agreement for a total of 7,000 tpa of technical-grade lithium carbonate, upon
 commencement of production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Binding lithium offtake supply agreement between the Company and PPES, a joint venture between Toyota Motor Corporation and Panasonic Corporation, a five-year agreement for a total of
 4,000 tpa of technical-grade lithium carbonate, upon commencement of production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Binding lithium offtake supply agreement between the Company and Dragonfly Energy Holdings, a three-year agreement for a total of 250 tpa of technical-grade lithium carbonate, upon
 commencement of production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Binding boric acid offtake agreement between the Company and Dalian Jinma Boron Technology, a five-year agreement for 105,000 tpa of boric acid, upon commencement of production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Three-year boric acid distribution and sales agreement with Kintamani Resources Pte Limited for certain minimum sales volume targets of boric acid, upon commencement of production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Three-year boric acid distribution and sales agreement with Boron Bazar Limited for certain minimum sales volume targets of boric acid, upon commencement of production.

#### Permitting
We are required to obtain governmental permits for our exploration activities and may be required to renew the permits we already have. Significant state authorization required for construction of the project have been obtained and modified to align with the approved plan of operations. The three key permits from the state of Nevada include: Nevada State Reclamation Permit issued December 2024, modification to Nevada Class II Air Quality Permit (received in July 2025), and a renewal and major modification to a Nevada Water Pollution Control Permit (received August 2025). None of the Nevada state authorizations were appealed; they are effective and in good standing as of the date of this transition report. Additional state and local authorizations will be required for commissioning and operations of specific aspects of the project and processing facilities.

On December 20, 2022, the U.S. Department of Interior's ("DOI") Bureau of Land Management ("**BLM**") published a Notice of Intent ("NOI") regarding the Project Mine Plan of Operations. Publication of the NOI marked the beginning of the National Environmental Policy Act ("NEPA") review process. The BLM published a final Environmental Impact Statement for the Project on September 20, 2024, and a positive Record of Decision, on October 24, 2024. The ROD represents the DOI's final decision on ioneer's application for an approved Plan of Operations.

On October 31, 2024, three non-government organizations (Center for Biological Diversity, Great Basin Resource Watch and Western Shoshone Defense Project) filed suit against the BLM seeking to vacate the Department of Interior decisions related to the BLM's Record of Decision and FWS's Biological Opinion related to the Rhyolite Ridge approval. ioneer has since joined the case as an intervenor. The case is pending in the United States District Court for the District of Nevada and no injunctions related to the initiation of site construction have been issued.

Significant changes to the project design or expansive development of the resource beyond the approved Plan of Operations may require obtaining new or modified governmental permits. Although permitting authorities are knowledgeable and the regulatory framework is well established the process is a complex and time-consuming process and involves numerous jurisdictions, public hearings and possibly costly undertakings including legal challenge. The timeliness and success of permitting efforts are contingent upon many variables not within our control, including the interpretation of permit approval requirements administered by the applicable permitting authority. We may not be able to obtain or renew permits that are necessary for our planned operations or the cost and time required to obtain or renew such permits may exceed our expectations. Any unexpected delays or costs associated with the permitting process could delay the future exploration, development or operation of our properties.

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See "**Risk Factors—We must obtain and renew governmental permits in order to develop our mining operations, a process which is often costly and time-consuming.**" Please also refer to the April 2026 SEC S-K 1300 Technical Report Summary, which is being filed as an exhibit to this Transition Report, for a full list of the permits that are required for us to mine, refine and produce lithium and boron products at Rhyolite Ridge.

#### Specialized Skills and Knowledge
We rely on specialized skills and knowledge to gather, interpret and process geological and geophysical data, successfully permit and then design, build and operate extraction facilities and numerous additional activities required to extract lithium and boron. We expect to employ a strategy of contracting consultants and other service providers to supplement the skills and knowledge of our permanent staff in order to provide the specialized skills and knowledge to undertake our lithium operations effectively.

#### Competition
We compete with other mining companies, many of which possess greater financial resources and technical facilities than we do, in connection with the acquisition of suitable exploration properties and in connection with the engagement of qualified personnel. The mining development and exploration industry is fragmented, and we are a very small participant in this sector. Many of our competitors explore for a variety of minerals and control many different properties around the world. Many of them have been in business longer than we have and have established more strategic partnerships and relationships and have greater financial accessibility than we have.

While we compete with other exploration companies in acquiring suitable properties, we believe that there would be readily available purchasers of lithium, boron and other minerals if they were to be produced from any of our leased properties. The price of minerals can be affected by a number of factors beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in the market prices for lithium or boron;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuating supplies of lithium or boron;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the demand for, or market prices of, lithium or boron; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mining activities of others.

#### Government Regulations

#### Overview
Our exploration operations at the Project are subject to extensive laws and regulations, which are overseen and enforced by multiple U.S. federal, state and local authorities. These laws govern exploration, development, production, exports, various taxes, labor standards, occupational health and safety, waste disposal, protection and remediation of the environment, protection of endangered and protected species and other matters. Mineral exploration operations are also subject to U.S. federal and state laws and regulations that seek to maintain health and safety standards by regulating the design and use of drilling methods and equipment. Various permits from government bodies are required for drilling operations to be conducted, and we cannot assure you such permits will be received. Environmental laws and regulations also may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require notice to stakeholders of proposed and ongoing operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require the installation of pollution control equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrict the types, quantities and concentration of various substances that can be released into the environment in connection with mining or drilling activities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limit or prohibit mining or drilling activities on lands located within wetlands, areas inhabited by endangered species and other protected areas, or otherwise restrict or prohibit
 activities that could impact the environment, including scarce water resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impose substantial liabilities for pollution resulting from current or former operations on or for any preexisting environmental impacts at the Project site; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require preparation of an Environmental Assessment or an Environmental Impact Statement.

As of the date hereof, other than with respect to the acquisition of the Project and related permitting activities, we have not been required to spend material amounts on compliance with environmental regulations. However, compliance with these laws, regulations and permits may impose substantial costs on us, subject us to significant potential liabilities, and have an adverse effect upon our capital expenditures, results of operations or competitive position. Violations and liabilities with respect to these laws and regulations could result in significant administrative, civil, or criminal penalties, remedial clean-ups, natural resource damages, permit modifications or revocations, operational interruptions or shutdowns and other liabilities. The costs of remedying such conditions may be significant, and remediation obligations could adversely affect our business, results of operations and financial condition. Additionally, Congress and federal and state agencies frequently revise environmental laws and regulations, and any changes in these regulations could require us to expend significant resources to comply with new laws or regulations or changes to current requirements and could have a material adverse effect on our business operations.

#### U.S. Legal Framework
The Project will be required to comply with applicable environmental protection laws and regulations and licensing and permitting requirements. The material environmental, health and safety laws and regulations that we may need to comply with include, among others, the following United States federal laws and regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NEPA, which requires evaluation of the environmental impacts of mining operations that require federal approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clean Air Act, or CAA, and its amendments, which governs air emissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clean Water Act, or CWA, which governs discharges to and excavations within the waters of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Safe Drinking Water Act, or SDWA, which governs the underground injection and disposal of wastewater;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FLPMA, which governs BLM's management of the federal public lands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resource Conservation and Recovery Act, or RCRA, which governs the management of solid waste;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comprehensive Environmental Response, Compensation, and Liability Act, or CERCLA, which imposes liability where hazardous substances have been released into the environment (commonly
 known as Superfund); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Federal Mine Safety and Health Act, which established the primary safety and health standards regarding working conditions of employees engaged in mining, related operations, and
 preparation and milling of the minerals extracted, as well as the Occupational Safety and Health Act, which regulates the protection of the health and safety of workers to the extent such protection is not already addressed by the
 Federal Mine Safety and Health Act.

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In addition, the ESA restricts activities that may affect endangered and threatened species or their habitats. Some of our operations may be located in areas that are designated as habitats for endangered or threatened species. In February 2016, FWS published a final policy which alters how it identifies critical habitat for endangered and threatened species. A critical habitat designation could result in further material restrictions to federal and private land use and could delay or prohibit land access or development. Moreover, the United States Fish and Wildlife Service continues its effort to make listing decisions and critical habitat designations where necessary for over 250 species, as required under a 2011 settlement approved by the United States District Court for the District of Columbia, and many hundreds of additional anticipated listing decisions have already been identified beyond those recognized in the 2011 settlement. The designation of previously unprotected species as being endangered or threatened could cause us to incur additional costs or become subject to operating restrictions in areas where the species are known to exist.

On December 14, 2022, FWS listed Tiehm's buckwheat as an endangered species under the Endangered Species Act ("ESA"). The Secretary of Interior also designated critical habitat to accompany the Tiehm's buckwheat listing. On January 18, 2023, the BLM issued a trespass notice to us for the unauthorized use of certain Tiehm's buckwheat habitat. Since receipt of the notice, we have fully cooperated with the BLM. All required activities were completed, and the trespass notice was closed on February 28, 2025. As part of publication of the Final Environmental Impact Statement (EIS) by BLM on September 20, 2024, FWS also formally released the ESA Section 7 Biological Opinion, concluding the Rhyolite Ridge Project will not jeopardize ESA-listed Tiehm's buckwheat or adversely modify its critical habitat. The issuance of the Biological Opinion marked the end of the ESA consultation process between FWS and the BLM regarding Rhyolite Ridge. Our operations are also subject to certain analogous and other state environmental law and regulations, including laws and regulations related to the reclamation of mined lands, which require the Company to provide financial assurances to secure reclamation permits before the commencement of mining operations.

Compliance with these and other federal and state laws and regulations could result in delays in obtaining, or failure to obtain, government permits and approvals, delays in beginning or expanding operations, limitations on production levels, incurring additional costs for investigation or cleanup of hazardous substances, payment of fines, penalties or remediation costs for non-compliance, and post-mining closure, reclamation and bonding. We cannot presently predict which federal laws and regulations may be amended by Congress and the Trump Administration, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **Organizational Structure** 

ioneer Ltd is principally a holding company with a number of subsidiaries. Through these subsidiaries ioneer Ltd owns 100% of the Project.

ioneer Ltd owns all of the voting common stock issued by ioneer Holdings Nevada Inc. (a Nevada corporation) which in turn wholly owns ioneer USA Corporation (a Nevada corporation) and ioneer Minerals Corporation (a Nevada corporation). ioneer Limited wholly owns ioneer Canada ULC (a Canadian unlimited liability company) which in turn wholly owns ioneer Holdings USA Inc. (a Nevada corporation). ioneer Holdings USA Inc. owns all of the nonvoting preferred stock issued by ioneer Holdings Nevada Inc. (a Nevada corporation).

ioneer USA Corporation and ioneer Minerals Corporation wholly own ioneer Rhyolite Ridge Holdings LLC (a Nevada limited liability company), which wholly owns ioneer Rhyolite Ridge MidCo LLC (a Nevada limited liability company), which wholly owns ioneer Rhyolite Ridge LLC (a Nevada limited liability company). ioneer Rhyolite Ridge LLC owns the Project assets.

As of March 31, 2026, we hold our 100% interest in the Project through the foregoing described entities.

In addition to its ownership interest in ioneer Rhyolite Ridge Holdings LLC, ioneer USA Corporation wholly owns Gerlach Gold LLC (a Nevada limited liability company), which owns certain mining claims which are not part of the Project, and Paradigm AZ LLC (an Arizona limited liability company), an inactive entity which has no assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **Property, Plant and Equipment** 

#### Description of the Property
Our principal asset is the Rhyolite Ridge Lithium-Boron project in Nevada, USA.

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#### Location and Coordinates
The property is located in the west-central portion of Nevada's Esmeralda County on public land administered by the BLM within the Silver Peak Range. Rhyolite Ridge is approximately 13 miles northeast from Dyer, Nevada (nearest town); 65 miles southwest of Tonopah, Nevada (closest city); 215 miles from Reno (third largest city in Nevada); and 255 miles from Las Vegas (largest city in Nevada) (all driving distances). Surface elevations at the Project site range from 5,535 to 6,010 feet (1,687 to 1,832 meters) above sea level. The South Basin, where our development of the Project is currently situated, measures 4 miles by 1 mile and covers an area of just under 2,000 acres. Rhyolite Ridge South Basin extends from approximately UTM 14,232,000 N to 14,246,000 N, and from 2,830,000 E to 2,842,000 E (NVSPW 1983, feet). Total surface area for the Rhyolite Ridge South Basin Project is approximately 7,861 acres. The Project site is located 15 miles west of Albermarle's Silver Peak Lithium Mine (Figure 3.1), currently the only producing lithium mine in the US. The coordinate system is presented in imperial units using the using the Nevada State Plane Coordinate System of 1983, West Zone (NVSPW 1983) projection, and the North American Vertical Datum of 1988 (NAVD 88).

No private surface rights are required for the Project as the Project is located on BLM ground including the access road which ioneer will have a right of way. Groundwater rights have transferred water sufficient for construction from existing Fish Lake Valley (FLV) basin water rights holders to ioneer, as FLV is a closed basin such that it is closed to new groundwater rights. ioneer currently has sufficient lease options in place with landowners to cover all construction and operational water needs. An application to transfer dewatering water rights is in the application process. The final groundwater change application for process water will be submitted to NDWR to officially transfer point of diversion and place of use for all Project groundwater rights. The process water application is in preparation and will be submitted at a later date. ioneer has agreements in place securing the necessary water rights for the Project. There are no known encumbrances to the mineral resources or mineral reserves on the Property. There are no royalty payments due to the Project. See sections 3 and 15 of the TRS for additional information about the Project's location and coordinates.

#### Infrastructure
The Project area is readily serviced by sealed highways (Hwy 95 or Hwy 6 and Hwy 264) and an unimproved gravel county road. We will be responsible for upgrading the gravel country road and maintaining it as part of the Project. The Project site may be reached from the towns of Tonopah or Dyer. Regular airline access to the Project area is available via international airports in Las Vegas 240 miles by road) or Reno (225 miles by road). In April 2025, ioneer and Esmeralda County finalized a development agreement to provide funding for expanded public services and infrastructure upgrades and establishes a framework for continued collaboration. Amongst other matters, the development agreement addresses road access, improvements, maintenance and traffic management. Consideration will be given to make certain that the safety of all users of county roads is not compromised through development of the Project. The Project is near a region of active lithium brine extraction and open-pit gold mining. The nearest operations are the Mineral Ridge Gold Mine, which has been in operation or under care and maintenance since 2011, and the Silver Peak Lithium Mine, which has been in operation since the 1960s. There are paved roads, powerlines and small towns that have a history of servicing the mining industry in the area. Nevada is considered one of the world's most favorable and stable mining jurisdictions, and there is a high degree of experienced, qualified, and skilled personnel available to meet workforce requirements for the Project. Housing options near the site are limited and there are not currently any plans to construct a workforce camp. ioneer plans to contribute to individual housing support, which is included in the operating costs estimate, and may also invest in local housing infrastructure. The Rhyolite Ridge Project is designed to operate separately from the Nevada power grid. Power will be produced onsite using a steam turbine generator. Steam will be produced from the waste heat boiler in the sulphuric acid plant, to supply the steam turbine generator. Water supply for the Project will be sourced from new and/or existing wells located on private land in Fish Lake Valley. Two new booster stations (with one located on private land and one within the Access Road and Infrastructure Corridor) will pump water via a pipeline adjacent SR 264 and the access road to the Operational Project Area and Processing Facility. The line will supply the site's domestic and firewater needs, as well as the process make-up water. Water derived from sources of groundwater will be integrated into the water supply and distribution system using pipelines to provide water to meet site needs (i.e., make-up process water, dust control, fire suppression, potable needs). There is sufficient water available to meet processing and dust control requirements, with water recycling and reuse systems in place where possible.

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#### Mining Claims
The mineral tenement and land tenure for the Project comprises a total of 549 unpatented lode mining claims (totaling approximately 10,702 acres) in five claim groups, held by one wholly owned subsidiary of ioneer, ioneer Rhyolite Ridge, LLC. The five claim groups include, South Lithium Basin (SLB), Solid Leasable Mineral (SLM), Rhyolite Ridge (RR), South Lithium Placer (SLP), and Paleozoic Rock (PR). In TY2025, each claim was subject to a yearly maintenance fee of $200.00, totaling $109,800 for the 549 claims.

#### Development Plans
We continue to work towards securing all necessary permits and approvals required for the construction and operation of the Project. In addition, other key remaining workstreams include completing the equity and debt funding agreements, procuring additional funding requirements for the Project and completing detail engineering and vendor engineer to ensure we are construction ready. We may also elect to undertake additional exploration and evaluation drilling, and optimization works. See "**A. History and Development of the Company**" for more information about our development plans.

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| | |
|:---|:---|
| **ITEM 4A** | **UNRESOLVED STAFF COMMENTS** |

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Not applicable.

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| | |
|:---|:---|
| **ITEM 5.** | **OPERATING AND FINANCIAL REVIEW AND PROSPECTS** |

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The following discussion and analysis should be read in conjunction with our financial statements and related notes included elsewhere in this Transition Report on Form 20-F. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Form 20-F, particularly those in the section of this Transition Report on Form 20-F entitled "**Risk Factors.**"

The consolidated general purpose financial statements of the consolidated group have been prepared in accordance with IFRS as issued by the IASB.

Material accounting policies adopted in the preparation of this financial report are presented below and have been consistently applied unless otherwise stated.

Our consolidated financial statements for the Transition Period and the annual consolidated financial statements for the fiscal years ended June 30, 2025, 2024 and 2023 are presented in U.S. dollars and have been prepared in accordance with IFRS. See "About This Transition Report."

#### Business Strategy
Subject to market conditions and the ability to define an economically viable project, our business plan for the Project is to become a low-cost and globally significant producer of both lithium and boron products. We plan to effect our business plan as described in "Item 4. Information on the Company—A. History and Development of the Company—Development Plans."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **Operating Results** 

For additional information see "Note 1—Basis of Presentation" of our consolidated financial statements for the six months ending December 31, 2025 and related notes included elsewhere in this Transition Report on Form 20-F.

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#### Summary
The following table sets forth our selected financial information for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Consolidated Statement of Profit and Loss and Other**<br> **Comprehensive Income**<br> **(in thousands)** | **6**<br> **months**<br> **ended**<br> **Dec 31,**<br> **2025** | **12** <br> **months** <br> **ended**<br> **June 30,** <br> **2025** | **12** <br> **months**<br> **ended**<br> **June 30,**<br> **2024** | **12** <br> **months** <br> **ended**<br> **June 30,** <br> **2023** |
|  | **US$'000** | **US$'000** | **US$'000** | **US$'000** |
|  Exploration expenditure written off | - | (37) | (31) | (45) |
|  Other income | - | - | - | - |
|  Employee benefits expensed | (2721) | (6372) | (5344) | (5967) |
|  Other expenses | (1645) | (3787) | (3850) | (3684) |
|  **Loss from operating activities** | (4366) | (10196) | (9225) | (9696) |
|  Finance income | 328 | 653 | 1411 | 3321 |
|  Finance costs | (32) | (11) | (11) | (16) |
|  **Net finance income / (costs)** | 296 | 642 | 1400 | 3305 |
|  Loss before tax | (4070) | (9554) | (7825) | (6391) |
|  Income tax expense | - | - | - | - |
|  Loss for the year | (4070) | (9554) | (7825) | (6391) |
|  Loss attributable to equity holders of the company | (4070) | (9554) | (7825) | (6391) |

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| | | | |
|:---|:---|:---|:---|
|  **Consolidated Statement of Financial Position (in thousands)** | **Dec 31,**<br> **2025** | **June 30,**<br> **2025** | **June 30,**<br> **2024** |
|  | **US$'000** | **US$'000** | **US$'000** |
|  **Current assets** | | | |
|  Cash assets | 17863 | 25059 | 35715 |
|  Receivables | 277 | 192 | 324 |
|  Prepayments | 231 | 16 | 19 |
|  **Total current assets** | 18371 | 25267 | 36058 |
|  **Non-current assets** |  |  |  |
|  Receivables | 289 | 289 | 276 |
|  Plant and equipment | 335 | 289 | 406 |
|  Right of use asset | 266 | 334 | 71 |
|  Exploration and evaluation expenditure | 209009 | 203110 | 187664 |
|  Other | 4273 | 4252 | - |
|  **Total non-current assets** | 214172 | 208274 | 188417 |
|  **Total assets** | 232543 | 233541 | 224475 |
|  **Current liabilities** |  |  |  |
|  Payables | 1686 | 2408 | 4543 |
|  Lease liabilities | 151 | 106 | 41 |
|  Provisions | 303 | 462 | 428 |
|  Borrowings | - | - | 1200 |
|  **Total current liabilities** | 2140 | 2976 | 6212 |
|  **Non-current liabilities** |  |  |  |
|  Lease liabilities – non-current | 184 | 267 | 42 |
|  **Total non-current liabilities** | 184 | 267 | 42 |
|  **Total liabilities** | 2324 | 3243 | 6254 |
|  **Net assets** | 230219 | 230298 | 218221 |
|  **Equity** |  |  |  |
|  Contributed equity | 309498 | 302651 | 281671 |
|  Reserves | (5303) | (2447) | (3098) |
|  Accumulated losses | (73976) | (69906) | (60352) |
|  **Total equity** | 230219 | 230298 | 218221 |

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#### Revenues
We have no revenue from sales because we are a development stage company. Finance income which is comprised of interest income and foreign exchange gains and losses was US$325,000 lower in TY2025 than FY2025 primarily reflecting the 6 month period over which interest income was earned compared with a full year in the comparative period. Finance income in FY2025 was US$758,000 lower than FY2024 primarily due to a reduction in interest income of US$685,000. Finance income for FY2024 was US$1,910,000 lower than FY2023 primarily due to lower net foreign exchange gains of US$1,754,000, and a reduction in interest income of US$191,000.

#### Expenses

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| | | | | |
|:---|:---|:---|:---|:---|
| **Expenses incurred (in thousands)** | **6** <br> **months** <br> **ended**<br> **Dec 31,** <br> **2025** | **12** <br> **months** <br> **ended**<br> **June 30,**<br> **2025** | **12** <br> **months** <br> **ended**<br> **June 30,**<br> **2024** | **12**<br> **months** <br> **ended**<br> **June 30,**<br> **2023** |
|  | **US$'000** | **US$'000** | **US$'000** | **US$'000** |
|  Exploration expenditure written off | - | (37) | (31) | (45) |
|  Employee benefits expensed | (2721) | (6372) | (5344) | (5967) |
|  Other expenses | (1645) | (3787) | (3850) | (3684) |
|  Finance costs | (32) | (11) | (11) | (16) |

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*Exploration expenditure written off.* Exploration expenditure written off includes permitting costs for non-core assets. There were no write-offs of exploration expenditure in TY2025. Exploration expenditure written off increased US$6,000 or 19% from FY2024 to FY2025 due to an increase by the BLM in annual permit fees to $200 per claim or 21%. Exploration expenditure written off decreased US$14,000 or 31%, from FY2023 to FY2024 as ioneer decreased the number of non-core permits.

*Employee benefits expensed.* Employee benefits expensed includes non-executive director fees, executive director fees, employee benefits and share-based payments expenses. Employee benefits expensed were US$2,721,000 in TY2025 compared with US$6,372,000 in FY2025 reflecting the 6 month period covered by TY2025 relative to the 12 month period covered by FY2025 as well as the impact of the ROD bonus expensed in FY2025. Employee benefits expensed increased US$1,028,000 or 19% from FY2024 to FY2025 primarily because of increased share-based payments expense. The decrease of US$623,000, or 10%, from FY2023 to FY2024 was driven by a reduction in employee benefits expense, offset by increased share-based payments expense.

*Other expenses.* Other expenses include general and administrative expenses, consulting and professional costs and depreciation and amortization. Other expenses were US$1,645,000 in TY2025 compared with US$3,787,000 in FY2025 reflecting the 6 month period covered by TY2025 relative to the 12 month period covered by FY2025 as well as lower spending reflecting the Company's initiative to conserve cash in TY2025. Other expenses decreased US$63,000, or 2%, from FY2024 to FY2025 largely as a result of lower consulting and professional fees, partly offset by higher general and administration expenses and depreciation and amortization. Other expenses increased US$166,000, or 5%, from FY2023 to FY2024 largely as a result of higher consulting and professional fees and depreciation and amortization, offset by lower general and administration expenses.

*Finance costs.* Finance costs include bank charges, net foreign exchange losses and lease interest expenses. Finance costs were higher in TY2025 than FY2025 due to additional fees relating to the DOE Loan. Finance costs remained flat from FY2024 to FY2025. Finance costs decreased by US$5,000, or 31%, from FY2023 to FY2024.

*Comparison of TY2025 and FY2025*

Our net loss for TY2025 and FY2025 was US$4,070,000 and US$9,554,000, respectively. Significant items contributing to the decrease in the current period loss were primarily driven by the shorter six month reporting period in TY2025 relative to the 12 month reporting period in FY2025, and the differences include:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee benefits expense decreased US$3,651,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other expenses decreased US$2,142,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Finance income increased US$21,000.

*Comparison of FY2025 and FY2024*

Our net loss for FY2025 and FY2024 was US$9,554,000 and US$7,825,000, respectively. Significant items contributing to the current year loss and the differences from the previous financial year include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee benefits expense increased US$1,028,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other expenses decreased US$63,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Finance income decreased US$758,000.

*Comparison of FY2024 and FY2023*

Our net loss for FY2024 and FY2023 was US$7,825,000 and US$6,391,000, respectively. Significant items contributing to the FY2024 loss and the differences from FY2023 include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee benefits expense decreased US$623,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other expenses increased US$3,215,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Finance income decreased US$1,910,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Finance costs decreased US$5,000.

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#### Historical Sources and Uses of Cash

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Consolidated Statement of Cash Flows (in thousands)** | **6 months**<br> **ended**<br> **Dec 31,**<br> **2025** | **12 months**<br> **ended**<br> **Dec 31,**<br> **2025** | **12 months**<br> **ended**<br> **Dec 31,**<br> **2024** | **12 months**<br> **Ended**<br> **Dec 31,**<br> **2023** |
|  | **US$'000** | **US$'000** | **US$'000** | **US$'000** |
|  **Cash flows from operating activities** | | | | |
|  Payment to suppliers and employees | (3069) | (6805) | (7198) | (8069) |
|  Interest and other finance costs paid | - | - | - | - |
|  **Net cash flows used in operating activities** | (3069) | (6805) | (7198) | (8069) |
|  **Cash flows from investing activities** |  |  |  |  |
|  Expenditure on mining exploration | (6629) | (14510) | (36635) | (33333) |
|  Purchase of equipment | - | - | (2) | (601) |
|  Interest received | 309 | 680 | 1254 | 1462 |
|  **Net cash flows used in investing activities** | (6329) | (13830) | (35383) | (32472) |
|  **Cash flows from financing activities** |  |  |  |  |
|  Proceeds from the issue of shares | 2176 | 16412 | 25141 | - |
|  Proceeds from borrowings | - | - | 1200 | - |
|  Repayments of borrowings | - | (1200) | - | - |
|  Proceeds from exercise of options | - | - | 55 | - |
|  Equity raising expenses | (99) | (618) | (780) | (12) |
|  Payments of lease liability | (95) | (140) | (130) | (213) |
|  Payment for establishment of loan | - | (4252) | - | - |
|  **Net cash flows received / (used in) financing activities** | 1982 | 10202 | 25486 | (225) |
|  **Net increase / (decrease) in cash held** | (7416) | (10433) | (17095) | (40766) |
|  Cash at the beginning of the financial year | 25059 | 35715 | 52709 | 94177 |
|  Effect of exchange rate fluctuations on balances of cash held in USD | 220 | (223) | 101 | (702) |
|  **Closing cash carried forward** | 17863 | 25059 | 35715 | 52709 |

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#### Operating Activities
Net cash used in operating activities was US$3,069,000 in TY2025 compared with US$6,805,000 in FY2025 reflecting the 6 month period covered by TY2025 relative to the 12 month period covered by FY2025, as well as lower spending reflecting the Company's initiatives to conserve cash during TY2025. Net cash used in operating activities of US$6,805,000 in FY2025 decreased by US$393,000 compared to FY2024 and was driven primarily by decreased payments to suppliers and savings in office costs. Net cash used in operating activities of US$7,198,000 in FY2024 decreased by US$871,000 compared to FY2023 and was driven primarily by decreased payments to suppliers and savings in office costs.

#### Investing Activities
Net cash used in investing activities was US$6,329,000 in TY2025 compared with US$13,830,000 in FY2025 reflecting the 6 month period covered by TY2025 relative to the 12 month period covered by FY2025, as well as lower spending reflecting the Company's initiative to conserve cash during TY2025. Net cash used in investing activities of US$13,830,000 in FY2025 decreased by US$21,553,000 compared to FY2024 and was driven primarily by a large reduction in Project engineering work, and no geotechnical drilling compared with the year-earlier period. Net cash used in investing activities of US$35,383,000 in FY2024 increased by US$2,911,000 compared to FY2023 and was driven primarily by continuing high Project engineering work, coupled with geotechnical drilling.

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#### Financing Activities
Net cash provided by financing activities was US$1,982,000 in TY2025 compared with US$10,202,000 in FY2025 reflecting the gross proceeds from issuance of shares under the share purchase plan of approximately US$2.2 million in July 2025 compared with gross proceeds of approximately US$16 million from an equity placement completed in June 2025. Net cash provided by financing activities of US$10,202,000 in FY2025 decreased by US$15,284,000 compared to FY2024 and was driven primarily by lower proceeds from issue of shares of US$8,729,000, repayment of borrowings of US$1,200,000 and payment for the establishment of the DOE Loan of US$4,252,000. Net cash used in financing activities of US$25,486,000 in FY2024 increased by US$25,711,000 compared to FY2023 and was driven primarily by proceeds from issue of shares of US$25,141,000 and proceeds from borrowings, offset by share issue costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **Liquidity and Capital Resources** 

In TY2025, we incurred a loss of US$4,070,000 compared with a loss of US$9,554,000 in FY2025, reflecting lower employee benefits expense and lower other expenses. The lower loss primarily reflects the shorter 6-month period covered by TY2025 relative to the 12 month period covered by FY2025 as well as reduced spending reflecting the Company's initiative to conserve cash in TY2025, partially offset by the impact of the ROD bonus expensed in June 2025 and for which there was no equivalent bonus in TY2025.

In TY2025, FY2025, FY2024 and FY2023, we incurred losses of US$4,070,000, US$9,554,000, US$7,825,000 and US$6,391,000, respectively, and had accumulated losses of US$73,976,000 as of December 31, 2025. We have not yet commenced commercial production at any of our properties and expect to continue to incur losses during the exploration, evaluation, and development phases of the Project.

Our operations have been financed primarily by proceeds from issuances of ordinary shares. Our cash and cash equivalent position at December 31, 2025 was US$17,863,000 compared with US$25,059,000, US$35,715,000 and US$52,709,000 at June 30, 2025, 2024 and 2023 respectively. Our cash balance fluctuates as we raise funding through equity placements and as we incur expenditures.

In February 2026, we announced the issue of 400,000,000 new fully paid ordinary shares on the ASX for gross proceeds of approximately US$50 million. The placement was strongly supported by new and existing shareholders and will be used to accelerate development of Rhyolite Ridge including long lead items and early works, to fund project readiness, fund environmental permitting expenses and commitments, pay other project costs and fund working capital, meet obligations under the closed DOE Loan and for general corporate purposes. Management believes that the Company has sufficient working capital to support its operations up to April 30, 2027.

#### Capital Expenditures and Requirements
Our capital expenditures for TY2025, FY2025, FY2024 and FY2023 were US$5,850,000, US$15,300,000, US$35,398,000 and US$33,579,000, respectively. Our capital expenditures for these periods related primarily to permitting expenditures, loan establishment fees, resource drilling, land option and water rights payments, ongoing detailed engineering and vendor engineering.

We estimated in October 2025 that development of the Project would require approximately US$1,683.2 million. This cost estimate will be updated prior to making an FID. ioneer expects construction cost inflation across the global mining industry to continue and place upward pressure on the capital cost estimates at Rhyolite Ridge, in particular as it relates to labor, fuel and logistics costs. If we ultimately proceed to an FID to develop the Project, we will need to secure substantial additional funds to complete development. In January 2025, the Project closed a US$996 million DOE Loan to develop the Rhyolite Ridge Project. In June 2025, ioneer announced that it had begun a strategic partnering process, with Goldman Sachs acting as financial advisors, to identify an equity partner to contribute to the development costs of the Project. Even if the conditions precedent to the DOE Loan are met and a new strategic partner commits to providing equity funding to the Project, we may need to secure substantial additional funds, through future debt or equity financings, to complete development of the Project. See "Item 1D.—Risk Factors—Business Risks—We will need additional funds to develop the Project."

We also may decide to pursue additional debt or equity financing activities to facilitate further exploration, evaluation and development activities.

If we decide to raise capital by issuing equity securities, the issuance of additional ordinary shares or ADSs would result in dilution to our existing shareholders. We cannot be assured that we will be successful in completing any financings or that any such debt or equity financing will be available to us if and when required or on satisfactory terms.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **Research and Development, Patents and Licenses** 

Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **Trend Information** 

Not applicable, as the Company is in development stage and therefore has no material trends in production, sales or inventory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. **Critical Accounting Estimates** 

The preparation of these financial statements in conformity with IFRS has required management to make judgements, estimates and assumptions which impact the application of policies and reported amounts of assets and liabilities, income and expenses. These estimates and associated assumptions are based on historical knowledge and various other factors that are believed to be reasonable in the circumstance. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed regularly and revisions to accounting estimates are reviewed in the period in which the estimate is revised. The most significant estimates and assumptions which have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to:

#### Reserve Estimates
Reserves are estimates of the amount of product that can be economically and legally extracted, processed and sold from our properties under current and foreseeable economic conditions. We determine and report reserves under the standards incorporated in the Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves, 2012 edition (the JORC code).

The determination of ore reserves includes estimates and assumptions about a range of geological, technical and economic factors including quantities, grades, production techniques, recovery rates, commodity prices and exchange rates. Changes in ore reserve impact the assessment of recoverability of exploration and evaluation assets.

Estimating the quantity and/or grade of reserves requires the size, shape and depth of ore to be determined by analyzing geological data. This process may require complex and difficult judgements to interpret the data. We use expert consultants to prepare and review our ore reserve estimates.

#### Exploration and Evaluation Assets
Our policy for exploration and evaluation expenditure is set out in "Note 12—Non-current assets - exploration and evaluation" of our financial statements and related notes included elsewhere in this Transition Report on Form 20-F. The application of this policy requires certain judgements, estimates and assumptions as to future events and circumstances, in particular the assessment of whether economic quantities of reserves will be found. Any such estimates and assumptions may change as new information becomes available. If, after capitalization of expenditure under the policy, it is concluded that the capitalized expenditure will not be recovered by future exploitation or sale, then the relevant amount will be written off in the statement of profit or loss. Changes in assumptions may result in a material adjustment to the carrying amount of exploration and evaluation assets.

#### Share-based Payment Transactions
We measure the cost of equity-settled transactions with employees by reference to the fair value of the equity investments at the date on which they are granted. Additional information is set out in "Note 7.3—Share-based payments" of our financial statements and related notes included elsewhere in this Transition Report on Form 20-F.

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| | |
|:---|:---|
| **ITEM 6.** | **DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **Directors and Senior Management** 

The following discussion sets forth information regarding our directors and executive officers as of April 15, 2026. In accordance with the ASX Listing Rules, a Director (other than the Managing Director) must not hold office, without re-election, past the third annual general meeting following the Director's appointment or three years, whichever is longer. In addition, under our Constitution, at every annual general meeting, one-third of the Directors (other than the Managing Director), are required to retire from office. Such Directors are entitled to submit for re-election. The following table lists the names of our directors and executive officers. The business address for each director and member of senior management is c/o Suite 16.01, Level 16, 213 Miller Street, North Sydney, NSW 2060, Australia.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| James D. Calaway | 68 | Executive Chairman |
| Bernard Rowe | 58 | Managing Director & Chief Executive Officer |
| Alan Davies | 55 | Independent Non-executive Director |
| Rose McKinney-James | 74 | Independent Non-executive Director |
| Margaret Walker | 73 | Independent Non-executive Director |
| Timothy Woodall | 58 | Independent Non-executive Director |
| Ken Coon | 66 | Vice President of Human Resources |
| April Hashimoto | 63 | Chief Financial Officer |
| Yoshio Nagai | 64 | Vice President Commercial Sales & Marketing |
| Olga Smejkalova | 46 | Company Secretary |
| Matthew Weaver | 60 | Senior Vice President of Engineering & Operations |
| Chad Yeftich | 50 | Vice President Corporate Development & External Affairs |

---

#### James D. Calaway (68 years of age) – Executive Chairman
James Calaway has considerable experience and success in building young companies into successful commercial enterprises. He was the non-executive chairman Orocobre Ltd from May 2009 to July 2016, helping lead the company from its earliest development to becoming a significant producer of lithium carbonate and a member of the ASX 300. He joined the board of ioneer as a non-executive director in April 2017, has served as Chairman since June 2017 and was appointed Executive Chairman in July 2020.

James is currently Chairman of Distributed Power Partners Inc, a US international distributed power development company which is a leader in clustered distributed solar power development. He has also been a chair of several other U.S. corporate boards including the Centre for Houston's Future, and the Houston Independent School District Foundation.

#### Bernard Rowe (58 years of age) – Managing Director & Chief Executive Officer
Bernard was appointed managing director and Chief Executive Officer in August 2007. He has more than 30 years' international experience in mineral exploration and mine development. His diverse mineral industry experience includes gold, copper, zinc, diamond, lithium and boron exploration in Australia, Europe, Africa, North America and South America. He led the Company's listing on the ASX in 2007 with a focus on gold and copper exploration in Nevada and Peru. In early 2016 Bernard visited a little-known lithium-boron deposit in southern Nevada – later to be renamed Rhyolite Ridge. He realized the potential opportunity and quickly secured a 12-month option over the Project to give the Company sufficient time to fully assess and evaluate the unique and poorly understood deposit. Bernard is a member of the Australian Institute of Geoscientists, the Society of Economic Geologist and the Geological Society of Nevada. He is a non-executive director of G50 Corporation (2021-current), an AX listed gold, silver and gallium exploration company.

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#### Alan Davies (55 years of age) – Independent Non-executive Director
Alan joined the board as a non-executive director in May 2017. He has expertise in running and leading mining businesses with Rio Tinto, most recently as chief executive, Energy & Minerals. Former roles include chief executive, Diamonds & Minerals and chief financial officer of Rio Tinto Iron Ore. Alan held management positions in Australia, London and the US for Rio Tinto's Iron Ore and Energy businesses, and has run and managed operations in Africa, Asia, Australia, Europe and North and South America. He is also a former director of Rolls Royce Holdings plc. He is currently the chief executive officer of the Moxico Resources PLC a Zambian copper and zinc explorer and developer. He is also Chairman of Trigem DMCC, a vertically integrated diamond and colored stone service provider. Alan is a Fellow of the Institute of Chartered Accountants in Australia.

#### Rose McKinney-James (74 years of age) – Independent Non-executive Director
Rose is an experienced and accomplished public company director, clean energy advocate, and small business leader with a broad history in public service, private sector corporate sustainability, social impact, and non-profit volunteerism. She is the former President and CEO of the Corporation for Solar Technology and Renewable Resources ("**CSTRR**"), and former Commissioner with the Nevada Public Service Commission, she also served as Nevada's first Director of the Department of Business and Industry. She is currently the Managing Principal of McKinney-James & Associates, which provides business-consulting services and advocacy in public affairs, energy policy, strategy and economic and sustainable development. She is also a Non-Executive Director of MGM Resorts International, Toyota Financial Savings Bank, Pacific Premier Bancorp Inc, Clean Energy for America, and the Las Vegas Stadium Authority. Rose holds a Juris Doctorate from Antioch School of Law and a BA in Liberal Arts from Olivet College. She has been honored by the American Solar Energy Society ("SOLAR NV") as the Advocate of the Year. She is the recipient of the inaugural GreenBiz Verge VANGUARD Award and the DirectWomen Sandra Day O'Connor Award for Board Excellence.

#### Margaret R. Walker (73 years of age) – Independent Non-executive Director
Margaret brings over 40 years' experience and leadership in large-scale chemical engineering, project management and organizational development gained through a career as a chemical engineer with The Dow Chemical Company ("**Dow Chemical**"). From 2004 until her retirement in December 2010, Mrs. Walker was Vice President of Engineering & Technology for Dow Chemical. Prior to this, Margaret held other senior positions with Dow Chemical including Senior Leader in Manufacturing & Engineering and Business Director of Contract Manufacturing. Dow Chemical provides chemical, plastic and agricultural products and services. Margaret holds a Bachelor of Chemical Engineering from Texas Tech University, and in 2018 became a National Association of Corporate Directors Board Leadership Fellow.

#### Timothy R. Woodall (58 years of age) – Independent Non-executive Director
Tim joined the board as a non-executive director in May 2025. He has over 30 years' experience in international M&A and finance, specializing in the energy sector. His expertise includes being the founder and Managing Director of a boutique advisory firm, the CEO of a technical consulting firm and senior roles in New York and London with global investment banks. Additionally, he has held senior executive positions with energy companies in Australia and the USA. He previously served as a non-executive director (and executive director) of FAR Limited (August 2017 to June 2021) and Central Petroleum. He holds a Bachelor of Economics from the University of Adelaide, is a Fellow of the Australian Society of CPAs, and a graduate of the Australian Institute of Company Directors.

#### Ken Coon (66 years of age) – Vice President of Human Resources
Ken is responsible for the human resource function of the Company. He has more than 30 years of human resources experience holding international and regional leadership roles with Royal Dutch Shell's downstream refining and chemicals organization and Entergy, a large US Gulf Coast utility company.

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#### April Hashimoto (63 years of age) – Chief Financial Officer
April joined ioneer as interim CFO on November 6, 2025. Ian Bucknell resigned as Chief Financial Officer and Company Secretary on December 4, 2025. April is responsible for the finance and IT functions of the Company. She brings more than 30 years of international experience in the resource sector, most recently as Senior Vice-President, Finance and Administration at Lithium Americas Corp. Previously she was the CFO at several junior mining companies and the exploration and construction division of Placer Dome Inc.

#### Yoshio Nagai (64 years of age) – Vice President Commercial Sales & Marketing
Yoshio Nagai is responsible for the sales and marketing function of the Company. He has more than 20 years chemical and mining industry sales and marketing experience, most recently as Sales Vice President at the Rio Tinto Group Company accountable for borates, salt and talc products, in Asia and the USA.

#### Olga Smejkalova (46 years of age) – Company Secretary
Olga was appointed Company Secretary on December 1, 2025 pursuant to a services agreement with Acclime Corporate Services Pty Ltd. Ian Bucknell resigned as Chief Financial Officer and Company Secretary effective December 4, 2025.

#### Matt Weaver (60 years of age) – Senior Vice President of Engineering & Operations
Matt Weaver is responsible for all engineering and operational aspects of the Rhyolite Ridge lithium-boron Project in Nevada and for delivering the Project through the Definitive Feasibility Study and project execution and into full commercial production. He has 30 years of international mining experience, having worked with BHP, Rio Tinto and Newmont, and several junior mining companies.

#### Chad Yeftich (50 years of age) – Vice President Corporate Development & External Affairs
Chad Yeftich is responsible for US government relations, public relations, community affairs and corporate development. He has over 25 years finance and investment industry experience, having worked with Maverick Capital, H.I.G Capital, Trafelet Brokaw & Company, and PwC.

#### Family Relationships
There are no family relationships between any members of our executive management and our directors.

#### Arrangements for Election of Directors and Members of Management
There are no contracts or other arrangements pursuant to which directors have been or must be selected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **Compensation** 

#### Overview
Our remuneration policy for our key management personnel ("KMP") has been developed by our Board taking into account our size, the size of our management team, the nature and stage of development of our current operations, and market conditions and comparable salary levels for companies of a similar size and operating in similar sectors.

In addition to considering the above general factors, the Board has also placed emphasis on the following specific issues in determining the remuneration policy for KMP:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are currently focused on undertaking exploration, appraisal and development activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with developing resource companies whilst exploring and developing projects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other than profit which may be generated from asset sales, we do not expect to be undertaking profitable operations until sometime after the commencement of commercial production on any
 of our projects.

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[**Table of Contents**](#TABLEOFCONTENTS)

#### Executive Remuneration
Our remuneration framework and executive reward strategy provides a mix of fixed and variable remuneration with a blend of short and long-term incentives. The key elements of the remuneration packages are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed: Annual base salary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable short-term incentive: annual cash bonus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable equity: performance rights granted under shareholder approved equity incentive plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Post-employment benefits: superannuation contributions and similar retirement benefits savings for non-Australian executives.

We believe our executive compensation strategy provides for fair, competitive remuneration that aligns potential rewards with the Company's objectives while being transparent to shareholders. Key remuneration elements are reviewed annually to determine appropriate awards based upon factors such as individual performance, Company results and competitive benchmark survey data.

*Fixed*

Base salaries are reviewed annually and adjusted based upon individual performance and competitive benchmarks that may be reviewed from time to time to ensure competitiveness.

*Variable short-term incentive*

Annual (short-term) cash bonuses are reviewed annually with awards granted based upon individual performance and Company results. Bonus targets are benchmarked from time to time to ensure competitiveness. Bonuses may range from 0 to 200% of target. The Board reserves the right to grant bonuses larger than 200% for exceptional contributions to Company objectives.

*Variable equity*

Equity (long-term) grants are reviewed annually with a portion of the grants being performance based and a portion restricted time based. The Board has a current practice of granting a ratio of 60% performance-based equity rights and 40% restricted time-based equity rights. Typically, equity grants awarded as part of the Company's annual review cycle will vest over a 3-year period. Vesting of performance-based grants are reviewed with the time-based grants at the time of vesting with the size of the vested award to be based upon the degree to which pre-established objectives were achieved, and the overall value of the vested award determined by market share price. Performance based equity grants may range between 0 and 200% at time of vesting based upon achievement of pre-established business targets. Equity targets are benchmarked from time to time to ensure competitiveness.

*Post-employment benefits*

Superannuation funds are accessible by Australian employees after retirement, as mandated by Australian law. Similar retirement benefits savings for non-Australian executives are accessible after retirement.

#### Non-Executive Director Remuneration
Total remuneration for all non-executive directors, last voted upon by shareholders at the 2017 Annual General Meeting of the Company, is not to exceed A$1,000,000 (US$656,100) per annum, inclusive of superannuation (excluding special exertion fees).

This total pool enables the Company in the future, if required, to provide for:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adequate financial incentives, commensurate with the market to attract and retain suitably qualified and experienced directors to replace existing non-executive directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Appropriate arrangements to be put in place to ensure a smooth transition on replacement of directors, including a period of overlap if required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increases in non-executive directors in the future should it be considered appropriate.

Total remuneration paid to non-executive directors in the financial year was US$457,123 (2024: US$456,563, 2023: US$416,136). The non-executive director fees included US$197,123 (2024: US$197,683, 2023: US$165,103) paid in the form of performance rights. The board believes that providing remuneration to directors in the form of performance rights in consideration for their services as directors more effectively aligns the interests of directors with those of shareholders, by giving directors an opportunity to share in the success of the Company. In addition, given the pre-production stage of the Project, the Company conserves cash by providing non-executive directors with non-cash remuneration.

Non-executive directors are also entitled to be paid reasonable travelling, accommodation and other expenses incurred as a consequence of their attendance at Board meetings and otherwise in the execution of their duties as directors. These expenses do not contribute to the A$1,000,000 cap set by the Company's shareholders. The Chair of each of the Audit & Risk Committee, the Nomination & Remuneration Committee, the Project Execution Committee and the ESG Committee receive an additional US$5,000 per annum to reflect the time spent in managing the Committees.

The Board has determined that there would be no increase in fees payable to non-executive directors for the Transition Period ending December 31, 2026. The Board has determined to put to shareholders at the May 2026 Annual General Meeting, that non-executive directors receive US$12,500 in performance rights being the pro-rated amount for the six months ended December 31, 2025 (FY2025: US$25,000 in performance rights) of the Company in lieu of receipt of directors' fees in cash.

#### Details of Remuneration for the Transition Period
Details of the nature and amount of each element of the emoluments of our Directors and executive officers are presented below. Timothy Woodall was appointed non-executive director on May 5, 2025. Stephen Gardiner retired as a non-executive director on May 5, 2025.

#### Statutory Remuneration
The following table sets out KMP remuneration for the TY2025 and FY2025 in US Dollars:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Name (Position)** | **Year** | **Base Salary** | **Superannuation** | **Health & Life** <br> **Benefits** | **Non-**<br> **Monetary**<br> **Benefits<sup>3</sup>** | **STI** | **Long** <br> **Service**<br> **Leave** | **Share-based**<br> **Payment** <br> **Options &** <br> **Rights<sup>1</sup>** | **Total Statutory Remuneration** | **% of performance-**<br> **based rem.** |
| **Non-Executive Director** |  | | | | | | | | | |
| Alan Davies | TY2025 | 32500 | - | - | - | - | - | 11882 | 44382 | 27% |
|  | FY2025 | 65000 | - | - | - | - | - | 15000 | 80000 | 19% |
| Stephen Gardiner | TY2025 | - | - | - | - | - | - | - | - | - |
|  | FY2025 | 52600 | - | - | - | - | - | 46681 | 99281 | 47% |
| Rose McKinney-James | TY2025 | 32500 | - | - | - | - | - | 11882 | 44382 | 27% |
|  | FY2025 | 65000 | - | - | - | - | - | 15000 | 80000 | 19% |
| Margaret R Walker | TY2025 | 32500 | - | - | - | - | - | 11882 | 44382 | 27% |
|  | FY2025 | 65000 | - | - | - | - | - | 15000 | 80000 | 19% |
| Timothy Woodall | TY2025 | 29018 | 3482 | - | - | - | - | 6747 | 39247 | 17% |
|  | FY2025 | 12400 | - | - | - | - | - | 972 | 13372 | 7% |
| **Executive Director** |  |  |  |  |  |  |  |  |  |  |
| James D Calaway | TY2025 | 199998 | - | - | - | 45938 | - | 419762 | 665698 | 70% |
|  | FY2025 | 462000 | - | - | - | 82180 | - | 340591 | 885271 | 48% |
| Bernard Rowe | TY2025 | 194285 | 9827 | 2675 | - | 100362 | 3207 | 874757 | 1185113 | 82% |
|  | FY2025 | 421009 | 19454 | 3742 | - | 144546 | 7255 | 844085 | 1440091 | 69% |
| **Executives** |  |  |  |  |  |  |  |  |  |  |
| Ian Bucknell <sup>2</sup> | TY2025 | 156202 | 8712 | 3111 | - | - | (31338) | (382047) | (245360) | 156% |
|  | FY2025 | 298209 | 19454 | 4081 | - | 66438 | 4962 | 571535 | 964679 | 66% |
| April Hashimoto <sup>3</sup> | TY2025 | 12710 | - | - | - | 4069 | - | - | 16779 | 24% |
| Ken Coon <sup>4, 5</sup> | TY2025 | 67000 | - | 549 | - | 19070 | - | 59423 | 146042 | 54% |
|  | FY2025 | 200833 | - | 1033 | 3950 | 29325 | - | 309602 | 544243 | 62% |
| Yoshio Nagai <sup>4</sup> | TY2025 | 70998 | 3990 | 2058 | - | 19910 | - | 70715 | 167617 | 54% |
|  | FY2025 | 212298 | 11490 | 4116 | - | 30905 | - | 312068 | 570877 | 60% |
| Chad Yeftich | TY2025 | 160599 | 3042 | 7854 | - | 40660 | - | 94263 | 369593 | 37% |
|  | FY2025 | 291067 | 8070 | 15869 | - | 52908 | - | 398909 | 766823 | 59% |
| Matt Weaver | TY2025 | 175465 | 8325 | 6794 | - | 66706 | - | 168631 | 426102 | 55% |
|  | FY2025 | 331683 | 16584 | 14145 | - | 72528 | - | 669894 | 1104834 | 67% |
| **Total** | **TY2025** | **1163776** | **37378** | **23221** | **-** | **296715** | **(28131)** | **1351199** | **2844158** |  |
|  | **FY2025** | **2477099** | **75052** | **42985** | **3950** | **478830** | **12217** | **3539336** | **6624304** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Share-based payment expense for the Transition Period (six months ended December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Ian Bucknell resigned as Chief Financial Officer and Company Secretary effective December 4, 2025. Amounts in brackets are the result of the reversal of accrued long service leave, and
 reversal of share-based expense relating to forfeited performance rights that were reversed upon Ian Bucknell's resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) April Hashimoto was appointed Interim Chief Financial Officer on November 6, 2025 pursuant to a consulting contract by which she is paid based on an hourly rate and participates in
 STIP. The amount shown as base pay reflects the amount invoiced under the consulting contract for the period that April Hashimoto was an executive KMP (December 4, 2025 to December 31, 2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Ken Coon and Yoshio Nagai transition from full-time to part-time employment, effective January 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Non-monetary benefits relate to leased accommodations provided to Executive in Reno, Nevada.

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[**Table of Contents**](#TABLEOFCONTENTS)

#### KMP Shareholdings
The movement in Share and other Equity Holdings for KMP are disclosed in the following table:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary shares** | **Ordinary shares** | **Ordinary shares** | **Ordinary shares** | **Ordinary shares** | **Performance rights** | **Performance rights** | **Performance rights** | **Options** | **Options** | **Options** |
| **Name** | **Balance at** <br> **30/06/25** | **Acquired** | **Disposed** | **Other** | **Balance at** <br> **31/12/25** | **Balance at** <br> **30/06/25** | **Net change** | **Balance at <br> 31/12/25** | **Balance at** <br> **30/06/25** | **Net change** | **Balance at** <br> **31/12/25** |
|  **Non-Executive Directors** | | | | | | | | | | | |
|  Alan Davies | 5026259 | 887890 | - |  | 5914149 | 132190 | 55893 | 188083 | 326323 | (326323) |  |
|  Stephen Gardiner | 323663 | - | - |  | 323663 | 263354 | (263354) | - | - | - |  |
|  Rose McKinney-James | 670070 | 132190 | - |  | 802260 | 132190 | 55893 | 188083 | - | - |  |
|  Margaret R Walker | 750070 | 405310 | - |  | 1155380 | 132190 | 55893 | 188083 | - | - |  |
|  Timothy Woodall | 75000 | 300000 | - |  | 375000 | 200000 | 188083 | 388083 | - | - |  |
|  **Executive Directors** |  |  |  |  |  |  |  |  |  |  |  |
|  James D Calaway | 58995110 | 4600759 | - |  | 63595869 | 5939542 | 1267279 | 7206821 | 326323 | (326323) |  |
|  Bernard Rowe | 69609147 | 9197048 | - |  | 78806195 | 11906857 | 4291648 | 16198505 | - | - |  |
|  **Executives** |  |  |  |  |  |  |  |  |  |  |  |
|  Ian Bucknell <sup>1</sup> | 6300766 | 3144310 | (500000) |  | 8945076 | 7703997 | (7703997) | - | - | - |  |
|  April Hashimoto <sup>2</sup> | - | - | - |  | - | - | - | - | - | - |  |
|  Ken Coon | 2888426 | 1694181 | (770338) |  | 3812269 | 3572885 | 561363 | 4134248 | - | - |  |
|  Yoshio Nagai | 4398099 | 1449162 | - |  | 5847261 | 3942872 | 1038097 | 4980969 | - | - |  |
|  Matt Weaver | 7314594 | 3682025 | (1595085) |  | 9401534 | 8883109 | 2392201 | 11275310 | - | - |  |
|  Chad Yeftich | 2761885 | 1613788 | (792967) |  | 3582706 | 4634991 | 1842103 | 6477094 | - | - |  |
|  **Total** | 159113089 | 27106663 | (3658390) |  | 182561362 | 47444177 | 3781102 | 51225279 | 652646 | (652646) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Ian Bucknell resigned as Chief Financial Officer and Company Secretary effective 4 December 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) April Hashimoto was appointed Interim Chief Financial Officer pursuant to a consulting contract effective 6 November 2025 and became an executive KMP on 4 December 2025.

#### Option Movement During the Year
There are no options outstanding. The following table presents that all remaining options have lapsed. The option terms are set out in "Note 18 – Equity – issued capital" of our financial statements and related notes thereto included elsewhere in this Transition Report on Form 20-F.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Grant Date** | **Vesting**<br> **Date** | **Expiry** <br> **Date** | **Fair value**<br> **at grant** | **Exercise** <br> **Price** | **Balance**<br> **at** <br> **30/06/25** | **Options** <br> **Granted** | **Options** <br> **Exercised** | **Options**<br> **Lapsed** | **Balance**<br> **at** <br> **31/12/25** | **Financial** <br> **year to vest** |
| James D. Calaway | 16/11/2020 | 16/11/2021 | 16/11/2025 | 0.138 | 0.185 | 326323 |  |  | (326323) |  | 2022 |
| **Sub Total** |  |  |  |  |  | **326323** |  |  | **(326323)** |  |  |
| Alan Davies | 16/11/2020 | 16/11/2021 | 16/11/2025 | 0.138 | 0.185 | 326323 |  |  | (326323) |  | 2022 |
| **Sub Total** |  |  |  |  |  | **326323** |  |  | **(326323)** |  |  |
| **Total** |  |  |  |  |  | **652646** |  |  | **(652646)** |  |  |

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[**Table of Contents**](#TABLEOFCONTENTS)

#### Performance Rights Movement During the Year
The following table presents all performance rights that have been granted, vested or lapsed during TY2025. The rights terms and additional details are set out in "Note 18 —Equity – issued capital" of our financial statements and related notes included elsewhere in this Transition Report on Form 20-F.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name<br> Plan** | **Grant Date**<br> **(mm/dd/yyyy)** | **Vesting Date**<br> **(mm/dd/yyyy)** | **Fair value at** <br> **grant** | **Rights** <br> **Granted** | **Rights Vested** | **Rights Lapsed** | **% vested** |
|  **James D. Calaway** |  |  | | | | | |
|  2022 LTI - time based | 11/4/2022 | 7/1/2025 | 0.570 | - | (272878) | - | 100% |
|  2022 LTI - performance based | 11/4/2022 | 7/1/2025 | 0.554 | - | (73677) | (335640) | 18% |
|  2024 STI - time based | 11/1/2024 | 7/1/2025 | 0.280 | - | (2272571) | - | 100% |
|  In lieu of director fees | 11/1/2024 | 11/1/2025 | 0.280 | - | (185066) | - | 100% |
|  In lieu of director fees | 11/5/2025 | 11/2/2026 | 0.185 | 263316 | - | - | 0% |
|  2025 LTI – time based | 11/6/2025 | 1/1/2029 | 0.185 | 1101410 | - | - | 0% |
|  2025 LTI - performance based | 11/6/2025 | 1/1/2029 | 0.185 | 1652115 | - | - | 0% |
|  2025 STI – ROD bonus time based <sup>1</sup> | 11/6/2025 | 11/7/2025 | 0.185 | 1796567 | (1796567) | - | 100% |
|  2025 STI - time based | 11/6/2025 | 7/1/2026 | 0.185 | 1390270 | - | - | 0% |
|  **Sub Total** |  |  |  | **6203678** | **(4600759)** | **(335640)** |  |
|  **Alan Davies** |  |  |  |  |  |  |  |
|  In lieu of director fees | 11/1/2024 | 11/1/2025 | 0.280 | - | (132190) | - | 100% |
|  In lieu of director fees | 11/5/2025 | 11/2/2026 | 0.185 | 188083 | - | - | 0% |
|  **Sub Total** |  |  |  | **188083** | **(132190)** | **-** |  |
|  **Stephen Gardiner <sup>2</sup>** |  |  |  |  |  |  |  |
|  Granted on employment | 8/25/2022 | 8/25/2025 | 0.660 | - | (182916) | (13617) | 93% |
|  In lieu of director fees | 11/1/2024 | 11/1/2025 | 0.280 | - | (66821) | - | 100% |
|  **Sub Total** |  |  |  | **-** | **(249737)** | **(13617)** |  |
|  **Rose McKinney-James** |  |  |  |  |  |  |  |
|  In lieu of director fees | 11/1/2024 | 11/1/2025 | 0.280 | - | (132190) | - | 100% |
|  In lieu of director fees | 11/5/2025 | 11/2/2026 | 0.185 | 188083 | - | - | 0% |
|  **Sub Total** |  |  |  | **188083** | **(132190)** | **-** |  |
|  **Margaret R Walker** |  |  |  |  |  |  |  |
|  In lieu of director fees | 11/1/2024 | 11/1/2025 | 0.280 | - | (132190) | - | 100% |
|  In lieu of director fees | 11/5/2025 | 11/2/2026 | 0.185 | 188083 | - | - | 0% |
|  **Sub Total** |  |  |  | **188083** | **(132190)** | **-** |  |
|  **Timothy Woodall** |  |  |  |  |  |  |  |
|  In lieu of director fees | 11/5/2025 | 11/2/2026 | 0.185 | 188083 | - | - | 0% |
|  **Sub Total** |  |  |  | **188083** | **-** | **-** |  |
|  **Ian Bucknell <sup>3</sup>** |  |  |  |  |  |  |  |
|  2022 LTI - time based | 7/1/2022 | 7/1/2025 | 0.425 | - | (292581) | - | 100% |
|  2022 LTI - performance based | 7/1/2022 | 7/1/2025 | 0.491 | - | (78997) | (359874) | 18% |
|  2023 LTI - time based | 7/1/2023 | 7/1/2026 | 0.340 | - | - | (419206) | 0% |
|  2023 LTI - performance based | 7/1/2023 | 7/1/2026 | 0.340 | - | - | (628809) | 0% |
|  2024 STI - time based | 7/1/2024 | 7/1/2025 | 0.149 | - | (1717742) | - | 100% |
|  2024 LTI – time based | 7/1/2024 | 7/1/2027 | 0.149 | - | - | (989382) | 0% |
|  2024 LTI - performance based | 7/1/2024 | 7/1/2027 | 0.149 | - | - | (1484073) | 0% |
|  Supplemental 2024 LTI | 3/1/2025 | 2/28/2029 | 0.145 | - | - | (866666) | 0% |
|  Supplemental 2024 LTI | 3/1/2025 | 2/28/2029 | 0.145 | - | - | (866667) | 0% |
|  2025 LTI – time based | 8/28/2025 | 1/1/2029 | 0.115 | 1770687 | - | (1770687) | 0% |
|  2025 LTI - performance based | 8/28/2025 | 1/1/2029 | 0.115 | 2656031 | - | (2656031) | 0% |
|  2025 STI - time based | 8/28/2025 | 9/1/2025 | 0.115 | 1054990 | (1054990) | - | 100% |
|  **Sub Total** |  |  |  | **5481708** | **(3144310)** | **(10041395)** |  |
|  **Ken Coon** |  |  |  |  |  |  |  |
|  2022 LTI - time based | 7/1/2022 | 7/1/2025 | 0.000 | - | (151599) | - | 100% |
|  2022 LTI - performance based | 7/1/2022 | 7/1/2025 | 0.491 | - | (40932) | (186466) | 18% |
|  2024 STI - time based | 7/1/2024 | 7/1/2025 | 0.149 | - | (1027493) | - | 100% |
|  2025 LTI – time based | 8/28/2025 | 1/1/2029 | 0.115 | 787141 | - | - | 0% |
|  2025 LTI - performance based | 8/28/2025 | 1/1/2029 | 0.115 | 1180712 | - | - | 0% |
|  2025 STI - time based | 8/28/2025 | 9/1/2025 | 0.115 | 474157 | (474157) | - | 100% |
|  **Sub Total** |  |  |  | **2442010** | **(1694181)** | **(186466)** |  |
|  **Yoshio Nagai** |  |  |  |  |  |  |  |
|  2022 LTI - time based | 7/1/2022 | 7/1/2025 | 0.425 | - | (160695) | - | 100% |
|  2022 LTI - performance based | 7/1/2022 | 7/1/2025 | 0.491 | - | (43388) | (197654) | 18% |
|  2024 STI - time based | 7/1/2024 | 7/1/2025 | 0.149 | - | (1245079) | - | 100% |
|  2025 LTI – time based | 8/28/2025 | 1/1/2029 | 0.115 | 834135 | - | - | 0% |
|  2025 LTI - performance based | 8/28/2025 | 1/1/2029 | 0.115 | 1251202 | - | - | 0% |
|  2025 STI - time based | 8/28/2025 | 7/1/2026 | 0.115 | 599576 | - | - | 0% |
|  **Sub Total** |  |  |  | **2684913** | **(1449162)** | **(197654)** |  |
|  **Bernard Rowe** |  |  |  |  |  |  |  |
|  2022 LTI - time based | 11/4/2022 | 7/1/2025 | 0.570 | - | (560084) | - | 100% |
|  2022 LTI - performance based | 11/4/2022 | 7/1/2025 | 0.554 | - | (151223) | (688902) | 18% |
|  2024 STI - time based | 7/1/2024 | 7/1/2025 | 0.280 | - | (3806452) | - | 100% |
|  2025 LTI – time based | 11/6/2025 | 1/1/2029 | 0.185 | 3377320 | - |  | 0% |
|  2025 LTI - performance based | 11/6/2025 | 1/1/2029 | 0.185 | 5065979 | - | - | 0% |
|  2025 STI – ROD bonus time based <sup>1</sup> | 11/6/2025 | 11/7/2025 | 0.185 | 4379289 | (4379289) | - | 100% |
|  2025 STI - time based | 11/6/2025 | 7/1/2026 | 0.185 | 1055010 |  |  | 0% |
|  **Sub Total** |  |  |  | **13877598** | **(8897048)** | **(688902)** |  |
|  **Chad Yeftich** |  |  |  |  |  |  |  |
|  2022 LTI - time based | 7/1/2022 | 7/1/2025 | 0.615 | - | (204658) | - | 100% |
|  2022 LTI - performance based | 7/1/2022 | 7/1/2025 | 0.709 | - | (55258) | (251729) | 18% |
|  2024 STI - time based | 7/1/2024 | 7/1/2025 | 0.149 | - | (1353872) | - | 100% |
|  2025 LTI – time based | 8/28/2025 | 1/1/2029 | 0.115 | 1072039 | - | - | 0% |
|  2025 LTI - performance based | 8/28/2025 | 1/1/2029 | 0.115 | 1608059 | - | - | 0% |
|  2025 STI - time based | 8/28/2025 | 7/1/2026 | 0.115 | 1027522 | - | - | 0% |
|  **Sub Total** |  |  |  | **3707620** | **(1613788)** | **(251729)** |  |
|  **Matt Weaver** |  |  |  |  |  |  |  |
|  2022 LTI - time based | 7/1/2022 | 7/1/2025 | 0.425 | - | (323663) | - | 100% |
|  2022 LTI - performance based | 7/1/2022 | 7/1/2025 | 0.491 | - | (87389) | (398106) | 18% |
|  2024 STI - time based | 7/1/2024 | 7/1/2025 | 0.149 | - | (1994544) | - | 100% |
|  2025 LTI – time based | 8/28/2025 | 1/1/2029 | 0.115 | 2078361 | - | - | 0% |
|  2025 LTI - performance based | 8/28/2025 | 1/1/2029 | 0.115 | 3117542 | - | - | 0% |
|  2025 STI - time based | 8/28/2025 | 9/1/2025 | 0.115 | 1198869 | (1198869) | - | 100% |
|  **Sub Total** |  |  |  | **6394772** | **(3604465)** | **(398106)** |  |
|  **Total** |  |  |  | **41544631** | **(25650020)** | **(12113509)** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) ROD bonuses are a one-off time-based grant issued upon achievement of a positive Record of Decision in FY2025, with a one-day vesting period, approved at the October 31, 2025 Annual
 General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Non-executive director Stephen Gardiner retired from the Board effective May 5, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Ian Bucknell resigned as Chief Financial Officer and Company Secretary effective December 4, 2025. No pro-rata incentives were paid and all incentives lapsed.

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#### Employment Agreements
The key provisions of the employment agreements are set out below for each of our executive officers. None of these employment agreements have termination dates.

#### Mr. Calaway, Executive Chairman
Mr. Calaway's employment agreement was established effective July 1, 2024 and is expected to continue until FID has been accomplished. The FID is expected to be achieved in FY2026. The employment agreement provides for fixed annual remuneration of US$250,000. This is in addition to non-executive chair annual remuneration of US$185,000. At risk STI is 60% of base salary and at risk LTI is 60% of base salary. The split of LTI performance-based vs time based is 60% to 40%. The agreement can be terminated by Mr. Calaway on one months' notice and by the Company on one months' notice.

#### Mr. Rowe, Managing Director & Chief Executive Officer
Mr. Rowe's employment agreement has an open term and was established effective July 1, 2019. It provides for fixed annual remuneration of A$585,000. At risk STI is 80% of the base salary (actual awards may range from 0 to 200% contingent upon individual and Company performance compared with established targets) and at risk LTI is 120% of the base salary. The split of LTI performance-based vs time based is 60% to 40%. The agreement can be terminated by Mr. Rowe on six months' notice and by the Company on six months' notice.

#### Mr. Coon, Vice President Human Resources
Mr. Coon's employment agreement has an open term and was established effective July 1, 2019. It provides for fixed annual remuneration of US$268,000. Effective January 1, 2025, Mr. Coon transitioned from full-time to part-time employment, with fixed remuneration halved to US$134,000. At risk STI is 40% of the base salary (actual awards may range from 0 to 200% contingent upon individual and Company performance compared with established targets) and at risk LTI is 40% of the base salary. The split of LTI performance-based vs time based is 60% to 40%. The agreement can be terminated by Mr. Coon on three months' notice and by the Company on six months' notice.

#### Ms. Hashimoto, Chief Financial Officer
Ms. Hashimoto is engaged by the Company pursuant to a consulting agreement that commenced on November 6, 2025 and has a fixed term that ends on July 31, 2026. The consulting agreement provides for part-time work invoiced at an hourly rate and participation in the STI plan. At risk STI is 50% of the total amount invoiced under the consulting agreement (actual awards may range from 0 to 200% contingent upon individual and Company performance compared with established targets). The consulting agreement can be terminated by Ms. Hashimoto or the Company on 90 days' notice.

#### Mr. Nagai, Vice President Commercial Sales & Marketing
Mr. Nagai's employment agreement has an open term and was established effective July 1, 2019. It provides for fixed annual remuneration of US$284,000. Effective January 1, 2025, Mr. Nagai transitioned from full-time to part-time employment, with fixed remuneration halved to US$142,000. At risk STI is 40% of the base salary (actual awards may range from 0 to 200% contingent upon individual and Company performance compared with established targets) and at risk LTI is 40% of the base salary. The split of LTI performance-based vs time based is 60% to 40%. The agreement can be terminated by Mr. Nagai on three months' notice and by the Company on six months' notice.

#### Mr. Weaver, Senior Vice President of Engineering & Operations
Mr. Weaver's employment agreement has an open term and was established effective July 1, 2019. It provides for fixed remuneration of US$333,000. At risk STI is 50% of the base salary (actual awards may range from 0 to 200% contingent upon individual and Company performance compared with established targets) and at risk LTI is 85% of the base salary. The split of LTI performance-based vs time based is 60% to 40%. The agreement can be terminated by Mr. Weaver on three months' notice and by the Company on six months' notice.

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#### Mr. Yeftich, Corporate Development & External Affairs
Mr. Yeftich's employment agreement has an open term and was established effective July 1, 2019. It provides for fixed remuneration of US$292,000. At risk STI is 40% of the base salary (actual awards may range from 0 to 200% contingent upon individual and Company performance compared with established targets) and at risk LTI is 50% of the base salary. The split of LTI performance-based vs time based is 60% to 40%. The agreement can be terminated by Mr. Yeftich on three months' notice and by the Company on six months' notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **Board Practices** 

Our board of directors consists of James Calaway (appointed Director in April 2017 and Chairman in June 2017), Bernard Rowe (appointed Managing Director in August 2007), Alan Davies (appointed Director in May 2017), Rose McKinney-James (appointed Director in February 2021), Margaret Walker (appointed Director in February 2021), and Timothy Woodall (appointed Director in May 2025).

In accordance with the ASX Listing Rules, a Director (other than the Managing Director) must not hold office, without re-election, past the third annual general meeting following the Director's appointment or three years, whichever is longer. In addition, under our Constitution, at every annual general meeting, one-third of the Directors (other than the Managing Director), are required to retire from office. Such Directors are entitled to submit for re-election.

#### Service Contracts
Other than as disclosed under "Item 6. Directors, Senior Management and Employees—Compensation—Employment Agreements—Termination and Change of Control Benefits" we do not have any service contracts with directors which provide for benefits upon termination of employment.

#### Board Committees

#### Audit and Risk Committee
The Company has an Audit and Risk Committee established in accordance with the Company's constitution that operates under a charter approved by the board of directors. The Audit and Risk Committee's roles include overseeing corporate reporting, external audits, risk management and compliance, and related party transactions.

The current membership of the Audit and Risk Committee is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Timothy Woodall (Chairman, independent, non-executive director);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Margaret R. Walker (independent, non-executive director); and

Alan Davies resigned from the Audit and Risk Committee effective February 25, 2026.

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#### Nomination and Remuneration Committee
The Company has a Nomination and Remuneration Committee established in accordance with the Company's constitution that operates under a charter approved by the board of directors. The Nomination and Remuneration Committee's nomination responsibilities include making recommendations regarding board size and director competencies; developing a board skills matrix; making recommendations regarding director selection, appointment and re-election; providing information to security holders; assessing director and executive performance, time commitment and independence; overseeing succession planning; and making other recommendations regarding governance matters. The Nomination and Remuneration Committee's remuneration responsibilities include developing, reviewing and making recommendations to the board regarding directors' fees, senior executive remuneration, bias, policies, incentive schemes, equity-based programs, superannuation and retirement benefits, and other perquisites, as well as reviewing and administering incentive schemes and equity-based remuneration plans, including whether shareholder approval is required and ensuring that payments and awards of equity are made in accordance with their terms.

The current membership of the Nomination and Remuneration Committee is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Alan Davies (Chairman, independent, non-executive director);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rose McKinney-James (independent, non-executive director); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Timothy Woodall (independent, non-executive director).

#### Project Execution Committee
The current membership of the Project Execution Committee is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Margaret R. Walker (Chairman, independent, non-executive director);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Alan Davies (independent, non-executive director); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bernard Rowe (managing director and CEO).

#### Environmental, Sustainability and Governance Committee
The current membership of the Environmental, Sustainability and Governance Committee is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rose McKinney-James (Chairman, independent, non-executive director);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• James D. Calaway (executive director); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Margaret R. Walker (independent, non-executive director).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **Employees** 

As of December 31, 2025, we had 21 employees and 9 employee contractors based in five different countries, as shown in the chart below.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **United**<br> **States** | **United**<br> **States** | **Australia** | **Australia** | **Canada** | **Canada** | **Netherlands** | **Netherlands** | **Singapore** | **Singapore** |
|  Employees |  | 18 |  | 1 |  | 1 |  | 0 |  | 1 |
|  Employee Contractors |  | 6 |  | 1 |  | 0 |  | 1 |  | 1 |

---

The workforce is non-unionized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. **Share Ownership** 

The following table lists as of March 31, 2026, the number of our shares beneficially owned by each of our directors, our chief executive officer and other members of our senior management as a group. Beneficial ownership is calculated based on 3,033,113,645 ordinary shares outstanding as of March 31, 2026. For any shareholder holding options or performance rights that are currently exercisable or exercisable within 60 days of March 31, 2026, beneficial ownership is calculated based on 3,033,113,645 ordinary shares outstanding as of March 31, 2026 plus any options or performance rights currently exercisable or exercisable within 60 days of March 31, 2026 held by such shareholder.

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---

| | | |
|:---|:---|:---|
|  | **Ordinary Shares**<br> **Beneficially Owned<sup>(1)</sup>** | **Ordinary Shares**<br> **Beneficially Owned<sup>(1)</sup>** |
|  **Shareholder** | **Number** | **Percent** |
|  Officers and Directors |  |  |
|  James D. Calaway<sup>(2)</sup> | 63595869 | 2.097% |
|  Bernard Rowe<sup>(3)</sup> | 78806195 | 2.598% |
|  Alan Davies<sup>(4)</sup> | 5914149 | 0.195% |
|  Rose McKinney-James | 802260 | 0.026% |
|  Margaret R. Walker | 1155380 | 0.038% |
|  Timothy Woodall<sup>(5)</sup> | 575000 | 0.019% |
|  Ken Coon | 3812269 | 0.126% |
|  April Hashimoto | 0 | 0.000% |
|  Yoshio Nagai | 5847261 | 0.193% |
|  Matt Weaver | 9405692 | 0.310% |
|  Chad Yeftich | 3582706 | 0.118% |
|  Officers and directors as a group (11 persons) | 173496781 | 5.720% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Beneficial ownership is determined according to the rules of the SEC and generally means that a person has beneficial ownership of a security if he, she or it possesses sole or shared
 voting or investment power of that security, including options and performance rights that are currently exercisable or exercisable within 60 days of March 31, 2026. As of March 31, 2026, the number of options and performance rights
 beneficially owned by each of our directors, our chief executive officer and other members of our senior management, currently exercisable or exercisable within 60 days of March 31, 2026 is nil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 56,268,106 ordinary shares are held of record by Lithium Investors Americas LLC, an entity controlled by Mr. Calaway. 7,327,763 ordinary shares are held of record in the name of Mr.
 Calaway.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 36,690,902 ordinary shares and 400,000 American Depositary Receipts are held of record by Mopti Pty Limited, an entity controlled by Mr. Rowe. 5,826,182 ordinary shares are held of
 record by Mopti Management Pty Limited, an entity controlled by Mr. Rowe. 20,289,111 ordinary shares are held of record in the name of Mr. Rowe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) 2,616,649 ordinary shares are held of record by Diversa Trustees Limited as trustee for HUB24 Super Fund, an entity controlled by Mr. Davies. 3,297,500 ordinary shares are held of
 record in the name of Mr. Davies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) 575,000 ordinary shares are held of record by Timothy Roy Woodall Superfund, an entity controlled by Mr. Davies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. **Disclosure of a registrant's action to recover erroneously awarded compensation** 

Not applicable.

---

| | |
|:---|:---|
| **ITEM 7.** | **MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **Major Shareholders** 

The following table and accompanying footnotes sets forth, as of March 31, 2026, information regarding beneficial ownership of our ordinary shares by each person known by us to be the beneficial owner of more than 5% of our ordinary shares. In preparing the disclosure below, we have relied to the extent we believe appropriate on substantial shareholder notices provided to us by our substantial shareholders and released to ASX.

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Beneficial ownership is determined according to the rules of the SEC and generally means that a person has beneficial ownership of a security if he, she or it possesses sole or shared voting or investment power of that security, including options and performance rights that are currently exercisable or exercisable within 60 days of March 31, 2026. Ordinary shares subject to options and performance rights currently exercisable or exercisable within 60 days of March 31, 2026 are deemed to be outstanding for computing the percentage ownership of the person holding these options and/or performance rights and the percentage ownership of any group of which the holder is a member, but are not deemed outstanding for computing the percentage of any other person.

Our calculation of the percentage of beneficial ownership is based on 3,033,113,645 ordinary shares issued and outstanding as at March 31, 2026. A large number of our ordinary shares are held by nominee companies so we cannot be certain of the identity of those beneficial owners.

Unless otherwise indicated, to our knowledge each shareholder possesses sole voting and investment power over the ordinary shares listed subject to community property laws, where applicable. None of our shareholders has different voting rights from other shareholders.

---

| | | |
|:---|:---|:---|
|  | **Ordinary Shares**<br> **Beneficially Owned** | **Ordinary Shares**<br> **Beneficially Owned** |
|  **Shareholder** | **Number** | **Percent** |
|  Centaurus Capital LP<sup>(1)</sup> | 428342433 | 14.1% |
|  Bank of New York Mellon Corporation<sup>(2)</sup> | 206307040 | 6.8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) John D. Arnold is the natural person with ultimate voting or investment control over Centaurus Capital LP and thus indirectly controls voting with regard to shares of ioneer owned by
 Centaurus Capital LP. The address of Centaurus Capital LP is 1717 West Loop South, Suite 1800 Houston, TX 77027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Bank of New York Mellon, as depositary, registers and delivers American Depositary Shares, also referred to as ADSs. The depositary's address at which the ADSs are administered and
 its principal executive office are located at 240 Greenwich Street, New York, New York, 10286.

#### Record Holders
As of March 31, 2026, we had 3,033,113,645 ordinary shares outstanding. Based on information known to us, as of March 31, 2026, 905,995,740 (29.9%) of our ordinary shares were being held in the United States by 115 holders and 799,075,386 (26.3%) of our ordinary shares were being held in Australia by 329 holders. A large number of our ordinary shares are held by nominee companies so we cannot be certain of the identity of those beneficial owners.

We are not controlled by another corporation, by any foreign government or by any natural or legal persons except as set forth herein, and there are no arrangements known to us which would result in a change in control of us at a subsequent date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **Related Party Transactions** 

Other than as disclosed below, since the start of FY2022, other than employment and "Compensation", matters described under "Executive Compensation", there have been no transactions or loans between us and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common control with us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) associates, meaning unconsolidated enterprises in which we have a significant influence or which have significant influence over us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) individuals owning, directly or indirectly, an interest in the voting power of us that gives them significant influence over our us, and close members of any such individual's family;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with the exception of the November 6, 2025 consulting agreement with the Chief Financial Officer, key management personnel, that is, those persons having authority and responsibility
 for planning, directing and controlling the activities of ours, including directors and senior management of us and close members of such individuals' families; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in (c) or (d) above or over which such a person is able to
 exercise significant influence, including enterprises owned by directors or major shareholders of us and enterprises that have a member of key management in common with us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **Interests of Experts and Counsel** 

Not Applicable.

---

| | |
|:---|:---|
| **ITEM 8.** | **FINANCIAL INFORMATION.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **Consolidated Statements and Other Financial Information.** 

See "**Item 18. Financial Statements.**"

#### Legal Proceedings
We are not a party to any material legal proceedings.

#### Dividends
We have not declared any dividends during TY2025, fiscal 2025, 2024 or 2023 and do not anticipate that we will do so in the foreseeable future. We currently intend to retain future earnings, if any, to finance the development of our business. Dividends, if any, on our outstanding ordinary shares will be declared by and subject to the discretion of our Board of Directors on the basis of our earnings, financial requirements and other relevant factors, and subject to Australian law.

Any dividend we declare will be paid to the holders of ADSs, subject to the terms of the deposit agreement, to the same extent as holders of our ordinary shares, to the extent permitted by applicable law and regulations, less the fees and expenses payable under the deposit agreement. Any dividend we declare will be distributed by the depositary bank to the holders of the ADSs, subject to the terms of the deposit agreement. See "Additional Information—Constitutional Documents—Description of Share Capital—American Depositary Shares."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **Significant Changes** 

No significant change, other than as otherwise described in this Transition Report on Form 20-F, has occurred in our operations since the date of our consolidated financial statements included in this Transition Report on Form 20-F.

---

| | |
|:---|:---|
| **ITEM 9.** | **THE OFFER AND LISTING** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **Offer and Listing Details** 

The principal trading market for our ordinary shares is the ASX in Australia. Our ordinary shares trade under the symbol "**INR**".

On March 31, 2026, the closing price of our ordinary shares as traded on the ASX was A$0.125 per ordinary share. Our ADSs are listed on Nasdaq under the symbol "**IONR**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **Plan of Distribution** 

Not applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **Markets** 

Our ordinary shares are publicly traded on the ASX under the symbol "**INR**". Our ADSs are publicly traded on Nasdaq under the symbol "**IONR**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **Selling Shareholders** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. **Dilution** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. **Expenses of the Issue** 

Not applicable.

---

| | |
|:---|:---|
| **ITEM 10.** | **ADDITIONAL INFORMATION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **Share Capital** 

Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **Constitutional Documents** 

#### DESCRIPTION OF SHARE CAPITAL
The following description of our ordinary shares is only a summary. We encourage you to read our Constitution, which is incorporated by reference to Exhibit 1.1 to our registration statement on Form 20-F, filed on June 3, 2022. All references to the "**Company,**" "**we,**" "**us,**" "**our**" and "**ours**" refer to ioneer Ltd. and its consolidated subsidiaries.

#### General
We are a public company limited by shares registered under the Corporations Act by the Australian Securities and Investments Commission ("**ASIC**"). Our corporate affairs are principally governed by our Constitution, the Corporations Act and the ASX Listing Rules. Our ordinary shares trade on the ASX. Our ADSs, each representing 40 of our ordinary shares, are listed on Nasdaq under the symbol "**IONR.**" The Bank of New York Mellon, acting as depositary, registers and delivers the ADSs.

The Australian law applicable to our Constitution is not significantly different from U.S. laws applicable to a U.S. company's charter documents except we do not have a limit on our authorized share capital, as the concept of par value is not recognized under Australian law.

Subject to restrictions on the issue of securities in our Constitution, the Corporations Act and the ASX Listing Rules of the Australian Securities Exchange and any other applicable law, we may at any time issue shares and grant options or warrants on any terms, with the rights and restrictions and for the consideration that our Board of Directors determine.

The rights and restrictions attaching to ordinary shares are derived through a combination of our Constitution, the common law applicable to Australia, the ASX Listing Rules, the Corporations Act and other applicable law. A general summary of some of the rights and restrictions attaching to our ordinary shares are summarized below. Each ordinary shareholder is entitled to receive notice of, and to be present, vote and speak at, general meetings.

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#### Constitution
Our constituent document is a Constitution. The Constitution is subject to the terms of the ASX Listing Rules and the Australian Corporations Act. The Constitution may be amended or repealed and replaced by special resolution of shareholders, which is a resolution of which notice has been given and that has been passed by at least 75% of the votes cast by shareholders entitled to vote on the resolution. Where there is an inconsistency between the provisions of the Constitution and the ASX Listing Rules, the provisions of the ASX Listing Rules will prevail over any inconsistent provisions of the Constitution.

*Purposes and Objects*

As a public company, we have all the rights, powers and privileges of a natural person. Our Constitution does not provide for or prescribe any specific objects or purposes.

*The Powers of the Directors and Management of the Company*

The business is managed by the directors who may exercise all the powers of the Company that are not required to be exercised by shareholders in a general meeting. The exercise of these powers is subject to the provisions of this Constitution, the ASX Listing Rules and the Australian Corporations Act (to the extent applicable).

*Members Approval to Significant Changes*

We must not make a significant change (either directly or indirectly) to the nature and scale of our activities except after having disclosed full details to the ASX in accordance with the requirements of the ASX Listing Rules (and if required by the ASX, subject to us obtaining the approval of shareholders in a general meeting). We must not sell or otherwise dispose of the main undertaking of our company without the approval of shareholders in a general meeting. We need not comply with the above obligations if the ASX grants us an applicable waiver to be relieved of our obligations.

*Rights Attached to Our Ordinary Shares*

All of our issued shares are ordinary shares and as such the rights pertaining to these ordinary shares are the same. As at the date of this Transition Report on Form 20-F, there are no ordinary shares that have superior or inferior rights.

The concept of authorized share capital no longer exists in Australia and as a result, our authorized share capital is unlimited. All our ordinary shares on issue are validly issued, fully paid and rank pari passu (equally). The rights attached to our ordinary shares are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Dividend Rights*. Under our Constitution, subject to the rights of persons (if any) entitled to shares with special rights to dividends, the
 directors may declare an interim or final dividend be paid to the members in accordance with the Australian Corporations Act and may authorize the payment or crediting by us to the members of such a dividend. No dividend carries
 interest as against us. Under the Australian Corporations Act, we must not pay a dividend unless: (a) our assets exceed our liabilities immediately before the dividend is declared and the excess is sufficient for the payment of the
 dividend; (b) the payment of the dividend is fair and reasonable to our shareholders as a whole; and (c) the payment of the dividend does not materially prejudice our ability to pay our creditors. Unless the resolution for the
 payment of the dividend otherwise directs, all dividends are to be apportioned and paid proportionately to the amounts paid, or credited as paid on the relevant shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Voting Rights*. Holders of ordinary shares have one vote per person on a show of hands, or one vote for each fully paid ordinary share held (or
 for a partly paid share, a fraction of a vote equal to the proportion which the amount paid up bears to the total issue price of the share) on all matters submitted to a vote of shareholders conducted by way of a poll.

The quorum required for a general meeting of shareholders consists of at least five shareholders or shareholders representing at least 10% of our voting shares present in person, or by proxy, attorney or representative appointed pursuant to our Constitution. A meeting at which there is a lack of a quorum after 30 minutes (excluding a meeting convened on the requisition of shareholders) will be adjourned to the date, time and place as the Directors may by notice to shareholders appoint, or failing any appointment, to the same day in the following week at the same time and place. The meeting is dissolved if a quorum is not present within 30 minutes from the time appointed for the reconvened meeting.

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Under the Australian Corporations Act, an ordinary resolution requires approval by the shareholders by a simple majority of the votes cast (namely, a resolution passed by more than 50% of the votes cast by shareholders entitled to vote on the resolution). Under our Constitution and the Australian Corporations Act, a special resolution (such as in relation to amending our Constitution, approving any variation of rights attached to any class of shares or our voluntary winding-up), requires approval of a special majority (namely a resolution that has been passed by at least 75% of the votes cast by shareholders entitled to vote on the resolution).

*Rights in the Event of Liquidation*. Under our Constitution, in the event of our liquidation, after satisfaction of liabilities to creditors and other statutory obligations prescribed by the laws of Australia, and the passing of a special resolution giving effect to the following, the liquidator may distribute our assets to the holders of ordinary shares in proportion to the shares held by them respectively. This right may be affected by the grant of preferential dividend or distribution rights to the holders of a class of shares with preferential rights, such as the right in winding up to payment in cash of the amount then paid up on the share, and any arrears of dividend in respect of that share, in priority to any other class of shares.

*Changing Rights Attached to Shares*

Under the Australian Corporations Act and our Constitution, the rights attached to any class of shares, unless otherwise provided by the terms of the class, may be varied with either the written consent of the holders of not less than 75% of the issued shares of that class or the sanction of a special resolution passed at a separate general meeting of the shares of that class.

*Annual and Extraordinary Meetings*

Under the Australian Corporations Act, our directors must convene an annual meeting of shareholders at least once every calendar year and within five months after the end of our last financial year. Notice of at least 28 days prior to the date of the meeting is required. A general meeting may be convened by any director, or one or more shareholders holding in the aggregate at least 5% of the votes that may be cast at a general meeting of shareholders. A general meeting must be called by the directors if requested by one or more shareholders holding in aggregate at least 5% of the votes that may be cast at a general meeting of shareholders. The directors must call the meeting not more than 21 days after the request is made. The meeting must be held not later than two months after the request is given.

*Limitations on the Rights to Own Securities in Our Company*

Subject to certain limitations on the percentage of shares a person may hold in our Company, imposed by the takeover provisions in the Australian Corporations Act which prohibit a person from acquiring voting shares or interests above the 20% level unless the person uses one of several permitted transactions types, neither our Constitution nor the laws of the Commonwealth of Australia (excluding the Foreign Acquisitions and Takeovers Act 1975 (as amended from time to time) and related regulations) restrict in any way the ownership of shares in our Company.

*Changes in Our Capital*

Pursuant to the ASX Listing Rules, we may in our discretion issue securities without the approval of shareholders, if such issue of securities, when aggregated with securities issued by us during the previous 12 month period, would be an amount that would not exceed 15% of our issued capital at the commencement of the 12 month period. The Company may seek shareholder approval by special resolution at its annual general meeting to increase its capacity to issue equity securities by an additional 10% for the proceeding 12 month period. Issues of securities in excess of this limit or the issue of securities to our related parties, certain substantial shareholders and their respective associates require approval of shareholders (unless otherwise permitted under the ASX Listing Rules or unless we have obtained a waiver from the ASX in relation to the 15% limit).

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#### The Foreign Acquisitions and Takeovers Act 1975
*Overview*

Australia's foreign investment regime is set out in the *Foreign Acquisitions and Takeovers Act 1975* (Cth) ("**FATA**") and Australia's Foreign Investment Policy, or the Policy. The Australian Treasurer administers the FATA and the Policy with the advice and assistance of the Foreign Investment Review Board, or FIRB.

In the circumstances set out below in the section entitled 'Mandatory notification requirements', foreign persons are required to notify and receive a prior statement of no objection, or FIRB Clearance, from the Australian Treasurer. In the circumstances set out below in the section entitled 'Other situations where FIRB clearance might be sought', it is generally recommended that foreign persons obtain FIRB Clearance.

The Australian Treasurer has powers under the FATA to make adverse orders, including prohibition of a proposal, ordering disposal of an interest acquired or imposing conditions on a proposed transaction, in respect of a relevant acquisition if he or she considers it to be contrary to Australia's national interest. The issue of a FIRB Clearance removes the risk of the exercise of the Australian Treasurer's powers.

The obligation to notify and obtain FIRB Clearance is upon the acquirer of the interest, and not the Company. The failure to obtain FIRB Clearance may be an offence under Australian law.

*Investor's Responsibility*

It is the responsibility of any persons who wish to acquire shares of the Company to satisfy themselves as to their compliance with the FATA, regulations made under the FATA, the Policy, guidelines issued by the FIRB and with any other necessary approval and registration requirement or formality, before acquiring an interest in the Company.

*Mandatory Notification Requirements*

Broadly, FIRB Clearance is required for the following transactions involving the acquisition of shares by foreign persons in an Australian corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the acquisition of a substantial interest if the Australian corporation is valued in excess of the applicable monetary threshold (see below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any direct investment by a foreign government investor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the acquisition of shares in an Australian land corporation where applicable monetary thresholds are met.

As at September 30, 2025, the prescribed threshold applicable to the majority of non-land investments is A$330 million though a higher threshold of A$1.427 billion applies for private foreign investors from the United States, New Zealand, China, Japan, South Korea, Singapore, Hong Kong, Peru, Chile, United Kingdom, Canada, Mexico, Malaysia and Vietnam unless the transaction involves certain prescribed sensitive sectors.

*Application of these Requirements to the Company*

An investor in the Company would currently be subject to the mandatory notification regime if they are a foreign government investor making a direct investment in the Company. Further, given the market capitalization of the Company at December 31, 2025 was in excess of relevant thresholds a private foreign person (from a non-partner jurisdiction) that acquires a substantial interest in the Company's shares would also be subject to mandatory notification regime. Applications for FIRB Clearance may be made by prospective investors in accordance with the information on FIRB's website.

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*Other Situations Where FIRB Clearance Might be Sought*

In addition to those circumstances where it is mandatory under the FATA for a foreign person to notify FIRB and seek FIRB Clearance for a particular transaction (see above), there are other instances where, despite there being no mandatory notification obligation, the Australian Treasurer may make adverse orders under the FATA if he or she considers a particular transaction to be 'contrary to the national interest'.

For example, FIRB has stated in its guidance as at July 1, 2023 that foreign persons proposing to invest in a business or entity involved in the extraction, processing or sale of lithium are encouraged to seek FIRB Clearance on a voluntary basis.

In this circumstance, clearance may be sought on a voluntary basis. This would then preclude the Australian Treasurer from exercising his powers to make adverse orders in respect of the proposed transaction.

*The Company as a Foreign Person*

If foreign persons have an aggregate substantial interest in the Company (disregarding certain small holdings), the Company would be considered to be a foreign person under the FATA. In such event, we would be required to obtain FIRB Clearance for our own transactions involving the acquisitions of interests in Australian land and certain types of acquisitions of interests in Australian corporations. FIRB Clearance for such acquisitions may or may not be given or may be given subject to conditions. If FIRB Clearance is required and not given in relation to a proposed investment, we may not be able to proceed with that investment. There can be no assurance that we will be able to obtain any required FIRB Clearances in the future.

*Defined Terms Used in this Section*

*Foreign Persons*

Under Australia's foreign investment regime, it is the responsibility of any person (including, without limitation, nominees and trustees) who is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a natural person not ordinarily resident in Australia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation in which a natural person not ordinarily resident in Australia, or a corporation incorporated outside of Australia, or a foreign government investor, holds a substantial
 interest (being a direct or indirect, actual or potential, voting power of 20.0% or more);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation in which two or more persons, each of whom is either a non-Australian resident, a non-Australian corporation or a foreign government investor, hold an aggregate
 substantial interest (being a direct or indirect, actual or potential, voting power in aggregate of 40.0% or more);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trustee of a trust or the general partner of a limited partnership in which a non-Australian resident, non-Australian corporation, or a foreign government investor, holds a
 substantial interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trustee of a trust or the general partner of a limited partnership in which two or more persons, each of whom is either a non-Australian resident, a non-Australian corporation or a
 foreign government investor, hold an aggregate substantial interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a foreign government investor,

to ascertain if they may be required to notify the Australian Treasurer of their investment.

*Associates*

Under the FATA, an associate of a person is broadly defined to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relatives (including spouse or de facto partner) of the person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any person with whom the person is acting, or proposes to act, in concert in relation to an action;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any business partner of the person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any entity of which the person is a senior officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any holding entity of the person or any senior officer of the person (where the person is a corporation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any entity whose senior officers are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person or,
 where the person is an entity, of the senior officers of the person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any entity in accordance with the directions, instructions or wishes of which, or of the senior officers of which, the person is accustomed or under an obligation, whether formal or
 informal, to act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any corporation in which the person holds a substantial interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where the person is a corporation—a person who holds a substantial interest in the corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the trustee of a trust in which the person holds a substantial interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where the person is the trustee of a trust —a person who holds a substantial interest in the trust estate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where the person is a foreign government, a separate government entity or a foreign government investor in relation to a country other than Australia (or a part of that country):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other person that is a foreign government in relation to that country (or any part of that country); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other person that is a separate government entity in relation to that country (or any part of that country); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other foreign government investor in relation to that country (or any part of that country),

(subject to certain exceptions).

*Australian Land Corporation*

An Australian land corporation, or ALC, is a corporation where the value of its total assets comprising interests in Australian land exceeds 50% of the value of its total gross assets. An ALC is not necessarily a company registered in Australia. It may be registered anywhere. It is the composition of the assets of the corporation that will make it an ALC for the purposes of the Australian foreign investment regime.

*Substantial Interest*

A substantial interest in an entity is an interest in at least 20% or more of the actual or potential voting power or issued shares in that entity held by a foreign person alone or together with one or more associates.

An aggregate substantial interest in an entity is an aggregate interest in at least 40% or more of the actual or potential voting power or issued shares in that entity held by two or more multiple foreign persons together with any one or more associates of any of them.

*Direct Interest*

Any investment (by a foreign person and its associates) of an interest of 10% or more is considered to be a direct investment. Investments that involve interests below 10% may also be considered direct interests if the acquiring foreign person is building a strategic stake in the target, or can use that investment to influence or control the target. In particular, it includes investments of less than 10% which include any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is in a position to influence or participate in the central management and control of the entity or business (e.g. preferential, special or veto voting rights or the ability to appoint
 directors or asset managers);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where the acquiring person has entered a legal arrangement relating to the businesses of that foreign person and the entity or business (e.g. contractual agreements including, but not
 restricted to, agreements for loans, provision of services and off take agreements); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is in a position to influence, participate in or determine the policy of the entity or business (e.g. building or maintaining a strategic or long-term relationship with a target
 entity).

*Foreign Government Investor*

A Foreign Government Investor is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a foreign government or separate government entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an entity in which a foreign government or separate government entity has a substantial interest of 20% or more; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an entity in which foreign governments or separate government entities of more than one foreign country have an aggregate substantial interest of 40% or more (subject to certain
 exceptions).

Our Constitution does not contain any additional limitations on a nonresident's right to hold or vote our securities.

Australian law requires the transfer of shares in our Company to be made in writing pursuant to an instrument of transfer (as prescribed under the Australian Corporations Act) if the Company's shares are not quoted on the ASX or another prescribed financial market in Australia. Under current stamp duty legislation no Australian stamp duty will be payable in Australia on the issue or trading of shares in the Company as the Company is not a "**landholder**" in any Australian State or Territory, and it is expected that all of the Company's issued shares will remain quoted on the ASX at all times and no shareholder will acquire or commence to hold (on an associate inclusive basis) 90% or more of the Company's total issued shares.

#### American Depositary Shares
The Bank of New York Mellon, as depositary, registers and delivers American Depositary Shares, also referred to as ADSs. Each ADS represents 40 shares (or a right to receive 40 shares) deposited with HSBC Bank Australia Limited, as custodian for the depositary in Australia. Each ADS also represents any other securities, cash or other property that may be held by the depositary. The deposited shares together with any other securities, cash or other property held by the depositary are referred to as the deposited securities. The depositary's office at which the ADSs are administered and its principal executive office are located at 240 Greenwich Street, New York, New York 10286.

You may hold ADSs either (A) directly (i) by having an American Depositary Receipt, also referred to as an ADR, which is a certificate evidencing a specific number of ADSs, registered in your name, or (ii) by having uncertificated ADSs registered in your name, or (B) indirectly by holding a security entitlement in ADSs through your broker or other financial institution that is a direct or indirect participant in The Depository Trust Company, also called DTC. If you hold ADSs directly, you are a registered ADS holder, also referred to as an ADS holder. This description assumes you are an ADS holder. If you hold the ADSs indirectly, you must rely on the procedures of your broker or other financial institution to assert the rights of ADS holders described in this section. You should consult with your broker or financial institution to find out what those procedures are.

Registered holders of uncertificated ADSs receive statements from the depositary confirming their holdings.

As an ADS holder, we will not treat you as one of our shareholders and you will not have shareholder rights. Australian law governs shareholder rights. The depositary will be the holder of the shares underlying your ADSs. As a registered holder of ADSs, you will have ADS holder rights. A deposit agreement among us, the depositary, ADS holders and all other persons indirectly or beneficially holding ADSs sets out ADS holder rights as well as the rights and obligations of the depositary. New York law governs the deposit agreement and the ADSs.

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The following is a summary of the material provisions of the deposit agreement. For more complete information, you should read the entire deposit agreement and the form of ADR.

#### Dividends and Other Distributions
*How will you receive dividends and other distributions on the shares?*

The depositary has agreed to pay or distribute to ADS holders the cash dividends or other distributions it or the custodian receives on shares or other deposited securities, upon payment or deduction of its fees and expenses. You will receive these distributions in proportion to the number of shares your ADSs represent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Cash.*** The depositary will convert any cash dividend or other cash distribution we pay on the shares into U.S. dollars, if
 it can do so on a reasonable basis and can transfer the U.S. dollars to the United States. If that is not possible or if any government approval is needed and cannot be obtained, the deposit agreement allows the depositary to
 distribute the foreign currency only to those ADS holders to whom it is possible to do so. It will hold the foreign currency it cannot convert for the account of the ADS holders who have not been paid. It will not invest the foreign
 currency and it will not be liable for any interest.

Before making a distribution, any withholding taxes, or other governmental charges that must be paid will be deducted. The depositary will distribute only whole U.S. dollars and cents and will round fractional cents to the nearest whole cent. *If the exchange rates fluctuate during a time when the depositary cannot convert the foreign currency, you may lose some of the value of the distribution.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Shares.*** The depositary may distribute additional ADSs representing any shares we distribute as a dividend or free
 distribution. The depositary will only distribute whole ADSs. It will sell shares which would require it to deliver a fraction of an ADS (or ADSs representing those shares) and distribute the net proceeds in the same way as it does
 with cash. If the depositary does not distribute additional ADSs, the outstanding ADSs will also represent the new shares. The depositary may sell a portion of the distributed shares (or ADSs representing those shares) sufficient to
 pay its fees and expenses in connection with that distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Rights to purchase additional shares.*** If we offer holders of our securities any rights to subscribe for additional shares
 or any other rights, the depositary may (i) exercise those rights on behalf of ADS holders, (ii) distribute those rights to ADS holders or (iii) sell those rights and distribute the net proceeds to ADS holders, in each case after
 deduction or upon payment of its fees and expenses. To the extent the depositary does not do any of those things, it will allow the rights to lapse. *In that case, you will receive no value for them.* The depositary will exercise or distribute rights only if we ask it to and provide satisfactory assurances to the depositary that it is legal to do so. If the depositary will exercise rights, it will purchase the
 securities to which the rights relate and distribute those securities or, in the case of shares, new ADSs representing the new shares, to subscribing ADS holders, but only if ADS holders have paid the exercise price to the
 depositary. U.S. securities laws may restrict the ability of the depositary to distribute rights or ADSs or other securities issued on exercise of rights to all or certain ADS holders, and the securities distributed may be subject to
 restrictions on transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Other Distributions.*** The depositary will send to ADS holders anything else we distribute on deposited securities by any
 means it thinks is legal, fair and practical. If it cannot make the distribution in that way, the depositary has a choice. It may decide to sell what we distributed and distribute the net proceeds, in the same way as it does with
 cash. Or, it may decide to hold what we distributed, in which case ADSs will also represent the newly distributed property. However, the depositary is not required to distribute any securities (other than ADSs) to ADS holders unless
 it receives satisfactory evidence from us that it is legal to make that distribution. The depositary may sell a portion of the distributed securities or property sufficient to pay its fees and expenses in connection with that
 distribution. U.S. securities laws may restrict the ability of the depositary to distribute securities to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.

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The depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any ADS holders. We have no obligation to register ADSs, shares, rights or other securities under the Securities Act. We also have no obligation to take any other action to permit the distribution of ADSs, shares, rights or anything else to ADS holders. *This means that you may not receive the distributions we make on our shares or any value for them if it is illegal or impractical for us to make them available to you*.

#### Deposit, Withdrawal and Cancellation
*How are ADSs issued?*

The depositary will deliver ADSs if you or your broker deposits shares or evidence of rights to receive shares with the custodian. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will register the appropriate number of ADSs in the names you request and will deliver the ADSs to or upon the order of the person or persons that made the deposit.

*How can ADS holders withdraw the deposited securities?*

You may surrender your ADSs to the depositary for the purpose of withdrawal. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will deliver the shares and any other deposited securities underlying the ADSs to the ADS holder or a person the ADS holder designates at the office of the custodian. Or, at your request, risk and expense, the depositary will deliver the deposited securities at its office, if feasible. However, the depositary is not required to accept surrender of ADSs to the extent it would require delivery of a fraction of a deposited share or other security. The depositary may charge you a fee and its expenses for instructing the custodian regarding delivery of deposited securities.

*How do ADS holders interchange between certificated ADSs and uncertificated ADSs?*

You may surrender your ADR to the depositary for the purpose of exchanging your ADR for uncertificated ADSs. The depositary will cancel that ADR and will send to the ADS holder a statement confirming that the ADS holder is the registered holder of uncertificated ADSs. Upon receipt by the depositary of a proper instruction from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated ADSs, the depositary will execute and deliver to the ADS holder an ADR evidencing those ADSs.

#### Voting Rights
*How do you vote?*

ADS holders may instruct the depositary how to vote the number of deposited shares their ADSs represent. If we request the depositary to solicit your voting instructions (and we are not required to do so), the depositary will notify you of a shareholders' meeting and send or make voting materials available to you. Those materials will describe the matters to be voted on and explain how ADS holders may instruct the depositary how to vote. For instructions to be valid, they must reach the depositary by a date set by the depositary. The depositary will try, as far as practical, subject to the laws of Australia and the provisions of our constitution or similar documents, to vote or to have its agents vote the shares or other deposited securities as instructed by ADS holders. If we do not request the depositary to solicit your voting instructions, you can still send voting instructions, and, in that case, the depositary may try to vote as you instruct, but it is not required to do so.

*Except by instructing the depositary as described above, you won't be able to exercise voting rights unless you surrender your ADSs and withdraw the shares. However, you may not know about the meeting enough in advance to withdraw the shares.* In any event, the depositary will not exercise any discretion in voting deposited securities and it will only vote or attempt to vote as instructed.

We cannot assure you that you will receive the voting materials in time to ensure that you can instruct the depositary to vote the shares represented by your ADSs. In addition, the depositary and its agents are not responsible for failing to carry out voting instructions or for the manner of carrying out voting instructions. *This means that you may not be able to exercise voting rights and there may be nothing you can do if the shares represented by your ADSs are not voted as you requested.*

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In order to give you a reasonable opportunity to instruct the depositary as to the exercise of voting rights relating to Deposited Securities, if we request the Depositary to act, we agree to give the depositary notice of any such meeting and details concerning the matters to be voted upon at least 30 days in advance of the meeting date.

#### Payment of Taxes
You will be responsible for any taxes or other governmental charges payable on your ADSs or on the deposited securities represented by any of your ADSs. The depositary may refuse to register any transfer of your ADSs or allow you to withdraw the deposited securities represented by your ADSs until those taxes or other charges are paid. It may apply payments owed to you or sell deposited securities represented by your ADSs to pay any taxes owed and you will remain liable for any deficiency. If the depositary sells deposited securities, it will, if appropriate, reduce the number of ADSs to reflect the sale and pay to ADS holders any proceeds, or send to ADS holders any property, remaining after it has paid the taxes.

#### Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities
The depositary will not tender deposited securities in any voluntary tender or exchange offer unless instructed to do so by an ADS holder surrendering ADSs and subject to any conditions or procedures the depositary may establish.

If deposited securities are redeemed for cash in a transaction that is mandatory for the depositary as a holder of deposited securities, the depositary will call for surrender of a corresponding number of ADSs and distribute the net redemption money to the holders of called ADSs upon surrender of those ADSs.

If there is any change in the deposited securities such as a sub-division, combination or other reclassification, or any merger, consolidation, recapitalization or reorganization affecting the issuer of deposited securities in which the depositary receives new securities in exchange for or in lieu of the old deposited securities, the depositary will hold those replacement securities as deposited securities under the deposit agreement. However, if the depositary decides it would not be lawful and practical to hold the replacement securities because those securities could not be distributed to ADS holders or for any other reason, the depositary may instead sell the replacement securities and distribute the net proceeds upon surrender of the ADSs.

If there is a replacement of the deposited securities and the depositary will continue to hold the replacement securities, the depositary may distribute new ADSs representing the new deposited securities or ask you to surrender your outstanding ADRs in exchange for new ADRs identifying the new deposited securities.

If there are no deposited securities underlying ADSs, including if the deposited securities are cancelled, or if the deposited securities underlying ADSs have become apparently worthless, the depositary may call for surrender of those ADSs or cancel those ADSs upon notice to the ADS holders.

#### Amendment and Termination
*How may the deposit agreement be amended?*

We may agree with the depositary to amend the deposit agreement and the ADRs without your consent for any reason. If an amendment adds or increases fees or charges, except for taxes and other governmental charges or expenses of the depositary for registration fees, facsimile costs, delivery charges or similar items, or prejudices a substantial right of ADS holders, it will not become effective for outstanding ADSs until 30 days after the depositary notifies ADS holders of the amendment. *At the time an amendment becomes effective, you are considered, by continuing to hold your ADSs, to agree to the amendment and to be bound by the ADRs and the deposit agreement as amended*.

*How may the deposit agreement be terminated?*

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The depositary will initiate termination of the deposit agreement if we instruct it to do so. The depositary may initiate termination of the deposit agreement if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 60 days have passed since the depositary told us it wants to resign but a successor depositary has not been appointed and accepted its appointment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we delist the ADSs from an exchange in the United States on which they were listed and do not list the ADSs on another exchange in the United States or make arrangements for trading
 of ADSs on the U.S. over-the-counter market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we delist our shares from an exchange on which they were listed and do not list the shares on another exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositary has reason to believe the ADSs have become, or will become, ineligible for registration on Form F-6 under the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we appear to be insolvent or enter insolvency proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all or substantially all the value of the deposited securities has been distributed either in cash or in the form of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there are no deposited securities underlying the ADSs or the underlying deposited securities have become apparently worthless; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there has been a replacement of deposited securities.

If the deposit agreement will terminate, the depositary will notify ADS holders at least 90 days before the termination date. At any time after the termination date, the depositary may sell the deposited securities. After that, the depositary will hold the money it received on the sale, as well as any other cash it is holding under the deposit agreement, unsegregated and without liability for interest, for the <u>pro</u> <u>rata</u> benefit of the ADS holders that have not surrendered their ADSs. Normally, the depositary will sell as soon as practicable after the termination date.

After the termination date and before the depositary sells, ADS holders can still surrender their ADSs and receive delivery of deposited securities, except that the depositary may refuse to accept a surrender for the purpose of withdrawing deposited securities or reverse previously accepted surrenders of that kind that have not settled if it would interfere with the selling process. The depositary may refuse to accept a surrender for the purpose of withdrawing sale proceeds until all the deposited securities have been sold. The depositary will continue to collect distributions on deposited securities, <u>but</u>, after the termination date, the depositary is not required to register any transfer of ADSs or distribute any dividends or other distributions on deposited securities to the ADSs holder (until they surrender their ADSs) or give any notices or perform any other duties under the deposit agreement except as described in this paragraph.

#### Limitations on Obligations and Liability
*Limits on our Obligations and the Obligations of the Depositary; Limits on Liability to Holders of ADSs*

The deposit agreement expressly limits our obligations and the obligations of the depositary. It also limits our liability and the liability of the depositary. We and the depositary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are only obligated to take the actions specifically set forth in the deposit agreement without negligence or bad faith, and the depositary will not be a fiduciary or have any
 fiduciary duty to holders of ADSs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not liable if we are or it is prevented or delayed by law or by events or circumstances beyond our or its ability to prevent or counteract with reasonable care or effort from
 performing our or its obligations under the deposit agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not liable if we or it exercises discretion permitted under the deposit agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not liable for the inability of any holder of ADSs to benefit from any distribution on deposited securities that is not made available to holders of ADSs under the terms of the
 deposit agreement, or for any special, consequential or punitive damages for any breach of the terms of the deposit agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have no obligation to become involved in a lawsuit or other proceeding related to the ADSs or the deposit agreement on your behalf or on behalf of any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not liable for the acts or omissions of any securities depository, clearing agency or settlement system; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositary has no duty to make any determination or provide any information as to our tax status, or any liability for any tax consequences that may be incurred by ADS holders as
 a result of owning or holding ADSs or be liable for the inability or failure of an ADS holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund of amounts withheld in respect of tax or any other
 tax benefit.

In the deposit agreement, we and the depositary agree to indemnify each other under certain circumstances.

#### Requirements for Depositary Actions
Before the depositary will deliver or register a transfer of ADSs, make a distribution on ADSs, or permit withdrawal of shares, the depositary may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment of stock transfer or other taxes or other governmental charges and transfer or registration fees charged by third parties for the transfer of any shares or other deposited
 securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• satisfactory proof of the identity and genuineness of any signature or other information it deems necessary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with regulations it may establish, from time to time, consistent with the deposit agreement, including presentation of transfer documents.

The depositary may refuse to deliver ADSs or register transfers of ADSs when the transfer books of the depositary or our transfer books are closed or at any time if the depositary or we think it advisable to do so.

#### Your Right to Receive the Shares Underlying your ADSs
ADS holders have the right to cancel their ADSs and withdraw the underlying shares at any time except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when temporary delays arise because: (i) the depositary has closed its transfer books or we have closed our transfer books; (ii) the transfer of shares is blocked to permit voting at
 a shareholders' meeting; or (iii) we are paying a dividend on our ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when you owe money to pay fees, taxes and similar charges; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to ADSs or to the withdrawal of ordinary shares or other deposited
 securities.

This right of withdrawal may not be limited by any other provision of the deposit agreement.

#### Direct Registration System
In the deposit agreement, all parties to the deposit agreement acknowledge that the Direct Registration System, also referred to as DRS, and Profile Modification System, also referred to as Profile, will apply to the ADSs. DRS is a system administered by DTC that facilitates interchange between registered holding of uncertificated ADSs and holding of security entitlements in ADSs through DTC and a DTC participant. Profile is a feature of DRS that allows a DTC participant, claiming to act on behalf of a registered holder of uncertificated ADSs, to direct the depositary to register a transfer of those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without receipt by the depositary of prior authorization from the ADS holder to register that transfer.

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In connection with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties to the deposit agreement understand that the depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an ADS holder in requesting registration of transfer and delivery as described in the paragraph above has the actual authority to act on behalf of the ADS holder (notwithstanding any requirements under the Uniform Commercial Code). In the deposit agreement, the parties agree that the depositary's reliance on and compliance with instructions received by the depositary through the DRS/Profile system and in accordance with the deposit agreement will not constitute negligence or bad faith on the part of the depositary.

#### Shareholder Communications; Inspection of Register of Holders of ADSs
The depositary will make available for your inspection at its office all communications that it receives from us as a holder of deposited securities that we make generally available to holders of deposited securities. The depositary will send you copies of those communications or otherwise make those communications available to you if we ask it to. You have a right to inspect the register of holders of ADSs, but not for the purpose of contacting those holders about a matter unrelated to our business or the ADSs.

#### Jury Trial Waiver
The deposit agreement provides that, to the extent permitted by law, ADS holders waive the right to a jury trial of any claim they may have against us or the depositary arising out of or relating to our shares, the ADSs or the deposit agreement, including any claim under the U.S. federal securities laws. The waiver of jury trial provision applies to all holders of ADSs, including purchasers who acquire ADSs on the open market. If we or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable in the facts and circumstances of that case in accordance with applicable case law.

Although the deposit agreement provides a waiver of jury trial, we have been advised that no condition, stipulation or provision of the deposit agreement or ADSs can serve as a waiver by any owner or holder of ADSs or by us or the depositary of compliance with any substantive provision of the U.S. federal securities laws and the rules and regulations promulgated thereunder. Accordingly, we expect to be subject to a jury trial in actions based on such laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **Material Contracts** 

There are no other contracts, other than those disclosed in this Form 20-F and those entered into in the ordinary course of our business, that are material to us and which were entered into in TY2025 or the previous two completed fiscal years or which were entered into before the two most recently completed fiscal years but are still in effect as of the date of this Form 20-F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **Exchange Controls** 

Australia has largely abolished exchange controls on investment transactions. The Australian dollar is freely convertible into U.S. dollars or other currencies. In addition, there are currently no specific rules or limitations regarding the export from Australia of profits, dividends, capital or similar funds belonging to foreign investors, except that certain payments to non-residents must be reported to the Australian Cash Transaction Reports Agency, which monitors such transaction, and amounts on account of potential Australian tax liabilities may be required to be withheld unless a relevant taxation treaty can be shown to apply and under such there are either exemptions or limitations on the level of tax to be withheld.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. **Taxation** 

*The following is a summary of material U.S. federal and Australian income tax considerations to U.S. Holders, as defined below, of the ownership and disposition of their absolute beneficial ownership of ADSs and ordinary shares. This discussion is based on the laws as of the date of this transition report, and is subject to changes in the relevant income tax law, including changes that could have retroactive effect. The following summary does not take into account or discuss the tax laws of any country or other taxing jurisdiction other than the United States and Australia. Holders are advised to consult their tax advisors concerning the overall tax consequences of the ownership and disposition of ADSs and ordinary shares in their particular circumstances. This discussion is not intended, and should not be construed, as legal or professional tax advice.*

*This summary does not address the 3.8% U.S. federal Medicare Tax on net investment income, the effects of U.S. federal estate and gift tax laws, the alternative minimum tax, or any state and local tax considerations within the United States, and is not a comprehensive description of all U.S. federal or Australian income tax considerations that may be relevant to a decision to own or dispose of ADSs or ordinary shares. Furthermore, this summary does not address U.S. federal or Australian income tax considerations relevant to holders subject to taxing jurisdictions other than, or in addition to, the United States and Australia, and does not address all possible categories of holders, some of which may be subject to special tax rules.*

#### Material U.S. Federal Income Tax Considerations
The following summary, subject to the limitations set forth below, describes the material U.S. federal income tax consequences to a U.S. Holder (as defined below) of the ownership and disposition of the ADSs and ordinary shares as of the date hereof. This summary is limited to U.S. Holders that hold the ADSs or ordinary shares as capital assets within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended, or the Code.

This section does not discuss the tax consequences to any particular holder, nor any tax considerations that may apply to U.S. Holders subject to special tax rules, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks or other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• individual retirement and other tax-deferred accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• individuals who are former U.S. citizens or former long-term U.S. residents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokers, dealers or traders in securities, commodities or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traders that elect to use a mark-to-market method of accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding the ADSs or ordinary shares through a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) or S corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that received ADSs or ordinary shares as compensation for the performance of services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• grantor trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that hold ADSs or ordinary shares as a position in a straddle or as part of a hedging, constructive sale, conversion or other integrated transaction for U.S. federal income
 tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that have a functional currency other than the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that own (directly, indirectly or constructively) 10% or more of our equity (by vote or value); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that are not U.S. Holders.

In this section, a "**U.S. Holder**" means a beneficial owner of ADSs or ordinary shares that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation created or organized in or under the laws of the United States or any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust (i) the administration of which is subject to the primary supervision of a court in the United States and for which one or more U.S. persons have the authority to control all
 substantial decisions or (ii) that has an election in effect under applicable income tax regulations to be treated as a U.S. person for U.S. federal income tax purposes.

In addition, we have not received nor do we expect to seek a ruling from the U.S. Internal Revenue Service, or the IRS, regarding any matter discussed herein. No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of those set forth below. Each U.S. Holder should consult its tax advisors with respect to the U.S. federal, state and local and non-U.S. tax consequences of owning and disposing of the ADSs and ordinary shares.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes acquires, owns or disposes of ADSs or ordinary shares, the U.S. federal income tax treatment of a partner in such partnership generally will depend on the status of the partner and the activities of the partnership. Such a partner or partnership should consult its tax advisor as to the U.S. federal income tax consequences of owning and disposing of the ADSs or ordinary shares.

The discussion below is based upon the provisions of the Code, and the U.S. Treasury regulations, rulings and judicial decisions thereunder as of the date hereof, and such authorities may be replaced, revoked or modified, possibly with retroactive effect, so as to result in U.S. federal income tax consequences different from those discussed below. In addition, this summary is based, in part, upon representations made by the depositary to us and assumes that the deposit agreement, and all other related agreements, will be performed in accordance with their terms.

***You are urged to consult your tax advisor with respect to the U.S. federal, as well as state, local and non-U.S., tax consequences to you of owning and disposing of ADSs or ordinary shares in light of your particular circumstances, including the possible effects of changes in U.S. federal and other tax laws.***

#### ADSs
If you hold ADSs, you generally will be treated for U.S. federal income tax purposes as the owner of the underlying ordinary shares that are represented by such ADSs. Accordingly, no gain or loss will be recognized for U.S. federal income tax purposes if you exchange ADSs for the underlying shares represented by those ADSs.

#### Certain Tax Consequences If We Are a PFIC
The rules governing PFICs can result in adverse tax consequences to U.S. Holders. We generally will be a PFIC for any taxable year if (i) at least 75% of our gross income for the taxable year consists of certain types of passive income or (ii) at least 50% of our gross assets during the taxable year, based on a quarterly average and generally determined by value, produce or are held for the production of passive income. Passive income for this purpose generally includes, among other things, dividends, interest, rents, royalties, gains from commodities and securities transactions and gains from the disposition of assets that produce or are held for the production of passive income. In determining whether a non-U.S. corporation is a PFIC, a pro-rata portion of the income and assets of each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account. Under this rule, we should be deemed to own the assets and to receive the income of our wholly-owned subsidiaries for purposes of the PFIC determination. If we are classified as a PFIC in any taxable year with respect to which you own ADSs or ordinary shares, we generally will continue to be treated as a PFIC with respect to you in all succeeding taxable years, regardless of whether we continue to meet the tests described above, unless we cease to be a PFIC and you make the "**deemed sale election**" described below.

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Because we did not have active business income in the taxable year ended June 30, 2025 or in TY2025, we believe we were a PFIC in tax year 2025, and, because we do not expect to begin active business operations in the current taxable year, we expect to be a PFIC in the current taxable year. The determination of our PFIC status for any taxable year, however, will not be determinable until after the end of the taxable year, and will depend on, among other things, the composition of our income and assets (which could change significantly during the course of a taxable year) and the market value of our assets for such taxable year, which may be, in part, based on the market price of the ADSs or ordinary shares (which may be especially volatile). The PFIC determination will depend, in part, on whether we are able to generate gross income from mining operations. If we are able to generate sufficient income from such operations more quickly than is currently anticipated, we may not be a PFIC for the current taxable year. Our ability to generate such income, however, depends on a number of factors, which cannot be predicted with any certainty. Moreover, the PFIC rules are complex and in some cases their application can be uncertain. In light of the foregoing, and because we must make a separate determination after the close of each taxable year as to whether we were a PFIC for that year, our PFIC status is subject to substantial uncertainty. Accordingly, we cannot assure you that we will not be a PFIC for our current or any future taxable year. You should consult your tax advisor regarding our PFIC status.

#### U.S. Federal Income Tax Treatment of a Shareholder of a PFIC
If we are a PFIC for any taxable year during which you hold ADSs or ordinary shares, absent certain elections (including the mark-to-market election or qualified electing fund election described below), you generally will be subject to adverse rules (regardless of whether we continue to be classified as a PFIC) with respect to (1) any "**excess distribution**" (generally, any distributions you receive on the ADSs or ordinary shares in a taxable year that are greater than 125% of the average annual distributions you receive in the three preceding taxable years or, if shorter, your holding period) and (2) any gain recognized from a sale, exchange, or other disposition of such ADSs or ordinary shares. Under these special tax rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the excess distribution or gain will be allocated ratably over your holding period for the ADSs or ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to the current taxable year and any taxable year prior to the first taxable year in which we were classified as a PFIC in your holding period will be treated as
 ordinary income arising in the current taxable year (and would not be subject to the interest charge discussed below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to each other taxable year during your holding period in which we were classified as a PFIC (i) will be subject to income tax at the highest rate in effect for
 that year and applicable to you and (ii) will be subject to an interest charge generally applicable to underpayments of tax with respect to the resulting tax attributable to each such year.

In addition, if you are a non-corporate U.S. Holder, you will not be eligible for reduced rates of taxation on any dividends that we pay if we are a PFIC for either the taxable year in which the dividend is paid or the preceding year.

If we are a PFIC for any taxable year during which you hold ADSs or ordinary shares, the tax liability for amounts allocated to years prior to the year of disposition or excess distribution cannot be offset by any net operating losses, and gains (but not losses) recognized on the transfer of the ADSs or ordinary shares cannot be treated as capital gains, even if the ADSs or ordinary shares are held as capital assets. Furthermore, unless otherwise provided by the U.S. Treasury Department, if we are a PFIC for any taxable year during which you hold ADSs or ordinary shares, you will be required to file an annual report (currently Form 8621) describing your interest in us, making an election on how to report PFIC income, and providing other information about your share of our income.

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If we are a PFIC for any taxable year during which any of our non-U.S. subsidiaries is also a PFIC, during such year you would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules to such subsidiary. You should consult your tax advisor regarding the tax consequences if the PFIC rules apply to any of our subsidiaries.

If we are classified as a PFIC and then cease to be so classified, a U.S. Holder may make an election (a "**deemed sale election**") to be treated for U.S. federal income tax purposes as having sold such U.S. Holder's ADSs or ordinary shares on the last day of our taxable year during which we were a PFIC. A U.S. Holder that makes a deemed sale election would then cease to be treated as owning stock in a PFIC. However, gain recognized as a result of making the deemed sale election would be subject to the adverse rules described above, and loss would not be recognized.

***PFIC** "**Mark-to-market**" **Election***

In certain circumstances, a holder of "**marketable stock**" of a PFIC can avoid certain of the adverse rules described above by making a mark-to-market election with respect to such stock. For purposes of these rules, "**marketable stock**" is stock which is "**regularly traded**" (traded in greater than de minimis quantities on at least 15 days during each calendar quarter) on a "**qualified exchange**" or other market within the meaning of applicable U.S. Treasury Regulations. A "**qualified exchange**" includes a national securities exchange that is registered with the SEC. A non-U.S. securities exchange is a "qualified exchange" if (1) it is regulated or supervised by a governmental authority of the country in which the market is located, (2) it satisfies certain trading volume, listing, financial disclosure, surveillance, and other requirements, (3) the laws of the country ensure such requirements described in (2) are met, and (4) the rules of the exchange effectively promote active trading of listed stocks.

If you make a mark-to-market election, you generally must include in gross income, as ordinary income, for each taxable year that we are a PFIC an amount equal to the excess, if any, of the fair market value of the ADSs or ordinary shares that are "**marketable stock**" at the close of the taxable year over your adjusted tax basis in such ADSs or ordinary shares. If you make such election, you may also claim a deduction as an ordinary loss in each such year for the excess, if any, of your adjusted tax basis in such ADSs or ordinary shares over their fair market value at the end of the year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. The adjusted tax basis of the ADSs or ordinary shares with respect to which the mark-to-market election applies would be adjusted to reflect amounts included in gross income or allowed as a deduction because of such election. If you make an effective mark-to-market election, any gain you recognize upon the sale, exchange or other disposition of the ADSs or ordinary shares in a year that we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but only to the extent of the net amount previously included in income as a result of the mark-to-market election.

Under current law, the mark-to-market election may be available to U.S. Holders of ADSs if the ADSs remain listed on Nasdaq, which constitutes a qualified exchange, although there can be no assurance that the ADSs will be "**regularly traded**" for purposes of the mark-to-market election. It should also be noted that it is intended that only the ADSs and not the ordinary shares will be listed on Nasdaq. While we would expect the ASX, on which the ordinary shares are listed, to be considered a qualified exchange, no assurance can be given as to whether the ASX is a qualified exchange, or that the ordinary shares would be traded in sufficient frequency to be considered regularly traded for these purposes. Additionally, because a mark-to-market election cannot be made for equity interests in any lower-tier PFIC that we may own, if we are a PFIC and you make a mark-to-mark election with respect to us, you may continue to be subject to the PFIC rules with respect to any indirect investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

If you make a mark-to-market election, it will be effective for the taxable year for which the election is made and all subsequent taxable years unless the ADSs or ordinary shares are no longer regularly traded on a qualified exchange or the IRS consents to the revocation of the election. You are urged to consult your tax advisors about the availability of the mark-to-market election, and whether making the election would be advisable in your particular circumstances.

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***PFIC** "**QEF**" **election***

Alternatively, in certain cases, a U.S. Holder can avoid the interest charge and the other adverse PFIC tax consequences described above by obtaining certain information from the PFIC and electing to treat the PFIC as a "**qualified electing fund**" under Section 1295 of the Code. However, we do not anticipate that this option will be available to you because we do not intend to provide the information regarding our income that would be necessary to permit you to make this election.

#### PFIC Reporting Requirements
If we are a PFIC, each U.S. Holder generally would be required to file an annual information return on IRS Form 8621 containing such information as the U.S. Treasury Department may require. The failure to file IRS Form 8621 could result in the imposition of penalties and the extension of the statute of limitations with respect to U.S. federal income tax.

**The U.S. federal income tax rules relating to PFICs, mark-to-market elections, and QEF elections are very complex and are affected by various factors in addition to those described above. You are urged to contact your tax advisor with respect to the impact of PFIC status on the ownership and disposition of our ADSs or ordinary shares, the consequences to you of an investment in a PFIC, any elections available with respect to our ADSs and ordinary shares, and the IRS information reporting obligations with respect to the ownership and disposition of the common shares of a PFIC.**

#### Certain Tax Consequences If We Are Not a PFIC

#### Distributions
If you are a U.S. Holder of the ADSs or ordinary shares in a taxable year in which we are a PFIC (and any subsequent taxable years), then this section generally will not apply to you. Instead, see "**—Certain Tax Consequences If We Are A PFIC.**"

We do not currently anticipate paying any distributions on the ADSs or ordinary shares in the foreseeable future. However, to the extent there are any distributions made with respect to the ADSs or ordinary shares in the foreseeable future, and subject to the PFIC rules discussed above, the gross amount of any such distributions (without deduction for any withholding tax) made out of our current or accumulated earnings and profits (as determined for U.S. federal income tax purposes) generally will be taxable to you as ordinary dividend income on the date such distribution is actually or constructively received. Distributions in excess of our current and accumulated earnings and profits, as so determined, will be treated first as a tax-free return of capital to the extent of your adjusted tax basis in the ADSs or ordinary shares, as applicable, and thereafter, as capital gain. Notwithstanding the foregoing, we do not intend to maintain calculations of earnings and profits, as determined for U.S. federal income tax purposes. Consequently, you should expect to treat any distributions paid with respect to the ADSs or ordinary shares as dividend income. See "**—Backup Withholding Tax and Information Reporting Requirements**" below. If you are a corporate U.S. Holder, dividends paid to you generally will not be eligible for the dividends-received deduction generally allowed under the Code.

If you are a non-corporate U.S. Holder, dividends paid to you by a "**qualified foreign corporation**" may be subject to taxation at a maximum rate of 20% if the dividends are "**qualified dividends.**" Dividends will be treated as qualified dividends if (a) certain holding period requirements are satisfied, (b) we are eligible for benefits under the Convention between the Government of the United States of America and the Government of Australia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, as amended (the "**Treaty**") or the ADSs or ordinary shares are readily tradable on an established U.S. securities market, and (c) we were not, in the taxable year prior to the year in which the dividend was paid, and are not, in the taxable year in which the dividend is paid, a PFIC.

The Treaty has been approved for purposes of the qualified dividend rules. IRS guidance indicates that the ADSs (which are listed on Nasdaq) are readily tradeable for purposes of satisfying the conditions required for these reduced tax rates, but there can be no assurance that the ADSs will be considered readily tradeable on an established securities market in subsequent years. We do not expect that our ordinary shares will be listed on an established securities market in the United States.

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As discussed above, we believe we were a PFIC in our taxable year ending June 30, 2025 and expect to be a PFIC in our 2026 taxable year. Therefore, the reduced rate of taxation available to U.S. Holders of a "qualified foreign corporation" is not expected to be available for such years or any subsequent year in which we are classified as a PFIC. See the discussion above under "—Certain Tax Consequences If We Are a PFIC." You should consult your tax advisor regarding the availability of the reduced tax rate on any dividends paid with respect to the ADSs or ordinary shares.

Distributions paid in Australian dollars, including any Australian taxes withheld, will be included in your gross income in a U.S. dollar amount calculated by reference to the spot exchange rate in effect on the date of actual or constructive receipt, regardless of whether the Australian dollars are converted into U.S. dollars at that time. If Australian dollars are converted into U.S. dollars on the date of actual or constructive receipt, your tax basis in those Australian dollars generally should be equal to their U.S. dollar value on that date and, as a result, you generally should not be required to recognize any foreign exchange gain or loss.

If Australian dollars so received are not converted into U.S. dollars on the date of receipt, you will have a tax basis in the Australian dollars equal to their U.S. dollar value on the date of receipt. Any gain or loss on a subsequent conversion or other disposition of the Australian dollars generally will be treated as ordinary income or loss to you and generally will be income or loss from sources within the United States for foreign tax credit limitation purposes.

Dividends you receive with respect to ADSs or ordinary shares generally will be treated as foreign source income, which may be relevant in calculating your foreign tax credit limitation. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For these purposes, dividends generally will be categorized as "**passive category**" income or, in the case of certain U.S. Holders, "**general category**" income. A foreign tax credit for foreign taxes imposed on distributions may be denied if you do not satisfy certain minimum holding period requirements or if you engage in certain risk reduction transactions. Subject to certain limitations, you generally will be entitled, at your option, to claim either a credit against your U.S. federal income tax liability or a deduction in computing your U.S. federal taxable income in respect of any Australian taxes withheld. If you elect to claim a deduction, rather than a foreign tax credit, for Australian taxes withheld for a particular taxable year, the election will apply to all foreign taxes paid or accrued by you or on your behalf in the particular taxable year.

The availability of the foreign tax credit and the application of the limitations on its availability are fact-specific and are subject to complex rules. You are urged to consult your tax advisor as to the consequences of Australian withholding taxes and the availability of a foreign tax credit or deduction. See "**—Certain Australian Income Tax Considerations—Taxation of Dividends.**" You should also consult your tax advisor regarding the application of the foreign tax credit rules to the QEF and mark-to-market regimes described above in the event we are a PFIC (as we believe to be the case with respect to the taxable year ended June 30, 2025 and the current taxable year).

#### Sale, Exchange or Other Disposition of ADSs or Ordinary Shares
If you are a U.S. Holder of the ADSs or ordinary shares in a taxable year in which we are a PFIC (and any subsequent taxable years), then this section generally will not apply to you—instead, see the discussion above under "**—Certain Tax Consequences If We Are A PFIC.**"

Subject to the PFIC rules discussed above, you generally will, for U.S. federal income tax purposes, recognize capital gain or loss on a sale, exchange or other disposition of ADSs or ordinary shares equal to the difference between the amount realized on the sale, exchange or other disposition (determined in the case of sales, exchanges or other dispositions in currencies other than U.S. dollars by reference to the spot exchange rate in effect on the date of the sale, exchange or other disposition, or, in the case of a sale, exchange or other disposition on an established securities market and you are a cash basis taxpayer or an electing accrual basis taxpayer, the spot exchange rate in effect on the settlement date) and your adjusted tax basis (as determined in U.S. dollars) in the ADSs or ordinary shares. Your initial tax basis will be your U.S. dollar purchase price for such ADSs or ordinary shares.

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Assuming we are not a PFIC and have not been treated as a PFIC during your holding period for the ADSs or ordinary shares, this recognized gain or loss will generally be long-term capital gain or loss if you have held the ADSs or ordinary shares for more than one year. Generally, if you are a non-corporate U.S. Holder, long-term capital gains are subject to U.S. federal income tax at preferential rates. For foreign tax credit limitation purposes, gain or loss recognized upon a disposition generally will be treated as from sources within the United States. However, in limited circumstances, the Treaty can re-source U.S. source income as Australian source income. The deductibility of capital losses is subject to limitations for U.S. federal income tax purposes.

You should consult your tax advisor regarding the availability of a foreign tax credit or deduction in respect of any Australian tax imposed on a sale, exchange or other disposition of ADSs or ordinary shares. See "**Certain Australian Income Tax Considerations—Tax on Sales or other Dispositions of Shares.**"

#### Backup Withholding Tax and Information Reporting Requirements
Payments of dividends with respect to the ADSs or ordinary shares and proceeds from the sale, exchange or other disposition of the ADSs or ordinary shares, by a U.S. paying agent or other U.S. intermediary, or made into the United States, will be reported to the IRS and to you as may be required under applicable Treasury regulations. Backup withholding may apply to these payments if you fail to provide an accurate taxpayer identification number or certification of exempt status or otherwise fail to comply with applicable certification requirements. Certain U.S. Holders are not subject to backup withholding and information reporting. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules from a payment to you will be refunded (or credited against your U.S. federal income tax liability, if any), provided the required information is timely furnished to the IRS. Prospective investors should consult their tax advisors as to their qualification for exemption from backup withholding and the procedure for establishing an exemption.

Certain individual U.S. Holders (and under Treasury regulations, certain entities) may be required to report to the IRS (on Form 8938) information with respect to their investment in the ADSs or ordinary shares not held through an account with a U.S. financial institution. You are urged to consult with your tax advisor regarding the reporting obligations that may arise from the ownership or disposition of the ADSs or ordinary shares.

The discussion above is not intended to constitute a complete analysis of all tax considerations applicable to an investment in ADSs or ordinary shares. You should consult with your tax advisor concerning the tax consequences to you in your particular situation.

#### Certain Australian Income Tax Considerations
In this section, we discuss the material Australian income tax, stamp duty and goods and services tax considerations related to the acquisition, ownership and disposal by the absolute beneficial owners of the ordinary shares or ADSs.

It is based upon existing Australian tax law as of the date of this Transition Report, which is subject to change, possibly retrospectively. This discussion does not address all aspects of Australian tax law which may be important to particular investors in light of their individual investment circumstances, such as shares held by investors subject to special tax rules (for example, financial institutions, insurance companies, tax exempt organizations or funds managers). In addition, this summary does not discuss any foreign or state tax considerations, other than stamp duty.

Prospective investors are urged to consult their tax advisors regarding the Australian and foreign income and other tax considerations of the acquisition, ownership and disposition of the shares. As used in this summary a "**Non-Australian Shareholder**" is a holder that is not an Australian tax resident and is not carrying on business in Australia through a permanent establishment.

#### Nature of ADSs for Australian Taxation Purposes
A U.S. holder of ADSs will be treated for Australian taxation purposes as being "**absolutely entitled**" to the underlying ordinary shares in the Company in accordance with Taxation Ruling TR 2004/D25. Consequently, the underlying ordinary shares will be regarded as owned by the ADS holder for Australian income tax and capital gains tax purposes. Dividends paid on the underlying ordinary shares will also be treated as dividends paid to the ADS holder, as the person beneficially entitled to those dividends. Therefore, in the following analysis we discuss the tax consequences to Non-Australian Shareholders of holding ordinary shares for Australian taxation purposes. We note that the holder of an ADS will be treated for Australian tax purposes as the owner of the underlying ordinary shares that are represented by such ADSs.

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#### Taxation of Dividends
Australia operates a dividend imputation system under which dividends may be declared to be "**franked**" to the extent of tax paid on company profits. Fully franked dividends are not subject to dividend withholding tax. An exemption for dividend withholding tax can also apply to unfranked dividends that are declared to be conduit foreign income, or CFI, and paid to Non-Australian Shareholders.

Dividend withholding tax on unfranked dividends that are not declared to be CFI will be imposed at 30%, unless a shareholder is a resident of a country with which Australia has a double taxation agreement and qualifies for the benefits of the treaty. Under the provisions of the current Double Taxation Convention between Australia and the United States, the Australian tax withheld on unfranked dividends that are not declared to be CFI and are paid by the Company to a resident of the United States which is beneficially entitled to that dividend is limited to 15% where that resident is a qualified person for the purposes of the Double Taxation Convention between Australia and the United States, and provided the shares are not effectively connected with a permanent establishment or a fixed base of the resident of the United States in Australia through which the resident of the United States carries on business in Australia or provides independent personal services.

The Australian tax withheld on dividends paid by the Company is limited to 5% where the dividends are paid by the Company to a beneficial owner that is a non-Australian Shareholder which is a company, is a qualified person for the purposes of the Double Taxation Convention between Australia and the United States and which owns a 10% or greater interest in the voting power of the Company. In limited circumstances the rate of withholding can be reduced to zero.

#### Tax on Sales or other Dispositions of Shares—Capital gains tax
Non-Australian Shareholders who hold their shares on capital account will not be subject to Australian capital gains tax on the gain made on a sale or other disposal of ordinary shares, unless (1) they, together with associates, hold 10% or more of the Company's issued capital, at the time of disposal or for 12 months of the last 2 years prior to disposal and (2) more than 50% of the market values of the Company's assets are attributable to Australian real property assets (discussed below).

Non-Australian Shareholders who own an associate inclusive interest (directly or indirectly) of 10% or more in the underlying ordinary shares in the Company would be subject to Australian capital gains tax where more than 50% of the Company's direct or indirect assets, determined by reference to market value, consists of Australian land, leasehold interests or Australian mining, quarrying or prospecting rights. The Double Taxation Convention between the United States and Australia is unlikely to limit Australia's right to tax any gain in these circumstances. Net capital gains are calculated after reduction for capital losses, which may only be offset against capital gains. The net capital gain is included in the Non-Australian Shareholder's income.

A 12.5% non-final withholding obligation applies to when a non-resident disposes of certain taxable Australian property (which can include a non-portfolio interest (an interest of 10% or more) in a company whose underlying value is principally derived from Australian real property).

#### Tax on Sales or other Dispositions of Shares—Shareholders Holding Shares on Revenue Account or as Trading Stock
Some Non-Australian Shareholders may hold shares on revenue account or as trading stock rather than on capital account for example, share traders. These shareholders may have the gains made on the sale or other disposal of the shares included in their assessable income under the ordinary income taxing provisions of the income tax law, if the gains are sourced in Australia (subject to the application of the Double Taxation Convention between the United States and Australia as outlined below)

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Non-Australian Shareholders assessable under these ordinary income provisions in respect of gains made on shares held on revenue account or as trading stock would be assessed for such gains at the Australian tax rates for non-Australian residents, which start at a marginal rate of 32.5% for non-Australian resident individuals. Where the Non-Australian Shareholder is entitled to the benefit of the Double Taxation Convention between the United States and Australia, any Australian-sourced gains on disposal of the shares will only be subject to tax in Australia where the Company's assets consist wholly or principally of real property situated in Australia, or where the shares are attributable to a PE of the non-resident in Australia. Non-Australian Shareholders that are companies will be assessed at a rate of 30%.

To the extent an amount would be included in a Non-Australian Shareholder's assessable income under both the capital gains tax provisions and the ordinary income provisions, the capital gain amount would generally be reduced, so that the shareholder would not be subject to tax twice in Australia on any part of the income gain or capital gain.

#### Dual Residency
If a shareholder is a resident of both Australia and the United States under those countries' domestic taxation laws, that shareholder may be subject to tax as both an Australian resident and a US resident. Shareholders should obtain specialist taxation advice in these circumstances.

#### Stamp Duty
No Australian stamp duty is payable by Australian residents or non-Australian residents on the issue and trading of our shares because:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company is not (directly or indirectly) a 'landholder' for the purposes of the duties legislations in each Australian State and Territory; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our issued shares remain quoted on the ASX at all times, and no shareholder acquires or commences to hold (on an associate inclusive basis) 90% or more of all of our issued
 shares.

No Australian stamp duty is payable on the issue and trading of ADSs, for the same reasons.

#### Australian Death Duty
Australia does not have estate or death duties. As a general rule, no capital gains tax liability is realized upon the inheritance of a deceased person's shares. The disposal of inherited shares by beneficiaries may, however, give rise to a capital gains tax liability if the gain falls within the scope of Australia's jurisdiction to tax.

#### Goods and Services Tax
The issue or transfer of shares to a non-Australian resident investor will not incur Australian goods and services tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. **Dividends and Paying Agents** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. **Statement by Experts** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. **Documents on Display** 

We are subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers and under those requirements file reports with the SEC. You may read and copy this Transition Report on Form 20-F, including the related exhibits and schedules, and any document we file with the SEC without charge at the SEC's public reference room at 100 F Street, N.E., Room 1580, Washington, DC 20549. You may also obtain copies of the documents at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street, N.E., Room 1580, Washington, DC 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference room. The SEC also maintains an Internet website that contains reports and other information regarding issuers that file electronically with the SEC. Our filings with the SEC will also available to the public through the <u>SEC's website at</u> <u>www.sec.gov</u>.

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As a foreign private issuer, we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file annual, quarterly and current reports and financial statements with the SEC as frequently or as promptly as U.S. domestic companies whose securities are registered under the Exchange Act. However, we will file with the SEC, within 120 days after the end of each fiscal year, or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm, and may submit to the SEC, on a Form 6-K, unaudited quarterly financial information.

In addition, since our ordinary shares are traded on the ASX, we have filed annual and semi-annual reports with, and furnish information to, the ASX, as required under the ASX Listing Rules and the Corporations Act. Copies of our filings with the ASX can be retrieved electronically at www.asx.com.au <u>under our symbol "</u>**INR**<u>"</u>. We also maintain a web site at ioneer.com. The information contained on our website or available through our website is not incorporated by reference into and should not be considered a part of this Transition Report on Form 20-F, and the reference to our website in this Transition Report on Form 20-F is an inactive textual reference only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. **Subsidiary Information.** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. **Annual Report to Security Holders.** 

If we are required to provide an annual report to security holders in response to the requirements of Form 6-K, we intend to submit such annual report to security holders in electronic format in accordance with the EDGAR Filer Manual.

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|:---|:---|
| **ITEM 11.** | **QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** |

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#### Interest Rate Risk
Our exposure to the risk of changes in market interest rates relates primarily to the cash, short-term deposits and borrowings with a floating interest rate. These financial assets with variable rates expose us to cash flow interest rate risk. All other financial assets and liabilities, in the form of receivables and payables are non-interest bearing. At December 31, 2025, and June 30, 2025, 2024 and 2023, we had US$17.9 million, US$25.1 million, US$35.7 million, and US$52.7 million, respectively, of cash and short-term deposits. We currently do not engage in any hedging or derivative transactions to manage interest rate risk. Additional information is set out in "Note 6.2—Financial risk management" of our financial statements and related notes included elsewhere in this Transition Report on Form 20-F.

#### Foreign Currency Risk
We currently do not enter into hedging or derivative transactions to manage foreign currency risk as our exposure to foreign currency risk is not material.

#### Commodity Price Risk
Although we are currently engaged in exploration and development activities, we are exposed to commodity price risk because commodity prices affect the economic feasibility of mining on our properties and the value of such properties. These commodity prices can be volatile and are influenced by factors beyond our control. We currently do not enter into hedging or derivative transactions to manage commodity price risk.

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| **ITEM 12.** | **DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **Debt Securities.** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **Warrants and rights.** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **Other Securities.** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **American Depositary Shares** 

#### Fees and Expenses

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| | | |
|:---|:---|:---|
| **Persons depositing or withdrawing ordinary shares or ADS holders must pay the depositary:** | For: |  |
| US$5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | •  | Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property |
|  | •  | Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates |
| US$0.05 (or less) per ADS | •  | Any cash distribution to ADS holders |
| A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs | •  | Distribution of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders |
| US$0.05 (or less) per ADS per calendar year | •  | Depositary services |
| Registration or transfer fees<br> Expenses of the depositary | •  | Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares |
| Registration or transfer fees<br> Expenses of the depositary | •  | Cable (including SWIFT) and facsimile transmissions (when expressly provided in the deposit agreement) |
| Registration or transfer fees<br> Expenses of the depositary | •  | Converting foreign currency to U.S. dollars |
| Taxes and other governmental charges the depositary or the custodian have to pay on any ADS or shares underlying ADSs, such as stock transfer taxes, stamp duty or withholding taxes | •  | As necessary |
| Any charges incurred by the depositary or its agents for servicing the deposited securities | •  | As necessary |

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The depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable (or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.

From time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees collected from ADS holders. In performing its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.

The depositary may convert currency itself or through any of its affiliates, or the custodian or we may convert currency and pay U.S. dollars to the depositary. Where the depositary converts currency itself or through any of its affiliates, the depositary acts as principal for its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate receives when buying or selling foreign currency for its own account. The depositary makes no representation that the exchange rate used or obtained by it or its affiliate in any currency conversion under the deposit agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to ADS holders, subject to the depositary's obligation to act without negligence or bad faith. The methodology used to determine exchange rates used in currency conversions made by the depositary is available upon request. Where the custodian converts currency, the custodian has no obligation to obtain the most favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined will be the most favorable to ADS holders, and the depositary makes no representation that the rate is the most favorable rate and will not be liable for any direct or indirect losses associated with the rate. In certain instances, the depositary may receive dividends or other distributions from us in U.S. dollars that represent the proceeds of a conversion of foreign currency or translation from foreign currency at a rate that was obtained or determined by us and, in such cases, the depositary will not engage in, or be responsible for, any foreign currency transactions and neither it nor we make any representation that the rate obtained or determined by us is the most favorable rate and neither it nor we will be liable for any direct or indirect losses associated with the rate.

#### PART II.

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|:---|:---|
| **ITEM 13.** | **DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES** |

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None.

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|:---|:---|
| **ITEM 14.** | **MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS** |

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None.

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|:---|:---|
| **ITEM 15.** | **CONTROLS AND PROCEDURES** |

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#### Disclosure Controls and Procedures
Our management, with the participation of our chief executive officer and our chief financial officer, evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2025. "Disclosure controls and procedures," as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms and (ii) accumulated and communicated to the company's management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Based on the evaluation of our disclosure controls and procedures, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective as of December 31, 2025. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

#### Management's Report on Internal Control over Financial Reporting
Our management, including our Chief Executive Officer and Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting, as defined under Exchange Act Rules 13a-15(f) and 15d-15(f). Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with IFRS as issued by the IASB. Internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS as issued by the IASB, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Our Chief Executive Officer and Chief Financial Officer assessed the effectiveness of our internal control over financial reporting as of the end of the period covered by this Transition Report based on the criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Management's assessment included an evaluation of the design of our internal control over financial reporting and testing of the operational effectiveness of our internal control over financial reporting. Based on that assessment, our Chief Executive Officer and Chief Financial Officer concluded that as of December 31, 2025, our internal control over financial reporting was effective.

#### Attestation Report of the Registered Public Accounting Firm
This Transition Report does not include an attestation report of our company's Registered Public Accounting firm, because we qualify as an "emerging growth company" under section 3(a) of the Securities Exchange Act of 1934, as amended, and we are exempted from such attestation requirement.

#### Changes in Internal Control over Financial Reporting
During TY2025, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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|:---|:---|
| **ITEM 16.** | [**RESERVED]** |

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| | |
|:---|:---|
| **ITEM 16A.** | **AUDIT COMMITTEE FINANCIAL EXPERT** |

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Our board of directors has determined that Mr. Woodall is an audit committee financial expert and is independent under the listing standards of Nasdaq for audit committee members and the heightened independence requirement for audit committee members required by Rule 10A-3 under the Exchange Act.

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|:---|:---|
| **ITEM 16B.** | **CODE OF ETHICS** |

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We have adopted a code of conduct that applies to our executive officers, including our chief executive officer, chief financial officer, or persons performing similar functions. The code of conduct is publicly available under the "Corporate Governance" section of our website at www.ioneer.com/about/corporate-governance. Written copies are available upon request. If we make any substantive amendment to the code of conduct or grant any waivers, including any implicit waiver, from a provision of the codes of conduct, we will disclose the nature of such amendment or waiver on our website.

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|:---|:---|
| **ITEM 16C.** | **PRINCIPAL ACCOUNTANT FEES AND SERVICES** |

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The following table sets forth, for each of the years indicated, the fees billed by Ernst & Young, which has served as our independent registered public accounting firm for the last two completed fiscal years.

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| | | | |
|:---|:---|:---|:---|
|  **Services Rendered** | **TY2025** | **FY2025** | **FY2024** |
|  Audit Fees | US$132,096 | US$261,040 | US$211,400 |
|  Audit Related Fees | US$- | US$- | US$- |
|  Tax Fees | US$- | US$- | US$- |
|  All Other Fees | US$- | US$- | US$- |
|  Total | US$132,096 | US$261,040 | US$211,400 |

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#### Pre-Approval Policies and Procedures
Our Audit and Risk Committee has adopted policies and procedures for the pre-approval of audit and non-audit services rendered by our independent registered public accounting firm. Pre-approval of an audit or non-audit service may be given as a general pre-approval, as part of the Audit and Risk Committee's approval of the scope of the engagement of our independent registered public accounting firm, or on an individual basis. Any proposed services exceeding general pre-approved levels also requires specific pre-approval by our audit committee. All of the fees described above were pre-approved by our board of directors prior to our listing on Nasdaq and by the Audit and Risk Committee after our listing on Nasdaq.

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| | |
|:---|:---|
| **ITEM 16D.** | **EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES** |

---

In connection with our initial listing on Nasdaq and registration under the Exchange Act, we did not elect to use the exemption from audit committee standards set forth in Rule 10A-3(b)(1)(iv).

---

| | |
|:---|:---|
| **ITEM 16E.** | **PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS** |

---

Neither we, nor any affiliated purchaser of us, purchased any of our securities during the year ended June 30, 2025.

---

| | |
|:---|:---|
| **ITEM 16F.** | **CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT** |

---

None.

---

| | |
|:---|:---|
| **ITEM 16G.** | **CORPORATE GOVERNANCE** |

---

#### Corporate Governance Differences
Nasdaq allows a foreign private issuer, such as ioneer, to follow its home country practices in lieu of certain of Nasdaq's corporate governance standards. We rely on exemptions from certain corporate governance standards and instead follow laws, rules, regulations or generally accepted business practices in Australia. In particular, we follow home country law instead of Nasdaq practice regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on an exemption from the requirement that our independent directors meet regularly in executive sessions. The ASX Listing Rules and the Corporations Act do not require the
 independent directors of an Australian company to have such executive sessions and, accordingly, we have claimed this exemption.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on an exemption from the quorum requirements applicable to meetings of shareholders under Nasdaq. Our Constitution provides that five shareholders or shareholders
 representing at least 10% of the voting shares present shall constitute a quorum for a general meeting. Nasdaq requires that an issuer provide for a quorum as specified in its bylaws for any meeting of the holders of ordinary
 shares, which quorum may not be less than 33 1/3% of the outstanding shares of an issuer's voting ordinary shares. Accordingly, because applicable Australian law and rules governing quorums at shareholder meetings differ from
 Nasdaq's quorum requirements, we have claimed this exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on an exemption from the requirement that our nomination and remuneration committee be independent as defined by Nasdaq. We instead maintain the independence of such a
 committee in compliance with the ASX Corporate Governance Principles and Recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on an exemption from the requirement prescribed by Nasdaq that issuers obtain shareholder approval prior to the issuance of securities in connection with certain acquisitions,
 changes of controls or private placements of securities, or the establishment or amendment of certain stock option, purchase or other compensation plans. Applicable Australian law and rules differ from Nasdaq requirements, with the
 ASX Listing Rules providing generally for prior shareholder approval in numerous circumstances, including (i) issuance of equity securities exceeding 15% (or an additional 10% capacity to issue equity securities for the proceeding
 12 month period if shareholder approval by special resolution is sought at the Company's annual general meeting) of our issued share capital in any 12 month period (but, in determining the available issue limit, securities issued
 under an exception to the rule or with shareholder approval are not counted), (ii) issuance of equity securities to related parties, certain substantial shareholders and their respective associates (as defined in the ASX Listing
 Rules) and (iii) directors or their associates acquiring securities under an employee incentive plan. Due to differences between Australian law and rules and Nasdaq shareholder approval requirements, we have claimed this exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on an exemption from the requirement that issuers must maintain a code of conduct in compliance with Nasdaq. Instead, we maintain a code of conduct consistent with the ASX
 Corporate Governance Principles and Recommendations.

Following our home country governance practices, as opposed to the requirements that would otherwise apply to a United States company listed on Nasdaq, may in certain circumstances provide less protection than is accorded to investors in a U.S. issuer.

---

| | |
|:---|:---|
| **ITEM 16H.** | **MINE SAFETY DISCLOSURE** |

---

Not applicable because we do not currently operate any mines subject to the U.S. Federal Mine Safety and Health Act of 1977.

---

| | |
|:---|:---|
| **ITEM 16I.** | **DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 16J.** | **INSIDER TRADING POLICIES** |

---

Our Trading Policy governs purchases, sales and other dispositions of our securities by our directors, executive officers and employees. We believe our Trading Policy is reasonably designed to promote compliance with applicable insider trading laws, rules and regulations applicable to us. Our Trading Policy prohibits purchases, sales and other dispositions of our securities while in possession of material nonpublic information about us and from disclosing such information to others, and it prohibits trading on material nonpublic information of other companies. The foregoing summary does not purport to be complete and is qualified in its entirety by our Trading Policy, a copy of which was filed as exhibit 11.1 to our annual report for the year ended June 30, 2024, which is being incorporated by reference herein.

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---

| | |
|:---|:---|
| **ITEM 16.K <br>**  | **CYBERSECURITY** |

---

Cyber security encompasses a key component of our risk management program. We partner with an IT managed services provider to assist with our cyber security program which includes monitoring and implementing various protective systems and incident reporting procedures. At this time, we do not engage any other consultants, auditors, or other third parties in connection with any such processes, given the size and scale of the Company, the resources available to it, the anticipated expenditures, and the risks it faces in terms of cybersecurity.

During TY2025, we have not experienced any cybersecurity incidents or identified risks from known cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition. The organization also participates in regular cybersecurity training.

The Board is collectively responsible for oversight of risks from cybersecurity threats. The Audit & Risk Committee assists the Board in its oversight of the Group risk management framework, including how executive officers manage material business risks. The Company's executive officers oversee the overall processes to safeguard data and comply with relevant regulations and will report material cybersecurity incidents to the Audit & Risk Committee and Board. Our executive officers have limited experience in the area of cybersecurity. However, where necessary in the view of the Company's executive officers, the Company will consult with external advisers to manage and remediate any cybersecurity incidents. For material cybersecurity incidents, the Company's executive officers will promptly inform, update, and seek the instructions of the Audit & Risk Committee and Board.

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#### PART III.

---

| | |
|:---|:---|
| **ITEM 17.** | **FINANCIAL STATEMENTS** |

---

We have elected to provide financial statements and related information pursuant to Item 18.

---

| | |
|:---|:---|
| **ITEM 18.** | **FINANCIAL STATEMENTS** |

---

ioneer Limited

ANNUAL CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended December 31, 2025 and years ended June 30, 2025, 2024 and 2023

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **PAGE** |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#ReportofIndependent) (PCAOB #1435)<br>| F-2 |
| FINANCIAL STATEMENTS |  |
| [CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME](#comprehensiveincome) | F-3 |
| [CONSOLIDATED STATEMENTS OF FINANCIAL POSITION](#financialposition) | F-4 |
| [CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY](#changesinequity) | F-5 |
| [CONSOLIDATED STATEMENTS OF CASH FLOWS](#cashflows) | F-6 |
| [NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS](#Notes) | F-7 |

---

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**Report of Independent Registered Public Accounting Firm** 

To the Shareholders and the Board of Directors of ioneer Ltd

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statements of financial position of ioneer Ltd and its subsidiaries (the "Company") as at December 31, 2025, June 30, 2025, and June 30, 2024, the related consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the six-month period ended December 31, 2025 and for each of the three years in the period ended June 30, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025, June 30, 2025, and June 30, 2024 and the results of its operations and its cash flows for the six-month period ended December 31, 2025 and each of the three years in the period ended June 30, 2025 in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS").

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young

We have served as the Company's auditor since 2017

Sydney, Australia

29 April, 2026

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Consolidated statement of profit or loss and other comprehensive income

For the six months ended December 31 2025, and twelve months ended June 30, 2025, 2024 and 2023

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **6** <br>**months**<br>**ended**<br>**Dec 31,**<br>**2025** | **12** <br>months<br>ended<br>June 30,<br>2025 | **12** <br>months<br>ended<br>June 30,<br>2024 | **12** <br> months <br> ended <br> June 30,<br>2023 |
|  | Note | $'000  | $'000 | $'000 | $'000 |
|  Exploration expenditure written off | 2.2 | **-** | (37) | (31) | (45) |
|  Employee benefits expensed | 7.1 | **(2721)** | (6372) | (5344) | (5967) |
|  Other expenses | 2.3 | **(1645)** | (3787) | (3850) | (3684) |
|  **Loss from operating activities** |  | **(4366)** | (10196) | (9225) | (9696) |
|  Finance income | 2.4 | **328** | 653 | 1411 | 3321 |
|  Finance costs | 2.4 | **(32)** | (11) | (11) | (16) |
|  **Net finance income / (costs)** | 2.4 | **296** | 642 | 1400 | 3305 |
|  Loss before tax |  | **(4070)** | (9554) | (7825) | (6391) |
|  Income tax expense | 3.1 | **-** | - | - | - |
|  Loss for the year |  | **(4070)** | (9554) | (7825) | (6391) |
|  Loss attributable to equity holders of the company |  | **(4070)** | (9554) | (7825) | (6391) |
| **Items that may be reclassified subsequently to profit and loss** | **Items that may be reclassified subsequently to profit and loss** |  |  |  |  |
|  Foreign currency translation difference on foreign operations |  | **207** | (269) | (45) | (2523) |
|  **Other comprehensive income/(loss) (net of tax)** |  | **207** | (269) | (45) | (2523) |
|  **Total comprehensive profit / (loss) for the year** |  | **(3863)** | (9823) | (7870) | (8914) |
|  **Total comprehensive income / (loss) attributable to the owners of the company** |  | **(3863)** | (9823) | (7870) | (8914) |
|  **Earnings per share** |  | **Cents** | **Cents** | **Cents** | **Cents** |
|  Basic loss per ordinary share | 2.5 | **(0.17)** | (0.41) | (0.36) | (0.30) |
|  Diluted loss per ordinary share | 2.5 | **(0.17)** | (0.41) | (0.36) | (0.30) |

---

The consolidated statement of profit and loss and other comprehensive income should be read in conjunction with the accompanying notes.

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Consolidated statement of financial position

As at December 31, 2025, and June 30, 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Dec 31,** <br>**2025** | June 30, <br>2025 | June 30,<br> 2024 |
|  | Note | $'000  | $'000 | $'000 |
|  **Current assets** |  |  |  |  |
|  Cash assets | 4.1 | **17863** | 25059 | 35715 |
|  Receivables | 4.2 | **505** | 192 | 324 |
| Prepayments | 4.3 | **3** | 16 | 19 |
|  **Total current assets** |  | **18371** | 25267 | 36058 |
|  **Non-current assets** |  |  |  |  |
|  Receivables | 4.2 | **289** | 289 | 276 |
|  Plant and equipment | 4.4 | **335** | 289 | 406 |
|  Right of use asset | 4.5 | **266** | 334 | 71 |
|  Exploration and evaluation expenditure | 4.6 | **209009** | 203110 | 187664 |
| Other | 4.7 | **4273** | 4252 |  |
|  **Total non-current assets** |  | **214172** | 208274 | 188417 |
|  **Total assets** |  | **232543** | 233541 | 224475 |
|  **Current liabilities** |  |  |  |  |
|  Payables | 4.8 | **1686** | 2408 | 4543 |
| Lease liabilities | 4.8 | **151** | 106 | 41 |
|  Provisions | 4.10 | **303** | 462 | 428 |
| Borrowings | 4.9 | **-** |  | 1200 |
|  **Total current liabilities** |  | **2140** | 2976 | 6212 |
|  **Non-current liabilities** |  |  |  |  |
|  Lease liabilities - non-current | 4.8 | **184** | 267 | 42 |
|  **Total Non-current liabilities** |  | **184** | 267 | 42 |
|  **Total liabilities** |  | **2324** | 3243 | 6254 |
|  **Net assets** |  | **230219** | 230298 | 218221 |
|  **Equity** |  |  |  |  |
|  Contributed equity | 5.1 | **309498** | 302651 | 281671 |
|  Reserves | 5.2 | **(5303)** | (2447) | (3098) |
|  Accumulated losses |  | **(73976)** | (69906) | (60352) |
|  **Total equity** |  | **230219** | 230298 | 218221 |

---

The consolidated statement of financial position should be read in conjunction with the accompanying notes.

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Consolidated statement of changes in equity

For the six months ended December 31, 2025 and twelve months ended June 30, 2025, 2024 and 2023

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Issued <br> capital | Foreign <br> currency <br> translation<br> reserve | Equity compensation reserve | Accumulated losses | Total<br> equity |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Note | $'000 | $'000 | $'000 | $'000 | $'000 |
| As at July 1 2025  |  | 302651 | (13030) | 10583 | (69906) | 230298 |
| Loss for the year ended June 30 2025  |  |  |  |  | (4070) | (4070) |
| Other comprehensive income  |  |  |  |  |  |  |
|  Foreign currency translation differences on foreign operations <br>|  |  | 207 |  |  | 207 |
| Total other comprehensive income |  |  | 207 |  |  | 207 |
| Total comprehensive income for the year  |  |  | 207 |  | (4070) | (3863) |
| Share-based payments  |  |  |  |  |  |  |
| Share-based payments expensed/capitalized  | 5.2 |  |  | 1707 |  | 1707 |
| Fair value of performance rights vested  | 5.2 | 4770 |  | (4770) |  |  |
| Share issue costs  | 5.1 | (99) |  |  |  | (99) |
| Shares issued from capital raise  | 5.1 | 2176 |  |  |  | 2176 |
| Options exercised  | 5.2 |  |  |  |  |  |
| As at December 31 2025  |  | 309498 | (12823) | 7520 | (73976) | 230219 |
|  As at July 1 2024<br>|  | 281671 | (12761) | 9663 | (60352) | 218221 |
|  Loss for the year ended June 30 2025 |  |  |  |  | (9554) | (9554) |
|  Other comprehensive income |  |  |  |  |  |  |
|  Foreign currency translation differences on foreign operations |  |  | (269) |  |  | (269) |
|  Total other comprehensive income |  |  | (269) |  |  | (269) |
|  Total comprehensive income for the year |  |  | (269) |  | (9554) | (9823) |
|  Share-based payments |  |  |  |  |  |  |
|  Share-based payments expensed/capitalized | 5.2 |  |  | 6106 |  | 6106 |
|  Fair value of performance rights vested | 5.2 | 5186 |  | (5186) |  |  |
| Share issue costs | 5.1 | (618) |  |  |  | (618) |
| Shares issued from capital raise | 5.1 | 16412 |  |  |  | 16412 |
| Options exercised | 5.2 |  |  |  |  |  |
|  As at June 30 2025 |  | 302651 | (13030) | 10583 | (69906) | 230298 |
|  As at July 1 2023<br>|  | 255364 | (12716) | 7278 | (52527) | 197399 |
|  Loss for the year ended June 30 2024 |  |  |  |  | (7825) | (7825) |
|  Other comprehensive income |  |  |  |  |  |  |
|  Foreign currency translation differences on foreign operations |  |  | (45) |  |  | (45) |
|  Total other comprehensive income |  |  | (45) |  |  | (45) |
|  Total comprehensive income for the year |  |  | (45) |  | (7825) | (7870) |
|  Share-based payments |  |  |  |  |  |  |
|  Share-based payments expensed/capitalized | 5.2 |  |  | 4277 |  | 4277 |
|  Fair value of performance rights vested | 5.2 | 1892 |  | (1892) |  |  |
|  Share issue costs | 5.1 | (780) |  |  |  | (780) |
| Shares issued from capital raise | 5.1 | 25141 |  |  |  | 25141 |
| Options exercised | 5.2 | 54 |  |  |  | 54 |
|  As at June 30 2024<br>|  | 281671 | (12761) | 9663 | (60352) | 218221 |
|  As at July 1 2022<br>|  | 254273 | (10193) | 5755 | (46136) | 203699 |
|  Loss for the year ended June 30 2023 |  |  |  |  | (6391) | (6391) |
|  Other comprehensive income |  |  |  |  |  |  |
|  Foreign currency translation differences on foreign operations |  |  | (2523) |  |  | (2523) |
|  Total other comprehensive income |  |  | (2523) |  |  | (2523) |
|  Total comprehensive income for the year |  |  | (2523) |  | (6391) | (8914) |
|  Share-based payments |  |  |  |  |  |  |
|  Share-based payments expensed/capitalized | 5.2 |  |  | 2626 |  | 2626 |
| Fair value of performance rights vested | 5.2 | 1103 |  | (1103) |  |  |
| Share issue costs | 5.1 | (12) |  |  |  | (12) |
|  As at June 30 2023<br>|  | 255364 | (12716) | 7278 | (52527) | 197399 |

---

The consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

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Consolidated statement of cashflows

For the six months ended December 31, 2025 and twelve months ended June 30, 2025, 2024 and 2023

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **6 months** <br>**ended**<br>**Dec 31,**<br>**2025** | 12 months <br>ended<br>June 30,<br>2025 | 12 months <br>ended<br>June 30,<br>2024 | 12 months <br>ended<br>June 30,<br>2023 |
|  | Note | | $'000 | $'000 | $'000 |
|  **Cash flows from operating activities** |  |  |  |  |  |
|  Payment to suppliers and employees |  | **(3069)** | (6805) | (7198) | (8069) |
|  **Net cash flows used in operating activities (inclusive of GST)** | 4.1 | **(3069)** | (6805) | (7198) | (8069) |
|  **Cash flows from investing activities** |  |  |  |  |  |
|  Expenditure on mining exploration and evaluation<br>|  | **(6629)** | (14510) | (36635) | (33333) |
|  Purchase of equipment | 4.4 | **(9)** | - | (2) | (601) |
|  Interest received |  | **309** | 680 | 1254 | 1462 |
|  **Net cash flows used in investing activities** |  | **(6329)** | (13830) | (35383) | (32472) |
|  **Cash flows from financing activities** |  |  |  |  |  |
|  Proceeds from the issue of shares | 5.1 | **2176** | 16412 | 25141 | - |
| Proceeds from exercise of options  | 5.1 | **-** |  | 55 |  |
|  Equity raising expenses | 5.1 | **(99)** | (618) | (780) | (12) |
|  Payments of lease liability |  | **(95)** | (140) | (130) | (213) |
| Proceeds from borrowings | 4.9 | **-** |  | 1200 |  |
| Repayment of borrowings | 4.9 | **-** | (1200) |  |  |
| Payment for establishment of loan |  | **-** | (4252) |  |  |
|  **Net cash flows received / (used in) financing activities**<br>|  | **1982** | 10202 | 25486 | (225) |
|  **Net increase / (decrease) in cash held** |  | **(7416)** | (10433) | (17095) | (40766) |
|  Cash at the beginning of the financial year |  | **25059** | 35715 | 52709 | 94177 |
|  Effect of exchange rate fluctuations on balances of cash<br>|  | **220** | (223) | 101 | (702) |
|  **Closing cash carried forward** | 4.1 | **17863** | 25059 | 35715 | 52709 |

---

The consolidated statement of cash flows should be read in conjunction with the accompanying notes.

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Notes to the Consolidated Financial Statements

For the six months ended December 31, 2025 and twelve months ended June 30, 2025, 2024 and 2023

---

| | |
|:---|:---|
| **Section 1.** | **Basis of preparation** |

---

#### INTRODUCTION - What's New in this Report
&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** **Reporting entity** 

The financial report of ioneer Ltd for the six months ended December 31 2025 was authorized for issue in accordance with a resolution of the Directors on April 29, 2026.

ioneer Ltd is a for profit company limited by shares and incorporated in Australia whose shares are publicly traded on the Australian Securities Exchange under the ticker code "INR" and on Nasdaq under ticker code "IONR". The registered office of the Company is suite 16.01, 213 Miller Street, North Sydney, NSW 2060 Australia.

The Company is principally engaged in the development of the Rhyolite Ridge lithium-boron deposit in the state of Nevada, United States of America. Further information about the nature of the Group's operations and activities is provided in the directors' report. Information on the group structure is set out in Section 8 of this report and information on other related party disclosures of the Group is provided in Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Basis of preparation** 

&nbsp;&nbsp;&nbsp;&nbsp;• These financial statements comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board ('IASB'), including new or amended accounting standards effective for reporting periods
 beginning July 1, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• Unless otherwise stated, the accounting policies disclosed have been consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;• The financial report has been prepared on a historical cost basis.

&nbsp;&nbsp;&nbsp;&nbsp;• The financial statements have been presented in US dollars which is the Groups presentation currency.

&nbsp;&nbsp;&nbsp;&nbsp;• The financial statements have been prepared on the going concern basis which assumes the company and consolidated entity will have sufficient cash to pay its debts as and when they become payable for a period of at least 12 months from
 the date the financial report was authorized for issue.

&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **Change in fiscal year** 

<br> On September 25, 2025, the Board of Directors approved a change in the Company's financial year end from 30 June to 31 December to better align the accounting reporting period with its subsidiaries in the United States of America, where the bulk of the group's business operations are located. This financial report is presented for the 6 month Transition Period from 1 July 2025 to 31 December 2025 with the comparative reporting period being the 12 months ended 30 June 2025. Hence, the amounts presented in the financial statements are not entirely comparable.

&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **New and amended accounting standards and interpretations** 

<br> The Group has adopted all the new or amended Accounting Standards and Interpretations issued by the International Accounting Standards Board ("IASB") that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Group.

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Notes to the Consolidated Financial Statements

For the six months ended December 31, 2025 and twelve months ended June 30, 2025, 2024 and 2023

The following standards and interpretations that have recently been issued but are not yet mandatory, have not been early adopted by the Group for the transition reporting period ended December 31, 2025. The Group's management have yet to assess the impact of these new or amended Accounting Standards and Interpretations, which are most relevant to the Group are set out below:

---

| | |
|:---|:---|
| IAS 18 - Presentation and Disclosure in Financial Statements(IAS 1) | IAS 18 replaces IAS 1 as the standard describing the primary financial statements and sets out the requirements for the presentation and disclosure of information in IFRS-compliant financial statements. Amongst other changes, it introduces the concept of 'management-defined performance measure' to financial statements and requires the classification of transactions presented within the statement of profit or loss within one of five categories - operating, investing, financing, income taxes and discontinued operations. It also provides enhanced requirements for the aggregation and disaggregation of information |
| IAS 7 and IAS 39 – Financial Instruments | The amendments to IAS 7 and IAS 39 clarify that a financial liability is derecognized on settlement date, i.e. when the related obligation is discharged, cancelled, expires or the liability otherwise disqualifies for recognition. It also clarifies how to assess contractual cash flow characteristics. |

---

The Group is currently assessing the impact the amendments will have on current practice.

&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **Basis of consolidation** 

#### Controlled entities
Controlled entities are entities controlled by the Company. Control exists when the Company has the power, directly or indirectly to govern the financial and operating policies of an entity so as to obtain benefits from its operations. The financial statements of controlled entities are included in the consolidated financial statements from the date control commences until the date that control ceases. There has been no change in the control of any subsidiaries during the financial period. All subsidiaries are 100% owned by the Company (2025: 100%).

#### Transactions eliminated on consolidation
All inter-company balances and transactions, including unrealized profits arising from intra-group transactions, have been eliminated in full.

#### Accounting policies
The financial statements of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies.

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Notes to the Consolidated Financial Statements

For the six months ended December 31, 2025 and twelve months ended June 30, 2025, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;**1.6** **Current versus non-current classification** 

The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is:

- Expected to be realized or intended to be sold or consumed in the normal operating cycle

- Held primarily for the purpose of trading

- Expected to be realized within twelve months after the reporting period

Or

- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period

All other assets are classified as non-current.

A liability is current when:

- It is expected to be settled in the normal operating cycle

- It is held primarily for the purpose of trading

- It is due to be settled within twelve months after reporting period

Or

- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period

The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

The Group classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

------

*[**Table of Contents**](#TABLEOFCONTENTS)*

Notes to the Consolidated Financial Statements

For the six months ended December 31, 2025 and twelve months ended June 30, 2025, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;**1.7** **Critical accounting estimates and judgements** 

The preparation of these financial statements in conformity with International Financial Reporting Standards has required management to make judgements, estimates and assumptions which impact the application of policies and reported amounts of assets and liabilities, income and expenses. These estimates and associated assumptions are based on historical knowledge and various other factors that are believed to be reasonable in the circumstance. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed regularly and revisions to accounting estimates are reviewed in the period in which the estimate is revised. The most significant estimates and assumptions which have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to:

#### Exploration and evaluation assets
The Group's policy for exploration and evaluation expenditure is set out in note 4.6. The application of this policy requires certain judgements, estimates and assumptions as to the future events and circumstances, in particular the assessment of whether economic quantities of reserves will be found. Any such estimates and assumptions may change as new information becomes available. If, after capitalization of expenditure under the policy, it is concluded that the capitalized expenditure will not be recovered by future exploitation or sale, then the relevant amount will be written off in the statement of profit or loss. Changes in assumptions may result in a material adjustment to the carrying amount of exploration and evaluation assets.

#### Share-based payment transactions
The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity investments at the date on which they are granted. Additional information is set out in note 7.3, Share-based payments.

&nbsp;&nbsp;&nbsp;&nbsp;**1.8** **Foreign Currency Transactions and Balances** 

#### Functional and presentation currency
The functional currency of each of the Group's entities is measured using the currency of the primary economic environment in which that entity operates.

The functional currency of the entities in the Group is predominantly US Dollars, with the exception of ioneer Limited, which has a functional currency of Australian Dollars.

------

*[**Table of Contents**](#TABLEOFCONTENTS)*

Notes to the Consolidated Financial Statements

For the six months ended December 31, 2025 and twelve months ended June 30, 2025, 2024 and 2023

#### Transactions and balances
Foreign currency transactions are translated at the foreign exchange rate at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the end of the reporting period are translated at the year-end exchange rate. Exchange differences arising on the translation of monetary items are recognized in the statement of profit or loss.

Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Exchange differences arising on the translation of non-monetary items are recognized directly in other comprehensive income to the extent that the underlying gain or loss is recognized in other comprehensive income; otherwise, the exchange difference is recognized in profit or loss.

#### Presentation of foreign exchange gains and losses in the statement of profit or loss
The Group presents its foreign exchange gains and losses within net financing income /expense in the statement of profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;**1.9** **Going Concern** 

The Directors believe that the going concern basis is appropriate for the preparation of the consolidated financial statements, notwithstanding continued losses and no ongoing revenue stream, with the Group having a strong fund-raising track record.

After completing a financing in February 2026 raising gross proceeds of A$72 million (~US$50 million) through the issuance of 400,000,000 new fully paid ordinary shares, the Group has sufficient cash reserves to support the going concern position and will continue to advance the strategic partnership process to raise additional required project funding.

---

| | |
|:---|:---|
| **Section 2.** | **Financial performance** |

---

---

| | |
|:---|:---|
| **2.1.**  | **Operating segments** |

---

Segment results that are reported to the CODM include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

#### Description of segments
The Company operates predominantly as a mineral exploration and development company. The operating segments are based on the reports reviewed by the Managing Director for assessing performance and determining the allocation of resources and strategic decision making within the Group.

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*[**Table of Contents**](#TABLEOFCONTENTS)*

Notes to the Consolidated Financial Statements

For the six months ended December 31, 2025 and twelve months ended June 30, 2025, 2024 and 2023

<u> North America </u> <u> Represents activity in the US, primarily in relation to Rhyolite Ridge and the Reno office. </u> <br> <u> Australia </u> <u> Represents head office expenditure, including ASX listing costs, employee benefits, exchange gains and losses and corporate assets (predominantly cash). </u>

Segment information provided to the CODM:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Segment information | North America | North America | North America | North America | Australia  | Australia  | Australia  | Australia  | Total | Total | Total | Total |
|  | Transition <br> 2025 | Fiscal <br> 2025 | Fiscal <br> 2024 | Fiscal <br> 2023 | Transition<br> 2025  | Fiscal <br> 2025 | Fiscal <br> 2024 | Fiscal <br> 2023 | Transition<br> 2025  | Fiscal <br> 2025 | Fiscal <br> 2024 | Fiscal <br> 2023 |
|  | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
|  Exploration expenditure - non core | **-** | (37) | (31) | (45) | **-** | - | - | - | **-** | (37) | (31) | (45) |
|  Other expenses | **(741)** | (1899) | (2383) | (1356) | **(904)** | (1888) | (1467) | (2328) | **(1645)** | (3787) | (3850) | (3684) |
|  Reportable segment loss | **(741)** | (1936) | (2414) | (1401) | **(904)** | (1888) | (1467) | (2328) | **(1645)** | (3824) | (3881) | (3729) |
|  Employee benefits and other expenses | **(964)** | (2680) | (2407) | (2043) | **(1757)** | (3692) | (2937) | (3924) | **(2721)** | (6372) | (5344) | (5967) |
|  Net financing income / (expense) <br>| **(1996)** | (3173) | (1802) | (25) | **2292** | 3815 | 3202 | 3330 | **296** | 642 | 1400 | 3305 |
|  **Net loss before income tax** | **(3701)** | (7789) | (6623) | (3469) | **(369)** | (1765) | (1202) | (2922) | **(4070)** | (9554) | (7825) | (6391) |
|  **Segment assets** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Exploration assets | **209009** | 203110 | 187664 | 152226 | **-** | - | - | - | **209009** | 203110 | 187664 | 152226 |
|  Other assets | **12683** | 9443 | 8576 | 5258 | **10851** | 20988 | 28235 | 48835 | **23534** | 30431 | 36811 | 54093 |
|  **Total assets** | **221692** | 212553 | 196240 | 157484 | **10851** | 20988 | 28235 | 48835 | **232543** | 233541 | 224475 | 206319 |
|  **Segment liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Payables | **1416** | 2124 | 4442 | 7547 | **421** | 390 | 142 | 927 | **1837** | 2514 | 4584 | 8474 |
|  Provisions | **105** | 165 | 177 | 167 | **198** | 297 | 251 | 201 | **303** | 462 | 428 | 368 |
| Borrowings  | **-** |  | 1200 |  | **-** |  |  |  | **-** |  | 1200 |  |
|  Total current liabilities | **1521** | 2289 | 5819 | 7714 | **619** | 687 | 393 | 1128 | **2140** | 2976 | 6212 | 8842 |
|  Payables | **107** | 267 | (8) | 78 | **-** | - | 50 | - | **184** | 267 | 42 | 78 |
|  Total non-current liabilities | **107** | 267 | (8) | 78 | **77** | - | 50 | - | **184** | 267 | 42 | 78 |
|  **Total liabilities** | **1628** | 2556 | 5811 | 7792 | **696** | 687 | 443 | 1128 | **2324** | 3243 | 6254 | 8920 |
|  **Net assets** | **220064** | 209997 | 190429 | 149692 | **10155** | 20301 | 27792 | 47707 | **230219** | 230298 | 218221 | 197399 |

---

#### Major customers
The Company has no major customers and nil revenues (FY2025, FY2024 and FY2023: nil).

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*[**Table of Contents**](#TABLEOFCONTENTS)*

Notes to the Consolidated Financial Statements

For the six months ended December 31, 2025 and twelve months ended June 30, 2025, 2024 and 2023

---

| | | | |
|:---|:---|:---|:---|
| 6 <br> months <br> ended <br> Dec 31, <br> 2025<br>| 12 <br> months <br> ended <br> June 30, <br> 2025<br>| 12 <br> months <br> ended <br> June 30,<br> 2024<br>| 12 <br> months <br> ended <br> June 30, <br> 2023<br>|
| $000 | $'000 | $'000 | $'000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. **Impairment write-off** 

<br> ---

| | | | |
|:---|:---|:---|:---|
|  Exploration expenditure written off | (37) | (31) | (45) |
|  **Total impairment** | (37) | (31) | (45) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. **Other expenses** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  General and administrative expenses | **822** | 1877 | 1668 | 2751 |
|  Consulting and professional costs | **646** | 1633 | 1922 | 881 |
|  Depreciation and amortization | **177** | 277 | 260 | 52 |
|  **Total other expenses** | **1645** | 3787 | 3850 | 3684 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. **Net finance income / (costs)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Interest income from external providers | **309** | 608 | 1293 | 1484 |
|  Other revenue | **-** | - | - | 26 |
|  Net foreign exchange gain | **19** | 45 | 118 | 1811 |
|  **Finance income** | **328** | 653 | 1411 | 3321 |
|  Bank charges | **(24)** | (9) | (9) | (6) |
|  Net foreign exchange loss | **-** | - | - | - |
|  Lease interest | **(8)** | (2) | (2) | (10) |
|  **Finance costs** | **(32)** | (11) | (11) | (16) |
|  **Net finance income / (costs)**<br>| **296** | 642 | 1400 | 3305 |

---

Interest income is recorded at the effective interest rate applicable to the financial instrument. Interest is recognized as it accrues (using the effective interest method, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument) to the net carrying amount of the financial asset.

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*[**Table of Contents**](#TABLEOFCONTENTS)*

Notes to the Consolidated Financial Statements

For the six months ended December 31, 2025 and twelve months ended June 30, 2025, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. **Earnings per share** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 6 months <br> ended Dec 31,<br> 2025 | 12 months <br> ended June 30,<br> 2025 | 12 months <br> ended June 30,<br> 2024 | 12 months <br> ended June 30, <br> 2023 |
|  | $'000 | $'000 | $'000 | $'000 |
|  **Earnings used in calculating earnings per share**  |  |  |  |  |
| Basic and diluted loss | (4070) | (9554) | (7825) | (6391) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Weighted average number of ordinary shares used as the denominator** | Number  | Number | Number | Number |
| &nbsp;&nbsp;&nbsp; Issued ordinary shares - opening balance | 2357575511 | 2325614708 | 2098818267 | 2091299420 |
| &nbsp;&nbsp;&nbsp; Effect of shares issued | 56390855 | 31960803 | 46244015 | 6894635 |
|  **Weighted average number of ordinary shares** | 2413966366 | 2357575511 | 2145062282 | 2098194055 |
|  **Weighted average number of ordinary shares (diluted)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Weighted average number of ordinary shares at 30 June for basic EPS | 2413966366 | 2357575511 | 2145062282 | 2098194055 |
| &nbsp;&nbsp;&nbsp; Effect of dilution from options and rights on issue |  | - | - | - |
|  **Weighted average number of ordinary shares adjusted for effect of dilution** | 2413966366 | 2357575511 | 2145062282 | 2098194055 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cents | Cents | Cents | Cents |
|  Basic loss per share attributable to the ordinary equity holders of the company | **(0.17)** | (0.41) | (0.36) | (0.30) |
|  Diluted loss per share attributable to the ordinary equity holders of the company | **(0.17)** | (0.41) | (0.36) | (0.30) |

---

Basic EPS is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.

Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. The effect of dilution from options and rights on issue in the financial period would be 76,665,575 (30 June 2025: 64,922,144 and 2024: 36,944,618 and 2023: 35,840,492). The impact the potential ordinary shares is treated as dilutive only when their conversion to ordinary shares would decrease EPS.

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[*Table of Contents*](#TABLEOFCONTENTS)

Notes to the Consolidated Financial Statements

For the six months ended December 31 2025 and years ended June 30 2025, 2024 and 2023

---

| | |
|:---|:---|
| **Section 3.** | **Taxation** |

---

---

| | |
|:---|:---|
| **3.1.**  | **Taxation** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 6 <br> months <br> ended <br> Dec 31, <br> 2025 | 12 <br> months <br> ended <br> June 30, <br> 2025 | 12 <br> months <br> ended <br> June 30, <br> 2024 | 12 <br> months <br> ended <br> June 30, <br> 2023 |
|  | $'000 | $'000 | $'000 | $'000 |
|  **Tax expense comprises:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Income tax** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Current tax benefit / (expense) | **-** | - | - | - |
| &nbsp;&nbsp;&nbsp; Tax expense related to movements in deferred tax balances | **-** | - | - | - |
|  **Total tax (expense) / benefit** | **-** | - | - | - |
|  **Numerical reconciliation between tax (expense) / benefit and pre-tax net result:** |  |  |  |  |
|  **Loss before tax** | **(4070)** | (9554) | (7825) | (6391) |
|  Prima facie taxation benefit at 30% | **(1221)** | (2866) | (2348) | (1917) |
|  Decrease / (increase) in income tax benefit due to: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Differences in tax rates<br>| **129** | 273 | 232 | 224 |
| &nbsp;&nbsp;&nbsp; Non-deductible expenses | **337** | 1162 | 746 | 1113 |
| &nbsp;&nbsp;&nbsp; Foreign exchange and other translation adjustments | **81** | (38) | (130) | (586) |
| &nbsp;&nbsp;&nbsp; Additional tax deductible expenditure | **(25)** | (4) | (7) | (166) |
| &nbsp;&nbsp;&nbsp; Unrecognized tax losses relating to current year | **699** | 1473 | 1507 | 1181 |
| &nbsp;&nbsp;&nbsp; Adjustments for prior years | **-** | - | - | 151 |
|  **Income tax (expense) / benefit** | **-** | - | - | - |

---

No provision for income tax is considered necessary in respect of the Company for the year ended December 31, 2025. No recognition has been given to any future income tax benefit which may arise from operating losses not claimed for tax purposes (30 June 2025: nil). The Group has estimated tax loss positions across the group as follows:

#### Deferred Tax
Deferred tax relates to the following:

---

| | | | |
|:---|:---|:---|:---|
|  | Dec 31, <br> 2025 | June 30, <br> 2025 | June 30, <br> 2024  |
|  | $'000 | $'000 | $'000 |
| Deferred tax relates to the following |  |  |  |
| Foreign exchange gain/loss | (1326) | (1406) | (1368) |
| Losses available for offsetting against future taxable income | 1326 | 1406 | 1368 |
| Net deferred tax asset |  |  | - |

---

The Group has tax losses for which no deferred tax asset has been recognized on the Statement of Financial Position that amounted to $48.7 million (June 30, 2025: $45.9m, June 30, 2024: $40.5m).

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[*Table of Contents*](#TABLEOFCONTENTS)

Notes to the Consolidated Financial Statements

For the six months ended December 31 2025 and years ended June 30 2025, 2024 and 2023

---

| | | | |
|:---|:---|:---|:---|
|  | Jurisdiction at December 31, 2025  | Jurisdiction at December 31, 2025  | Jurisdiction at December 31, 2025  |
|  | Australia | USA | Canada |
|  | $'000 | $'000 | $'000 |
|  **Non-recognized tax losses - capital** |  |  |  |
|  Balance at the beginning of the period | 11707 | 29046 | 327 |
|  Movement during the period | (879) | (175) | (5) |
|  **Balance at the end of the period** | 10828 | 28871 | 322 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | $'000 | $'000 | $'000 |
|  **Non-recognized tax losses - capital** |  |  |  |
|  Balance at the beginning of the period | 4795 | - | - |
|  Movement during the period | (8) | - | - |
|  **Balance at the end of the period** | 4787 | - | - |
|  **Total revenue and capital losses not recognized** | 15615 | 28871 | 322 |

---

These amounts will only be obtained if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company and Controlled Entities derive future assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for the losses to be recognized,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company and Controlled Entities continue to comply with the conditions for deductibility imposed by the law,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no changes in tax legislation adversely affect the Company and Controlled Entities in recognizing the benefit from the deductions for the losses,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the accumulated tax losses in Australia may be carried forward and offset against taxable income in the future for an indefinite period, subject to meeting Australian tax rules around continuity of ownership or business
 continuity test, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the accumulated tax losses in the USA can be carried forward and used to offset future taxable income for a period of 20 years from the year in which the losses were incurred and losses will start to expire from the year
 2027 onwards.

ioneer Ltd is not part of an Australian tax-consolidated group. Current and deferred tax amounts (if any) are measured as a stand-alone taxpayer. There are no tax funding arrangements or tax sharing agreements in place.

The group has additional tax value embedded in the Rhyolite Ridge exploration asset. Future deductibility is expected against anticipated assessable income from the Project once in production.

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[*Table of Contents*](#TABLEOFCONTENTS)

Notes to the Consolidated Financial Statements

For the six months ended December 31 2025 and years ended June 30 2025, 2024 and 2023

---

| | |
|:---|:---|
| **Section 4.** | **Invested and working capital** |

---

---

| | |
|:---|:---|
| **4.1.**  | **Cash assets** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Dec 31, | June 30, | June 30, |
|  | 2025 | 2025 | 2024 |
|  | $'000 | $'000 | $'000 |
|  Cash at bank | **10843** | 21001 | 19205 |
|  Short term deposits | **7020** | 4058 | 16510 |
|  **Total cash assets** | **17863** | 25059 | 35715 |
|  **Cash flow reconciliation** |  |  |  |
|  Reconciliation of net cash outflow from operating activities to operating loss after tax |  |  |  |
|  **Loss for the period** | **(4070)** | (9554) | (7825) |
|  **Adjustments to reconcile profit to net cash flows:** |  |  |  |
|  Depreciation | **177** | 277 | 118 |
|  Exploration expenditure written-off | **-** | 37 | 31 |
|  Share-based payments | **1102** | 3164 | 1633 |
|  Net foreign exchange differences - unrealized | **(19)** | (45) | (96) |
|  Interest income | **(308)** | (681) | (1293) |
|  Interest expense | **8** | 26 | 11 |
|  **Change in assets and liabilities during the financial year:** |  |  |  |
|  Decrease / (Increase) in trade and other receivables | **(409)** | 127 | (50) |
| (Decrease) / increase in provisions and employee benefits <br>| **(158)** | 34 | (60) |
|  Increase in accounts payable | **608** | (173) | 344 |
| Interest paid | **-** | (17) | (11) |
|  **Net cash used in operating activities** | **(3069)** | (6805) | (7198) |

---

Cash and short-term deposits in the statement of financial position comprise cash at banks and on hand and short-term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.

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Notes to the Consolidated Financial Statements

For the six months ended December 31 2025 and years ended June 30 2025, 2024 and 2023

---

| | |
|:---|:---|
| **4.2.**  | **Receivables** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Dec 31, | June 30, | June 30, |
|  | 2025 | 2025 | 2024 |
|  | $'000  | $'000 | $'000 |
|  **Current** |  |  |  |
|  Interest receivable | **-** | **-** | - |
|  Other debtors | **160** | 143 | 195 |
|  Prepayments | **348** | 49 | 129 |
|  **Total current trade and other receivables** | **508** | 192 | 324 |
|  **Non-current** |  |  |  |
|  Other debtors | **289** | 289 | 276 |
|  **Total non-current trade and other receivables** | **289** | 289 | 276 |
|  **Total current and non-current trade and other receivables** | **797** | 481 | 600 |

---

Receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest rate method less provision for impairment. Impairment losses are recognized in the profit and loss.

---

| | |
|:---|:---|
| **4.3.**  | **Current assets - other**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | Dec 31, | June 30, | June 30, |
|  | 2025 | 2025 | 2024 |
|  | $'000 | $'000 | $'000 |
|  **Current** |  |  |  |
|  Prepayments | **3** | 16 | 19 |
|  **Total current other assets** | **3** | 16 | 19 |

---

---

| | |
|:---|:---|
| **4.4.**  | **Plant and equipment** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Dec 31,  | June 30,  | June 30,  |
|  | 2025  | 2025 | 2024 |
|  | $'000  | $'000 | $'000 |
| Leasehold improvements - at cost  | **88** |  |  |
| Less accumulated depreciation  | **(3)** |  |  |
| **Total leasehold improvements**  | **85** |  |  |
|  Plant and equipment - at cost | **626** | 606 | 606 |
|  Less accumulated depreciation | **(376)** | (317) | (200) |
|  **Total plant and equipment** | **250** | 289 | 406 |
|  **Reconciliation of the movement** |  |  |  |
|  Opening balance | **289** | 406 | 522 |
| Additions | **20** | - | 2 |
| Transfers in/(out)<br>| **88** |  |  |
| Depreciation expense | **(62)** | (117) | (118) |
|  **Closing balance** | **335** | 289 | 406 |

---

Tangible plant and equipment assets are stated at cost less accumulated depreciation and any impairment in value. Depreciation is calculated on a straight-line basis over the useful life of the asset being between 1-4 years.

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[*Table of Contents*](#TABLEOFCONTENTS)

Notes to the Consolidated Financial Statements

For the six months ended December 31 2025 and years ended June 30 2025, 2024 and 2023

An item of plant and equipment is derecognized upon disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the statement of comprehensive income in the period the item is derecognized.

At each reporting date, the Group assesses whether there is any indication that an asset may be impaired. Where an indicator of impairment exists, the Group makes a formal estimate of recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount the asset is considered impaired and is written down to its recoverable amount. Recoverable amount is the greater of fair value less costs to sell and value in use.

---

| | |
|:---|:---|
| **4.5.**  | **Right of Use Asset** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Dec 31, | June 30, | June 30, |
|  | 2025 | 2025 | 2024 |
|  | $'000  | $'000 | $'000 |
| Premises - at cost | **755** | 755 | 368 |
| Less accumulated amortization | **(489)** | (421) | (297) |
| **Total Right of Use Asset** | **266** | 334 | 71 |
| **Reconciliation of the movement** |  |  |  |
| Opening balance | **334** | 71 | 202 |
| Additions | **-** | 423 | 11 |
| Amortization expense | **(68)** | (160) | (142) |
| Foreign exchange translation difference | **-** | - | - |
| **Closing balance** | **266** | 334 | 71 |

---

The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.

---

| | |
|:---|:---|
| **4.6.**  | **Exploration and evaluation expenditure** |

---

Exploration and evaluation expenditure incurred by or on behalf of the Group is accumulated separately for each area of interest. Such expenditure comprises net direct costs and an appropriate portion of related overhead expenditure but does not include general overheads or administrative expenditure not having a specific connection with a particular area of interest.

Exploration and evaluation costs in relation to separate areas of interest for which rights of tenure are current are brought to account in the year in which they are incurred and carried forward provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such costs are expected to be recouped through successful development and exploitation of the area, or alternatively through its sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exploration and/or evaluation activities in the area have not yet reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves.

The types of costs recognized as exploration and evaluation assets include costs to acquire the legal rights to explore in the specific area and costs incurred in respect of the search for mineral resources, determination of technical feasibility and the assessment of commercial viability of an identified resource, in accordance with IFRS 6.

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Notes to the Consolidated Financial Statements

For the six months ended December 31 2025 and years ended June 30 2025, 2024 and 2023

A Final Investment Decision (FID) to develop the Project is expected to be made after considering the following key factors: required permits are in place, engineering has reached construction ready status, adequate offtake agreements have been signed to underwrite any debt requirements, and the Project is funded through a mix of equity and debt. In order to attract funding, the Project will need to demonstrate technical feasibility and commercial viability.

Once FID has been taken, all past and future exploration and evaluation assets in respect of the area of interest are tested for impairment and transferred to the cost of development. To date, no development decision has been made.

The Directors assess at each reporting date whether there is an indication that an asset has been impaired and for exploration and evaluation costs carried forward whether the above carry forward criteria are met. No indicator of impairment has been identified as at December 31, 2025.

When the above criteria do not apply or when the Directors assess that the carrying value may exceed the recoverable amount the accumulated costs in respect of areas of interest are written off in the Statement of profit and loss and other comprehensive income.

---

| | | | |
|:---|:---|:---|:---|
|  | Dec 31, | June 30, | June 30, |
|  | 2025 | 2025 | 2024 |
|  | $'000  | $'000 | $'000 |
| Exploration and evaluation expenditure | **209009** | 203110 | 187664 |
| **Reconciliation of movement** |  |  |  |
| Opening balance | **203110** | 187664 | 152226 |
| Additions - Rhyolite Ridge | **5850** | 15300 | 35398 |
| Exploration expenditure - non core | **49** | 183 | 71 |
| Exploration expenditure - written off | **-** | (37) | (31) |
| **Carrying amount at the end of the period** | **209009** | 203110 | 187664 |

---

The above amounts represent costs of areas of interest carried forward as an asset in accordance with the accounting policy described above. The ultimate recoupment of exploration and evaluation expenditure in respect of an area of interest carried forward is dependent upon the discovery of commercially viable reserves and the successful development and exploitation of the respective areas or alternatively sale of the underlying areas of interest for at least their carrying value. Amortization, in respect of the relevant area of interest, is not charged until a mining operation has commenced.

All exploration and evaluation costs carried forward relate in large part to the Rhyolite Ridge Lithium–Boron Project in Nevada, USA. Exploration and evaluation expenditure on all other tenements owned by the Company has been fully impaired where applicable.

---

| | |
|:---|:---|
| **4.7.**  | **Non-current assets - other**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | Dec 31, | June 30, | June 30, |
|  | 2025 | 2025 | 2024 |
|  | $'000  | $'000 | $'000 |
| Unamortized loan fees<br>| **4273** | **4252**<br>| -<br>|

---

The Company paid fees to establish a loan with the US Department of Energy. The fees will be amortized over the life of the loan. Amortization begins after the first draw on said loan. The total loan amount is US$996 million (US$968 million in principal and US$28 million in capitalized interest during construction). The loan term is 20 years, and the interest rate is fixed from the date of each advance for the term of the loan at the applicable long-dated U.S. Treasury rate.

------

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Notes to the Consolidated Financial Statements

For the six months ended December 31 2025 and years ended June 30 2025, 2024 and 2023

---

| | |
|:---|:---|
| **4.8.**  | **Payables** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Dec 31, | June 30,  | June 30,  |
|  | 2025 | 2025 | 2024 |
|  | $'000 | $'000 | $'000 |
| **Current** |  |  |  |
| Trade creditors and other payables | **962** | 2066 | 4056 |
| Accrued expenses | **724** | 342 | 487 |
| Lease Liabilities | **151** | 106 | 41 |
| **Total current payables** | **1837** | 2514 | 4584 |
| **Non-current** |  |  |  |
| Lease Liabilities | **184** | 267 | 42 |
| **Total non-current payables** | **184** | 267 | 42 |
| **Total current and non-current payables** | **2021** | 2781 | 4626 |

---

All financial liabilities are recognized initially at fair value net of directly attributable transaction costs.

After initial measurement, financial liabilities are subsequently measured at amortized cost. Current payables, other than lease liabilities, due to their short-term nature are measured at amortized cost and are not discounted.

The current payables, other than lease liabilities, are unsecured and are non-interest bearing generally on 30-60 day terms. The carrying amounts approximate fair value.

At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in - substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.

------

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Notes to the Consolidated Financial Statements

For the six months ended December 31 2025 and years ended June 30 2025, 2024 and 2023

---

| | |
|:---|:---|
| **4.9.**  | **Borrowings** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Dec 31, | June 30,  | June 30, |
|  | 2025 | 2025 | 2024 |
|  | $'000 | $'000 | $'000 |
| **Current** |  |  |  |
| Other current debt | - | **-** | 1200 |
| **Total borrowings** | - | **-** | 1200 |

---

In the 2024 fiscal year, the current debt was comprised of an unsecured loan from Sibanye Stillwater Limited. In February 2025, the Company received notification that Sibanye Stillwater Limited had decided not to proceed with the Rhyolite Ridge joint venture. In accordance with the strategic partnership unit purchase and subscription agreement, ioneer repaid the unsecured loan of $1,200,000 within 30 days following notification, and the agreement was terminated.

---

| | |
|:---|:---|
| **4.10.**  | **Provisions** |

---

Employee entitlements

---

| | | | |
|:---|:---|:---|:---|
|  | Dec 31, | June 30, | June 30, |
|  | 2025 | 2025 | 2024 |
|  | $'000  | $'000 | $'000 |
| **Current** |  |  |  |
| Provision for employee benefits | **303** | 462 | 428 |
| **Total provisions** | **303** | 462 | 428 |

---

Provision is made for the Group's liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employee may satisfy vesting requirements. Those cash flows are discounted using market yields on high quality corporate bonds with terms to maturity that match the expected timing of cash flows.

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Notes to the Consolidated Financial Statements

For the six months ended December 31 2025 and years ended June 30 2025, 2024 and 2023

---

| | |
|:---|:---|
| **Section 5.** | **Capital structure** |

---

---

| | |
|:---|:---|
| **5.1.**  | **Share capital** |

---

Ordinary shares

---

| | | | |
|:---|:---|:---|:---|
|  | Dec 31,<br> 2025 | June 30,<br> 2025 | June 30,<br> 2024 |
|  | $'000 | $'000 | $'000 |
| 2,674,633,957 (June 30 2025: 2,608,172,516; June 30 2024: 2,325,614,708) ordinary shares, fully paid  | **309498** | 302651<br>| 281671<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31<br> 2025 | June 30<br> 2025 | June 30<br> 2024 | December 31<br> 2025 | June 30 <br> 2025 | June 30<br> 2024 |
|  | Number | Number | Number | Number  | $'000 | $'000 |
|  **Reconciliation of movement:** |  |  |  |  |  |  |
|  Balance at the beginning of the period<br>| 2608172516 | 2325614708 | 2098818267 | 302651 | 281671 | 255364 |
|  Ordinary shares | 33550000 | 252500000 | 213602562 | 2176 | 16412 | 25141 |
|  Ordinary shares non-cash |  | - | - |  | - | - |
|  Exercise of unlisted options <sup>(1)</sup> |  | - | 357710 |  | - | 54 |
|  Performance rights vested <sup>(2)</sup> | 32911441 | 30057808 | 12836169 | 4770 | 5186 | 1892 |
|  Share issue costs |  | - | - | (99) | (618) | (780) |
|  **Balance at the end of the period** | 2674633957 | 2608172516 | 2325614708 | 309498 | 302651 | 281671 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Value of unlisted options exercised equals the sum of the exercise price received plus the fair value transferred
 from the equity compensation reserve

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Ordinary shares issued to employees upon vesting of performance rights

Ordinary shares are classified as equity. There are no restrictions on voting rights. On a show of hands every member present or by proxy shall have one vote and upon a poll each share shall have one vote. Where a member holds shares, which are not fully paid, the number of votes to which that member is entitled on a poll in respect of those part paid shares shall be that fraction of one vote which the amount paid up bears to the total issued price thereof. They have the right to receive dividends as declared and, in the event of winding up the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held.

Incremental costs directly attributable to the issue of new shares, options or rights are shown in equity as a deduction from the proceeds.

Management controls the capital of the Group in order to maintain a sustainable debt to equity ratio, generate long-term shareholder value and ensure that the Group can fund its operations and continue as a going concern.

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Notes to the Consolidated Financial Statements

For the six months ended December 31 2025 and years ended June 30 2025, 2024 and 2023

The Group is not subject to any externally imposed capital requirements.

During the six months ended 31 December 2025 the Company issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20,701,784 shares as a consequence of Performance Rights vesting under the Equity Incentive Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 33,550,000 shares as a consequence of a share placement in July 2025.

During the year ended 30 June 2025 the Company issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 30,057,808 shares as a consequence of Performance Rights vesting under the Equity Incentive Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 252,500,000 shares as a consequence of a share placement in June 2025.

During the year ended 30 June 2024 the Company issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12,836,169 shares as a consequence of Performance Rights vesting under the Equity Incentive Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 357,710 shares as a consequence of Options exercised under the Share Options Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 213,602,562 shares as a consequence of a share placement in May 2024.

During the year ended 30 June 2023 the Company issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 7,518,847 shares as a consequence of Performance Rights vesting under the Equity Incentive Plan.

#### Share schemes
The Company has two share schemes in operation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Share Option Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Equity Incentive Plan.

Under these plans ordinary shares have been granted to senior executives, employees and a number of consultants. Further details about the operation of these plans are set out in note 7.3, Shared-based payments. The Equity Incentive Plan is capable of issuing both options and performance rights. The pre-existing Share Option Plan will be phased out as existing options are issued or expire.

---

| | |
|:---|:---|
| **5.2.**  | **Reserves** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Dec 31,<br>2025 | June 30,<br> 2025 | June 30,<br> 2024 |
|  | $'000 | $'000 | $'000 |
|  **Equity compensation reserve** |  |  |  |
|  Balance at the beginning of period | 10583 | 9663 | 7278 |
|  Share based payment expensed/capitalized | 1707 | 6106 | 4277 |
|  Fair value of unlisted options exercised |  | - | - |
|  Fair value of performance rights vested | (4770) | (5186) | (1892) |
|  Balance at the end of the period | 7520 | 10583 | 9663 |
|  **Foreign currency translation reserve** |  |  |  |
|  Balance at the beginning of period | (13030) | (12761) | (12716) |
|  Foreign currency translation differences for foreign operations | 207 | (269) | (45) |
|  Balance at the end of the period | (12823) | (13030) | (12761) |
| **Total reserves** | (5303) | (2447) | (3098) |

---

The equity compensation reserve is used to recognize the value of equity settled share-based payments provided to employees, directors and consultants. The fair value of such compensation is measured using generally accepted valuation methodologies for pricing financial instruments, and incorporates all factors and assumptions that knowledgeable, willing market participants would consider in setting the price. The fair value of instruments granted is recognized as an expense or capitalized if appropriate over the vesting period with a corresponding increase in equity.

The foreign currency translation reserve comprises all foreign exchange differences arising from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The translation of the financial statements of foreign operations where the functional currency is different to the functional currency of the parent entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange differences arise on the translation of monetary items which form part of the net investment in the foreign operation.

---

| | |
|:---|:---|
| **Section 6.** | **Financial instruments** |

---

---

| | |
|:---|:---|
| **6.1.**  | **Classification and measurement** |

---

The carrying values of financial assets and liabilities of the Group approximate their fair value.

The Group measures and recognizes in the statement of financial position on a recurring basis certain assets and liabilities at fair value in accordance with IFRS 13 Fair value measurement. The fair value must be estimated for recognition and measurement or for disclosure purposes in accordance with the following hierarchy:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and

Level 3: Inputs for the asset or liabilities which are not based on observable market data (unobservable inputs).

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Notes to the Consolidated Financial Statements

For the six months ended December 31 2025 and years ended June 30 2025, 2024 and 2023

The Group has no financial assets where the carrying amount exceeds net fair values at balance date. The Group's receivables at balance date are detailed in Section 4.2 of this report.

---

| | |
|:---|:---|
| **6.2.**  | **Financial risk management** |

---

Framework

The Group is involved in activities that expose it to a variety of financial risks including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Credit risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Liquidity risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Capital management risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Market risk related to commodity pricing, interest rates and currency fluctuations.

The Board of Directors has overall responsibility for the establishment and oversight of the financial risk management framework of the Group. Management is responsible for monitoring the financial risks.

The objective of the financial risk management strategy is to minimize the impact of volatility in financial markets on financial performance, cash flows and shareholder returns. This requires the identification and analysis of relevant financial risks and possible impact on the achievement of the Group's objectives.

The Group does not undertake any hedging activities.

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Credit risk** 

Credit risk is the risk of sustaining a financial loss as a result of the default by a counterparty to make full and timely payments on transactions which have been executed, after allowing for setoffs which are legally enforceable.

Credit risk arises from investments in cash and cash equivalents with banks and credit exposure to customers and/or suppliers. Receivables and cash and cash equivalents represent the Group's maximum exposure to credit risk.

There are no trade receivables past due or impaired at the end of the reporting period (June 30 2025: Nil, June 30 2024: Nil).

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Liquidity risk** 

Liquidity risk is the risk that the Group will not have sufficient liquidity to meet its financial obligations as they fall due.

The Group manages liquidity risk by continually monitoring forecast and actual cash flows and matching maturity profiles of financial assets and liabilities. Short and long-term cash flow projections are prepared periodically and submitted to the Board.

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Notes to the Consolidated Financial Statements

For the six months ended December 31 2025 and years ended June 30 2025, 2024 and 2023

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Less than 1 <br> year | 1-2 years | 2-5 years | More than 5<br>years | Total |
|  Contractual cash flows | Note | $'000 | $'000 | $'000 | $'000 | $'000 |
| Consolidated – December 31 2025 |  |  |  |  |  |  |
| Payables | 4.8 | **1686** | **-** | **-** |  | **1686** |
|  Lease Liabilities | 4.8 | **167** | **163** | **14** |  | **344** |
| Borrowings | 4.9 |  | **-** | **-** |  | **-** |
|  **Total** |  | **1853** | **163** | **14** |  | **2030** |
|  Consolidated – June 30 2025 |  |  |  |  |  |  |
|  Payables | 4.8 | 2408 | - | - | **-** | 2408 |
|  Lease Liabilities | 4.8 | 118 | 168 | 108 | **-** | 394 |
|  Borrowings<br>| 4.9 |  |  |  | **-** |  |
|  **Total** |  | 2526 | 168 | 108 | **-** | 2802 |
|  Consolidated – June 30 2024 |  |  |  |  |  |  |
|  Payables | 4.8 | 4614 | - | - | - | 4614 |
|  Lease Liabilities | 4.8 | 41 | 29 | 13 | - | 83 |
| Borrowings | 4.9 | 1200 |  |  |  | 1200 |
|  Total |  | 5855 | 29 | 13 | - | 5897 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Capital management risk** 

The overriding objective of the Group's capital management strategy is to increase shareholder returns whilst maintaining the flexibility to pursue the strategic initiatives within a prudent capital structure.

The primary objective of the capital management policy is to ensure the Group maintains a strong credit rating and appropriate capital ratios to support the development of the Company's assets.

The Company manages its capital structure and adjusts it in light of economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;**d)** **Market risk** 

The method and assumptions remain consistent with prior periods.

#### Foreign exchange risk
Foreign exchange risk arises from the commercial transactions and valuations of assets and liabilities that are denominated in a currency that is not the entity's functional currency.

The Group has monetary items, including financial assets, denominated in currencies other than the functional currency of the entity. These are primarily US$ cash and intercompany loan balances in the holding company, which has an A$ functional currency.

These items are restated to A$ equivalent at each period end, and the associated gain or loss is taken to the income statement. The US$ equivalent of these FX balances is reported in the group income statement as the functional currency financial statements are translated to US$ reporting currency for group reporting purposes.

The Group operates in a predominantly USD environment. The majority of the Group's financial position is managed and reported in US$. There is a foreign exchange exposure where the Group holds financial assets and liabilities in A$. These positions are summarized in the table below.

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Notes to the Consolidated Financial Statements

For the six months ended December 31 2025 and years ended June 30 2025, 2024 and 2023

---

| | | | |
|:---|:---|:---|:---|
|  |  | Average rate for the <br> year ended December 31<br> 2025 | Spot rate at the end of the<br> reporting period<br> 2025 |
| Exchange rates applied during the year: | Exchange rates applied during the year: |  |  |
| **AUD / USD** | **AUD / USD** | 0.6551<br>| 0.6678<br>|
|  | Transition | Fiscal  | Fiscal  |
|  | 2025 | 2025<br>| 2024<br>|
|  Financial instruments denominated in United States dollars | US$'000 | US$'000  | US$'000  |
|  Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash | **10145** | 16398 | 11513 |
| &nbsp;&nbsp;&nbsp; Trade and other receivables | **10** | 19 | 105 |
|  Financial liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp; Trade and other payables | **(497)** | (321) | (120) |
| &nbsp;&nbsp;&nbsp; Provisions<br>| **-** |  |  |
| &nbsp;&nbsp;&nbsp; Lease liabilities | **(199)** | (296) | (251) |

---

An increase in the AUD:USD foreign exchange rate of 10% would result in a:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,014,533 increase in A$ cash balance (June 30, 2025: $1,639,839) with nil impact on current year loss because the impact is taken to foreign currency translation reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $974 increase in A$ receivables (June 30, 2025: $1,858) with nil impact on current year loss because the impact is taken to foreign currency translation reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $49,663 increase in payables (June 30, 2025: $32,146) with nil impact on current year loss because the impact is taken to foreign currency translation reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No change to lease liabilities (June 30, 2024: nil) with nil impact on current year loss because the impact is taken to foreign currency translation reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $19,860 increase in provisions (June 30, 2024: $29,650) with nil impact on current year loss because the impact is taken to foreign currency translation reserve.

A decrease in the AUD:USD foreign exchange rate of 10% would result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,639,839 decrease in A$ cash balance (June 30, 2024: $1,639,839) with nil impact on current year loss because the impact is taken to foreign currency translation reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $974 decrease in A$ receivables (June 30, 2024: $1,858) with nil impact on current year loss because the impact is taken to foreign currency translation reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $49,663 decrease in payables (June 30, 2024: $32,146) with nil impact on current year loss because the impact is taken to foreign currency translation reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No change to lease liabilities (June 30, 2024: nil) with nil impact on current year loss because the impact is taken to foreign currency translation reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $19,860 decrease in provisions (June 30, 2024: $29,650) with nil impact on current year loss because the impact is taken to foreign currency translation reserve.

#### Interest rate risk
The Company's exposure to interest rate risk, which is the risk that a financial instrument's value will fluctuate as a result of reasonable possible changes in the market interest rates arise in relation to the Company's bank balances.

The Company does not engage in any hedging or derivative transactions to manage interest rate risk.

An increase of interest rates of 1% would result in $211,689 (June 30, 2025: $255,326) decrease in the current financial period loss and an increase in interest income related to cash deposits. A decrease of interest rates of 1% would result in $211,689 (June 30, 2025: $255,326) increase in the current financial period loss and a decrease in interest income related to cash deposits.

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[*Table of Contents*](#TABLEOFCONTENTS)

Notes to the Consolidated Financial Statements

For the six months ended December 31 2025 and years ended June 30 2025, 2024 and 2023

#### Commodity price risk
The Company is exposed to future commodity price risk. This risk arises from its activities directed at exploration and development of mineral commodities. If commodity prices fall, the share price for companies exploring for these commodities is affected. The Company does not hedge its exposures.

---

| | |
|:---|:---|
| **Section 7.** | **Employee benefits and KPM disclosures** |

---

&nbsp;&nbsp;&nbsp;&nbsp;7.1. **Employee benefits expensed** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 6<br> months<br> ended<br> Dec 31,<br> 2025 | 12<br> months<br> ended<br> June 30,<br> 2025 | 12<br> months<br> ended<br> June 30,<br> 2024 | 12<br> months<br> ended<br> June 30,<br> 2023 |
|  | $'000 | $'000 | $'000 | $'000 |
|  Non-Executive Director fees | **205** | 410 | 410 | 401 |
| Executive Director fees<sup>2</sup> | **125** | 313 | 311 | 516 |
|  Employee benefits expense | **1289** | 2485 | 2990 | 3674 |
|  Share-based payments | **1102** | 3164 | 1633 | 1376 |
|  **Total employee benefit expense** | **2721**<br>| 6372 | 5344 | 5967 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**7.2.** **Key management personnel disclosure** 

Key management personnel (KMP) comprised the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 6<br> months<br> ended<br> Dec 31,<br> 2025 | 12<br> months<br> ended<br> June 30,<br> 2025 | 12<br> months<br> ended<br> June 30,<br> 2024 | 12<br> months<br> ended<br> June 30,<br> 2023 |
|  | $'000 | $'000 | $'000 | $'000 |
|  Salary and Short-term incentive | 1456 | 3015 | 3734 | 3709 |
|  Post-employment benefits | 38 | 75 | 121 | 101 |
|  Share-based payments | 1351 | 3539 | 1884 | 1501 |
|  **Total payments to KMP** | 2845<br>| 6629 | 5739 | 5311 |

---

#### Transactions with directors and KMP
With the exception of the disclosures within this note, no director or executive has entered into any material contracts with the Group since the end of the previous financial year and there were no material contracts involving directors' or executive interests existing at year end.

The Company has entered into indemnity deeds to indemnify executives of the Company against certain liabilities incurred in the course of performing their duties.

&nbsp;&nbsp;&nbsp;&nbsp;**7.3.** **Share-based payments** 

Share-based compensation is provided to employees via rights or options to acquire shares in the Company. As described in note 5.1 Share capital, the Company has two share schemes in operation. Under these plans, options or performance rights which may be converted into ordinary shares have been granted to non-executive directors, senior executives, employees and a number of consultants.

------

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Notes to the Consolidated Financial Statements

For the six months ended December 31 2025 and years ended June 30 2025, 2024 and 2023

The cost of these equity-settled transactions is determined by reference to the fair value at the date at which they are granted. The fair value of the options granted is determined using the Black & Scholes option pricing model. The fair value of the performance rights granted with time based hurdles is determined by using the 10 day Volume Weighted Average Price (VWAP) of the Company's fully paid share capital, up to and including the date the performance rights are granted, and for the performance based performance rights the fair value is determined by using a Monte Carlo model for the valuation of the performance rights subject to the relative performance hurdle and for those rights subject to the business objectives, the valuation is equal to the value of the share price at grant date, multiplied by the number of shares anticipated to vest.

The cumulative expense recognized for equity-settled transactions at each reporting date reflects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the extent to which the vesting period has expired, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the number of awards that, in the opinion of the directors of the Company, will ultimately vest.

This opinion is formed based on the best available information at balance date. Where an equity-settled award is cancelled, the estimate is treated as if it had vested on the date of cancellation, and any expense not yet recognized for the award is recognized immediately.

Each plan is described in more detail below.

#### Equity Incentive Plan – established at the 2018 AGM
A new Equity Incentive Plan was established following the Annual General Meeting (AGM) held on October 31 2018. The purpose of the new Equity Incentive Plan ("the Plan") is to provide eligible persons the opportunity to participate in the growth and profits of the Company and to attract, motivate and retain their services to promote the Company's long-term success.

Under the terms of the Plan, the Board may at its discretion invite eligible persons to participate in a grant of awards. An award may be either an option or performance right, to acquire a share in the capital of the Company in accordance with the Plan rules.

Options and rights issued under the terms and condition of the new ioneer Equity Incentive Plan are as follows:

---

| | | |
|:---|:---|:---|
| Type | Key terms | Expiry Date |
| Options | Options | Options |
| Non-Executive <br> Directors | &nbsp;&nbsp;&nbsp; The options were issued at an exercise price equal to the VWAP for the Company's shares over the 10 trading days immediately before the date of the AGM. The options vest after 12 months and expire 60 months from the date of issue. | &nbsp;&nbsp;&nbsp; Tranche 2: Nov 14, 2024 |
| Performance rights – time-based | Performance rights – time-based | Performance rights – time-based |
| Retention on <br> Employment | &nbsp;&nbsp;&nbsp; Agreements with recruits including vesting after 3 years.<br> Conditional on the achievement of continuing employment. | N/A |
| LTI grants | &nbsp;&nbsp;&nbsp; 42 months for 1 July 2025 (to transition to a calendar year performance period), thereafter 36 months. Conditional on the achievement of continuing employment.<br>| N/A |

---

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Notes to the Consolidated Financial Statements

For the six months ended December 31 2025 and years ended June 30 2025, 2024 and 2023

---

| | | |
|:---|:---|:---|
| Type | Key terms | Expiry Date |
| Performance rights – performance-based | Performance rights – performance-based | Performance rights – performance-based |
| LTI grants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; 42 months for 1 July 2025 (to transition to a calendar year performance period), thereafter 36 months<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The Board will employ discretion in assessing Project results and determining vesting of performance units; below, at or above targets:<br> o&nbsp;&nbsp;&nbsp;&nbsp; HSE: Top quartile HSE & Community performance (compared to North American Mining Projects)<br> o&nbsp;&nbsp;&nbsp;&nbsp; Construction: Construction delivery compared to schedule at FID<br> o&nbsp;&nbsp;&nbsp;&nbsp; Ops Readiness: Operational and business readiness on track (recruiting, systems, training etc.)<br>o&nbsp;&nbsp;&nbsp;&nbsp; Cost Control: Project spend within margin established at FID<br> o&nbsp;&nbsp;&nbsp;&nbsp; Share price: INR shareholder return compared to competitors<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Unlike producing organizations with established operations that typically aim to deliver performance conditions tied to anticipated revenues, production levels and growth objectives, ioneer has a single pre-production project with less certainty or control over key deliverables. Providing the Board with the discretion to assess the extent of delivery, the importance/value of the various targets delivered (or not) allows the ability to balance shareholder expectations and KMP reward, motivation and retention.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The Board will employ discretion in assessing Project results and determining the vesting of performance units; below, at or above targets (up to 200%) | N/A |

---

Key features include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board may at its discretion make invitations to or grant awards to eligible persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Award means an option or a performance right to acquire a Share in the capital of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Eligible Persons include executive directors or executive officers of the Group, employees, contractors or consultants of the group or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A participant may not sell or assign awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Within 30 days after the vesting date in respect of a vested performance right, the Company must
 either allocate shares or procure payment to the participant of a cash amount equal to the market price of the shares which would have otherwise been allocated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At any time during the exercise period a participant may exercise any or all their vested options by paying the exercise price.

Whilst there are a number of options and performance rights remaining on issue under the terms and conditions of previous schemes, no further options or rights will be issued under these pre-existing schemes which are described below.

#### Share Option Plan
The Group established a Share Option Plan in 2010 (and reconfirmed it at the 2016 AGM) to assist in the attraction, retention and motivation of KMP and in the retention of key consultants. Key features include:

------

[*Table of Contents*](#TABLEOFCONTENTS)

Notes to the Consolidated Financial Statements

For the six months ended December 31 2025 and years ended June 30 2025, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full or part time employees or consultants of the Group are eligible to participate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options issued pursuant to the plan will be issued free of charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options are time based and there are no performance conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options cannot be transferred and are not quoted on the ASX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options expire if not exercised 90 days after a participant resigns from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The exercise price of the options, at grant date, shall be as the directors in their absolute discretion determine, provided the exercise price shall not be less than the weighted average of the last sale price of
 the Company's shares on ASX at the close of business on each of the 5 business days immediately
 preceding the date on which the directors resolve to grant the options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The directors may limit the total number of options which may be exercised under the plan in any year.

A summary of options and performance rights on issue is set out in note 5.1.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br> performance<br> rights | Weighted<br> average<br> exercise<br> price | Number of<br> performance<br> rights | Weighted<br> average<br> exercise<br> price |
|  | December 31,<br> 2025 | December 31,<br> 2025 | June 30,<br> 2025 | June 30,<br> 2025 |
|  Outstanding at the beginning of the financial period | 63290529 | $0.24 | 33882163 | $0.37 |
| Granted | 58967942 | $0.14 | 63081077 | $0.19 |
|  Vested | (32911441) | $0.23 | (30057807) | $0.27 |
|  Lapsed | (12681185) | $0.24 | (3614904) | $0.47 |
|  **Outstanding at the end of the financial period** | 76665845 | $0.16 | 63290529 | $0.24 |

---

---

| | |
|:---|:---|
| **Section 8.** | **Group Structure** |

---

&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Controlled entities** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | 2025<br>| 2024<br>| 2023<br>|
| Controlled entities of ioneer Ltd | Note  | Country of <br> incorporation | ownership <br> interest | ownership <br> interest | ownership<br> interest |
| Ioneer USA Corporation |  | USA | **100** | 100 | 100 |
| Ioneer Minerals Corporation |  | USA | **100** | 100 | 100 |
| Ioneer Holdings USA Inc. |  | USA | **100** | 100 | 100 |
| Ioneer Holdings Nevada Inc. |  | USA | **100** | 100 | 100 |
| Gerlach Gold LLC |  | USA | **100** | 100 | 100 |
| Paradigm AZ LLC |  | USA | **100** | 100 | 100 |
| Ioneer Rhyolite Ridge Holdings LLC |  | USA | **100** | 100 | 100 |
| Ioneer Rhyolite Ridge Midco LLC |  | USA | **100** | 100 | 100 |
| Ioneer Rhyolite Ridge LLC |  | USA | **100** | 100 | 100 |
| ioneer Canada ULC |  | Canada | **100** | 100 | 100 |

---

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[*Table of Contents*](#TABLEOFCONTENTS)

Notes to the Consolidated Financial Statements

For the six months ended December 31 2025 and years ended June 30 2025, 2024 and 2023

---

| | |
|:---|:---|
| **Section 9.** | **Other disclosures** |

---

&nbsp;&nbsp;&nbsp;&nbsp;9.1 **Capital and other commitments** 

---

| | | | |
|:---|:---|:---|:---|
|  | Dec 31, | June 30, | June 30, |
|  | 2025 | 2025 | 2024 |
|  | $'000 | $'000 | $'000 |
|  **Payable within one year** |  |  |  |
|  Water rights | 1594 | 1336 | 498 |
|  Non-cancellable lease commitments | 190 | 261 | 267 |
|  Exploration and evaluation expenditure commitments |  | 317 | 216 |
|  Sub total | 1784 | 1913 | 981 |
|  **Payable after one year but not later than five years** |  |  |  |
|  Water rights | 5392 | 4971 | 953 |
|  Non-cancellable lease commitments | 163 | 288 | 54 |
|  Exploration and evaluation expenditure commitments |  | 317 | 432 |
|  Sub total | 5555 | 5576 | 1439 |
|  **Payable later than five years** |  |  |  |
|  Water rights | 9143 | 9116 | - |
|  Non-cancellable operating lease rental commitments |  | - | - |
|  Exploration and evaluation expenditure commitments |  | - | - |
|  Sub total | 9143 | 9116 | - |
| **Total commitments** | 16482 | 16605 | 2420 |

---

#### Water rights
The Company has secured water rights via exclusive options to enter into long-term leases. In addition, there is an option to purchase these water rights and associated land at any time at the Company's sole election. This is a discretionary purchase and is excluded from the commitments disclosed above.

#### Non-cancellable lease commitments
Included within non-cancellable lease commitments is the lease of a neighboring property to the Rhyolite Ridge Lithium-Boron Project. The Company has entered into an option agreement to purchase this property. The cost of this discretionary purchase is excluded from the commitments disclosed above.

**Exploration license expenditure requirements**

In order to maintain the Company's tenements in good standing with the various mines departments and comply with the underlying option agreements, the Company will be required to pay annual claim maintenance fees. It is likely that the granting of new licenses and changes in license areas at renewal or expiry will change the expenditure commitment to the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;9.2 **Contingent liabilities** 

#### Settlement of Rhyolite Ridge
The Company entered an option agreement to purchase Rhyolite Ridge from Boundary Peak Minerals LLC on June 3, 2016. The Company has made four progress payments to Boundary Peak under the agreement. A final payment will fall due following Board making a 'decision to mine' the Rhyolite Ridge property. Once this decision is made, the Company is required under the terms of the contract to either:

------

[*Table of Contents*](#TABLEOFCONTENTS)

Notes to the Consolidated Financial Statements

For the six months ended December 31 2025 and years ended June 30 2025, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pay Boundary Peak LLC US$3 million, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issue shares (or a mix of both shares and cash) to Boundary Peak LLC, to the equivalent of US$3
 million at a fixed exchange rate of USD $0.75 = AUD$1.00.

At the date of this report the decision to mine has not yet been made by the Company.

There are no other known contingent liabilities as at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;9.3 **Related Party disclosures** 

#### Non-key management personnel disclosures
The Group has a related party relationship with its controlled entities, refer to note 8.1. The Company and its controlled entities engage in a variety of related party transactions in the ordinary course of business. These transactions are conducted on normal terms and conditions.

#### Key management personnel disclosures
For all related party transactions with key management personnel, refer to note 7.2, Key management personnel disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;9.4 **Events after reporting date** 

On 5 February 2026, Ioneer announced the issue of 400,000,000 new fully paid ordinary shares at an issue price of A$0.18 (~US$0.13) per share by way of a single-tranche placement for gross proceeds of A$72 million (~US$50 million). The placement was strongly supported by new and existing shareholders and will be used to accelerate the development of Rhyolite Ridge including long lead items and early works, to advance project readiness, fund environmental permitting expenses and commitments, pay other project costs and fund working capital, meet obligations under the closed DOE Loan and for general corporate purposes.

Other than as mentioned above, in the period since 31 December 2025 and up to the date of this report, there has not been any other item, transaction or event of a material and unusual nature likely in the opinion of directors, to substantially affect the operations of the Group, the results of those operations or the state of affairs of the Group in subsequent financial years.

------

[*Table of Contents*](#TABLEOFCONTENTS)

---

| | |
|:---|:---|
| **ITEM 19.** | **EXHIBITS** |

---

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| [1.1](https://www.sec.gov/Archives/edgar/data/1896084/000114036122021826/ny20001440x5_ex1-1.htm) | Constitution of ioneer Ltd (incorporated by reference to Exhibit 1.1 to the Company's Registration Statement on Form 20-F, filed on June 3, 2022) |
| [2.1](https://www.sec.gov/Archives/edgar/data/1896084/000114036122021826/ny20001440x5_ex2-1.htm) | Deposit Agreement among ioneer Ltd, The Bank of New York Mellon, and Owners and Holders of American Depositary Shares (incorporated by reference to Exhibit 2.1 to the Company's Registration Statement on Form 20-F, filed on June 3, 2022) |
| [2.2](https://www.sec.gov/Archives/edgar/data/1896084/000114036122021826/ny20001440x5_ex2-1.htm) | Form of American Depositary Receipt evidencing American Depositary Shares (included in Exhibit 2.1) |
| [2.3](https://www.sec.gov/Archives/edgar/data/1896084/000114036122037990/brhc10042872_ex2-3.htm) | Description of Share Capital (incorporated by reference to Exhibit 2.3 to the Company's Annual Report on Form 20-F, filed on October 21, 2022) |
| [4.1+](https://www.sec.gov/Archives/edgar/data/1896084/000114036125038934/ef20050367_ex4-1.htm) | Loan Arrangement and Reimbursement Agreement, dated January 17, 2025, by and between ioneer Rhyolite Ridge LLC and United States Department of Energy (incorporated by reference to Exhibit 4.1 to the Company's Annual Report of Form 20-F, filed on October 22, 2025) |
| [4.2+](https://www.sec.gov/Archives/edgar/data/1896084/000114036125038934/ef20050367_ex4-2.htm) | Sponsor Support, Share Retention and Subordination Agreement, dated January 17, 2025, by and among ioneer Ltd, ioneer Rhyolite Ridge LLC, United States Department of Energy, Citibank, N.A. and other parties thereto (incorporated by reference to Exhibit 4.2 to the Company's Annual Report on Form 20-F, filed on October 22, 2025) |
| [4.3+](https://www.sec.gov/Archives/edgar/data/1896084/000114036122022988/ny20001440x7_ex4-2.htm) | Mining Lease and Option to Purchase Agreement, dated June 3, 2016, by and among Boundary Peak Minerals LLC, Paradigm Minerals Arizona Corporation and the other parties thereto (incorporated by reference to Exhibit 4.2 to the Company's Registration Statement on Form 20-F, filed on June 15, 2022) |
| [4.4](https://www.sec.gov/Archives/edgar/data/1896084/000114036122026041/brhc10039620_ex99-1.htm) | Form of ioneer Ltd Employee and Consultant Share Option Plan (incorporated by reference to Exhibit 99.1 to the Company's Registration Statement on Form S-8, filed on July 14, 2022). |
| [4.5](https://www.sec.gov/Archives/edgar/data/1896084/000114036122026041/brhc10039620_ex99-2.htm) | Form of ioneer Ltd Incentive Plan (incorporated by reference to Exhibit 99.2 to the Company's Registration Statement on Form S-8, filed on July 14, 2022). |
| [8.1](https://www.sec.gov/Archives/edgar/data/1896084/000114036122021826/ny20001440x5_ex8-1.htm) | List of Subsidiaries of ioneer Ltd (incorporated by reference to Exhibit 8.1 to the Company's Registration Statement on Form 20-F, filed on June 3, 2022) |
| [11.1](https://www.sec.gov/Archives/edgar/data/1896084/000114036124043898/ef20018179_ex11-1.htm) | Trading Policy (incorporated by reference to Exhibit 11.1 to the Company's Annual Report on Form 20-F, filed on October 22, 2024) |
| [12.1\*](ef20070398_ex12-1.htm) | Section 302 Certification of Chief Executive Officer |
| [12.2\*](ef20070398_ex12-2.htm) | Section 302 Certification of Chief Financial Officer |
| [13.1\*\*](ef20070398_ex13-1.htm) | Section 906 Certification of Chief Executive Officer |
| [13.2\*\*](ef20070398_ex13-2.htm) | Section 906 Certification of Chief Financial Officer |
| [15.1\*](ef20070398_ex15-1.htm) | Consent of Ernst & Young |
| [15.2\*](ef20070398_ex15-2.htm) | Consent of AtkinsRealis Canada Inc. |
| [15.3\*](ef20070398_ex15-3.htm) | Consent of Independent Mining Consultants, Inc. |
| [15.4\*](ef20070398_ex15-4.htm) | Consent of Westland Engineering & Environmental Services |
| [15.5\*](ef20070398_ex15-5.htm) | Consent of NewFields Mining Design & Technical Services, LLC<br>|
| [15.6\*](ef20070398_ex15-6.htm) | Consent of Leonard Rice Consulting Water Engineers, Inc. |
| [15.7\*](ef20070398_ex15-7.htm) | Consent of Piteau Associates |
| [15.8\*](ef20070398_ex15-8.htm) | Consent of Geo-Logic Associates, Inc. |
| [15.9\*](ef20070398_ex15-9.htm) | Consent of Chad Yeftich |
| [15.10\*](ef20070398_ex15-10.htm) | Consent of Yoshio Nagai |
| [15.11\*](ef20070398_ex15-11.htm) | April 2026 S-K 1300 Technical Report Summary |
| [97.1](https://www.sec.gov/Archives/edgar/data/1896084/000114036124043898/ef20018179_ex11-1.htm) | Clawback Policy (incorporated by reference to Exhibit 11.1 to the Company's Annual Report on Form 20-F, filed on October 22, 2024) |
| 101.1 | The following financial statements from the Company's Transition Report on Form 20-F for the six months ended December 31, 2025, formatted in Inline XBRL: (i) Consolidated Statements of Profit or Loss and Other Comprehensive Income, (ii) Consolidated Statement of Financial Position, (iii) Consolidated Statements of Changes in Equity, (iv) Consolidated Statements of Cash Flows, and (v) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

+ Certain confidential information contained in this document, marked by \*\*\*, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

\* Filed herewith.

\*\* Furnished herewith.

------

[*Table of Contents*](#TABLEOFCONTENTS)

#### SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing this transition report on Form 20-F and that it has duly caused and authorized the undersigned to sign this transition report on Form 20-F filed on its behalf.

---

| | | |
|:---|:---|:---|
|  | **IONEER LTD** | **IONEER LTD** |
|  | By: | /s/ Bernard Rowe |
|  |  | Bernard Rowe |
|  |  | Managing Director and Chief Executive Officer |
| Date: April 29, 2026 |  |  |

---

------

## Exhibit 12.1

------

#### Exhibit 12.1

#### <br>

#### CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a)

#### UNDER THE SECURITIES EXCHANGE ACT OF 1934

#### AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Bernard Rowe, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this transition report on Form 20-F of ioneer Ltd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
 made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
 financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
 Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that
 material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to
 provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
 disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the transition
 report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
 company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
 adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial
 reporting.

---

| | |
|:---|:---|
| Date: | April 29, 2026 |
| By: | /s/ Bernard Rowe |
| Name: | Bernard Rowe |
| Title: | Managing Director and Chief Executive Officer |
|  | (principal executive officer) |

---

------

## Exhibit 12.2

------

#### Exhibit 12.2

#### <br>

#### CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a)

#### UNDER THE SECURITIES EXCHANGE ACT OF 1934

#### AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, April Hashimoto, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this transition report on Form 20-F of ioneer Ltd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light
 of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition,
 results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
 and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
 relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
 assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
 controls and procedures, as of the end of the period covered by this report based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the transition report that has
 materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and
 the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
 the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | April 29, 2026 |
| By: | /s/ April Hashimoto |
| Name: | April Hashimoto |
| Title: | Chief Financial Officer |
|  | (principal financial officer) |

---

------

## Exhibit 13.1

------

#### Exhibit 13.1

#### <br>

#### CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

#### AS ADOPTED PURSUANT TO

#### SECTION 906 OF THE SARBANES OXLEY ACT OF 2002
In connection with the Transition report of ioneer Ltd (the "Company") on Form 20-F for the six months ended December 31, 2025 (the "Transition Report") as filed with the Securities and Exchange Commission on the date hereof, I, Bernard Rowe, Chief Executive Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Transition Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Transition Report fairly presents, in all material respects, the financial condition and results of operations of ioneer
 Ltd.

---

| | |
|:---|:---|
| Date: | April 29, 2026 |
| By: | /s/ Bernard Rowe |
| Name: | Bernard Rowe |
| Title: | Managing Director and Chief Executive Officer |
|  | (principal executive officer) |

---

------

## Exhibit 13.2

------

#### Exhibit 13.2

#### <br>

#### CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

#### AS ADOPTED PURSUANT TO

#### SECTION 906 OF THE SARBANES OXLEY ACT OF 2002
In connection with the transition report of ioneer Ltd (the "Company") on Form 20-F for the six months ended December 31, 2025 (the "Transition Report") as filed with the Securities and Exchange Commission on the date hereof, I, April Hashimoto, Chief Financial Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Transition Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Transition Report fairly presents, in all material respects, the financial condition and results of operations of ioneer
 Ltd.

---

| | |
|:---|:---|
| Date: | April 29, 2026 |
| By: | /s/ April Hashimoto |
| Name: | April Hashimoto |
| Title: | Chief Financial Officer |
|  | (principal financial officer) |

---

------

## Exhibit 15.1

------

#### Exhibit 15.1

#### <br>

#### Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-266137) pertaining to the Employee and Consultant Share Option Plan and the Incentive Plan of ioneer Ltd of our report dated April 29, 2026, with respect to the consolidated financial statements of ioneer Ltd included in this Transition report (Form 20-F) for the six month period ended December 31, 2025.

---

| |
|:---|
| /s/ Ernst & Young |
| Sydney, Australia |
| April 29, 2026 |

---

------

## Exhibit 15.2

------

#### Exhibit 15.2 <br>

#### <br>

#### Consent of Qualified Person
AtkinsRéalis Canada Inc. ("Atkins"), in connection with the transition report on Form 20-F of ioneer Ltd for the six-month period ended December 31, 2025 and any further amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consents to:

<br> • the filing and use of the technical report summary titled "Technical Report Summary of the Rhyolite Ridge Lithium-Boron Project" (as amended or supplemented, the "Technical Report Summary"), as an exhibit to the Form 20-F;

<br> • the use of and references to Atkins' name, including Atkins' status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the Securities and Exchange Commission), in connection with the Form 20-F and the Technical Report Summary;

• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarized, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by Atkins, that Atkins supervised the preparation of and/or that was reviewed and approved by Atkins, that is included or incorporated by reference in the Form 20-F; and

<br> • the incorporation by reference in the Registration Statement on Form S-8 (File No. 333-266137) of the above items as included in the Form 20-F.

Atkins certifies that it has read the Form 20-F and that it fairly and accurately represents the information in the Technical Report Summary for which it is responsible.

Date: April 29, 2026 <br>

---

| | |
|:---|:---|
| By: | /s/ Karthik Narayanaswamy |

---

---

| | |
|:---|:---|
| Name:<br>| Karthik Narayanaswamy, Ph.D. |
| Title: | Vice President, Mineral Processing & Smelting<br> Minerals & Metals, North America<br> AtkinsRéalis |

---

------

## Exhibit 15.3

------

#### Exhibit 15.3

#### <br>

#### Consent of Qualified Person
Independent Mining Consultants, Inc. ("IMC"), in connection with the transition report on Form 20-F of ioneer Ltd for the six-month period ended December 31, 2025 and any further amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consents to:

<br> • the filing and use of the technical report summary titled "Technical Report Summary of the Rhyolite Ridge Lithium-Boron Project" (as amended or supplemented, the "Technical Report Summary"), as an exhibit to the Form 20-F;

<br> • the use of and references to IMC's name, including IMC's status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the Securities and Exchange Commission), in connection with the Form 20-F and the Technical Report Summary;

• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarized, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by IMC, that IMC supervised the preparation of and/or that was reviewed and approved by IMC, that is included or incorporated by reference in the Form 20-F; and

<br> • the incorporation by reference in the Registration Statement on Form S-8 (File No. 333-266137) of the above items as included in the Form 20-F.

IMC certifies that it has read the Form 20-F and that it fairly and accurately represents the information in the Technical Report Summary for which it is responsible.

Date: April 29, 2026

---

| | |
|:---|:---|
| By: | /s/ Herbert Welhener |

---

---

| | |
|:---|:---|
| Name:<br>| Herbert Welhener |
| Title: | Vice President |

---

------

## Exhibit 15.4

------

#### Exhibit 15.4

#### Consent of Qualified Person
Westland Engineering & Environmental Services ("Westland"), in connection with the transition report on Form 20-F of ioneer Ltd for the six-month period ended December 31, 2025 and any further amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consents to:

<br> • the filing and use of the technical report summary titled "Technical Report Summary of the Rhyolite Ridge Lithium-Boron Project" (as amended or supplemented, the "Technical Report Summary"), as an exhibit to the Form 20-F;

• the use of and references to Westland's name, including Westland's status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the Securities and Exchange Commission), in connection with the Form 20-F and the Technical Report Summary;

• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarized, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by Westland, that Westland supervised the preparation of and/or that was reviewed and approved by Westland, that is included or incorporated by reference in the Form 20-F; and

<br> • the incorporation by reference in the Registration Statement on Form S-8 (File No. 333-266137) of the above items as included in the Form 20-F.

Westland certifies that it has read the Form 20-F and that it fairly and accurately represents the information in the Technical Report Summary for which it is responsible.

Date: April 29, 2026

---

| | |
|:---|:---|
| By: | /s/ Richard Delong |
| Name:<br>| Richard Delong |
| Title: | Senior Technical Advisor |

---

------

## Exhibit 15.5

------

**Exhibit 15.5**<br>

#### Consent of Qualified Person

#### <br>
NewFields Mining Design & Technical Services, LLC ("NewFields"), in connection with transition report on Form 20-F of ioneer Ltd for the six-month period ended December 31, 2025 and any further amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consents to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the filing and use of the technical report summary titled "Technical Report Summary of the Rhyolite Ridge Lithium-Boron Project" (as amended or
 supplemented, the "Technical Report Summary"), as an exhibit to the Form 20-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of and references to NewFields' name, including NewFields' status as an expert or "qualified person" (as defined in Subpart 1300 of
 Regulation S-K promulgated by the Securities and Exchange Commission), in connection with the Form 20-F and the Technical Report Summary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarized, quoted or
 referenced from the Technical Report Summary, or portions thereof, that was prepared by NewFields, that NewFields supervised the preparation of and/or that was reviewed and approved by NewFields, that is included or incorporated by
 reference in the Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the incorporation by reference in the Registration Statement on Form S-8 (File No. 333-266137) of the above items as included in the Form 20-F.

NewFields certifies that it has read the Form 20-F and that it fairly and accurately represents the information in the Technical Report Summary for which it is responsible.

Date: April 29, 2026

---

| | |
|:---|:---|
| By: | /s/ Derek Wittwer |
| Name: Derek Wittwer | Name: Derek Wittwer |
| Title: President | Title: President |

---

------

## Exhibit 15.6

------

#### Exhibit 15.6

#### Consent of Qualified Person
Leonard Rice Consulting Water Engineers, Inc. ("LRE"), in connection with the transition report on Form 20-F of ioneer Ltd for the six-month period ended December 31, 2025 and any further amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consents to:

<br> • the filing and use of the technical report summary titled "Technical Report Summary of the Rhyolite Ridge Lithium-Boron Project" (as amended or supplemented, the "Technical Report Summary"), as an exhibit to the Form 20-F;

• the use of and references to LRE's name, including LRE's status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the Securities and Exchange Commission), in connection with the Form 20-F and the Technical Report Summary;

• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarized, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by LRE, that LRE supervised the preparation of and/or that was reviewed and approved by LRE, that is included or incorporated by reference in the Form 20-F; and

<br> • the incorporation by reference in the Registration Statement on Form S-8 (File No. 333-266137) of the above items as included in the Form 20-F.

LRE certifies that it has read the Form 20-F and that it fairly and accurately represents the information in the Technical Report Summary for which it is responsible.

Date: April 29, 2026

---

| | |
|:---|:---|
| By:<br>| /s/ Brent Johnson |
| Name: Brent Johnson | Name: Brent Johnson |
| Title: Principal Geochemist/Hydrogeologist | Title: Principal Geochemist/Hydrogeologist |

---

------

## Exhibit 15.7

------

#### Exhibit 15.7

#### Consent of Qualified Person
Piteau Associates ("Piteau"), in connection with the transition report on Form 20-F of ioneer Ltd for the six-month period ended December 31, 2025 and any further amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consents to:

<br> • the filing and use of the technical report summary titled "Technical Report Summary of the Rhyolite Ridge Lithium-Boron Project" (as amended or supplemented, the "Technical Report Summary"), as an exhibit to the Form 20-F;

• the use of and references to Piteau's name, including Piteau's status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the Securities and Exchange Commission), in connection with the Form 20-F and the Technical Report Summary;

• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarized, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by Piteau, that Piteau supervised the preparation of and/or that was reviewed and approved by Piteau, that is included or incorporated by reference in the Form 20-F; and

<br> • the incorporation by reference in the Registration Statement on Form S-8 (File No. 333-266137) of the above items as included in the Form 20-F.

Piteau certifies that it has read the Form 20-F and that it fairly and accurately represents the information in the Technical Report Summary for which it is responsible.

Date: April 29, 2026

---

| | |
|:---|:---|
| By: | /s/Tyler Cluff |

---

---

| | |
|:---|:---|
| Name:<br>| Tyler Cluff |
| Title: | Principal Hydrogeologist |

---

------

## Exhibit 15.8

------

#### Exhibit 15.8

#### Consent of Qualified Person
Geo-Logic Associates, Inc. ("Geo-Logic"), in connection with the transition report on Form 20-F of ioneer Ltd for the six-month period ended December 31, 2025 and any further amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consents to:

<br> • the filing and use of the technical report summary titled "Technical Report Summary of the Rhyolite Ridge Lithium-Boron Project" (as amended or supplemented, the "Technical Report Summary"), as an exhibit to the Form 20-F;

• the use of and references to Geo-Logic's name, including Geo-Logic's status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the Securities and Exchange Commission), in connection with the Form 20-F and the Technical Report Summary;

• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarized, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by Geo-Logic, that Geo-Logic supervised the preparation of and/or that was reviewed and approved by Geo-Logic, that is included or incorporated by reference in the Form 20-F; and

<br> • the incorporation by reference in the Registration Statement on Form S-8 (File No. 333-266137) of the above items as included in the Form 20-F.

Geo-Logic certifies that it has read the Form 20-F and that it fairly and accurately represents the information in the Technical Report Summary for which it is responsible.

Date: April 29, 2026

---

| | |
|:---|:---|
| By: | /s/ Robert B. Valceschini |

---

---

| | |
|:---|:---|
| Name:<br>| Robert B. Valceschini |
| Title: | Nevada Operating Unit Manager |

---

------

## Exhibit 15.9

------

#### Exhibit 15.9

#### Consent of Qualified Person
I, Chad Yeftich, in connection with the transition report on Form 20-F of ioneer Ltd for the six-month period ended December 31, 2025 and any further amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consents to:

<br> • the filing and use of the technical report summary titled "Technical Report Summary of the Rhyolite Ridge Lithium-Boron Project" (as amended or supplemented, the "Technical Report Summary"), as an exhibit to the Form 20-F;

• the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the Securities and Exchange Commission), in connection with the Form 20-F and the Technical Report Summary;

• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarized, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 20-F; and

<br> • the incorporation by reference in the Registration Statement on Form S-8 (File No. 333-266137) of the above items as included in the Form 20-F.

I certify that I have read the Form 20-F and that it fairly and accurately represents the information in the Technical Report Summary for which I am responsible.

Date: April 29, 2026

---

| | |
|:---|:---|
| By: | /s/ Chad Yeftich |

---

---

| | |
|:---|:---|
| Name:<br>| Chad Yeftich |
| Title: | Vice President Corporate Development and External Affairs of ioneer Ltd |

---

------

## Exhibit 15.10

------

#### Exhibit 15.10

#### Consent of Qualified Person
I, Yoshio Nagai, in connection with the transition report on Form 20-F of ioneer Ltd for the six-month period ended December 31, 2025 and any further amendments or supplements and/or exhibits thereto (collectively, the "Form 20-F"), consents to:

<br> • the filing and use of the technical report summary titled "Technical Report Summary of the Rhyolite Ridge Lithium-Boron Project" (as amended or supplemented, the "Technical Report Summary"), as an exhibit to the Form 20-F;

• the use of and references to my name, including my status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the Securities and Exchange Commission), in connection with the Form 20-F and the Technical Report Summary;

• any extracts from, or summaries of, the Technical Report Summary in the Form 20-F and the use of information derived, summarized, quoted or referenced from the Technical Report Summary, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 20-F; and

<br> • the incorporation by reference in the Registration Statement on Form S-8 (File No. 333-266137) of the above items as included in the Form 20-F.

I certify that I have read the Form 20-F and that it fairly and accurately represents the information in the Technical Report Summary for which I am responsible.

Date: April 29, 2026

---

| | |
|:---|:---|
| By: | /s/ Yoshio Nagai |

---

---

| | |
|:---|:---|
| Name:<br>| Yoshio Nagai |
| Title: | Vice President Commercial Sales & Marketing of ioneer Ltd |

---

------

## Exhibit 15.11

**Exhibit 15.11**

![](img001.jpg)

------

<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Contents**

**1.** **Executive Summary** **1-1** 

1.1. Introduction 1-1

1.2. Property Description and Ownership 1-1

1.3. Geology and Mineralization 1-1

1.4. History 1-2

1.5. Exploration 1-2

1.5.1. Exploration 1-2

1.5.2. Drilling 1-2

1.5.3. Quarry - Geotechnical 1-3

1.5.4. Infrastructure - Geotechnical 1-3

1.6. Sampling 1-3

1.7. Data Verification 1-4

1.8. Metallurgical Testwork 1-4

1.9. Mineral Resource Estimate 1-6

1.9.1. Estimation Methodology 1-6

1.9.2. Mineral Resource Statement 1-8

1.10. Mineral Reserve Estimate 1-11

1.11. Mining Methods 1-14

1.12. Recovery Methods 1-14

1.13. Infrastructure 1-16

1.14. Market Studies 1-17

1.14.1. Markets 1-17

1.14.2. Commodity Price Forecasts <br> 1-17

1.14.3. Contracts <br> 1-18

1.15. Environmental, Permitting, and Social Considerations <br> 1-18

1.15.1. Environmental Considerations 1-18

1.15.2. Closure and Reclamation 1-18

1.15.3. Permitting Considerations 1-19

1.15.4. Social Considerations 1-19

1.16. Capital Costs 1-19

1.17. Operating Costs 1-20

1.18. Economic Analysis 1-21

1.18.1. Cashflow Analysis 1-21

1.18.2. Sensitivity Analysis 1-21

1.19. Risks and Opportunities 1-21

1.19.1. Risks 1-21

**ii** 25 APRIL 2026

------

<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

1.19.2. Opportunities 1-22

1.20. Conclusions 1-22

1.21. Recommendations 1-22

**2.** **Introduction** **2-1** 

2.1. Introduction 2-1

2.2. Terms of Reference 2-1

2.3. Qualified Persons 2-1

2.4. Scope of Personal Inspection 2-2

2.5. Information Sources 2-3

2.6. Report Date 2-3

2.7. Previously Filed Technical Report Summaries 2-3

2.8. Definitions 2-4

**3.** **Property Description** **3-1** 

3.1. Property Location 3-1

3.2. Property Ownership 3-2

3.3. Mineral Rights 3-2

3.3.1. Name and Number of Mineral Rights 3-2

3.3.2. Description on Acquisition of Mineral Rights 3-9

3.3.3. Surface Rights 3-9

3.3.4. Water Rights 3-9

3.4. Permits 3-9

3.5. Significant Encumbrances to the Property 3-10

3.6. Species of Conservation Interest 3-10

3.7. Royalty Payments 3-12

3.8. QP Statement 3-12

**4.** **Accessibility, Climate, Local Resources, Infrastructure, and Physiography** **4-1** 

4.1. Topography and Land Description 4-1

4.2. Access to the Property 4-2

4.3. Climate Description 4-4

4.4. Availability of Required Infrastructure 4-4

4.4.1. Transportation 4-4

4.4.2. Labor and Accommodation 4-4

4.4.3. Power 4-5

4.4.4. Water 4-5

**5.** **History** **5-1** 

**6.** **Geological Setting, Mineralization, and Deposit** **6-1** 

**iii** 25 APRIL 2026

------

<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

6.1. Deposit Type 6-1

6.2. Regional Geology 6-1

6.3. Local and Property Geology 6-1

6.4. Mineralization 6-6

**7.** **Exploration** **7-1** 

7.1. Exploration 7-1

7.1.1. 2010 Outcrop/Subcrop Trenching 7-1

7.1.2. 2017 Surface Gravity Geophysical Survey 7-1

7.1.3. 2019 Surface Reflection Seismic Geophysical Survey 7-3

7.1.4. 2019 Magnetic Drone Survey 7-3

7.1.5. 2019 Surficial Geological Mapping 7-3

7.1.6. 2018 Topographic Survey 7-6

7.2. Geological Exploration Drilling 7-6

7.2.1. Exploration Drilling Methods and Results 7-6

7.2.2. Recovery 7-9

7.2.3. Drill Hole Logging 7-10

7.2.4. Collar Surveys 7-11

7.2.5. Downhole Surveys 7-11

7.2.6. Drill Hole Data Spacing and Distribution 7-11

7.2.7. Relationship Between Mineralization Widths and Intercept
 Lengths 7-11

7.2.8. QP Statement on Exploration Drilling 7-12

7.3. Hydrogeological Drilling and Sampling 7-12

7.3.1. Sampling Methods and Laboratory Determinations 7-12

7.3.2. Data Verification 7-13

7.3.3. Baseline Hydrogeology 7-13

7.3.4. Groundwater Monitoring and Chemistry 7-14

7.3.5. QP Statement on Hydrogeology 7-18

7.4. Quarry Stability- Geotechnical Drilling and Sampling 7-18

7.4.1. Field Investigation 7-18

7.4.2. Data Verification 7-21

7.4.3. Laboratory Testing and Cell Mapping 7-22

7.4.4. Statement on Geotechnical 7-27

7.5. Infrastructure - Geotechnical Drilling and Sampling 7-27

7.5.1. Sampling Methods and Laboratory Determinations 7-27

7.5.2. Data Verification 7-32

7.5.3. Testwork In Support of Spent Ore Storage and Process Facility
 Locations 7-32

7.5.4. QP Statement on Geotechnical 7-32

**8.** **Sample Preparation, Analyses, and Security** **8-1** 

8.1. Field Sampling Techniques 8-1

8.1.1. RC Drilling 8-1

8.1.2. Core Drilling 8-1

**iv** 25 APRIL 2026

------

<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

8.2. Sample Results 8-2

8.3. Sample Audits and Reviews 8-3

8.4. Analytical and Test Laboratories 8-3

8.5. Sample Security 8-4

8.6. Sample Preparation 8-4

8.7. Analytical Method 8-4

8.8. Quality Control and Quality Assurance Programs 8-4

8.9. Verification of Sampling and Assaying 8-5

8.10. QP's Opinion Regarding Sample Preparation, Security, and
 Analytical Procedures 8-5

**9.** **Data Verification** **9-1** 

9.1. Exploration Data Compilation 9-1

9.2. Data Verification by Qualified Person 9-1

9.2.1. Drill Hole Collar Checks 9-2

9.2.2. Comparison of Geologic Logging to Block Model Geology 9-2

9.2.3. Certificate Checks 9-2

9.2.4. Check of Standards, Blanks and Duplicates 9-3

9.2.5. Density Data 9-8

9.3. Qualified Person's Opinion on Data Adequacy 9-8

**10.** **Mineral Processing and Metallurgical Testing** **10-1** 

10.1. Mineral Processing and Metallurgical Testing (Pre-2024) 10-1

10.1.1. Stream 1 10-1

10.1.2. Stream 2 & 3 10-20

10.2. Laboratories Used for Metallurgical Testing (Pre-2024) 10-22

10.3. Additional Metallurgical Testwork (Post-2024) 10-24

10.3.1. Leaching System Optimization 10-24

10.3.2. Low Boron Flowsheet Simulation 10-25

10.4. Representativeness of Metallurgical Testing 10-25

10.4.1. Metallurgical Testwork Samples 10-26

10.4.2. Aqueous Phase Samples 10-30

10.5. Recovery Estimates 10-30

10.5.1. Boron Recovery 10-31

10.5.2. Lithium Recovery 10-31

10.5.3. Key Factors Influencing Boron and Lithium Recovery in
 Leaching Processes 10-31

10.6. QP's Opinion 10-32

10.6.1. Adequacy of Testwork Data and Analytical Methods 10-32

10.6.2. Boric Acid Flotation Testwork Observation 10-32

10.6.3. PLS Impurity Removal (IR1) 10-33

**11.** **Mineral Resource Estimates** **11-1** 

11.1. Geological Modeling Methodology and Assumptions 11-1

**v** 25 APRIL 2026

------

<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

11.2. Geological Modeling Database 11-1

11.3. Exploratory Data Analysis 11-4

11.3.1. Statistical Analysis 11-4

11.3.2. Geostatistical Analysis 11-6

11.4. Geological Modeling 11-10

11.4.1. Topographic Model 11-11

11.4.2. Stratigraphic Model 11-12

11.4.3. Fault Block Model 11-16

11.4.4. Grade Model 11-18

11.5. Moisture Basis 11-22

11.6. Density 11-22

11.7. Resource Classification 11-24

11.8. Reblocked Model 11-27

11.9. Establish Prospect of Economic Extraction 11-28

11.9.1. Assumptions for Establishing Prospects of Economic Extraction 11-28

11.9.2. Inputs 11-30

11.9.3. Acid Consumption and Cost 11-30

11.9.4. Calculation of Net Value 11-32

11.10. Mineral Resource Statement 11-32

11.10.1. Mining Factors or Assumptions 11-38

11.11. Mineral Resource Uncertainty Discussion 11-39

11.12. Factors That are Likely to Influence the Prospect of Economic
 Extraction 11-40

**12.** **Mineral Reserve Estimates** **12-1** 

12.1. Key Assumptions, Parameters, and Methods 12-1

12.1.1. Mine Design Criteria 12-1

12.1.2. Modifying Factors 12-2

12.1.3. Pit Targeting Methodology and Pit Selection 12-7

12.1.4. Final Quarry Design 12-9

12.2. Mineral Reserve Estimate 12-20

12.3. QP's Opinion on Factors That Could Materially Affect the
 Mineral Reserve Estimates 12-22

**13.** **Mining Methods** **13-1** 

13.1. Parameters Relative to the Quarry Design and Plans 13-1

13.1.1. Geotechnical 13-1

13.1.2. Hydrogeological 13-1

13.1.3. Surface Water Controls 13-2

13.1.4. Seismic Activity 13-3

13.2. Mine Design Factors 13-4

13.2.1. Quarry Design Objective and Constraints 13-4

13.2.2. Production Rates 13-4

13.2.3. Expected Mine Life 13-8

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13.2.4. Mining Dilution and Recovery Factors 13-10

13.3. Stripping and Backfilling Requirements 13-10

13.4. Mining Fleet, Machinery, and Personnel Requirements 13-13

13.4.1. Quarry Production Tasks 13-13

13.4.2. Quarry Production and Support Equipment 13-14

13.4.3. Equipment Performance Factors and Fleet Requirements 13-15

13.4.4. Labor Requirements 13-20

**14.** **Processing and Recovery Methods** **14-1** 

14.1. Process Description 14-1

14.1.1. Ore Storage, Handling, and Sizing 14-4

14.1.2. Vat Leaching 14-4

14.1.3. Boric Acid Crystallization (CRZ1) 14-5

14.1.4. Boric Acid Production (CRZ3) 14-5

14.1.5. Impurity Removal (IR1) 14-6

14.1.6. Evaporation (EVP1) 14-6

14.1.7. Crystallization (CRZ2) 14-7

14.1.8. Lithium Circuit 14-7

14.2. Process Development 14-8

14.2.1. Process Development 14-10

14.2.2. Process Development Improvements 14-10

14.3. Additional Required Plant Infrastructure 14-13

14.4. Processing Plant Throughput and Design, and Equipment Layout,
 Characteristics, and Specifications 14-13

14.4.1. Design Basis and Criteria 14-13

14.4.2. Operating Schedule and Availability 14-14

14.4.3. Processing Equipment Characteristics and Specifications 14-14

14.4.4. Processing Equipment Layout 14-16

14.5. Projected Requirements for Energy, Water, Process Materials,
 and Personnel 14-18

14.5.1. Energy 14-18

14.5.2. Water 14-18

14.5.3. Other Utilities 14-20

14.5.4. Reagents 14-21

14.5.5. Personnel 14-24

**15.** **Infrastructure** **15-1** 

15.1. Roads and Logistics 15-5

15.1.1. Site Access 15-5

15.1.2. Roads and Logistics 15-5

15.2. Onsite Power Plant 15-6

15.3. Sulfuric Acid Plant 15-7

15.4. Water Usage 15-9

15.5. Accommodation 15-10

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15.6. Spent Ore Storage Facility 15-10

**16.** **Market Studies** **16-1** 

16.1. Lithium 16-1

16.1.1. Lithium Carbonate Price Basis for the Project 16-1

16.1.2. Lithium Supply and Demand 16-2

16.1.3. Lithium Customers and Competitor Analysis 16-6

16.1.4. Lithium Price and Volume Forecasts 16-7

16.2. Boric Acid 16-11

16.2.1. Boric Acid Price Basis for the Project 16-11

16.2.2. Boron Supply and Demand 16-11

16.2.3. Boron Customer and Competitor Analysis 16-14

16.2.4. Boron Price Forecast 16-17

16.3. Contracts 16-19

**17.** **Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups** **17-1** 

17.1. Environmental Studies 17-1

17.1.1. Baseline Studies 17-1

17.1.2. Environmental and Social Impact Assessment 17-4

17.1.3. Air Quality and Climate Change 17-4

17.1.4. Biological Resources 17-4

17.1.5. Cultural Resources 17-7

17.1.6. Environmental Justice 17-7

17.1.7. Geology and Minerals 17-7

17.1.8. Geochemistry 17-8

17.1.9. Hazardous Materials and Solid Waste 17-10

17.1.10. Land Use and Realty 17-10

17.1.11. Livestock Grazing 17-10

17.1.12. Native American Traditional Values 17-10

17.1.13. Paleontological Resources 17-10

17.1.14. Recreation 17-11

17.1.15. Social and Economic Values 17-11

17.1.16. Soil Resources 17-12

17.1.17. Transportation and Access 17-13

17.1.18. Visual Resources 17-13

17.1.19. Water Resources – Surface Water 17-13

17.1.20. Water Resources- Groundwater 17-14

17.2. Requirements and Plans for Waste and Tailings Disposal, Site
 Monitoring, and Water Management During Operations and After Mine Closure 17-15

17.2.1. Effluents 17-15

17.2.2. Waste Management 17-15

17.2.3. Air Quality 17-15

17.2.4. Stormwater Controls 17-16

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17.2.5. Tailings Management and Monitoring 17-16

17.2.6. Tailings and Process Water Containment, Management, and
 Treatment 17-17

17.3. Permitting Requirements 17-17

17.3.1. Environmental Protection Measures 17-20

17.4. Plans, Negotiations, or Agreements with Local Individuals or
 Groups 17-26

17.5. Descriptions of any Commitments to Ensure Local Procurement
 and Hiring 17-26

17.6. Mine Closure Plans 17-27

17.6.1. Closure Costs 17-29

17.6.2. Closure Schedule 17-29

17.7. QP's Opinion on the Adequacy of Current Plans to Address Any
 Issues Related to Environmental Compliance, Permitting, and Local Individuals or Groups 17-30

**18.** **Capital and Operating Costs** **18-1** 

18.1. Capital Cost Estimate 18-1

18.1.1. Basis of Capital Cost Estimate 18-1

18.1.2. Summary of Capital Costs 18-3

18.2. Sustaining Capital Cost Estimate 18-4

18.2.1. Sustaining Capital Costs and Basis 18-4

18.3. Operating Cost Estimate 18-6

18.3.1. Basis of Operating Cost Estimate 18-6

18.3.2. Summary of Operating Costs 18-8

**19.** **Economic Analysis** **19-1** 

19.1. Demonstration of Economic Viability 19-1

19.2. Principal Assumptions 19-1

19.3. Cashflow Forecast 19-3

19.3.1. Results of Economic Analysis 19-3

19.3.2. Taxes, Royalties, Other Government Levies, or Interests 19-17

19.4. Sensitivity Analysis 19-18

**20.** **Adjacent Properties** **20-1** 

**21.** **Other Relevant Data and Information** **21-1** 

**22.** **Interpretation and Conclusions** **22-1** 

22.1. Mineral Tenure, Surface Rights, Water Rights, Royalties and
 Agreements 22-1

22.2. Geology and Mineralization 22-1

22.3. Exploration, Drilling and Sampling 22-1

22.3.1. Exploration and Geological Drilling 22-1

22.3.2. Hydrogeological Drilling 22-2

22.3.3. Geotechnical Drilling 22-2

22.4. Data Verification 22-2

22.5. Metallurgical Testwork 22-3

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22.6. Mineral Resources 22-3

22.7. Mineral Reserves 22-4

22.8. Mining Methods 22-5

22.9. Recovery Methods 22-5

22.10. Infrastructure 22-6

22.10.1. General Infrastructure 22-6

22.10.2. Spent Ore Storage Facility 22-6

22.11. Market Studies 22-7

22.12. Environmental, Permitting and Social Considerations 22-7

22.13. Capital Cost Estimates 22-8

22.14. Operating Cost Estimates 22-8

22.15. Economic Analysis 22-8

22.16. Risks and Opportunities 22-9

22.16.1. Risks 22-9

22.16.2. Opportunities 22-11

**23.** **Recommendations** **23-1** 

**24.** **References** **24-1** 

**25.** **Reliance on Information Provided by the Registrant** **25-1** 

25.1. Introduction 25-1

25.2. Macroeconomic Trend 25-1

25.3. Markets 25-1

25.4. Legal Matters 25-1

25.5. Environmental Matters 25-1

25.6. Stakeholder Accommodation 25-2

25.7. Governmental Factors 25-2

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**List of Tables**

---

| | |
|:---|:---|
| Table ‎1-1 - Mean and Range of the Net Values by Seam and Process Stream for 1.5-Day Vat Leach Cycle | 1-8 |
| Table ‎1-2 – Mineral Resource Estimate - South Basin Rhyolite Ridge (October 2025) | 1-9 |
| Table ‎1-3 – Mineral Reserves as of October 2025 | 1-12 |
| Table ‎1-4 - Summary of Initial Capital Cost Estimate Updated in 2024 | 1-19 |
| Table ‎1-5 - Summary of Total Operating Costs – Mine vs Process Plant | 1-20 |
| Table ‎1-6 - Economic Summary | 1-21 |
| Table ‎2-1 Report Contributions by Entity | 2-2 |
| Table ‎2-2 - Acronym and Abbreviation Definitions | 2-4 |
| Table ‎3-1 - SLB, SLM, and RR Lode Mining Claims | 3-4 |
| Table ‎3-2 – RMS Mill Site Claims | 3-7 |
| Table ‎5-1 - Summary of Exploration Campaigns | 5-1 |
| Table ‎6-1 - Stratigraphic Column – South Basin | 6-2 |
| Table ‎7-1 – Exploration Drilling Summary – Geological | 7-7 |
| Table ‎7-2 – Summary of Mean Core Recovery and RQD by Drilling Program and Target Zone | 7-10 |
| Table ‎7-3 - Water Quality Analysis Parameters | 7-13 |
| Table ‎7-4 – Summary of Hydrogeological Wells and Monitoring Sites | 7-16 |
| Table ‎7-5 - Laboratory Tests Conducted by Engineering Rock Type | 7-24 |
| Table ‎7-6 – Summary of Geotechnical Exploration Locations | 7-28 |
| Table ‎7-7 - Geotechnical Program Results | 7-31 |
| Table ‎8-1 - Sampling Summary by Drilling Program and Drill Type | 8-3 |
| Table ‎8-2 - Summary of QA/QC Samples by Drilling Program and Type | 8-5 |
| Table ‎9-1 - Certified Values and Assay Results for the Standards | 9-3 |
| Table ‎9-2 - Assay Results for Blanks by Seam | 9-5 |

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| | |
|:---|:---|
| Table ‎9-3 - Original and Field Duplicate Assays by Seam | 9-7 |
| Table ‎10-1 - Rhyolite Ridge Feasibility Study Testwork Summary | 10-3 |
| Table ‎10-2 - Post Feasibility Study Testwork Summary (Pre-2024) | 10-17 |
| Table ‎10-3 - Stream 2 & 3 Testwork Summary (Pre-2024) | 10-21 |
| Table ‎10-4 - Testing and Analytical Procedures for Stream 2 & 3 Testwork (Pre-2024) | 10-22 |
| Table ‎10-5 – Scope of Pre-2024 Testwork by Laboratory or Testing Facility | 10-23 |
| Table ‎10-6 – Scope of Post-2024 Testwork by Laboratory or Testing Facility | 10-24 |
| Table ‎10-7 – Key Compositional Ratios in Advancing PLS | 10-30 |
| Table ‎11-1 - Summary of Drill Hole Database Intervals by Seam | 11-3 |
| Table ‎11-2 - Lengths of Assay Intervals | 11-7 |
| Table ‎11-3 - Comparison of Assay Database and Composite Database | 11-7 |
| Table ‎11-4 - Summary of Geological Units in 1.52 m Block Height Model | 11-13 |
| Table ‎11-5 - Comparison of Block Model Grades and Drill Hole Grades | 11-20 |
| Table ‎11-6 - Comparison of Block Model Grades and Drill Hole Grades for Seam B5 | 11-21 |
| Table ‎11-7 - Summary of Density Data by Unit | 11-23 |
| Table ‎11-8 - Example of Reblocked 9.14 m (30 ft) Bench from Six 1.52 m (5 ft) Benches | 11-28 |
| Table ‎12-1 - Summary of Cut-off Grade Assumptions for Pit Optimizations | 12-4 |
| Table ‎12-2 - Summary of Process Recovery Seams | 12-5 |
| Table ‎12-3- Summary of Process Stream Estimates within Engineered Pit Design | 12-6 |
| Table ‎12-4 - Summary of Pit Optimization Results | 12-8 |
| Table ‎12-5 - Pit Design Tonnages, Grades, Contained and Recovered Metals | 12-18 |
| Table ‎12-6 - Mineral Reserves as of October 2025 | 12-21 |
| Table ‎13-1 - Summary of Annual Material Movement | 13-5 |
| Table ‎13-2 - Overburden Storage Facility Storage Capacities | 13-11 |
| Table ‎13-3 - Overburden Placement by Storage Facility Storage Facility (ktonne) | 13-12 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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| | |
|:---|:---|
| Table ‎13-4 – Description of Mining Equipment Types | 13-15 |
| Table ‎13-5 - Mechanical Availability and Utilization of Mining Equipment | 13-16 |
| Table ‎13-6 - Scheduled Operating Days and Shifts per Year | 13-17 |
| Table ‎13-7 - Manned Equipment Operating Time per Shift | 13-17 |
| Table ‎13-8 - Quarry Equipment Quantity by Period | 13-18 |
| Table ‎13-9 - Quarry Equipment Quantity by Period cont. | 13-19 |
| Table ‎13-10 - AHS Operating Time per ShiftT | 13-20 |
| Table ‎14-1 – Vat Leaching Cycle | 14-4 |
| Table ‎14-2 - Summary of Process Design Criteria | 14-14 |
| Table ‎14-3 - Specifications and Characteristics of Major Processing Equipment | 14-15 |
| Table ‎14-4 - Reagent Consumption Data | 14-21 |
| Table ‎15-1 – Spent Ore Storage Facility Operational Parameters | 15-12 |
| Table ‎15-2 – Properties of Composite Materials | 15-12 |
| Table ‎15-3 - Properties Used in Stability Analysis | 15-13 |
| Table ‎15-4 - Summary of Seismic Criteria | 15-13 |
| Table ‎16-1 - ioneer Technical-Grade Lithium Carbonate and Battery Grade Lithium Hydroxide Specification | 16-3 |
| Table ‎16-2 - Summary of Price Forecasts (US$/t) / Real Terms | 16-10 |
| Table ‎16-3 - Major Borate Products | 16-12 |
| Table ‎16-4 - Targeted Boric Acid Specifications | 16-12 |
| Table ‎16-5 - Boric Acid Technical Specification by Major Supplier | 16-12 |
| Table ‎16-6 - Boric Acid Supply-Demand Balance | 16-16 |
| Table ‎16-7 – ioneer Boric Acid Price Assumptions | 16-18 |
| Table ‎16-8 – Contracts for Technical-Grade Lithium Carbonate and Boric Acid | 16-20 |
| Table ‎17-1 - Summary of Baseline Studies | 17-2 |
| Table ‎17-2 - Rhyolite Ridge Project Phase 1 Permits Register | 17-18 |

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| | |
|:---|:---|
| Table ‎17-3 - Closure Activities by Project Component | 17-27 |
| Table ‎18-1 - Engineering and Estimate Responsibilities Matrix for the Capital Costs Estimate | 18-1 |
| Table ‎18-2 – Summary of Initial Capital Cost Estimate Updated in 2024 | 18-4 |
| Table ‎18-3 – Summary of Total Sustaining Capital Costs | 18-5 |
| Table ‎18-4 - Summary of Total Operating Costs – Mine vs Process Plant | 18-8 |
| Table ‎18-5 - Summary of Operating Costs over Life-of-Mine by Categories | 18-9 |
| Table ‎19-1 - Key Financial Modelling Assumptions | 19-2 |
| Table ‎19-2 - Total Project Cash Flow – Details | 19-4 |
| Table ‎19-3 - Project Economic Summary <sup>1,2</sup> | 19-5 |
| Table ‎19-4 - Economic Analysis Results – Annual | 19-6 |

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**List of Figures**

---

| | |
|:---|:---|
| Figure ‎3-1 - Project Location Map | 3-1 |
| Figure ‎3-2 - Tenement Map | 3-3 |
| Figure ‎3-3 – Additional Mill Site Claims (RMS 1 – 347) | 3-6 |
| Figure ‎3-4 - Tiehm's Buckwheat Populations and Critical Habitat Area in relation to the Proposed Mine Facilities | 3-11 |
| Figure ‎4-1 - Site Location | 4-1 |
| Figure ‎4-2 - Site Location and Highways for Site Access | 4-3 |
| Figure ‎6-1 - Geological Cross Section | 6-3 |
| Figure ‎6-2 - Local Geological Map | 6-4 |
| Figure ‎7-1 - Gravity Station Locations | 7-2 |
| Figure ‎7-2 – Summary of ioneer Surficial Geology Mapping in the South Basin | 7-5 |
| Figure ‎7-3 – Exploration Drill Hole Locations – Geological | 7-8 |
| Figure ‎7-4 – Eastern Project Area Groundwater Monitoring Locations | 7-15 |
| Figure ‎7-5 - Phase 1-5 and LOM Quarries with Geotechnical Boreholes | 7-20 |
| Figure ‎7-6 - Phase 1-5 and LOM Quarries with All Boreholes | 7-21 |
| Figure ‎7-7 - Cell Mapping Locations | 7-23 |
| Figure ‎7-8 – Stereonet: Combined Cell Mapping Data | 7-26 |
| Figure ‎7-9 - Stereonet: Combined Televiewer Data | 7-26 |
| Figure ‎7-10 - Stereonet: Combined Televiewer Data, Dip >= 30 degrees | 7-27 |
| Figure ‎7-11 – Geotechnical Boring and Test Pit Locations for Plant Site and Spent Ore Storage Facility | 7-29 |
| Figure ‎7-12 – Geotechnical Boring for Overburden Storage Facility | 7-30 |
| Figure ‎8-1- Example Diagram of Sampling Protocol | 8-2 |
| Figure ‎9-1 - Assayed Boron Standards Versus Certified Values | 9-4 |
| Figure ‎9-2 - Assayed Lithium Standards Versus Certified Values | 9-4 |

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| | |
|:---|:---|
| Figure ‎9-3 - Assay Boron Blanks | 9-5 |
| Figure ‎9-4 - Assay Lithium Blanks | 9-6 |
| Figure ‎9-5 - Boron Field Duplicate Results | 9-7 |
| Figure ‎9-6 - Lithium Field Duplicate Results | 9-8 |
| Figure ‎10-1 – Lithium, Boron and Gangue Metals Grade Ranges based on Testwork and Mine Plan | 10-27 |
| Figure ‎10-2 – 2025 Mine Plan Lithium and Boron Grades | 10-28 |
| Figure ‎10-3 – Locations of Samples Used for Metallurgical Testwork | 10-29 |
| Figure ‎11-1 – Cumulative Frequency Plot for Boron | 11-5 |
| Figure ‎11-2 - Cumulative Frequency Plot for Lithium | 11-6 |
| Figure ‎11-3 - Example Variogram for B5 and L6 – Boron (left) and Lithium (right) | 11-9 |
| Figure ‎11-4 - Model Extents | 11-11 |
| Figure ‎11-5 - East - West Cross Sections | 11-14 |
| Figure ‎11-6 - North - South Cross Sections | 11-15 |
| Figure ‎11-7 - Fault Blocks at 5,600 ft (1,706 m) Elevation | 11-17 |
| Figure ‎11-8 – B5 Estimation Domains | 11-19 |
| Figure ‎11-9 - Resource Classification for B5 Seam | 11-26 |
| Figure ‎12-1 - Phase 1 Quarry Design | 12-10 |
| Figure ‎12-2 - Phase 2 Quarry Design | 12-11 |
| Figure ‎12-3 - Phase 3 Quarry Design | 12-12 |
| Figure ‎12-4 - Phase 4 Quarry Design | 12-13 |
| Figure ‎12-5 - Phase 5 Quarry Design | 12-14 |
| Figure ‎12-6 - Phase 6 Quarry Design | 12-15 |
| Figure ‎12-7 - Phase 7 Quarry Design | 12-16 |
| Figure ‎12-8 - Phase 8 Quarry Design | 12-17 |
| Figure ‎12-9 – End of Mine Life Quarry and Overburden Storage Facility | 12-19 |

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| | |
|:---|:---|
| Figure ‎13-1 - Summary of Annual Material Movement | 13-7 |
| Figure ‎13-2 - Summary of Annual Plant Feed from the Proven and Probable Reserve Classifications | 13-8 |
| Figure ‎13–3 - Project Site Layout | 13-9 |
| Figure ‎13–4 - Summary of Annual Quarry Labor Requirements | 13-21 |
| Figure ‎14-1 – Block Flow Diagram of the Rhyolite Ridge Processing Facilities – Production of technical grade boric acid and technical grade lithium carbonate | 14-3 |
| Figure ‎14-2 – Block Flow Diagram of the Rhyolite Ridge Processing Facilities – production of battery grade lithium hydroxide monohydrate | 14-3 |
| Figure ‎14-3 - Rhyolite Ridge Process Flowsheet Sequence – Lithium Carbonate and Boric Acid plants (Design Case) | 14-9 |
| Figure ‎14-4 - Rhyolite Ridge Process Flowsheet Sequence – Lithium Hydroxide Monohydrate Conversion Plant (Design Case) | 14-10 |
| Figure ‎14-5 - Rhyolite Ridge Process Plant Layout | 14-17 |
| Figure ‎14-6 - Rhyolite Ridge Acid Consumption Model Verification | 14-24 |
| Figure ‎15-1 - Overall proposed site plan | 15-2 |
| Figure ‎15-2 – Process Plant Area Schematic | 15-3 |
| Figure ‎15-3 – Mill Site Claims Boundary Map | 15-4 |
| Figure ‎15-4 Schematic View of Sulfuric Acid Plant | 15-8 |
| Figure ‎15-5 – Proposed Water Supply Pipeline from White Mountain Ranch to the Processing Facility | 15-9 |
| Figure ‎15-6 – Spent Ore Storage Facility Phases and Main Components | 15-11 |
| Figure ‎16-1 - Historic Spot Average Price of Lithium Carbonate and Lithium Hydroxide, CIF/Asia (US$/t) | 16-1 |
| Figure ‎16-2 - Lithium Chemical Supply by Final Product (Counted as LCE), kt | 16-3 |
| Figure ‎16-3 - Lithium Demand (LCE), Mt | 16-5 |
| Figure ‎16-4 - Lithium Chemical Balance, % | 16-6 |
| Figure ‎16-5 - Lithium Market Balance, kt LCE | 16-8 |
| Figure ‎16-6 - Lithium Carbonate Price Forecast, US$/st, CIF Asia (Real, Spot) | 16-9 |
| Figure ‎16-7 - Lithium Hydroxide Price Forecast, US$/st, CIF Asia | 16-9 |

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| | |
|:---|:---|
| Figure ‎16-8 - Global Boric Acid Demand by Region | 16-13 |
| Figure ‎16-9 - Global Boric Acid Market Share by Suppliers | 16-14 |
| Figure ‎16-10 - Borate Application by Market Share | 16-14 |
| Figure ‎16-11 - Boric Acid Supply-Demand Balance | 16-17 |
| Figure ‎16-12 – Boric Acid Price – Historical and Forecast | 16-19 |
| Figure ‎17-1 - Rhyolite Ridge Project Area Map | 17-3 |
| Figure ‎19-1 – Annual Boric Acid and Lithium Carbonate Production Over Life of Mine | 19-15 |
| Figure ‎19-2 – Unlevered Post-tax Annual Cash Flow and Cumulative Cash Flow | 19-16 |
| Figure ‎19-3 - Project Post-tax NPV Sensitivity to Various Factors (millions of US$) | 19-18 |
| Figure ‎19-4 - Project Post-tax NPV Sensitivity to Discount Rate | 19-19 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

1. EXECUTIVE SUMMARY

1.1. Introduction

This technical report summary (The Report) was prepared for ioneer Ltd. (ioneer) by AtkinsRéalis Minerals & Metals LLC (AtkinsRéalis), Independent Mining Consultants, Inc. (IMC), Westland, Mr. Yoshio Nagai, Leonard Rice Consulting Water Engineers, Inc. (LRE Water), NewFields, Geologic Associates Inc., Mr. Chad Yeftich, Piteau Associates regarding the Rhyolite Ridge Lithium-Boron Project (the Rhyolite Ridge Project or the Project) located in Nevada, USA.

ioneer is the 100% owner of the Project.

1.2. Property Description and Ownership

The Project is located in Esmeralda County in southwestern Nevada, USA, approximately 23 km (14 miles) northeast of Dyer, Nevada (the nearest town) and 105 km (65 miles) southwest of Tonopah, Nevada (the nearest city). By road, the Project site is approximately 410 km (255 miles) from Las Vegas and 346 km (215 miles) from Reno, Nevada's largest and third-largest cities, respectively.

The mineral tenement and land tenure for the Project comprise a total of 418 unpatented lode mining claims, covering 8,478 acres. Among these claims, all of them are listed as "active" all held by ioneer Rhyolite Ridge, LLC.

All 418 unpatented lode mining claims are located on federal land and are administered by the United States Department of the Interior's Bureau of Land Management (BLM). The annual maintenance fees total US$179,400, payable to the BLM, and US$10,872 to Esmeralda County.

No private surface rights are required for the Project, as it is located on BLM land, including the access road which ioneer will have a right of way.

ioneer has secured sufficient lease options with landowners to cover all construction and operational water requirements. Groundwater surface rights will be transferred from existing rights holders to ioneer upon Project startup.

1.3. Geology and Mineralization

Rhyolite Ridge is a geologically unique, sediment-hosted lithium-boron deposit that occurs within the lacustrine sedimentary rocks of the South Basin, peripheral to the Silver Peak Caldera. It is one of only two major lithium-boron deposits globally and the only known deposit associated with the boron mineral searlesite.

The Project is situated in the Silver Peak Range, which is part of the larger physiographic Basin and Range Province of western Nevada. This region is characterized by horst and graben normal faulting, likely caused by large-scale deformation and lateral shear stress, as evidenced by disrupted topographic features. The Project area resides within the Walker Lane Fault System, a northwest-trending belt of right-lateral strike-slip faults adjacent to the larger San Andreas Fault System to the west.

The regional surface geology is characterized by relatively young Tertiary volcanic rocks, which are interpreted to be extruded from the Silver Peak Caldera. The northern edge of the caldera, located about 3.2 km (2 miles) to the south of the South Basin area, is approximately 6.6 km by 13 km (4 miles by 8 miles) in size. The Tertiary rocks are characterized by interlayered sedimentary and volcanic formations, unconformably overlying folded and faulted metasedimentary basement rocks ranging from Precambrian to Paleozoic (Ordovician).

The mineralization is hosted in lacustrine (lake) beds within the Cave Spring Formation, which overlie the 6-million-year-old Rhyolite Ridge tuff and Argentite Canyon volcanic rocks. The lacustrine section, measured

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

up to 457 m (1,500 ft) thick, consists of three members divided by marker beds of "gritstone" containing airfall debris with abundant pumice lapilli. The middle member, approximately 61 m (200 ft) thick, is marl and contains anomalous lithium concentrations in its upper half. About 18 m (60 ft) of this section has high boron concentrations (up to 30,000 ppm) in searlesite, as well as lithium concentrations (1,500 to 2,500 ppm) in mixed illite-smectite layers. The marl consists of very fine-grained searlesite, smectite, illite, potassium feldspar, and carbonate. A 12 m (40 ft) section of smectite-rich marl, with lithium values of 2,000 to 2,500 ppm, caps the searlesite zone. The grade and thickness of this middle member are uniform and continuous over at least 3.2 km (2 miles) north to south.

The boron (B) and lithium (Li) mineralization in the South Basin of Rhyolite Ridge occurs as both high-boron (HiB-Li; >5,000 ppm B) searlesite mineralization and low-boron (LoB-Li; <5,000 ppm B) mineralization. Differential mineralogical and permeability characteristics of various units within the Cave Spring Formation resulted in the preferential emplacement of HiB-Li and LoB-Li bearing minerals in the M5, B5, and L6 units. LoB-Li mineralization occurs primarily in the B5, S5, and L6 units and LoB-Li high clay mineralization in the M5 geologic unit.

1.4. History

Prior to ioneer's Project interest, several companies had worked on the Project area, including US Borax in the 1980s, American Lithium Mineral Inc. (ALM) between 2010 and 2012, and Global Geoscience between 2016 and 2017 and ioneer acquired the Project interest in 2016 under the name Global Geoscience. Their involvement included exploration drilling targeting boron mineralization, surface trenching and exploration drilling (RC and core) focused on lithium mineralization.

ioneer had completed a surface gravity geophysical survey, exploration drilling (RC and core), a topographic survey, a surface reflection seismic geophysical survey, surficial geological mapping, hydrogeological baseline studies, and geotechnical drilling and test pits.

1.5. Exploration

1.5.1. Exploration

The 2010 trench drill programs were not representative of the full thickness and grades of the geological units; therefore, the geological and grade data from these trenches were excluded from the preparation of the geological model or resultant mineral resource estimates.

Gravity geophysical maps from gravity surveys completed in 2017 were used by WSP during the modeling process as a high-level constraint on the overall basin extents but were not used to provide control or constraint on the geological units of the Cave Spring Formation in the model.

A topographic survey was completed in 2018 and was incorporated into the geological modeling.

Results of the 2019 surface seismic geophysical survey were not incorporated into the modeling process, as the data required conversion from two-way acoustic travel time to depth. The seismic survey data suggest that the method will be useful for defining some of the geological unit contacts within the basin fill sequence as well as for defining the presence and geometry of faulting.

Geological mapping completed by ioneer in 2019 was used in support of the drill holes to define outcrop and subcrops as well as bedding dip attitudes in the geological modeling.

1.5.2. Drilling

As of the Report date, a total of 166 drill holes (33,188 m) have been completed, including 51 RC holes (10,842 m) and 115 core holes (22,339 m). Most holes (99) are vertical, with 67 inclined at angles between -45 and -

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

70 degrees. Before 2018, RC drilling used a 5-inch hammer, switching to a tri-cone bit in areas with high groundwater. Core drilling before 2018 used HQ (6.35 cm [2.50 inch]) diameter, while after 2018, both HQ and larger PQ (8.5 cm [3.345-inch]) diameters were used. Post-2018, tri-cone drilling was used for unconsolidated material, followed by core drilling.

Of the 166 drill holes completed, 162 were compiled and used for the geologic model. Four holes were not used in the geologic model; one twin hole (SBH-70) and three shallow exploration well holes.

Upon completion, drill casings were removed, and collars were marked with concrete monuments and surveyed with GPS. Down-hole surveys used Reflex Mems Gyro or acoustic televiewer tools. Drill holes were spaced 300 to 550 ft apart, with east-west cross-sections spaced 600 ft. The drill hole spacing and sample angles are considered adequate for accurate mineral resource estimation.

1.5.3. Quarry - Geotechnical

Geotechnical exploration was performed to support the design and construction of the quarry. Stability analyses to provide geotechnical quarry slope designs, completed by performing limit equilibrium stability evaluations and kinematic stability evaluations, including structurally controlled failures and toppling evaluations.

In addition to the standard geologic determination of the basin, it is important in geotechnical analyses to further define areas on the basis of strength characteristics. This would generate a stratigraphic understanding based upon geotechnical strength qualities rather than lithology. The basis for the geotechnical strength relationships was established with data collected up to 2019, and then expanded by detailed geotechnical field data collection, sample collection and laboratory testing carried out in 2022-2024.

At total of 110 direct shear tests, forty-four Unconfined Compression Strength (UCS), 93 Consolidated Undrained (CU) Triaxial tests and other defining tests were performed.

1.5.4. Infrastructure - Geotechnical

Geotechnical exploration was performed to support the design and construction of the South overburden storage area and the process facility areas. Six drill holes were drilled for geotechnical purposes to total depths ranging from 8.1 to 30.9 m (26.5 to 101.5 ft) below ground surface (bgs) in the proposed process facilities area while five holes were drilled to total depths of (12.3 and 30.6 m) 40.5 and 100.5 ft bgs in the proposed spent ore storage facility location. Soil samples were collected in the upper 3 m (10 ft) portion of the drill hole at 0.75 m (2.5 ft) intervals and at a 1.5 m (5 ft) interval below this depth.

For the overburden storage facilities, four sonic drills holes were completed that extended to depths from 4.6 to 30.5 m (15 to 100 ft) bgs, Drill activities included completion of Standard Penetration Resting and collection of sample for subsequent laboratory characterization

Twenty-four test pits were excavated in the Project area. Eleven test pits were excavated to depths of 2.7 to 5.8 m (9 to 19 ft) bgs in the proposed process facilities area and along the proposed process facility access road. A total of 13 test pits were excavated to depths of 2.1 to 5.6 m (7 to 18.5 ft) bgs in the planned spent ore storage facility location and along the proposed access road to the spent ore storage facility. Bulk samples were collected in the test pits where changes in stratigraphy were observed.

The results were used to characterize soil, rock, and near surface groundwater conditions, identify subsurface hazards that may influence site development of the spent ore facility and process facilities areas, and identify potential borrow pit sources of construction materials.

1.6. Sampling

Several different sampling techniques have been used on the Project since 2010.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

A chip sample was collected every 1.52 m (5 ft) from a 12.7 cm (5-inch) diameter drill hole and split using a rig-mounted rotary splitter. Samples, with a mean weight of 4.8 kg (10.5 lb) were submitted to ALS Minerals laboratory in Reno, NV (ALS Reno), where they were processed for assay. RC samples represent 50% of the total intervals sampled to date.

Core samples were collected from HQ and PQ size drill core, on a mean interval of 1.52 m (5 ft), and cut using a water-cooled diamond blade core saw (2018 onward), or a manual core splitter (pre-2018). Samples, with a mean weight of 1.8 kg (4 lb), were submitted to ALS where they were processed for assay.

ALS Reno and the ALS facility in Vancouver, BC, Canada (ALS Vancouver) were used for the preparation and analysis of the samples, respectively. ALS Reno and ALS Vancouver are independent of ioneer.

All ALS' geochemical hub laboratories, including ALS Reno and ALS Vancouver, are accredited to ISO/IEC 17025:2017 for specific analytical procedures.

ALS Vancouver performed the following tests on the RC and core samples:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Sample preparation (PREP-31y): crusher/rotary splitter combination; crush to 70%
 less than 2 mm, rotary split off 250 g, pulverize split to better than 85% passing 75 µm;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Multi-element analysis (ME-MS41): evaluation by aqua regia with inductively
 coupled plasma mass spectrometry (ICP-MS) finish for 51 elements, including lithium and boron;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Boron (B-ICP82a): high-grade boron samples (>10,000 ppm boron), were further
 analyzed by NaOH fusion/ICP high-grade analysis;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Inorganic carbon (C-GAS05): 95% of the 2018-2019 samples were analyzed for
 inorganic carbon by HClO4 digestion and CO2 coulometer;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Fluorine (F-ELE81a): 30% of the 2018-2019 and selected samples since 2022 were
 analyzed for fluorine by KOH fusion and ion selective electrode.

Prior to 2018, samples were securely stored on site and then collected from site by ALS Reno staff and transported to the laboratory by truck. For the 2018–2019 drill holes, core was transported daily by ioneer and/or NewFields personnel from the drill site to the ioneer secure core shed (core storage) facility in Tonopah. In 2022–2024, core was transported daily by ioneer or WSP personnel from the drill site to the ioneer core facility.

1.7. Data Verification

All available ioneer and ALM exploration drilling data, including survey information, downhole geological units, sample intervals and analytical results, were compiled by ioneer and provided to IMC in the form of a Microsoft Access database file and Excel files.

The QP has validated the data, including collar survey, down hole geological data and observations, sampling, analytical, and other test data underlying the information or opinions in this Report. It is the QP's opinion that the review of the data and assaying checks validates the data available for use in mineral resource and mineral reserve estimation.

1.8. Metallurgical Testwork

ioneer conducted metallurgical testwork on the LoB-Li mineralization from 2016–2023, which built upon testwork completed in 2010–2011 by ALM. Additional metallurgical testwork completed post-2024 expanded the validated operating envelope to include Stream 1, Stream 2, and blended feed scenarios, confirming that

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

lower boron feedstocks can be processed using the selected flowsheet without adverse impacts on recovery assumptions.

Independent laboratories and testing facilities used for the Project include SGS, Hazen, Hutton Institute, Jenike and Johansen, Kemetco, Bureau Veritas, ALS, KCA, Veolia, FLSmidth, Acuren, Prater, Woodgrove and RMS.

Testwork was performed on two mineralization types within the Cave Spring Formation:

&nbsp;&nbsp;&nbsp;&nbsp;▪ HiB-Li (stream 1): occurs primarily within the B5 mineralized unit with
 additional occurrences in the M5, S5 and L6 units;

&nbsp;&nbsp;&nbsp;&nbsp;▪ LoB-Li (stream 2 & 3): occurs primarily within the L6 mineralized unit with
 additional occurrences in the B5, M5 and S5 units.

Metallurgical tests included:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Air classification and beneficiation;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Bench-scale flowsheet simulation, evaporation and crystallization optimization,
 flotation optimization, impurity removal, and lithium circuit optimization;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Sizer crushing tests;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Mineralogy and geochemical characterization;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Impurity removal filtration, bottle roll, bench and pilot-scale leaching
 (column, vat, agitated, pressure, roast water);

&nbsp;&nbsp;&nbsp;&nbsp;▪ Semi-integrated pilot plant;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Pilot-scale evaporation and crystallization optimization and crystal/liquor
 centrifuge separation;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Neutralization kinetic testwork;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Leach and impurity removal area corrosion studies.

The samples used for the comminution and leach testwork programs were representative of the South Basin deposit mineralization. Mineralization characterization testing for sizing/crushing was completed on a range of B5 material, which was found to be not particularly hard or abrasive. The samples used in leach testing were representative of the range of process plant feed expected during the first 18 years of the proposed operation, with intentional variation introduced during testwork to determine the impacts.

The main design performance criteria from the unit operations were determined from testwork and through reasonable industrial experience. These performance criteria formed the basis of the integrated heat and mass balance that accounted for the internal recycle streams designed to increase overall recovery and reduce reagent consumption. Boron losses in the process were estimated at 21.7%, leading to an overall projected boron recovery of 78.3%. Lithium losses in the process were estimated at 14.8%, leading to an overall projected lithium recovery of 85.2%. These metallurgical recovery forecasts were used in estimation and cashflow modeling.

The main factors affecting recovery include the boron and lithium ore head grade and the operating leach system pH. Other factors include presence of gangue materials, formation of co-precipitates, clay content, cake washing efficiency, and evaporation and crystallization of sulfate salts.

The additional metallurgical testwork completed post-2024 focused on leach system optimization and validation of processing performance across a broader range of feed compositions, including lower-boron feed scenarios.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

The outcomes of this work support the recovery assumptions and operating parameters presented in this Report.

1.9. Mineral Resource Estimate

1.9.1. Estimation Methodology

The QP assumed that the mineralized zones are continuous between drill holes based on review of the drill hole data and previous reports. The seam continuity has been offset by faulting, but the grade continuity can be seen across the fault offsets in cross sections. It was assumed that grades vary between drill holes based on a distance-weighted interpolator. This assumption of the geology was used directly in guiding and controlling the mineral resource estimation. The geological model was updated to incorporate additional ioneer geological mapping, geophysical data, and new drill hole information along the eastern side of the basin. This update provided additional geological constraint on the basin stratigraphy's geometry east of the limits of drill hole data in support of geotechnical modeling and analysis in progress on the Project.

Exploratory data analysis (EDA) on the geological model database was completed prior to developing the resource block model. The EDA involved statistical and geostatistical analysis of the verified data to allow for evaluation of the statistical and spatial variability of the model data. Descriptive statistics, histograms, box plots, probability plots, and cross plots were used to evaluate the geological and grade data as part of both the data validation and modeling process.

The density values used to convert volumes to tonnages were assigned on a by-geological unit basis using mean values calculated from 145 density samples collected from drill core during the 2018–2019 and Phase 1 - Phase 2 (2022-2023) drilling programs. The density analysis was performed using the water displacement method for density determination, with values reported on a dry basis.

Gamma (γ) from modified covariance variograms (variograms) were generated to evaluate the spatial continuity of key grade parameters for the G5, B5, M5, S5, G6, L6 and Lsi units. Variogram analysis focused on evaluating the spatial continuity of lithium and boron within the four mineralized units and to guide the search distances for grade estimation.

Estimated mineral resources were classified as follows:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Measured:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ G5, M5, B5, L6 and Lsi: 122 m (400 ft) spacing between points of observation,
 with sample interpolation from a minimum of four drill holes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ S5 and G6: 107 m (350 ft) spacing between points of observation, with sample
 interpolation from a minimum of four drill holes.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Indicated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ B5 and L6: 244 m (800 ft) spacing between points of observation, with sample
 interpolation from a minimum of two drill holes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ G5, L6 and Lsi: 213 m (700 ft) spacing between points of observation, with sample interpolation from a
 minimum of two drill holes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ S5 and G6: 168 m (550 ft) spacing between points of observation, with sample interpolation from a
 minimum of two drill holes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The percent of the total estimation search distance that was used for the Indicated classification
 ranged from 46% in B5 to a maximum of 73% in S5 and G6, with G5, L6 and Lsi at 70%. The

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

percent of the total blocks estimated that are classified as Indicated range from 65% in G5 to 43% in M5. The remaining seams range from 43% to 57%.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Inferred: the full estimation distance (M5 and B5 – 533 m or 1,750 ft, S5 and G6
 - 750 ft, G5, L6 and Lsi 305 m or 1,000 ft) between points of observation, with sample interpolation from a minimum of one drill hole (two composites).

The mineral resource estimate assumes that the lithium-boron mineralization within the mineral resource quarry shell, has reasonable prospects for economic extraction based on the following key considerations:

&nbsp;&nbsp;&nbsp;&nbsp;▪ The geological continuity of the mineralized zones and grade parameters
 demonstrated via the current geological and grade model for the South Basin of Rhyolite Ridge;

&nbsp;&nbsp;&nbsp;&nbsp;▪ The potential for selective extraction of the HiB-Li mineralized intervals
 encountered in the B5, M5, S5, and L6 units using current conventional open pit mining methods;

&nbsp;&nbsp;&nbsp;&nbsp;▪ The potential for selective extraction of the LoB-Li mineralized intervals
 encountered in the B5, S5, and L6 units using current conventional open pit mining methods;

&nbsp;&nbsp;&nbsp;&nbsp;▪ The potential for selective extraction of the LoB-Li high clay mineralized
 intervals encountered in the M5 using current conventional open pit mining methods. The potential to produce boric acid and lithium carbonate products using current processing and recovery methods;

&nbsp;&nbsp;&nbsp;&nbsp;▪ The assumption that boric acid and lithium carbonate produced by the Project
 will be marketable and economic considering transportation costs and processing charges and that there will be continued demand for boric acid and lithium carbonate;

&nbsp;&nbsp;&nbsp;&nbsp;▪ The assumption that the location of the Project in the southwest of the
 continental United States would be viewed favorably when marketing boric acid and lithium carbonate products to potential domestic end users.

The mineral resource estimate presented in this Report assumes the use of three processing streams: one which can process ore with boron content >5,000 ppm and two which can process ore with boron content <5,000 ppm within the mineral resource pit shell and has a reasonable prospect for eventual economic extraction using current conventional open pit mining methods. The inputs to the calculation of the net value include the product prices, boron and lithium recoveries and the process costs which are split between a fixed cost per short ton and the cost of acid per short ton. The product prices are based on third party lower range (conservative) estimates of the long-term prices and for the mineral resource are:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Boric acid: US$1,172.78 per metric ton or US$1,063.94 per short ton;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Lithium carbonate: US$19,351.38 per metric ton or US$17,555.46 per short ton.

A net value was calculated for each block in the four seams which meet the cutoff grade ($11.13/t net value) for the three process streams and the mean and ranges of the net values are shown in Table ‎1-1 for all blocks in the resource model which are above the $11.13/t met value cutoff. The net value was used to define the resource shell within which the mineral resource was tabulated, less the mineral reserve. The net value does not include mining costs. In general terms, the net value is:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Gross value of a block minus the process costs for blocks above the cutoff
 grades;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Gross value = sum of the recovered values of boric acid plus lithium carbonate;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Process costs = sum of the cost of acid plus the process fixed costs (by seam
 and stream).

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎1-1 - Mean and Range of the Net Values by Seam and Process Stream for 1.5-Day Vat Leach Cycle**

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| **Seam** | **Stream 1** | **Stream 1** | **Stream 1** | **Stream 1** | **Stream 2 or 3** | **Stream 2 or 3** | **Stream 2 or 3** | **Stream 2 or 3** |
| **Seam** | **# blocks** | **Net Value, US$ per short ton** | **Net Value, US$ per short ton** | **Net Value, US$ per short ton** | **# blocks** | **Net Value, US$ per short ton** | **Net Value, US$ per short ton** | **Net Value, US$ per short ton** |
| **Seam** | **# blocks** | **Mean** | **Minimum** | **Maximum** | **# blocks** | **Mean** | **Minimum** | **Maximum** |
| M5 | 10703 | 157.28 | 42.00 | 208.86 | 72479 | 90.24 | 10.10 | 169.14 |
| B5 | 93523 | 157.41 | 31.20 | 259.66 | 14315 | 120.54 | 10.11 | 209.77 |
| S5 | 10392 | 95.57 | 26.67 | 252.06 | 85000 | 46.92 | 10.10 | 227.95 |
| L6 | 68610 | 89.34 | 11.07 | 226.49 | 206564 | 48.72 | 10.10 | 160.27 |

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1.9.2. Mineral Resource Statement

From the mineral resource dated August 2025, until the date of the mineral resource dated October 2025, the QP is aware of the following material changes that have affected the resource model and mineral resource estimate (shown in Table ‎1-2):

&nbsp;&nbsp;&nbsp;&nbsp;■ Recovery: The recovery by seam and process stream reduced in some seams due to the reduction of the
 retention time in the vat leach from two days to one and half days.

&nbsp;&nbsp;&nbsp;&nbsp;■ Process: A processing change that reduces the retention time in the vat leach from two days to
 one-and-half days reduced the acid consumption by seam but did not change the fixed cost portion of the process cost.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎1-2 – Mineral Resource Estimate - South Basin Rhyolite Ridge (October 2025)** 

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| &nbsp;&nbsp; **Strem**<br>| &nbsp;&nbsp;**Group** | &nbsp;&nbsp;**Classification** | &nbsp;&nbsp; **Tonnage**<br> **kt** | &nbsp;&nbsp; **Li** <br> **ppm** | &nbsp;&nbsp; **B**<br> **ppm** | &nbsp;&nbsp; **Li<sub>2</sub>CO<sub>3</sub>**<br> **wt. %** | &nbsp;&nbsp; **H<sub>3</sub>BO<sub>3</sub>**<br> **wt. %** | &nbsp;&nbsp; **Contained**<br> **Li<sub>2</sub>CO<sub>3</sub>**<br> **kt** | &nbsp;&nbsp; **Contained**<br> **H<sub>3</sub>BO<sub>3</sub>**<br> **kt** |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> M5 Unit | &nbsp;&nbsp;Measured | &nbsp;&nbsp;1073 | &nbsp;&nbsp;2186 | &nbsp;&nbsp;7396 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;4.23 | &nbsp;&nbsp;12 | &nbsp;&nbsp;45 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> M5 Unit | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;813 | &nbsp;&nbsp;2100 | &nbsp;&nbsp;7536 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;4.31 | &nbsp;&nbsp;9 | &nbsp;&nbsp;35 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> M5 Unit | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;1886 | &nbsp;&nbsp;2149 | &nbsp;&nbsp;7457 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;4.26 | &nbsp;&nbsp;22 | &nbsp;&nbsp;80 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> M5 Unit | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;763 | &nbsp;&nbsp;2197 | &nbsp;&nbsp;6515 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;3.73 | &nbsp;&nbsp;9 | &nbsp;&nbsp;28 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> M5 Unit | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;2649 | &nbsp;&nbsp;2163 | &nbsp;&nbsp;7185 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;4.11 | &nbsp;&nbsp;30 | &nbsp;&nbsp;109 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Measured | &nbsp;&nbsp;10414 | &nbsp;&nbsp;1921 | &nbsp;&nbsp;15064 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;8.61 | &nbsp;&nbsp;106 | &nbsp;&nbsp;897 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;7214 | &nbsp;&nbsp;1748 | &nbsp;&nbsp;13239 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;7.57 | &nbsp;&nbsp;67 | &nbsp;&nbsp;546 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;17628 | &nbsp;&nbsp;1850 | &nbsp;&nbsp;14317 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;8.19 | &nbsp;&nbsp;174 | &nbsp;&nbsp;1443 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;10628 | &nbsp;&nbsp;1712 | &nbsp;&nbsp;10563 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;6.04 | &nbsp;&nbsp;97 | &nbsp;&nbsp;642 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;28256 | &nbsp;&nbsp;1798 | &nbsp;&nbsp;12905 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;7.38 | &nbsp;&nbsp;270 | &nbsp;&nbsp;2085 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Measured | &nbsp;&nbsp;1456 | &nbsp;&nbsp;1560 | &nbsp;&nbsp;7467 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;4.27 | &nbsp;&nbsp;12 | &nbsp;&nbsp;62 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;1393 | &nbsp;&nbsp;1570 | &nbsp;&nbsp;7131 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;4.08 | &nbsp;&nbsp;12 | &nbsp;&nbsp;57 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;2849 | &nbsp;&nbsp;1565 | &nbsp;&nbsp;7303 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;4.18 | &nbsp;&nbsp;24 | &nbsp;&nbsp;119 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;1572 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;6469 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;3.70 | &nbsp;&nbsp;12 | &nbsp;&nbsp;58 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;4422 | &nbsp;&nbsp;1506 | &nbsp;&nbsp;7006 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;4.01 | &nbsp;&nbsp;35 | &nbsp;&nbsp;177 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Measured | &nbsp;&nbsp;12943 | &nbsp;&nbsp;1903 | &nbsp;&nbsp;13573 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;7.76 | &nbsp;&nbsp;131 | &nbsp;&nbsp;1005 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;9420 | &nbsp;&nbsp;1752 | &nbsp;&nbsp;11843 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;6.77 | &nbsp;&nbsp;88 | &nbsp;&nbsp;638 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;22364 | &nbsp;&nbsp;1839 | &nbsp;&nbsp;12845 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;7.34 | &nbsp;&nbsp;219 | &nbsp;&nbsp;1643 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;12963 | &nbsp;&nbsp;1703 | &nbsp;&nbsp;9828 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;5.62 | &nbsp;&nbsp;117 | &nbsp;&nbsp;728 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;35327 | &nbsp;&nbsp;1789 | &nbsp;&nbsp;11738 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;6.71 | &nbsp;&nbsp;336 | &nbsp;&nbsp;2371 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Measured | &nbsp;&nbsp;12014 | &nbsp;&nbsp;1355 | &nbsp;&nbsp;9838 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;5.63 | &nbsp;&nbsp;87 | &nbsp;&nbsp;676 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;26139 | &nbsp;&nbsp;1318 | &nbsp;&nbsp;10365 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;5.93 | &nbsp;&nbsp;183 | &nbsp;&nbsp;1549 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;38153 | &nbsp;&nbsp;1330 | &nbsp;&nbsp;10199 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;5.83 | &nbsp;&nbsp;270 | &nbsp;&nbsp;2225 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;13914 | &nbsp;&nbsp;1415 | &nbsp;&nbsp;12287 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;7.03 | &nbsp;&nbsp;105 | &nbsp;&nbsp;978 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;52066 | &nbsp;&nbsp;1353 | &nbsp;&nbsp;10757 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;6.15 | &nbsp;&nbsp;375 | &nbsp;&nbsp;3203 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Total Stream 1 (all zones) | &nbsp;&nbsp;Measured | &nbsp;&nbsp;24957 | &nbsp;&nbsp;1639 | &nbsp;&nbsp;11775 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;6.73 | &nbsp;&nbsp;218 | &nbsp;&nbsp;1680 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Total Stream 1 (all zones) | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;35559 | &nbsp;&nbsp;1433 | &nbsp;&nbsp;10757 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;6.15 | &nbsp;&nbsp;271 | &nbsp;&nbsp;2187 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Total Stream 1 (all zones) | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;60516 | &nbsp;&nbsp;1518 | &nbsp;&nbsp;11177 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;6.39 | &nbsp;&nbsp;489 | &nbsp;&nbsp;3868 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Total Stream 1 (all zones) | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;26877 | &nbsp;&nbsp;1554 | &nbsp;&nbsp;11101 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;6.35 | &nbsp;&nbsp;222 | &nbsp;&nbsp;1706 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Total Stream 1 (all zones) | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;87393 | &nbsp;&nbsp;1529 | &nbsp;&nbsp;11153 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;6.38 | &nbsp;&nbsp;711 | &nbsp;&nbsp;5574 |

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|:---|:---|
| **1-9** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Stream** | &nbsp;&nbsp;**Group** | &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Tonnage**<br> **kt** | &nbsp;&nbsp;**Li**<br> **ppm** | &nbsp;&nbsp;**B**<br> **ppm** | &nbsp;&nbsp;**Li<sub>2</sub>CO<sub>3</sub>**<br> **wt. %** | &nbsp;&nbsp;**H<sub>3</sub>BO<sub>3</sub>**<br> **wt. %** | &nbsp;&nbsp;**Contained**<br> **Li<sub>2</sub>CO<sub>3</sub>**<br> **kt** | &nbsp;&nbsp;**Contained**<br> **H<sub>3</sub>BO<sub>3</sub>**<br> **kt** |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Measured | &nbsp;&nbsp;438 | &nbsp;&nbsp;2327 | &nbsp;&nbsp;2913 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;1.67 | &nbsp;&nbsp;5 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;363 | &nbsp;&nbsp;2088 | &nbsp;&nbsp;3668 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;4 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;801 | &nbsp;&nbsp;2219 | &nbsp;&nbsp;3255 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;1.86 | &nbsp;&nbsp;9 | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;3717 | &nbsp;&nbsp;1688 | &nbsp;&nbsp;1764 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;33 | &nbsp;&nbsp;37 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;4518 | &nbsp;&nbsp;1782 | &nbsp;&nbsp;2028 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;43 | &nbsp;&nbsp;52 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Measured | &nbsp;&nbsp;10126 | &nbsp;&nbsp;958 | &nbsp;&nbsp;1161 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;52 | &nbsp;&nbsp;67 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;9025 | &nbsp;&nbsp;947 | &nbsp;&nbsp;1392 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;45 | &nbsp;&nbsp;72 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;19151 | &nbsp;&nbsp;953 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;97 | &nbsp;&nbsp;139 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;17145 | &nbsp;&nbsp;847 | &nbsp;&nbsp;934 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;77 | &nbsp;&nbsp;92 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;36296 | &nbsp;&nbsp;903 | &nbsp;&nbsp;1111 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;174 | &nbsp;&nbsp;231 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Measured | &nbsp;&nbsp;10565 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;1233 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;57 | &nbsp;&nbsp;75 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;9387 | &nbsp;&nbsp;991 | &nbsp;&nbsp;1480 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;50 | &nbsp;&nbsp;79 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;19952 | &nbsp;&nbsp;1004 | &nbsp;&nbsp;1349 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;107 | &nbsp;&nbsp;154 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;20862 | &nbsp;&nbsp;997 | &nbsp;&nbsp;1082 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;111 | &nbsp;&nbsp;129 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;40814 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1213 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;217 | &nbsp;&nbsp;283 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Measured | &nbsp;&nbsp;19094 | &nbsp;&nbsp;1152 | &nbsp;&nbsp;1975 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;117 | &nbsp;&nbsp;216 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;51498 | &nbsp;&nbsp;1155 | &nbsp;&nbsp;1619 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;317 | &nbsp;&nbsp;477 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;70592 | &nbsp;&nbsp;1154 | &nbsp;&nbsp;1715 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;434 | &nbsp;&nbsp;692 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;48433 | &nbsp;&nbsp;1232 | &nbsp;&nbsp;794 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;318 | &nbsp;&nbsp;220 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;119026 | &nbsp;&nbsp;1186 | &nbsp;&nbsp;1340 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;751 | &nbsp;&nbsp;912 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Total Stream 2 (all zones) | &nbsp;&nbsp;Measured | &nbsp;&nbsp;29659 | &nbsp;&nbsp;1103 | &nbsp;&nbsp;1711 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;174 | &nbsp;&nbsp;290 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Total Stream 2 (all zones) | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;60885 | &nbsp;&nbsp;1130 | &nbsp;&nbsp;1597 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;366 | &nbsp;&nbsp;556 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Total Stream 2 (all zones) | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;90544 | &nbsp;&nbsp;1121 | &nbsp;&nbsp;1634 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;540 | &nbsp;&nbsp;846 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Total Stream 2 (all zones) | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;69295 | &nbsp;&nbsp;1161 | &nbsp;&nbsp;881 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;428 | &nbsp;&nbsp;349 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Total Stream 2 (all zones) | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;159840 | &nbsp;&nbsp;1138 | &nbsp;&nbsp;1308 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;968 | &nbsp;&nbsp;1195 |
| &nbsp;&nbsp;**Stream 3(>= 11.13/tonne net value, < 5,000 ppm B, High Clay)** | &nbsp;&nbsp;Total Stream 3 (M5 zone) | &nbsp;&nbsp;Measured | &nbsp;&nbsp;12222 | &nbsp;&nbsp;2199 | &nbsp;&nbsp;1504 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;143 | &nbsp;&nbsp;105 |
| &nbsp;&nbsp;**Stream 3(>= 11.13/tonne net value, < 5,000 ppm B, High Clay)** | &nbsp;&nbsp;Total Stream 3 (M5 zone) | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;11529 | &nbsp;&nbsp;2045 | &nbsp;&nbsp;1145 | &nbsp;&nbsp;1.09 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;125 | &nbsp;&nbsp;75 |
| &nbsp;&nbsp;**Stream 3(>= 11.13/tonne net value, < 5,000 ppm B, High Clay)** | &nbsp;&nbsp;Total Stream 3 (M5 zone) | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;23751 | &nbsp;&nbsp;2124 | &nbsp;&nbsp;1330 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;268 | &nbsp;&nbsp;181 |
| &nbsp;&nbsp;**Stream 3(>= 11.13/tonne net value, < 5,000 ppm B, High Clay)** | &nbsp;&nbsp;Total Stream 3 (M5 zone) | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;12118 | &nbsp;&nbsp;1621 | &nbsp;&nbsp;579 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;105 | &nbsp;&nbsp;40 |
| &nbsp;&nbsp;**Stream 3(>= 11.13/tonne net value, < 5,000 ppm B, High Clay)** | &nbsp;&nbsp;Total Stream 3 (M5 zone) | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;35869 | &nbsp;&nbsp;1954 | &nbsp;&nbsp;1076 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;373 | &nbsp;&nbsp;221 |
| &nbsp;&nbsp;**All Streams** | &nbsp;&nbsp;**M&I Resource** | &nbsp;&nbsp;**Measured** | &nbsp;&nbsp;66838 | &nbsp;&nbsp;1503 | &nbsp;&nbsp;5431 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;3.11 | &nbsp;&nbsp;535 | &nbsp;&nbsp;2076 |
| &nbsp;&nbsp;**All Streams** | &nbsp;&nbsp;**M&I Resource** | &nbsp;&nbsp;**Indicated** | &nbsp;&nbsp;107974 | &nbsp;&nbsp;1327 | &nbsp;&nbsp;4565 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;2.61 | &nbsp;&nbsp;763 | &nbsp;&nbsp;2819 |
| &nbsp;&nbsp;**All Streams** | &nbsp;&nbsp;**M&I Resource** | &nbsp;&nbsp;**Total (M&I)** | &nbsp;&nbsp;174812 | &nbsp;&nbsp;1395 | &nbsp;&nbsp;4896 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;2.80 | &nbsp;&nbsp;1298 | &nbsp;&nbsp;4894 |
| &nbsp;&nbsp;**All Streams** | &nbsp;&nbsp; **Inferred Resource** | &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;108290 | &nbsp;&nbsp;1310 | &nbsp;&nbsp;3384 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;1.93 | &nbsp;&nbsp;755 | &nbsp;&nbsp;2095 |
| &nbsp;&nbsp;**All Streams** | &nbsp;&nbsp; **Inferred Resource** | &nbsp;&nbsp;**Total (MII)** | &nbsp;&nbsp;283102 | &nbsp;&nbsp;1362 | &nbsp;&nbsp;4318 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;2.47 | &nbsp;&nbsp;2053 | &nbsp;&nbsp;6989 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. kt = thousand tonnes; Li= lithium; B= boron; ppm= parts per million; Li<sub>2</sub>CO<sub>3 </sub>= lithium carbonate; H<sub>3</sub>BO<sub>3</sub> = boric acid

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|:---|:---|
| **1-10** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;2. Totals may differ due to rounding mineral resources reported on a dry in-situ basis. Lithium is
 converted to Equivalent Contained Tons of lithium carbonate using a stochiometric conversion factor of 5.322, and boron is converted to Equivalent Contained Tons of boric acid using a stochiometric conversion factor of 5.718. Equivalent
 stochiometric conversion factors are derived from the molecular weights of the individual elements which make up lithium carbonate and boric acid. Lithium carbonate and boric acid are reported in short tons.

&nbsp;&nbsp;&nbsp;&nbsp;3. The statement of estimates of mineral resources has been compiled by the QP, a full-time employee of
 Independent Mining Consultants, Inc. and is independent of ioneer and its affiliates. The QP has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken
 to qualify .Competent Person as defined in the S-K §229.1304 of the United States Securities and Exchange Commission ("SEC").

&nbsp;&nbsp;&nbsp;&nbsp;4. All mineral resource figures reported in the table above represent estimates at October 2025. Mineral
 resource estimates are not precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the occurrence and on the available sampling results. The totals contained in the above table
 have been rounded to reflect the relative uncertainty of the estimate.

&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral resources are reported in accordance with the US SEC Regulation S-K Subpart 1300. The mineral
 resources in this Report were estimated using the regulation S-K 229.1304 of the United States Securities and Exchange Commission ("SEC"). Mineral resources are also reported in accordance with the 2012 Edition of the Australasian Code for
 Reporting of Exploration Results, Mineral Resources and Ore Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Mineral Resource estimate is the result of determining the mineralized material that has a
 reasonable prospect of economic extraction. In making this determination, constraints were applied to the geological model based upon a pit optimization analysis that defined a conceptual pit shell limit. The conceptual pit shell was based upon
 a net value per tonne calculation including a 5,000ppm boron cut-off grade for high boron – high lithium (HiB-Li) mineralisation (Stream 1) and a $11.13/tonne net value cut-off grade for low boron (LoB-Li) mineralisation below 5,000ppm boron
 broke into two material types, low clay and high clay material respectfully (Stream 2 and Stream 3). The pit shell was constrained by a conceptual Mineral Resource optimized pit shell for the purpose of establishing reasonable prospects of
 eventual economic extraction based on potential mining, metallurgical and processing grade parameters identified by mining, metallurgical and processing studies performed to date on the Project. Key inputs in developing the Mineral Resource pit
 shell included a 5,000ppm boron cut-off grade for HiB-Li mineralisation, $11.13/tonne net value cut-off grade for LoB-Li low clay mineralisation and LoB-Li high clay mineralisation; mining cost of US$1.69 /tonne; G&A cost of US$11.13
 /process tonne; plant feed processing and grade control costs which range between US$17.49/tonne and US$80.11/tonne of plant feed (based on the acid consumption per stream and the mineral resource average grades); boron and lithium recovery
 (respectively) for Stream 1: M5 80.2% and 85.7%, B5 76.6% and 85.3%, S5 75.4% and 80.9%, L6 72.3% and 75.6%; Stream 2 and 3: M5 65.0% and 78.0%, B5 76.6% and 85.3%, S5 45.2% and 83.2%, L6 29.4% and 74.9%, respectively; boric acid sales price of
 US$1,172.78/tonne; lithium carbonate sales price of US$19,351.38/tonne.

&nbsp;&nbsp;&nbsp;&nbsp;7. The mineral resource is reported exclusive of the mineral reserves.

Areas of uncertainty for the mineral resource estimate include:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Potential significant changes in the assumptions regarding forecast product
 prices, process recoveries, or production costs;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Potential changes in geometry and/or continuity of the geological units due to
 displacement from localized faulting and folding;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Potential changes in grade based on additional drilling that would influence the
 tonnages that would be excluded with the cut-off grade;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Potential for changes to the environmental requirements related to permit
 applications.

1.10. Mineral Reserve Estimate

The mineral reserve was developed from the 9.14 m (30 ft) mine planning block model and is the total of all proven and probable category ore that is planned for processing. The mineral reserve was estimated by tabulating the contained tonnage of measured and indicated mineral resources (proven and probable mineral

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|:---|:---|
| **1-11** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

reserves) within the designed final pit geometry at the planned cut-off grade. The mineral reserve estimate is derived exclusively from measured and indicated mineral resources within an engineered final quarry design and reflects the application of mining, metallurgical, economic, permitting, and other modifying factors; inferred mineral resources are not included.

Modifying factors were considered when converting mineral resources to mineral reserves, including dilution, mining and process recovery factors, beneficiation assumptions, property limits, permit status, changes to the Mine Plan of Operations, commodity price, cut-off grades, pit optimization assumptions, and the ultimate pit design.

The mineral reserve estimate shown in Table ‎1-3 is based on the life-of-mine production plan and realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social, and governmental modifying factors.

**Table ‎1-3 – Mineral Reserves as of October 2025** 

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Group** | &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Metric** | &nbsp;&nbsp;**Lithium** | &nbsp;&nbsp;**Boron** | &nbsp;&nbsp;**Contained Equivalent Grade** | &nbsp;&nbsp;**Contained Equivalent Grade** | &nbsp;&nbsp;**Contained** <br> **Equivalent Tonnes** | &nbsp;&nbsp;**Contained** <br> **Equivalent Tonnes** | &nbsp;&nbsp;**Recovered** <br> **Equivalent Tonnes** | &nbsp;&nbsp;**Recovered** <br> **Equivalent Tonnes** |
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Group** | &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**Grade** | &nbsp;&nbsp;**Grade** | &nbsp;&nbsp;**Contained Equivalent Grade** | &nbsp;&nbsp;**Contained Equivalent Grade** | &nbsp;&nbsp;**Contained** <br> **Equivalent Tonnes** | &nbsp;&nbsp;**Contained** <br> **Equivalent Tonnes** | &nbsp;&nbsp;**Recovered** <br> **Equivalent Tonnes** | &nbsp;&nbsp;**Recovered** <br> **Equivalent Tonnes** |
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Group** | &nbsp;&nbsp;**Classification** | | &nbsp;&nbsp;**Li** | &nbsp;&nbsp;**B** | &nbsp;&nbsp;**Li<sub>2</sub>CO<sub>3</sub>** | &nbsp;&nbsp;**H<sub>3</sub>BO<sub>3</sub>** | &nbsp;&nbsp;**Li<sub>2</sub>CO<sub>3</sub>** | &nbsp;&nbsp;**H<sub>3</sub>BO<sub>3</sub>** | &nbsp;&nbsp;**Li<sub>2</sub>CO<sub>3</sub>** | &nbsp;&nbsp;**H<sub>3</sub>BO<sub>3</sub>** |
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Group** | &nbsp;&nbsp;**Classification** | <br>&nbsp;&nbsp;**(kt)** | &nbsp;&nbsp;**(ppm)** | &nbsp;&nbsp;**(ppm)** | &nbsp;&nbsp;**(wt.%)** | &nbsp;&nbsp;**(wt.%)** | &nbsp;&nbsp;**(kt)** | &nbsp;&nbsp;**(kt)** | &nbsp;&nbsp;**(kt)** | &nbsp;&nbsp;**(kt)** |
| &nbsp;&nbsp;**Stream 1** <br> **(>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone | &nbsp;&nbsp;Proven | &nbsp;&nbsp;3489 | &nbsp;&nbsp;2401 | &nbsp;&nbsp;7652 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;4.38 | &nbsp;&nbsp;45 | &nbsp;&nbsp;153 | &nbsp;&nbsp;38 | &nbsp;&nbsp;122 |
| &nbsp;&nbsp;**Stream 1** <br> **(>= 5,000 ppm B)** | &nbsp;&nbsp;M5 Unit | &nbsp;&nbsp;Probable | &nbsp;&nbsp;3411 | &nbsp;&nbsp;2262 | &nbsp;&nbsp;7430 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;4.25 | &nbsp;&nbsp;41 | &nbsp;&nbsp;145 | &nbsp;&nbsp;35 | &nbsp;&nbsp;116 |
| &nbsp;&nbsp;**Stream 1** <br> **(>= 5,000 ppm B)** |  | &nbsp;&nbsp;**Sub-total M5 Unit** | &nbsp;&nbsp;**6900** | &nbsp;&nbsp;**2332** | &nbsp;&nbsp;**7542** | &nbsp;&nbsp;**1.24** | &nbsp;&nbsp;**4.31** | &nbsp;&nbsp;**86** | &nbsp;&nbsp;**298** | &nbsp;&nbsp;**73** | &nbsp;&nbsp;**239** |
| &nbsp;&nbsp;**Stream 1** <br> **(>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone | &nbsp;&nbsp;Proven | &nbsp;&nbsp;27990 | &nbsp;&nbsp;1880 | &nbsp;&nbsp;15364 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;8.78 | &nbsp;&nbsp;280 | &nbsp;&nbsp;2459 | &nbsp;&nbsp;239 | &nbsp;&nbsp;1884 |
| &nbsp;&nbsp;**Stream 1** <br> **(>= 5,000 ppm B)** | &nbsp;&nbsp;B5 Unit | &nbsp;&nbsp;Probable | &nbsp;&nbsp;31456 | &nbsp;&nbsp;1742 | &nbsp;&nbsp;14169 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;8.10 | &nbsp;&nbsp;292 | &nbsp;&nbsp;2549 | &nbsp;&nbsp;249 | &nbsp;&nbsp;1952 |
| &nbsp;&nbsp;**Stream 1** <br> **(>= 5,000 ppm B)** |  | &nbsp;&nbsp;**Sub-total B5 Unit** | &nbsp;&nbsp;**59446** | &nbsp;&nbsp;**1807** | &nbsp;&nbsp;**14732** | &nbsp;&nbsp;**0.96** | &nbsp;&nbsp;**8.42** | &nbsp;&nbsp;**572** | &nbsp;&nbsp;**5007** | &nbsp;&nbsp;**488** | &nbsp;&nbsp;**3836** |
| &nbsp;&nbsp;**Stream 1** <br> **(>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone | &nbsp;&nbsp;Proven | &nbsp;&nbsp;2237 | &nbsp;&nbsp;1326 | &nbsp;&nbsp;7754 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;4.43 | &nbsp;&nbsp;16 | &nbsp;&nbsp;99 | &nbsp;&nbsp;13 | &nbsp;&nbsp;75 |
| &nbsp;&nbsp;**Stream 1** <br> **(>= 5,000 ppm B)** | &nbsp;&nbsp;S5 Unit | &nbsp;&nbsp;Probable | &nbsp;&nbsp;3354 | &nbsp;&nbsp;1166 | &nbsp;&nbsp;7533 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;4.31 | &nbsp;&nbsp;21 | &nbsp;&nbsp;144 | &nbsp;&nbsp;17 | &nbsp;&nbsp;109 |
| &nbsp;&nbsp;**Stream 1** <br> **(>= 5,000 ppm B)** |  | &nbsp;&nbsp;**Sub-total S5 Unit** | &nbsp;&nbsp;**5591** | &nbsp;&nbsp;**1230** | &nbsp;&nbsp;**7622** | &nbsp;&nbsp;**0.65** | &nbsp;&nbsp;**4.36** | &nbsp;&nbsp;**37** | &nbsp;&nbsp;**244** | &nbsp;&nbsp;**30** | &nbsp;&nbsp;**184** |
| &nbsp;&nbsp;**Stream 1** <br> **(>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone | &nbsp;&nbsp;Proven | &nbsp;&nbsp;33716 | &nbsp;&nbsp;1897 | &nbsp;&nbsp;14061 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;8.04 | &nbsp;&nbsp;340 | &nbsp;&nbsp;2711 | &nbsp;&nbsp;290 | &nbsp;&nbsp;2081 |
| &nbsp;&nbsp;**Stream 1** <br> **(>= 5,000 ppm B)** | &nbsp;&nbsp;(B5, M5 & S5) | &nbsp;&nbsp;Probable | &nbsp;&nbsp;38221 | &nbsp;&nbsp;1738 | &nbsp;&nbsp;12985 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;7.43 | &nbsp;&nbsp;354 | &nbsp;&nbsp;2838 | &nbsp;&nbsp;301 | &nbsp;&nbsp;2177 |
| &nbsp;&nbsp;**Stream 1** <br> **(>= 5,000 ppm B)** | &nbsp;&nbsp;Sub-Total | &nbsp;&nbsp;**Sub-total Upper Zone** | &nbsp;&nbsp;**71937** | &nbsp;&nbsp;**1813** | &nbsp;&nbsp;**13489** | &nbsp;&nbsp;**0.96** | &nbsp;&nbsp;**7.71** | &nbsp;&nbsp;**694** | &nbsp;&nbsp;**5549** | &nbsp;&nbsp;**591** | &nbsp;&nbsp;**4258** |
| &nbsp;&nbsp;**Stream 1** <br> **(>= 5,000 ppm B)** | &nbsp;&nbsp;Lower Zone | &nbsp;&nbsp;Proven | &nbsp;&nbsp;5712 | &nbsp;&nbsp;1389 | &nbsp;&nbsp;8357 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;4.78 | &nbsp;&nbsp;42 | &nbsp;&nbsp;273 | &nbsp;&nbsp;32 | &nbsp;&nbsp;197 |
| &nbsp;&nbsp;**Stream 1** <br> **(>= 5,000 ppm B)** | &nbsp;&nbsp;L6 Unit | &nbsp;&nbsp;Probable | &nbsp;&nbsp;13591 | &nbsp;&nbsp;1334 | &nbsp;&nbsp;7856 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;4.49 | &nbsp;&nbsp;97 | &nbsp;&nbsp;611 | &nbsp;&nbsp;73 | &nbsp;&nbsp;441 |
| &nbsp;&nbsp;**Stream 1** <br> **(>= 5,000 ppm B)** |  | &nbsp;&nbsp;**Sub-total Lower Zone** | &nbsp;&nbsp;**19303** | &nbsp;&nbsp;**1351** | &nbsp;&nbsp;**8004** | &nbsp;&nbsp;**0.72** | &nbsp;&nbsp;**4.58** | &nbsp;&nbsp;**139** | &nbsp;&nbsp;**883** | &nbsp;&nbsp;**105** | &nbsp;&nbsp;**639** |
| &nbsp;&nbsp;**Stream 1** <br> **(>= 5,000 ppm B)** | &nbsp;&nbsp;Total Stream 1 (all zones) | &nbsp;&nbsp;Proven | &nbsp;&nbsp;39428 | &nbsp;&nbsp;1823 | &nbsp;&nbsp;13235 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;7.57 | &nbsp;&nbsp;383 | &nbsp;&nbsp;2984 | &nbsp;&nbsp;322 | &nbsp;&nbsp;2278 |
| &nbsp;&nbsp;**Stream 1** <br> **(>= 5,000 ppm B)** | &nbsp;&nbsp;Total Stream 1 (all zones) | &nbsp;&nbsp;Probable | &nbsp;&nbsp;51812 | &nbsp;&nbsp;1632 | &nbsp;&nbsp;11640 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;6.66 | &nbsp;&nbsp;450 | &nbsp;&nbsp;3448 | &nbsp;&nbsp;374 | &nbsp;&nbsp;2619 |
| &nbsp;&nbsp;**Stream 1** <br> **(>= 5,000 ppm B)** | &nbsp;&nbsp;Total Stream 1 (all zones) | &nbsp;&nbsp;**Sub-total Stream 1** | &nbsp;&nbsp;**91241** | &nbsp;&nbsp;**1715** | &nbsp;&nbsp;**12329** | &nbsp;&nbsp;**0.91** | &nbsp;&nbsp;**7.05** | &nbsp;&nbsp;**833** | &nbsp;&nbsp;**6432** | &nbsp;&nbsp;**696** | &nbsp;&nbsp;**4897** |
| &nbsp;&nbsp;**Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** | &nbsp;&nbsp;Upper Zone | &nbsp;&nbsp;Proven | &nbsp;&nbsp;4529 | &nbsp;&nbsp;2218 | &nbsp;&nbsp;2143 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;53 | &nbsp;&nbsp;55 | &nbsp;&nbsp;46 | &nbsp;&nbsp;43 |
| &nbsp;&nbsp;**Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** | &nbsp;&nbsp;B5 Unit | &nbsp;&nbsp;Probable | &nbsp;&nbsp;4386 | &nbsp;&nbsp;2117 | &nbsp;&nbsp;2414 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;49 | &nbsp;&nbsp;61 | &nbsp;&nbsp;42 | &nbsp;&nbsp;46 |
| &nbsp;&nbsp;**Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** |  | &nbsp;&nbsp;**Sub-total B5 Unit** | &nbsp;&nbsp;**8915** | &nbsp;&nbsp;**2169** | &nbsp;&nbsp;**2276** | &nbsp;&nbsp;**1.15** | &nbsp;&nbsp;**1.30** | &nbsp;&nbsp;**103** | &nbsp;&nbsp;**116** | &nbsp;&nbsp;**88** | &nbsp;&nbsp;**89** |
| &nbsp;&nbsp;**Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** | &nbsp;&nbsp;Upper Zone | &nbsp;&nbsp;Proven | &nbsp;&nbsp;15672 | &nbsp;&nbsp;998 | &nbsp;&nbsp;1087 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;83 | &nbsp;&nbsp;97 | &nbsp;&nbsp;69 | &nbsp;&nbsp;44 |
| &nbsp;&nbsp;**Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** | &nbsp;&nbsp;S5 Unit | &nbsp;&nbsp;Probable | &nbsp;&nbsp;30409 | &nbsp;&nbsp;789 | &nbsp;&nbsp;805 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;128 | &nbsp;&nbsp;140 | &nbsp;&nbsp;106 | &nbsp;&nbsp;63 |
| &nbsp;&nbsp;**Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** |  | &nbsp;&nbsp;**Sub-total S5 Unit** | &nbsp;&nbsp;**46082** | &nbsp;&nbsp;**860** | &nbsp;&nbsp;**901** | &nbsp;&nbsp;**0.46** | &nbsp;&nbsp;**0.52** | &nbsp;&nbsp;**211** | &nbsp;&nbsp;**237** | &nbsp;&nbsp;**175** | &nbsp;&nbsp;**107** |
| &nbsp;&nbsp;**Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** | &nbsp;&nbsp;Upper Zone | &nbsp;&nbsp;Proven | &nbsp;&nbsp;20201 | &nbsp;&nbsp;1271 | &nbsp;&nbsp;1324 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;137 | &nbsp;&nbsp;153 | &nbsp;&nbsp;115 | &nbsp;&nbsp;87 |
| &nbsp;&nbsp;**Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** | &nbsp;&nbsp;(B5 & S5) | &nbsp;&nbsp;Probable | &nbsp;&nbsp;34796 | &nbsp;&nbsp;956 | &nbsp;&nbsp;1008 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;177 | &nbsp;&nbsp;200 | &nbsp;&nbsp;148 | &nbsp;&nbsp;110 |
| &nbsp;&nbsp;**Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** | &nbsp;&nbsp;Sub-Total | &nbsp;&nbsp;**Sub-total Upper Zone** | &nbsp;&nbsp;**54997** | &nbsp;&nbsp;**1072** | &nbsp;&nbsp;**1124** | &nbsp;&nbsp;**0.57** | &nbsp;&nbsp;**0.64** | &nbsp;&nbsp;**314** | &nbsp;&nbsp;**353** | &nbsp;&nbsp;**263** | &nbsp;&nbsp;**196** |

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| **1-12** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Group** | &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Metric** | &nbsp;&nbsp;**Lithium** | &nbsp;&nbsp;**Boron** | &nbsp;&nbsp;**Contained Equivalent Grade** | &nbsp;&nbsp;**Contained Equivalent Grade** | &nbsp;&nbsp;**Contained** <br> **Equivalent Tonnes** | &nbsp;&nbsp;**Contained** <br> **Equivalent Tonnes** | &nbsp;&nbsp;**Recovered** <br> **Equivalent Tonnes** | &nbsp;&nbsp;**Recovered** <br> **Equivalent Tonnes** |
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Group** | &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**Grade** | &nbsp;&nbsp;**Grade** | &nbsp;&nbsp;**Contained Equivalent Grade** | &nbsp;&nbsp;**Contained Equivalent Grade** | &nbsp;&nbsp;**Contained** <br> **Equivalent Tonnes** | &nbsp;&nbsp;**Contained** <br> **Equivalent Tonnes** | &nbsp;&nbsp;**Recovered** <br> **Equivalent Tonnes** | &nbsp;&nbsp;**Recovered** <br> **Equivalent Tonnes** |
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Group** | &nbsp;&nbsp;**Classification** | | &nbsp;&nbsp;**Li** | &nbsp;&nbsp;**B** | &nbsp;&nbsp;**Li<sub>2</sub>CO<sub>3</sub>** | &nbsp;&nbsp;**H<sub>3</sub>BO<sub>3</sub>** | &nbsp;&nbsp;**Li<sub>2</sub>CO<sub>3</sub>** | &nbsp;&nbsp;**H<sub>3</sub>BO<sub>3</sub>** | &nbsp;&nbsp;**Li<sub>2</sub>CO<sub>3</sub>** | &nbsp;&nbsp;**H<sub>3</sub>BO<sub>3</sub>** |
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Group** | &nbsp;&nbsp;**Classification** | <br>&nbsp;&nbsp;**(kt)** | &nbsp;&nbsp;**(ppm)** | &nbsp;&nbsp;**(ppm)** | &nbsp;&nbsp;**(wt.%)** | &nbsp;&nbsp;**(wt.%)** | &nbsp;&nbsp;**(kt)** | &nbsp;&nbsp;**(kt)** | &nbsp;&nbsp;**(kt)** | &nbsp;&nbsp;**(kt)** |
|  | &nbsp;&nbsp;Lower Zone | &nbsp;&nbsp;Proven | &nbsp;&nbsp;24999 | &nbsp;&nbsp;1253 | &nbsp;&nbsp;1277 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;167 | &nbsp;&nbsp;182 | &nbsp;&nbsp;125 | &nbsp;&nbsp;54 |
|  | &nbsp;&nbsp;L6 Unit | &nbsp;&nbsp;Probable | &nbsp;&nbsp;69104 | &nbsp;&nbsp;1195 | &nbsp;&nbsp;1532 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;440 | &nbsp;&nbsp;605 | &nbsp;&nbsp;329 | &nbsp;&nbsp;178 |
|  |  | &nbsp;&nbsp;**Sub-total Lower Zone** | &nbsp;&nbsp;**94102** | &nbsp;&nbsp;**1211** | &nbsp;&nbsp;**1464** | &nbsp;&nbsp;**0.64** | &nbsp;&nbsp;**0.84** | &nbsp;&nbsp;**606** | &nbsp;&nbsp;**788** | &nbsp;&nbsp;**454** | &nbsp;&nbsp;**232** |
|  | &nbsp;&nbsp;Total Stream 2 (all zones) | &nbsp;&nbsp;Proven | &nbsp;&nbsp;45200 | &nbsp;&nbsp;1261 | &nbsp;&nbsp;1298 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;303 | &nbsp;&nbsp;335 | &nbsp;&nbsp;240 | &nbsp;&nbsp;140 |
|  | &nbsp;&nbsp;Total Stream 2 (all zones) | &nbsp;&nbsp;Probable | &nbsp;&nbsp;103899 | &nbsp;&nbsp;1115 | &nbsp;&nbsp;1356 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;617 | &nbsp;&nbsp;806 | &nbsp;&nbsp;478 | &nbsp;&nbsp;288 |
|  | &nbsp;&nbsp;Total Stream 2 (all zones) | &nbsp;&nbsp;**Sub-total Stream 2** | &nbsp;&nbsp;**149099** | &nbsp;&nbsp;**1159** | &nbsp;&nbsp;**1339** | &nbsp;&nbsp;**0.62** | &nbsp;&nbsp;**0.77** | &nbsp;&nbsp;**920** | &nbsp;&nbsp;**1141** | &nbsp;&nbsp;**717** | &nbsp;&nbsp;**428** |
| &nbsp;&nbsp;**Stream 3**<br> **($16.54/t net value cut-off grade, High Clay)** | &nbsp;&nbsp;**Total Stream 3 (M5 zone)** | &nbsp;&nbsp;Proven | &nbsp;&nbsp;7001 | &nbsp;&nbsp;2205 | &nbsp;&nbsp;1630 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;82 | &nbsp;&nbsp;65 | &nbsp;&nbsp;64 | &nbsp;&nbsp;42 |
| &nbsp;&nbsp;**Stream 3**<br> **($16.54/t net value cut-off grade, High Clay)** | &nbsp;&nbsp;**Total Stream 3 (M5 zone)** | &nbsp;&nbsp;<u>Probable</u> | &nbsp;&nbsp;18191 | &nbsp;&nbsp;2110 | &nbsp;&nbsp;1176 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;204 | &nbsp;&nbsp;122 | &nbsp;&nbsp;159 | &nbsp;&nbsp;80 |
| &nbsp;&nbsp;**Stream 3**<br> **($16.54/t net value cut-off grade, High Clay)** | &nbsp;&nbsp;**Total Stream 3 (M5 zone)** | &nbsp;&nbsp;***Sub-total Stream 3*** | &nbsp;&nbsp;**25192** | &nbsp;&nbsp;**2137** | &nbsp;&nbsp;**1302** | &nbsp;&nbsp;**1.14** | &nbsp;&nbsp;**0.74** | &nbsp;&nbsp;**286** | &nbsp;&nbsp;**188** | &nbsp;&nbsp;**223** | &nbsp;&nbsp;**122** |
| &nbsp;&nbsp;**TOTAL of All Streams, All Seams, and All Proven & Probable** | &nbsp;&nbsp;**TOTAL of All Streams, All Seams, and All Proven & Probable** | &nbsp;&nbsp;**TOTAL of All Streams, All Seams, and All Proven & Probable** | &nbsp;&nbsp;**265531** | &nbsp;&nbsp;**1443** | &nbsp;&nbsp;**5112** | &nbsp;&nbsp;**0.77** | &nbsp;&nbsp;**2.92** | &nbsp;&nbsp;**2039** | &nbsp;&nbsp;**7761** | &nbsp;&nbsp;**1636** | &nbsp;&nbsp;**5447** |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. Kt – thousand metric tonnes, MT – million
 metric tonnes; Li= lithium; B= boron; ppm= parts per million; Li<sub>2</sub>CO<sub>3</sub> = lithium
 carbonate; H<sub>3</sub>BO<sub>3 </sub>= boric acid; kt = thousand metric tonnes.

&nbsp;&nbsp;&nbsp;&nbsp;2. Totals may differ due to rounding, Mineral
 Reserves reported on a dry in-situ basis. The Contained and Recovered Lithium Carbonate (Li<sub>2</sub>CO<sub>3</sub>) and Boric Acid (H<sub>3</sub>BO<sub>3</sub>) are reported in the table above in short
 tons. Lithium is converted to Equivalent Contained Tonnes of Lithium Carbonate (Li<sub>2</sub>CO<sub>3</sub>)
 using a stochiometric conversion factor of 5.322, and boron is converted to Equivalent Contained Tonnes of Boric Acid (H<sub>3</sub>BO<sub>3</sub>) using a stochiometric conversion factor of 5.718. Equivalent stochiometric conversion factors are derived from the molecular weights of the individual elements which make up Lithium Carbonate (Li<sub>2</sub>CO<sub>3</sub>) and Boric Acid (H<sub>3</sub>BO<sub>3</sub>). The Equivalent Recovered Tons of Lithium Carbonate (Li<sub>2</sub>CO<sub>3</sub>) and Boric Acid (H<sub>3</sub>BO<sub>3</sub>) is the portion of the contained tonnage that can be recovered after processing.

&nbsp;&nbsp;&nbsp;&nbsp;3. The statement of estimates of Mineral
 Reserves has been compiled by Independent Mining Consultants, Inc. (IMC) and is independent of ioneer and its affiliates. IMC has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and
 to the activity being undertaken to qualify as a Competent Person as defined in the S-K §229.1304 of the United States Securities and Exchange Commission ("SEC").

&nbsp;&nbsp;&nbsp;&nbsp;4. All Mineral Reserve figures reported in
 the table above represent estimates at October 2025. Mineral Reserve estimates are not precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the occurrence and on the
 available sampling results. The totals contained in the above table have been rounded to reflect the relative uncertainty of the estimate.

&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Reserves are reported in
 accordance with the US SEC Regulation S-K Subpart 1300. The Mineral Reserves in this report were estimated and reported using the regulation S-K §229.1304 of the United States Securities and Exchange Commission ("SEC"). Mineral Reserves are
 also reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The Joint Ore Reserves Committee Code – JORC 2012 Edition).

&nbsp;&nbsp;&nbsp;&nbsp;6. The ore reserve estimates the result of
 determining the measured and indicated resource that incorporates modifying factors demonstrating that it is economically minable, allowing for the conversion to proven and probable. In making this determination, constraints were applied to the
 geological model based upon a pit optimization analysis that defined a conceptual pit shell limit. The conceptual pit shell was based upon a net value per tonne calculation including a 5,000ppm boron cut-off grade for high boron – high lithium
 (HiB-Li) mineralisation (Stream 1) and a $11.13/tonne net value cut-off grade for low boron (LoB-Li) mineralisation below 5,000ppm boron broke into two material types, low clay and high clay material respectfully (Stream 2 and Stream 3). The
 pit shell was constrained by a conceptual Mineral Resource optimized pit shell for the purpose of establishing reasonable prospects of eventual economic extraction based on potential mining, metallurgical and processing grade parameters
 identified by mining, metallurgical and processing studies performed to date on the Project. The conceptual pit shell was used a guide to the engineered quarry designs used to constrain the Mineral Reserves. The Mineral Reserve is reported
 exclusive of Mineral Resources.

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| **1-13** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;7. Key inputs in developing the Mineral
 Reserve pit shell included a 5,000ppm boron cut-off grade for HiB-Li mineralization, $11.13 Net Value per tonne cut-off for LoB-Li low clay mineralization and $11.13 Net value per tonne cut-off for LoB-Li high clay mineralization; base mining
 cost of US$1.69/tonne and incremental cost of $0.055/tonne per bench below 6220 elevation; plant feed processing and grade control costs which range between US$52.92/tonne and US$82.55/ton of plant feed for stream 1, US$18.87 and US$98.62 for
 streams 2&3; boron and lithium recovery (respectively) for Stream 1: M5 80.2% and 85.7%, B5 76.6% and 85.3%, S5 75.4% and 80.9%, L6 72.3% and 75.6%; Stream 2 and 3: M5 65.0% and 78.0%, B5 76.6% and 85.3%, S5 45.2% and 83.2%, L6 29.4% and
 74.9%, respectively; boric acid sales price of US$1,172.78/tonne; lithium carbonate sales price of US$19,351.38/tonne.

&nbsp;&nbsp;&nbsp;&nbsp;8. The Mineral Reserve is reported exclusive
 of Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;9. Equivalent Lithium Carbonate (Li2CO3) and
 Boric Acid (H3BO3) grades have been rounded to the nearest tenth of a percent.

1.11. Mining Methods

The Rhyolite Ridge Project is designed to use conventional truck-shovel methods for operation.

Geotechnical quarry slope designs were completed with designed bench height of 9.14 m (30 ft) and bench width of 6.4 m (21 ft). A phased approach to the quarry design has been used to develop the mine plan. The ore production to the processing facility is planned at a target rate of approximately 9,700 tpd (3.54 Mt/y), which is constrained by plant acid consumption of approximately 3,180 tpd (1.16 Mt/y). The life of mine plan indicates an expected mine life of approximately 78 years under the target annual production rate.

Overburden storage facilities were designed to contain the 730.2 Mt of overburden and non-ore grade material to be removed from quarry. Four overburden storage facilities were located external to the quarry and the fifth one will be the quarry itself.

An autonomous haulage system and conventional support equipment were considered for estimating quarry equipment requirements, labor requirements, capital costs, and operating costs. The use of autonomous haulage in mining and quarry operations has proven to be reliable, safe, and cost effective in the long term.

1.12. Recovery Methods

The Rhyolite Ridge ores differ from traditional brines and spodumene ores in terms of their mineralogy and chemistry. The processing methods proposed differ from traditional installations, and there are no existing, commercialized reference operations. However, while the application and sequencing are unique, the unit operations and equipment types selected for ore processing are not novel, and many unit operations are adopted from existing boric acid, potash, nitrate and lithium production facilities.

The Rhyolite Ridge processing facilities were designed to produce technical grades of boric acid and lithium carbonate (purities of 99.9-100.9% and 98.5%, respectively). The stream 1 material is characterized as having boron grades > 5,000 ppm, which is mostly seen in the B5, M5, and L6 mineralized units where boron grades exceed 5,000 ppm. Lithium-bearing zones with boron content < 5,000 ppm, primarily in the L6, M5 and S5 mineralized units, are identified as stream 2 and stream 3.

Blending of high-clay low-boron mineralization (Stream 3, M5 unit) is limited to approximately 10% to maintain acceptable permeability and washability in the vat leaching system, while no practical blending limitations were identified for Stream 2 material. Stream 3 is limited to a maximum production rate of 10% of planned process feed; material exceeding this limit remains stockpiled and is not included within the mineral reserve estimate.

The main processing areas designed for the planned Rhyolite Ridge processing facilities include:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Ore storage, handling and sizing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Run-of-mine ore will be stockpiled before entering a two-stage crushing circuit,
 where it will be reduced in size before being conveyed to the leaching vats;

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| **1-14** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;▪ Vat leaching:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Boron and lithium will be leached into solution by sulfuric acid, producing a
 pregnant leach solution (PLS);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Metallurgical optimization testwork completed between Q4 2024 and Q1 2025
 demonstrated that the leach cycle duration can be reduced by up to approximately 1.5 days while maintaining lithium and boron extraction. The improved performance is attributed to reduced non-productive acid consumption associated with gangue
 mineral leaching at shorter residence times.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Boric acid circuit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Boric acid will be crystallized by cooling the PLS past its saturation limit and
 separating it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Boric acid will be refined by redissolution and recrystallization, followed by
 dewatering via centrifugation prior to drying and packaging for sale to the market. The final product will be technical grade boric acid;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Evaporation and crystallization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The resultant solution from boric acid filtration will undergo impurity removal
 by chemical addition and precipitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The purified solution will undergo several stages of evaporation and
 crystallization. Boric acid will be recovered via flotation and returned to the boric acid crystallization circuit. The flotation tails (primarily salts of magnesium, potassium and sodium sulfate) will be dewatered via centrifugation and sent
 to a spent ore storage facility;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Lithium carbonate circuit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The remaining solution will undergo further impurity removal, followed by the
 precipitation of technical grade lithium carbonate by chemical addition. The lithium carbonate will be filtered from solution prior to product drying and packaging. The final product will be technical grade lithium carbonate.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Lithium hydroxide circuit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Lithium carbonate will undergo further processing to convert to lithium
 hydroxide monohydrate (LHM). The installation of the LHM conversion plant will occur post startup. The selected conversion route is the liming route.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Technical grade lithium carbonate is combined with lime to produce lithium
 hydroxide and calcium carbonate. The lithium hydroxide slurry is filtered and the resulting calcium carbonate byproduct is recycled to lithium carbonate plant to offset new lime consumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The clarified lithium hydroxide solution is subject to ion exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The refined lithium hydroxide solution is concentrated through multiple stages
 of evaporation. Lithium hydroxide monohydrate is crystallized and dewatered using centrifuges. The LHM solids are redissolved in clean process condensate and filtered to remove insoluble impurities. And subject to a final stage of
 crystallization to produce battery grade LHM. The solids are dewatered and washed using centrifuges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The wet LHM solids are direct to dryers and packaging systems.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

The power requirements for the process area will be met by an onsite power plant consisting of a 42 MW steam turbine generator. It is estimated that 9,464 lpm (2,500 gpm) of water will be required for the Project on average, based on a sitewide water balance model. Water will be sourced from existing wells located in Fish Lake Valley, which has been determined to be sufficient to meet the demands of the project. Reagents required for process operations include elemental sulfur, hydrated lime, soda ash, and caustic soda.

1.13. Infrastructure

The Project is a greenfield project remote from existing infrastructure. Key infrastructure required to support the Project will include the following:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Process plant;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Assay and metallurgical lab;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Access through paved state and local county roads;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Haul roads;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Pit dewatering and monitoring wells;

&nbsp;&nbsp;&nbsp;&nbsp;▪ First aid and communications building;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Explosives storage area;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Steam turbine generator power plant;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Spent ore storage facility;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Switchgear and electrical distribution system;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Emergency facilities;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Water systems;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Sedimentation and contact water ponds;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Truck shop;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Fueling station;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Lunch facility building;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Administrative building.

The Project site can be accessed from Dyer via Highway 264 or from Tonopah via Highways 95 and/or 265. Each of the highways are connected to unpaved county roads that lead directly to the Project site. ioneer is responsible for road maintenance for the access road/ other small roads per an agreement with Esmeralda County officials.

Electrical power necessary to operate the process plant will be supplied by the onsite steam turbine generator (STG) power plant, as the Project facilities will not be connected to Nevada power grid. The STG has a design capacity of 42 MW although actual power output will vary depending on the operation conditions. Two 3 MW diesel generator units (producing power at 4.16 kV) and a high-pressure auxiliary boiler are included to facilitate the black start of the sulfuric acid plant, as well as to support emergency and critical power requirements when the STG is offline.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

A 3,500 metric tonnes (100% H<sub>2</sub>SO<sub>4</sub> basis) double absorption, sulfur-burning sulfuric acid plant will produce sulfuric acid at a concentration of 98.5% to be used for the vat leaching of the ore.

The primary source of water supply to the processing facilities will be ground water from wells located in the Fish Lake Valley agricultural area at White Mountain ranch (1,472 m [4830 ft] ASL) and piped to the process and fire water tank in the processing plant (1,720 m [5644 ft] ASL). The well pumps will be connected to the local grid and the booster pumps will be powered from the process plant via overhead electrical lines. Secondary sources of water supply will be from contact water from captured storm water that has been diverted to contact water ponds as well as water from dewatering the mine.

No accommodation facilities are planned. Personnel will reside in adjacent communities.

By-products from the leaching and mineral extraction process including spent ore, sulfate salts, and precipitation filter cake will be stored in the spent ore storage facility. The spent ore storage facility is designed to be a zero-discharge facility and includes the necessary environmental containment, drainage, and collection systems to support these criteria.

1.14. Market Studies

1.14.1. Markets

The current market demand for lithium is substantial, driven primarily by the increasing adoption of electric vehicles (EVs) and the growing use of lithium-ion batteries in various applications, including consumer electronics and energy storage systems.

Lithium, which is extracted from primary or secondary sources, can be used to produce lithium carbonate, lithium hydroxide, lithium chloride, lithium sulfate, butyl lithium, and lithium metal. Lithium carbonate will be the primary form of lithium product from the Rhyolite Ridge Project. Lithium carbonate can be produced in different qualities, including industrial grade (typically 98.5% purity), technical grade (99% purity), and battery grade (≥ 99.5% purity). Some industrial-grade lithium carbonate (i.e., from brines in China) has a lower purity than 95%. Industrial-grade and technical-grade lithium carbonate are typically used in glass, as fluxing agents, for ceramics, and in lubricants. Battery-grade lithium carbonate is used to produce cathodes for lithium-ion batteries.

Borates are usually refined, but some manufacturers sell raw minerals or concentrate at lower prices, when higher levels of impurities can be tolerated. Borates have more than 300 applications, including specialty glasses (i.e., borosilicate and TFT glasses), fiberglass, ceramics, insulation, agricultural products, industrial/chemical applications, pesticides, cleaning products, cosmetics, and pharmaceuticals. Boric acid demand may fluctuate as customers switch between various borate products, considering factors such as price, product availability, and technological advancements.

The boric acid market is less clear and there are no reliable market intelligence providers. In line with major borate supplier, Rio Tinto Minerals, ioneer's boric acid price forecasts were based on internal analysis of historical prices and volumes extracted from Datamyne's trade data, import prices and volumes from Japan, South Korea, Southeast Asia, and China, customers and dealers' interviews, China Boron Association data, and internal market equilibrium assumptions.

1.14.2. Commodity Price Forecasts

For the financial model of the Project, price forecasts rather than the current or historic prices were used. This approach allows to better account for future market conditions and potential price trends, providing a more accurate financial assessment for the Project.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

The offtake agreement prices of technical-grade lithium carbonate are based on the delivered price formula using the battery-grade lithium hydroxide index price from Benchmark Minerals (Q1, 2025) and Wood Mackenzie (Q2, 2025) battery-grade lithium hydroxide price forecast.

The price forecast of technical-grade lithium carbonate in real terms ranges from US$8,491/t (US$7,703/st) to US$21,810/t (US$19,785/st) between 2025 and 2040, with an average price of US$15,702/t (US$14,244/st).

In line with major borate supplier, Rio Tinto Minerals, ioneer boric acid price forecasts were based on internal analysis of historical prices and volumes extracted from Datamyne's trade data, import prices and volumes from Japan, South Korea, Southeast Asia, and China, customers and dealers' interviews, China Boron Association data, and Internal market equilibrium assumptions.

The price forecast for boric acid ranges from US$830/t (US$753/st) to US$1,400/t (US$1,270/st) between 2025 and 2040, with an average price of US$1,136/t (US$1,031/st).

1.14.3. Contracts

ioneer has signed offtake agreements with Ford Motor Company and PPES (a joint venture between Toyota and Panasonic) in 2022, Korea's EcoPro Innovation in 2021 and Dragonfly Energy in 2023. ioneer's contracts embed a volume adjustment clause to mitigate the risk of increased or decreased volume.

Other contracts that will be required include mine and haul road design, sulfuric acid plant engineering and technology licensing, engineering for main processing facilities, spent ore storage facility detailed engineering, material handling design, evaporators and crystallizers package design, power and controls, haulage system design, sulfur supply, lime supply, water rights, earth works, and material management and general site services.

1.15. Environmental, Permitting, and Social Considerations

1.15.1. Environmental Considerations

Baseline studies conducted to support project design included air quality impact assessment, aquatic resources delineation, biology, cultural resources, geochemistry, geology and mineral resource, groundwater, infrastructure, paleontological resource, recreation, socioeconomic, soils and rangeland, surface water resources and visual resources. These baseline studies were intended to support project design and establish a basis from which potential impacts can be assessed.

1.15.2. Closure and Reclamation

During Phase 1, Project operations and as closure approaches, spent materials will be evaluated to preclude the potential for pollutants from reclaimed sites to degrade the existing environment. Nevada Administrative Code requires a closure plant to stabilize all process components with an emphasis on stabilizing spent process materials (445A.398b). Closure activities will be conducted to standards required by the Nevada Administrative Code (445A.433) and Nevada Reclamation Statue (519A).

Concurrent reclamation will be completed to the extent practical throughout the life of the Project. A Final Plan for Permanent Closure will be submitted to NDEP-BMRR at least two years before the anticipated date of permanent closure of each process component.

Closure and reclamation costs are currently estimated at US$64 million, using the Nevada Standardized Reclamation Cost Estimator with 2023 cost data.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

1.15.3. Permitting Considerations

ioneer has focused its efforts on obtaining permits for the initial Phase 1 Quarry. The development of the Phase 2 Quarry will require revisions to some of the Project permits and these revised permits will need to be secured prior to Phase 2 Quarry development.

An Environmental Impact Statement was completed by a BLM-approved third-party contractor, culminating in the Record of Decision issued in October 2024 approving Phase 1 development. The Mine Plan of Operations and Record of Decision have been issued. The Record of Decision is under appeal.

1.15.4. Social Considerations

Social and community impacts associated with development of the Project are being considered and will be evaluated in accordance with the National Environmental Policy Act and other federal laws. Potential impacts are generally restricted to the existing population, including changes in demographics, income, employment, local economy, public finance, housing, community facilities, and community services.

ioneer envisions preparing and implementing a community development plan prior to Project development.

1.16. Capital Costs

The capital cost estimate has an estimated accuracy of +15%/-10% and a contingency of 10%. All capital costs were expressed in Q1 2024 US dollars. The total initial capital costs were estimated at US$1,683.2 million and a summary is provided in Table ‎1-4.

**Table ‎1-4 - Summary of Initial Capital Cost Estimate Updated in 2024**

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| | | |
|:---|:---|:---|
| **Discipline** | **Discipline** | **Total Cost** <br> **(US$ Million)** |
| Direct field costs | Direct field costs |  |
| 00 | Earthwork & civil | 52.2 |
| 10 | Concrete | 64.9 |
| 20 | Structural steel | 55.7 |
| 30 | Architectural and buildings | 5.2 |
| 40 | Machinery and equipment | 437.3 |
| 50 | Piping | 121.2 |
| 60 | Electrical | 120.0 |
| 70 | Control systems | 38.8 |
| 75 | Communications and security | 4.7 |
| 81 | Painting and coatings | 31.7 |
| 82 | Insulation & refractory | 21.7 |
| 83 | Modularization | 5.2 |
| 87 | Scaffolding | 8.3 |
| Sub-total direct cost | Sub-total direct cost | 966.9 |
| Sub-total direct distributable | Sub-total direct distributable | 282.2 |

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|:---|:---|:---|
| **Discipline** | **Discipline** | **Total Cost** <br> **(US$ Million)** |
| Sub-total indirect cost | Sub-total indirect cost | 82.1 |
| Other Cost | Other Cost |  |
| 9800000 | Escalation | 65.8 |
| 9900000 | Contingency (project @ risk) | 107.3 |
| 9900000 | Contingency (schedule risk analysis) | 40.2 |
| Sub-total other cost | Sub-total other cost | 213.3 |
| Owner's managed cost | Owner's managed cost |  |
| 8500000 | Owner's project cost | 91.5 |
| Sub-total owner's cost | Sub-total owner's cost | 91.5 |
| **Indicative total cost** | **Indicative total cost** | **1636.0** |
| Late Additions (order of magnitude) | Late Additions (order of magnitude) | 47.2 |
| **Indicative total cost with late additions** | **Indicative total cost with late additions** | **1683.2** |

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The sustaining capital costs were estimated at US$2,168.1 million, with additional deferred stripping costs estimated at US$933.0 million.

Closure and reclamation costs (estimated at approximately US$64 million) are incurred after the life of mine plan is completed, and they are not tabulated in the capital cost or sustaining capital cost estimates.

1.17. Operating Costs

The operating cost estimate has an estimated accuracy of ±15% and no contingency has been allocated in the operating cost estimate. US dollars are used as the base currency. A total and average operating cost was estimated for the Project based on the proposed mining schedule. The total operating cost was estimated at US$14,698.7 million or an average of approximate US$55.4/Mt of run-of-mine ore feed, over the proposed 77-year mine life.

A summary of operating costs for the mine and process plant are summarized in Table ‎1-5.

**Table ‎1-5 - Summary of Total Operating Costs – Mine vs Process Plant**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp; **Total Cost** <br> **(US$ Million)** | &nbsp;&nbsp; **Average Cost per<br> Tonne RoM<sup>1</sup>**<br> **(US$/Mt RoM)** | &nbsp;&nbsp; **Percentage**<br> **(%)** |
| &nbsp;&nbsp;Mine (excluding deferred stripping) | 1619.3 | 6.1 | 11.0 |
| &nbsp;&nbsp;Process plant (excluding sales tax) | 13079.3 | 49.3 | 89.0 |
| &nbsp;&nbsp;Total operating costs excluding sales tax | **14698.7** | **55.4** | **100.0** |

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*Note:* 

&nbsp;&nbsp;&nbsp;&nbsp;1. RoM = run-of-mine plant feed ton

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

1.18. Economic Analysis

1.18.1. Cashflow Analysis

The economics of the Rhyolite Ridge Project were evaluated using a real (non-escalated), after-tax discounted cash flow model on a 100% project equity basis (unlevered). The economic analysis and sensitivities were completed using ±15% variation in one variable at a time.

The Project's total cash flow is detailed in Table ‎1-6, resulting in a post-tax cash flow of US$23.8 billion total for the 77-year life-of-mine and on average US$290.1 million annually. The reported mine life reflects the economically optimized mineral reserve within the engineered quarry design and does not represent the full geological extent of the mineral resource.

**Table ‎1-6 - Economic Summary**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;Revenue | &nbsp;&nbsp;US$ million | &nbsp;&nbsp;46775 |
| &nbsp;&nbsp;Pre-tax cash flow | &nbsp;&nbsp;US$ million | &nbsp;&nbsp;27229 |
| &nbsp;&nbsp;Post-tax cash flow | &nbsp;&nbsp;US$ million | &nbsp;&nbsp;24022 |
| &nbsp;&nbsp;Unlevered post-tax net present value | &nbsp;&nbsp;US$ million | &nbsp;&nbsp;2237 |
| &nbsp;&nbsp;Unlevered post-tax internal rate of return | &nbsp;&nbsp;% | &nbsp;&nbsp;18.0 |
| &nbsp;&nbsp;Payback period | &nbsp;&nbsp;Years | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Mine life | &nbsp;&nbsp;Years | &nbsp;&nbsp;77 |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Rhyolite Ridge Project has closed a loan with the U.S. Department of Energy
 Loan Programs Office for US$996 million. The conditions for the first draw have not yet been met. If the conditions are met, the levered post-tax internal rate of return of the Project would be 23.2%.

&nbsp;&nbsp;&nbsp;&nbsp;1. As further described in Section 19.3.3, production tax credit and net operating
 loss carry forwards are used to offset federal income tax to compute post-tax economic metrics.

1.18.2. Sensitivity Analysis

A sensitivity analysis was performed on fuel costs, labor costs, operating costs, capital costs, lithium carbonate price and grade, boric acid price and grade, lithium recovery, and boron recovery in the financial model. Based on ± 15% changes in factors, the Project net present value in real dollars was calculated at an applied 8% discount rate.

The Project is considered most sensitive to increases in lithium grade, recovery, price and discount rate. A 15% change in operating or capital expense impacts NPV by approximately US$275-325 million. The model is least sensitive to changes such as labor cost.

1.19. Risks and Opportunities

1.19.1. Risks

Risks to the Project include:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Mineral reserve estimates could change if there are material changes to the
 economic, cost, market, infrastructure, permitting, or regulatory assumptions that underpin the mine plan, processing rates, and economic analysis used to support the mineral reserve determination.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;▪ The mineral reserve estimates could change positively or negatively with further
 exploration that updates the geological data and models for lithium-boron mineralization. They could also be significantly affected by changes in assumptions about slope stability (such as new hydrogeologic or geological data), product prices,
 mining recoveries, or production costs. If prices drop or production costs rise significantly, the cut-off grade would need to be increased, which could have a material impact on the mineral reserve estimates and would require re-evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Marketing risks include customers not honoring contracts and memorandum of
 understanding's resulting in lower sales levels, commercial team unable to secure contracts to meet production levels, lowered prices due to oversupply or lower demand, and a slow market resulting in less sales volume;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Project economic could be impacted by factors such as skilled labor
 availability, and volatility in raw materials and transportation costs;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Blending with LoB-Li high clay mineralization (M5 unit) should be limited to 10%
 to avoid adverse permeability issues in the vats caused by its high clay content. The large volume of M5 unit ore will result in the great portion of this ore type being unsuited for vat leaching through prior blending with low clay ores.
 Additionally, blending with other LoB-Li low clay mineralization types in stream 2 (L6 & S5 units) will result in lower boric acid production.

1.19.2. Opportunities

Opportunities include:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Converting the remainder of LoB-Li high clay mineralization in the M5 unit from
 current classification of mineral resources to mineral reserves, following appropriate supporting studies and tests.

1.20. Conclusions

Factors that have the potential to influence the prospect of economic extraction relate primarily to the permitting, mining, processing and market economic factors, parameters, and assumptions. These factors and assumptions are used to support the reasonable prospects for eventual economic extraction of the mineral resources.

ioneer's economic analysis has formed the basis of the mineral reserve estimates. The outcome from the economic analysis demonstrates that the Project is economically viable and made possible by having significant lithium and boron revenue streams.

1.21. Recommendations

It is recommended by the hydrogeological resource QP to allow additional cost for additional hydrogeological data collection and modelling likely required for NEPA analysis required for project expansion. This recommendation was estimated to have a cost of approximately US$2-3 million.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

2. INTRODUCTION

2.1. Introduction

AtkinsRéalis Minerals & Metals LLC (AtkinsRéalis), Independent Mining Consultants Inc. (IMC), Westland Engineering & Environmental Services (Westland), Mr. Yoshio Nagai, Leonard Rice Consulting Water Engineers, Inc. (LRE Water), NewFields, Geo-Logic Associates, Inc., Mr. Chad Yeftich, and Piteau prepared this technical report summary (Report) for ioneer Ltd. (ioneer) on the Rhyolite Ridge Lithium-Boron Project (the Rhyolite Ridge Project or the Project) located in Nevada, USA.

ioneer is the 100% owner of the Project.

2.2. Terms of Reference

The purpose of this Report summary is to support disclosure of updated mineral resource and mineral reserve estimates for the Rhyolite Ridge Project.

The Report uses the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ United States (US) English;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Metric measurement units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Grades are presented in parts per million (ppm), or weight percent (wt. %);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The coordinate system is presented using the Nevada State Plane Coordinate System of 1983, West Zone
 (NVSPW 1983) projection, and the North American Vertical Datum of 1988 (NAVD 88);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Constant US dollars (US$) as of the Report date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Mineral resources and mineral reserves are reported using the definitions in Subpart 229.1300 –
 Disclosure by Registrants Engaged in Mining Operations in Regulation S–K 1300 (SK1300).

2.3. Qualified Persons

Table ‎2-1 provides a list of the firms and individuals that acted as third-party QPs in preparation of this Report.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎2-1 Report Contributions by Entity**

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| | | |
|:---|:---|:---|
| **Qualified Person** | **Report Sections** | **Report Responsibilities** |
| AtkinsRéalis | 1.1, 1.2, 1.4, 1.8, 1.12, 1.13, 1.16, 1.17, 1.19.1, 2-5, 10, 14, 15.1-15.5, 18, 21, 22.1, 22.5, 22.9, 22.10.1, 22.13, 22.14, 22.16.1.1, 22.16.1.6, 24, 25 | Introduction, property description, resources and physiography, history, metallurgy and mineral processing, recovery methods, infrastructure, capital and operating costs |
| IMC | 1.3, 1.5.1, 1.5.2, 1.6, 1.7, 1.9-1.11, 1.19.1, 1.19.2, 1.20, 1.21, 6, 7.1, 7.2, 8, 9, 11, 12, 13.2-13.4, 20, 22.2, 22.3.1, 22.4, 22.6-22.8, 22.16.1.2, 22.16.1.3 | Geology and mineralization, exploration and drilling, data verification, mineral resources, mineral reserves, mine design, mining methods |
| Westland | 1.15, 17.1.1-17.1.7, 17.1.9-17.1.20, 17.2.2-17.2.4, 17.3-17.7, 22.12, 22.16.1.5 | Environmental studies, permitting, mine closure plans |
| Mr. Yoshio Nagai | 1.14, 1.19.1, 16, 22.11, 22.16.1.4 | Marketing, market studies |
| LRE Water | 7.3.1, 7.3.2, 7.3.4, 7.3.5, 22.3.2, 23 | Hydrogeology |
| NewFields | 1.5.4, 7.5, 13.1.3, 13.1.4, 15.6, 17.2.1, 17.2.5-17.2.6, 17.7 (as it relates to tailings management (SOSF) only), 22.3.3, 22.10.2 | Geotechnical exploration and analysis, spent ore storage, site monitoring |
| Geo-Logic Associates, Inc. | 1.5.3, 7.4, 13.1.1, 13.1.4 | Geotechnical quarry slope stability |
| Mr. Chad Yeftich | 1.18, 17.1.15,19, 22.15, 22.16.1.6 | Economic analysis |
| Piteau Associates | 7.3.3, 13.1.2, 17.1.8 | Hydrogeology |

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2.4. Scope of Personal Inspection

AtkinsRéalis' process and infrastructure QPs visited the Rhyolite Ridge site on April 16<sup>th</sup>, 2024. During the site visit, they reviewed core logs and inspected property access, future sites of the mine, spent ore storage facility, and the processing plant.

IMC QPs visited the Project site on August 10, 2023 to observe ioneer's core storage shed in Tonopah, NV, and the South Basin area. The QPs developed an understanding of the general geology of the Rhyolite Ridge Project and was able to visually confirm the presence of a selection of monumented drill holes from each of the previous drilling programs. They also observed the drilling, logging, and sampling procedures during the drilling program and reviewed documentation for the logging, sampling, and chain of custody protocols for previous drilling programs. They also gained an understanding of the geometry of the current surface. This included various features such as proposed locations for facilities, haulage routes, overburden storage facilities, Tiehm's Buckwheat, critical habitat, and areas of cultural preservation.

The QP from Westland visited the site several times from 2018 to the most recent site visit on May 7, 2024. The QP observed environmental site conditions and assisted with environmental studies whilst onsite.

The independent QP for market studies, Mr. Yoshio Nagai, visited the Rhyolite Ridge site twice with investors on the week of June 25, 2018, and received an introductory tour by the ioneer Senior Vice-President of

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Operations, and other senior ioneer personnel. The site tour provided an understanding of the Project development details as envisaged in 2018, an overview of where each major facility would be located, an overview of the site road access, and a briefing on the mineralization type (searlesite and lithium clay), and lithium and boron contents.

The QP from LRE Water was the independent QP for the hydrogeological studies and was the project manager for the baseline study that included the hydrogeology and geochemistry. While executing the baseline work, the QP was on site many times in 2018 and 2019, including an initial site reconnaissance, and subsequent shifts on site during the field activities for supervision and shift work (i.e., drilling, well and vertical well point installation, and well testing).

NewFields QP visited the site on January 30, 2019, and reviewed the site conditions for the future location of the spent ore storage facility. Mr. Rocco also reviewed the plant site location from a geotechnical standpoint.

The QP from Geo-Logic Associates, Inc. has made several visits over the years with his involvement in the Project, most recently on August 8<sup>th</sup> and 9<sup>th</sup> of 2023 to assist in field work involving spring evaluation and investigation.

The independent QP for market analyses, Mr. Chad Yeftich, visited the Rhyolite Ridge site in November 2025, January 2026 and February 2026. Mr. Yeftich visited the mine area, processing area, the core shed, and Fish Lake Valley.

Piteau Associates's hydrogeological QPs visited the Rhyolite Ridge site two times during April 25-27, 2023 and November 7-10, 2023. During their site visits, the QPs reviewed volcanic and sedimentary sequences of the Project area, alluvial and sedimentary sequences of Fish Lake Valley, and inspected the mine and overburden storage areas from hydrogeological perspectives.

2.5. Information Sources

The reports and documents listed in Chapter 24 and Chapter 25 of the Report were used to support the preparation of the Report.

A portion of the information was provided by ioneer as the registrant as set forth in Chapter 25. The third-party firms and QPs have relied on the registrant for the information specified in Chapter 25.

2.6. Report Date

The Report is current as of March 11, 2026. [WILL NEED TO UPDATE FOR FULL REPORT]

2.7. Previously Filed Technical Report Summaries

The Report is an update to the previously filed technical report summaries by ioneer:

&nbsp;&nbsp;&nbsp;&nbsp;■ Golder Associates Inc., 2021: Technical Report Summary of the Rhyolite Ridge
 Lithium-Boron Project: report prepared for ioneer Ltd., current as of September 30, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;■ Golder Associates USA Inc., 2022: Technical Report Summary of the Rhyolite Ridge
 Lithium-Boron Project: report prepared for ioneer Ltd., current as of February 28, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;■ WSP USA Inc., 2023: Technical Report Summary of the Rhyolite Ridge Lithium-Boron
 Project: report prepared for ioneer Ltd., current as of October 25, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;■ AtkinsRéalis Minerals & Metals LLC., Technical Report Summary prepared for
 ioneer Rhyolite Ridge LLC, report current as of September 30, 2025.

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| **2-3** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

2.8. Definitions

Definitions for abbreviated terms used throughout this report are provided in Table ‎**2-2**.

**Table ‎2-2 - Acronym and Abbreviation Definitions**

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| | |
|:---|:---|
| **Acronym/Abbreviation** | **Definitions** |
| °C | degrees Celsius |
| 3D | three-dimensional |
| AAL | American Assay Laboratories |
| ABA | acid-base accounting |
| AFW | Amec Foster Wheeler |
| AHT | autonomous haul truck |
| ALM | American Lithium Minerals |
| amsl | above mean sea level |
| ANP | acid neutralization potential |
| APE | area of potential effect |
| APEGA | Association of Professional Engineers and Geoscientists of Alberta |
| arb | as-received basis |
| ARD | acid-rock drainage |
| asl | above sea level |
| ATV | all-terrain vehicle |
| B | boron |
| bgs | below ground surface |
| BH | Borate Hills |
| BIA | Bureau of Indian Affairs |
| BLM | U.S. Department of Interior's Bureau of Land Management |
| BMRR | Bureau of Mining Regulation and Reclamation |
| CaCO<sub>3</sub> | calcium carbonate / limestone |
| capex | capital cost expenditure |
| CAT | Caterpillar |
| cm | centimeter |
| CO<sub>2 </sub> | carbon dioxide |
| CPE | chlorinated polyethylene |
| CRM | certified reference material |
| CRZ1 | boric acid crystallization |
| CRZ2 | sulfate acid crystallization |
| CRZ3 | boric acid crystallization |
| Cs | cesium |

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|:---|:---|
| **2-4** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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| | |
|:---|:---|
| CWP | contact water pond |
| CY | cubic yard |
| DGPS | differential global positioning system |
| EA | Environmental Assessment |
| EBITDA | earnings before interest, taxes, depreciation, and amortization |
| EDA | exploratory data analysis |
| EIS | Environmental Impact Statement |
| EMS | EM Strategies, a WestLand Resources Inc. company |
| EnviroMINE | EnviroMine Inc. |
| EPCM | engineering, procurement, and construction management |
| ET | evapotranspiration |
| EU | effective utilization |
| EV | electric vehicle |
| EVP1 | downstream PLS evaporation |
| EVP2 | lithium brine evaporation |
| F | fluorine |
| FS | feasibility study |
| FCC | Federal Communications Commission |
| FEL | front-end loader |
| FEM | finite element |
| Fluor | Fluor Enterprises, Inc. |
| FMS | fleet management system |
| FPC | fleet production and cost analysis software |
| FPPC | Final Plan for Permanent Closure |
| ft | feet |
| ft/d | feet per day |
| GLA | Geo-Logic Associates, Inc. |
| Golder | Golder Associates USA Inc., member of WSP |
| gpm | gallons per minute |
| GPS | global positioning system |
| H<sub>3</sub>BO<sub>3</sub> | boric acid |
| HCM | hydrogeological conceptual model |
| HCT | humidity cell testing |
| HDPE | high-density polyethylene |
| HGL | HydroGeoLogica, Inc. |
| HGU | hydrogeological unit |
| hr | hour |

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|:---|:---|
| **2-5** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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| | |
|:---|:---|
| Hwy | highway |
| ICE | internal combustion engine |
| ICP-MS | Inductively coupled plasma mass spectrometry |
| ID<sup>2</sup> | inverse distance interpolation weighted to the second power |
| ID<sup>3</sup> | Inverse distance interpolation weighted to the third power |
| IOB | in-pit overburden backfill |
| ioneer | ioneer Ltd. or ioneer USA Corporation |
| IR1 | impurity removal 1 |
| IR2 | lithium brine impurity removal |
| IRR | internal rate of return |
| IRS | Internal Revenue Service |
| JOGMEC | Japan Oil, Gas and Metals National Corporation |
| KCA | Kappes Cassiday Associates |
| KNA | kriging neighborhood analysis |
| kst | thousand short tons |
| kstpy | thousand short tons per year |
| kt | thousand metric tons |
| kV | kilovolt |
| lb | pound |
| LCE | lithium carbonate equivalent |
| LDS | leak detection system |
| LG | Lerchs-Grossmann |
| Li | lithium |
| Li<sub>2</sub>CO<sub>3 </sub> | lithium carbonate |
| LiOH | lithium hydroxide |
| LOM | life-of-mine |
| LOMP | life-of-mine plan |
| LOQ | life-of-quarry |
| LS | lacustrine sediments of the Cave Springs Formation |
| m | meter |
| m<sup>2</sup> | square meter |
| MA | mechanical availability |
| MACRS | modified accelerated cost recovery system |
| MCY | million cubic yard |
| MEG | Minerals Exploration & Environmental Geochemistry Inc. |
| mg/L | milligram per liter |
| ML | metals leaching |

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|:---|:---|
| **2-6** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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| | |
|:---|:---|
| mm | millimeter |
| Mo | molybdenum |
| Mph | miles per hour |
| MPO | mine plan of operations |
| MQC | manufacturer quality control |
| MS | Microsoft |
| MSHA | Mine Safety and Health Administration |
| Mst | million short tons |
| Mstpy | million short tons per year |
| Mt | million metric tons |
| MTO | material take-off |
| MW | megawatt |
| Na<sub>2</sub>CO<sub>3</sub> | soda ash |
| NaBSi<sub>2</sub>O<sub>5</sub>(OH)<sub>2</sub> | sodium borosilicate |
| NAC | Nevada Administrative Code |
| NaCaB<sub>5</sub>O<sub>6</sub>(OH)<sub>6</sub>·<sub>5</sub>H<sub>2</sub>O | sodium calcium borate hydroxide |
| NAICS | North American Industry Classification System |
| NDEP | Nevada Division of Environmental Protection |
| NEPA | National Environmental Policy Act |
| Newfields | NewFields Companies, LLC |
| NLB | north lithium basin |
| NOL | net operating loss |
| NPS | National Park Services |
| NPV | net present value |
| NRHP | National Register of Historic Places |
| OEM | original equipment manufacturer |
| OHWM | ordinary high water mark |
| Opex | operating cost estimate |
| OSF | overburden storage facility |
| OU | operational usage |
| P.E. | Professional Engineer |
| P.Geo. | Professional Geologist |
| pcf | pounds per cubic foot |
| PFS | prefeasibility study |
| PLS | pregnant leach solution |
| ppm | parts per million |
| psi | pounds per square inch |

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|:---|:---|
| **2-7** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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| | |
|:---|:---|
| QA/QC | quality assurance and quality control |
| QAL | Quaternary alluvium |
| QP | Qualified Person |
| RAM | reliability, availability, and maintenance |
| Rb | rubidium |
| RC | reverse circulation |
| Rhyolite Ridge Project or the Project | Rhyolite Ridge Lithium-Boron Project |
| ROM | run-of-mine |
| ROW | right-of-way |
| RQD | rock quality designation |
| s | seconds |
| SAP | sulfuric acid plant |
| SD | standard deviation |
| S-K 1300 | United States Security and Exchange Commission's Regulation Subpart S-K 1300 |
| SLB | south lithium basin |
| SLM | solid leasable minerals |
| SME | Society for Mining, Metallurgy, & Exploration |
| SMU | service meter units |
| SOP | standard operating procedure |
| SOSF | spent ore storage facility |
| stpy | short tons per year |
| SQM | Sociedad Química y Minera de Chile |
| Sr | strontium |
| SRM | standard reference material |
| Stantec | Stantec Consulting Services, Inc. |
| STG | steam turbine generator |
| stpd | short tons per day |
| SWBM | site-wide, operational water balance model |
| Tbx | Rhyolite Ridge Tuff and volcanic breccia |
| TDS | total dissolved solids |
| Trinity | Trinity Consultants |
| TRS | technical report summary |
| TS | Tertiary sedimentary unit |
| TW | testing well |
| UNR | University of Nevada, Reno |
| US$ | United States dollar |

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|:---|:---|
| **2-8** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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| | |
|:---|:---|
| USACE | U.S. Army Corps of Engineers |
| USFS | U.S. Forest Service |
| USFWS | U.S. Fish and Wildlife Service |
| VWP | vibrating-wire piezometers |
| WBS | work breakdown structure |
| WOTUS | waters of the United States |
| WPCP | Water Pollution Control Permit |
| WSP | WSP USA Inc. |
| Ω-cm | ohm-centimeters |

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|:---|:---|
| **2-9** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

3. PROPERTY DESCRIPTION

3.1. Property Location

The Project is located in Esmeralda County in southwestern Nevada, USA (Figure ‎**3-1**).

![](img002.jpg)

**Figure *‎*3-1 - Project Location Map**

Source: ioneer, 2022

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|:---|:---|:---|
| ![](img086.jpg) | **3-1** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

The Project site is approximately 23 km (14 miles) northeast of Dyer, Nevada (the nearest town) and approximately 105 km (65 miles) southwest of Tonopah, Nevada (the nearest city). The Project site is approximately 410 km (255 miles) by road from Las Vegas and 346 km (215 miles) from Reno, Nevada's largest and third largest cities, respectively.

The Rhyolite Ridge area includes two lithium-boron deposits (South Basin and North Basin), which cover a total area of approximately 104 km<sup>2</sup> (40 square miles). The proposed mine and facilities are based on the South Basin. The South Basin geographic coordinates are approximately 37.82°N and 117.86°W.

3.2. Property Ownership

ioneer is currently the 100% owner of the Project.

In January 2025, the U.S. Department of Energy finalized a $996 million loan debt financing for Rhyolite Ridge Lithium Project.

3.3. Mineral Rights

3.3.1. Name and Number of Mineral Rights

The mineral tenement and land tenure for the Project comprises a total of 418 unpatented lode mining claims, covering 34.31 km<sup>2</sup> (8,478 acres). Of these claims, all are listed as "active" in three claim groups, held by two wholly owned ioneer subsidiaries. The three claim groups include the South Lithium Basin (SLB), Solid Leasable Mineral (SLM), and Rhyolite Ridge groups (RR). All are held by ioneer Rhyolite Ridge, LLC.

There are also an additional 11 unpatented lode mining claims (PR limestone claims, 227 acres), 120 placer claims (SLP), and 348 mill sites (RMS) held by ioneer subsidiaries in the Project area. The placer claims and mill sites are within the boundary of the project but are not mineral bearing, therefore they will not be discussed in detail in the Report and will not be included in Table ‎3-1. ioneer Rhyolite Ridge, LLC, is the holder of the mill site claims in Esmeralda County which is presented in Table ‎3-2. The mill sites were staked on all the planned surface facilities, so no lode claims were withdrawn. The 348 mill sites locations labeled RMS 1-347 are shown in Figure ‎3-3.

The annual maintenance fees for all claims owned by ioneer Rhyolite Ridge, LLC, totaling US$179,400 and US$10,872 are payable to the BLM and Esmeralda County, respectively. The active SLB, SLM, and RR lode mining claims are summarized in Table ‎3-1. All claims presented in the table meet the following criteria:

- Holder: ioneer Rhyolite Ridge, LLC;

- County: Esmeralda;

- Claim type: lode claim;

- Claim status: active;

BLM annual maintenance fee: US$200.00;

Esmeralda County annual maintenance fee: US$12.00.

- Next payment date: BLM September 1, 2026, Esmeralda County November 1, 2025.

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|:---|:---|:---|
| ![](img086.jpg) | **3-2** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Figure *‎*3-2 - Tenement Map**

Source: ioneer, 2025

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| | | |
|:---|:---|:---|
| ![](img086.jpg) | **3-3** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎3-1 - SLB, SLM, and RR Lode Mining Claims** 

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| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Serial Number** | **Claim Name** | **Acres** | **Date Of Location** | **Claim Group** | **Serial Number** | **Claim Name** | **Acres** | **Date Of Location** | **Claim Group** | **Serial Number** | **Claim Name** | **Acres** | **Date Of Location** | **Claim Group** | **Serial Number** | **Claim Name** | **Acres** | **Date Of Location** | **Claim Group** |
| NV101868927 | RR 1 | 20.66 | 9/2/2018 | RR | NV101716114 | RR 53 | 20.66 | 8/25/2018 | RR | NV101741360 | SLB 26 | 20.66 | 12/2/2015 | SLB | NV101784834 | SLB 78 | 20.66 | 4/28/2016 | SLB |
| NV101868928 | RR 2 | 20.66 | 9/2/2018 | RR | NV101716115 | RR 54 | 20.66 | 8/25/2018 | RR | NV101741361 | SLB 27 | 20.66 | 12/2/2015 | SLB | NV101784835 | SLB 79 | 20.66 | 4/28/2016 | SLB |
| NV101868929 | RR 3 | 20.66 | 9/2/2018 | RR | NV101716116 | RR 55 | 20.66 | 8/25/2018 | RR | NV101741362 | SLB 28 | 20.66 | 12/2/2015 | SLB | NV101784836 | SLB 80 | 20.66 | 4/28/2016 | SLB |
| NV101868930 | RR 4 | 20.66 | 9/2/2018 | RR | NV101868917 | RR 56 | 20.66 | 8/25/2018 | RR | NV101741363 | SLB 29 | 20.66 | 12/2/2015 | SLB | NV101784837 | SLB 81 | 20.66 | 4/28/2016 | SLB |
| NV101868931 | RR 5 | 20.66 | 9/2/2018 | RR | NV101868918 | RR 57 | 20.66 | 8/25/2018 | RR | NV101741364 | SLB 30 | 20.66 | 12/2/2015 | SLB | NV101784838 | SLB 82 | 20.66 | 4/28/2016 | SLB |
| NV101868932 | RR 6 | 20.66 | 9/2/2018 | RR | NV101868919 | RR 58 | 20.66 | 8/25/2018 | RR | NV101741365 | SLB 31 | 20.66 | 12/2/2015 | SLB | NV101784839 | SLB 83 | 20.66 | 4/28/2016 | SLB |
| NV101868933 | RR 7 | 20.66 | 9/2/2018 | RR | NV101868920 | RR 59 | 20.66 | 8/25/2018 | RR | NV101741366 | SLB 32 | 20.66 | 12/2/2015 | SLB | NV101784840 | SLB 84 | 20.66 | 4/28/2016 | SLB |
| NV101868934 | RR 8 | 20.66 | 9/2/2018 | RR | NV101868921 | RR 60 | 20.66 | 8/25/2018 | RR | NV101741367 | SLB 33 | 20.66 | 12/3/2015 | SLB | NV101784841 | SLB 85 | 20.66 | 4/28/2016 | SLB |
| NV101868935 | RR 9 | 20.66 | 9/2/2018 | RR | NV101868922 | RR 61 | 10.33 | 8/25/2018 | RR | NV101741368 | SLB 34 | 20.66 | 12/3/2015 | SLB | NV101784842 | SLB 86 | 20.66 | 4/28/2016 | SLB |
| NV101868936 | RR 10 | 20.66 | 9/2/2018 | RR | NV101868923 | RR 62 | 10.33 | 8/25/2018 | RR | NV101741369 | SLB 35 | 20.66 | 12/3/2015 | SLB | NV101784843 | SLB 87 | 20.66 | 4/28/2016 | SLB |
| NV101868937 | RR 11 | 20.66 | 9/2/2018 | RR | NV101868924 | RR 63 | 10.33 | 8/25/2018 | RR | NV101741370 | SLB 36 | 20.66 | 12/3/2015 | SLB | NV101784844 | SLB 88 | 20.66 | 4/28/2016 | SLB |
| NV101870117 | RR 12 | 20.66 | 9/2/2018 | RR | NV101868925 | RR 64 | 10.33 | 8/25/2018 | RR | NV101741371 | SLB 37 | 20.66 | 12/3/2015 | SLB | NV101784845 | SLB 89 | 20.66 | 4/28/2016 | SLB |
| NV101870118 | RR 13 | 20.66 | 9/2/2018 | RR | NV101868926 | RR 65 | 10.33 | 8/25/2018 | RR | NV101741372 | SLB 38 | 20.66 | 12/3/2015 | SLB | NV101786020 | SLB 90 | 20.66 | 4/28/2016 | SLB |
| NV101870119 | RR 14 | 20.66 | 9/2/2018 | RR | NV105810398 | RR 66 | 20.66 | 11/03/2022 | RR | NV101741373 | SLB 39 | 20.66 | 12/3/2015 | SLB | NV101786021 | SLB 91 | 20.66 | 4/28/2016 | SLB |
| NV101870120 | RR 15 | 20.66 | 9/2/2018 | RR | NV105810399 | RR 67 | 20.66 | 11/03/2022 | RR | NV101741690 | SLB 40 | 20.66 | 12/3/2015 | SLB | NV101786022 | SLB 92 | 20.66 | 4/28/2016 | SLB |
| NV101870121 | RR 16 | 20.66 | 9/2/2018 | RR | NV105810400 | RR 68 | 20.66 | 11/03/2022 | RR | NV101741691 | SLB 41 | 20.66 | 12/2/2015 | SLB | NV101786023 | SLB 93 | 20.66 | 4/28/2016 | SLB |
| NV101870122 | RR 17 | 20.66 | 9/2/2018 | RR | NV105810401 | RR 69 | 20.66 | 11/03/2022 | RR | NV101741692 | SLB 42 | 20.66 | 12/2/2015 | SLB | NV101786024 | SLB 94 | 20.66 | 4/28/2016 | SLB |
| NV101870123 | RR 18 | 20.66 | 9/2/2018 | RR | NV105810402 | RR 70 | 20.66 | 11/03/2022 | RR | NV101741693 | SLB 43 | 20.66 | 12/3/2015 | SLB | NV101786025 | SLB 95 | 20.66 | 4/28/2016 | SLB |
| NV101714938 | RR 19 | 20.66 | 8/26/2018 | RR | NV105810403 | RR 71 | 20.66 | 11/03/2022 | RR | NV101741694 | SLB 44 | 20.66 | 12/3/2015 | SLB | NV101786026 | SLB 96 | 20.66 | 4/28/2016 | SLB |
| NV101714939 | RR 20 | 20.66 | 8/26/2018 | RR | NV105810404 | RR 72 | 20.66 | 11/03/2022 | RR | NV101741695 | SLB 45 | 20.66 | 12/3/2015 | SLB | NV101786027 | SLB 97 | 20.66 | 4/28/2016 | SLB |
| NV101714940 | RR 21 | 20.66 | 8/26/2018 | RR | NV105810405 | RR 73 | 20.66 | 11/03/2022 | RR | NV101741696 | SLB 46 | 20.66 | 12/3/2015 | SLB | NV101786028 | SLB-98 | 20.66 | 4/28/2016 | SLB |
| NV101714941 | RR 22 | 20.66 | 8/26/2018 | RR | NV105810406 | RR 74 | 20.66 | 11/04/2022 | RR | NV101741697 | SLB 47 | 20.66 | 12/3/2015 | SLB | NV101786029 | SLB 99 | 20.66 | 4/28/2016 | SLB |
| NV101714942 | RR 23 | 10.33 | 8/26/2018 | RR | NV105810407 | RR 75 | 20.66 | 11/03/2022 | RR | NV101741698 | SLB 48 | 20.66 | 12/3/2015 | SLB | NV101786030 | SLB 100 | 20.66 | 4/28/2016 | SLB |
| NV101714943 | RR 25b | 10.33 | 8/26/2018 | RR | NV105810408 | RR 76 | 20.66 | 11/04/2022 | RR | NV101783654 | SLB-49 | 20.66 | 4/28/2016 | SLB | NV101786031 | SLB 101 | 20.66 | 4/28/2016 | SLB |
| NV101714944 | RR 25 | 3.44 | 8/25/2018 | RR | NV105810409 | RR 77 | 20.66 | 11/04/2022 | RR | NV101783655 | SLB-50 | 20.66 | 4/28/2016 | SLB | NV101786032 | SLB 102 | 20.66 | 4/28/2016 | SLB |
| NV101714945 | RR 26 | 3.44 | 8/25/2018 | RR | NV105810410 | RR 78 | 20.66 | 11/04/2022 | RR | NV101783656 | SLB-51 | 20.66 | 4/28/2016 | SLB | NV101786033 | SLB 103 | 20.66 | 4/28/2016 | SLB |
| NV101714946 | RR 27 | 20.66 | 8/25/2018 | RR | NV105810411 | RR 79 | 20.66 | 11/03/2022 | RR | NV101783657 | SLB-52 | 20.66 | 4/28/2016 | SLB | NV101786034 | SLB 104 | 20.66 | 4/28/2016 | SLB |
| NV101714947 | RR 28 | 20.66 | 8/25/2018 | RR | NV101740707 | SLB 1 | 20.66 | 12/2/2015 | SLB | NV101783658 | SLB 53 | 20.66 | 4/28/2016 | SLB | NV101786035 | SLB 105 | 20.66 | 4/28/2016 | SLB |
| NV101714948 | RR 29 | 20.66 | 8/25/2018 | RR | NV101740708 | SLB 2 | 20.66 | 12/2/2015 | SLB | NV101783659 | SLB 54 | 20.66 | 4/28/2016 | SLB | NV101786036 | SLB 106 | 20.66 | 4/28/2016 | SLB |
| NV101714949 | RR 30 | 20.66 | 8/25/2018 | RR | NV101740709 | SLB 3 | 20.66 | 12/2/2015 | SLB | NV101783660 | SLB 55 | 20.66 | 4/28/2016 | SLB | NV101786037 | SLB 107 | 20.66 | 4/28/2016 | SLB |
| NV101714950 | RR 31 | 20.66 | 8/25/2018 | RR | NV101740710 | SLB 4 | 20.66 | 12/2/2015 | SLB | NV101783661 | SLB 56 | 20.66 | 4/28/2016 | SLB | NV101786038 | SLB 108 | 20.66 | 4/28/2016 | SLB |
| NV101714951 | RR 32 | 20.66 | 8/25/2018 | RR | NV101740711 | SLB 5 | 20.66 | 12/2/2015 | SLB | NV101783662 | SLB 57 | 20.66 | 4/28/2016 | SLB | NV101786039 | SLB 109 | 20.66 | 4/28/2016 | SLB |
| NV101714952 | RR 33 | 20.66 | 8/26/2018 | RR | NV101740712 | SLB 6 | 20.66 | 12/2/2015 | SLB | NV101783663 | SLB 58 | 20.66 | 4/28/2016 | SLB | NV101737172 | SLB 110 | 20.66 | 5/26/2017 | SLB |
| NV101714953 | RR 34 | 20.66 | 8/26/2018 | RR | NV101740713 | SLB 7 | 20.66 | 12/2/2015 | SLB | NV101783664 | SLB 59 | 20.66 | 4/28/2016 | SLB | NV101737173 | SLB 111 | 20.66 | 5/26/2017 | SLB |
| NV101716096 | RR 35 | 20.66 | 8/25/2018 | RR | NV101740714 | SLB 8 | 20.66 | 12/2/2015 | SLB | NV101783665 | SLB 60 | 20.66 | 4/28/2016 | SLB | NV101737174 | SLB 112 | 20.66 | 5/26/2017 | SLB |
| NV101716097 | RR 36 | 20.66 | 8/25/2018 | RR | NV101740715 | SLB 9 | 20.66 | 12/2/2015 | SLB | NV101783666 | SLB 61 | 20.66 | 4/28/2016 | SLB | NV101737175 | SLB 113 | 20.66 | 5/26/2017 | SLB |
| NV101716098 | RR 37 | 20.66 | 8/25/2018 | RR | NV101740716 | SLB 10 | 20.66 | 12/2/2015 | SLB | NV101783667 | SLB 62 | 20.66 | 4/28/2016 | SLB | NV101737176 | SLB 114 | 20.66 | 5/26/2017 | SLB |
| NV101716099 | RR 38 | 20.66 | 8/25/2018 | RR | NV101740717 | SLB 11 | 20.66 | 12/2/2015 | SLB | NV101783668 | SLB 63 | 20.66 | 4/28/2016 | SLB | NV101737177 | SLB 115 | 20.66 | 5/26/2017 | SLB |
| NV101716100 | RR 39 | 20.66 | 8/25/2018 | RR | NV101740718 | SLB 12 | 20.66 | 12/2/2015 | SLB | NV101783669 | SLB 64 | 20.66 | 4/28/2016 | SLB | NV101737178 | SLB 116 | 20.66 | 5/26/2017 | SLB |
| NV101716101 | RR 40 | 20.66 | 8/25/2018 | RR | NV101740719 | SLB 13 | 20.66 | 12/2/2015 | SLB | NV101783670 | SLB 65 | 20.66 | 4/28/2016 | SLB | NV101737179 | SLB 117 | 20.66 | 5/26/2017 | SLB |
| NV101716102 | RR 41 | 20.66 | 8/25/2018 | RR | NV101740720 | SLB 14 | 20.66 | 12/2/2015 | SLB | NV101783671 | SLB 66 | 20.66 | 4/28/2016 | SLB | NV101738169 | SLB 118 | 20.66 | 5/26/2017 | SLB |
| NV101716103 | RR 42 | 20.66 | 8/25/2018 | RR | NV101740721 | SLB 15 | 20.66 | 12/2/2015 | SLB | NV101783672 | SLB 67 | 20.66 | 4/28/2016 | SLB | NV101738170 | SLB 119 | 20.66 | 5/26/2017 | SLB |
| NV101716104 | RR 43 | 20.66 | 8/25/2018 | RR | NV101740722 | SLB 16 | 20.66 | 12/2/2015 | SLB | NV101783673 | SLB 68 | 20.66 | 4/28/2016 | SLB | NV101738171 | SLB 120 | 20.66 | 5/26/2017 | SLB |
| NV101716105 | RR 44 | 20.66 | 8/25/2018 | RR | NV101740723 | SLB 17 | 20.66 | 12/2/2015 | SLB | NV101784825 | SLB 69 | 20.66 | 4/28/2016 | SLB | NV101738172 | SLB 121 | 20.66 | 5/25/2017 | SLB |
| NV101716106 | RR 45 | 20.66 | 8/25/2018 | RR | NV101740724 | SLB 18 | 20.66 | 12/2/2015 | SLB | NV101784826 | SLB 70 | 20.66 | 4/28/2016 | SLB | NV101738175 | SLB 124 | 20.66 | 5/25/2017 | SLB |
| NV101716107 | RR 46 | 20.66 | 8/25/2018 | RR | NV101741353 | SLB 19 | 20.66 | 12/2/2015 | SLB | NV101784827 | SLB 71 | 20.66 | 4/28/2016 | SLB | NV101738176 | SLB 125 | 20.66 | 5/25/2017 | SLB |
| NV101716108 | RR 47 | 20.66 | 8/25/2018 | RR | NV101741354 | SLB 20 | 20.66 | 12/2/2015 | SLB | NV101784828 | SLB 72 | 20.66 | 4/28/2016 | SLB | NV101738177 | SLB 126 | 20.66 | 5/25/2017 | SLB |
| NV101716109 | RR 48 | 20.66 | 8/25/2018 | RR | NV101741355 | SLB 21 | 20.66 | 12/2/2015 | SLB | NV101784829 | SLB 73 | 20.66 | 4/28/2016 | SLB | NV101738178 | SLB 127 | 20.66 | 5/26/2017 | SLB |
| NV101716110 | RR 49 | 20.66 | 8/25/2018 | RR | NV101741356 | SLB 22 | 20.66 | 12/2/2015 | SLB | NV101784830 | SLB 74 | 20.66 | 4/28/2016 | SLB | NV101738179 | SLB 128 | 20.66 | 5/26/2017 | SLB |
| NV101716111 | RR 50 | 20.66 | 8/25/2018 | RR | NV101741357 | SLB 23 | 20.66 | 12/2/2015 | SLB | NV101784831 | SLB 75 | 20.66 | 4/28/2016 | SLB | NV101738180 | SLB 129 | 20.66 | 5/26/2017 | SLB |
| NV101716112 | RR 51 | 20.66 | 8/25/2018 | RR | NV101741358 | SLB 24 | 20.66 | 12/2/2015 | SLB | NV101784832 | SLB 76 | 20.66 | 4/28/2016 | SLB | NV101570767 | SLB 130 | 20.66 | 11/3/2017 | SLB |
| NV101716113 | RR 52 | 20.66 | 8/25/2018 | RR | NV101741359 | SLB 25 | 20.66 | 12/2/2015 | SLB | NV101784833 | SLB 77 | 20.66 | 4/28/2016 | SLB | NV101570768 | SLB 131 | 20.66 | 11/3/2017 | SLB |

---

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| | | |
|:---|:---|:---|
| ![](img086.jpg) | **3-4** | 25 APRIL 2026 |

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------

<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| NV101570769 | SLB 132 | 20.66 | 11/3/2017 | SLB | NV101784962 | SLB 188 | 20.66 | 11/5/2017 | SLB | NV101834311 | SLM 24 | 20.66 | 4/9/2018 | SLM | NV101835560 | SLM 78 | 20.66 | 4/9/2018 | SLM |
| NV101570770 | SLB 133 | 20.66 | 11/3/2017 | SLB | NV101784963 | SLB 189 | 20.66 | 11/5/2017 | SLB | NV101834312 | SLM 25 | 20.66 | 4/9/2018 | SLM | NV101835561 | SLM 79 | 20.66 | 4/9/2018 | SLM |
| NV101570771 | SLB 134 | 20.66 | 11/3/2017 | SLB | NV101784964 | SLB 190 | 20.66 | 11/5/2017 | SLB | NV101834313 | SLM 26 | 20.66 | 4/9/2018 | SLM | NV101835562 | SLM 80 | 20.66 | 4/9/2018 | SLM |
| NV101570772 | SLB 135 | 20.66 | 11/3/2017 | SLB | NV101784965 | SLB 191 | 20.66 | 11/5/2017 | SLB | NV101834401 | SLM 27 | 20.66 | 4/9/2018 | SLM | NV101835563 | SLM 81 | 20.66 | 4/9/2018 | SLM |
| NV101570773 | SLB 136 | 20.66 | 11/3/2017 | SLB | NV101784966 | SLB 192 | 20.66 | 11/5/2017 | SLB | NV101834402 | SLM 28 | 20.66 | 4/9/2018 | SLM | NV101836148 | SLM 82 | 20.66 | 4/9/2018 | SLM |
| NV101570774 | SLB 137 | 20.66 | 11/3/2017 | SLB | NV101784967 | SLB 193 | 20.66 | 11/5/2017 | SLB | NV101834403 | SLM 29 | 20.66 | 4/9/2018 | SLM | NV101836149 | SLM 83 | 20.66 | 4/10/2018 | SLM |
| NV101570775 | SLB 138 | 20.66 | 11/3/2017 | SLB | NV101784968 | SLB 194 | 20.66 | 11/5/2017 | SLB | NV101834404 | SLM 30 | 20.66 | 4/9/2018 | SLM | NV101836150 | SLM 84 | 20.66 | 4/10/2018 | SLM |
| NV101570776 | SLB 139 | 20.66 | 11/3/2017 | SLB | NV101784969 | SLB 195 | 20.66 | 11/5/2017 | SLB | NV101834405 | SLM 31 | 20.66 | 4/9/2018 | SLM | NV101836151 | SLM 85 | 20.66 | 4/10/2018 | SLM |
| NV101570777 | SLB 140 | 20.66 | 11/3/2017 | SLB | NV101784970 | SLB 196 | 20.66 | 11/5/2017 | SLB | NV101834406 | SLM 32 | 20.66 | 4/9/2018 | SLM | NV101836152 | SLM 86 | 20.66 | 4/10/2018 | SLM |
| NV101570778 | SLB 141 | 20.66 | 11/3/2017 | SLB | NV101784971 | SLB 197 | 20.66 | 11/5/2017 | SLB | NV101834407 | SLM 33 | 20.66 | 4/9/2018 | SLM | NV101836153 | SLM 87 | 20.66 | 4/10/2018 | SLM |
| NV101570779 | SLB 142 | 20.66 | 11/3/2017 | SLB | NV101784972 | SLB 198 | 20.66 | 11/5/2017 | SLB | NV101834408 | SLM 34 | 20.66 | 4/9/2018 | SLM | NV101836154 | SLM 88 | 20.66 | 4/10/2018 | SLM |
| NV101782359 | SLB 143 | 20.66 | 11/3/2017 | SLB | NV101784973 | SLB 199 | 20.66 | 11/5/2017 | SLB | NV101834409 | SLM 35 | 20.66 | 4/9/2018 | SLM | NV101836155 | SLM 89 | 20.66 | 4/10/2018 | SLM |
| NV101782360 | SLB 144 | 20.66 | 11/4/2017 | SLB | NV105809159 | SLB 200 | 20.66 | 11/3/2022 | SLB | NV101834410 | SLM 36 | 20.66 | 4/9/2018 | SLM | NV101836156 | SLM 90 | 20.66 | 4/10/2018 | SLM |
| NV101782361 | SLB 145 | 20.66 | 11/4/2017 | SLB | NV105809160 | SLB 201 | 20.66 | 11/3/2022 | SLB | NV101834411 | SLM 37 | 20.66 | 4/9/2018 | SLM | NV101836157 | SLM 91 | 20.66 | 4/10/2018 | SLM |
| NV101782362 | SLB 146 | 20.66 | 11/4/2017 | SLB | NV105809161 | SLB 202 | 20.66 | 11/3/2022 | SLB | NV101834412 | SLM 38 | 20.66 | 4/9/2018 | SLM | NV101836158 | SLM 92 | 20.66 | 4/10/2018 | SLM |
| NV101782363 | SLB 147 | 20.66 | 11/4/2017 | SLB | NV105809162 | SLB 203 | 20.66 | 11/4/2022 | SLB | NV101834413 | SLM 39 | 20.66 | 4/9/2018 | SLM | NV101836159 | SLM 93 | 20.66 | 4/10/2018 | SLM |
| NV101782364 | SLB 148 | 20.66 | 11/3/2017 | SLB | NV105809163 | SLB 204 | 20.66 | 11/4/2022 | SLB | NV101834907 | SLM 40 | 20.66 | 4/9/2018 | SLM | NV101836160 | SLM 94 | 20.66 | 4/10/2018 | SLM |
| NV101782365 | SLB 149 | 20.66 | 11/4/2017 | SLB | NV105809164 | SLB 205 | 20.66 | 11/5/2022 | SLB | NV101834908 | SLM 41 | 20.66 | 4/9/2018 | SLM | NV101836161 | SLM 95 | 20.66 | 4/10/2018 | SLM |
| NV101782366 | SLB 150 | 20.66 | 11/3/2017 | SLB | NV105809165 | SLB 206 | 20.66 | 11/4/2022 | SLB | NV101834909 | SLM 42 | 20.66 | 4/9/2018 | SLM | NV101836162 | SLM 96 | 20.66 | 4/10/2018 | SLM |
| NV101782367 | SLB 151 | 20.66 | 11/3/2017 | SLB | NV105809166 | SLB 207 | 20.66 | 11/5/2022 | SLB | NV101834910 | SLM 43 | 20.66 | 4/9/2018 | SLM | NV101836163 | SLM 97 | 20.66 | 4/10/2018 | SLM |
| NV101782368 | SLB 152 | 20.66 | 11/2/2017 | SLB | NV105809167 | SLB 208 | 20.66 | 11/4/2022 | SLB | NV101834911 | SLM 44 | 20.66 | 4/9/2018 | SLM | NV101836164 | SLM 98 | 20.66 | 4/10/2018 | SLM |
| NV101782369 | SLB 153 | 20.66 | 11/2/2017 | SLB | NV105809168 | SLB 209 | 20.66 | 11/5/2022 | SLB | NV101834912 | SLM 45 | 20.66 | 4/11/2018 | SLM | NV101836165 | SLM 99 | 20.66 | 4/10/2018 | SLM |
| NV101782370 | SLB 154 | 20.66 | 11/2/2017 | SLB | NV105809169 | SLB 210 | 20.66 | 11/5/2022 | SLB | NV101834913 | SLM 46 | 20.66 | 4/11/2018 | SLM | NV101836749 | SLM 100 | 20.66 | 4/10/2018 | SLM |
| NV101782371 | SLB 155 | 20.66 | 11/2/2017 | SLB | NV105809170 | SLB 211 | 20.66 | 11/5/2022 | SLB | NV101834914 | SLM 47 | 20.66 | 4/11/2018 | SLM | NV101836750 | SLM 101 | 20.66 | 4/10/2018 | SLM |
| NV101782372 | SLB 156 | 20.66 | 11/2/2017 | SLB | NV105809171 | SLB 212 | 20.66 | 11/4/2022 | SLB | NV101834915 | SLM 48 | 20.66 | 4/11/2018 | SLM | NV101836751 | SLM 102 | 20.66 | 4/10/2018 | SLM |
| NV101782373 | SLB 157 | 20.66 | 11/2/2017 | SLB | NV105809172 | SLB 213 | 20.66 | 11/5/2022 | SLB | NV101834916 | SLM 49 | 20.66 | 4/11/2018 | SLM | NV101836752 | SLM 103 | 20.66 | 4/10/2018 | SLM |
| NV101782374 | SLB 158 | 20.66 | 11/2/2017 | SLB | NV105809173 | SLB 214 | 20.66 | 11/4/2022 | SLB | NV101834917 | SLM 50 | 20.66 | 4/11/2018 | SLM | NV101836753 | SLM 104 | 20.66 | 4/10/2018 | SLM |
| NV101782375 | SLB 159 | 20.66 | 11/2/2017 | SLB | NV105809174 | SLB 215 | 20.66 | 11/5/2022 | SLB | NV101834918 | SLM 51 | 20.66 | 4/9/2018 | SLM | NV101836754 | SLM 105 | 20.66 | 4/10/2018 | SLM |
| NV101782376 | SLB 160 | 20.66 | 11/2/2017 | SLB | NV105809175 | SLB 216 | 20.66 | 11/3/2022 | SLB | NV101834919 | SLM 52 | 20.66 | 4/9/2018 | SLM | NV101836755 | SLM 106 | 20.66 | 4/10/2018 | SLM |
| NV101782377 | SLB 161 | 20.66 | 11/6/2017 | SLB | NV105809176 | SLB 217 | 20.66 | 11/4/2022 | SLB | NV101834920 | SLM 53 | 20.66 | 4/9/2018 | SLM | NV101836756 | SLM 107 | 6.89 | 4/10/2018 | SLM |
| NV101782378 | SLB 162 | 20.66 | 11/2/2017 | SLB | NV101833819 | SLM 1 | 20.66 | 4/9/2018 | SLM | NV101834921 | SLM 54 | 20.66 | 4/9/2018 | SLM | NV101836757 | SLM 108 | 20.66 | 4/10/2018 | SLM |
| NV101782379 | SLB 163 | 20.66 | 11/2/2017 | SLB | NV101833820 | SLM 2 | 20.66 | 4/9/2018 | SLM | NV101834922 | SLM 55 | 20.66 | 4/9/2018 | SLM | NV101836758 | SLM 109 | 20.66 | 4/10/2018 | SLM |
| NV101783581 | SLB 164 | 20.66 | 11/2/2017 | SLB | NV101833821 | SLM 3 | 20.66 | 4/9/2018 | SLM | NV101834923 | SLM 56 | 20.66 | 4/9/2018 | SLM | NV101836759 | SLM 110 | 20.66 | 4/10/2018 | SLM |
| NV101783582 | SLB 165 | 20.66 | 11/2/2017 | SLB | NV101833822 | SLM 4 | 20.66 | 4/9/2018 | SLM | NV101834924 | SLM 57 | 20.66 | 4/9/2018 | SLM | NV101836760 | SLM 111 | 20.66 | 4/10/2018 | SLM |
| NV101783583 | SLB 166 | 20.66 | 11/2/2017 | SLB | NV101833823 | SLM 5 | 20.66 | 4/9/2018 | SLM | NV101834925 | SLM 58 | 20.66 | 4/9/2018 | SLM | NV101836761 | SLM 112 | 20.66 | 4/10/2018 | SLM |
| NV101783584 | SLB 167 | 20.66 | 11/2/2017 | SLB | NV101833824 | SLM 6 | 20.66 | 4/9/2018 | SLM | NV101834926 | SLM 59 | 20.66 | 4/9/2018 | SLM | NV101836762 | SLM 113 | 20.66 | 4/10/2018 | SLM |
| NV101783585 | SLB 168 | 20.66 | 11/2/2017 | SLB | NV101833825 | SLM 7 | 20.66 | 4/9/2018 | SLM | NV101834927 | SLM 60 | 20.66 | 4/9/2018 | SLM | NV101836763 | SLM 114 | 20.66 | 4/10/2018 | SLM |
| NV101783586 | SLB 169 | 20.66 | 11/2/2017 | SLB | NV101833826 | SLM 8 | 20.66 | 4/9/2018 | SLM | NV101835543 | SLM 61 | 20.66 | 4/9/2018 | SLM | NV101836764 | SLM 115 | 20.66 | 4/10/2018 | SLM |
| NV101783587 | SLB 170 | 20.66 | 11/2/2017 | SLB | NV101833827 | SLM 9 | 20.66 | 4/9/2018 | SLM | NV101835544 | SLM 62 | 20.66 | 4/9/2018 | SLM | NV101836765 | SLM 116 | 20.66 | 4/10/2018 | SLM |
| NV101783588 | SLB 171 | 20.66 | 11/2/2017 | SLB | NV101833828 | SLM 10 | 20.66 | 4/9/2018 | SLM | NV101835545 | SLM 63 | 20.66 | 4/9/2018 | SLM | NV101836766 | SLM 117 | 20.66 | 4/10/2018 | SLM |
| NV101783591 | SLB 174 | 20.66 | 11/2/2017 | SLB | NV101833829 | SLM 11 | 20.66 | 4/9/2018 | SLM | NV101835546 | SLM 64 | 20.66 | 4/9/2018 | SLM | NV101836767 | SLM 118 | 20.66 | 4/11/2018 | SLM |
| NV101783592 | SLB 175 | 20.66 | 11/2/2017 | SLB | NV101833829 | SLM 11 | 20.66 | 4/9/2018 | SLM | NV101835547 | SLM 65 | 20.66 | 4/9/2018 | SLM | NV101836768 | SLM 119 | 20.66 | 4/11/2018 | SLM |
| NV101783593 | SLB 176 | 13.77 | 11/2/2017 | SLB | NV101833830 | SLM 12 | 20.66 | 4/9/2018 | SLM | NV101835548 | SLM 66 | 20.66 | 4/9/2018 | SLM | NV101836769 | SLM 120 | 20.66 | 4/11/2018 | SLM |
| NV101783594 | SLB 177 | 20.66 | 11/2/2017 | SLB | NV101833831 | SLM 13 | 20.66 | 4/9/2018 | SLM | NV101835549 | SLM 67 | 20.66 | 4/9/2018 | SLM | NV101837342 | SLM 121 | 5.165 | 4/11/2018 | SLM |
| NV101783595 | SLB 178 | 20.66 | 11/2/2017 | SLB | NV101833832 | SLM 14 | 20.66 | 4/9/2018 | SLM | NV101835550 | SLM 68 | 20.66 | 4/9/2018 | SLM | NV101837343 | SLM 122 | 5.165 | 4/11/2018 | SLM |
| NV101783596 | SLB 179 | 20.66 | 11/2/2017 | SLB | NV101833833 | SLM 15 | 20.66 | 4/9/2018 | SLM | NV101835551 | SLM 69 | 20.66 | 4/9/2018 | SLM |  |  |  |  |  |
| NV101783597 | SLB 180 | 20.66 | 11/6/2017 | SLB | NV101833834 | SLM 16 | 20.66 | 4/9/2018 | SLM | NV101835552 | SLM 70 | 20.66 | 4/9/2018 | SLM |  |  |  |  |  |
| NV101783598 | SLB 181 | 20.66 | 11/6/2017 | SLB | NV101833835 | SLM 17 | 20.66 | 4/9/2018 | SLM | NV101835553 | SLM 71 | 20.66 | 4/9/2018 | SLM |  |  |  |  |  |
| NV101783599 | SLB 182 | 20.66 | 11/6/2017 | SLB | NV101833836 | SLM 18 | 20.66 | 4/9/2018 | SLM | NV101835554 | SLM 72 | 20.66 | 4/9/2018 | SLM |  |  |  |  |  |
| NV101783600 | SLB 183 | 20.66 | 11/6/2017 | SLB | NV101834306 | SLM 19 | 20.66 | 4/9/2018 | SLM | NV101835555 | SLM 73 | 20.66 | 4/9/2018 | SLM |  |  |  |  |  |
| NV101783779 | SLB 184 | 20.66 | 11/6/2017 | SLB | NV101834307 | SLM 20 | 20.66 | 4/9/2018 | SLM | NV101835556 | SLM 74 | 20.66 | 4/9/2018 | SLM |  |  |  |  |  |
| NV101784959 | SLB 185 | 20.66 | 11/6/2017 | SLB | NV101834308 | SLM 21 | 20.66 | 4/9/2018 | SLM | NV101835557 | SLM 75 | 20.66 | 4/9/2018 | SLM |  |  |  |  |  |
| NV101784960 | SLB 186 | 20.66 | 11/5/2017 | SLB | NV101834309 | SLM 22 | 20.66 | 4/9/2018 | SLM | NV101835558 | SLM 76 | 20.66 | 4/9/2018 | SLM |  |  |  |  |  |
| NV101784961 | SLB 187 | 20.66 | 11/5/2017 | SLB | NV101834310 | SLM 23 | 20.66 | 4/9/2018 | SLM | NV101835559 | SLM 77 | 20.66 | 4/9/2018 | SLM |  |  |  |  |  |

---

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| | | |
|:---|:---|:---|
| ![](img086.jpg) | **3-5** | 25 APRIL 2026 |

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------

<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img004.jpg)

**Figure *‎*3-3 – Additional Mill Site Claims (RMS 1 – 347)**

Source: ioneer, 2024

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| | | |
|:---|:---|:---|
| ![](img086.jpg) | **3-6** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎3-2 – RMS Mill Site Claims**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Serial <br> Number** | &nbsp;&nbsp;&nbsp;**Claim Name** | &nbsp;&nbsp;&nbsp;**Acres** | &nbsp;&nbsp;&nbsp;**Date Of Location** | &nbsp;&nbsp;&nbsp;**Serial Number** | &nbsp;&nbsp;&nbsp;**Claim Name** | &nbsp;&nbsp;&nbsp;**Acres** | &nbsp;&nbsp;&nbsp;**Date Of Location** | &nbsp;&nbsp;&nbsp;**Serial Number** | &nbsp;&nbsp;&nbsp;**Claim Name** | &nbsp;&nbsp;&nbsp;**Acres** | &nbsp;&nbsp;&nbsp;**Date Of Location** | &nbsp;&nbsp;&nbsp;**Serial Number** | &nbsp;&nbsp;&nbsp;**Claim Name** | &nbsp;&nbsp;&nbsp;**Acres** | &nbsp;&nbsp;&nbsp;**Date Of Location** |
| &nbsp;&nbsp;&nbsp;NV105272779 | &nbsp;&nbsp;&nbsp;RMS 1 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354242 | &nbsp;&nbsp;&nbsp;RMS 50 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354290 | &nbsp;&nbsp;&nbsp;RMS 98 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354340 | &nbsp;&nbsp;&nbsp;RMS 147 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272780 | &nbsp;&nbsp;&nbsp;RMS 2 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354243 | &nbsp;&nbsp;&nbsp;RMS 51 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354291 | &nbsp;&nbsp;&nbsp;RMS 99 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354341 | &nbsp;&nbsp;&nbsp;RMS 148 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272781 | &nbsp;&nbsp;&nbsp;RMS 3 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354244 | &nbsp;&nbsp;&nbsp;RMS 52 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354292 | &nbsp;&nbsp;&nbsp;RMS 100 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354342 | &nbsp;&nbsp;&nbsp;RMS 149 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272782 | &nbsp;&nbsp;&nbsp;RMS 4 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354245 | &nbsp;&nbsp;&nbsp;RMS 53 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354293 | &nbsp;&nbsp;&nbsp;RMS 101 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354343 | &nbsp;&nbsp;&nbsp;RMS 150 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272783 | &nbsp;&nbsp;&nbsp;RMS 5 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354246 | &nbsp;&nbsp;&nbsp;RMS 54 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354294 | &nbsp;&nbsp;&nbsp;RMS 102 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354344 | &nbsp;&nbsp;&nbsp;RMS 151 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272784 | &nbsp;&nbsp;&nbsp;RMS 6 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354247 | &nbsp;&nbsp;&nbsp;RMS 55 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354295 | &nbsp;&nbsp;&nbsp;RMS 103 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354345 | &nbsp;&nbsp;&nbsp;RMS 152 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272785 | &nbsp;&nbsp;&nbsp;RMS 7 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354248 | &nbsp;&nbsp;&nbsp;RMS 56 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354296 | &nbsp;&nbsp;&nbsp;RMS 104 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354346 | &nbsp;&nbsp;&nbsp;RMS 153 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272786 | &nbsp;&nbsp;&nbsp;RMS 8 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354249 | &nbsp;&nbsp;&nbsp;RMS 57 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354297 | &nbsp;&nbsp;&nbsp;RMS 105 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354347 | &nbsp;&nbsp;&nbsp;RMS 154 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272787 | &nbsp;&nbsp;&nbsp;RMS 9 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354250 | &nbsp;&nbsp;&nbsp;RMS 58 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354298 | &nbsp;&nbsp;&nbsp;RMS 106 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354348 | &nbsp;&nbsp;&nbsp;RMS 155 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272788 | &nbsp;&nbsp;&nbsp;RMS 10 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354251 | &nbsp;&nbsp;&nbsp;RMS 59 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354300 | &nbsp;&nbsp;&nbsp;RMS 107 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354349 | &nbsp;&nbsp;&nbsp;RMS 156 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272789 | &nbsp;&nbsp;&nbsp;RMS 11 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354252 | &nbsp;&nbsp;&nbsp;RMS 60 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354301 | &nbsp;&nbsp;&nbsp;RMS 108 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354350 | &nbsp;&nbsp;&nbsp;RMS 157 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272790 | &nbsp;&nbsp;&nbsp;RMS 12 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354253 | &nbsp;&nbsp;&nbsp;RMS 61 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354302 | &nbsp;&nbsp;&nbsp;RMS 109 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354351 | &nbsp;&nbsp;&nbsp;RMS 158 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272791 | &nbsp;&nbsp;&nbsp;RMS 13 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354254 | &nbsp;&nbsp;&nbsp;RMS 62 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354303 | &nbsp;&nbsp;&nbsp;RMS 110 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354352 | &nbsp;&nbsp;&nbsp;RMS 159 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272792 | &nbsp;&nbsp;&nbsp;RMS 14 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354255 | &nbsp;&nbsp;&nbsp;RMS 63 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354304 | &nbsp;&nbsp;&nbsp;RMS 111 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354353 | &nbsp;&nbsp;&nbsp;RMS 160 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272793 | &nbsp;&nbsp;&nbsp;RMS 15 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354256 | &nbsp;&nbsp;&nbsp;RMS 64 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354305 | &nbsp;&nbsp;&nbsp;RMS 112 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354354 | &nbsp;&nbsp;&nbsp;RMS 161 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272794 | &nbsp;&nbsp;&nbsp;RMS 16 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354257 | &nbsp;&nbsp;&nbsp;RMS 65 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354306 | &nbsp;&nbsp;&nbsp;RMS 113 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354355 | &nbsp;&nbsp;&nbsp;RMS 162 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272795 | &nbsp;&nbsp;&nbsp;RMS 17 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354258 | &nbsp;&nbsp;&nbsp;RMS 66 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354307 | &nbsp;&nbsp;&nbsp;RMS 114 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354356 | &nbsp;&nbsp;&nbsp;RMS 163 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272796 | &nbsp;&nbsp;&nbsp;RMS 18 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354259 | &nbsp;&nbsp;&nbsp;RMS 67 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354308 | &nbsp;&nbsp;&nbsp;RMS 115 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354357 | &nbsp;&nbsp;&nbsp;RMS 164 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272797 | &nbsp;&nbsp;&nbsp;RMS 19 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354260 | &nbsp;&nbsp;&nbsp;RMS 68 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354309 | &nbsp;&nbsp;&nbsp;RMS 116 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354358 | &nbsp;&nbsp;&nbsp;RMS 165 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272798 | &nbsp;&nbsp;&nbsp;RMS 20 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354261 | &nbsp;&nbsp;&nbsp;RMS 69 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354310 | &nbsp;&nbsp;&nbsp;RMS 117 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354359 | &nbsp;&nbsp;&nbsp;RMS 166 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272799 | &nbsp;&nbsp;&nbsp;RMS 21 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354262 | &nbsp;&nbsp;&nbsp;RMS 70 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354311 | &nbsp;&nbsp;&nbsp;RMS 118 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354360 | &nbsp;&nbsp;&nbsp;RMS 167 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272800 | &nbsp;&nbsp;&nbsp;RMS 22 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354263 | &nbsp;&nbsp;&nbsp;RMS 71 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354312 | &nbsp;&nbsp;&nbsp;RMS 119 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354361 | &nbsp;&nbsp;&nbsp;RMS 168 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV105272801 | &nbsp;&nbsp;&nbsp;RMS 23 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;10/3/2021 | &nbsp;&nbsp;&nbsp;NV106354264 | &nbsp;&nbsp;&nbsp;RMS 72 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354313 | &nbsp;&nbsp;&nbsp;RMS 120 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354362 | &nbsp;&nbsp;&nbsp;RMS 169 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354216 | &nbsp;&nbsp;&nbsp;RMS 25B | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/21/2023 | &nbsp;&nbsp;&nbsp;NV106354265 | &nbsp;&nbsp;&nbsp;RMS 73 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354314 | &nbsp;&nbsp;&nbsp;RMS 121 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354363 | &nbsp;&nbsp;&nbsp;RMS 170 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354217 | &nbsp;&nbsp;&nbsp;RMS 25 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/21/2023 | &nbsp;&nbsp;&nbsp;NV106354266 | &nbsp;&nbsp;&nbsp;RMS 74 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354315 | &nbsp;&nbsp;&nbsp;RMS 122 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354364 | &nbsp;&nbsp;&nbsp;RMS 171 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354218 | &nbsp;&nbsp;&nbsp;RMS 26 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/21/2023 | &nbsp;&nbsp;&nbsp;NV106354267 | &nbsp;&nbsp;&nbsp;RMS 75 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354316 | &nbsp;&nbsp;&nbsp;RMS 123 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354365 | &nbsp;&nbsp;&nbsp;RMS 172 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354219 | &nbsp;&nbsp;&nbsp;RMS 27 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/21/2023 | &nbsp;&nbsp;&nbsp;NV106354268 | &nbsp;&nbsp;&nbsp;RMS 76 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354317 | &nbsp;&nbsp;&nbsp;RMS 124 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354366 | &nbsp;&nbsp;&nbsp;RMS 173 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354220 | &nbsp;&nbsp;&nbsp;RMS 28 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/21/2023 | &nbsp;&nbsp;&nbsp;NV106354269 | &nbsp;&nbsp;&nbsp;RMS 77 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354318 | &nbsp;&nbsp;&nbsp;RMS 125 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354367 | &nbsp;&nbsp;&nbsp;RMS 174 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354221 | &nbsp;&nbsp;&nbsp;RMS 29 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/21/2023 | &nbsp;&nbsp;&nbsp;NV106354270 | &nbsp;&nbsp;&nbsp;RMS 78 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354319 | &nbsp;&nbsp;&nbsp;RMS 126 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354368 | &nbsp;&nbsp;&nbsp;RMS 175 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354222 | &nbsp;&nbsp;&nbsp;RMS 30 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/21/2023 | &nbsp;&nbsp;&nbsp;NV106354271 | &nbsp;&nbsp;&nbsp;RMS 79 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354320 | &nbsp;&nbsp;&nbsp;RMS 127 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354369 | &nbsp;&nbsp;&nbsp;RMS 176 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354223 | &nbsp;&nbsp;&nbsp;RMS 31 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/21/2023 | &nbsp;&nbsp;&nbsp;NV106354272 | &nbsp;&nbsp;&nbsp;RMS 80 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354321 | &nbsp;&nbsp;&nbsp;RMS 128 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354370 | &nbsp;&nbsp;&nbsp;RMS 177 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354224 | &nbsp;&nbsp;&nbsp;RMS 32 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/21/2023 | &nbsp;&nbsp;&nbsp;NV106354273 | &nbsp;&nbsp;&nbsp;RMS 81 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354322 | &nbsp;&nbsp;&nbsp;RMS 129 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354371 | &nbsp;&nbsp;&nbsp;RMS 178 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354225 | &nbsp;&nbsp;&nbsp;RMS 33 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354274 | &nbsp;&nbsp;&nbsp;RMS 82 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354323 | &nbsp;&nbsp;&nbsp;RMS 130 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354372 | &nbsp;&nbsp;&nbsp;RMS 179 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354226 | &nbsp;&nbsp;&nbsp;RMS 34 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354275 | &nbsp;&nbsp;&nbsp;RMS 83 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354324 | &nbsp;&nbsp;&nbsp;RMS 131 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354373 | &nbsp;&nbsp;&nbsp;RMS 180 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354227 | &nbsp;&nbsp;&nbsp;RMS 35 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354276 | &nbsp;&nbsp;&nbsp;RMS 84 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354325 | &nbsp;&nbsp;&nbsp;RMS 132 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354374 | &nbsp;&nbsp;&nbsp;RMS 181 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354228 | &nbsp;&nbsp;&nbsp;RMS 36 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354277 | &nbsp;&nbsp;&nbsp;RMS 85 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354326 | &nbsp;&nbsp;&nbsp;RMS 133 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354375 | &nbsp;&nbsp;&nbsp;RMS 182 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354229 | &nbsp;&nbsp;&nbsp;RMS 37 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354278 | &nbsp;&nbsp;&nbsp;RMS 86 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354327 | &nbsp;&nbsp;&nbsp;RMS 134 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354376 | &nbsp;&nbsp;&nbsp;RMS 183 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354230 | &nbsp;&nbsp;&nbsp;RMS 38 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354279 | &nbsp;&nbsp;&nbsp;RMS 87 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354328 | &nbsp;&nbsp;&nbsp;RMS 135 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354377 | &nbsp;&nbsp;&nbsp;RMS 184 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354231 | &nbsp;&nbsp;&nbsp;RMS 39 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354280 | &nbsp;&nbsp;&nbsp;RMS 88 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354329 | &nbsp;&nbsp;&nbsp;RMS 136 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354378 | &nbsp;&nbsp;&nbsp;RMS 185 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354232 | &nbsp;&nbsp;&nbsp;RMS 40 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354281 | &nbsp;&nbsp;&nbsp;RMS 89 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354330 | &nbsp;&nbsp;&nbsp;RMS 137 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354379 | &nbsp;&nbsp;&nbsp;RMS 186 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354233 | &nbsp;&nbsp;&nbsp;RMS 41 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354282 | &nbsp;&nbsp;&nbsp;RMS 90 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354331 | &nbsp;&nbsp;&nbsp;RMS 138 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354380 | &nbsp;&nbsp;&nbsp;RMS 187 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354234 | &nbsp;&nbsp;&nbsp;RMS 42 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/21/2023 | &nbsp;&nbsp;&nbsp;NV106354283 | &nbsp;&nbsp;&nbsp;RMS 91 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354332 | &nbsp;&nbsp;&nbsp;RMS 139 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354381 | &nbsp;&nbsp;&nbsp;RMS 188 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354235 | &nbsp;&nbsp;&nbsp;RMS 43 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/21/2023 | &nbsp;&nbsp;&nbsp;NV106354284 | &nbsp;&nbsp;&nbsp;RMS 92 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354333 | &nbsp;&nbsp;&nbsp;RMS 140 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354382 | &nbsp;&nbsp;&nbsp;RMS 189 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354236 | &nbsp;&nbsp;&nbsp;RMS 44 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/21/2023 | &nbsp;&nbsp;&nbsp;NV106354285 | &nbsp;&nbsp;&nbsp;RMS 93 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354334 | &nbsp;&nbsp;&nbsp;RMS 141 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354383 | &nbsp;&nbsp;&nbsp;RMS 190 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354237 | &nbsp;&nbsp;&nbsp;RMS 45 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/21/2023 | &nbsp;&nbsp;&nbsp;NV106354286 | &nbsp;&nbsp;&nbsp;RMS 94 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354335 | &nbsp;&nbsp;&nbsp;RMS 142 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354384 | &nbsp;&nbsp;&nbsp;RMS 191 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354238 | &nbsp;&nbsp;&nbsp;RMS 46 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354287 | &nbsp;&nbsp;&nbsp;RMS 95A | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354336 | &nbsp;&nbsp;&nbsp;RMS 143 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354385 | &nbsp;&nbsp;&nbsp;RMS 192 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354239 | &nbsp;&nbsp;&nbsp;RMS 47 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354288 | &nbsp;&nbsp;&nbsp;RMS 95B | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354337 | &nbsp;&nbsp;&nbsp;RMS 144 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354386 | &nbsp;&nbsp;&nbsp;RMS 193 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354240 | &nbsp;&nbsp;&nbsp;RMS 48 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354289 | &nbsp;&nbsp;&nbsp;RMS 96 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354338 | &nbsp;&nbsp;&nbsp;RMS 145 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354387 | &nbsp;&nbsp;&nbsp;RMS 194 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354241 | &nbsp;&nbsp;&nbsp;RMS 49 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/27/2023 | &nbsp;&nbsp;&nbsp;NV106354289 | &nbsp;&nbsp;&nbsp;RMS 97 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354339 | &nbsp;&nbsp;&nbsp;RMS 146 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354388 | &nbsp;&nbsp;&nbsp;RMS 195 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |

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| ![](img086.jpg) | **3-7** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Serial Number | &nbsp;&nbsp;&nbsp;Claim Name | &nbsp;&nbsp;&nbsp;Acres | &nbsp;&nbsp;&nbsp;Date Of Location | &nbsp;&nbsp;&nbsp;Serial Number | &nbsp;&nbsp;&nbsp;Claim Name | &nbsp;&nbsp;&nbsp;Acres | &nbsp;&nbsp;&nbsp;Date Of Location | &nbsp;&nbsp;&nbsp;Serial Number | &nbsp;&nbsp;&nbsp;Claim Name | &nbsp;&nbsp;&nbsp;Acres | &nbsp;&nbsp;&nbsp;Date Of Location | &nbsp;&nbsp;&nbsp;Serial Number | &nbsp;&nbsp;&nbsp;Claim Name | &nbsp;&nbsp;&nbsp;Acres | &nbsp;&nbsp;&nbsp;Date Of Location |
| &nbsp;&nbsp;&nbsp;NV106354389 | &nbsp;&nbsp;&nbsp;RMS 196 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354438 | &nbsp;&nbsp;&nbsp;RMS 245 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354487 | &nbsp;&nbsp;&nbsp;RMS 294 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354536 | &nbsp;&nbsp;&nbsp;RMS 343 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354390 | &nbsp;&nbsp;&nbsp;RMS 197 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354439 | &nbsp;&nbsp;&nbsp;RMS 246 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354488 | &nbsp;&nbsp;&nbsp;RMS 295 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354537 | &nbsp;&nbsp;&nbsp;RMS 344 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354391 | &nbsp;&nbsp;&nbsp;RMS 198 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354440 | &nbsp;&nbsp;&nbsp;RMS 247 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354489 | &nbsp;&nbsp;&nbsp;RMS 296 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354538 | &nbsp;&nbsp;&nbsp;RMS 345 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354392 | &nbsp;&nbsp;&nbsp;RMS 199 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354441 | &nbsp;&nbsp;&nbsp;RMS 248 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354490 | &nbsp;&nbsp;&nbsp;RMS 297 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354539 | &nbsp;&nbsp;&nbsp;RMS 346 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354393 | &nbsp;&nbsp;&nbsp;RMS 200 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354442 | &nbsp;&nbsp;&nbsp;RMS 249 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354491 | &nbsp;&nbsp;&nbsp;RMS 298 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354540 | &nbsp;&nbsp;&nbsp;RMS 347 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |
| &nbsp;&nbsp;&nbsp;NV106354394 | &nbsp;&nbsp;&nbsp;RMS 201 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354443 | &nbsp;&nbsp;&nbsp;RMS 250 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354492 | &nbsp;&nbsp;&nbsp;RMS 299 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354395 | &nbsp;&nbsp;&nbsp;RMS 202 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354444 | &nbsp;&nbsp;&nbsp;RMS 251 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354493 | &nbsp;&nbsp;&nbsp;RMS 300 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354396 | &nbsp;&nbsp;&nbsp;RMS 203 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354445 | &nbsp;&nbsp;&nbsp;RMS 252 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354494 | &nbsp;&nbsp;&nbsp;RMS 301 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354397 | &nbsp;&nbsp;&nbsp;RMS 204 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354446 | &nbsp;&nbsp;&nbsp;RMS 253 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354495 | &nbsp;&nbsp;&nbsp;RMS 302 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354398 | &nbsp;&nbsp;&nbsp;RMS 205 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354447 | &nbsp;&nbsp;&nbsp;RMS 254 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354496 | &nbsp;&nbsp;&nbsp;RMS 303 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354399 | &nbsp;&nbsp;&nbsp;RMS 206 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354448 | &nbsp;&nbsp;&nbsp;RMS 255 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354497 | &nbsp;&nbsp;&nbsp;RMS 304 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354400 | &nbsp;&nbsp;&nbsp;RMS 207 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354449 | &nbsp;&nbsp;&nbsp;RMS 256 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354498 | &nbsp;&nbsp;&nbsp;RMS 305 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354401 | &nbsp;&nbsp;&nbsp;RMS 208 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354450 | &nbsp;&nbsp;&nbsp;RMS 257 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354499 | &nbsp;&nbsp;&nbsp;RMS 306 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354402 | &nbsp;&nbsp;&nbsp;RMS 209 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354451 | &nbsp;&nbsp;&nbsp;RMS 258 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354500 | &nbsp;&nbsp;&nbsp;RMS 307 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354403 | &nbsp;&nbsp;&nbsp;RMS 210 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354452 | &nbsp;&nbsp;&nbsp;RMS 259 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354501 | &nbsp;&nbsp;&nbsp;RMS 308 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354404 | &nbsp;&nbsp;&nbsp;RMS 211 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354453 | &nbsp;&nbsp;&nbsp;RMS 260 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354502 | &nbsp;&nbsp;&nbsp;RMS 309 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354405 | &nbsp;&nbsp;&nbsp;RMS 212 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354454 | &nbsp;&nbsp;&nbsp;RMS 261 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354503 | &nbsp;&nbsp;&nbsp;RMS 310 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354406 | &nbsp;&nbsp;&nbsp;RMS 213 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354455 | &nbsp;&nbsp;&nbsp;RMS 262 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354504 | &nbsp;&nbsp;&nbsp;RMS 311 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354407 | &nbsp;&nbsp;&nbsp;RMS 214 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354456 | &nbsp;&nbsp;&nbsp;RMS 263 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354505 | &nbsp;&nbsp;&nbsp;RMS 312 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354408 | &nbsp;&nbsp;&nbsp;RMS 215 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354457 | &nbsp;&nbsp;&nbsp;RMS 264 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354506 | &nbsp;&nbsp;&nbsp;RMS 313 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354409 | &nbsp;&nbsp;&nbsp;RMS 216 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354458 | &nbsp;&nbsp;&nbsp;RMS 265 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354507 | &nbsp;&nbsp;&nbsp;RMS 314 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354410 | &nbsp;&nbsp;&nbsp;RMS 217 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354459 | &nbsp;&nbsp;&nbsp;RMS 266 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354508 | &nbsp;&nbsp;&nbsp;RMS 315 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354411 | &nbsp;&nbsp;&nbsp;RMS 218 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354460 | &nbsp;&nbsp;&nbsp;RMS 267 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354509 | &nbsp;&nbsp;&nbsp;RMS 316 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354412 | &nbsp;&nbsp;&nbsp;RMS 219 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354461 | &nbsp;&nbsp;&nbsp;RMS 268 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354510 | &nbsp;&nbsp;&nbsp;RMS 317 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354413 | &nbsp;&nbsp;&nbsp;RMS 220 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354462 | &nbsp;&nbsp;&nbsp;RMS 269 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354511 | &nbsp;&nbsp;&nbsp;RMS 318 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354414 | &nbsp;&nbsp;&nbsp;RMS 221 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354463 | &nbsp;&nbsp;&nbsp;RMS 270 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354512 | &nbsp;&nbsp;&nbsp;RMS 319 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354415 | &nbsp;&nbsp;&nbsp;RMS 222 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354464 | &nbsp;&nbsp;&nbsp;RMS 271 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354513 | &nbsp;&nbsp;&nbsp;RMS 320 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354416 | &nbsp;&nbsp;&nbsp;RMS 223 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354465 | &nbsp;&nbsp;&nbsp;RMS 272 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354514 | &nbsp;&nbsp;&nbsp;RMS 321 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354417 | &nbsp;&nbsp;&nbsp;RMS 224 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354466 | &nbsp;&nbsp;&nbsp;RMS 273 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354515 | &nbsp;&nbsp;&nbsp;RMS 322 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354418 | &nbsp;&nbsp;&nbsp;RMS 225 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354467 | &nbsp;&nbsp;&nbsp;RMS 274 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354516 | &nbsp;&nbsp;&nbsp;RMS 323 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354419 | &nbsp;&nbsp;&nbsp;RMS 226 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354468 | &nbsp;&nbsp;&nbsp;RMS 275 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354517 | &nbsp;&nbsp;&nbsp;RMS 324 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354420 | &nbsp;&nbsp;&nbsp;RMS 227 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354469 | &nbsp;&nbsp;&nbsp;RMS 276 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354518 | &nbsp;&nbsp;&nbsp;RMS 325 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354421 | &nbsp;&nbsp;&nbsp;RMS 228 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354470 | &nbsp;&nbsp;&nbsp;RMS 277 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354519 | &nbsp;&nbsp;&nbsp;RMS 326 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354422 | &nbsp;&nbsp;&nbsp;RMS 229 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354471 | &nbsp;&nbsp;&nbsp;RMS 278 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354520 | &nbsp;&nbsp;&nbsp;RMS 327 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354423 | &nbsp;&nbsp;&nbsp;RMS 230 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354472 | &nbsp;&nbsp;&nbsp;RMS 279 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354521 | &nbsp;&nbsp;&nbsp;RMS 328 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354424 | &nbsp;&nbsp;&nbsp;RMS 231 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354473 | &nbsp;&nbsp;&nbsp;RMS 280 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354522 | &nbsp;&nbsp;&nbsp;RMS 329 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354425 | &nbsp;&nbsp;&nbsp;RMS 232 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354474 | &nbsp;&nbsp;&nbsp;RMS 281 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354523 | &nbsp;&nbsp;&nbsp;RMS 330 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354426 | &nbsp;&nbsp;&nbsp;RMS 233 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354475 | &nbsp;&nbsp;&nbsp;RMS 282 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354524 | &nbsp;&nbsp;&nbsp;RMS 331 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354427 | &nbsp;&nbsp;&nbsp;RMS 234 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354476 | &nbsp;&nbsp;&nbsp;RMS 283 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354525 | &nbsp;&nbsp;&nbsp;RMS 332 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354428 | &nbsp;&nbsp;&nbsp;RMS 235 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354477 | &nbsp;&nbsp;&nbsp;RMS 284 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354526 | &nbsp;&nbsp;&nbsp;RMS 333 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354429 | &nbsp;&nbsp;&nbsp;RMS 236 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354478 | &nbsp;&nbsp;&nbsp;RMS 285 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354527 | &nbsp;&nbsp;&nbsp;RMS 334 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354430 | &nbsp;&nbsp;&nbsp;RMS 237 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354479 | &nbsp;&nbsp;&nbsp;RMS 286 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354528 | &nbsp;&nbsp;&nbsp;RMS 335 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354431 | &nbsp;&nbsp;&nbsp;RMS 238 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354480 | &nbsp;&nbsp;&nbsp;RMS 287 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354529 | &nbsp;&nbsp;&nbsp;RMS 336 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354432 | &nbsp;&nbsp;&nbsp;RMS 239 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354481 | &nbsp;&nbsp;&nbsp;RMS 288 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354530 | &nbsp;&nbsp;&nbsp;RMS 337 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354433 | &nbsp;&nbsp;&nbsp;RMS 240 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354482 | &nbsp;&nbsp;&nbsp;RMS 289 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354531 | &nbsp;&nbsp;&nbsp;RMS 338 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354434 | &nbsp;&nbsp;&nbsp;RMS 241 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354483 | &nbsp;&nbsp;&nbsp;RMS 290 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354532 | &nbsp;&nbsp;&nbsp;RMS 339 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354435 | &nbsp;&nbsp;&nbsp;RMS 242 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354484 | &nbsp;&nbsp;&nbsp;RMS 291 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354533 | &nbsp;&nbsp;&nbsp;RMS 340 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354436 | &nbsp;&nbsp;&nbsp;RMS 243 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354485 | &nbsp;&nbsp;&nbsp;RMS 292 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354534 | &nbsp;&nbsp;&nbsp;RMS 341 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NV106354437 | &nbsp;&nbsp;&nbsp;RMS 244 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354486 | &nbsp;&nbsp;&nbsp;RMS 293 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 | &nbsp;&nbsp;&nbsp;NV106354535 | &nbsp;&nbsp;&nbsp;RMS 342 | &nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;12/28/2023 |  |  |  |  |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**3.3.2.** **Description on Acquisition of Mineral Rights** 

The 418 unpatented lode mining claims are located on federal land and are administered by the BLM.

These are claims staked on public lands (BLM, Forest Service) for the intent and purpose of locating mineable mineral resources. A claim of 183 m by 457 m may be located on the ground and must be properly surveyed. Mining claim paperwork and a location map must be filed with the BLM and the county recorder in the county where the claim is situated. Fees must be paid to the BLM and county totalling approximately $224 per claim for the initial filing and must be renewed every year to keep the claim active. Failure to pay the fees will result in the expiration of the claims.

Based on review of the documents provided by ioneer, it is the QP's understanding that the claims are held in good standing with the BLM and Esmeralda County and as such there are no identified concerns regarding the security of tenure nor are there any known impediments to obtaining a license to operate within the limits of the Project.

3.3.3. Surface Rights

Roughly 85% of the land in Nevada is controlled by the Federal Government; most of this land is administered by the Bureau of Land Management, the Forest Service, the Department of Energy, or the Department of Defense. Much of the land controlled by the Bureau of Land Management and Forest Service is open to prospecting and claim location.

The Project including the access roads are located on public lands controlled by BLM and therefore no private surface rights are required.

As of the Report date, there has been no coordination with the holders of rights-of-way, geothermal leases, and mining claims off Hot Ditch Road and in the Project area. ioneer was not required to consider the cumulative impacts due to the holders of rights-of-way, geothermal leases, and mining claims not filing applications with BLM.

3.3.4. Water Rights

Groundwater surface rights will be transferred from existing Fish Lake Valley basin water rights holders to ioneer, as Fish Lake Valley is a closed basin such that it is closed to new groundwater rights. ioneer currently has sufficient lease options in place with landowners to cover all construction and operational water needs.

Groundwater change applications will need to be submitted to Nevada Division of Water Resources (NDWR) to officially transfer point of diversion and place of use for all Project groundwater rights. The groundwater change process will include NDWR review as well as a public comment period.

Surface water will be diverted into process ponds. The necessary surface water rights will be required through new applications submitted to the NDWR for the Spent Ore Storage Pond, North OSF Pond, and South OSF Pond. These applications are currently being prepared. Additionally, ioneer will obtain the dam safety permits for these ponds.

3.4. Permits

The permitting requirements and current status of the permitting process are presented in Chapter 17.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

3.5. Significant Encumbrances to the Property

There are no known significant encumbrances.

There are no current material violations or fines as understood in the United States mining regulatory context that apply to the Project.

3.6. Species of Conservation Interest

Eight subpopulations of Tiehm's buckwheat are present within the Project area. Tiehm's buckwheat has been listed as an endangered species by the U.S. Fish and Wildlife Service (USFWS) under the Endangered Species Act (ESA) in December 2022. As part of this, 3.68 km<sup>2</sup> (910 acres) have been designated as critical habitat to help conserve the species.

ioneer is committed to the conservation of Tiehm's buckwheat and is funding research and protection measures for the species. ioneer's plans include appropriate actions to minimize and mitigate the impacts on the Tiehm's buckwheat populations within the designated critical habitat areas. These have included installing signage/fencing around critical areas, as well as developing measures to minimize fugitive dust emissions.

ioneer submitted a plan of operations in 2020 to the BLM and revised it in 2022. The revision included a modification to relocate the quarry to avoid the Tiehm's buckwheat populations. Figure ‎3-4 shows the location of Tiehm's buckwheat and critical habitat area in relation to the proposed mine facilities.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Figure 3-4 - Tiehm's Buckwheat Populations and Critical Habitat Area in relation to the Proposed Mine Facilities** 

Source: ioneer, 2025

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

In addition to Tiehm's buckwheat, there are several other species of plants and wildlife present within the project area that are classified as BLM sensitive species. Sensitive species are those species requiring special management consideration to promote their conservation and reduce the likelihood and need for future listing under the ESA.

3.7. Royalty Payments

There are no royalty payments due for the Rhyolite Ridge Project.

3.8. QP Statement

To the extent known to the QPs, there are no significant factors and risks that may affect access, title, or the right or ability to perform work on the Project other than those discussed in this Report. The QPs are not aware of any agreements or material issues with third parties such as partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings relating to the 418 lode mining claims that comprise the Project.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

4.&nbsp;&nbsp;&nbsp;&nbsp; Accessibility, Climate, Local Resources, Infrastructure, and Physiography

4.1. Topography and Land Description

The Project will be located on previously undeveloped land in a sedimentary basin south of Rhyolite Ridge (referred to as the South Basin). The site is on the western side of the Silver Peak Range, near the western border of the Basin and Range physiographic province. This region is characterized by abrupt elevation changes, with a landscape alternating between mountain ranges and valleys or basins. The site location relative to surrounding geographic landmarks is shown in Figure ‎4-1, with the property boundary outlined in red.

![](img006.jpg)

**Figure *‎*4- 1 - Site Location**

Source: ioneer, 2024

Note: Site coordinates approximately 37.82°N and 117.86°W

The Project site has a flat to undulating topography, with mountains surrounding the property. The elevation ranges from 1,687 m to 1,832 m (5,535' to 6,010') above sea level, and the processing plant top of grade elevation will be 1,694 m to 1,829 m (5,559' to 6") above sea level.

The terrain is typical of a desert landscape with limited topsoil and vegetation, of which predominantly comprises small plants.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

The site lies within a precipitation-induced drainage corridor, locally known as Cave Spring or Coyote Hole, which flows from the Silver Peak Range westward into the Fish Lake Valley.

4.2. Access to the Property

The Project site can be accessed from Dyer via Highway 264 or from Tonopah via Highways 95 and/or Highway 265 (Highway 265 not shown in Figure ‎4-2). It is intended that the primary access route throughout construction and operations will be via Highway 264. Each of the highways connect with unpaved county roads that lead directly to the Project site. The site location and adjacent highways for access are shown in Figure ‎4-2 below.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img007.jpg)

**Figure *‎*4-2 - Site Location and Highways for Site Access**

Source: ioneer, 2022

ioneer and Esmeralda County officials have signed a road maintenance agreement which makes ioneer responsible for the access road maintenance and other small roads. Plans have been developed to integrate new site access roads with the existing county roads, with the ongoing safety of all county road users regarded as paramount.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

The nearest commercial airport to Rhyolite Ridge is the Reno-Tahoe International Airport (RNO) in Reno, Nevada, situated approximately 346 km (215 miles) away by road. Another viable option is the Harry Reid International Airport (LAS) in Las Vegas, which is nearly equidistant at approximately 410 km (255 miles) from Rhyolite Ridge by road.

The property is not crossed by any rivers; river access is not relevant to the Project.

The property is not traversed by any railway and rail is not being considered as a mode of transporting products or importing raw materials; rail access is not relevant to this Project.

4.3. Climate Description

The Project area has a typical desert climate, with warm summers, cold winters, and minimal precipitation. As per the climate and meteorological evaluation conducted by HydroGeoLogica in 2018, the following climatic information describe the Project location. Annual precipitation estimates at the Project site are in the range of 14.1-20.6 cm (5.54-8.10 inches) per year. Average daily temperatures at the Project site are estimated to range from -1 to 20°C (30.1 to 68.1°F) throughout the year with an average daily minimum temperature of -9°C (15.2°F) in the winter and an average daily maximum temperature of 30°C (86.8°F) in the summer.

Humidity levels are moderate (26-58% on average), with the winter months being the most humid and summer months being the least. Evaporation levels are high and often exceed the annual precipitation rates. Estimated annual pan and free water evaporation at the Project site are 230.4 and 161.3 cm (90.7 and 63.5 inches), respectively.

The moderate climate does not pose any limitations with respect to site access, availability, or the length of the operating season.

4.4. Availability of Required Infrastructure

4.4.1. Transportation

Rhyolite Ridge is located near Scorpio Gold Corporation's Mineral Ridge gold mine and Albemarle Corporation's active lithium brine extraction operation at the Silver Peak lithium mine. The area benefits from infrastructure, including paved roads, power lines, and nearby small towns that have contributed to the operation of existing and prior mining activities.

Supplies for the region are sourced from or transit through various larger cities in proximity (i.e. Reno and Las Vegas), with transportation primarily facilitated by truck.

4.4.2. Labor and Accommodation

Nevada is recognized as one of the most favorable and stable mining jurisdictions, boasting a significant pool of experienced, qualified, and skilled personnel. Leveraging this base and drawing upon skills from other nearby states as necessary will provide a skilled workforce capable of meeting the project's workforce needs. Nevertheless, labor market conditions in the US have been tight for several years, with structural changes resulting in a smaller workforce. This is especially true for skilled production personnel and industrial trades. These conditions were also further exacerbated by the COVID-19 pandemic.

The Rhyolite Ridge facility will be situated in a rural area of Esmeralda County, Nevada, near the small town of Dyer, situated approximately 40 km (25 miles) away, which has a population of around 275 residents. Given its rural nature, Dyer does not provide municipal water and sewage systems. Larger communities such as Tonopah, NV and Bishop, CA, with populations of approximately 1,780 and 3,800, respectively, in 2022 (DataUSA.io), are within 130 to 145 km (80 to 90 miles) of the Project site and do provide municipal services. It's important to note that in Nevada commutes of 1 to 1.5 hours are not unusual and are sometimes supported

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

by employer transportation. While current housing opportunities in the area are limited, several developmental activities are underway in Tonopah, a community that welcomes economic development and growth.

Rather than establish a workforce camp, ioneer favors working with local communities to develop affordable housing options. ioneer is committed to offering housing incentives and assistance programs to employees. ioneer believes that working with communities and supporting employees derives greater economic benefits for members of the local communities, enhances housing infrastructure, and helps employees attain meaningful long-term housing. Housing assistance and employee transportation have been included in the operating cost estimate.

4.4.3. Power

4.4.4. Water

The primary source of water supply to the processing facilities will be ground water from wells located in the Fish Lake Valley agricultural area, which will be piped to the processing plant. Secondary sources of water supply will be from contact water from captured storm water that has been diverted to contact water ponds as well as water from dewatering the quarry.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

5. HISTORY

Before ioneer acquired the Project in 2016, two prior exploration campaigns focused on lithium or boron mineralization at the Rhyolite Ridge site. The first occurred during the 1980s, followed by a second campaign in 2010-2011.

US Borax, targeting boron mineralization, conducted surface sampling and drilling in the 1980s. A total of 44 conventional mud rotary drill holes (totaling approximately 17,130 m (56,200 ft)) were drilled in the North Borate Hills area, with an additional 16 drill holes (estimated 4,360 m (14,300 ft)) in the South Basin area.

Shortly after 2000, Gold Summit Corp. acquired the Project area but did not conduct any exploration work.

Around June 2010 American Lithium Mineral Inc (ALM) and Japan Oil, Gas and Metals National Corporation (JOGMEC) signed a joint exploration agreement and acquired the Project from Gold Summit Corp. Their aim was to explore for lithium mineralization. Between 2010 and 2011, the joint venture resampled the existing trenches and completed drilling campaigns consisting of 21 HQ (2.50-inch core diameter) sized core holes and 15 reverse circulation (RC) rotary percussion holes totaling approximately 8,840 m (29,000 ft).

Exploration campaigns by ioneer and predecessor companies included a combination of mechanical trenching, surface geophysics, surface geological mapping, topographic surveys, exploration drilling, hydrogeological drilling, and geotechnical drilling. A high-level summary of the historical and recent exploration campaigns is presented in Table ‎5-1.

**Table ‎5-1 - Summary of Exploration Campaigns**

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| **Year** | **Operator** | **Type of Exploration Work** |
| 1980s | US Borax | Exploration drilling |
| 2010 | ALM | Surface trenching |
| 2010-2012 | ALM | Exploration drilling (RC and core) |
| 2016 | Ioneer "Global Geoscience" | Surface gravity geophysical survey |
| 2016-2017 | Ioneer "Global Geoscience" | Exploration drilling (RC and core) |
| 2018 | ioneer | Topographic survey |
| 2019 | ioneer | Surface reflection seismic geophysical survey |
| 2019 | ioneer | Surficial geological mapping |
| 2018-2024 | ioneer | Exploration drilling (RC and core) |
| 2018-2024 | ioneer | Hydrogeological baseline studies (piezometers, monitoring & test wells, surface spring sampling) |
| 2018-2024 | ioneer | Geotechnical drilling & test pits |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**6.** **Geological Setting, Mineralization, and Deposit** 

6.1. D eposit t ype

Rhyolite Ridge is a geologically unique sediment-hosted lithium-boron deposit that occurs within lacustrine sedimentary rocks of the South Basin, peripheral to the Silver Peak Caldera. It is one of only two major lithium-boron deposits globally and the only known deposit associated with the boron mineral searlesite.

6.2. R egional g eology

The Project is situated in the Silver Peak Range, which is part of the larger geo-physiographic Basin and Range Province of western Nevada. Horst and graben normal faulting is the dominant characteristic of the Basin and Range Province, which is believed to have occurred in conjunction with large-scale deformation due to lateral shear stress. This is evidenced in the disruption of large-scale topographic features throughout the area. The Project area sits within the Walker Lane Fault System, a northwest-trending belt of right lateral strike slip faults, adjacent to the larger San Andreas Fault System, further to the west.

The regional surface geology is characterized by relatively young Tertiary volcanic rocks, which are interpreted to be extruded from the Silver Peak Caldera, which dates at approximately 6.1 to 4.8 mega-annum. The northern edge of the caldera is exposed approximately 3.2 km (2 miles) to the south of the South Basin area and is roughly 6.6 km by 13 km (4 miles by 8 miles) in size. The Tertiary rocks are characterized by a series of interlayered sedimentary and volcanic rocks, which were deposited throughout west-central Nevada. These rocks unconformably overly folded and faulted metasedimentary basement rocks that range from Precambrian through Paleozoic (Ordovician).

Precambrian and Cambrian rocks in the Silver Peak Range are composed of siltstones, claystone, quartzites, and carbonates. Outcrops of these rocks occur in the Mineral Ridge area of the Silver Peak Range, to the east of the Project area, and are variably metamorphosed and structurally deformed. While there are no outcrops of Silurian through Oligocene rocks in the Silver Peak Range, these rocks are found elsewhere in the region. Regional volcanic arc magmatism was initiated during the Jurassic period and continued to the Tertiary period. A late-Cretaceous to early-Tertiary granite pluton is found in the Mineral Ridge area.

6.3. L ocal and P roperty G eology

The South Basin stratigraphy comprises lacustrine sedimentary rocks of the Cave Spring Formation, overlaying volcanic flows and volcaniclastic rocks of the Rhyolite Ridge Volcanic unit. The Rhyolite Ridge Volcanic rocks are underlain by sedimentary rocks of the Silver Peak Formation.

The Cave Spring Formation comprises a series of 11 sedimentary units deposited in a lacustrine environment, as shown in Table ‎6-1 and illustrated in Figure ‎6-1 and Figure ‎6-2. Within the Project area, the Cave Spring Formation can reach a total thickness of more than 300 m (1,000 ft). Age dating of overlying units outside of the Project area, and dates for the underlying Rhyolite Ridge Volcanic unit, bracket deposition of the Cave Spring Formation at between 4 and 6 mega-annum; this relatively young geological age indicates limited time for deep burial and compaction of the units.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎6-1 - Stratigraphic Column – South Basin**

Note: \*Thickness values averaged to nearest 5m and based on geologic model dated July 2024. Ɨ Grade based on resource model dated June 2025 ‡ Graphic Representation of unit thickness is not to scale

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img009.jpg)

**Figure *‎*6-1 - Geological Cross Section**

Source: ioneer, 2025

Note: The Rhyolite Ridge lithology units are explained in Table ‎**6-1**. Cross section elevations shown in feet.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Figure *‎*6-2 - Local Geological Map**

Source: ioneer, 2025

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

The Cave Spring Formation units are generally laterally continuous over several miles across the extent of the South Basin; however, thickness of the units can vary due to both primary depositional and secondary structural features. The sedimentary sequence generally fines upwards, from coarse clastic units at the base of the formation, upwards through siltstones, marls, and carbonate units toward the top of the sequence.

There are two main types of mineralization encountered: high-grade boron and lithium (HiB-Li) mineralization and low-grade boron and lithium (LoB-Li) mineralization.

The key mineralized units of the Cave Spring Formation in the sequence are as follows (highlighted in Table ‎6-1), from top to bottom:

- M5 (high-grade lithium, low- to moderate-grade boron bearing carbonate-clay rich marl);

- B5 (high-grade boron, moderate-grade lithium marl);

- S5 (moderate-grade lithium, low-grade boron, occurring near the top of this siltstone-claystone unit, transitional from the overlying B5 mineralization);

- L6 (broad zone of laterally discontinuous low- to high-grade lithium and boron mineralized horizons as well as LoB-Li mineralization horizons within a larger low-grade to barren sequence of siltstone-claystone).

Two thick units of siltstone-claystone and other mixed lacustrine sediments occur above (S3) and below (S5) the lithium boron mineralized intervals. Except for LoB-Li mineralization in the upper portion of the S5, as discussed above, these units are generally unmineralized but do have isolated lithium and boron mineralized lenses; however, these mineralized intervals appear to be thin and are not extensive laterally, and are often only encountered in a single drill hole.

The sequence is marked by a series of four thin (generally on the scale of several feet thick or less) coarse gritstone layers (units G4 through G7). These units are interpreted to be pyroclastic deposits that blanketed the area. The lateral continuity across the South Basin along with the distinctive visual appearance of the gritstone layers relative to the less distinguishable sequence of siltstone-claystone-marl that comprises the bulk of the Cave Spring Formation make the four gritstone units good marker horizons within the stratigraphic sequence.

The Cave Spring Formation is unconformably overlain by a unit of poorly-sorted alluvium within the Project area. The alluvium is unconsolidated and comprises sand through cobble sized clasts, with isolated occurrences of large boulder sized clasts, of the Rhyolite Ridge Volcanic rocks and other nearby volcanic units.

Structurally, the South Basin is folded into a broad, open syncline with the sub-horizontal fold axis oriented approximately north-south representing the long axis of the basin. The syncline is asymmetric, with moderate to locally steep dips along the western limb, a flat central area, and interpreted steep dips on the eastern edge. The stratigraphy is further folded, including one significant southeast plunging syncline located in the southern part of the Project area.

The basin is bounded along its western and eastern margins by regional-scale high-angle faults of unknown displacement. Localized steeply dipping normal, reverse, and strike-slip faults transect the Cave Spring Formation throughout the basin. Displacement on these faults is generally poorly known. Most appear to be on the order of tens of feet of displacement although several located faults along the edge of the basin may have displacements greater than 30 m (100 ft).

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

6.4. Mineralization

The mineral resource evaluation presented in this TRS covers an area of approximately 4.6 km<sup>2</sup> (1,132 acres) within the South Basin of Rhyolite Ridge. The mineral resource plan dimensions, defined by the spatial extent of the B5 unit inferred classification limits, are approximately 3.7 km (2.27 miles) north-south by 1.40 km (0.87 miles) east-west. The upper and lower limits of the mineral resource span from surface, where the mineralized units outcrop locally, through to a maximum depth of 420 m (1,378 ft) below surface for the base of the lower mineralized zone (L6 unit).

The boron mineralization encountered in the South Basin occurs in the form of searlesite, a sodium borosilicate (NaBSi<sub>2</sub>O<sub>5</sub>(OH)<sub>2</sub>), and minor ulexite, a hydrated sodium calcium borate hydroxide (NaCaB<sub>5</sub>O<sub>6</sub>(OH)<sub>6</sub>●5H<sub>2</sub>O). Lithium mineralization is attributed to smectite and illite clays. The lithium-boron mineralization is interpreted to have been emplaced by hydrothermal/epithermal fluids travelling up the basin bounding faults. Based on lithium-boron grade distribution and continuity, it is hypothesized that the primary fluid pathway for the South Basin mineralization was along the western bounding fault.

The mineralization occurs as both HiB-Li searlesite mineralization and LoB-Li mineralization. Differential mineralogical and permeability characteristics of the various units within the Cave Spring Formation resulted in the preferential emplacement of HiB-Li bearing minerals in the M5, B5, and L6 units. LoB-Li mineralization occurs primarily in the B5, S5, and L6 units and LoB-Li high clay mineralization in the M5 geologic unit.

A summary of metallurgical testwork undertaken on the HiB-Li mineralization is provided in Chapter 10, and the intended metallurgical processing methods for the HiB-Li mineralization are discussed in Chapter 14.

Some characterization and leaching testwork has been completed on the LoB-Li mineralization, as described in Chapter 10.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

7. EXPLORATION

7.1. Exploration

7.1.1. 2010 Outcrop/Subcrop Trenching

Surface trenching was performed as part of the 2010 American Lithium Mineral exploration program. Trench samples were collected from 19 mechanically excavated trenches. The trenches were excavated from the outcrop/subcrop using a backhoe and/or hand tools. Chip samples were then collected from the floor of the trench. However, upon review of the trench data and based on discussions with senior ioneer personnel, the QP agrees that the trench data and observations as collected are not representative of the full thickness and grades of the units.

Due to concerns with correlation and reliability of the results from the trenches, the QP did not use the geological or grade data from the trenches in the preparation of the geological model or resultant mineral resource estimates.

Further drilling near the outcrop during the 2018 to 2019 drilling program, as well as the completion and incorporation of the detailed surficial geological mapping, rendered the spatial geological information from the trenches of minimal value for modeling purposes.

7.1.2. 2017 Surface Gravity Geophysical Survey

A surface gravity geophysical survey was performed in December 2017 by Thomas Carpenter, an independent consulting geophysicist.

The gravity survey comprised of collecting gravity data from 184 stations across the South Basin, as shown in Figure ‎7-1, over a period of six days in December 2017. The stations were read using 200 to 600 m (656 to 1,968 ft) spacings. Eight of the gravity stations were on drill holes and another three drill holes were surveyed separately to obtain good coordinates for these sites. Station locations and elevations were determined using Leica GPS System 1200 survey equipment run in the rapid static mode. All stations repeated with a gravity meter were also reoccupied with a GPS system to check elevation repeatability. Elevation repeatability varied from ±0.001 to 0.042 m (0.003 to 0.138 ft) with an average repeatability of ±0.013 m (0.042 ft). The gravity data were processed to simple Bouguer values and terrain corrections were applied to account for the variable topographic relief of the surveyed area. Additional processing included the calculation of vertical and horizontal gradients and derivatives to allow for the identification of local patterns or changes in the gravity response that can be attributed to lithology or structure.

The processed gravity maps prepared by Carpenter were evaluated by WSP alongside geological data from drill holes and surficial geological mapping for the purpose of evaluating the potential spatial extents of the South Basin outside of the areas of drilling and mapping.

Based on observable relationships between the processed gravity maps and the drilling and mapping data, the general extent of the basin can be readily identified on a basin scale due to the differences in gravity responses by the basin fill sedimentary rocks and the underlying volcanic basement rocks. The gravity data did not provide sufficient contrast between the various units within the basin fill sequence to allow for differentiation or mapping of the sedimentary units using the geophysical data.

The gravity maps were used by WSP during the modeling process as a high-level constraint on the overall basin extents but were not used to provide control or constraint on the geological units of the Cave Spring Formation in the model.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img011.jpg)

**Figure *‎*7-1 - Gravity Station Locations**

Source: Carpenter, 2017

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

7.1.3. 2019 Surface Reflection Seismic Geophysical Survey

A surface seismic geophysical survey, comprising three reflection seismic lines, was performed in March and April 2019 by Bird Seismic Services. Results from this seismic study suggested that this method would be useful for defining some of the geological unit contacts within the basin fill sequence as well as for the defining the presence and geometry of faulting. The 2019 geophysical data, along with the geophysical data collected by IDS Geophysical Surveying through 2023, were used to create a preliminary 3D geophysical model. This preliminary model was only used to guide drill hole and program decisions for the 2023-2024 drilling program. This preliminary model will be updated to a full geological model by incorporating all of the 2023-2024 drill holes.

7.1.4. 2019 Magnetic Drone Survey

In December 2019, a magnetic survey of most of the South Basin was completed by Zonge International. A drone was flown at an average altitude of 43 m (141 ft) above ground surface on East-West lines spaced 50 m (164 ft) apart. The grid of East-West directed lines was designed to visualize geologic structures that are thought to be dominated by North-South trending grain. The method was chosen to illuminate expected relatively magnetic latite volcanic rocks, which directly underlie the lacustrine section of the Cave Spring formation, and thus provide some indication of the thickness of those strata as well as of potential fault boundaries.

The overall pattern of highs and lows demonstrated a field nearly as predicted, where the highest values represented latite, moderately high values reflected near-surface volcanics, and relative lows were found in deep parts of the basin. Complications arose from differing susceptibilities of various volcanic rocks, surface channel concentrations of magnetite, and possible remanent magnetic reversals in volcanics. While a few faults were inferred from local gradients and major overall trends may have been muted and subtle, the main North-South structural grain remained apparent. The data were only used to help confirm faulting and guide drilling programs in subsurface targets.

7.1.5. 2019 Surficial Geological Mapping

From February 2017 to July 2022, bi-annual campaigns of surficial geological mapping efforts were performed by senior ioneer geologists. The data were used, in support of the drill hole locations, to define the outcrops and subcrops. Several methods were used in defining the surface geology:

- Photogeology, which involved interpreting aerial satellite photographs, to help identify geologic features and stratigraphic outcropping throughout the basin;

- Foundational techniques, which involved direct observation and in-field measurements;

- Brunton compass mapping, to measure the orientation of bedding planes, faults, and other structures, and plot these measurements on a geologic map;

- Hand lenses, to help in close examination of minerals and textures, and rock hammers, to break off fresh samples for analysis;

- GPS and field notebooks, which were crucial for recording observations, measurements, and sketches systematically;

- Measuring of stratigraphic sections, which involved documenting the thickness and characteristics of rock layers in outcrops and historical excavation;

- Field photography, which involved capturing images of outcrops with scales for reference;

- Sample collection, which involved gathering representative rock and soil samples for further geochemical analysis.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

With the use of GPS, geologists were able pinpoint the exact location of outcrops, sample sites, and structural measurements. Among the 4,273 points collected throughout the region, 3,999 were in the South Basin. Of those, 757 included strikes and dips of bedding, 93 of joint sets, 152 of faults, 49 of veins, and 27 slicks, 4 of which had plunge and azimuth measurements, and 1,355 other geologic observations. For detailed geologic mapping, the recording of evidence from outcrops was warranted. If the same rock was found over distances of about 15m (50 ft), the need to take multiple points was trivial unless new features were observed. In general, it was advisable to collect data over approximately 30 m (100 ft) distances, though spacing was irregular. In areas of alluvial cover, occasional widely-spaced points were recommended. The general rock composition and size were noted. Observation of float was important to record if it contained signs of lacustrine units.

All collected field data were imported into a GIS software program (ArcGIS), where they were combined with other spatial data such as topographic maps and satellite images. In ArcGIS, geologists organized the data into layers allowing for detailed analysis and visualization. Spatial analyses were performed to identify patterns, calculate areas, and model geological processes. The resulting maps were highly informative by visually representing rock types, structural data, and other geological features. A summary of the surface mapping performed by ioneer is presented in Figure ‎7-2.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img012.jpg)

**Figure ‎7-2 – Summary of ioneer Surficial Geology Mapping in the South Basin**

Source: ioneer, 2024

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

At that time, the geological mapping incorporated into the geological model is focused on the area south of the road. Additional mapping along the eastern portion of the basin was added to the geological model in January 2020 to provide more geological constraints on the geometry of the basin stratigraphy east of the limits of drill hole data.

Mapped geological contacts and faults were imported into the geological model and used as surface control points for the corresponding beds or structures.

As the mapping was beneficial in controlling the spatial extent and geometry of the geological units south of the road, it is recommended that additional reconciliation efforts between surface mapping and drill hole intercepts be performed using the mapping data and observations north of the road, with the aim of incorporating this information into future iterations of the geological model.

7.1.6. 2018 Topographic Survey

A 2018 satellite survey with an accuracy of ±0.17 m (0.55 ft) was produced for the Project by PhotoSat Information Ltd. The final report generated by PhotoSat stated that the difference between the satellite and the ioneer provided ground survey control points was less than 0.80 m (2.62 ft). The quality and adequacy of the topographic surface and the topographic control is very good based on comparison against survey monuments, surveyed drill hole collars, and other surveyed surface features. In October 2022, this satellite survey was expanded to the south and to the west to assure full coverage on the site.

The topographic survey was prepared in NAD83, which was converted to NVSPW 1983 by NewFields prior to geological modeling.

7.2. Geological Exploration Drilling

7.2.1. Exploration Drilling Methods and Results

Exploration drilling programs targeting lithium-boron mineralization were completed by ALM in 2010-2012 and ioneer in 2016, 2017, 2018, 2019, 2022, 2023 and 2024. Both RC drilling and core drilling techniques have been used during each of the exploration drilling programs.

A summary of the RC and core drilling completed during the various drilling programs is presented in Table ‎7-1. A drill hole location map is illustrated in Figure ‎7-3.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎7-1 – Exploration Drilling Summary – Geological**

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| &nbsp;&nbsp;**Drill Type** | **Year** | **Inclined Drill Holes** | **Inclined Drill Holes** | **Vertical Drill Holes** | **Vertical Drill Holes** | **Total Drill Holes** | **Total Depth (m)** |
| &nbsp;&nbsp;**Drill Type** | **Year** | **Count** | **Total Depth (m)** | **Count** | **Total Depth (m)** | **Total Drill Holes** | **Total Depth (m)** |
| &nbsp;&nbsp;**RC Drill Holes** | 2010-2012 | 6 | 1353 | 9 | 2310 | 15 | 3664 |
| &nbsp;&nbsp;**RC Drill Holes** | 2016-2017 | 2 | 707 | 25 | 4663 | 27 | 5370 |
| &nbsp;&nbsp;**RC Drill Holes** | 2018-2019 |  |  | 2 | 549 | 2 | 549 |
| &nbsp;&nbsp;**RC Drill Holes** | 2023 (Phase 2) |  |  | 7 | 1266 | 7 | 1266 |
| &nbsp;&nbsp;**Core Drill Holes** | 2010-2012 | 2 | 530 | 19 | 4605 | 21 | 5135 |
| &nbsp;&nbsp;**Core Drill Holes** | 2016-2017 |  |  | 3 | 853 | 3 | 853 |
| &nbsp;&nbsp;**Core Drill Holes** | 2018-2019 | 29 | 6504 | 14 | 2817 | 43 | 9321 |
| &nbsp;&nbsp;**Core Drill Holes** | 2022 (Phase 1) |  |  | 9 | 1243 | 9 | 1243 |
| &nbsp;&nbsp;**Core Drill Holes** | 2023 (Phase 2) | 17 | 2918 |  |  | 17 | 2918 |
| &nbsp;&nbsp;**Core Drill Holes** | 2023-2024 (Phase 3) | 13 | 1876 | 9 | 1325 | 22 | 3201 |
| **Total** | **Total** | **69** | **13559** | **97** | **19960** | **166** | **33519** |

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|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Drill Type** | **Year** | **Inclined Drill Holes** | **Inclined Drill Holes** | **Vertical Drill Holes** | **Vertical Drill Holes** | **Total Drill Holes** | **Total Depth (ft)** |
| &nbsp;&nbsp;**Drill Type** | **Year** | **Count** | **Total Depth (ft)** | **Count** | **Total Depth (ft)** | **Total Drill Holes** | **Total Depth (ft)** |
| &nbsp;&nbsp;**RC Drill Holes** | 2010-2012 | 6 | 4440 | 9 | 7580 | 15 | 12020 |
| &nbsp;&nbsp;**RC Drill Holes** | 2016-2017 | 2 | 2320 | 25 | 15297 | 27 | 17617 |
| &nbsp;&nbsp;**RC Drill Holes** | 2018-2019 |  |  | 2 | 1800 | 2 | 1800 |
| &nbsp;&nbsp;**RC Drill Holes** | 2023 (Phase 2) |  |  | 7 | 4155 | 7 | 4155 |
| &nbsp;&nbsp;**Core Drill Holes** | 2010-2012 | 2 | 1739 | 19 | 15108 | 21 | 16847 |
| &nbsp;&nbsp;**Core Drill Holes** | 2016-2017 |  |  | 3 | 2797 | 3 | 2797 |
| &nbsp;&nbsp;**Core Drill Holes** | 2018-2019 | 29 | 21340 | 14 | 9242 | 43 | 30582 |
| &nbsp;&nbsp;**Core Drill Holes** | 2022 (Phase 1) |  |  | 9 | 4077 | 9 | 4077 |
| &nbsp;&nbsp;**Core Drill Holes** | 2023 (Phase 2) | 17 | 9572 |  |  | 17 | 9572 |
| &nbsp;&nbsp;**Core Drill Holes** | 2023-2024 (Phase 3) | 13 | 6155 | 9 | 4347 | 22 | 10502 |
| **Total** | **Total** | **69** | **45566** | **97** | **64403** | **166** | **109969** |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Figure ‎7-3 – Exploration Drill Hole Locations – Geological**

Source: ioneer, 2024

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Prior to 2018, all RC drilling was conducted using a 12.7 cm (5-inch) hammer, with a rig-mounted rotary splitter. In zones of high groundwater inflow, the hammer was switched to a tri-cone bit. All pre-2018 core drill holes were drilled using HQ (6.35 cm/ 2.50-inch core diameter) sized core with a double-tube core barrel.

For the 2018 to 2019 drilling program through 2024 Phase 3 drilling, all core holes (vertical and inclined) were tricone drilled through unconsolidated alluvium, then cored through to the end of the drill hole. All but two of the 43 core holes were drilled as PQ (8.5 cm [3.345-inch] core diameter) sized core, with the remaining two as HQ sized core. Drilling was completed using a triple-tube core barrel (split inner tube), which was preferred to a double tube core barrel (solid inner tube) as the triple-tube improved core recovery and core integrity during core removal from the core barrel.

As shown in the drilling campaigns presented above, ioneer completed 22 core holes from November 2023 through February 2024. In the Mine Plan of Operations, the southern quarry wall is located well to the south of the area with estimated mineral resources and mineral reserves due to geotechnical considerations and a sparsity of data. The core holes were drilled to provide additional geotechnical data to allow for better positioning and design of the southern and southeastern quarry walls. The holes also provided additional geological and geochemical data and were used for the August 2025 mineral resource estimate.

All 166 holes from 2022-2024 drilling programs were included in the database. Of the 166 validated holes, all were included in the geological model, with one RC hole excluded as a twin hole and three shallow exploration well holes. All samples were geologically and geotechnically logged to support mineral resource estimates, with acceptable core recovery rates varying by geological unit.

7.2.2. Recovery

For the core drilling programs, core recovery, and rock quality designation (RQD) was recorded for each cored interval. Core recovery was determined by measuring the recovered linear core length and then calculating the recovered percentage against the total length of the core run from the drill advance. The RQD was determined by measuring the solid core pieces greater than 4 inches in length and then calculating the RQD percentage against the total recovered core length. The core recovery values were recorded by the logging geologist and reviewed by the senior ioneer geologist.

During the 2018-2019 drilling program ioneer implemented the use of a triple-tube core barrel to maximize sample recovery and ensure a representative nature of samples. A triple-tube core barrel generally provides improved core recovery over double-tube core barrels, resulting in more complete and representative intercepts for core logging, sampling, and geotechnical evaluation. It also limited any potential sample bias, due to preferential loss/gain of material. The use of a triple-tube core barrel has been used on all core drill programs since the 2018-2019 program.

For the 2010-2012 and 2016 core drilling programs the mean core recovery for all drill holes ranged from 70% to 98%, with >65% of the drill holes having >85% mean core recovery. The majority of the 2010-2012 and 2016 core drill holes reported >95% recovery in the mineralized intervals (M5, B5, S5, and L6).

For the 2018-2019 drilling program, the core recovery for all the drilling ranged from 41% to 100%, with >65% of the drill holes having >90% mean core recovery. In the target mineralized intervals (M5, B5, S5, and L6), the mean core recovery was 86% in the B5, 87% in the M5 and 95% in the L6 units, with most of the drill holes reporting >90% recovery in the mineralized intervals.

For the 2022-2024 drilling programs, the core recovery for the core drilling ranged from 72.7% to 100%, with 58% of core holes having greater than 90% mean recovery. In the target mineralized intervals (M5, B5, S5 and L6), the mean core recovery was 94.5% in the B5, 95.3% in the M5 and 93.9% in the L6 units, with most of the drill holes reporting greater than 90% recovery in the mineralized intervals.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

A summary of the mean core recovery and RQD by drilling program for the target zones (M5, B5, S5, and L6) is presented in Table ‎7-2.

**Table ‎7-2 – Summary of Mean Core Recovery and RQD by Drilling Program and Target Zone** 

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| **Model Unit** | **Mean Core Recovery (%)** | **Mean RQD (%)** |
| Q1 | 31 | 4 |
| S3 | 90 | 47 |
| G4 | 94 | 68 |
| M4 | 90 | 71 |
| G5 | 87 | 71 |
| M5 | 92 | 70 |
| B5 | 94 | 64 |
| S5 | 94 | 61 |
| G6 | 95 | 80 |
| L6 | 94 | 71 |
| Lsi | 94 | 68 |
| G7 | 94 | 80 |
| Tlv | 95 | 78 |
| Tbx | 93 | 89 |
| **Mean** | **93** | **61** |

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For the various RC drilling programs, chip recoveries were not recorded; and therefore, the QP cannot comment on drill sample recovery for this period of drilling.

The QP considers the core recovery for the 2010 to 2012, 2016, 2018 to 2019 and 2022 to 2024 core drilling programs to be acceptable based on statistical analysis, which identified no grade bias between sample intervals with high- versus low-core recoveries. On this basis, the QP has made the reasonable assumption that the sample results are reliable for use in estimating mineral resources.

7.2.3. Drill Hole Logging

Drill hole logging was conducted by core/chip logging geologists either on site at the drill or at the ioneer core storage facility. All logging was reviewed by the senior ioneer geologist. All core and chip samples have been geologically logged to a level of detail to support mineral resource estimation, such that there are lithological intervals for each drill hole, with a correlation to geological/lithological unit assigned to each interval. The core drill holes from all the core drilling programs were also geotechnically logged to a level of detail to support mineral resource estimation.

The QP has reviewed all unit boundaries with the ioneer senior geologist, and where applicable, adjustments have been made to the mineralized units based on the assay results intervals to limit geological dilution.

All drill core boxes and chip trays were photographed during logging, and the photo stored electronically for reference

To date, there has been a total 166 drill holes totaling 10,842 m (35,592 ft) of RC drilling, and 22,339 m (73,291 ft) of core drilling completed on the Project. The majority of the 166 drill holes have been drilled vertically (99) with 67 drilled at an incline, varying from -45 to -70 degrees from the horizontal at an azimuth of between 0- and 332-degrees. A summary of the RC and core drilling completed during the various drilling programs is presented in Table ‎7-1. A drill hole location map is illustrated in Figure ‎7-3.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

7.2.4. Collar Surveys

At the completion of drilling, drill casing was removed, and drill collars were marked with a permanent concrete monument with the drill hole name and date recorded on a metal tag on the monument. All drill holes were originally surveyed using handheld global positioning system (GPS) devices, which have limited accuracy (±10 ft). For the pre-2018 drill holes, the locations were resurveyed during 2017-2018 using a higher precision differential GPS (DGPS) instrument, in UTM Zone 11 North, North American datum 1927 (NAD27) coordinate system.

From 2018 through 2024, drill hole collars and locatable pre-2018 drill holes were re-surveyed in 2019 using a Trimble R8s Integrated GNSS System DGPS in UTM Zone 11 North, North American datum 1983 (NAD83). This survey improved the location accuracy to ± 3 cm (0.1 ft).

All surveyed coordinates were subsequently converted to Nevada State Plane Coordinate System of 1983, West Zone (NVSPW 1983) for use in developing the geological model. Those drill holes that could not be located had the original coordinates converted to NVSPW 1983 and their locations verified against the original locations.

7.2.5. Downhole Surveys

All inclined core drill holes were surveyed to obtain downhole deviation using a downhole Reflex Mems Gyro tool, except for SBH-72, which could not be surveyed due to tool error. Two core drill holes (SBH-60, SBH-79) were surveyed using an acoustic televiewer instead of the Gyro tool. Drill holes completed during 2022 Phase 1 drilling used a Tru-Shot gyro that was surveyed by the drilling company. 2023-2024 drilling programs, Phase 2 and Phase 3, used IDS for both down hole survey and televiewer surveys.

7.2.6. Drill Hole Data Spacing and Distribution

Drill holes are generally spaced between 91 m (300 ft) and 152 m (550 ft) on east-west cross-section lines spaced approximately 183 m (600 ft) apart. There was no distinction between RC and core holes for the purpose of drill hole spacing. From 2018 onwards, in an effort to minimize disturbance and environmental impact there were multiple occurrences where several inclined drill holes were drilled from the same drill pad and oriented at varying angles away from each other. The collar locations for these inclined drill holes drilled from the same pad varied in distance from 0.3 m to 6 m (1 ft to 20 ft) apart; intercept distances on the floors of the target units were typically in excess of 91 m (300 ft) spacing.

The QP considers the drill hole spacing sufficient to establish geological and grade continuity appropriate for mineral resource estimation.

7.2.7. Relationship Between Mineralization Widths and Intercept Lengths

Both vertical and inclined drill holes have been completed on the Project. Drill holes were angled between -45 and -90 degrees from horizontal and at an azimuth of between 0- and 350-degrees. Inclined drill holes orientated between 220- and 332-degrees azimuth introduced minimal sample bias, as they primarily intercepted the mineralization at angles near orthogonal (102 drill holes with intercept angles between -70 to -90 degrees) to the dip of the beds, approximating true-thickness.

Inclined drill holes orientated between 0- and 220-degrees azimuth, especially those that were drilled at between 20- and 135-degrees azimuth, generally intercepted the beds down dip (7 drill holes with intercept angles between 20-70 degrees), exaggerating the mineralized zone widths in these drill holes.

Based on the geometry of the mineralization, it is reasonable to treat all samples collected from inclined drill holes at intercept angles of greater than 70 degrees as representative of the true thickness of the zone sampled.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

7.2.8. QP Statement on Exploration Drilling

The QP is not aware of any drilling, sampling, or recovery factors that could materially affect the accuracy and reliability of the results of the historical or recent exploration drilling. The data are well documented via original digital and hard copy records and were collected using industry standard practices in place at the time. All data have been organized into a current and secure spatial relational database. The data have undergone thorough internal data verification reviews, as described in Section 9.0 of this Report.

7.3. Hydrogeological Drilling and Sampling

7.3.1. Sampling Methods and Laboratory Determinations

Sampling methods have included groundwater monitoring, drilling of three test wells, piezometer installation in selected drill holes, and water quality sampling. Slug and pumping tests were performed in monitoring wells, and airlift recovery tests were conducted during drilling of water exploration boreholes throughout the model area to provide information for outlying hydrogeologic units. Additionally, packer testing was completed in two boreholes. A spring and seep survey was completed.

Groundwater and piezometer monitoring was performed in the field, by HydroGeoLogica Inc. and NewFields personnel. HydroGeoLogica and NewFields were independent consultants contracted by ioneer.

Water quality samples were dispatched to Western Environmental Testing Laboratory for quality analysis for the parameters listed in Table ‎7-3. Western Environmental Testing Laboratory is a Nevada Division of Environmental Protection certified laboratory for water chemistry testing (Certificate Number NV009252020). Western Environmental Testing Laboratory is independent of ioneer.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎7-3 - Water Quality Analysis Parameters** 

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| **Analyte** | **Unit** | **Nevada Profile I Reference Value** | **Analyte** | **Unit** | **Nevada profile I Reference Value** |
| pH | pH units | 6.5-8.5 | Iron | mg/L | 0.6 |
| Total alkalinity | mg/L as CaCO<sub>3</sub> | -- | Lead | mg/L | 0.015 |
| Chloride | mg/L | 400 | Lithium | mg/L | -- |
| Fluoride | mg/L | 4 | Magnesium | mg/L | 150 |
| Sulfate | mg/L | 500 | Manganese | mg/L | 0.1 |
| Total nitrogen | mg/L as N | 10 | Mercury | mg/L | 0.002 |
| Total dissolved solids | mg/L | 1000 | Molybdenum | mg/L | -- |
| Aluminum | mg/L | 0.2 | Nickel | mg/L | -- |
| Antimony | mg/L | 0.006 | Phosphorus | mg/L | -- |
| Arsenic | mg/L | 0.01 | Potassium | mg/L | -- |
| Barium | mg/L | 2 | Scandium | mg/L | -- |
| Beryllium | mg/L | 0.004 | Selenium | mg/L | 0.05 |
| Bismuth | mg/L | -- | Silver | mg/L | 0.1 |
| Boron | mg/L | -- | Sodium | mg/L | -- |
| Cadmium | mg/L | 0.005 | Strontium | mg/L | -- |
| Calcium | mg/L | -- | Thallium | mg/L | 0.002 |
| Chromium | mg/L | 0.1 | Tin | mg/L | -- |
| Cobalt | mg/L | -- | Titanium | mg/L | -- |
| Copper | mg/L | 1 | Vanadium | mg/L | -- |
| Gallium | mg/L | -- | Zinc | mg/L | 5 |

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7.3.2. Data Verification

Hydrogeologic information was collected as part of exploration activities as well as during several dedicated project-related hydrogeology characterization programs, which were developed and implemented in 2018 and 2019 to characterize the hydrogeology near the proposed quarry and throughout the HCM area. Hydrogeologic data collection, analysis, modelling, and prediction was conducted using standard practices. The groundwater flow model was well calibrated to observed conditions and hydraulic parameters. The model was run to evaluate uncertainty and sensitivity to variability in key parameters. The groundwater characterization plan, modelling, and results were reviewed and approved by State and NV BLM hydrogeologists.

Future detailed mine designs will need to incorporate dewatering wells and in-pit pumping to aid in quarry wall stability and to keep the quarry dry during operations. During dewatering, as groundwater is removed from the system, groundwater elevations will decline in the quarry and surrounding area.

7.3.3. Baseline Hydrogeology

A groundwater quantity and quality impacts report was prepared by Piteau in 2023 and includes development, assessment, and evaluation of water resources throughout the conceptual project area and greater Fish Lake Valley. Baseline hydrogeologic conditions characterizes groundwater inflows and outflows, piezometric levels

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

and gradients, and hydrogeologic properties (i.e., hydraulic conductivity and storage) for geologic units over the greater Project area (Figure ‎7-4).

Hydrogeologic information was collected as part of exploration activities as well as during several dedicated project-related hydrogeology characterization programs, which were developed and implemented in 2018, 2019, and 2023. Data collection characterized the hydrogeology near the proposed quarry and throughout the hydrogeologic conceptual model area with data elements including:

- Fifteen (15) vibrating wire piezometers equipped with 41 transducers to assess groundwater levels across the Project area,

- Three (3) monitoring wells to evaluate groundwater levels and water quality,

- Three (3) production wells in the Project area,

- Two (2) multi-day pumping tests to stress and characterize groundwater response,

- Forty-nine (49) publicly available well locations with measured groundwater levels in Fish Lake Valley.

This baseline study was developed in accordance with requirements outlined by the Nevada Division of Environmental Protection and the Nevada BLM.

The following summarizes the major findings relating to hydrogeology from the groundwater quality impacts report (Piteau, 2023):

The regional groundwater system is recharged at higher elevation mountain areas; bases of mountain drainages; and mountain-front alluvial fans and then discharges to lower basin areas primarily as water supply discharge, evapotranspiration (i.e., in playas), or minor quantities amounts of interbasin flow.

- Groundwater flow in the Project area is compartmentalized and limited predominantly by north-south trending, listric-style faulting. This compartmentalization results in limited east-to-west groundwater flow and stair-stepping water levels.

- Higher hydraulic conductivities in the Project area were observed in the overlying alluvium and within fractured/faulted bedrock zones.

- Groundwater flow through the quarry area is limited due to the nature of the clay-rich ash-fall and lacustrine units of the Cave Spring Formation; which is characterized as low permeability relative to fractured bedrock.

7.3.4. Groundwater Monitoring and Chemistry

Groundwater monitoring at 35 piezometers, three monitoring wells, and three test wells was designed to establish baseline conditions for the Project (Figure ‎7-4). Eleven piezometer installation locations consist of single or multi-level, grouted-in-place, vibrating wire piezometers with dataloggers. Seven piezometer locations in the area of the proposed quarry were completed with four vibrating wire piezometers each in both vertical and angled boreholes (for a total of 28 vibrating wire piezometers) and the four additional locations were completed with from 1 to 2 vibrating wire piezometers each in a vertical borehole (for a total of 7 vibrating wire piezometers). An upgradient bedrock monitoring well (MW-01) was located in the Cave Spring Drainage near the east Project area boundary. No alluvial groundwater was encountered during drilling at this location. Two downgradient monitoring wells were located in the Cave Spring Drainage wash near the west Project area boundary in the alluvium and bedrock (MW-2A and MW-2B, respectively).

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| ![](img086.jpg) | **7-14** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Figure *‎*7-4 – Eastern Project Area Groundwater Monitoring Locations**

Source: ioneer, 2024

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| ![](img086.jpg) | **7-15** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Water quality samples were collected from each of the monitoring wells. In addition to monitoring wells and piezometers, a spring and seep survey was completed in summer 2019 to verify the presence of, and collect information on, groundwater at spring locations indicated in regional mapping. Water quality samples were collected, and discharge estimates were made at the nine discharging springs. Discharge rates were relatively low, mostly less than 3.79 lpm (1 gpm), with a maximum of 37.1 lpm (9.8 gpm) and a mean of 5.3 lpm (1.4 gpm).

Groundwater monitoring data from multilevel installations generally indicate that upward vertical gradients predominate across the proposed quarry area. This is consistent with confined conditions observed in testing well (TW-01) during drilling.

Table ‎7-4 summarizes the groundwater elevations in the hydrogeological monitoring wells and the discharge from the surface spring sites.

**Table ‎7-4 – Summary of Hydrogeological Wells and Monitoring Sites** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hydrogeological Monitoring Site** | **Count** | **Groundwater Elevation (m asl)** | **Groundwater Elevation (m asl)** | **Groundwater Elevation (m asl)** | **Spring Discharge (lpm)** | **Spring Discharge (lpm)** | **Spring Discharge (lpm)** |
| **Hydrogeological Monitoring Site** | **Count** | **Mean** | **Minimum** | **Maximum** | **Mean** | **Minimum** | **Maximum** |
| Vibrating wire piezometers | 35 | 1808 | 1431 | 1955 | - | - | - |
| Monitoring well | 3 | 1663 | 1593 | 1800 | - | - | - |
| Testing well | 3 | 1812 | 1809 | 1817 | - | - | - |
| Spring | 27 | 2051 | 1651 | 2355 | 5.41 | 0.00 | 37.1 |
| **Total** | **68** | **1898** | **1431** | **2355** | **5.41** | **0.00** | **37.1** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hydrogeological Monitoring Site** | **Count** | **Groundwater Elevation (ft asl)** | **Groundwater Elevation (ft asl)** | **Groundwater Elevation (ft asl)** | **Spring Discharge (gpm)** | **Spring Discharge (gpm)** | **Spring Discharge (gpm)** |
| **Hydrogeological Monitoring Site** | **Count** | **Mean** | **Minimum** | **Maximum** | **Mean** | **Minimum** | **Maximum** |
| Vibrating wire piezometers | 35 | 5932 | 4694 | 6413 | - | - | - |
| Monitoring well | 3 | 5455 | 5228 | 5907 | - | - | - |
| Testing well | 3 | 5944 | 5934 | 5961 | - | - | - |
| Spring | 27 | 6728 | 5418 | 7726 | 1.43 | 0.00 | 9.80 |
| **Total** | **68** | **6228** | **4694** | **7726** | **1.43** | **0.00** | **9.80** |

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Aquifer testing in the quarry area at pumping well TW-1 included a 6-day pumping test with an extended (>30 day) recovery period and a 7-day pumping test with 12-day recovery monitoring at pumping well TW-2. Packer testing was completed in two boreholes associated with VWP-6 and VWP-7. The groundwater monitoring locations are shown in Figure ‎7-4.

Analytical results from the aquifer tests indicated that hydraulic conductivity varied for the five main project stratigraphic units (i.e., Quaternary Alluvium, Fish Lake Valley Assemblage, Cave Spring Formation, Rhyolite Ride Tuff Breccia, and Paleozoic rocks). Specifically, hydraulic conductivity values of the Quaternary Alluvium range from 2.7 x 101 to 3.9 x 101 feet per day (ft/d); values for the Fish Lake Valley Assemblage range from 1.8 x 100 to 2.2 x 100 ft/d values of the Cave Spring Formation range from 8.1 x 10-4 to 8.5 x 100 ft/d; values of the Rhyolite Ridge Tuff Breccia range from 2.4 x 10-3 to 4.7 x 100 ft/d; and values of the Paleozoics range from 1.1 x 10-2 to 2.7 x 10-2 ft/d.

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| ![](img086.jpg) | **7-16** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

In general, groundwater was present below the greater Project area at depths of approximately 15.2 m to 45.7 m (50 to 150 ft). Groundwater elevations ranged from greater than 2,500 m (8,202 ft) above mean sea level (amsl) in mountain areas to lower than 1,450 m (4,757 ft) amsl in the Fish Lake Valley. Over the period from roughly 1970 to 2000, groundwater elevations decreased by approximately 5 m (16 ft) in Fish Lake Valley, a phenomenon that is likely related to pumping for agricultural use.

Groundwater chemistry from all sampling locations was relatively similar, with similar major ion compositions. Groundwater was generally a sodium-bicarbonate type water with alkaline pH values ranging from 7.8 to 9.2; alkalinity concentrations between 110 and 290 milligrams per liter (mg/L) as CaCO<sub>3</sub>; and total dissolved solids concentrations between 260 and 580 mg/L. Groundwater generally had a low sulphate content (70 to 110 mg/L), indicating no significant sources of pyrite oxidation are influencing groundwater quality.

All groundwater samples had arsenic concentrations greater than the Nevada Reference Value of 0.01 mg/L. Dissolved arsenic concentrations ranged from 0.018 to 0.4 mg/L with higher concentrations observed by roughly an order of magnitude in the upgradient well (MW-1) compared to downgradient (MW-2A and 2B). The arsenic concentrations were consistent with short-term and long-term leaching test results from the geochemical characterization program showing elevated arsenic leaching potential.

Other constituents, detected in groundwater samples, with concentrations elevated relative to the Nevada Reference Values included aluminum, (0.05 to 1.2 mg/L, with concentrations above the 0.2 mg/L Nevada Reference Value at all sampling locations), antimony (0.004 to 0.4 mg/L, with concentrations above the 0.006 mg/L Nevada Reference Values at MW-1, TW-1, and SBH-41, and lower, but still above detection, at MW-2A and 2B), and iron (0.025 to 4.3 mg/L, with concentrations above the 0.6 mg/L Nevada Reference Values at two sampling locations).

There were 28 spring locations within the boundary of the groundwater model (Figure ‎7-4), with one spring (SP-6) located within the Project area boundary (to the south of the proposed spent ore storage facility locations). Spring discharge rates were relatively low, mostly less than 1 gallon per minute (gpm), with a maximum of 39.2 lpm (9.8 gpm) and a mean of 5.6 lpm (1.4 gpm).

Spring water chemistry showed a wider range of pH values and constituent concentrations compared to project area groundwater samples, as would be expected given the wider geographic distribution of sampling locations and different source waters. The spring water samples were generally sodium-bicarbonate type waters (including SP-6 in the project area boundary), though water types also included sodium-sulphate, sodium-chloride, and calcium-sulphate.

Sodium-bicarbonate water types were typically found closer to the project area, while springs to the south (SP-16, SP-17, SP-18, and SP-19) had calcium-sulphate to calcium-bicarbonate type water.

Spring water pH values ranged from 7.1 to 9.3, with total alkalinity values between 66 and 370 mg/L as CaCO<sub>3</sub>, with higher alkalinity values associated with the group of springs to the west in Fish Lake Valley.

Constituents, detected in spring samples, with concentrations elevated relative to Nevada Reference Values included arsenic (0.003 to 0.15 mg/L, with concentrations above the 0.01 mg/L Nevada Reference Value at nine of the 15 sampling locations), aluminum (0.03 to 20 mg/L, with concentrations above the 0.2 mg/L Nevada Reference Value at eight of the 15 sampling locations), and iron (0.05 to 15 mg/L, with concentrations above the 0.6 mg/L Nevada Reference Values at seven of the 15 sampling locations).

Additional exceedances of Nevada Reference Values detected in spring water samples included antimony (two locations) and manganese (three locations), and exceedances of pH, fluoride, nitrate, and lead at individual locations. However, it should be noted that some of the exceedances, in particular the aluminum and iron concentrations, may be due to the total analysis of metals and metalloids, rather than analysis of the dissolved fraction.

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| ![](img086.jpg) | **7-17** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Springs SP-6, SP-7, Dirk Pearson Spring, and Hot Springs Well to the west of the project area in Fish Lake Valley all had higher total dissolved solids concentrations (between 500 and 1,000 mg/L), with a high sodium concentration signature.

Water chemistry at spring sampling location SP-1 is similar to that of the groundwater in the Project area, with a sodium-bicarbonate water type, alkaline pH, similar major ion signature to TW-1 and MW-1, and elevated arsenic.

The Mineral Ridge mine, located along Mineral Ridge just east of the Cave Spring Drainage surface water divide, may have some minimal influence on the mountain groundwater system, particularly east of the divide, based on the Mineral Ridge Mine Cluster amendment EA. However, the limited size of the permitted mine and overall low hydraulic conductivity of bedrock in the Mineral Ridge area suggest that impacts from that operation will not be significant at the Project scale.

7.3.5. QP Statement on Hydrogeology

The QP is not aware of any factors relating to hydrogeological data collection that could materially affect the accuracy and reliability of the results of the hydrogeological analyses.

Laboratory and field techniques used in data collection and evaluation are appropriate for the purposes used in the Report.

The data are well documented via original digital and hard copy records and were collected using industry standard practices. All data were organized into a current and secure spatial relational database.

7.4. Quarry Stability- Geotechnical Drilling and Sampling

7.4.1. Field Investigation

Geotechnical exploration was performed to support the design and construction of the quarry. Geo-Logic Associates, Inc. (GLA) has stability analyses to provide geotechnical quarry slope designs, completed by performing limit equilibrium stability evaluations and kinematic stability evaluations, including structurally controlled failures and toppling evaluations. GLA's comprehensive services also included:

● Collection of geotechnical drilling data and samples from ioneer's drilling program;

● Planning and execution of a geotechnical laboratory testing program;

● Evaluation of geotechnical laboratory test results;

● Compilation of both GLA collected geotechnical drilling data and previously collected cell mapping data and oriented borehole data into stereonets.

In addition to the standard geologic determination of the basin, it is important in geotechnical analyses to further define areas on the basis of strength characteristics. This would generate a stratigraphic understanding based upon geotechnical strength qualities rather than lithology. EnviroMine (2019) provided a basis for the geotechnical strength relationships, which GLA expanded by detailed geotechnical field data collection, sample collection and laboratory testing.

7.4.1.1. Sample Collection

In 2018, sample collection for geotechnical laboratory testing required sample preservation at the drill rig with minor modifications based upon industry guidelines and the team's prior experience at other soft-rock deposits. For work completed in 2018-2019, a wax sealant was utilized, this practice was replaced in 2022-2024 with redundant plastic bags, and moisture barriers or wrapped in cling-wrap type plastic, then placed in a sealed plastic bag and marked with hole number and depth.

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| ![](img086.jpg) | **7-18** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

7.4.1.2. 2018-2019 Drilling Program

A 2018-2019 core drilling program was designed primarily for ore definition. The core was also logged for geotechnical data by NewFields' geologists who were trained by Danny Sims, EnviroMine.

A total of 39 PQ-sized (3.345-inch-diameter) and two HQ-sized (2.5-inch-diameter) diamond drill core holes were completed by the core drilling contractor (Idea Drilling) over the course of about six months (July 21, 2018 to January 26, 2019), for a total drill length of approximately 8,813 m (28,913 ft).

The majority of holes were PQ-sized, in part to maximize the available sample size for testing and archiving. Two HQ-sized holes (SHB-73 and SBH-79) were also drilled, in order to acquire core samples for geotechnical laboratory testing.

Acoustic downhole logging was performed by Southwest Exploration Services, LLC, on five select boreholes (SBH-43, SBH-52, SBH-60, SBH-66 and SBH-79) in order to acquire geotechnical data from core holes inclined towards the quarry walls and in order to allow for orientation of structures. The locations for oriented boreholes were selected in consideration of the quarry design at the time. The acoustic logs were checked against the core by EnviroMine and NewFields' geologists and only structures that were confirmed to exist in the core were kept in the downhole data set. The structure data are compiled in downhole tadpole plots for each core hole that was surveyed.

7.4.1.3. 2022-2024 Drilling Program

Three geotechnical drilling campaigns from 2022-2024 were conducted by ioneer. These campaigns totaled 54 boreholes. These boreholes were predominately diamond drill core with six reverse circulation holes. Televiewer was completed on 42 of those core boreholes which was performed by International Directional Services (IDS) a Granite Company. Figure ‎7-5 shows all phases of the quarries including the boreholes with geotechnical laboratory testing and field data. Geotechnical field data and samples were collected by three GLA Geotechnical Staff, including but not limited to: Rock Quality Designation (RQD), core recovery, fracture frequency and joint condition. GLA collected geotechnical samples to test the various lithologic units encountered in the boreholes and enhance the data previously documented in EnviroMine (2019). The intent was to represent potential layers that may cause structural concern (i.e. weak rock or clay seams), support further lab testing on the smectite rich zone of the M5a subunit, and collect a representative spatial and lithologic distribution of samples that would support an understanding of the complex geotechnical strengths within the basin.

Figure ‎7-6 shows all quarries including the locations of all boreholes.

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| ![](img086.jpg) | **7-19** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img015.jpg)

**Figure *‎*7-5 - Phase 1-5 and LOM Quarries with Geotechnical Boreholes**

Source: GLA, 2025

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| ![](img086.jpg) | **7-20** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Figure *‎*7-6 - Phase 1-5 and LOM Quarries with All Boreholes**

Source: GLA, 2025

7.4.2. Data Verification

The geological data collected for the 125 boreholes located in the footprint of the proposed quarries was reviewed by GSI Environmental and used to develop the geologic model. Geotechnical data from boreholes shown on Figure 7-5 was applied to the geologic units represented in the geologic model to analyze stability of various quarry designs. Geotechnical laboratory testing is sparse within the northern extents of the Phase 3 quarry and there is no laboratory testing within the LOM quarry extents beyond the Phase 5 quarry limits. Although geotechnical laboratory testing is limited within the Phase 3-5 and LOM extents, there are drill holes within these design extents that provide confidence of lithologic units present and their orientations.

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| ![](img086.jpg) | **7-21** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

7.4.3. Laboratory Testing and Cell Mapping

7.4.3.1. 2018-2019

The following data and discussion from 2018-2019 are from Enviromine (2019) The data obtained from cell mapping is referred to as rock fabric. The structures that are measured have a minimum length of 0.9 m (3 ft); these are too short and too abundant to identify on maps and analyses as unique structures so instead, the data are used statistically for kinematic analysis. Structure types identified in the field include bedding, lithologic contacts, single joints, joint sets, veins and faults. The average orientation (strike and dip) were recorded for each structure or structure set. For open bedding and joint sets, the average spacing distance between structures and the exposed length for the longest structure were recorded. Bedding orientation was also measured in any cell where the orientation was certain, even though there was no parting between beds. In these outcrops where there is no parting on bedding planes there are no spacing or length data that can be recorded for bedding and those fields are left blank. For joint sets, a minimum of three parallel or sub parallel joints with a minimum length of 0.9 m (3 ft) must occur in a single counting line in order to be recorded. This eliminates "random structures". For single joints, veins and faults, a minimum length of approximately 3 m (10 ft) was required. While traversing the surface for cell mapping, significant faults that were interpreted from outcrops were documented. Cell locations are included in Figure ‎7-7.

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| ![](img086.jpg) | **7-22** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img017.jpg)

**Figure *‎*7-7 - Cell Mapping Locations**

Source: EnviroMine, 2019

Laboratory testing was specified with general conformance to ASTM industry standards. Uniaxial compression, triaxial compression, small scale direct shear, disc tension, and density tests were performed on core. A small scale direct shear test was also performed for a remolded sample of clay taken from the top of the M5 unit (M5a clay). All laboratory testing in Table ‎7-5 was performed by Call & Nicholas, Inc. in Tucson, Arizona.

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| ![](img086.jpg) | **7-23** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎7-5 - Laboratory Tests Conducted by Engineering Rock Type** 

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|:---|:---|:---|:---|:---|:---|:---|
| **Number of Each Test Listed** | **Number of Each Test Listed** | **Number of Each Test Listed** | **Number of Each Test Listed** | **Number of Each Test Listed** | **Number of Each Test Listed** | **Number of Each Test Listed** |
| **Rock Type** | **Bulk Density** | **Uniaxial Compression** | **Young's modulus/ Poisson's Ratio** | **Triaxial Compression** | **Indirect Tensile** | **Direct Sheer** |
| Q1 | 0 | 0 | 0 | 0 | 0 | 0 |
| SW | 6 | 2 | 2 | 1 | 3 | 5-BD |
| S3 | 14 | 2 | 1 | 1 | 11 | 5-BD |
| G4 | 12 | 3 | 1 | 3 | 6 | 0 |
| M4 | 1 | 0 | 0 | 1 | 0 | 1 |
| G5 | 3 | 0 | 0 | 2 | 1 | 0 |
| M5a | 0 | 0 | 0 | 0 | 0 | 4-BD |
| M5 | 3 | 0 | 0 | 3 | 0 | 0 |
| B5 | 11 | 1 | 1 | 3 | 7 | 2-BD |
| S5 | 10 | 3 | 1 | 2 | 5 | &nbsp;&nbsp; 4-BD<br>2-JT<br>|
| G6 | 8 | 3 | 1 | 1 | 4 | 0 |
| L6 | 0 | 0 | 0 | 0 | 2 | 5-BD |
| LSI | 0 | 0 | 0 | 0 | 0 | 0 |
| G7 | 13 | 4 | 1 | 3 | 6 | 0 |
| TBX | 11 | 1 | 1 | 3 | 7 | 1-JT |
| WT | 0 | 0 | 0 | 0 | 0 | 0 |
| Z | 19 | 4 | 2 | 3 | 12 | 1-JT |
| F | 0 | 0 | 0 | 0 | 0 | 0 |
| **Totals** | **111** | **23** | **11** | **26** | **64** | <br> **30** |

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● 23 Unconfined Compressive Strength (UCS) tests were performed, In accordance with ASTM D7012-10.

● 26 triaxial compression tests (TCS) were performed, in accordance with ASTM D2664-95.

● 64 indirect Brazilian disk (tension) tests were performed in accordance with ASTM D3967-05.

7.4.3.2. 2022-2024

New laboratory testing, subsequent to EnviroMine (2019), was performed at the GLA soil testing laboratory located in Grass Valley, CA and at the Montana Tech Soils and Rock Laboratory located in Butte, Montana.

Additional geotechnical laboratory tests completed and considered for the analyses documented herein are listed below:

● Seventy-Eight (78) direct shear tests were performed. Soil-like samples were tested based on ASTM D3080 and rock samples (discontinuity shear tests) were tested based on ASTM D 5607;

● Sixty-Seven (67) Consolidated Undrained (CU) Triaxial tests were performed (ASTM D4767);

● Twenty-One (21) Unconfined Compression Strength (UCS) tests were performed (ASTM D7012) with twenty-three (23) results incorporated from EnviroMine equaling forty-four (44) total UCS test results;

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| ![](img086.jpg) | **7-24** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

● Six (6) slake durability tests (ASTM D4644);

● Nine (9) fine specific gravity (ASTM D854);

● Seven (7) particle size analysis (ASTM D6913).

Discontinuity mapping is an important component of rock slope engineering design. Although drilling and sampling can provide some information on rock mass structure as well as physical samples for testing, only through mapping of rock exposures can discontinuity length and large-scale roughness characteristics be measured. Discontinuity mapping provides the basis for all of the structurally controlled failure analyses performed in the course of a quarry slope design.

Previous cell mapping data is documented in EnviroMine (2019), including the cell mapping locations for each cell, which are depicted on Figure 7-8 Cell Mapping Locations. Because the quarry outline has changed since EnviroMine (2019) and additional acoustic televiewer data has been collected, GLA has updated the evaluation.

Acoustic televiewer was completed on 42 of the total 54 boreholes drilled from 2022-2024. Review of acoustic televiewer data provides an understanding of the amount and general orientation of discontinuities and assists in creating a more robust structural dataset, however, the data is limited by the scale of the borehole.

Stereonets were compiled from the cell mapping data collected by EnviroMine (Figure ‎7-8) as well as for the acoustic televiewer data collected in the recent drilling campaigns completed by ioneer (Phases 1, 2 and 3). The description of fracture types is as follows: BD (bedding), CT (contact), FT (fault), JS (joint set), SJ (single joint) and VN (vein). The density concentrations show where the data is concentrated within the stereonet in terms of dip and dip direction. The televiewer data for the individual boreholes was similar enough to be compiled into one representative stereonet. However, the data is heavily biased toward shallowly dipping bedding as seen in Figure ‎7-9. Heavy bedding data bias is not unusual for televiewer data, but it weights the stereonet poles so heavily that any other pole concentrations that may be present appear to be nonexistent. To solve this, the compiled stereonet was filtered by dip ranges greater than or equal to 30° to show where pole concentrations occurred at steeper dips less influenced by bedding (Figure ‎7-10).The filtered stereonet, along with the complete compiled stereonet were used within the kinematic analyses and a combination of pole concentrations from both the cell mapping data and televiewer data were used together to develop geologic sets. These stereonets are used to determine geologic set numbers necessary for the kinematic and backbreak analyses.

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| ![](img086.jpg) | **7-25** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img018.jpg)

**Figure *‎*7-8 – Stereonet: Combined Cell Mapping Data**

Source: GLA, 2025

![](img019.jpg)

**Figure *‎*7-9 - Stereonet: Combined Televiewer Data**

Source: GLA, 2025

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| ![](img086.jpg) | **7-26** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img020.jpg)

**Figure *‎*7-10 - Stereonet: Combined Televiewer Data, Dip >= 30 degrees**

Source: GLA, 2025

7.4.4. Statement on Geotechnical

The QP is not aware of any drilling, sampling, or recovery factors that could materially affect the accuracy and reliability of the results of the geotechnical drilling data used to support the quarry design and construction parameters.

Laboratory and field techniques used in data collection and evaluation are appropriate for the purposes used in the Report.

The data are well documented via original digital and hard copy records and were collected using industry standard practices at the time of collection. It is the QP's opinion that the geotechnical data regarding the characterization and material properties of the highwall stability are adequately characterized, however additional exploration drilling/trenching and quarry excavation, sampling, and testing will help refine and improve understanding of the geotechnical characteristics of the quarry area providing greater confidence in the ability to protect the critical areas and facilities proposed to be developed at Rhyolite Ridge.

7.5. Infrastructure - Geotechnical Drilling and Sampling

7.5.1. Sampling Methods and Laboratory Determinations

Geotechnical exploration was performed to support the design and construction of the spent ore storage facility, overburden storage facilities, and the process facilities areas. The objectives of the spent ore storage and process facility geotechnical study included:

- Characterizing soil, rock, and near surface groundwater conditions;

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| ![](img086.jpg) | **7-27** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

- Identifying subsurface hazards that may influence site development of the spent ore storage facility and process facilities areas;

- Identifying potential borrow sources for construction materials.

**NewFields performed a field investigation in 2018 which involved logging and sampling geotechnical holes and test pits. Eleven geotechnical holes were drilled in the Project area (Table ‎7-6 and Figure ‎7-11).**

**Respec completed another investigation in 2022 that focused on the South overburden storage area (Figure ‎7-12).** 

**Table ‎7-6 – Summary of Geotechnical Exploration Locations**

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|:---|:---|:---|:---|
| &nbsp;&nbsp;**Facility Area** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Linear Footage (m)** |
| &nbsp;&nbsp;Process | &nbsp;&nbsp;Drill hole | &nbsp;&nbsp;6 | &nbsp;&nbsp;89.6 |
| &nbsp;&nbsp;Spent ore storage facility | &nbsp;&nbsp;Drill hole | &nbsp;&nbsp;5 | &nbsp;&nbsp;98.3 |
| &nbsp;&nbsp;South OSF | &nbsp;&nbsp;Drill Hole | &nbsp;&nbsp;2 | &nbsp;&nbsp;61.6 |
| &nbsp;&nbsp;North OSF | &nbsp;&nbsp;Drill Hole | &nbsp;&nbsp;2 | &nbsp;&nbsp;27.4 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**276.9** |
| &nbsp;&nbsp;**Facility Area** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Mean Depth (m)** |
| &nbsp;&nbsp;Process | &nbsp;&nbsp;Test pit | &nbsp;&nbsp;8 | &nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;Process access road | &nbsp;&nbsp;Test pit | &nbsp;&nbsp;3 | &nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;Spent ore storage facility | &nbsp;&nbsp;Test pit | &nbsp;&nbsp;11 | &nbsp;&nbsp;4.6 |
| &nbsp;&nbsp;Spent ore storage facility access road | &nbsp;&nbsp;Test pit | &nbsp;&nbsp;2 | &nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;**Test Pit Total** | &nbsp;&nbsp;**Test Pit Total** | &nbsp;&nbsp;**24** | &nbsp;&nbsp;**4.8** |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;**Facility Area** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Linear Footage (ft)** |
| &nbsp;&nbsp;Process | &nbsp;&nbsp;Drill hole | &nbsp;&nbsp;6 | &nbsp;&nbsp;294.0 |
| &nbsp;&nbsp;Spent ore storage facility | &nbsp;&nbsp;Drill hole | &nbsp;&nbsp;5 | &nbsp;&nbsp;322.5 |
| &nbsp;&nbsp;South OSF | &nbsp;&nbsp;Drill Hole | &nbsp;&nbsp;2 | &nbsp;&nbsp;202 |
| &nbsp;&nbsp;North OSF | &nbsp;&nbsp;Drill Hole | &nbsp;&nbsp;2 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**15** | &nbsp;&nbsp;**908.5** |
| &nbsp;&nbsp;**Facility Area** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Mean Depth (ft)** |
| &nbsp;&nbsp;Process | &nbsp;&nbsp;Test pit | &nbsp;&nbsp;8 | &nbsp;&nbsp;18.2 |
| &nbsp;&nbsp;Process access road | &nbsp;&nbsp;Test pit | &nbsp;&nbsp;3 | &nbsp;&nbsp;15.5 |
| &nbsp;&nbsp;Spent ore storage facility | &nbsp;&nbsp;Test pit | &nbsp;&nbsp;11 | &nbsp;&nbsp;15.0 |
| &nbsp;&nbsp;Spent ore storage facility access road | &nbsp;&nbsp;Test pit | &nbsp;&nbsp;2 | &nbsp;&nbsp;12.5 |
| &nbsp;&nbsp;**Test Pit Total** | &nbsp;&nbsp;**Test Pit Total** | &nbsp;&nbsp;**24** | &nbsp;&nbsp;**15.9** |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img021.jpg)

**Figure *‎*7-11 – Geotechnical Boring and Test Pit Locations for Plant Site and Spent Ore Storage Facility**

Source: ioneer, 2023

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Figure *‎*7-12 – Geotechnical Boring for Overburden Storage Facility**

Source: ioneer, 2023

For the spent ore storage facility and process facility areas, a combined field investigation was completed. Six drill holes were drilled to total depths ranging from 8.1 to 30.9 m (26.5 to 101.5 ft) below ground surface (bgs) in the proposed process facilities area while 5 holes were drilled to total depths of 12.3 and 30.6 m (40.5 and 100.5 ft) bgs in the proposed spent ore storage facility location. An additional four drill holes were advanced to 31 m (101 ft) bgs for the overburden storage facilities areas. Soil samples were collected in the upper 10 ft portion of the drill hole at 0.75 m (2.5 ft) intervals and at a 1.5 m (5 ft) interval below this depth.

For the overburden storage facilities, four sonic drills holes were completed that extended to depths from 4.6 to 30.5 m (15 to 100 ft) bgs, Drill activities included completion of Standard Penetration Resting and collection of sample for subsequent laboratory characterization.

**Twenty-four test pits were excavated in the Project area (Table ‎7-6 and Figure ‎7-11). Eleven test pits were excavated to depths of 2.7 to 5.8 m (9 to 19 ft) bgs in the proposed process facilities area and along the proposed process facility access road. A total of 13 test pits were excavated to depths of 2.1 to 5.6 m (7 to 18.5 ft) bgs in the planned spent ore storage facility location and along the proposed access road to the spent ore storage facility. Bulk samples were collected in the test pits where changes in stratigraphy were observed.**

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Sampling methods in support of siting of surface infrastructure included drill holes and test pits. Bulk samples were collected using a standard penetration test (SPT) split spoon (3.5 cm [1.38-inch] inside diameter; ASTM D 1586) and Modified California (Mod-Cal) sampler (6.35 cm [2.5-inch] inside diameter; ASTM D 3550), alternating at 0.76 m (2.5 ft) intervals in the upper 3 m (10 ft) and at 1.5 m (5 ft) intervals below. Split spoon samplers were driven using a 64 kg (140 lb) hammer with an approximate drop of 0.76 m (30 inches) until a maximum penetration of 0.5 m (18 inches) was achieved, when possible. The number of blows required to drive the sampler the final 30 cm (12 inches) of the 46 cm (18-inch) drive were recorded on the field logs. Table ‎7-7 following summarizes the major findings and aspects of the geotechnical exploration.

**Table ‎7-7 - Geotechnical Program Results** 

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|:---|:---|:---|
| &nbsp;&nbsp;**Parameter** | &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Notes and Findings** |
| &nbsp;&nbsp;Subsurface condition | &nbsp;&nbsp;Proposed process facility area | &nbsp;&nbsp; Subsurface is poorly stratified and consist of intermixed alluvium deposits of sand and gravel with trace to some silt.<br> Granular surface soils are loose to a depth of 1 to 2 ft; medium dense to dense from 2 to 12 ft bgs; and becoming very dense with depth.<br> No bedrock encountered. |
| &nbsp;&nbsp;Subsurface condition | &nbsp;&nbsp;Planned spent ore storage facility area | &nbsp;&nbsp; Subsurface is sorted to poorly sorted and moderately stratified. Deposits consist of sand and gravel with trace to some silt.<br> Granular surface soils are loose to a depth of 1 to 2 ft; dense to very dense from 2 to 6 ft bgs; becoming very dense with depth.<br> No bedrock encountered. |
| &nbsp;&nbsp;Groundwater | &nbsp;&nbsp;Proposed process facility and planned spent ore storage facility areas | &nbsp;&nbsp;Free water or indications of past groundwater conditions were not encountered. Groundwater is not anticipated to influence construction activities or operation of the facilities. |
| &nbsp;&nbsp;Resistivity testing | &nbsp;&nbsp;Proposed process facility and planned spent ore storage facility areas | &nbsp;&nbsp;Subgrade soils have a severe corrosion potential when in contact with metallic objects and varied between 200 to 1,530 ohm-centimeters (Ω-cm) |
| &nbsp;&nbsp;Chemical testing | &nbsp;&nbsp;Proposed process facility and planned spent ore storage facility areas | &nbsp;&nbsp;The soluble sulphate content of seven soils samples ranged from 19.3 ppm to 918.2 ppm. One soil sample has a Class 0 severity of potential exposure or a negligible exposure potential; the other six samples are classified as Class I severity of potential exposure. |
| &nbsp;&nbsp;Chemical testing | &nbsp;&nbsp;Proposed process facility area | &nbsp;&nbsp;Soil conditions are potentially corrosive (i.e., soil might contain chemical components that can react with construction materials, such as concrete and metals, that may damage foundations and buried pipelines) |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

7.5.2. Data Verification

The geotechnical database containing the results of the 2018/2019 site investigation campaigns has been reviewed as well as the strength properties of the various geological units as determined from the analysis of the available laboratory test results. The strength properties were incorporated into the geological model, and multiple quarry designs were examined. The geotechnical sampling and testing data were sufficient for design of the spent ore storage facility and development of geotechnical recommendations for the process facilities.

7.5.3. Testwork In Support of Spent Ore Storage and Process Facility Locations

Geotechnical data were collected in the field by NewFields and Respec personnel, who are independent of ioneer. NewFields and Respec logged lithologies, material characteristics, and other pertinent field observations and collected geotechnical soil samples. Soils were classified in general accordance with the Unified Soil Classification System (USCS) as described in ASTM D2487 and D2488.

Soil samples were sent to either the NewFields AASHTO-accredited geotechnical laboratory in Elko, Nevada or the Wood Rogers laboratory in Reno, Nevada. The samples were tested to characterize moisture content, grain size, and plasticity. The testing laboratories are independent of ioneer.

Chemical testing was performed by Sunland Analytical in Rancho Cordova, California to evaluate the corrosion potential of the soil samples. The Sunland Analytical laboratory is a California State accredited environmental laboratory and is independent of ioneer.

7.5.4. QP Statement on Geotechnical

The QP is not aware of any drilling, sampling, or recovery factors that could materially affect the accuracy and reliability of the results of the geotechnical drilling data used to support the spent ore storage facility and process plant facility foundations.

Laboratory and field techniques used in data collection and evaluation are appropriate for the purposes used in the Report.

The data are well documented via original digital and hard copy records and were collected using industry standard practices at the time of collection. All data were organized into a current and secure spatial relational database. It is the QP's opinion that the geotechnical data regarding the characterization and material properties of the spent ore and associated waste materials to be stored in the spent ore storage facility are not adequately characterized, and additional investigation will be necessary to better understand long-term performance of these materials.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

8. SAMPLE PREPARATION, ANALYSES, AND SECURITY

8.1. Field Sampling Techniques

Several different sampling techniques have been used on the Project since 2010. The nature and quality of the sampling from the various sampling programs is summarized in the following sub-sections.

8.1.1. RC Drilling

A chip sample was collected every 1.52 m (5 ft) from a 12.7 cm (5-inch) diameter drill hole and split using a rig-mounted rotary splitter. Samples, with a mean weight of 4.8 kg (10.5 lbs) were submitted to ALS Minerals laboratory in Reno, NV (ALS Reno), where they were processed for assay. RC samples represent 50% of the total intervals sampled to date.

Due to the nature of RC samples, lithological boundaries are not easily honored; therefore, continuous 5-foot sample intervals were taken to ensure as representative a sample as possible. Lithological boundaries were adjusted, as needed, by the senior ioneer geologist once the assay results were received.

For the pre-2017 RC, two samples were collected for every interval (one main sample and one duplicate). Only the main sample was submitted for analysis. Starting in 2017, only one RC chip sample, an approximately 10 kg (22 lbs) sample, was collected every 1.52 m (5 ft) depth interval and all samples were submitted for analysis.

8.1.2. Core Drilling

Core samples were collected from HQ and PQ size drill core, on a mean interval of 1.52 m (5 ft), and cut using a water-cooled diamond blade core saw (2018 onward), or a manual core splitter (pre-2018). Samples, with a mean weight of 1.8 kg (4 lbs), were submitted to ALS where they were processed for assay.

Sample intervals were selected to reflect visually identifiable lithological boundaries wherever possible, to ensure sample representativeness. Determination of the mineralization included visual identification of mineralized intervals using lithological characteristics including clay and carbonate content, grain size and the presence of key minerals such as searlesite and ulexite. A visual distinction between some units, particularly where geological contacts were gradational was initially made. Final unit contacts were then determined once assay data were available.

The QP was not directly involved during the exploration drilling programs; however, the visual identification of mineralized zones and the process for updating unit and mineralized contacts was reviewed with the ioneer senior geologist during the site visit. The QP evaluated the identified mineralized intervals against the analytical results and agrees with the methodology used by ioneer to determine material mineralization.

Prior to 2018, core samples were collected on a mean 1.52 m (5 ft) downhole interval and cut in two halves using a manual core splitter. The entire sample was submitted for analysis with no sub-sampling prior to submittal. During the 2018-2019 drilling program, core samples were collected for every 1.52 m (5 ft) down hole interval and cut using a water-cooled diamond blade core saw using the following methodology for the two target units and all other samples. The 2018-2019 sampling methodology is illustrated in Figure ‎8-1.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img023.jpg)

**Figure *‎*8-1- Example Diagram of Sampling Protocol**

Source: ioneer, 2020

For the 2022 through 2024 drilling programs, a mix of PQ and HQ core holes were drilled. For HQ holes, core was cut and ½ of the sample was selected for analysis. For PQ holes, core was cut and ¼ of the sample was selected for assay analyses.

Once cut, the ½ core or ¼ core samples selected for analyses were placed in poly-woven sample bags for submission to the laboratory. A pre-form sample tag that included a sample number and bar code was affixed to the sample bag and the drill hole and sample interval depths were recorded on the sample bag. The samples were then packaged for transport to ALS Reno.

8.2. Sample Results

To date there has been a total of 13,481 samples collected on the Project of which 6,861 samples are from the cored drill holes and 6,620 samples are from the RC drill holes. Not included in this total are 1,579 quality assurance and quality control (QA/QC) samples. A summary of the sampling results by drilling program and drill type is presented in Table ‎8-1.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table *‎*8-1 - Sampling Summary by Drilling Program and Drill Type**

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Drill Type** | &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Sample Count** | &nbsp;&nbsp;**Mean Sample Length (m)** | &nbsp;&nbsp;**Min. Sample Length (m)** | &nbsp;&nbsp;**Max. Sample Length (m)** |
| &nbsp;&nbsp;RC Drill Holes | &nbsp;&nbsp;2010-2012 | &nbsp;&nbsp; 2399 | &nbsp;&nbsp; 1.52 | &nbsp;&nbsp; 1.52 | &nbsp;&nbsp;1.52 |
| &nbsp;&nbsp;RC Drill Holes | &nbsp;&nbsp;2016-2017 | &nbsp;&nbsp;3465 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 |
| &nbsp;&nbsp;RC Drill Holes | &nbsp;&nbsp;2018-2019 | &nbsp;&nbsp;26 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 |
| &nbsp;&nbsp;RC Drill Holes | &nbsp;&nbsp;2023 (Phase 2) | &nbsp;&nbsp;730 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;3.05 |
| &nbsp;&nbsp;Core Drill Holes | &nbsp;&nbsp;2010-2012 | &nbsp;&nbsp;3053 | &nbsp;&nbsp;1.58 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;3.05 |
| &nbsp;&nbsp;Core Drill Holes | &nbsp;&nbsp;2016-2017 | &nbsp;&nbsp;437 | &nbsp;&nbsp; 1.95 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;3.05 |
| &nbsp;&nbsp;Core Drill Holes | &nbsp;&nbsp;2018-2019 | &nbsp;&nbsp;1633 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;1.83 |
| &nbsp;&nbsp;Core Drill Holes | &nbsp;&nbsp; 2022 (Phase 1) | &nbsp;&nbsp;423 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;2.13 |
| &nbsp;&nbsp;Core Drill Holes | &nbsp;&nbsp;2023 (Phase 2) | &nbsp;&nbsp;587 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;2.65 |
| &nbsp;&nbsp;Core Drill Holes | &nbsp;&nbsp;2023-2024 (Phase 3) | &nbsp;&nbsp;728 | &nbsp;&nbsp;1.43 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;3.35 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**13481** | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;**0.79** | &nbsp;&nbsp;**2.43** |
| &nbsp;&nbsp;**Drill Type** | &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Sample Count** | &nbsp;&nbsp;**Mean Sample Length (ft)** | &nbsp;&nbsp;**Min. Sample Length (ft)** | &nbsp;&nbsp;**Max. Sample Length (ft)** |
| &nbsp;&nbsp;RC Drill Holes | &nbsp;&nbsp;2010-2012 | &nbsp;&nbsp; 2399 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;RC Drill Holes | &nbsp;&nbsp;2016-2017 | &nbsp;&nbsp;3465 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;RC Drill Holes | &nbsp;&nbsp;2018-2019 | &nbsp;&nbsp;26 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;RC Drill Holes | &nbsp;&nbsp;2023 (Phase 2) | &nbsp;&nbsp;730 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;10.0 |
| &nbsp;&nbsp;Core Drill Holes | &nbsp;&nbsp;2010-2012 | &nbsp;&nbsp;3053 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;10.0 |
| &nbsp;&nbsp;Core Drill Holes | &nbsp;&nbsp;2016-2017 | &nbsp;&nbsp;437 | &nbsp;&nbsp;6.4 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;10.0 |
| &nbsp;&nbsp;Core Drill Holes | &nbsp;&nbsp;2018-2019 | &nbsp;&nbsp;1633 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;6.0 |
| &nbsp;&nbsp;Core Drill Holes | &nbsp;&nbsp; 2022 (Phase 1) | &nbsp;&nbsp;423 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;Core Drill Holes | &nbsp;&nbsp;2023 (Phase 2) | &nbsp;&nbsp;587 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;8.7 |
| &nbsp;&nbsp;Core Drill Holes | &nbsp;&nbsp;2023-2024 (Phase 3) | &nbsp;&nbsp;728 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;11.0 |
| &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**Total:** | &nbsp;&nbsp;**13481** | &nbsp;&nbsp;**5.0** | &nbsp;&nbsp;**2.6** | &nbsp;&nbsp;**8.0** |

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8.3. Sample Audits and Reviews

The QP reviewed the core and sampling techniques during a site visit in August 2023. The QP found that the sampling techniques were appropriate for collecting data for the purpose of preparing geological models and Mineral Resource estimates.

There were no audits performed on the RC sampling or for the pre-2018 drilling programs.

8.4. Analytical and Test Laboratories

ALS Minerals (formerly ALS Chemex) facilities in Reno, Nevada, USA and Vancouver, BC, Canada (ALS Vancouver) were used for the preparation and analysis of the samples, respectively. ALS Mineral is independent of ioneer.

ALS Minerals implements a global quality management system that meets all requirements of International Standards ISO/IEC 17025:2017 and ISO 9001:2015. All ALS Minerals' geochemical hub laboratories, including ALS Reno, are accredited to ISO/IEC 17025:2017 for specific analytical procedures.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

8.5. Sample Security

Prior to 2018, samples were securely stored on site and then collected from site by ALS Reno staff and transported to the laboratory by truck. ALS Minerals maintained all chain of custody forms. For the 2018-2019 drill holes, core was transported daily by ioneer and/or NewFields personnel from the drill site to the ioneer secure core shed (core storage) facility in Tonopah. In 2022-2024, core was transported daily by ioneer or WSP personnel from the drill site to the ioneer core facility. Core awaiting logging was stored in the core shed until it was logged and sampled, at which time, it was stored in secured sea cans inside a fenced and locked core storage facility on site.

Samples were sealed in poly-woven sample bags, labelled with a pre-form numbered and barcoded sample tag, and securely stored until shipped to or dropped off at ALS Reno by NewFields personnel. Chain of custody forms were maintained by NewFields and ALS Reno. ALS Minerals maintains a globally recognized internal sample security protocol. All samples submitted to the laboratory are assigned a unique barcode and entered into the ALS Minerals global laboratory information management system for tracking throughout the stages of laboratory analysis from preparation to final certificate issue.

8.6. Sample Preparation

All RC and core samples were processed, crushed, split, and then a sub-sample was pulverized by ALS Reno. Analysis was performed at ALS Vancouver and samples were shipped directly between the preparatory laboratory in Reno and the analysis laboratory in Vancouver. Samples were stored in a secure manner and sample chain of custody followed internal ALS Minerals' protocols once the samples were received from ioneer.

8.7. Analytical Method

ALS Vancouver performed the following tests on the RC and core samples.

Sample preparation (PREP-31y): crusher/rotary splitter combination; crush to 70% less than 2 mm, rotary split off 250 g, pulverize split to better than 85% passing 75 µm.

- Multi-element analysis (ME-MS41): evaluation by aqua regia with inductively coupled plasma mass spectrometry (ICP-MS) finish for 51 elements, including lithium and boron.

- Boron (B-ICP82a): high-grade boron samples (>10,000 ppm boron), were further analyzed by NaOH fusion/ICP high-grade analysis.

Inorganic carbon (C-GAS05): 95% of the 2018-2019 samples were analyzed for inorganic carbon by HClO<sub>4</sub> digestion and CO<sub>2</sub> coulometer.

Fluorine (F-ELE81a): 30% of the 2018-2019 and selective samples since 2022 were analyzed for fluorine by KOH fusion and ion selective electrode.

8.8. Quality Control and Quality Assurance Programs

Several variations of QA/QC procedures were implemented on the Project for the various drilling programs. The QA/QC procedures for each program are as follows:

- 2010-2011 program: one of five different standard reference material (SRM) samples and a small number of field blanks were inserted regularly into the sample sequence.

- 2016-2017 program: a duplicate sample was collected every 20<sup>th</sup> primary sample. Field blanks and SRMs were also inserted approximately every 25 samples to assess QA/QC.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

- 2018-2019 program: QA/QC samples comprising 1 field blank and 1 SRM were inserted into each sample batch every 25 samples. Submission of field duplicates, laboratory coarse/pulp replicates and umpire assays were submitted in later stages of the 2018-2019 drilling program.

2022-2024 program: QA/QC samples comprising of 1 SRM and 1 field blank were inserted into each sample batch approximately every 25 samples. Submission of field duplicates were taken either at time of original split or later on in the sampling process. Check assays for 2022-2024 were submitted post drilling.

Table ‎8-2 summarizes the QA/QC sample counts by drilling program and type, as well as the percentage of the total assay samples submitted by program.

**Table *‎*8-2 - Summary of QA/QC Samples by Drilling Program and Type**

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|:---|:---|:---|:---|:---|:---|:---|
| **Drill Program** | **Total Assay Samples** | **QA/QC Samples** | **QA/QC Samples** | **QA/QC Samples** | **QA/QC Samples** | **QA/QC Samples** |
| **Drill Program** | **Total Assay Samples** | **SRM** | **Blank** | **Duplicate** | **Total QA/QC Samples** | **Percentage of Total Samples** |
| 2010-2012 | 6071 | 556 | 44 | - | 600 | 10% |
| 2016-2017 | 4388 | 221 | 161 | 161 | 543 | 12% |
| 2018-2019 | 1475 | 67 | 70 | 70 | 207 | 14% |
| 2022- 2024 | 1547 | 132 | 95 | 103 | 330 | 21% |
| **Total:** | **13481** | **976** | **370** | **334** | **1680** | **12%** |

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8.9. Verification of Sampling and Assaying

The results of the verification of sampling and assaying are presented in Chapter 9 of the Report.

8.10. QP's Opinion Regarding Sample Preparation, Security, and Analytical Procedures

It is the QP's opinion that the sample preparation, security, and analytical procedures applied by ioneer and its predecessor ALM were appropriate and fit for the purpose of establishing an analytical database for use in grade modeling and preparation of Mineral Resource estimates, as summarized in the Report.

ioneer has implemented procedural changes to the QA/QC protocol that were recommended by a previous QP. These recommendations were:

- QA/QC protocol has recently been revised to include field duplicates, laboratory replicates (coarse and pulp replicates) and check assay analyses at a second independent commercial laboratory, assure this practice is followed for future programs.

- Discontinue use of Standard 10.14 and Standard 10.12. Implement use of new mid-range standards to compliment grade coverage of remaining Standards 10.11, 10.13 and 10.15. This will be in place for the next round of drilling.

- Complete the fusion assay for boron over limits on QA/QC assays.

- Compile all the QA/QC data for the project into one set of files.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

9. DATA VERIFICATION

9.1. Exploration Data Compilation

All available ioneer and American Lithium Minerals Inc (ALM) exploration drilling data, including survey information, downhole geological units, sample intervals and analytical results, were compiled by ioneer and provided to Independent Mining Consultants, Inc. (IMC) in the form of a Microsoft (MS) Access database file and Excel files.

The compiled drilling data for the South Basin of Rhyolite Ridge comprised of 166 drill holes totaling 33,519 m (109,969 ft) of drilling. Of the 166 drill holes, all have down hole geologic data (33,519 m or 109,969 ft) and 160 holes have assay data (20,869 m or 68,469 ft in 13,481 intervals). Compiled supporting documentation for the ioneer and ALM drilling data included laboratory certificates, descriptive logs, core and chip photos, collar survey reports, geological maps, and internal report documents.

Collar survey and downhole geological unit intervals, sample intervals and analytical results were imported into the IMC software drill hole database manager to facilitate statistical comparisons, plots of sections, and level plans of the data.

IMC received the geologic interpretation of the South Basin geology as surface files of the roof and floor of the various seams and surface of the underlying bedrock formation. During the 2024 update of the geology interpretation, a fault block model was developed which offset the seams. The fault blocks were provided to IMC as a set of solids. Both the seam data and fault block data were incorporated into a regularized block model by IMC for use as a basis for the Mineral Resource estimate. The geologic interpretation used for the June 2025 mineral resource estimate is current as of July 2024. A memo from GSI Environmental (dated August 8, 2024) describes the work completed to develop the current seam and fault blocks in a 3D Leapfrog Model using information through the Phase 3 drill program.

The South Basin topographic data was provided to IMC by ioneer as a dxf file showing 9.14m (30 ft) contours.

9.2. Data Verification by Qualified Person

For the pre-2018 drilling, all drill hole logs were recorded by logging geologists on formatted paper sheets, and then transcribed into MS Excel. For the 2018-2019 drilling program, drill hole data and observations by the logging geologists were recorded using formatted logging sheets in MS Excel. Data and observations entered into the logging sheets were reviewed for transcription or keying errors or omissions by senior ioneer staff and NewField's geologists prior to importing the data into the MS Access drill hole database.

The QP performed data validation on the drill hole database records using available underlying data and documentation including, but not limited to, original drill hole descriptive logs, core photos, and laboratory assay certificates. Drill hole recovery data and QA/QC results were also reviewed. The QP completed a site visit to review the Project site, geology, current exploration methods, and results and identify any concerns and provide recommendations for consideration by ioneer.

During the site visit, the QP visited the ioneer core shed in Tonopah NV, and the South Basin area. The QP observed the active drilling, logging, sampling process, and interviewed site personnel regarding exploration drilling, logging, sampling, and chain of custody procedures. The site visit helped the QP to develop an understanding of the general geology of the Project. The QP was also able to visually confirm the presence of a selection of monumented drill holes and reviewed documentation for the logging, sampling, and chain of custody protocols from the previous drilling programs.

For validation of the data used by IMC for the development of the Mineral Resource, IMC completed the following checks:

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

● Drill hole collar elevations versus topography;

● Comparison of the drill hole geologic logging with the block model geology;

● Checks of database assays with original lab certificates;

● Review of the QA/QC data including assays of standards, duplicates and blanks;

● Review of the density data.

9.2.1. Drill Hole Collar Checks

The drill hole collar elevations were compared to a surface file of the topography and the differences were noted. For the 166 holes in the database, 74% of the collars were within ±0.6 m (±2 ft) of the topography surface and when the limit was expanded to ±1.52 m (±5 ft), 93% of the collars were within this tolerance. The differences can be attributed to the smoothing of topography when creating the surface file for the comparison or the preparation of the drill pad surfaces to form a flat surface for the drilling equipment.

9.2.2. Comparison of Geologic Logging to Block Model Geology

The block model geology is based on a set of roof and floor seam surface files and solids of the fault blocks. The seams and fault blocks are assigned to the block model (7.62 x 7.62 x 1.52 m or 25 x 25 ft in plan and 5 ft high) on a whole block assignment. No partial block percentage or sub-blocks are used in the model. A variable in the assay database was assigned the seam and fault block from the model block which contained the midpoint of the assay interval. The seam assignment from the block model was compared to the logged seam in the assay file. The exact match between the logged seam in the assay file with the modelled seam was 90% and was a 96% match when expanded to the seams above and below in the block model. This comparison had the same results for the seams estimated with grades (seams G5 to Lsi). Sections and level plans along with drillhole print outs were reviewed to confirm the comparisons. In areas where a logged seam fell within the seam above or below in the block model, most of the differences were plus or minus one assay interval of ±1.52 m. In areas of larger differences, the drill holes were near fault block boundaries or in the case of a few holes, the holes were angle holes with no downhole survey and the block model seams were based on adjacent and vertical drill holes.

9.2.3. Certificate Checks

IMC requested copies of the original certificate of assay for 12 holes primarily focused on the drilling in 2020 – 2024 (10 holes) and 2 holes from earlier drilling. The pre-2020 drilling was included in the 2020 Resource Estimate for which WSP (Golder) had done a complete check of the drill hole data to certificates of assay. IMC entered the certificate of assay values into an Excel database and used that to check against the database originally provided by ioneer. The assay data was checked for the elements of boron, lithium, sodium, potassium, manganese, calcium, aluminum and iron. The 12 holes represent 8.4% of the drillholes with assay data received by IMC and the 10 holes of the 2020-2024 drilling represent 29% of the holes with assay data. The 734 assay intervals were checked for the elements out of a database with 12,372 assayed intervals (5.9%) and 4 transcription errors were found.

The database for the June 2025 mineral resource included 12 additional drill holes and additional assays for some holes which were not totally assayed for the April 2024 mineral resource estimate. An additional 1,109 assay intervals were added to the database. Three holes were selected for certificate checks (SHB-129, SBH-134 and SBH-140) with 110 intervals being checked (10%) with one interval having a transcription error.

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| ![](img086.jpg) | **9-2** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

9.2.4. Check of Standards, Blanks and Duplicates

As noted in Chapter 8 of the Report, ioneer routinely inserted standards, duplicates, and blanks into the samples sent to ALS for assaying. This check data was provided to IMC as part of the total database information. IMC has reviewed the standards, duplicates, and blanks and concluded that the results are within acceptable ranges for providing support to the assay database used for the development of the mineral resource estimate.

9.2.4.1. Standards

ioneer uses 5 certified standards that are inserted into the sample stream for assaying. Table ‎9-1 includes the certified values for the standards, the number of each standard used, and the results of the assaying of the standard samples. Figure ‎9-1 and Figure ‎9-2 show the result of the assays of the standards compared to the certified values. In some cases, the over limit fusion assay was not done for the high-grade boron standard, and these are shown on the graph at 10,000 ppm. For lithium, it appears that a couple of the Standard 15 samples may have been mislabeled as Standard 12. In addition, Standard 12 has been discontinued from use due to its consistent failure rate on boron grades. For drilling programs after 2016, the pass rate for standards is 96% for both lithium and boron. For boron standards above 10,000 ppm, 50% were not submitted for overlimit assaying; those that were submitted show a good correlation with the standard value except for Standard 12. It has been discussed that standards be selected which match the grade of the material so assaying methodology requirements match the standards selected. During discussions with ioneer, the QP has recommended that a couple mid-range certified standards be included in the sample stream; one close to 5,000 ppm and another one between 5,000 and 10,000 ppm. This will provide a better range of standards to be inserted in the sample stream being assayed. New standards have been obtained and will be included in the next drilling campaign.

**Table ‎9-1 - Certified Values and Assay Results for the Standards** 

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|:---|:---|:---|:---|:---|:---|:---|
| **Standard** | **Number** | **Standard**<br> **Li, ppm** | **Avg. Value**<br> **Li, ppm** | **Standard**<br> **B, ppm** | **Number Assayed for over limit** | **Avg. Value for over limit, B, ppm** |
| 11 | 40 | 723.1 | 761 | 15000 | 20 | 15279 |
| 12 | 42 | 1171.8 | 1273 | 14090 | 21 | 17224 |
| 13 | 41 | 1180.0 | 1287 | 17390 | 20 | 17432 |
| 14 | 57 | 814.0 | 774 | 1740 |  |  |
| 15 | 37 | 1606.4 | 1716 | 16000 | 20 | 16320 |

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| ![](img086.jpg) | **9-3** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img024.jpg)

**Figure *‎*9-1 - Assayed Boron Standards Versus Certified Values**

Source: ioneer, 2024

![](img025.jpg)

**Figure *‎*9-2 - Assayed Lithium Standards Versus Certified Values**

Source: ioneer, 2024

9.2.4.2. Blanks

Blank samples have been routinely inserted into the sample stream to check on contamination from one sample to another. The majority of the samples have come back with zero or almost zero values for both boron and lithium. There were a few samples with elevated values which may have indicated contamination between samples when a blank was inserted into a zone of high-grade mineralization. Table 9-2 shows the

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| ![](img086.jpg) | **9-4** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

average grade, maximum and minimum values for the inserted blanks by seam. Overall, historical boron blanks have a 90% pass rate and a 99% pass rate during Phase 1 - Phase 3 drilling programs, as depicted in Figure ‎9-3. For lithium, blanks have a 98% pass rate historically and 99% pass rate during Phase 1 - Phase 3 drilling programs, as depicted in Figure ‎**9-4**. ioneer is continuing to research possibilities of the sources of contamination as shown in boron grades.

**Table ‎9-2 - Assay Results for Blanks by Seam**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Seam** | &nbsp;&nbsp;**# of Blanks** | &nbsp;&nbsp;**Boron** | &nbsp;&nbsp;**Boron** | &nbsp;&nbsp;**Boron** | &nbsp;&nbsp;**Lithium** | &nbsp;&nbsp;**Lithium** | &nbsp;&nbsp;**Lithium** |
| &nbsp;&nbsp;**Seam** | &nbsp;&nbsp;**# of Blanks** | &nbsp;&nbsp;**Average, ppm** | &nbsp;&nbsp;**Minimum, ppm** | &nbsp;&nbsp;**Maximum, ppm** | &nbsp;&nbsp;**Average, ppm** | &nbsp;&nbsp;**Minimum, ppm** | &nbsp;&nbsp;**Maximum, ppm** |
| &nbsp;&nbsp;Q1 | &nbsp;&nbsp;5 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;9.5 |
| &nbsp;&nbsp;S3 | &nbsp;&nbsp;47 | &nbsp;&nbsp;22.8 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;350.0 | &nbsp;&nbsp;11.8 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;269.0 |
| &nbsp;&nbsp;G4 | &nbsp;&nbsp;7 | &nbsp;&nbsp;11.4 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;11.3 |
| &nbsp;&nbsp;M4 | &nbsp;&nbsp;14 | &nbsp;&nbsp;11.3 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;30.0 | &nbsp;&nbsp;8.3 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;24.3 |
| &nbsp;&nbsp;G5 | &nbsp;&nbsp;2 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;9.0 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;14.2 |
| &nbsp;&nbsp;M5 | &nbsp;&nbsp;55 | &nbsp;&nbsp;47.8 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;170.0 | &nbsp;&nbsp;21.7 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;185.0 |
| &nbsp;&nbsp;B5 | &nbsp;&nbsp;55 | &nbsp;&nbsp;137.8 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;1030.0 | &nbsp;&nbsp;18.1 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;77.9 |
| &nbsp;&nbsp;S5 | &nbsp;&nbsp;26 | &nbsp;&nbsp;30.7 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;250.0 | &nbsp;&nbsp;9.3 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;19.8 |
| &nbsp;&nbsp;G6 | &nbsp;&nbsp;8 | &nbsp;&nbsp;16.3 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;30.0 | &nbsp;&nbsp;7.3 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;11.3 |
| &nbsp;&nbsp;L6 | &nbsp;&nbsp;44 | &nbsp;&nbsp;40.7 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;330.0 | &nbsp;&nbsp;10.7 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;56.5 |
| &nbsp;&nbsp;Lsi | &nbsp;&nbsp;5 | &nbsp;&nbsp;30.0 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;80.0 | &nbsp;&nbsp;4.4 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;5.9 |
| &nbsp;&nbsp;G7 | &nbsp;&nbsp;6 | &nbsp;&nbsp;13.3 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;9.4 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;34.4 |
| &nbsp;&nbsp;Tlv | &nbsp;&nbsp;2 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;1.2 |
| &nbsp;&nbsp;Tbx | &nbsp;&nbsp;5 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;6.8 |

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![](img026.jpg)

**Figure *‎*9-3 - Assay Boron Blanks**

Source: ioneer, 2024

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| ![](img086.jpg) | **9-5** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img027.jpg)

**Figure *‎*9-4 - Assay Lithium Blanks**

Source: ioneer, 2024

9.2.4.3. Field Duplicates

Duplicate samples have been made at site by ioneer personnel for insertion into the assay sample stream. The duplicate samples have a unique sample number linked to the original sample in the ioneer database and were prepared based on sample type or core size. For RC samples, a duplicate from the drill rig was taken every 61 m (200') of the hole. The PQ core was cut in half and the other half was quartered. The original sample was one of the quarter samples and the other quarter was the duplicate sample. For the HQ core, sample intervals for duplication were cut in half, one half for the original sample, and the other half for the duplicate sample. Table 9-3 shows the number of duplicate samples and the average grades of the original and duplicate samples by seam. Figure ‎**9-5** and Figure ‎9-6 display the results of the duplicate sample program for boron and lithium, respectively. The R2 value shows very good correlations between the original assays and the duplicates with values of 0.9947 for boron and 0.9959 for lithium.

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| ![](img086.jpg) | **9-6** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎9-3 - Original and Field Duplicate Assays by Seam**

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Seam** | **# of Duplicates** | **Boron** | **Boron** | **Boron** | **Lithium** | **Lithium** | **Lithium** |
| **Seam** | **# of Duplicates** | **Original Assay, Average ppm** | **Duplicate Assay, Average ppm** | **R2 value** | **Original Assay, Average ppm** | **Duplicate Assay, Average ppm** | **R2 value** |
| Q1 | 1 | 25 | 20 |  | 41 | 46 |  |
| S3 | 67 | 97 | 96 | 0.9828 | 286 | 296 | 0.9939 |
| G4 | 8 | 72 | 70 | 0.9842 | 215 | 210 | 0.9830 |
| M4 | 23 | 64 | 61 | 0.9364 | 1194 | 1163 | 0.9938 |
| G5 | 6 | 95 | 102 | 0.9442 | 1056 | 1075 | 0.9923 |
| M5 | 45 | 1695 | 1654 | 0.9913 | 2504 | 2503 | 0.9993 |
| B5 | 48 | 14474 | 14379 | 0.9970 | 1961 | 1955 | 0.9966 |
| S5 | 45 | 1317 | 1159 | 0.9373 | 1151 | 1090 | 0.9837 |
| G6 | 13 | 103 | 105 | 0.9831 | 254 | 254 | 0.9992 |
| L6 | 43 | 3684 | 3665 | 0.9989 | 1141 | 1129 | 0.9958 |
| Lsi | 5 | 617 | 596 | 0.9977 | 769 | 773 | 0.9995 |
| G7 | 5 | 86 | 86 | 0.9991 | 85 | 89 | 0.9911 |

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![](img028.jpg)

**Figure *‎*9-5 - Boron Field Duplicate Results**

Source: ioneer, 2024

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| ![](img086.jpg) | **9-7** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img029.jpg)

**Figure *‎*9-6 - Lithium Field Duplicate Results**

Source: ioneer, 2024

9.2.5. Density Data

The density values used to convert volumes to tonnages were assigned on a by-geological unit basis using mean values calculated from 145 density samples collected from drill core during the 2018 to 2019 and Phase 1 – Phase 2 drilling programs. The density analysis was performed using the water displacement method with samples being first coated with wax for density determination. The density measurements were done by Call & Nicholas and the values were reported on a dry basis. The density data collected during the 2010-2011 drilling programs were used for the 2020 resource estimate, but not used for this Report as the methodology used for the density measurements could not be confirmed. Further discussion of the density data is found in Chapter 11.8.

9.3. Qualified Person's Opinion on Data Adequacy

The QP has validated the data disclosed, including collar survey, down hole geological data and observations, sampling, analytical, and other test data underlying the information or opinions contained in the written disclosure presented in the Report. It is the QP's opinion that the review of the data and assaying checks validates the data available for use in estimating the mineral resource.

The QP, by way of the data verification process described in this chapter of the Report, has used only those data that were deemed to have been generated with proper industry standard procedures, were accurately transcribed from the original source, and were suitable to be used for the purpose of preparing geological models and Mineral Resource estimates.

Data that could not be verified to this standard were not used in the development of the geological models or Mineral Resource estimates presented in this Report.

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| ![](img086.jpg) | **9-8** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

10. MINERAL PROCESSING AND METALLURGICAL TESTING

Two major mineralization types are considered within the Cave Spring Formation:

&nbsp;&nbsp;&nbsp;&nbsp;▪ HiB-Li (stream 1): occurs primarily within the B5 mineralized unit, with additional occurrences in the
 M5, S5 and L6 units;

&nbsp;&nbsp;&nbsp;&nbsp;▪ LoB-Li (stream 2 & 3): occurs primarily within the L6 mineralized unit, with additional
 occurrences in the B5, M5 and S5 units.

The four key mineralized units of the Cave Spring Formation are:

&nbsp;&nbsp;&nbsp;&nbsp;▪ M5: high-grade lithium, low- to moderate-grade boron bearing carbonate-clay rich marl;

&nbsp;&nbsp;&nbsp;&nbsp;▪ B5: high-grade boron, moderate-grade lithium marl;

&nbsp;&nbsp;&nbsp;&nbsp;▪ S5: moderate-grade lithium, low-grade boron;

&nbsp;&nbsp;&nbsp;&nbsp;▪ L6: low- to high-grade lithium and boron.

During the 2020 feasibility study, only the HiB-Li mineralization was estimated as mineral resources and reserves. Testwork and process development up to that point focused predominantly on processing the B5 HiB-Li mineralization. However, the mineral resource and mineral reserve estimates can currently include both the HiB-Li and LoB-Li mineralization types if appropriate limitations required for blending are considered. It is noted that the blending of low boron with high boron mineralization types can significantly lower boric acid production due to the lower grade and lower extraction in the stream 2 mineralization. This has been adequately captured in the resulting boric acid production forecast. Testing and development work on stream 2 samples has been performed to determine metallurgical performance.

The following sub-section (10.1) describes the metallurgical testwork programs completed up to Q4 of 2023. Additional testwork, conducted between Q4 2024 and Q2 2025, is described in Chapter 10.3.

10.1. Mineral Processing and Metallurgical Testing (Pre-2024)

10.1.1. Stream 1

10.1.1.1. Feasibility Study Testwork

During the feasibility study, testwork programs were completed both for individual segments of the flowsheet and by way of a semi-integrated pilot plant to cover the entire flowsheet.

Additional unit operations were introduced after the pilot plant operation to resolve identified process issues, particularly the introduction of pregnant leach solution (PLS) impurity removal (IR1) for the precipitation of aluminum and removal of free acid from the PLS evaporation feed. This step reduced lithium losses through the improvement of crystal formation and dewatering.

The pilot plant testing consisted of an initial shake-out run followed by a main pilot run. Significant challenges had been encountered and resolved during testwork, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Difficult crystal/liquor separation characteristics of crystal slurries generated in PLS evaporation
 and sulfate crystallization;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Excessive losses of lithium due to high liquor entrainment in sulfate salts due to crystal fines;

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;▪ Formation of undesirable lithium double salts;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Unrepresentative boric acid flotation behavior resulting from fine-grained crystals generated in PLS
 evaporation and sulfate crystallization.

These challenges were resolved through the implementation of the PLS impurity removal unit operation to remove aluminum and excess free acid. The system was first proved at bench scale, and then re-piloted to confirm. This testwork is described in detail in Chapter 10.1.1.2.

The main testwork campaigns completed during the feasibility study, and their results, are summarized in Table ‎10-1.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎10-1 - Rhyolite Ridge Feasibility Study Testwork Summary** 

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|:---|:---|:---|:---|:---|:---|:---|
| **Report Date** | &nbsp;&nbsp;**Test Program** | &nbsp;&nbsp;**Purpose** | **Results** | **Analytical Methods** | **Unit Operations** | **Lab/Testing Facility** |
| 2017 | &nbsp;&nbsp;Exploratory metallurgical testing of lithium-boron ores | &nbsp;&nbsp;Exploratory leach extraction to confirm impact of pH, temperature and time | &nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;Confirmed necessary pH condition to recover lithium (≤ pH 0) and boron (≤ pH 3); <br> -&nbsp;&nbsp;&nbsp;&nbsp;Showed limited influence by temperature; <br> - Confirmed leaching time for lithium and boron extraction is fast (< 90 mins) for a near complete extraction when processing 6 mesh material; <br> - Confirmed gangue extraction and acid consumption.  | &nbsp;&nbsp; - Head samples analyzed by XRF whole rock analysis; <br> - Aqueous cations by ICP (method not specified). | Leach | SGS Lakefield |
| 2018 | &nbsp;&nbsp;Brine evaporation testwork | &nbsp;&nbsp;Exploratory brine evaporation to confirm lithium recovery | &nbsp;&nbsp; - Measured solubilities of key cations and anions; <br> - Measured crystallization products and speciation; <br> - Determined maximum lithium concentration through evaporation; <br> - Determined cation deportment through salt crystallization. | &nbsp;&nbsp; - Metal analysis by Atomic Absorption spectrometry (AAS); <br> - Cl- by the argentometric method; <br> - SO4 by gravimetry with residue drying; <br> - Boron by acid-base titration; <br> - Fluorine by ion-selective electrode (ISE); <br> - Sold salt speciation determined through XRD and mass balance; <br> - Solution activity by Novasina water activity (AW) device; <br> - Density measured using DMA densitometer.  | &nbsp;&nbsp; CRZ1 <br> EVP1 <br> CRZ2<br>| &nbsp;&nbsp; Centro de Investigación Científico Tecnológico para la Minería (CICTEM)<br>Chile <br> (Scientific and Technological Research Center for Mining)  |
| 2018 | &nbsp;&nbsp;Lithium boron ore leaching | &nbsp;&nbsp;Sulfuric acid leach tests | &nbsp;&nbsp; - Further developed sulfuric acid leaching flowsheet; <br> - Tested column leaching arrangement  | &nbsp;&nbsp; - Metals by atomic adsorption spectrometry (AAS); <br> - Boron by modified mannitol acid-base titration;  | Leach | Hazen, Denver |

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| ![](img086.jpg) | **10-3** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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|:---|:---|:---|:---|:---|:---|:---|
| **Report Date** | &nbsp;&nbsp;**Test Program** | &nbsp;&nbsp;**Purpose** | **Results** | **Analytical Methods** | **Unit Operations** | **Lab/Testing Facility** |
|  |  |  | &nbsp;&nbsp; - Tested counter current arrangement; <br> - Tested counter current batch cycle arrangement; <br> - Refine acid addition requirements; <br> - Confirmed extraction and kinetics; <br> - Confirmed PLS grade; <br> - Measured dewatering properties.  | &nbsp;&nbsp; - Boron solids by fusion-inductively coupled plasma (ICP); <br> - Free acid by titration; <br> - Fluoride by sodium peroxide fusion and ion selective electrode (ISE); <br> - Total sulfur by LECO combustion method.  |  |  |
| 2018 | &nbsp;&nbsp;Mineralization | &nbsp;&nbsp;Identify mineral species through speciation by size fraction | &nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;Identified major and minor mineral species in ores. | &nbsp;&nbsp;&nbsp;- Mineral analysis by x-ray diffraction (XRD) and electron microprobe analyses (EMP). | - | Hazen, Denver |
| 2018 | &nbsp;&nbsp;Brine purification through neutralization | &nbsp;&nbsp;Scoping test for brine cleaning by reagent addition and pH change. | &nbsp;&nbsp; - Confirmed metal deportment vs pH; <br> - Confirmed residence time required for metal deportment. | &nbsp;&nbsp; - Metals by atomic adsorption spectrometry (AAS); <br> - Boron by modified mannitol acid-base titration, boron solids by fusion-inductively coupled plasma (ICP); <br> - Free acid by titration; <br> - Fluoride by sodium peroxide fusion and ion selective electrode (ISE); <br> - Total sulfur by LECO combustion method. | Leach | Hazen, Denver |
| 2018 | &nbsp;&nbsp;Processing and evaporation of lithium containing brines | &nbsp;&nbsp; Measure metal deportment by oxidation and neutralization<br>Confirm boric acid recovery<br>| &nbsp;&nbsp; - Confirmed metal deportment in neutralization stage; <br> - Confirmed boric acid solubility and recovery; <br> - Confirmed solubilities in evaporation system; <br> - Confirmed solids deportment and solids speciation in evaporation system;  | &nbsp;&nbsp; - Methods not reported. | &nbsp;&nbsp; CRZ1 <br> EVP1<br> CRZ2<br>| IBZ, Germany |

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| ![](img086.jpg) | **10-4** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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|:---|:---|:---|:---|:---|:---|
| **Report Date** | &nbsp;&nbsp;**Test Program** | &nbsp;&nbsp;**Purpose** | **Results** | **Analytical Methods** | **Unit Operations** |
|  |  | &nbsp;&nbsp; Confirm brine evaporation, metal deportment by crystallization, lithium concentration by evaporative and cooling crystallization | &nbsp;&nbsp; - Confirmed lithium concentrating potential, and final brine composition. |  |  |
| 2018 | &nbsp;&nbsp;Ore CERCHAR abrasivity testing | &nbsp;&nbsp;Confirm ore abrasivity properties | &nbsp;&nbsp;&nbsp;- Measured CERCHAR index for different ore types from different strata. | &nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp; ASTM D7625. | Crushing KCA |
| 2018 | &nbsp;&nbsp;Column leach (BH-01) | &nbsp;&nbsp;Scoping heap leaching test (gravity) to determine leach duration and acid strength | &nbsp;&nbsp; - Performed size / sieve analysis of head and tails; <br> - Performed extraction by fraction; <br> - Measured pay and gangue metal extraction; <br> - Measured acid consumption; <br> - Measured wash recovery. | &nbsp;&nbsp; - Size analysis by physical screens; <br> - Solids digestion by 4 acid; <br> - Metals analysis by ICP-OES; <br> - Whole rock analysis by lithium metaborate fusion followed by ICAPOES analysis; <br> - Solution analysis by flame atomic absorption spectrophotometric (FAAS) or ICP methods; <br> - Carbon analyses by LECO.  | Leaching KCA |
| 2018 | &nbsp;&nbsp;Column leach (BH-02) | &nbsp;&nbsp;Simulate heap leaching method (gravity) over 85 days on 150mm material | &nbsp;&nbsp; - Performed size / sieve analysis of head and tails; <br> - Performed extraction by fraction; <br> - Measured pay and gangue metal extraction; <br> - Measured acid consumption; <br> - Measured wash recovery. | &nbsp;&nbsp; - Size analysis by physical screens; <br> - Solids digestion by 4 acid; <br> - Metals analysis by ICP-OES; <br> - Whole rock analysis by lithium metaborate fusion followed by ICAPOES analysis; <br> - Solution analysis by flame atomic absorption spectrophotometric (FAAS) or ICP methods;  | Leaching KCA |

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| ![](img086.jpg) | **10-5** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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|:---|:---|:---|:---|:---|:---|:---|
| **Report Date** | &nbsp;&nbsp;**Test Program** | &nbsp;&nbsp;**Purpose** | **Results** | **Analytical Methods** | **Unit Operations** | **Lab/Testing Facility** |
|  |  |  |  | &nbsp;&nbsp; - Carbon analyses by LECO.  |  |  |
| 2018 | &nbsp;&nbsp; Vat leach <br> (BH-03)<br>| &nbsp;&nbsp;Simulate vat leaching method | &nbsp;&nbsp; - Performed size / sieve analysis of head and tails;<br> - Performed extraction by fraction;<br> - Measured pay and gangue metal extraction;<br> - Measured acid consumption;<br> - Measured wash recovery. | &nbsp;&nbsp; - Size analysis by physical screens;<br> - Solids digestion by 4 acid;<br> - Metals analysis by ICP-OES;<br> - Whole rock analysis by lithium metaborate fusion followed by ICAPOES analysis;<br> - Solution analysis by flame atomic absorption spectrophotometric (FAAS) or ICP methods;<br> - Carbon analyses by LECO. | Leaching | KCA |
| 2018 | &nbsp;&nbsp;Column leach (BH-04) | &nbsp;&nbsp;Simulate heap leach condition with different ore types, different crush size and residence time | &nbsp;&nbsp; - Performed size / sieve analysis of head and tails;<br> - Performed extraction by fraction;<br> - Measured pay and gangue metal extraction;<br> - Measured acid consumption;<br> - Measured wash recovery. | &nbsp;&nbsp; - Size analysis by physical screens;<br> - Solids digestion by 4 acid;<br> - Metals analysis by ICP-OES;<br> - Whole rock analysis by lithium metaborate fusion followed by ICAPOES analysis;<br> - Solution analysis by flame atomic absorption spectrophotometric (FAAS) or ICP methods;<br> - Carbon analyses by LECO. | Leaching | KCA |
| 2018 | &nbsp;&nbsp;Leachate processing | &nbsp;&nbsp;Simulate lithium and boron recovery from leach solution | &nbsp;&nbsp; - Measured boric acid solubility and yield;<br> - Measured solubilities in evaporation and crystallization circuits;<br> - Measured concentrated lithium brine composition;<br> - Completed brine cleaning unit operation;<br> - Completed lithium carbonate precipitation; | &nbsp;&nbsp;- Methods not described. | &nbsp;&nbsp; CRZ1 <br> EVP1 <br> CRZ2 <br> IR2 <br> Lithium precipitation<br>| Suez |

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| ![](img086.jpg) | **10-6** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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|:---|:---|:---|:---|:---|:---|:---|
| **Report Date** | &nbsp;&nbsp;**Test Program** | &nbsp;&nbsp;**Purpose** | **Results** | **Analytical Methods** | **Unit Operations** | **Lab/Testing Facility** |
| 2019 | &nbsp;&nbsp; Vat leach <br> (BH-05)<br>| &nbsp;&nbsp;Simulate counter current vat leach circuit including neutralization | &nbsp;&nbsp; - Performed size / sieve analysis of head and tails;<br> - Performed extraction by fraction;<br> - Measured pay and gangue metal extraction;<br> - Measured acid consumption;<br> - Measured wash recovery;<br> - Measure permeability and percolation rates. | &nbsp;&nbsp; - Size analysis by physical screens;<br> - Solids digestion by 4 acid;<br> - Metals analysis by ICP-OES;<br> - Whole rock analysis by lithium metaborate fusion followed by ICAPOES analysis;<br> - Solution analysis by flame atomic absorption spectrophotometric (FAAS) or ICP methods;<br> - Carbon analyses by LECO. | Leaching | KCA |
| 2019 | &nbsp;&nbsp;Boric acid recovery and evaporation simulation | &nbsp;&nbsp;Simulate boric acid recovery and evaporation with revised PLS composition | &nbsp;&nbsp; - Measured boric acid solubility and yield;<br> - Measured solubilities in evaporation and crystallization circuits;<br> - Measured concentrated lithium brine composition;<br> - Completed brine cleaning unit operation;<br> - Completed lithium carbonate precipitation. | &nbsp;&nbsp; - Metals analysis by analyzed by ICP;<br> - Cl- by colorimetric method;<br> - SO4 by gravimetric methods,<br> - Fluoride by IC and ion specific electrode (ISE);<br> - Crystalline solids by XRD. | &nbsp;&nbsp; CRZ1 <br> EVP1 <br> CRZ2 <br> IR2 <br> Lithium precipitation<br>| Kemetco |
| Q1 2019 | &nbsp;&nbsp;Bench scale flowsheet simulation | &nbsp;&nbsp;Confirm solubility and physical properties throughout the planned flowsheet | &nbsp;&nbsp; - Confirmed solubility data for all unit operations and validated process design parameters;<br> - Collected engineering and physical property data for all unit operations. | &nbsp;&nbsp; - Metals analysed by inductively coupled plasma optical emission spectroscopy (ICP-OES) or atomic absorption spectroscopy (AAS);<br> - pH measured by glass combination electrode;<br> - Density determined by digital balance and volumetric flask;<br> - Viscosity determined by Brookfield viscometer; | &nbsp;&nbsp; CRZ1, <br> CRZ3, <br> EVP1, <br> CRZ2, <br> EVP2<br>| Veolia |

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| ![](img086.jpg) | **10-7** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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|:---|:---|:---|:---|:---|:---|:---|
| **Report Date** | &nbsp;&nbsp;**Test Program** | &nbsp;&nbsp;**Purpose** | **Results** | **Analytical Methods** | **Unit Operations** | **Lab/Testing Facility** |
|  |  |  |  | &nbsp;&nbsp; - Chloride content determined by titration with silver nitrate;<br> - Crystal morphology photos were taken by polarized light microscope. |  |  |
| Q1 2019 | &nbsp;&nbsp;Physical characterization ore, byproducts and products | &nbsp;&nbsp;Comminution and physical properties characterization for crushers, chutes and material handling design | -&nbsp;&nbsp;&nbsp;&nbsp;Confirmed physical and mechanical properties of ore, spent ore, byproduct salts, and final lithium and boron products for engineering and equipment design. Comminution, chute design, stockpile design and material handling unit operations. | &nbsp;&nbsp; Material flowability testing, including: <br> - Particle breakage tests by manual hammering;<br> - Particle size analysis by dry sieving method and laser diffraction method using a Malvern Mastersizer 2000 with a Scirocco dry dispersion feed unit;<br> - Cohesive strength tests;<br> - Density tests by liquid displacement method in water;<br> - Permeability tests;<br> - Chute angle tests;<br> - Wall friction tests;<br> - Angle of repose and drawdown angle test;<br> - Belt surcharge angle test;<br> - Maximum belt inclination angle test. | Crushing and Leaching | Jenike and Johansen |
| Q2 2019 | &nbsp;&nbsp;Bench-scale lithium circuit optimization | &nbsp;&nbsp;Optimize lithium brine cleaning | &nbsp;&nbsp; - Removal of magnesium from lithium brine (CRZ2 product liquor) using lime precipitation was successful;<br> - Removal of calcium ahead of lithium precipitation by addition of sodium carbonate was successful. | &nbsp;&nbsp; - Metal analysis was done using ICP-OES;<br> - Fluoride analysis was done potentiometrically using an ion-selective electrode (ISE) with a buffer to reduce interference. | IR2 | Kemetco |

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| ![](img086.jpg) | **10-8** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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|:---|:---|:---|:---|:---|:---|:---|
| **Report Date** | &nbsp;&nbsp;**Test Program** | &nbsp;&nbsp;**Purpose** | **Results** | **Analytical Methods** | **Unit Operations** | **Lab/Testing Facility** |
|  Q3 2019,<br> Q1 2020 | &nbsp;&nbsp;Sizer crushing tests | &nbsp;&nbsp;Confirm that size reduction requirements could be met in two stages of crushing | &nbsp;&nbsp; - Crusher index and unconfined compressive strength (UCS) confirmed;<br> - Closing gap between sizer teeth in secondary sizers provided desired outcome. | &nbsp;&nbsp; - A combination of vibratory and hand screening was used to separate crushed material into different size fractions, creating particle size distribution (PSD) profiles;<br> - X-ray fluorescence (XRF) was used to determine the sample chemistry. | Crushing | FLSmidth |
| Q2 2019 | &nbsp;&nbsp;Mineralogy and geochemical characterization | &nbsp;&nbsp;Characterization of clay minerals in steam 1 and stream 3 zones | &nbsp;&nbsp; - Successful characterization of the mineralogy of the stream 1 (B5) and stream 3 (M5 zones);<br> - Successful characterization of the mineralization in the small fraction <2 µm, including clay type. | &nbsp;&nbsp; - Metals analysis by ICP-OES and ICP-MS;<br> - Mineral analysis by X-ray powder diffraction (XRPD), SEM-EDS and electron microscopy. | Mineralization characterization | Hutton Institute |
| Q2-Q3 2019 | &nbsp;&nbsp; Semi-integrated pilot plant<br>| &nbsp;&nbsp; Integrate the unit operations, identifying any differing results from when the unit operations were individually tested<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Lithium carbonate and boric acid were successfully produced;<br> - Composition of PLS produced from vat leach differed from what is expected during commercial operations (addressed in bench-scale evaporation optimization testing);<br> - Boric acid flotation from EVP1 and CRZ2 salts was proven to be readily achieved;<br> - Phase chemistry of lithium sodium, potassium, and magnesium overlaid with test results identified desirable operational parameters;<br> - Root cause analysis performed to identify reasons for poor<br>| &nbsp;&nbsp; - Metal analysis was done using ICP-OES;<br> - Lithium samples were assayed with AAS when results were needed quickly for process control and were submitted for ICP analysis to confirm the results and to obtain full metal scans;<br> - Fluoride analysis was done potentiometrically using an ISE with a buffer to reduce interference;<br> - Chloride analysis was completed using a colorimetric method;<br> - Sulfate analysis was completed using a turbidimetric method; | &nbsp;&nbsp; Vat leach, <br> CRZ1, <br> IR1, <br> EVP1, <br> CRZ2, <br> Boric acid flotation, <br> CRZ3, <br> IR2, <br> Lithium precipitation, <br> EVP2<br>| Kemetco |

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| ![](img086.jpg) | **10-9** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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|:---|:---|:---|:---|:---|:---|:---|
| **Report Date** | &nbsp;&nbsp;**Test Program** | &nbsp;&nbsp;**Purpose** | **Results** | **Analytical Methods** | **Unit Operations** | **Lab/Testing Facility** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; crystal/liquor separation – these were resolved in ensuing bench-scale evaporation optimization testing and were as follows:<br> - Crystals from PLS evaporation and sulfate crystallization had poor crystal/liquor separation characteristics, resulting in high moisture levels and lithium losses; <br> - Lithium saturation occurred at below target concentrations, resulting in lithium salt formation and high lithium losses; <br> - Lithium brine cleaning using a lime and soda ash carbonate precipitation system was successfully implemented on the CRZ2 mother liquor ahead of the lithium carbonate precipitation. | &nbsp;&nbsp; - Free acid was determined using two validated titrimetric methods;<br> - Water insoluble matter was measured by dissolving sample in a known volume, filtering it, then washing, drying, and weighing the residual solids;<br> - Moisture content was only determined for the crude boric acid and high purity wet boric acid. Drying the boric acid led to an overestimation of moisture content since it can dehydrate to metaboric acid (HBO<sub>2</sub>);<br> - Boric acid assays were completed using a titrimetric method as described in the Analar® Standards for Laboratory Chemicals. |  |  |
| Q3-Q4 2019 | &nbsp;&nbsp;Leaching (pilot- and bench-scale) | &nbsp;&nbsp;Evaluate the leach response to deposit variability and full vat height | &nbsp;&nbsp; - Lithium and boron extraction was consistently high with varying head grades;<br> - Acid concentration must be controlled to avoid permeability issues caused by fines;<br> - Acid addition at the beginning of the leach cycle is critical to maintain good leach conditions and lithium and boric acid recovery;<br>| &nbsp;&nbsp; Head sampling: <br> - A LECO CS 230 unit was used for carbon analyses;<br> - Metals analysis was completed by ICP-OES, using two- or four-acid digestion and peroxide fusion methods for solids;<br> - Duplicate samples were sent to ALS for lithium, boron and sometimes fluoride content validation.<br>| Vat leach | Kappes, Cassiday & Associates (KCA) |

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| ![](img086.jpg) | **10-10** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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|:---|:---|:---|:---|:---|:---|:---|
| **Report Date** | &nbsp;&nbsp;**Test Program** | &nbsp;&nbsp;**Purpose** | **Results** | **Analytical Methods** | **Unit Operations** | **Lab/Testing Facility** |
|  |  |  | &nbsp;&nbsp; - Optimized leaching period to be three days, with a total cycle duration of seven days including loading, neutralization, washing and unloading.  | &nbsp;&nbsp; Solutions sampling: <br> - Continuous monitoring for pH, oxidation reduction potential (ORP), specific gravity, free acid;<br> -&nbsp;&nbsp;&nbsp;&nbsp; Sampled periodically for a multi-element suite (ICP-OES).<br>Vat tailings: <br> - Weighed before and after drying for moisture content;<br> - PSD was determined by screening and weighing each fraction;<br> - Assays were done on the size fractions and combined composite;<br> - Duplicate samples were sent to ALS for lithium, boron and sometimes fluoride content validation. |  |  |
| Q4 2019 | &nbsp;&nbsp; Bench-scale evaporation optimization<br>| &nbsp;&nbsp; Optimize PLS evaporation and sulfate salt crystallization at bench scale<br>| &nbsp;&nbsp; - Feed liquor adjusted to represent expected composition during commercial operations;<br> - Crystals from both EVP1 & CRZ2 exhibited good crystal/liquor separation with low residual moisture, lending to low lithium losses;<br> - Defined optimum target lithium end concentrations for both EVP1 & CRZ2;<br>| &nbsp;&nbsp; - Metals analyzed by ICP-OES;<br> - pH measured by glass combination electrode;<br> - Density determined by digital balance and volumetric flask;<br> - Viscosity determined by Brookfield viscometer;<br> - Chloride content determined by titration with silver nitrate;<br> - Total organic carbon (TOC) determined by combustion followed by infrared detection;  | &nbsp;&nbsp; IR1,<br> EVP1,<br> CRZ2<br>| &nbsp;&nbsp; Kemetco,<br> Veolia<br>|

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| ![](img086.jpg) | **10-11** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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|:---|:---|:---|:---|:---|:---|:---|
| **Report Date** | &nbsp;&nbsp;**Test Program** | &nbsp;&nbsp;**Purpose** | **Results** | **Analytical Methods** | **Unit Operations** | **Lab/Testing Facility** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Lithium double salt formation avoided by operating in the correct area of the phase diagram in EVP1, and by the removal of aluminum, iron, and fluoride by lime precipitation ahead of bench scale evaporation/crystallization:<br> -&nbsp;&nbsp;&nbsp;&nbsp;Optimal boil down conditions for evaporation achieved in EVP1; <br> - Two stages of cooling implemented in CRZ2;<br> - Optimized conditions for EVP1 & CRZ2 established for implementation at pilot-scale;<br> - Evaporation optimization program was successful. | &nbsp;&nbsp; - Crystal habit photos were taken by polarized light microscope and/or stereo microscope. |  |  |
| Q4 2019-Q2 2020 | &nbsp;&nbsp;Bench-scale PLS impurity removal | &nbsp;&nbsp;Proof of concept and optimization testing of PLS impurity removal at bench scale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Removal of aluminum and fluorine by an alternate process to form a crystalline sulfate of aluminum and potassium was tested. The process was successful, achieving:<br> - High levels of aluminum and fluorine removal to produce a feed suitable for the EVP1 and CRZ2 circuits; <br> - Low lithium and boron losses; <br> - Good filtration & washing characteristics. | &nbsp;&nbsp; - Multi-elemental analysis by two- and four-acid digestion and peroxide fusion methods, followed by ICP-OES using certified standards;<br> - Solutions were diluted as required and analyzed by flame atomic absorption spectrophotometry (FAAS) or ICP. ISE was used to determine fluoride and chloride content;<br> - Free acid was determined through titration to pH 3 of a solution sample. Titrations were conducted in a methanol solution with sodium hydroxide. The methanol  | IR1 | &nbsp;&nbsp; KCA,<br>Kemetco<br>|

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| ![](img086.jpg) | **10-12** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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|:---|:---|:---|:---|:---|:---|:---|
| **Report Date** | &nbsp;&nbsp;**Test Program** | &nbsp;&nbsp;**Purpose** | **Results** | **Analytical Methods** | **Unit Operations** | **Lab/Testing Facility** |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; solution contained 0.5 molar MgCl<sub>2</sub> to reduce the effects of hydrolysable cations such as Fe<sup>3+</sup>, Al<sup>3+</sup> and Cu<sup>2+</sup>;<br> - Solutions and dried solids were also submitted to ALS to perform check assays. |  |  |
|  Q1 2020<br>| &nbsp;&nbsp;Blend series leach testing <br>| &nbsp;&nbsp;Vat leach testing purpose was to determine fines generation, acid consumption, metal extraction, and solution permeability as a function of leach conditions and sample blend | &nbsp;&nbsp; - Lithium extractions ranged from 80% to 94% during leaching and 76% to 89% after washing;<br> - Boron extractions ranged from 80% to 97% during leaching and 56% to 83% after washing.<br>| &nbsp;&nbsp; - Acid digestion and / or peroxide fusion methods were used. The resulting solution was then assayed semi-quantitatively by means of a Perkin-Elmer 2000 DV ICAP-OES. Certified standards were utilized for the analyses;<br> - Solution samples were analyzed through flame atomic absorption spectrophotometric (FAAS) or ICP methods;<br> - Free acid was determined through titration to pH 3 of a solution sample. | Vat leach | KCA <br>|
| Q1 2020 | &nbsp;&nbsp;Pilot-scale evaporation and crystallization optimization | &nbsp;&nbsp;Optimize pilot PLS evaporation and sulfate salt crystallization in the pilot plant operations | &nbsp;&nbsp; - Bulk impurity removal of aluminum, iron, and fluoride by lime precipitation before pilot-scale evaporation/ crystallization (Li/B losses unacceptably high, resolved in bench scale impurity removal as explained above);<br> - Implementation of bench-scale evaporation & optimization parameters;  | &nbsp;&nbsp; - After coning and quartering the resulting cakes, a small portion of the sample was re-dissolved in water for submission to metals analysis by ICP-OES. Some samples were also submitted for anion analysis;<br> - Lithium analysis was conducted by AAS when quick assay result turnaround | &nbsp;&nbsp; IR1, <br> EPV1, <br> CRZ2<br>| Kemetco, Veolia |

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| ![](img086.jpg) | **10-13** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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|:---|:---|:---|:---|:---|:---|:---|
| **Report Date** | &nbsp;&nbsp;**Test Program** | &nbsp;&nbsp;**Purpose** | **Results** | **Analytical Methods** | **Unit Operations** | **Lab/Testing Facility** |
|  |  |  | &nbsp;&nbsp; - Crystals produced from EVP1 & CRZ2 exhibited good crystal/liquor separation and low residual moisture contents;<br> - Achieved target lithium concentrations in EVP1 & CRZ2;<br> - Low lithium losses achieved in EVP1 & CRZ2;<br> - Results achieved were in alignment with phase diagram expectations. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; was required for process control;<br> - Fluoride analysis was conducted potentiometrically using an ISE;<br> - Chloride analysis was conducted using a colorimetric method. In addition to blanks and standards, at least one sample per day was also spiked with chlorine and the spike recovery was calculated. |  |  |
| Q1 2020 | &nbsp;&nbsp;Bench scale EVP1 and CRZ2 optimization | &nbsp;&nbsp;Confirmation of solubility and physical properties | &nbsp;&nbsp; - Confirmed solubility data for all unit operations and validated process design parameters;<br> - Collected engineering and physical property data for all unit operations. | &nbsp;&nbsp; - Metals analyzed by ICP-OES or AAS;<br> - pH measured by glass combination electrode;<br> - Density determined by digital balance and volumetric flask;<br> - Viscosity determined by Brookfield viscometer;<br> - Chloride content determined by titration with silver nitrate;<br> - Crystal morphology photos were taken by polarized light microscope. | &nbsp;&nbsp; CRZ1, <br> CRZ3, <br> EVP1, <br> CRZ2, <br> EVP2<br>| Veolia |
| Q1 2020 | &nbsp;&nbsp; Pilot-scale crystal/liquor centrifuge separation<br>| &nbsp;&nbsp; Vendor bench-scale centrifuge tests for de-brining of sulfate crystals, such that scale-up to industrial sizing can be achieved  | &nbsp;&nbsp; - Operated simultaneously as part of pilot-scale evaporation optimization work;<br> - Vendor centrifuges used for industrial sizing of equipment in crystal/liquor separation & wash tests;<br> - Centrifuges achieved high levels of separation, low-liquor | &nbsp;&nbsp; - The centrifuge feed was assayed using the same methods mentioned above in the pilot-scale evaporation and crystallization optimization section;<br> - Pulp density and specific gravity were measured for the feed slurry. | &nbsp;&nbsp; EVP1, <br> CRZ2<br>| &nbsp;&nbsp; Kemetco, <br> Veolia, <br> TEMA, <br> Ferrum<br>|

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| ![](img086.jpg) | **10-14** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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|:---|:---|:---|:---|:---|:---|:---|
| **Report Date** | &nbsp;&nbsp;**Test Program** | &nbsp;&nbsp;**Purpose** | **Results** | **Analytical Methods** | **Unit Operations** | **Lab/Testing Facility** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; contents, and reasonable wash efficiencies;<br> - Overall lithium losses were minimized. |  |  |  |
| Q1 2020 | &nbsp;&nbsp;Bench-scale flotation optimization | &nbsp;&nbsp;Optimize boric acid flotation at bench scale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Bench-scale flotation of boric acid from pilot-scale evaporation optimization achieved:<br> - Good recovery but low grade of boric acid from EVP1 (3<sup>rd</sup> and 4<sup>th</sup> effect evaporators); <br> - Good recovery but low grade of boric acid from CRZ2 (2<sup>nd</sup> and 4<sup>th</sup> stage crystallizer); <br> - Bench scale vacuum dewatering testwork completed to gather engineering data.  | &nbsp;&nbsp; - All samples (head, concentrate, and tails) were assayed by ICP only, which included a full suite of metals and other cations as well as sulfur;<br> - Crystal morphology and habit was determined by microscopy;<br> - Moisture content calculated using ICP-OES;<br> - Density determined by digital balance and volumetric flask. | &nbsp;&nbsp; EVP1, <br> CRZ2<br>| &nbsp;&nbsp; Kemetco<br>|

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| ![](img086.jpg) | **10-15** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

10.1.1.2. Post-Feasibility Study Testwork (Pre-2024)

Since the conclusion of the feasibility study, additional testwork has been conducted during the detailed engineering design phase (prior to 2024) to further refine and reduce risk of specific areas in the stream 1 process flowsheet. These major additional testwork campaigns are outlined in Table ‎10-2.

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| ![](img086.jpg) | **10-16** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎10-2 - Post Feasibility Study Testwork Summary (Pre-2024)**

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|:---|:---|:---|:---|:---|:---|:---|
| **Report Date** | &nbsp;&nbsp;**Test Program** | &nbsp;&nbsp;**Purpose** | **Results** | **Analytical Methods** | **Unit Operations** | **Lab/TestingFacility** |
| Q1 2021 | &nbsp;&nbsp;Neutralization kinetics | &nbsp;&nbsp;Understand the rate and extent of acid consumption occurring during the neutralization stage. | &nbsp;&nbsp;&nbsp;- Acid consumption and free acid profiles were generated for feeds with varying acidity. | &nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp; Free acid was determined through titration to pH 3 of a solution sample. Titrations were conducted in a methanol solution with sodium hydroxide. The methanol solution contained 0.5 molar MgCl<sub>2</sub> to reduce the effects of hydrolysable cations such as Fe<sup>3</sup>+, Al<sup>3</sup>+ and Cu<sup>2</sup>+. | Leaching | KCA |
| Q1-Q2 2021 | &nbsp;&nbsp;Bench-scale flotation circuit optimization | &nbsp;&nbsp;Confirm achievable boric acid recovery and grade. Update flotation process parameters, flowsheet requirements and technical readiness. | &nbsp;&nbsp; - Rougher-scavenger circuit arrangement confirmed based on the best results toward achieving target boric acid grade and recovery; <br> - Flowsheet modified to incorporate the direct flotation of fresh boric acid crystals in native brine to prevent excessive co-precipitation and boric acid grade reduction.<br>| &nbsp;&nbsp; - Metal analysis completed using ICP-OES; <br> - Lithium analysis completed by AAS when results were needed quickly for process control and were submitted for ICP analysis to confirm the results and to obtain full metal scans; <br> - Chloride was added to the feed solution to provide a second tracer for lithium saturation during evaporation. Chloride analysis was then completed by a colorimetric method using thiocyanate; <br> - All samples were high in sulfate so total S results from ICP-OES were converted to sulfate for expedience.  | Boric acid flotation | Woodgrove, Kemetco |
| Q1 2021 | &nbsp;&nbsp;IR1 filtration testing | &nbsp;&nbsp;Determine filtration and washing characteristics to inform equipment selection and the design criteria for the circuit. | &nbsp;&nbsp; - Process parameters updated; <br> - Reagent selection validated; <br> - Flowsheet confirmed; <br> - Data required to inform equipment selection obtained.  | &nbsp;&nbsp; - PSD determined using laser diffraction particle size analyzer and mechanical sieving; <br> - Metal analysis completed using ICP-OES; <br> - Lithium analysis completed by AAS when results were needed quickly for process control and were submitted for ICP analysis to confirm the results and to obtain full metal scans.  | IR1 | RMS, Kemetco |

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| ![](img086.jpg) | **10-17** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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|:---|:---|:---|:---|:---|:---|:---|
| **Report Date** | &nbsp;&nbsp;**Test Program** | &nbsp;&nbsp;**Purpose** | **Results** | **Analytical Methods** | **Unit Operations** | **Lab/TestingFacility** |

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|:---|:---|:---|:---|:---|:---|:---|
| Q1 2021 | &nbsp;&nbsp;IR1, EVP1 and CRZ2 circuit optimizations | &nbsp;&nbsp;Reduce lithium losses in evaporation and crystallization circuits, improve understanding of the EVP1 and CRZ2 crystal species, and obtain preliminary crystal dewatering characteristics. | &nbsp;&nbsp; - Improved performance in EVP1 and CRZ2 with IR1 optimizations; <br> - Evaporation and crystallization conditions optimized to reduce lithium co-crystallization; <br> - Determined the impact of impurities on process and dewatering efficiencies.  | &nbsp;&nbsp; - Metal analysis completed using ICP-OES (with digestion prior for solids); <br> - Lithium analysis completed by AAS when results were needed quickly for process control and were submitted for ICP analysis to confirm the results and to obtain full metal scans.<br>| &nbsp;&nbsp; EVP1, <br> CRZ2<br>| Kemetco |
| Q2 2021 | &nbsp;&nbsp;Materials of construction - leach and IR1 area corrosion study | &nbsp;&nbsp;Determine the corrosivity risks associated with the vat leaching and impurity removal process conditions. | &nbsp;&nbsp; - The vat leaching conditions were shown to be very corrosive on the tested materials; <br> - The impurity removal conditions did not result in any significant corrosion.<br>| &nbsp;&nbsp; - U-bend corrosion coupons were weighed before and after trials (after being washed and dried) to determine the mass loss; <br> - Microscope imaging was used for a qualitative assessment of the corrosion.<br>| Leaching, IR1 | Acuren |
| Q3 2023 | &nbsp;&nbsp; B5 leaching characteristics – mine plan (2024)<br>Small-sized column testing<br>| &nbsp;&nbsp;Determined the ore in the southern part of the South Basin, now where mining will start according to the updated mine plan, has similar leaching characteristics to ore in the northern and western parts of the Basin, which most of the DFS testwork was conducted upon. | &nbsp;&nbsp; - High lithium extractions achieved; <br> - High boron extractions achieved; <br> - Acid consumption was comparable; <br> - Greater presence of fines, resulting in a turbid PLS; <br> - More swelling observed than in previous testwork.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;Carbon and sulfur analyses were completed using a LECO CS 230 unit: <br> - No pretreatment for total carbon/sulfur; <br> - Acid or roast pretreatment for carbon/sulfur speciation; <br> - Digestion by nitric acid, 2-acid, 4-acid, peroxide fusion, or lithium metaborate fusion (whole rock analyses) methods completed for a series of individual elements; <br> - Solution analyses by ICAP-OES, FAAS or ISE; <br> - Free acid determined through titration to pH 3 of a solution sample, in a methanol solution with sodium hydroxide. The methanol contained 0.5 molar magnesium chloride to reduce<br>| Leaching | KCA |

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| ![](img086.jpg) | **10-18** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Report Date** | &nbsp;&nbsp;**Test Program** | &nbsp;&nbsp;**Purpose** | **Results** | **Analytical Methods** | **Unit Operations** | **Lab/TestingFacility** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the effects of hydrolysable cations such as Fe<sup>3+</sup>, Al<sup>3+</sup> and Cu<sup>2+</sup>. | | |
| Q4 2023 | &nbsp;&nbsp; B5 leaching characteristics – mine plan (2024)<br>Medium-sized column testing<br>| &nbsp;&nbsp; Determined that the ore in the southern part of the South Basin, now where mining will start according to the updated mine plan, has similar leaching characteristics to ore in the northern and western parts of the Basin, which most of the DFS testwork was conducted upon Completed leach testing in medium-sized columns to determine permeability and swelling characteristics  | &nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;High lithium extractions achieved; <br> -&nbsp;&nbsp;&nbsp;&nbsp;High boron extractions achieved; <br> -&nbsp;&nbsp;&nbsp;&nbsp;Acid consumption was comparable; <br> - Greater presence of fines, resulting in a turbid PLS; <br> - Permeability characteristics comparable to previous testwork.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;Carbon and sulfur analyses were completed using a LECO CS 230 unit: <br> - No pretreatment for total carbon/sulfur; <br> - Acid or roast pretreatment for carbon/sulfur speciation; <br> -&nbsp;&nbsp;&nbsp;&nbsp;Digestion by nitric acid, 2-acid, 4-acid, peroxide fusion, or lithium metaborate fusion (whole rock analyses) methods for a series of individual elements; <br> -&nbsp;&nbsp;&nbsp;&nbsp;Solution analyses by ICAP-OES, FAAS or ISE; <br> -&nbsp;&nbsp;&nbsp;&nbsp;Free acid determined through titration to pH 3 of a solution sample, in a methanol solution with sodium hydroxide. The methanol contained 0.5 molar magnesium chloride to reduce the effects of hydrolysable cations such as Fe<sup>3+</sup>, Al<sup>3+</sup> and Cu<sup>2+</sup>.<br>| Leaching | KCA |
| &nbsp;&nbsp;Q4 2023 | &nbsp;&nbsp;Thesis – Mineralization and geochemical characteriza-tion | &nbsp;&nbsp;Mineralogy and Geochemistry of a Lithium and Boron Enriched Stratiform Ore Zone in the Cave Spring Formation | &nbsp;&nbsp; - Geochemical and mineralogical characterization of the lithium bearing clays and boron bearing mineral; <br> - Investigation into the basin formation and digenic alternation.  | &nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;Metals analysis by ICP-MS and ICP-OES; <br> -&nbsp;&nbsp;&nbsp;&nbsp;Mineral analysis by XRD, petrographic microscopy and scanning electron microscope (electron dispersive xray spectroscopy).<br>| &nbsp;&nbsp;Resource Characteri-zation | &nbsp;&nbsp; UNR <br> USGS<br>|

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| ![](img086.jpg) | **10-19** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**10.1.2.** **Stream 2 & 3** 

In parallel with conducting testwork and designing a flowsheet for processing stream 1 ore, ioneer conducted metallurgical test programs and investigations for the other low boron mineralization types (stream 2 & 3). These mineralization types were not originally considered as standalone feed for the stream 1 processing facility but represented potential process feed by blending with stream 1 ore. Accordingly, the mine plan calls for blending stream 2 and 3 with stream 1 material over the life of the mine. Stream 1, 2 & 3 ore will be mined and blended as needed to: (i) maximize lithium carbonate yield, that is, tons of lithium carbonate produced per ton of acid consumed; and (ii) consume all available acid produced by varying the ore feed rate based on the acid consumption characteristics of the ore.

Pre-2024 leaching testwork on stream 2 material demonstrated comparable lithium extractions when using the vat leaching method. Boron extractions during leaching were observed to be lower in stream 2 material which was attributed to the lower boron head grade, indicating that the blending of stream 2 material will not materially impact the boron extraction in stream 1 or 3. Leaching testwork on stream 3 material, conducted prior to 2024, demonstrated comparable lithium extractions when blended with stream 1 material up to 10%. No limitations on blending stream 2 material into the leach were observed. The overall lithium recovery is not predicted to be impacted by the introduction of stream 2 or 3 material, provided that blending limitations for stream 3 are followed. Boron recovery from the leach will be adjusted to reflect the lower boron extraction from stream 2 material during the leaching process. Boron recovery from the processing facility (downstream of the leach) is not expected to be impacted by the blending of stream 2 & 3 material.

ioneer has conducted metallurgical testwork on the LoB-Li mineralization between 2016 and 2023, which was built upon testwork completed in 2010-2011 by American Lithium Mineral Inc. (ALM). After the 2020 FS and prior to 2024, ioneer performed additional exploratory metallurgical investigations for processing LoB-Li mineralization with a second process stream. The results from these investigations indicated a reasonable process and expectation for economic extraction of the LoB-Li material from the S5, M5, B5 and L6 units, using some limited blending of stream 2 & 3 with stream 1 ore, albeit with a lower boron recovery. The testwork confirming this scheme had been performed using, at the time, current processing and recovery methods for producing boric acid and lithium carbonate products.

The results of the additional pre-2024 metallurgical testing of the low boron content in the M5, S5, and L6 units indicated a reasonable prospect of recovering lithium and boron from these units by blending, sufficient to include HiB-Li (stream 1), LoB-Li (stream 2) and LoB-Li High Clay (stream 3) process streams when considering factors supporting the reasonable prospects for mineral resources.

Prior to and during the feasibility study, most of the stream 2 & 3 testwork was conducted on a blend or composite in conjunction with the core testwork performed on stream 1. Some leaching testwork was completed on the M5 mineralization alone, which showed general incompatibility with column, vat and heap leaching due to high clay content, which resulted in a propensity to swell and produce fines, limiting the permeability and acid contact. When blending with stream 1 was considered, it was determined that up to 10% of stream 3 material could be blended with stream 1 without deleterious impacts to overall lithium and boron extraction, permeability and washability.

Following the feasibility study and prior to 2024, ioneer conducted a growth study specifically focused on determining the requirements and viable processing options for stream 2 & 3 ore, with a particular focus on leaching methods. A summary of the bench-scale testwork conducted during the growth study by mineralized unit is provided in Table ‎10-3. Tests for the S5, M5, and L6 units were completed separately but have been summarized together due to similar overall test results.

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| **10-20** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎10-3 - Stream 2 & 3 Testwork Summary (Pre-2024)**

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| | | | |
|:---|:---|:---|:---|
| **Ore** <br> **Type**  | &nbsp;&nbsp;**Testwork Scope** | **Results** | **Lab/Testing**<br> **Facility** |
| M5 | &nbsp;&nbsp;Mineralogy and geochemical characterization | &nbsp;&nbsp;- Mineralogy and geochemical characterization of M5 mineralized zone. | Hazen and SGS |
| M5 | &nbsp;&nbsp;Mineralogy and geochemical characterization | &nbsp;&nbsp; - Successful characterization of the mineralogy of the stream 1 (B5) and stream 3 (M5);<br> - Successful characterization of the mineralization in the small fraction <2 µm, including clay type. | Hutton Institute |
| M5 | &nbsp;&nbsp;Air classification/beneficiation | &nbsp;&nbsp;- Material separated well but no lithium enrichment or carbonate rejection was observed, indicating that air beneficiation was ineffective for gangue rejection. | Prater |
| M5 | &nbsp;&nbsp;Agitated leaching | &nbsp;&nbsp; - Particle size had minimal impact on the leaching efficiency; <br> - Acid concentration had a greater impact on leaching efficiency but only to an extent, after which it plateaued; <br> - Gangue extraction was high, impacting acid consumption; <br> - Two stages of washing with excessive volumes of wash water were required to recover the PLS, and the filter cakes had high residual moisture.  | Kemetco and SGS |
| M5 | &nbsp;&nbsp;Roast-water leaching | &nbsp;&nbsp; - Lithium extraction was higher with a gypsum-sodium sulfate mix than sodium sulfate alone; <br> - Boron extractions were very low; <br> - Sodium and potassium were the highest extracted impurities.  | KCA and SGS |
| M5 | &nbsp;&nbsp;Pressure leaching | &nbsp;&nbsp; - Sodium sulfate and sodium hydroxide were tested as lixiviants. Lithium extractions were low for both, and boron extractions were moderate; <br> - Higher extractions were seen of select gangue minerals; <br> - Sodium carbonate was also tested as a lixiviant, but no lithium was extracted so further testing was not pursued.  | KCA and Kemetco |
| S5/L6 | &nbsp;&nbsp;Bottle roll leaching | &nbsp;&nbsp;- Demonstrated leachability qualitatively, translating to compatibility with heap or vat leaching. | KCA |
| S5/L6 | &nbsp;&nbsp;Column leaching | &nbsp;&nbsp; - High lithium extractions were observed but lower boron extractions, which could potentially be explained by the lower relative head grade or the presence of refractory boron material; <br> - Though gangue extraction was high, the lower gangue head grades and less aggressive leaching conditions resulted in relatively low acid consumption compared to the B5 base case; <br> - Residual tails moisture was moderate, and some minor swelling was observed; <br> - Results demonstrated that both ores could be amenable to heap leaching.  | KCA |
| S5/L6 | &nbsp;&nbsp;Vat leaching | &nbsp;&nbsp; - Results were similar to column leaching; <br> - Acid consumption was higher than column leaching due to higher gangue head grades; <br> - Significant swelling was observed for S5 and moderate for L6, but there was no apparent impact on lithium extraction; <br> - Results demonstrated that both mineralization types could be amenable to vat leaching;  | KCA |

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| **10-21** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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|:---|:---|:---|:---|
| **Ore**<br> **Type** | &nbsp;&nbsp;**Testwork Scope** | &nbsp;&nbsp;**Results** | **Lab/Testing**<br> **Facility** |
|  |  | &nbsp;&nbsp;- Collection of kinetic data to determine impact of reduced leaching time. |  |
|  | &nbsp;&nbsp;Agitated leaching | &nbsp;&nbsp; - Lithium and boron extractions were high for S5. Boron extraction was lower for L6; <br> - Gangue head grades and extractions were high, making up the majority of acid consumption; <br> - Results demonstrated that both mineralization types could be amenable to agitated leaching.  | Kemetco |

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Analytical methods for each of the tests are shown in Table ‎10-4.

**Table ‎10-4 - Testing and Analytical Procedures for Stream 2 & 3 Testwork (Pre-2024)**

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|:---|:---|
| **Test Program** | **Analytical Procedures** |
| &nbsp;&nbsp;Mineral and geochemical characterization | &nbsp;&nbsp; - Metals analysis by ICP-MS; <br> - Mineral analysis by QEMSCAN, XRD.  |
| &nbsp;&nbsp;Mineral and geochemical characterization | &nbsp;&nbsp; - Metals analysis by ICP-OES and ICP-MS; <br> - Mineral analysis by XRPD, SEM-EDS and electron microscopy.  |
| &nbsp;&nbsp;Agitated leaching (and pressure leaching for M5) | &nbsp;&nbsp; - Aqua regia digestion was used for solids;<br> - ICP-OES was used for metals analysis; <br> - X-ray diffraction (XRD) was used for the determination of mineralogical speciation; <br> - Whole rock analysis was conducted; <br> - ISE was used for fluoride content determination.  |
| &nbsp;&nbsp;Bottle roll, column, and vat leaching | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Carbon and sulfur analyses were completed using a LECO CS 230 unit: <br> - No pretreatment was used for total carbon/sulfur content determination; <br> - Acid or roast pretreatments were used for carbon/sulfur speciation determination; <br> - Solids digestion by nitric acid, 2-acid, 4-acid, peroxide fusion, or lithium metaborate fusion (whole rock analyses) methods were used, followed by ICP analysis for a series of individual elements; <br> - Solutions were analyzed by ICAP-OES, FAAS and/or ISE; <br> - Free acid content was determined through titration to pH 3 of a solution sample, in a methanol solution with sodium hydroxide. The methanol contained 0.5 molar magnesium chloride to reduce the effects of hydrolysable cations such as Fe<sup>3+</sup>, Al<sup>3+</sup> and Cu<sup>2+</sup>.  |
| &nbsp;&nbsp;Roast-water leaching | &nbsp;&nbsp; - Same as bottle, column and vat leaching; <br> - Quantitative X-ray diffraction (QXRD) was used for specification determination (by FLSmidth).  |

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The results of the metallurgical testing on the low boron M5, S5, and L6 units completed prior to 2024 indicated a reasonable prospect of extracting lithium and boron, sufficient to include these units in mineral resource reporting. Additional testwork to confirm leaching, evaporation and crystallization operating parameters using samples with varying stream 1 and 2 blending ratios has been conducted and is discussed in Chapter 10.3.

10.2. Laboratories Used for Metallurgical Testing (Pre-2024)

A list of laboratories and testing facilities that have conducted testwork for ioneer prior to 2024, along with the scope of their services, is provided in Table ‎10-5.

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| **10-22** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎10-5 – Scope of Pre-2024 Testwork by Laboratory or Testing Facility** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Laboratory**<br> **or Testing**<br> **Facility** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Scope** | &nbsp;&nbsp;**Certifications** | &nbsp;&nbsp; **Relationship to**<br> **ioneer** |
| &nbsp;&nbsp;SGS | &nbsp;&nbsp;Lakefield, CA | &nbsp;&nbsp;Mineralogy and geochemical characterization, leaching, benefaction, flotation and roasting. | &nbsp;&nbsp;ISO 17025 | &nbsp;&nbsp;Independent |
| &nbsp;&nbsp;Hazen | &nbsp;&nbsp;Golden, CO | &nbsp;&nbsp;Mineralogy and geochemical characterization, leaching, benefaction and flotation. | &nbsp;&nbsp;ISO 17025 | &nbsp;&nbsp;Independent |
| &nbsp;&nbsp;Hutton Institute | &nbsp;&nbsp;Craigiebuckler, Aberdeen, Scotland | &nbsp;&nbsp;Mineralogy and characterization. | &nbsp;&nbsp; ISO 17025 <br> UKAS 7541  | &nbsp;&nbsp;Independent |
| &nbsp;&nbsp;Jenike and Johansen | &nbsp;&nbsp;San Luis Obispo, CA | &nbsp;&nbsp;Characterization of physical properties and measurement of engineering parameters required for equipment design. Example, density, angle of repose etc. of feed ore, spent ore, lithium and boron products, and process byproducts. |  | &nbsp;&nbsp;Independent |
| &nbsp;&nbsp;Kemetco | &nbsp;&nbsp;Richmond, BC, Canada | &nbsp;&nbsp;Hosted and operated the semi-integrated pilot plant. Oversaw and conducted metallurgical testwork relating to bench-scale lithium circuit optimization, PLS evaporation and crystallization, PLS impurity removal, boric acid flotation, IR1 filtration, and stream 2 leaching. | &nbsp;&nbsp;ISO 17025 | &nbsp;&nbsp;Independent |
| &nbsp;&nbsp;Bureau Veritas | &nbsp;&nbsp;Vancouver, BC, Canada | &nbsp;&nbsp;Analytical laboratory used to verify results during testing campaigns. | &nbsp;&nbsp;ISO 17025 | &nbsp;&nbsp;Independent |
| &nbsp;&nbsp;ALS | &nbsp;&nbsp; Reno, NV, <br> Burnaby, CA<br>| &nbsp;&nbsp;Analytical laboratory used to verify results during testing campaigns. | &nbsp;&nbsp;ISO 17025 | &nbsp;&nbsp;Independent |
| &nbsp;&nbsp;KCA | &nbsp;&nbsp;Reno, NV | &nbsp;&nbsp;Conducted leaching testwork at bench- and pilot-scale, and testwork relating to neutralization kinetics, bench-scale PLS impurity removal, and stream 2 leaching. | &nbsp;&nbsp;ISO 17025 | &nbsp;&nbsp;Independent |
| &nbsp;&nbsp;Veolia | &nbsp;&nbsp;Plainfield, IL | &nbsp;&nbsp;Conducted bench- and pilot-scale PLS evaporation and crystallization testwork. | &nbsp;&nbsp;ISO 9001 | &nbsp;&nbsp;Intended vendor |
| &nbsp;&nbsp;FLSmidth | &nbsp;&nbsp;Bethlehem, PA | &nbsp;&nbsp;Conducted testwork on the comminution circuit. | &nbsp;&nbsp;ISO 9001 | &nbsp;&nbsp;Intended vendor |
| &nbsp;&nbsp;Acuren | &nbsp;&nbsp;Richmond, BC, Canada | &nbsp;&nbsp;Conducted leaching and IR1 corrosion analysis. Material of construction recommendations | &nbsp;&nbsp; ISO 17025 <br> ISO 9001  | &nbsp;&nbsp;Independent |
| &nbsp;&nbsp;Prater | &nbsp;&nbsp;Bolingbrook, IL | &nbsp;&nbsp;Conducted air classification/beneficiation testwork on M5 mineralization. | &nbsp;&nbsp;<sup>1</sup> | &nbsp;&nbsp;Independent |
| &nbsp;&nbsp;Woodgrove | &nbsp;&nbsp; At Kemetco Facility <br>| &nbsp;&nbsp;Conducted boric acid flotation testwork. | &nbsp;&nbsp;<sup>1</sup> | &nbsp;&nbsp;Independent |

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| **10-23** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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|:---|:---|:---|:---|
| &nbsp;&nbsp; **Laboratory**<br> **or Testing**<br> **Facility** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Scope** | &nbsp;&nbsp; **Relationship to**<br> **ioneer** |
|  | &nbsp;&nbsp; <br> Richmond, BC, <br> Canada  |  |  |
| &nbsp;&nbsp;RMS | &nbsp;&nbsp; At Kemetco Facility <br> Richmond, BC, Canada  | &nbsp;&nbsp;Conducted IR1 filtration testwork. Gathered engineering parameters to allow sizing and process guarantees for filter press'.&nbsp;&nbsp;<sup>1</sup> | &nbsp;&nbsp;Independent |

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Note:

&nbsp;&nbsp;&nbsp;&nbsp;1. Analytical service provided by certified lab – Kemetco, ALS or KCA. Equipment supplier provided test equipment and expertise specific to equipment setup,
 testing methods and results interpretation.

10.3. Additional Metallurgical Testwork (Post-2024)

Additional testwork has been conducted post-2024 to further optimize and address remaining processing risks related to the Rhyolite Ridge process flowsheet. The laboratories and testing facilities involved in these testwork programs, along with the scope of their services, are listed in Table ‎10-6. The testwork programs are further described in the sub-sections that follow.

**Table ‎10-6 – Scope of Post-2024 Testwork by Laboratory or Testing Facility** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Laboratory <br> or Testing <br> Facility** | **Location** | **Scope** | **Certifications** | **Relationship to ioneer** |
| &nbsp;&nbsp;Kemetco | &nbsp;&nbsp;Richmond, BC, Canada | &nbsp;&nbsp;Oversaw and conducted lab scale metallurgical test work relating to boric acid crystallization, PLS impurity removal and filtration, PLS evaporation and crystallization. Representative of stream 1,2 and 3 blended scenarios. | &nbsp;&nbsp;ISO 17025 | &nbsp;&nbsp;Independent |
| &nbsp;&nbsp;KCA | &nbsp;&nbsp;Reno, NV | &nbsp;&nbsp;Conducted leaching testwork at bench- relating to stream 1, 2 and 3 leaching, leach kinetics and dewatering. | &nbsp;&nbsp;ISO 17025 | &nbsp;&nbsp;Independent |
| &nbsp;&nbsp;FLS | &nbsp;&nbsp;Salt Lake City, UT | &nbsp;&nbsp;Comminution test work – Stream 2 L6 | &nbsp;&nbsp;ISO 9001 | &nbsp;&nbsp;Intended vendor |

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10.3.1. Leaching System Optimization

A metallurgical optimization program was conducted by Kappes, Cassiday & Associates (KCA) in Reno, NV, between Q4 2024 and Q1 2025. The purpose of this testwork was to evaluate leach kinetics and determine the optimal leaching cycle to maximize lithium and boric acid yields (kg produced per metric ton of acid consumed). Vat leaching tests were conducted on both stream 1 and 2 ores, with samples originating from the B5, S5 and L6 units. The program concluded that a reduction in leach cycle duration resulted in an increase of both lithium and boron yields, attributed to the lower acid consumption at shorter leach time, which limited the extent of unwanted gangue leaching and non-productive acid consumption.

The following head analyses were conducted on portions of the samples used for vat leach testing by KCA:

&nbsp;&nbsp;&nbsp;&nbsp;■ Multi element analysis with ICAP-OES using a combinations of two-acid and four-acid digestions;

&nbsp;&nbsp;&nbsp;&nbsp;■ Carbon and sulfur analyses by LECO analyzer;

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| **10-24** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;■ Boron analyses using peroxide fusion with an ICP finish;

&nbsp;&nbsp;&nbsp;&nbsp;■ Whole rock analysis using lithium metaborate fusion followed by ICAP.

In addition to the analyses above, a portion of pulverized material from each sample used for vat leach testing was submitted to FLSmidth in Salt Lake City, UT, for Quantitative X-ray Diffraction (QXRD) analysis and to ALS for chlorine analysis.

Ambient vat leach testing was conducted on crushed samples with a p<sub>80</sub> of 19 mm, using a 15.2 cm x 152 cm (6' 'x 5') column and sulfuric acid at a fixed high concentration. Compressive permeability testing was also performed on the leached vat samples containing the residual solids, under a constant load equivalent to 7 m high column.

Testwork has determined that the leaching cycle can be reduced by up to 1.5 days, leading to improved acid utilization and increased lithium and boric acid yields. The optimum operating point will be determined based on the water and energy balance. The reduction in leaching time would also allow for an increased plant throughput due to presence of additional available acid and vat capacity.

10.3.2. Low Boron Flowsheet Simulation

A test program was conducted between Q1 2025 and Q2 2025 by Kemetco Research in Richmond, Canada. The purpose of this testwork was to simulate the CRZ1, IR1, EVP1 and CRZ2 unit operations using lower boron and sodium feedstock to address the risks related to the processing of lower boron feedstock through the Rhyolite Ridge high boron plant and collect data for the flowsheet development of a standalone low boron production facility. The feed solutions used for this test program were representative of processing scenarios involving stream 1, a blend of stream 1 and 2 and stream 2 only. The solutions were sourced from previous KCA leach test programs, which considered ores from the B5 and S5 ore zones. However, the elemental ratios in the leach solution were representative of those produced from leaching the M5, S5 and L6 ore zones.

Assay work performed in this program include:

&nbsp;&nbsp;&nbsp;&nbsp;■ Multi element analysis with ICP-OES;

&nbsp;&nbsp;&nbsp;&nbsp;■ Chloride analysis by colorimetric method;

&nbsp;&nbsp;&nbsp;&nbsp;■ Fluoride analysis with ISE;

&nbsp;&nbsp;&nbsp;&nbsp;■ Free acid analysis by titration;

&nbsp;&nbsp;&nbsp;&nbsp;■ Cesium and Rubidium analyses with AA.

The main outcome of this test program was that the designed Rhyolite Ridge facility can suitably process lower boron feedstocks. The testwork successfully collected valuable phase chemistry, solubility, reaction chemistry and engineering information to validate the current flowsheet design and confirm that the mitigations in place to address process and production risks are still relevant and effective across all blends of feed material, including lower boron feedstock.

10.4. Representativeness of Metallurgical Testing

This Chapter discusses the representativeness of the mineralized zones and the sample selection used for the metallurgical test programs completed up to the date of this Report. As the mine plan has matured with advancements in the Project and Resource definition, drilling results, regulatory approval process and project optimizations, new metallurgical test work was completed in step to quantify and inform the impact on recovery and plant performance. Effects of grade variations in lithium, boron and gangue metal, and the differences in the geological and metallurgical assaying methods, are discussed below.

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| **10-25** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

The samples used for the initial comminution and leach testwork programs (prior to 2020) were representative of the South Basin deposit mineralization, with a focus on ore from the first 5 to 10 years of the mine plan. Testwork primarily focused on stream 1 but included variability and blending programs with stream 2 and 3 material. Between 2020 and 2024 the mine plans considered processing greater portions of stream 2 material blended with stream 1. Test work programs were conducted to determine the impacts of different blend ratios. Finally, the current mine plan (2025) is a further iteration considering more optimum leaching conditions, with supporting testwork which considered feedstock from stream 1, 2 and 3, ranging from 100% stream 1, a blend of stream 1, 2 and 3 to 100% stream 2, to cover the full range of blend possibilities.

10.4.1. Metallurgical Testwork Samples

The Rhyolite Ridge deposit is sedimentary in nature and the mine plan is dominated by a single geological domain for the first 25 years of operation, the B5 upper searlesite zone. Mineralization characterization testing for sizing/crushing was completed on a range of B5 material, which was found to be not particularly hard or abrasive. Similar characterization testing for sizing/crushing was completed for the L6 stratigraphy in 2025 with similar results.

The ranges of metal grades, based on the 2025 mine plan and latest testwork data, are shown in Figure ‎10-1.

![](img030.jpg)

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| **10-26** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img031.jpg)

**Figure ‎10-1 – Lithium, Boron and Gangue Metals Grade Ranges based on Testwork and Mine Plan**

Source: ioneer, 2025

The forecasted average annual composition of lithium from the 2025 mine plan is similar to the forecasted average from the 2020 FS, whilst the boron grades are much lower in comparison. The lithium and boron grades expected over the mine plan are shown in Figure ‎10-2.

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| **10-27** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img032.jpg)

**Figure ‎10-2 – 2025 Mine Plan Lithium and Boron Grades**

Source: ioneer, 2025

The locations of samples used for metallurgical testing are provided in Figure ‎10-3.

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| **10-28** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img033.jpg)

**Figure ‎10-3 – Locations of Samples Used for Metallurgical Testwork**

Source: ioneer, 2024

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| **10-29** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

10.4.2. Aqueous Phase Samples

Since a large proportion of the Rhyolite Ridge flowsheet is based on solution processing operations, which are dependent on phase chemistry, specifically the ratio between different elements, the approach to solution sample representativeness is important.

To ensure solution processing testwork representativeness, especially with respect to solution phase chemistry, the following approach was taken across different project stages:

&nbsp;&nbsp;&nbsp;&nbsp;▪ PFS & Early FS testwork: Feed solutions were taken as is from leaching test work to ascertain baseline phase chemistry and solubility data;

&nbsp;&nbsp;&nbsp;&nbsp;▪ FS testwork and Pilot Plant: Feed solutions were adjusted with various synthetic salts to approximate the expected five-year average composition of the 2020 FS mine plan. This data forms the basis of engineering
 design;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Post FS testwork: Feed solutions from stream 1 and 2 blends, and stream 2 leach testwork, was subject to the design operating conditions to ascertain differences in solubility and other key parameters with varying
 ROM compositional blends. This program confirmed the operating envelope of the processing facility.

The key compositional ratios of feed solutions are compared in Table ‎10-7.

**Table ‎10-7 – Key Compositional Ratios in Advancing PLS**

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| &nbsp;&nbsp;**Element** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp; **Mine Plan (14a)**<br> **Average**<br> (Year 1-25) | &nbsp;&nbsp; **Design**<br> (Based on KCA and Kemetco Pilot programs) | &nbsp;&nbsp; **2025 Phase Chemistry Program**<br> (Supports larger operating envelope) |
| Li | ppm | 1750 | 2100 | 1690 - 2165 |
| B | ppm | 9400 | 14600 | 4400 – 11400 |
| Mg:Li | % w/w | 19.5 | 18 | 18.6 – 21.8 |
| Mg:Na | % w/w | 2.5 | 1.3 | 1.4 – 5.9 |
| Mg:K | % w/w | 3.7 | 3.7 | 5.0 – 6.3 |
| Al:K | % w/w | 0.9 | 1 | 0.6 - 0.8 |
| Al:F | % w/w | 1 | 1.3 | 0.6 – 1 |

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10.5. Recovery Estimates

The underlying basis of recovery for lithium and boron was determined through extensive analysis of testwork data collected during the FS. Where losses could not be directly measured from the testwork data, the main design performance criteria from the unit operations were determined through reasonable industrial experience. These performance criteria formed the basis of the integrated heat and mass balance, which accounted for the internal recycle streams designed to increase overall recovery and reduce reagent consumption. The heat and mass balance considered, firstly, the extent of extraction achieved in the leach process, and then, the subsequent sources of pay metal loss throughout the system, to determine the overall recovery.

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| **10-30** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

10.5.1. Boron Recovery

The boron recovery is based on a combination of bench and pilot scale metallurgical testwork. For the vat leach stage, boron recovery estimates are based on both column and vat leaching testwork, conducted at both bench-scale and full-height vat leach, along with analysis of partially leached leach residue. This testwork confirmed that a boron loss of about 15.5% is to be expected during the leach stage due to dissolution and washing. For the balance of the flowsheet, boron losses in the IR1 filter cake, due to co-precipitation and washing, the EVP1, EVP2 & CRZ2 sulfate salts and the lithium circuit chloride bleed are expected to total to about 6.2%. These losses were confirmed by bench-scale and pilot-scale testing, measured displacement washing performance, centrifuge performance pilot testing, integration of these results in the heat and mass balance and lithium brine cleaning testing. Thus, the overall recovery of boron is expected to be about 78.3%, a decrease to the 78.6% recovery reported in the 2020 feasibility study. This is primarily driven by higher losses associated with the shorter leach time. However, since the FS, the process plant recoveries have improved, notably through reduced co-precipitation and soluble losses in dewatering equipment, following pilot-scale testwork.

10.5.2. Lithium Recovery

The lithium recovery is based on a combination of bench and pilot scale metallurgical testwork. For the vat leach stage, lithium recovery estimates are based on both column and vat leaching testwork, conducted at both bench-scale and full-height vat leach, along with analysis of partially leached leach residue. This testwork confirmed that a lithium loss of about 9.2% is to be expected during the leach stage due to dissolution and washing. For the balance of the flowsheet, lithium losses in the IR1 filter cake, due to co-precipitation and washing, the EVP1, EVP2 & CRZ2 sulfate salts and the lithium circuit chloride bleed are expected to total to about 5.6%. These losses were confirmed by bench-scale and pilot-scale testing, measured displacement washing performance, centrifuge performance pilot testing, integration of these results in the heat and mass balance and lithium brine cleaning testing. Thus, the overall recovery of lithium is expected to be about 85.2%, an improvement over the 84.6% recovery reported in the 2020 feasibility study, following pilot-scale testwork and flowsheet optimization, notably for the vat leach stage.

10.5.3. Key Factors Influencing Boron and Lithium Recovery in Leaching Processes

Recovery of boron and lithium is primary influenced by the ore head grade and the operating pH of the leach system. Testwork has shown that a pH of 0 is required to effectively extract boron and lithium from clay minerals. During leaching, the system typically operates with 100-400 g/L of free acid while, during loading and neutralization stages, the acidity ranges from 1-20 g/L. Only under upset conditions or after extended shutdowns does the pH rise above 2.

Gangue minerals, such as carbonates and clays, do not prevent boron and lithium dissolution, but variability in calcite and dolomite grade significantly affects free acid availability due to their high acid consumption. Calcium and magnesium, which leach faster than most gangue elements, are primarily extracted during the loading and neutralization stages. This allows for effective boron and lithium extraction during leach stages 1, 2 and 3. Iron, potassium and aluminum exhibit slower leach kinetics. Iron is often present as pyrite, which leaches poorly under the low oxidizing conditions in vats, while aluminum and potassium are typically found in potassium feldspar, which is resistant to sulfuric acid leaching. These elements, even when present in higher concentrations, do not significantly impact acid consumption or boron and lithium recovery.

Sodium, associated with searlesite (a borosilicate) mineral, is partially leached during the early stages due to its faster kinetics in sulfuric acid. Fluorine is not an acid-consuming element and is released into solution once the clay matrix is broken down.

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| **10-31** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Lithium recovery can be affected by co-precipitation with aluminum or ferric hydroxides if the pH rises above 3-4. Under normal conditions, the pH remains between 0 and 1, minimizing this risk. Acid consumption must be adjusted based on gangue mineral content to ensure complete utilization and avoid negative impacts on recovery.

Feed permeability and competency after leaching are high, making vat leaching feasible for the Rhyolite Ridge Project. Clay content is a critical parameter, influencing permeability, washability and, overall recovery. This limits blending of high clay stream ore (M5) to 10%, while higher blending ratios are possible for S5 and L6 ores.

Boron losses due to co-precipitation, forming of calcium and sodium borates, were observed during IR1 Alunite testwork campaigns. Lithium losses were linked to pH excursions and adsorption onto aluminum precipitates. These losses were mitigated at pilot scale by optimizing seed recycle rates, stabilizing pH through controlled reagent addition and maintaining temperatures above 80°C (176°F).

Soluble boron and lithium losses during the IR1 filter cake washing step were influenced by wash efficiency, flow rate and temperature. Additional losses during sulfate salt dewatering in evaporation and crystallization units were also tied to wash efficiency. These were reduced through repulping and implementing a second washing and dewatering stage. Gangue mineral variability did not significantly affect wash efficiency or residual moisture content.

10.6. QP's Opinion

10.6.1. Adequacy of Testwork Data and Analytical Methods

The metallurgical testwork conducted and the analytical procedures used follow conventional industrial practice and are considered adequate for the purposes of this technical report summary. The stream 1 testwork completed during the FS strengthened the process maturity of the Rhyolite Ridge Project and was further improved upon with the additional testwork completed thereafter. Testwork programs conducted for stream 2 prior to 2024 showed that it could be subjected to the same recovery processes as stream 1.

Additional metallurgical testwork undertaken after 2024 focused on optimizing leach residence time and evaluating the processing of stream 2 feedstock. These investigations were aligned with established industrial practices and provided further insights into the treatment and recovery potential of low-grade materials. These findings contribute to a better understanding of process performance under varying feed conditions and support future efforts to improve operational efficiency.

10.6.2. Boric Acid Flotation Testwork Observation

While good recoveries were achieved in the boric acid flotation testwork, difficulties were encountered in achieving the original target concentrate grade of 85%. This was due to several lab operational issues including unsaturated brines, poor temperature control, cementation/aggregation of sulfates to boric acid crystals, and the mixture of different temperature crystals. A thorough analysis was completed by ioneer to address these challenges, from which three major improvements were recommended: (1) segregating the EVP1 and CRZ2 flotation circuits, (2) performing flotation prior to crystal dewatering, and (3) lowering the target concentrate grade to 50% boric acid. A subsequent flotation testwork program, carried out at Kemetco in July 2021, demonstrated that boric acid can be selectively floated from crystals slurries in all stages. It should be noted that boric acid recovered from flotation is recycled, redissolved and recrystallized so operating flexibility exists in the grade to optimize recovery.

Opportunities for improving boric acid extraction and concentration were evaluated. Tests were done on the flotation of crystals in the mother liquor to show that the precipitation of sulfates on boric acid crystals and fines production could be avoided. In addition to this flowsheet alteration, a design back-up and process guarantee

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

from the flotation vendor serves as a technical and commercial mechanism to increase overall boric acid recovery should the industrial results lag the lab work.

It is the QP's opinion that the initial challenges have been addressed and that flotation is considered an appropriate processing method to produce boric acid. However, it is recommended that more tests be conducted to fully optimize the circuit to achieve its full potential.

10.6.3. PLS Impurity Removal (IR1)

Initially, evidence of channeling, bypassing and generally poor filtration with bench scale testing led to uncertainty around the effectiveness of the wash step to prevent entrainment of lithium-containing liquor within the filter cake. When testing was conducted at pilot level and healthy seed populations were established, a marked improvement in filtration performance and co-precipitation losses was observed. The subsequent additional testing, conducted after the completion of the DFS, in collaboration with specialist filtration equipment vendors, verified this improvement.

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| **10-33** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

11. MINERAL RESOURCE ESTIMATES

The August 2025 mineral resource is updated to the October 2025 mineral resource with the inclusion of changes to the resource block model, the plant processing approach and cost changes. These changes are discussed in Chapter 11.10.

11.1. Geological Modeling Methodology and Assumptions

The QP assumed that the mineralized zones are continuous between drill holes based on review of the drill hole data and previous reports. The seam continuity has been offset by faulting, but the grade continuity can be seen across the fault offsets in cross sections. It was assumed that grades vary between drill holes based on a distance-weighted interpolator. This assumption of the geology was used directly in guiding and controlling the mineral resource estimation. The mineralized zones were modeled as stratigraphically controlled lithium-boron deposits. The primary directions of continuity for the mineralization are horizontal and parallel to the seam floor (as influenced by faulting), within the geological units of G5, M5, B5, G6, L6, and Lsi for which grades were estimated.

The geological model was updated to incorporate additional ioneer geological mapping, geophysical data, and new drill hole information along the eastern side of the basin. This update provided additional geological constraint on the basin stratigraphy's geometry east of the limits of drill hole data in support of geotechnical modeling and analysis in progress on the Project. In addition, this update expands the definition of mineralization in the southeast area of the basin.

The incorporation of this additional mapping changed the interpretation of the eastern portion of the basin- scale syncline from a simple monoclinal eastern limb to a more complex eastern limb, with bed geometry and thickness modified by a series of basin-scale folds and faults. Additional bookcase style faulting associated with larger fault structures in the basin were added along the central fault and edge fault based on Phase 2 and Phase 3 drilling (2023-2024) and lithology logs.

The primary factor affecting the continuity of both geology and grade is the lithology of the geological units. HiB-Li mineralization is favorably concentrated in marl-claystone of the B5, and L6 units, with minor concentration in the M5 unit. Similarly, the LoB-Li mineralization is favorably concentrated in the M5, S5, and L6 units. Mineralogy of the units has a direct effect on the continuity of the mineralization, with elevated boron grades in the B5 and M5 units associated with a distinct reduction in carbonate and clay content in the units, while higher lithium values tend to be associated with elevated clay and carbonate, and occasionally increase in K-feldspar content in these units. Additional factors affecting the continuity of geology and grade include the spatial distribution and thickness of the host rocks, which have been impacted by both syn-depositional and post-depositional geological processes (i.e., localized faulting, erosion).

11.2. Geological Modeling Database

All available ioneer, Global Geoscience (now ioneer) and ALM exploration drilling data, including survey information, downhole geological units, sample intervals and analytical results, were compiled by ioneer personnel. Most of the exploration data used by IMC was extracted from a series of Excel documents provided by ioneer to IMC personnel. All geologic and assay data was compiled by ioneer into a Hexagon Torque database in 2024 and provided to IMC. GSI Environmental (GSI), under the direction of ioneer, updated the geologic model of the Cave Springs seams along with the overburden and basement rock types. A fault block model consisting of 30 fault blocks was developed based on the drill hole data, geophysical data and surface mapping. The seam and fault block models were provided to IMC as surface and solids models. IMC incorporated these models into a block model of 7.62 x 7.62 x 1.52 m (25 x 25 x 5 ft) blocks using a nearest whole block assignment method. This block model was re-blocked into a model with 7.62 x 7.62 x 9.14 m (25 x 25 x 30 ft) blocks for the tabulation of the mineral resources and mineral reserves.

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| ![](img086.jpg) | **11-1** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Validated drilling data for the South Basin of Rhyolite Ridge comprised 166 drill holes (51 RC and 115 core drill holes) totaling 33,519 m (109,969 ft) of drilling and containing 13,481 analytical sample intervals within 20,868 m (68,464 ft) of drilling in 160 holes. The drill hole data used for the October 2021 resource was comprised of 112 drill holes (46 RC and 66 core holes) totaling 24,336 m (79,840 ft) and containing 11,934 analytical samples.

Compiled supporting documentation for the drill data included laboratory certificates, descriptive logs, core and chip photos, collar survey reports, geological maps and internal report documents. The drill hole data was provided to IMC in the form of exported Excel files from Hexagon Torque database. IMC loaded the data into its IMC proprietary geologic modeling software. The seams of economic interest have a higher percentage of footage assayed, with both M5 and B5 having greater than 90% of the seam intervals assayed and S5 and L6 closer to 70% assayed.

Table ‎11-1 documents the number of drill hole intervals and assayed intervals by seams and rock types used for the current mineral resource.

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| ![](img086.jpg) | **11-2** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎11-1 - Summary of Drill Hole Database Intervals by Seam** 

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| Seam Code | Seam Name | Drill Database Intervals | Drill Database Intervals | Database Intervals Assayed | Database Intervals Assayed | Database Intervals Assayed | Database Intervals Assayed |
|  |  | Number | &nbsp;&nbsp; Length<br> (m) | Number | Drilled Length<br> (m) | &nbsp;&nbsp; Avg. Length<br> (m) | % of length assayed |
| 1 | Qal | &nbsp;&nbsp;775 | &nbsp;&nbsp;4376.56 | &nbsp;&nbsp;648 | &nbsp;&nbsp;1391.6 | &nbsp;&nbsp;2.15 | &nbsp;&nbsp;31.80% |
| 3 | S3 | &nbsp;&nbsp;2915 | &nbsp;&nbsp;8442.17 | &nbsp;&nbsp;2849 | &nbsp;&nbsp;4490.2 | &nbsp;&nbsp;1.58 | &nbsp;&nbsp;53.22% |
| 4 | G4 | &nbsp;&nbsp;397 | &nbsp;&nbsp;899.10 | &nbsp;&nbsp;328 | &nbsp;&nbsp;3550.7 | &nbsp;&nbsp;1.53 | &nbsp;&nbsp;56.08% |
| 5 | M4 | &nbsp;&nbsp;749 | &nbsp;&nbsp;1594.8 | &nbsp;&nbsp;660 | &nbsp;&nbsp;987.1 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;61.87% |
| 6 | G5 | &nbsp;&nbsp;231 | &nbsp;&nbsp;382.31 | &nbsp;&nbsp;164 | &nbsp;&nbsp;245.3 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;64.17% |
| 7 | M5 | &nbsp;&nbsp;1421 | &nbsp;&nbsp;2032.25 | &nbsp;&nbsp;1326 | &nbsp;&nbsp;1957.4 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;96.69% |
| 8 | B5 | &nbsp;&nbsp;2098 | &nbsp;&nbsp;3046.23 | &nbsp;&nbsp;1980 | &nbsp;&nbsp;2966.8 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;97.19% |
| 9 | S5 | &nbsp;&nbsp;1375 | &nbsp;&nbsp;2603.45 | &nbsp;&nbsp;1256 | &nbsp;&nbsp;1893.6 | &nbsp;&nbsp;1.51 | &nbsp;&nbsp;72.62% |
| 10 | G6 | &nbsp;&nbsp;570 | &nbsp;&nbsp;1218.19 | &nbsp;&nbsp;509 | &nbsp;&nbsp;747.2 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;64.07% |
| 11 | L6 | &nbsp;&nbsp;2348 | &nbsp;&nbsp;4194.93 | &nbsp;&nbsp;2220 | &nbsp;&nbsp;3317.0 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;78.93% |
| 12 | Lsi | &nbsp;&nbsp;679 | &nbsp;&nbsp;1407.75 | &nbsp;&nbsp;641 | &nbsp;&nbsp;972.3 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;69.07% |
| 14 | G7 | &nbsp;&nbsp;445 | &nbsp;&nbsp;791.27 | &nbsp;&nbsp;414 | &nbsp;&nbsp;625.3 | &nbsp;&nbsp;1.43 | &nbsp;&nbsp;79.02% |
| 15 | Tlv | &nbsp;&nbsp;89 | &nbsp;&nbsp;918.48 | &nbsp;&nbsp;51 | &nbsp;&nbsp;77.0 | &nbsp;&nbsp;1.51 | &nbsp;&nbsp;8.33% |
| 16 | Tbx | &nbsp;&nbsp;428 | &nbsp;&nbsp;966.08 | &nbsp;&nbsp;396 | &nbsp;&nbsp;609.4 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;63.08% |
| 18 | Z | &nbsp;&nbsp;44 | &nbsp;&nbsp;181.97 | &nbsp;&nbsp;41 | &nbsp;&nbsp;61.6 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;33.84 |

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| Seam Code | Seam Name | Drill Database Intervals | Drill Database Intervals | Database Intervals Assayed | Database Intervals Assayed | Database Intervals Assayed | Database Intervals Assayed |
|  |  | Number | &nbsp;&nbsp; Length<br> (ft) | Number | Drilled Length<br> (ft) | &nbsp;&nbsp; Avg. Length<br> (ft) | % of footage assayed |
| 1 | Qal | &nbsp;&nbsp;775 | &nbsp;&nbsp;14358.8 | &nbsp;&nbsp;648 | &nbsp;&nbsp;4565.6 | &nbsp;&nbsp;7.05 | &nbsp;&nbsp;31.80% |
| 3 | S3 | &nbsp;&nbsp;2915 | &nbsp;&nbsp;27697.4 | &nbsp;&nbsp;2849 | &nbsp;&nbsp;14731.7 | &nbsp;&nbsp;5.17 | &nbsp;&nbsp;53.22% |
| 4 | G4 | &nbsp;&nbsp;397 | &nbsp;&nbsp;2949.80 | &nbsp;&nbsp;328 | &nbsp;&nbsp;11649.2 | &nbsp;&nbsp;5.03 | &nbsp;&nbsp;56.08% |
| 5 | M4 | &nbsp;&nbsp;749 | &nbsp;&nbsp;5232.30 | &nbsp;&nbsp;660 | &nbsp;&nbsp;3238.6 | &nbsp;&nbsp;4.91 | &nbsp;&nbsp;61.87% |
| 6 | G5 | &nbsp;&nbsp;231 | &nbsp;&nbsp;1254.30 | &nbsp;&nbsp;164 | &nbsp;&nbsp;804.9 | &nbsp;&nbsp;4.91 | &nbsp;&nbsp;64.17% |
| 7 | M5 | &nbsp;&nbsp;1421 | &nbsp;&nbsp;6667.50 | &nbsp;&nbsp;1326 | &nbsp;&nbsp;6422 | &nbsp;&nbsp;4.84 | &nbsp;&nbsp;96.69% |
| 8 | B5 | &nbsp;&nbsp;2098 | &nbsp;&nbsp;9994.20 | &nbsp;&nbsp;1980 | &nbsp;&nbsp;9733.5 | &nbsp;&nbsp;4.91 | &nbsp;&nbsp;97.19% |
| 9 | S5 | &nbsp;&nbsp;1375 | &nbsp;&nbsp;8541.50 | &nbsp;&nbsp;1256 | &nbsp;&nbsp;6212.5 | &nbsp;&nbsp;4.95 | &nbsp;&nbsp;72.62% |
| 10 | G6 | &nbsp;&nbsp;570 | &nbsp;&nbsp;3966.70 | &nbsp;&nbsp;509 | &nbsp;&nbsp;2541.5 | &nbsp;&nbsp;4.99 | &nbsp;&nbsp;64.07% |
| 11 | L6 | &nbsp;&nbsp;2348 | &nbsp;&nbsp;13762.90 | &nbsp;&nbsp;2220 | &nbsp;&nbsp;10882.7 | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;78.93% |
| 12 | Lsi | &nbsp;&nbsp;679 | &nbsp;&nbsp;4618.60 | &nbsp;&nbsp;641 | &nbsp;&nbsp;3190.10 | &nbsp;&nbsp;4.98 | &nbsp;&nbsp;69.07% |
| 14 | G7 | &nbsp;&nbsp;445 | &nbsp;&nbsp;2596.03 | &nbsp;&nbsp;414 | &nbsp;&nbsp;2051.5 | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;79.02% |
| 15 | Tlv | &nbsp;&nbsp;89 | &nbsp;&nbsp;3013.40 | &nbsp;&nbsp;51 | &nbsp;&nbsp;252.5 | &nbsp;&nbsp;4.95 | &nbsp;&nbsp;8.33% |
| 16 | Tbx | &nbsp;&nbsp;428 | &nbsp;&nbsp;3169.54 | &nbsp;&nbsp;396 | &nbsp;&nbsp;1999.5 | &nbsp;&nbsp;5.05 | &nbsp;&nbsp;63.08% |
| 18 | Z | &nbsp;&nbsp;44 | &nbsp;&nbsp;597.01 | &nbsp;&nbsp;41 | &nbsp;&nbsp;202.00 | &nbsp;&nbsp;4.93 | &nbsp;&nbsp;33.84 |

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| ![](img086.jpg) | **11-3** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

11.3. Exploratory Data Analysis

Exploratory data analysis (EDA) on the geological model database was completed prior to developing the resource block model. The EDA involved statistical and geostatistical analysis of the verified data to allow for evaluation of the statistical and spatial variability of the model data.

The EDA aided in defining the geological domains used in modeling by identifying statistical and spatial trends in the data. The EDA process also aided in the development of interpolation parameters and in the establishment of mineral resource categorization parameters.

11.3.1. Statistical Analysis

Descriptive statistics, histograms, box plots, probability plots, and cross plots were used to evaluate the geological and grade data as part of both the data validation and modeling process. Key findings from the statistical analyses are as follows:

- Lithium and boron grade values are highly variable in units other than the targeted mineralized units (B5, M5, S5, and L6) particularly in S3.

All units other than B5, M5, and L6 show very low boron grades except for isolated high outliers. The impact of high outlier sample values for boron is particularly pronounced in the S3 and S5 siltstone-claystone units that occur above and below the mineralized sequence, respectively. All units show wider lithium grade ranges; as expected B5, M5, and L6 show the highest-grade populations; however, there is more pronounced overlap with ranges for many of the other units as compared to the boron values. This is attributed to the presence of isolated horizons of LoB-Li mineralization in some of the other units.

The B5 unit shows near normal distributions for both lithium and boron, with minimal outlier values. This tighter distribution of values is expected based on the high boron cut-off grade of 5,000 ppm that is used as one of the defining parameters for the unit by segregating only the HiB-Li mineralization (excluding the LoB-Li mineralization where possible).

The B5 probability plots show a small population of very low-grade lithium and boron samples, with less than 18% of the samples below 5,000 ppm boron and 3% below 1,000 ppm lithium.

The M5 unit shows a different distribution, with the boron population skewed strongly towards the low values (90% < 5,000 ppm) and the lithium population skewed towards the higher values (97% > 1,000 ppm). The high outlier boron values and low outlier lithium values observed are a result of the presence of the transitional zone near the base of the M5 unit, where the mineralization transitions from LoB-Li mineralization to HiB-Li mineralization in the underlying B5 unit.

- Both lithium and boron probability plots show the presence of more than one population of values, indicated by changes in slope in the probability plots.

The S5 unit has a large percentage of lower values for both boron and lithium with 95% of the boron assays are less than 5,000 ppm and 67% of the lithium assays less than 1,000 ppm. The L6 unit shows similar distributions to M5 with the boron population having 25% of the assays greater than 5,000 ppm and the lithium population having 60% of the assays greater than 1,000 ppm. The patterns are attributed to the likely presence of both LoB-Li and HiB-Li mineralization throughout the unit.

The G6 unit is shown on the accompanying cumulative frequency plots to present the distribution of the central seams from M5 to L6. G6 is low grade with less than 1% of the boron assays greater than

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| ![](img086.jpg) | **11-4** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

5,000 ppm and only 5% of the lithium grades greater than 1,000 ppm. G6 is not part of the mineral resource and thus grades are not estimated into this seam.

Figure ‎11-1 shows the cumulative frequence of boron assays in the central seams and Figure ‎11-2 shows the cumulative frequence of the lithium assays. The central seams from top down are G5 (dark blue), M5 (light blue), B5 (red), S5 (orange), G6 (black), L6 (green) and Lsi (brown). The seven central seams received grade estimates.

**Figure *‎*11-1 – Cumulative Frequency Plot for Boron**

Source: ioneer, 2025

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| ![](img086.jpg) | **11-5** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img035.jpg)

**Figure *‎*11-2 - Cumulative Frequency Plot for Lithium**

Source: ioneer, 2025

11.3.2. Geostatistical Analysis

The assaying of the drill hole data was done predominantly on 1.52 m (5 ft) lengths with 88.5% of the intervals being 1.52 m as shown on Table ‎11-2. The grades of the sample lengths greater than 1.52 m are on average lower grades and some very short intervals (less than 0.76 m) can have higher than average grades. To remove any bias, the assay data was composited into uniform 1.52 m intervals which respected the seam boundaries (total length of a drill hole within each seam divided into equal lengths as close to 1.52 m). Table ‎11-3 shows the comparison of the assay database and the 1.52 m composites respecting the seam boundaries database. The impact to the seams of interest (G5 to Lsi) is slightly fewer composites (more of the shorter assay intervals being combined) with less than one percent change in the average grades.

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| ![](img086.jpg) | **11-6** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎11-2 - Lengths of Assay Intervals** 

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| **Length (m)** | **Length (ft)** | **Number of Sample Lengths** | **Average Boron Grade, ppm** | **Average Lithium Grade, ppm** | **Average Length, meters** | **Total Length, meters** | **% of Sample Length** |
| **0.00 - 0.762** | 0.00 - 2.50 | 83 | 3767 | 1503 | 0.582 | 48.25 | 0.23% |
| **0.765 - 1.521** | 2.51 - 4.99 | 792 | 2344 | 1603 | 1.192 | 944.37 | 4.53% |
| **= 1.524** | 5.00 | 12114 | 3161 | 971 | 1.524 | 18461.96 | 88.47% |
| **1.527 - 2.283** | 5.01 - 7.49 | 256 | 1669 | 1515 | 1.725 | 441.87 | 2.12% |
| **2.286 - 3.045** | 7.50 - 9.99 | 63 | 283 | 561 | 2.765 | 174.07 | 0.83% |
| **>= 3.048** | >= 10.00 | 173 | 423 | 291 | 4.612 | 798.07 | 3.82% |
| **Total** | **Total** | 13481 | 3040 | 1011 |  | 20868.59 |  |

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**Table ‎11-3 - Comparison of Assay Database and Composite Database**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Seam** | **Seam** | &nbsp;&nbsp;**Assay Database** | &nbsp;&nbsp;**Assay Database** | &nbsp;&nbsp;**Assay Database** | &nbsp;&nbsp;**1.52 m (5 ft) Composites, Respecting Seams** | &nbsp;&nbsp;**1.52 m (5 ft) Composites, Respecting Seams** | &nbsp;&nbsp;**1.52 m (5 ft) Composites, Respecting Seams** |
|  |  | Number | Average Boron, ppm | Average Lithium, ppm | Number | Average Boron, ppm | Average Lithium, ppm |
| **1** | Qal | 648 | 35 | 40 | 918 | 31 | 34 |
| **3** | S3 | 2849 | 235 | 310 | 2952 | 251 | 316 |
| **4** | G4 | 329 | 58 | 162 | 333 | 58 | 163 |
| **5** | M4 | 660 | 65 | 1111 | 660 | 64 | 1111 |
| **6** | G5 | 164 | 68 | 530 | 162 | 69 | 537 |
| **7** | M5 | 1331 | 1486 | 2391 | 1310 | 1500 | 2389 |
| **8** | B5 | 1977 | 14349 | 1940 | 1968 | 14346 | 1940 |
| **9** | S5 | 1254 | 770 | 882 | 1250 | 763 | 878 |
| **10** | G6 | 509 | 202 | 341 | 509 | 202 | 341 |
| **11** | L6 | 2217 | 3578 | 1251 | 2192 | 3615 | 1253 |
| **12** | Lsi | 641 | 1280 | 926 | 640 | 1277 | 925 |
| **14** | G7 | 414 | 45 | 295 | 412 | 45 | 294 |
| **15** | Tlv | 51 | 26 | 269 | 51 | 26 | 268 |
| **16** | Tbx | 396 | 60 | 108 | 401 | 60 | 107 |
| **18** | Z | 41 | 31 | 85 | 41 | 30 | 85 |
| **Total** | **Total** | 13481 | 3040 | 1011 | 13799 | 2963 | 984 |

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Gamma (h) from modified covariance variograms (variograms) were generated to evaluate the spatial continuity of key grade parameters for the G5, M5, B5, S5, G6, L6, and Lsi units using the 1.52 m composite database. Variogram analysis focused on evaluating the spatial continuity of lithium and boron within the mineralized units and to guide the search distances for grade estimation.

Directional variograms were generated by seams on 22.5-degree azimuth increments and some additional azimuths to evaluate potential directional anisotropy for the grade parameters in each of the seams. The experimental variograms were generated using lag distances (the separation distance between members of a

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

sample pairing used to generate the experimental variogram) of 91.4 m (300 ft); this allowed for enough sample pairs to generate moderate to well defined variograms.

In units M5, B5 and L6 units, boron showed relatively consistent variogram ranges (the distance at which the variogram reaches the sill and levels off) typically in excess of 610 m (2,000 ft) north-south and 580 m (1,900 ft) east-west and ranges for lithium are above 610 m (2,000 ft) for M5 and B5, with L6 closer to 275 m (900 ft). The variogram range distance is the distance beyond which there is no spatial correlation between members of a sample pairing. The variogram range is an important parameter in evaluating interpolation parameters as well as Mineral Resource categorization parameters as it represents the spatial confidence of continuity of the grade parameters.

The experimental variograms were fitted using a one-structure spherical variogram model. Examples of boron and lithium variograms are presented for units B5 and L6 in Figure ‎11-3.

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| ![](img086.jpg) | **11-8** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img036.jpg)

**Figure *‎*11-3 - Example Variogram for B5 and L6 – Boron (left) and Lithium (right)**

Source: ioneer, 2025

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

11.4. Geological Modeling

The mineral resource estimation for the Project was performed under the supervision of the QP. The geological model was developed as a stratigraphically constrained grade block model using IMC modeling proprietary software which encompasses computer-assisted geological grade modeling and estimation software applications. The stratigraphic and fault block models were developed by GSI under the direction of ioneer and provided to IMC for the basis of grade estimation for the development of the mineral resource.

IMC reviewed the stratigraphic and fault block models in cross section compared to the drill hole data of the seam assignments and accepts the current interpretation for developing the mineral resource. The geological interpretation was used to control the mineral resource estimate by developing a contiguous stratigraphic model (all units in the sequence were modeled) of the host rock units deposited within the basin, roof, and floor contacts of which then served as hard contacts for constraining the grade interpolation.

The mineral resource block model covers 6,096 m (20,000 ft) in the north-south direction and 3,962 m (13,000 ft) east-west within the South Basin of Rhyolite Ridge. The mineral resource estimation area within the block model as defined by the spatial extent of the B5 unit Inferred Mineral Resource classification limits, are approximately 3,658 m (12,000 ft) north-south by 1,675 m (5,500 ft) east-west. The upper and lower limits of the mineral resource span from surface at 1946 m (6,385 ft) elevation, where the mineralized unit M5 outcrop locally, through to a maximum depth at 1,470 m (4,825 ft) for the base of the lower mineralized zone (L6 unit), spanning a vertical distance of 475 m (1,560 ft). The model extent is shown in Figure ‎11-4.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img037.jpg)

**Figure *‎*11-4 - Model Extents**

Source: ioneer, 2025

11.4.1. Topographic Model

The topographic model for the Project was provided by ioneer to IMC in a dxf file format. 3D contours with a resolution of 50 cm (1.64 ft) were exported from the PhotoSat satellite topographic data set and converted from NAD83 to NVSPW 1983 projections by NewFields. The contours were visually inspected by IMC to ensure the data covered the area of interest and that it was free of obvious errors, or omissions.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

The contour data was then interpolated across a regularized grid by triangulation; the grid cell size for the model was 7.62 by 7.62 m (25 by 25 ft). As a validation of the modeled topographic surface, collar elevations from the DGPS surveyed drill hole were compared against the collar elevations from the topographic model; the mean difference between collar elevation and topographic model elevation was ±0.35 m (1.15 ft) (range of 0 to 2.8 m [8 ft], with 93% being within 1.52 m [5 ft]). The differences are due to the smoothing of the topographic grid in triangulation and Earth movement during the preparation of drill pads.

11.4.2. Stratigraphic Model

The seams or units within the Cave Springs Formation (CSF) have been modeled and provided to IMC as surfaces of the floor and ceiling of each seam. All seams with the CSF have been modeled along with the alluvial overburden and volcanics which form the basement and boundaries of the CSF. The seams have been offset by concurrent and post depositional faulting.

Variability of the mineral resource is associated primarily with the petrophysical and geochemical properties of the individual geological units (seams) in the Cave Spring Formation. These properties played a key role in determining units that were favorable for hosting lithium-boron mineralization versus those that were not. On a basin scale, proximity or distance relative to the interpreted source pathways for the mineralizing fluids is a key component in grade distribution and variability across the deposit; lithium and boron grades appear highest in the southwest portion of the South Basin, proximal to the western bounding fault of the basin.

Geological domaining in the model was constrained by the roof and floor surfaces of the geological units and the offsets at the fault block boundaries. The unit boundaries were modeled as hard boundaries, with samples interpolated only within the unit in which they occur but can use composite samples within the unit across fault boundaries. The geological units modeled are summarized in Table ‎11-4. The maximum and minimum elevations of the seams is distorted by the fault offsets as seen in Figure ‎11-5 (east-west sections at N14,234,000, N14,236,000, N14,240,000 looking north) and Figure ‎11-6 (north-south sections at E2,836,000 E2,837,000, looking west).

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎11- 4 - Summary of Geological Units in 1.52 m Block Height Model**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Seam Unit & Model Code** | **Mean Thickness (m)** | **Minimum Thickness (m)** | **Maximum Thickness (m)** | **Minimum Elevation (m)** | **Maximum Elevation (m)** |
| Q1 (1) | 26.2 | 1.5 | 68.6 | 1762 | 2118 |
| S3 (3) | 82.6 | 1.5 | 260.6 | 1617 | 2068 |
| G4 (4) | 9.8 | 1.5 | 33.5 | 1606 | 2047 |
| M4 (5) | 11.0 | 1.5 | 61.0 | 1596 | 1951 |
| G5 (6) | 5.8 | 1.5 | 32.0 | 1594 | 1948 |
| M5 (7) | 13.4 | 1.5 | 51.8 | 1582 | 1966 |
| B5 (8) | 16.2 | 1.5 | 86.9 | 1561 | 1954 |
| S5 (9) | 16.2 | 1.5 | 80.8 | 1543 | 1932 |
| G6 (10) | 10.7 | 1.5 | 36.6 | 1521 | 1943 |
| L6 (11) | 56.7 | 1.5 | 217.9 | 1471 | 2057 |
| Lsi (12) | 27.7 | 1.5 | 65.5 | 1446 | 1881 |
| G7 (14) | 11.9 | 1.5 | 100.6 | 1430 | 2076 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Seam Unit & Model Code** | **Mean Thickness (ft)** | **Minimum Thickness (ft)** | **Maximum Thickness (ft)** | **Minimum Elevation (ft)** | **Maximum Elevation (ft)** |
| Q1 (1) | 86 | 5 | 225 | 5785 | 6960 |
| S3 (3) | 271 | 5 | 855 | 5295 | 6775 |
| G4 (4) | 32 | 5 | 110 | 5275 | 6690 |
| M4 (5) | 36 | 5 | 200 | 5235 | 6480 |
| G5 (6) | 19 | 5 | 105 | 5230 | 6480 |
| M5 (7) | 44 | 5 | 170 | 5190 | 6495 |
| B5 (8) | 53 | 5 | 285 | 5125 | 6500 |
| S5 (9) | 53 | 5 | 265 | 5060 | 6530 |
| G6 (10) | 35 | 5 | 120 | 4985 | 6585 |
| L6 (11) | 186 | 5 | 715 | 4830 | 6685 |
| Lsi (12) | 91 | 5 | 215 | 4735 | 6115 |
| G7 (14) | 39 | 5 | 330 | 4685 | 6635 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img038.jpg)

**Figure *‎*11-5 - East - West Cross Sections**

Source: ioneer, 2025

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img039.jpg)

**Figure *‎*11-6 - North - South Cross Sections**

Source: ioneer, 2025

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

11.4.3. Fault Block Model

The model of the fault blocks has 30 different fault blocks which have off set the CSF seams within the south basin block model. The offsets are seen in Figure ‎11-5 and Figure ‎11-6. Figure ‎11-7 shows the boundaries of the fault blocks at 5,600 ft (1,708 m) elevation in the 1.52 m (5 ft) block height model. The development of the fault block model is discussed in Section 7.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img040.jpg)

**Figure *‎*11-7 - Fault Blocks at 5,600 ft (1,706 m) Elevation**

Source: ioneer, 2025

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| ![](img086.jpg) | **11-17** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

11.4.4. Grade Model

This sub-section contains information related to density and grade for the Project.

11.4.4.1. Estimation Approach

The grades for the following elements were estimated from the drill hole 1.52 m composite database into the block model using an inverse distance squared interpolation approach. The elements estimated (and the block model code and units) are: boron (b_id, ppm), lithium (li_id, ppm), calcium (ca_id, %), magnesium (mg_id, %), sodium (na_id, %), potassium (k_id, %), aluminum (al_id, %), iron (fe_id, %), strontium (sr_id, ppm), and manganese (mn_id, ppm). In all estimation runs, the estimations were restricted to the individual seam being estimated, but the search for drill hole data points could cross the fault block boundaries. Statistics have shown that the grades are comparable across the fault block boundaries and much of the faulting occurred post mineral deposition.

The orientation of the seams based on the floor contours of the seam change orientation in some areas of the deposit due to faulting and folding of the seams. Figure ‎11-8 illustrates this with the floor contours of the B5 seam. To account for these changes, estimation domains were developed based on the orientation of the seam floor for the seven seams being estimated (G5, M5, B5, S5, G6, L6 and Lsi). The orientation of the search ellipse was modified to reflect the orientation of the seam floor. The search distance based on the variogram results was held constant for all the domains within each of the seams.

No grade capping was applied to the assay data prior to compositing to the 1.52 m composite lengths. A review of the cumulative frequency plots and the high-grade samples provided support that capping was not needed.

The maximum distance for the grade estimations is based on the variogram results for the seams. With the orientations adjusted for the various domains within each seam, distances are:

- G5: 305 x 305 m (1,000 x 1,000 ft);

- M5: 533.4 x 533.4 m (1,750 x 1,750 ft);

- B5: 533.4 x 533.4 m (1,750 x 1,750 ft);

- S5: 228.6 x 228.6 m (750 x 750 ft);

- G6: 228.6 x 228.6 m (750 x 750 ft);

- L6: 305 x 305 m (1,000 x 1,000 ft);

- Lsi: 305 x 305 m (1,000 x 1,000 ft).

These search distances are within the range of the variogram results for the seams.

The same search distance was used for all the elements being estimated. The vertical window of 61 m (200 ft) was selected to be able to use assay data from adjacent domains where seam offsets occur (usually defined by fault block boundaries).

The grades into the block model (block size of 7.62 x 7.62 x 1.52 m or 25 x 25 x 5 ft) are estimated using an inverse distance squared approach. The number of samples used to estimate the grades of a model block are a minimum of two, maximum of ten and no more than three from any drill hole. For each model block estimated,

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

the grades were assigned along with the number of samples used, the average distance of the samples to the block center, and the distance to the closest sample.

![](img041.jpg)

**Figure *‎*11- 8 – B5 Estimation Domains**

Source: ioneer, 2025

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

11.4.4.2. Estimation Results and Mineralization

The estimation of the grades into the block model was reviewed by comparison of the block model grades, and the drill hole grades on sections and plans. Tabulation of the grade estimates and the drill hole grades by seam and the fault blocks were reviewed and a summary of the results is shown in Table ‎11-5 and the details of the B5 seam in Table ‎11-6. Both tables used a zero cutoff for boron. Seam S5 is a low-grade seam for both boron and lithium. There has been some smearing of higher grades into the lower grade areas in S5 and the other seams. This occurs predominately in areas below the cutoff grade for the process streams and thus does not impact the tabulation of mineral resources.

**Table ‎11-5 - Comparison of Block Model Grades and Drill Hole Grades**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Seam** | **Block Model** | **Block Model** | **Block Model** | **Block Model** | **Block Model** | **Drill Hole Data** | **Drill Hole Data** | **Drill Hole Data** |
| **Seam** | **# blocks** | **# blocks <br> estimated** | **% estimated** | **Average <br> Boron, <br> ppm** | **Average <br> Lithium, <br> ppm** | **# Assays** | **Average, <br> Boron, <br> ppm** | **Average <br> Lithium, <br> ppm** |
| G5 | 323255 | 145230 | 44.93% | 64 | 473 | 167 | 79 | 790 |
| M5 | 769042 | 509156 | 66.21% | 1166 | 2219 | 1196 | 1601 | 2377 |
| B5 | 713322 | 641938 | 89.99% | 14037 | 1873 | 1789 | 14249 | 1927 |
| S5 | 944061 | 611280 | 64.75% | 800 | 867 | 1197 | 803 | 860 |
| G6 | 628537 | 367690 | 58.50% | 183 | 337 | 501 | 236 | 369 |
| L6 | 4194225 | 1759933 | 41.96% | 3426 | 1216 | 2113 | 3647 | 1250 |
| Lsi | 795574 | 633451 | 79.62% | 910 | 952 | 618 | 1296 | 928 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎11-6 - Comparison of Block Model Grades and Drill Hole Grades for Seam B5** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fault Block** | **Fault Block** | **Block Model** | **Block Model** | **Block Model** | **Block Model** | **Drill Hole Data** | **Drill Hole Data** | **Drill Hole Data** |
| **Fault Block** | **Fault Block** | **# blocks** | **# blocks<br> estimated** | **Average<br> Boron, <br> ppm** | **Average<br> Lithium, <br> ppm** | **# Composites** | **Average,<br> Boron, <br> ppm** | **Average<br> Lithium, <br> ppm** |
| &nbsp;&nbsp;**1** | &nbsp;&nbsp;East Cave Springs Sliver – South | 12 | 12 | 6795 | 2390 |  |  |  |
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;East Cave Springs Sliver - North | 0 |  |  |  |  |  |  |
| &nbsp;&nbsp;**3** | &nbsp;&nbsp;East Cave Spring – Northeast | 28 | 0 |  |  |  |  |  |
| &nbsp;&nbsp;**4** | &nbsp;&nbsp;Cave Springs | 63259 | 63259 | 9741 | 2114 | 157 | 10392 | 2116 |
| &nbsp;&nbsp;**5** | &nbsp;&nbsp;North Tunnel | 9055 | 9055 | 16524 | 2021 | 74 | 16655 | 1990 |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;West Pediment | 148167 | 148167 | 18228 | 1816 | 639 | 19101 | 1837 |
| &nbsp;&nbsp;**7** | &nbsp;&nbsp;Pediment | 22290 | 22290 | 6719 | 2203 | 58 | 4696 | 2136 |
| &nbsp;&nbsp;**8** | &nbsp;&nbsp;Sliver: SBH-121 | 231 | 231 | 355 | 2378 |  |  |  |
| &nbsp;&nbsp;**9** | &nbsp;&nbsp;Sliver: SBH-123-W | 595 | 595 | 992 | 2516 | 11 | 371 | 2707 |
| &nbsp;&nbsp;**10** | &nbsp;&nbsp;Sliver: SBH-121-125 | 246 | 246 | 808 | 2433 |  |  |  |
| &nbsp;&nbsp;**11** | &nbsp;&nbsp;Sliver: SBH-118-104-W | 715 | 715 | 1696 | 2291 |  |  |  |
| &nbsp;&nbsp;**12** | &nbsp;&nbsp;Reynolds Sliver | 1148 | 1148 | 6406 | 2061 | 22 | 6604 | 2080 |
| &nbsp;&nbsp;**13** | &nbsp;&nbsp;SE Graben | 1406 | 1406 | 1207 | 2037 | 13 | 1717 | 2069 |
| &nbsp;&nbsp;**14** | &nbsp;&nbsp;Shelf Block Scallop | 7984 | 7984 | 5654 | 2020 | 72 | 4434 | 2149 |
| &nbsp;&nbsp;**15** | &nbsp;&nbsp;South Tunnel | 5 | 5 | 7863 | 2338 |  |  |  |
| &nbsp;&nbsp;**16** | &nbsp;&nbsp;Traverse | 31 | 31 | 13477 | 2597 |  |  |  |
| &nbsp;&nbsp;**17** | &nbsp;&nbsp;Trough | 36523 | 36378 | 6274 | 2434 | 185 | 6570 | 2402 |
| &nbsp;&nbsp;**18** | &nbsp;&nbsp;Argentite | 2281 | 2281 | 8223 | 2046 |  |  |  |
| &nbsp;&nbsp;**19** | &nbsp;&nbsp;West Syncline | 35555 | 35555 | 15630 | 2137 | 219 | 15071 | 2090 |
| &nbsp;&nbsp;**20** | &nbsp;&nbsp;South Hogback Anomaly | 6269 | 6269 | 13394 | 2131 | 26 | 12481 | 2083 |
| &nbsp;&nbsp;**21** | &nbsp;&nbsp;North Graben | 229665 | 223932 | 14411 | 1723 | 255 | 16710 | 1749 |
| &nbsp;&nbsp;**22** | &nbsp;&nbsp;Hogback Anomaly | 1781 | 1781 | 14886 | 1818 | 12 | 15026 | 1759 |
| &nbsp;&nbsp;**23** | &nbsp;&nbsp;North Hogback Anomaly | 4884 | 4884 | 15082 | 1890 | 12 | 14298 | 1969 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**24** | &nbsp;&nbsp;Neck | 53192 | 53192 | 15510 | 1586 | 161 | 13219 | 1490 |
| &nbsp;&nbsp;**25** | &nbsp;&nbsp;North Syncline | 74878 | 9400 | 6624 | 2333 |  |  |  |
| &nbsp;&nbsp;**26** | &nbsp;&nbsp;Unconformity | 0 |  |  |  |  |  |  |
| &nbsp;&nbsp;**27** | &nbsp;&nbsp;West Basin | 7936 | 7936 | 17463 | 1783 | 42 | 17027 | 1787 |
| &nbsp;&nbsp;**28** | &nbsp;&nbsp;White Hill | 5186 | 5186 | 14281 | 1318 |  |  |  |
| &nbsp;&nbsp;**29, 30** | &nbsp;&nbsp;Tbx Volcanics |  |  |  |  |  |  |  |

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11.5. Moisture Basis

The geological model and resultant estimated mineral resource tonnages are presented on a dry basis.

The moisture content for the mineralized units should continue to be evaluated with future drilling. Additional modifying factor studies are currently underway and should be evaluated as part of future analytical programs.

Moisture analyses were performed on 110 samples as part of the 2018 to 2019 drilling program; however, the results are highly variable. Samples from ¼ core, ½ core, and whole core showed considerable variability within the same geological units, and the lag time between drilling and sample submission for some of the samples has also likely impacted the results. The 2018 to 2019 moisture analysis results will be discussed further in Section 14.

11.6. Density

The density values used to convert volumes to tonnages were assigned on a by-geological unit basis using mean values calculated from 145 density samples collected from drill core during the 2018 - 2019 and Phase 1- Phase 2 drilling programs. The density analysis was performed using the water displacement method for density determination, with values reported on a dry basis. The density data collected during the 2010 - 2011 drilling programs (and used for the October 2023 mineral resource) were not used for the current mineral resource as methodology could not be confirmed.

The application of assigned densities by geological unit assumes that there will be minimal variability in density within each of the units across their spatial extents within the Project area. The use of assigned density with no density samples, which is the case with one of the waste units Q1 (alluvium), is a factor that represents a low risk to the mineral resource estimate confidence.

Density values were assigned for all geological units in the model, including mineralized units as well as overburden, interburden, and underburden waste units. By-unit densities were assigned in the grade block model based on the block geological unit code as shown in Table ‎11-7.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎11-7 - Summary of Density Data by Unit** 

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Grade Model** <br> **Density Parameters**  | &nbsp;&nbsp; **Grade Model** <br> **Density Parameters**  | **Sample Count** | **Mean of Density <br> (kg/m<sup>3</sup>)** | **Min Density <br> (kg/m<sup>3</sup>)** | **Max Density (kg/m<sup>3</sup>)** |
| Q1 | Overburden | - | 1800.5 |  |  |
| S3 | Overburden | 17 | 1500.9 | 985.1 | 1859.7 |
| G4 | Overburden | 2 | 1617.9 | 1529.8 | 1704.4 |
| M4 | Overburden | 13 | 1862.9 | 1675.5 | 2474.9 |
| G5 | Overburden | 5 | 1646.7 | 1068.4 | 1875.8 |
| M5 | Mineralized | 21 | 1638.7 | 938.7 | 2202.5 |
| B5 | Mineralized | 34 | 1781.3 | 1374.4 | 2619.0 |
| S5 | Mineralized / Interburden | 9 | 1842.1 | 1616.3 | 2148.1 |
| G6 | Interburden | 4 | 1848.5 | 1694.8 | 2205.7 |
| L6 | Mineralized | 11 | 1976.7 | 1691.6 | 2647.9 |
| Lsi | Underburden | - | 1976.7 |  |  |
| G7 | Underburden | - | 1856.5 |  |  |
| Tbx | Underburden | 8 | 1856.5 | 1401.6 | 2620.6 |
| **Mean / Totals** | **Mean / Totals** | **124** | **1798.7** | **938.7** | **2647.9** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Grade Model** <br> **Density Parameters**  | &nbsp;&nbsp; **Grade Model** <br> **Density Parameters**  | **Sample Count** | **Mean of Density <br> (lb/ft<sup>3</sup>)** | **Min Density (lb/ft<sup>3</sup>)** | **Max Density (lb/ft<sup>3</sup>)** |
| Q1 | Overburden | - | 112.4 |  |  |
| S3 | Overburden | 17 | 93.7 | 61.5 | 116.1 |
| G4 | Overburden | 2 | 101.0 | 95.5 | 106.4 |
| M4 | Overburden | 13 | 116.3 | 104.6 | 154.5 |
| G5 | Overburden | 5 | 102.8 | 66.7 | 117.1 |
| M5 | Mineralized | 21 | 102.3 | 58.6 | 137.5 |
| B5 | Mineralized | 34 | 111.2 | 85.8 | 163.5 |
| S5 | Mineralized / Interburden | 9 | 115.0 | 100.9 | 134.1 |
| G6 | Interburden | 4 | 115.4 | 105.8 | 137.7 |
| L6 | Mineralized | 11 | 123.4 | 105.6 | 165.3 |
| Lsi | Underburden | - | 123.4 |  |  |
| G7 | Underburden | - | 115.9 |  |  |
| Tbx | Underburden | 8 | 115.9 | 87.5 | 163.6 |
| **Mean / Totals** | **Mean / Totals** | **124** | **111.6** | **58.6** | **165.3** |

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As samples were not collected for density analyses for the Q1, Lsi, and G7 units, a default value for typical quaternary overburden was assigned for Q1 while the mean density value for the TBX unit was assigned to G7. The mean density of L6 was assigned to Lsi.

A portion of the M5 samples were taken from the thin upper portion M5a; however, these were excluded from the M5 calculation as they do not accurately represent the M5 unit as a whole.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

11.7. Resource Classification

This sub-section contains information related to mineral resource classification for the Project. The material factors that could cause actual results to differ materially from the conclusions, estimates, designs, forecasts or projections include any significant differences from one or more of the material factors or assumptions that were set forth in this sub-section including geological and grade continuity analysis and assumptions.

Mineral resources are subdivided into the following categories based on increased geological confidence: Inferred, Indicated, and Measured, which are defined under S-K 1300 as:

"Inferred Mineral Resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project and may not be converted to a mineral reserve."

"Indicated Mineral Resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a QP to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve."

"Measured Mineral Resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a QP to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve."

The mineral resource classification applied by the QP included the consideration of data reliability, spatial distribution, and abundance of data and continuity of geology and grade parameters. Data reliability was addressed in Section 9 of this Report; checks and statistical tests show that the database meets industry standards for reliability. The QP performed a statistical and geostatistical analysis for evaluating the confidence of continuity of the geological units and grade parameters along with visual review of plans and sections. The results of this analysis were applied to developing the mineral resource classification criteria. The distances used for both grade estimation and the classifications varied by stratigraphic seam, and all are within the variogram ranges for the seams estimated.

Estimated mineral resources were classified as follows:

- Measured:

- G5, M5, B5, L6 and Lsi: 121.9 m (400 ft) spacing between points of observation, with sample interpolation from a minimum of four drill holes;

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

- S5 and G6: 106.7 m (350 ft) spacing between points of observation, with sample interpolation from a minimum of four drill holes.

The minimum of four drill holes for the Measured classification provided data on the tonnage and grade which are interpolated between drill holes. The percentage of the total estimation search distance that was used for a Measured classification ranged from 23% in B5 to a maximum of 47% in S5 and G6. The percentage of the total blocks estimated that are classified as Measured range from 44% in B5 to 4% in G6 where the data is more sparce. Seams M5 and S5 have 33% classified as Measured and G6 and Lsi have 5% and 8%, respectively.

- Indicated:

- M5 and B5: 243.8 m (800 ft) spacing between points of observation, with sample interpolation from a minimum of two drill holes.

- G5, L6 and Lsi: 213.4 m (700 ft) spacing between points of observation, with sample interpolation from a minimum of two drill holes.

- S5 and G6: 167.6 m (550 ft) spacing between points of observation, with sample interpolation from a minimum of two drill holes.

- Inferred: the full estimation distance (M5 and B5 – 533 m [1,750 ft], S5 and G6 – 229 m [750 ft], G5, L6 and Lsi - 304 m [1,000 ft]) between points of observation, with sample interpolation from a minimum of one drill hole (two composites).

The range of the percentage of blocks estimated as Inferred range from 38% in Lsi to 12% in the B5, with the remaining seams between 17 - 32%.

Mineral resource classification codes for Measured, Indicated, and Inferred mineral resources were assigned directly to the individual model blocks (in the 1.52 m block height model) according to the classification criteria presented above.

Figure 11-9 shows the vertical combination of the classification within the B5 seam (red = measured, green = indicated, blue = inferred).

It is the QP's opinion that the classification criteria applied to the mineral resource estimate are appropriate for the reliability and spatial distribution of the base data and reflect the confidence of continuity of the modeled geology and grade parameters. The shorter distance limits and higher number of drill holes for the Measured class were selected as the grades were mainly interpolated from surrounding holes. The Indicated class had less densely drilled areas with some blocks receiving extrapolated grades. The Inferred class extended to the estimation limits which are respective of the variogram statistics and are bounded by the limits of the seams.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img042.jpg)

**Figure *‎*11-9 - Resource Classification for B5 Seam**

Source: ioneer, 2025

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

11.8. Reblocked Model

The 1.52 m (5 ft) bench model was re-blocked to a 9.14 m (30 ft) bench model to be used for the tabulation of the mineral resource and mineral reserve. The 9.14 m (30 ft) model reflects the mining approach which will be open pit with 9.14 m (30 ft) benches. The economic seams are M5, B5, S5 and L6 and the re-blocking to 9.14 m (30 ft) benches incorporates the influence of adjacent seams G5, G6 and Lsi which were also estimated in the 1.52 m (5 ft) model. When contact between seams falls within a 9.14 m (30 ft) high block, the grades of the adjacent seams from the 1.52 m (5 ft) model were included in the calculation of the attributes of the 9.14 m (30 ft) model block. The approach to develop the 9.14 m (30 ft) model is:

- The 9.14 m (30 ft) model has the same horizontal block dimensions of 7.62 x 7.62 m (25 x 25 ft) and the same North-South and East-West extents as the 1.52 m (5 ft) model.

- Six benches from the 1.52 m (5 ft) model are combined to create the attributes of the 9.14 m (30 ft) model.

- The seams and fault blocks for the 9.14 m (30 ft) model are assigned from the original solids and surface contacts between seams files (on a majority basis) that were used to develop the seams and fault blocks in the 1.52 m (5 ft) model.

- The kt, grades and class values were extracted from the 1.52 m (5 ft) model and allowed to cross seams in the 1.52 m (5 ft) model to generate the 9.14 m (30 ft) combination from the 1.52 m (5 ft) model.

- The kt per block were added together from the six 1.52 m (5 ft) model blocks.

- The grades were averaged, weighted by ktons from the 1.52 m (5 ft) model.

- Confidence classification was assigned by majority from the 1.52 m (5 ft) model with the following modifications:

● If there were equal number of blocks (3 and 3), the classification used the lower class: measured moved to indicated or indicated moved to inferred.

● In fault block domains with few or no composites, the following edits were done:

● Measured set to inferred if there are no composites in fault block.

● Measured set to inferred if less than four (< 4) composites in fault block.

● Measured set to indicated if four to nine (4 – 9) composites in fault block.

● Indicated set to inferred if less than four (< 4) composites in fault block.

An example of the combining the grade and tonnage for four adjacent blocks (west to east) on the 1,859 m (6,100 ft) bench is shown in Table 11-8 in imperial units.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎11-8 - Example of Reblocked 9.14 m (30 ft) Bench from Six 1.52 m (5 ft) Benches** 

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Block #** | &nbsp;&nbsp;**9.14 m (30 ft) <br> Model** | &nbsp;&nbsp;**9.14 m (30 ft) <br> Model** | &nbsp;&nbsp;**1.52 m (5 ft) <br> Model <br> Compiled** | &nbsp;&nbsp;**5 ft Model Individual Blocks** | &nbsp;&nbsp;**5 ft Model Individual Blocks** | &nbsp;&nbsp;**5 ft Model Individual Blocks** | &nbsp;&nbsp;**5 ft Model Individual Blocks** | &nbsp;&nbsp;**5 ft Model Individual Blocks** | &nbsp;&nbsp;**5 ft Model Individual Blocks** |
| &nbsp;&nbsp;**Block #** | &nbsp;&nbsp;**9.14 m (30 ft) <br> Model** | &nbsp;&nbsp;**9.14 m (30 ft) <br> Model** | &nbsp;&nbsp;**1.52 m (5 ft) <br> Model <br> Compiled** | &nbsp;&nbsp;**Seam** | &nbsp;&nbsp;**ktons** | &nbsp;&nbsp; **B** <br> **ppm**  | &nbsp;&nbsp; **Li** <br> **ppm**  | &nbsp;&nbsp; **Bench** <br> **m**  | &nbsp;&nbsp; **Bench** <br> **ft**  |
| &nbsp;&nbsp;6100 ft- Blk 1 | &nbsp;&nbsp;Seam | &nbsp;&nbsp;8 | &nbsp;&nbsp;8 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.1738 | &nbsp;&nbsp;8890 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;1867 | &nbsp;&nbsp;6125 |
| &nbsp;&nbsp;6100 ft- Blk 1 | &nbsp;&nbsp;ktons | &nbsp;&nbsp;1.043 | &nbsp;&nbsp;1.0428 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.1738 | &nbsp;&nbsp;8888 | &nbsp;&nbsp;2010 | &nbsp;&nbsp;1865 | &nbsp;&nbsp;6120 |
| &nbsp;&nbsp;6100 ft- Blk 1 | &nbsp;&nbsp;B (ppm) | &nbsp;&nbsp;8860 | &nbsp;&nbsp;8860 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.1738 | &nbsp;&nbsp;8902 | &nbsp;&nbsp;2019 | &nbsp;&nbsp;1864 | &nbsp;&nbsp;6115 |
| &nbsp;&nbsp;6100 ft- Blk 1 | &nbsp;&nbsp;Li (ppm) | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.1738 | &nbsp;&nbsp;8923 | &nbsp;&nbsp;2027 | &nbsp;&nbsp;1862 | &nbsp;&nbsp;6110 |
| &nbsp;&nbsp;6100 ft- Blk 1 |  |  |  | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.1738 | &nbsp;&nbsp;8949 | &nbsp;&nbsp;2033 | &nbsp;&nbsp;1861 | &nbsp;&nbsp;6105 |
| &nbsp;&nbsp;6100 ft- Blk 1 |  |  |  | &nbsp;&nbsp;8 | &nbsp;&nbsp;0.1738 | &nbsp;&nbsp;8610 | &nbsp;&nbsp;2060 | &nbsp;&nbsp;1859 | &nbsp;&nbsp;6100 |
| &nbsp;&nbsp;6100 ft- Blk 2 | &nbsp;&nbsp;Seam | &nbsp;&nbsp;10 | &nbsp;&nbsp;10 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.1797 | &nbsp;&nbsp;579 | &nbsp;&nbsp;628 | &nbsp;&nbsp;1867 | &nbsp;&nbsp;6125 |
| &nbsp;&nbsp;6100 ft- Blk 2 | &nbsp;&nbsp;ktons | &nbsp;&nbsp;1.081 | &nbsp;&nbsp;1.0812 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.1803 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1865 | &nbsp;&nbsp;6120 |
| &nbsp;&nbsp;6100 ft- Blk 2 | &nbsp;&nbsp;B (ppm) | &nbsp;&nbsp;96 | &nbsp;&nbsp;96 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.1803 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1864 | &nbsp;&nbsp;6115 |
| &nbsp;&nbsp;6100 ft- Blk 2 | &nbsp;&nbsp;Li (ppm) | &nbsp;&nbsp;104 | &nbsp;&nbsp;104 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.1803 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1862 | &nbsp;&nbsp;6110 |
| &nbsp;&nbsp;6100 ft- Blk 2 |  |  |  | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.1803 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1861 | &nbsp;&nbsp;6105 |
| &nbsp;&nbsp;6100 ft- Blk 2 |  |  |  | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.1803 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1859 | &nbsp;&nbsp;6100 |
| &nbsp;&nbsp;6100 ft- Blk 3 | &nbsp;&nbsp;Seam | &nbsp;&nbsp;9 | &nbsp;&nbsp;9 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.1797 | &nbsp;&nbsp;1092 | &nbsp;&nbsp;655 | &nbsp;&nbsp;1867 | &nbsp;&nbsp;6125 |
| &nbsp;&nbsp;6100 ft- Blk 3 | &nbsp;&nbsp;ktons | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.1797 | &nbsp;&nbsp;533 | &nbsp;&nbsp;618 | &nbsp;&nbsp;1865 | &nbsp;&nbsp;6120 |
| &nbsp;&nbsp;6100 ft- Blk 3 | &nbsp;&nbsp;B (ppm) | &nbsp;&nbsp;289 | &nbsp;&nbsp;289 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.1797 | &nbsp;&nbsp;92 | &nbsp;&nbsp;659 | &nbsp;&nbsp;1864 | &nbsp;&nbsp;6115 |
| &nbsp;&nbsp;6100 ft- Blk 3 | &nbsp;&nbsp;Li (ppm) | &nbsp;&nbsp;321 | &nbsp;&nbsp;321 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.1803 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1862 | &nbsp;&nbsp;6110 |
| &nbsp;&nbsp;6100 ft- Blk 3 |  |  |  | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.1803 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1861 | &nbsp;&nbsp;6105 |
| &nbsp;&nbsp;6100 ft- Blk 3 |  |  |  | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.1803 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1859 | &nbsp;&nbsp;6100 |
| &nbsp;&nbsp;6100 ft- Blk 4 | &nbsp;&nbsp;Seam | &nbsp;&nbsp;9 | &nbsp;&nbsp;9 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.1797 | &nbsp;&nbsp;1075 | &nbsp;&nbsp;844 | &nbsp;&nbsp;1867 | &nbsp;&nbsp;6125 |
| &nbsp;&nbsp;6100 ft- Blk 4 | &nbsp;&nbsp;ktons | &nbsp;&nbsp;1.079 | &nbsp;&nbsp;1.0788 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.1797 | &nbsp;&nbsp;535 | &nbsp;&nbsp;595 | &nbsp;&nbsp;1865 | &nbsp;&nbsp;6120 |
| &nbsp;&nbsp;6100 ft- Blk 4 | &nbsp;&nbsp;B (ppm) | &nbsp;&nbsp;314 | &nbsp;&nbsp;314 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.1797 | &nbsp;&nbsp;97 | &nbsp;&nbsp;553 | &nbsp;&nbsp;1864 | &nbsp;&nbsp;6115 |
| &nbsp;&nbsp;6100 ft- Blk 4 | &nbsp;&nbsp;Li (ppm) | &nbsp;&nbsp;559 | &nbsp;&nbsp;559 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.1797 | &nbsp;&nbsp;91 | &nbsp;&nbsp;647 | &nbsp;&nbsp;1862 | &nbsp;&nbsp;6110 |
| &nbsp;&nbsp;6100 ft- Blk 4 |  |  |  | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.1797 | &nbsp;&nbsp;87 | &nbsp;&nbsp;715 | &nbsp;&nbsp;1861 | &nbsp;&nbsp;6105 |
| &nbsp;&nbsp;6100 ft- Blk 4 |  |  |  | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.1803 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1859 | &nbsp;&nbsp;6100 |

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11.9. Establish Prospect of Economic Extraction

To establish the prospect of economic extraction, a net value ($/tonne) in each resource model block was calculated and used to establish the limits of a resource pit shell within which the mineral resource was tabulated.

11.9.1. Assumptions for Establishing Prospects of Economic Extraction

A key requirement in the estimation of mineral resources is that there must be a reasonable prospect for economic extraction of the mineral resources. The mineral resource estimate presented in this Report was developed with the assumption that the lithium-boron mineralization within the mineral resource pit shell, described further below, has a reasonable prospect for economic extraction based on the following key considerations:

- The geological continuity of the mineralized zones and grade parameters demonstrated via the current geological and grade model for the South Basin of Rhyolite Ridge.

- The potential for extraction of the HiB-Li (Stream 1) mineralized intervals encountered in the B5, M5, S5, and L6 units using current conventional open pit mining methods.

- The potential for extraction of the LoB-Li (Stream 2) mineralized intervals encountered in the B5, S5, and L6 units using current conventional open pit mining methods.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

- The potential for extraction of the LoB-Li Clay (Stream 3) mineralized intervals encountered in the M5 using current conventional open pit mining methods. The potential to produce boric acid and lithium carbonate products using current processing and recovery methods.

- The assumption that boric acid and lithium carbonate produced by the Project will be marketable and economic considering transportation costs and processing charges and that there will be continued demand for boric acid and lithium carbonate.

- The assumption that the location of the Project in the southwest of the continental United States would be viewed favorably when marketing boric acid and lithium carbonate products to potential domestic end users.

- The assumption that the production costs are reasonable estimates.

To establish the prospect of economic extraction, a new value of US dollars per tonne was calculated for each block that received an estimate of boron and lithium grades. The inputs to the net value calculation are shown in both imperial and metric units in the following tables. The net value is the result of calculating:

- The gross value of a block based on the grades of boron and lithium, their process recovery and the product prices for boric acid and lithium carbonate.

- The cost of producing the two products (boric acid and lithium carbonate) using the three process streams which include two associated costs:

- A fixed process cost per short ton, including the estimate of the associated G&A costs.

- The cost of acid consumed during the process (acid consumption times the cost of acid).

The process team has established three process streams for producing boric acid and lithium carbonate based on the test work and discussions presented in Section 10 of this report. The streams have different recoveries and costs based on the geologic seams and the grades of boron, lithium and gangue minerals. The attributes of the three streams are shown in Table 11-9. Stream 3 is similar to stream 2 with the exception that M5 is segregated to stream 3 because it has a higher clay content and will require a modification to the process.

**Table ‎11-9 - Attributes of Process Streams** 

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|:---|:---|:---|:---|:---|
| **Stream** | **Seams Included** | **Boron Grade Range** | **Lithium Grade Range** | **Net Value Cutoff** |
| 1 | M5, B5, S5, L6 | >= 5000 ppm | No limits | Net Value > <br> $11.13/tonne <br> ($10.10/st) |
| 2 | B5, S5, L6 | < 5000 ppm | No limits | Net Value > <br> $11.13/tonne <br> ($10.10/st) |
| 3 | M5 | < 5000 ppm | No limits | Net Value > <br> $11.13/tonne <br> ($10.10/st) |

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Additional detail on the key assumptions relating to establishing reasonable prospect for eventual economic extraction of the mineral resources are presented below.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

11.9.2. Inputs

The inputs to the calculation of the net value include the product prices, boron and lithium recoveries and the process costs which are split between a fixed cost per tonne and the cost of acid per tonne. The product prices are based on third party estimates of the long-term prices (discussed in Chapter 16) and for the mineral resource are:

Boric acid, $1,172.78 per metric ton or $1,063.94 per short ton

Lithium carbonate, $19,351.38 per metric ton or $17,555.46 per short ton

The recovery of boron to boric acid and lithium to lithium carbonate vary based on the process stream and the seam assuming a1.5 day vat leach time. The average recoveries used for the calculation of the net value are shown in Table 11-10. The fixed portion of the process costs used are shown in Table 11-11. The variable cost portion is the cost of acid based on the acid consumption which is related to the grades of lithium and the associated gang minerals (Ca, Mg, Na, K, Al, Fe, Sr and Mn).

**Table ‎11-10 – Process Recovery** 

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|:---|:---|:---|:---|:---|
| **Seam** | **Boron to Boric Acid** | **Boron to Boric Acid** | **Lithium to Lithium Carbonate** | **Lithium to Lithium Carbonate** |
| **Seam** | **Stream 1** | **Streams 2 & 3** | **Stream 1** | **Streams 2 & 3** |
| M5 | 80.2% | 65.0% | 85.7% | 78.0% |
| B5 | 76.6% | 76.6% | 85.3% | 85.3% |
| S5 | 75.4% | 45.2% | 80.9% | 83.2% |
| L6 | 72.3% | 29.4% | 75.6% | 74.9% |

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**Table ‎11-11 - Process Fixed Costs** 

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|:---|:---|:---|
| **Seam** | **Process Fixed Cost / tonne** | **Process Fixed Cost / tonne** |
| **Seam** | **Stream 1** | **Streams 2 & 3** |
| M5 | $30.50 | $30.80 |
| B5 | $30.50 | $30.80 |
| S5 | $30.50 | $15.19 |
| L6 | $30.50 | $17.53 |

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11.9.3. Acid Consumption and Cost

The acid cost per tonne being processed is based on the cost of acid and the amount of acid consumed during the process. The source of acid will be from an onsite acid plant. The operating costs of the acid plant are offset by the generation of heat and power for the process; thus, the cost of acid is tied to the cost of sulfur to generate sulfuric acid. The sulfur cost used is $254.60/tonne, one tonne of sulfur will generate 3.05 tonnes of acid, and the cost per metric ton of sulfuric acid is $83.49/tonne.

The amount of acid consumed varies depending on the grades of the elements estimated in each block of the resource block model. Table 11-12 is an example of the acid consumption calculation for seam B5, assuming a three day vat leach time; the total acid consumption in this example is 0.53325 tons of acid per ton processed which includes 0.006 tons for other minor elements. The cost of acid in this example is $44.52/metric ton ($40.39 per process ton:0.53325 ton of acid per process ton times $75.74 per ton of acid). Table ‎11-13 shows the extraction percent for the elements that consume acid, assuming a three day leach time and the overall reduction of the combined acid consumption when moving to a one and half day leach time. The three day

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

leach time remains the basis of the acid consumption calculations with a factor applied to the total acid extraction when the leach time was reduced to one and half days.

Table 11-14 shows the average acid consumption for a 1.5 one and half day leach time along with the minimum and maximum by seam and stream for blocks with a positive net value.

**Table ‎11-12 - Acid Consumption Calculation for Seam B5 using a Three Day Leach Time** 

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Li, ppm** | **Ca, %** | **Mg, %** | **Na, %** | **K, %** | **Al, %** | **Fe, %** | **Sr, ppm** | **Mn, ppm** |
| **Block <br> Model <br> values** | 2152.70 | 9.13 | 4.21 | 2.64 | 0.99 | 0.83 | 0.65 | 8698.30 | 403.35 |
| **Factor<sup>1</sup>** | 1.00 | 1.00 | 1.00 | 1.00 | 2.10 | 2.35 | 1.00 | 1.00 | 1.00 |
| **Weight %** | 0.22 | 9.13 | 4.21 | 2.64 | 0.99 | 0.83 | 0.65 | 0.87 | 0.04 |
| **Extraction** | 94.1% | 100.0% | 93.5% | 90.8% | 52.7% | 47.6% | 45.1% | 95.0% | 91.0% |
| **Factor<sup>2</sup>** | 0.50 | 1.00 | 1.00 | 0.50 | 0.50 | 1.50 | 1.00 | 1.00 | 1.00 |
| **Weight<sup>3</sup>** | 6.941 | 40.079 | 24.305 | 22.990 | 39.098 | 26.982 | 55.847 | 87.620 | 54.938 |
| **Acid<sup>4</sup>** | 0.01432 | 0.22348 | 0.15888 | 0.05114 | 0.01375 | 0.05063 | 0.00515 | 0.00925 | 0.00065 |
| **% of Acid** | 2.68% | 41.91% | 29.79% | 9.59% | 2.58% | 9.50% | 0.97% | 1.73% | 0.12% |

---

Notes:

1. Two acid conversion factor.

2. Stoichiometric factor (mol/mol acid).

3. Molecular weight.

4. Ton of acid / ton processed.

5. Acid cost per short ton processed = 0.53325 tons acid x $75.74/ton acid = $40.39/ton processed.

**Table ‎11-13 - Acid Extraction by Element and Seam** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Percent Extraction by Element (3 Day Vat Leach Cycle)** | **Percent Extraction by Element (3 Day Vat Leach Cycle)** | **Percent Extraction by Element (3 Day Vat Leach Cycle)** | **Percent Extraction by Element (3 Day Vat Leach Cycle)** | **Percent Extraction by Element (3 Day Vat Leach Cycle)** | **Percent Extraction by Element (3 Day Vat Leach Cycle)** | **Percent Extraction by Element (3 Day Vat Leach Cycle)** | **Percent Extraction by Element (3 Day Vat Leach Cycle)** | **Percent Extraction by Element (3 Day Vat Leach Cycle)** | &nbsp;&nbsp;**1.5 Day <br> Factor** |
| **Seam** | Li | Ca | Mg | Na | K | Al | Fe | Sr | Mn | Factor\* |
| **M5** | 94.1 | 100.0 | 93.5 | 90.8 | 52.7 | 47.6 | 45.1 | 95.0 | 91.0 | 72.7% |
| **B5** | 94.1 | 100.0 | 93.5 | 90.8 | 52.7 | 47.6 | 45.1 | 95.0 | 91.0 | 67.1% |
| **S5** | 94.1 | 80.0 | 93.5 | 90.8 | 52.7 | 47.6 | 45.1 | 95.0 | 91.0 | 45.4% |
| **45.4%<br> L6** | 94.1 | &nbsp;&nbsp; 86.0 (Ca <= 15%) <br> 63.0 (Ca > 15%)  | 93.5 | 90.8 | 52.7 | 47.6 | 45.1 | 95.0 | 91.0 | 67.6% |

---

Notes:\*3-day leach reduction to 1.5-day acid extraction

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|:---|:---|:---|
| ![](img086.jpg) | **11-31** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎11-14 - Range of Acid Consumption for 1.5 Day Vat Leach Cycle** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Seam** | **Stream 1** | **Stream 1** | **Stream 1** | **Stream 1** | **Stream 2 or 3** | **Stream 2 or 3** | **Stream 2 or 3** | **Stream 2 or 3** |
| **Seam** | **# blocks** | **Acid Consumption (metric ton <br> acid/metric ton processed** | **Acid Consumption (metric ton <br> acid/metric ton processed** | **Acid Consumption (metric ton <br> acid/metric ton processed** | **# blocks** | **Acid Consumption (metric ton <br> acid/metric ton processed** | **Acid Consumption (metric ton <br> acid/metric ton processed** | **Acid Consumption (metric ton <br> acid/metric ton processed** |
| **Seam** | **# blocks** | **Mean** | **Minimum** | **Maximum** | **# blocks** | **Mean** | **Minimum** | **Maximum** |
| **M5** | 10703 | 0.4532 | 0.1349 | 0.5428 | 72479 | 0.4246 | 0.1323 | 0.5907 |
| **B5** | 93523 | 0.3253 | 0.0930 | 0.4874 | 14315 | 0.3227 | 0.0984 | 0.4519 |
| **S5** | 10392 | 0.1679 | 0.0624 | 0.2745 | 85000 | 0.1364 | 0.0276 | 0.2832 |
| **L6** | 68610 | 0.3000 | 0.0926 | 0.3827 | 206564 | 0.2807 | 0.0569 | 0.4048 |

---

Notes: Blocks with net value >= $11.13/tonne within the block model

11.9.4. Calculation of Net Value

A net value was calculated for each block in the four seams which meet the cutoff grades for the three process streams and is shown in Table 11-15. The net value is the net of process costs and if the net value is negative, it is set to zero. The net value was used to define the resource shell within which the mineral resource was tabulated, less the mineral reserve. The net value does not include mining costs or property general and administrative costs; both of these costs are included as costs to define the resource shell. In general terms, the net value is:

- Gross value of a block minus the process costs for blocks above the cutoff grades

- Gross value = sum of the recovered values of boric acid plus lithium carbonate

- Process costs = sum of the cost of acid plus the process fixed costs (by seam and stream)

**Table ‎11-15 - Mean and Range of the Net Values by Seam and Process Stream for 1.5 Day Vat Leach Cycle** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Seam** | **Stream 1** | **Stream 1** | **Stream 1** | **Stream 1** | **Stream 2 or 3** | **Stream 2 or 3** | **Stream 2 or 3** | **Stream 2 or 3** |
| **Seam** | **# blocks** | **Net Value, $ per tonne** | **Net Value, $ per tonne** | **Net Value, $ per tonne** | **# blocks** | **Net Value, $ per tonne** | **Net Value, $ per tonne** | **Net Value, $ per tonne** |
| **Seam** | **# blocks** | **Mean** | **Minimum** | **Maximum** | **# blocks** | **Mean** | **Minimum** | **Maximum** |
| M5 | 10703 | 173.37 | 46.30 | 230.23 | 72479 | 99.47 | 11.13 | 186.44 |
| B5 | 93523 | 173.51 | 34.39 | 286.22 | 14315 | 132.87 | 11.13 | 231.23 |
| S5 | 10392 | 105.35 | 29.40 | 277.85 | 85000 | 51.72 | 11.13 | 251.27 |
| L6 | 68610 | 98.48 | 12.20 | 249.66 | 206564 | 53.70 | 11.13 | 176.67 |

---

Notes: Blocks with net value >= $11.13/tonne within the block

11.10. Mineral Resource Statement

Based on the geological model, grade model, parameters for establishing prospects for economic extraction, and the resource classification discussed in this Section, the categorized August 2025 mineral resource estimate of the South Basin for the ioneer Rhyolite Ridge Project is presented by mineralized unit below in Table 11-16. A comparison to the August 2025 mineral resource is shown in Table 11-17.

The mineral resource is reported as in-situ and exclusive of the mineral reserve tonnes and grade (tonnes and grade from within the Life of Mine (LOM) reserve schedule have been removed from the stated mineral resources).

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|:---|:---|:---|
| ![](img086.jpg) | **11-32** | 25 APRIL 2026 |

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------

<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Mineral resource categorization of Measured, Indicated, and Inferred Mineral Resources presented in the table is in accordance with the definitions presented in S-K 1300. The report date of the mineral resource estimate is October 2025. The current mineral resource estimate reflects an update to the August 2025 mineral resource estimate.

The tabulation of the mineral resource includes the following steps:

- Run the resource pit shell and tabulate the measured, indicated and inferred tonnage and grades for the three process streams within the four seams (M5, B5, S5, L6).

- For process streams 1, 2 and 3: subtract the proven tonnage and grade within the LOM schedule from the measured tonnage and grade within the mineral resource pit shell.

- For process streams 1, 2 and 3: subtract the probable tonnage and grade within the LOM schedule from the indicated tonnage and grade within the mineral resource pit shell.

- All inferred tonnage and grade within the resource pit shell is included in the mineral resource.

From the mineral resource dated August 2025, until the date of the mineral resource dated October 2025, the QP is aware of the following material changes that have affected the resource model and mineral resource estimate:

- Recovery: changed by seam and process stream (Table 11-10) to reflect the change from a two day to a one and half day leach retention time;

- Process Costs: fixed cost (by seam and stream) remodeled the same, but the cost of acid based on the acid consumption calculated for each block in the resource model (Tables 11-13, 11-14 and 11-15) changed to reflect the reduction in the leach retention time.

- Resource Tabulation: changed for tabulating M5, B5, S5, L6 for process streams 1, 2, 3 (Table 11-9) based on the economics of the new vat leach retention time.

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|:---|:---|:---|
| ![](img086.jpg) | **11-33** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎11-16 - Mineral Resource Estimate - South Basin Rhyolite Ridge (October 2025)** 

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Stream** | &nbsp;&nbsp;**Group** | &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Tonnage** <br> **kt** | &nbsp;&nbsp;**Li** <br> **ppm** | &nbsp;&nbsp;**B** <br> **ppm** | &nbsp;&nbsp;**Li<sub>2</sub>CO<sub>3 </sub>**<br> **wt. %** | &nbsp;&nbsp;**H<sub>3</sub>BO<sub>3 </sub>**<br> **wt. %** | &nbsp;&nbsp;**Contained**<br> **Li<sub>2</sub>CO<sub>3 </sub>**<br> **kt** | &nbsp;&nbsp;**Contained**<br> **H<sub>3</sub>BO<sub>3</sub>** <br> **kt** |
| &nbsp;&nbsp;**Stream** | &nbsp;&nbsp;**Group** | &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Tonnage** <br> **kt** | &nbsp;&nbsp;**Li** <br> **ppm** | &nbsp;&nbsp;**B** <br> **ppm** | &nbsp;&nbsp;**Li<sub>2</sub>CO<sub>3 </sub>**<br> **wt. %** | &nbsp;&nbsp;**H<sub>3</sub>BO<sub>3 </sub>**<br> **wt. %** | &nbsp;&nbsp;**Contained**<br> **Li<sub>2</sub>CO<sub>3 </sub>**<br> **kt** | &nbsp;&nbsp;**Contained**<br> **H<sub>3</sub>BO<sub>3</sub>** <br> **kt** |
| &nbsp;&nbsp;**Stream** | &nbsp;&nbsp;**Group** | &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Tonnage** <br> **kt** | &nbsp;&nbsp;**Li** <br> **ppm** | &nbsp;&nbsp;**B** <br> **ppm** | &nbsp;&nbsp;**Li<sub>2</sub>CO<sub>3 </sub>**<br> **wt. %** | &nbsp;&nbsp;**H<sub>3</sub>BO<sub>3 </sub>**<br> **wt. %** | &nbsp;&nbsp;**Contained**<br> **Li<sub>2</sub>CO<sub>3 </sub>**<br> **kt** | &nbsp;&nbsp;**Contained**<br> **H<sub>3</sub>BO<sub>3</sub>** <br> **kt** |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> M5 Unit | &nbsp;&nbsp;Measured | &nbsp;&nbsp;1073 | &nbsp;&nbsp;2186 | &nbsp;&nbsp;7396 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;4.23 | &nbsp;&nbsp;12 | &nbsp;&nbsp;45 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> M5 Unit | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;813 | &nbsp;&nbsp;2100 | &nbsp;&nbsp;7536 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;4.31 | &nbsp;&nbsp;9 | &nbsp;&nbsp;35 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> M5 Unit | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;1886 | &nbsp;&nbsp;2149 | &nbsp;&nbsp;7457 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;4.26 | &nbsp;&nbsp;22 | &nbsp;&nbsp;80 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> M5 Unit | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;763 | &nbsp;&nbsp;2197 | &nbsp;&nbsp;6515 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;3.73 | &nbsp;&nbsp;9 | &nbsp;&nbsp;28 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> M5 Unit | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;2649 | &nbsp;&nbsp;2163 | &nbsp;&nbsp;7185 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;4.11 | &nbsp;&nbsp;30 | &nbsp;&nbsp;109 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Measured | &nbsp;&nbsp;10414 | &nbsp;&nbsp;1921 | &nbsp;&nbsp;15064 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;8.61 | &nbsp;&nbsp;106 | &nbsp;&nbsp;897 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;7214 | &nbsp;&nbsp;1748 | &nbsp;&nbsp;13239 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;7.57 | &nbsp;&nbsp;67 | &nbsp;&nbsp;546 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;17628 | &nbsp;&nbsp;1850 | &nbsp;&nbsp;14317 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;8.19 | &nbsp;&nbsp;174 | &nbsp;&nbsp;1443 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;10628 | &nbsp;&nbsp;1712 | &nbsp;&nbsp;10563 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;6.04 | &nbsp;&nbsp;97 | &nbsp;&nbsp;642 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;28256 | &nbsp;&nbsp;1798 | &nbsp;&nbsp;12905 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;7.38 | &nbsp;&nbsp;270 | &nbsp;&nbsp;2085 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Measured | &nbsp;&nbsp;1456 | &nbsp;&nbsp;1560 | &nbsp;&nbsp;7467 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;4.27 | &nbsp;&nbsp;12 | &nbsp;&nbsp;62 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;1393 | &nbsp;&nbsp;1570 | &nbsp;&nbsp;7131 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;4.08 | &nbsp;&nbsp;12 | &nbsp;&nbsp;57 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;2849 | &nbsp;&nbsp;1565 | &nbsp;&nbsp;7303 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;4.18 | &nbsp;&nbsp;24 | &nbsp;&nbsp;119 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;1572 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;6469 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;3.70 | &nbsp;&nbsp;12 | &nbsp;&nbsp;58 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;4422 | &nbsp;&nbsp;1506 | &nbsp;&nbsp;7006 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;4.01 | &nbsp;&nbsp;35 | &nbsp;&nbsp;177 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Measured | &nbsp;&nbsp;12943 | &nbsp;&nbsp;1903 | &nbsp;&nbsp;13573 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;7.76 | &nbsp;&nbsp;131 | &nbsp;&nbsp;1005 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;9420 | &nbsp;&nbsp;1752 | &nbsp;&nbsp;11843 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;6.77 | &nbsp;&nbsp;88 | &nbsp;&nbsp;638 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;22364 | &nbsp;&nbsp;1839 | &nbsp;&nbsp;12845 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;7.34 | &nbsp;&nbsp;219 | &nbsp;&nbsp;1643 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;12963 | &nbsp;&nbsp;1703 | &nbsp;&nbsp;9828 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;5.62 | &nbsp;&nbsp;117 | &nbsp;&nbsp;728 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;35327 | &nbsp;&nbsp;1789 | &nbsp;&nbsp;11738 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;6.71 | &nbsp;&nbsp;336 | &nbsp;&nbsp;2371 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Measured | &nbsp;&nbsp;12014 | &nbsp;&nbsp;1355 | &nbsp;&nbsp;9838 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;5.63 | &nbsp;&nbsp;87 | &nbsp;&nbsp;676 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;26139 | &nbsp;&nbsp;1318 | &nbsp;&nbsp;10365 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;5.93 | &nbsp;&nbsp;183 | &nbsp;&nbsp;1549 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;38153 | &nbsp;&nbsp;1330 | &nbsp;&nbsp;10199 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;5.83 | &nbsp;&nbsp;270 | &nbsp;&nbsp;2225 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;13914 | &nbsp;&nbsp;1415 | &nbsp;&nbsp;12287 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;7.03 | &nbsp;&nbsp;105 | &nbsp;&nbsp;978 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;52066 | &nbsp;&nbsp;1353 | &nbsp;&nbsp;10757 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;6.15 | &nbsp;&nbsp;375 | &nbsp;&nbsp;3203 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Total Stream 1 (all zones) | &nbsp;&nbsp;Measured | &nbsp;&nbsp;24957 | &nbsp;&nbsp;1639 | &nbsp;&nbsp;11775 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;6.73 | &nbsp;&nbsp;218 | &nbsp;&nbsp;1680 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Total Stream 1 (all zones) | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;35559 | &nbsp;&nbsp;1433 | &nbsp;&nbsp;10757 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;6.15 | &nbsp;&nbsp;271 | &nbsp;&nbsp;2187 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Total Stream 1 (all zones) | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;60516 | &nbsp;&nbsp;1518 | &nbsp;&nbsp;11177 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;6.39 | &nbsp;&nbsp;489 | &nbsp;&nbsp;3868 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Total Stream 1 (all zones) | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;26877 | &nbsp;&nbsp;1554 | &nbsp;&nbsp;11101 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;6.35 | &nbsp;&nbsp;222 | &nbsp;&nbsp;1706 |
| &nbsp;&nbsp;**Stream 1 (>= 5,000 ppm B)** | &nbsp;&nbsp;Total Stream 1 (all zones) | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;87393 | &nbsp;&nbsp;1529 | &nbsp;&nbsp;11153 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;6.38 | &nbsp;&nbsp;711 | &nbsp;&nbsp;5574 |

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|:---|:---|:---|
| ![](img086.jpg) | **11-34** | 25 APRIL 2026 |

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------

<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Stream** | &nbsp;&nbsp;**Group** | &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Tonnage**<br> **kt** | &nbsp;&nbsp;**Li**<br> **ppm** | &nbsp;&nbsp;**B**<br> **ppm** | &nbsp;&nbsp;**Li<sub>2</sub>CO<sub>3</sub>**<br> **wt. %** | &nbsp;&nbsp;**H<sub>3</sub>BO<sub>3</sub>**<br> **wt. %** | &nbsp;&nbsp;**Contained**<br> **Li<sub>2</sub>CO<sub>3</sub>**<br> **kt** | &nbsp;&nbsp;**Contained**<br> **H<sub>3</sub>BO<sub>3</sub>**<br> **kt** |
| &nbsp;&nbsp;**Stream** | &nbsp;&nbsp;**Group** | &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Tonnage**<br> **kt** | &nbsp;&nbsp;**Li**<br> **ppm** | &nbsp;&nbsp;**B**<br> **ppm** | &nbsp;&nbsp;**Li<sub>2</sub>CO<sub>3</sub>**<br> **wt. %** | &nbsp;&nbsp;**H<sub>3</sub>BO<sub>3</sub>**<br> **wt. %** | &nbsp;&nbsp;**Contained**<br> **Li<sub>2</sub>CO<sub>3</sub>**<br> **kt** | &nbsp;&nbsp;**Contained**<br> **H<sub>3</sub>BO<sub>3</sub>**<br> **kt** |
| &nbsp;&nbsp;**Stream** | &nbsp;&nbsp;**Group** | &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Tonnage**<br> **kt** | &nbsp;&nbsp;**Li**<br> **ppm** | &nbsp;&nbsp;**B**<br> **ppm** | &nbsp;&nbsp;**Li<sub>2</sub>CO<sub>3</sub>**<br> **wt. %** | &nbsp;&nbsp;**H<sub>3</sub>BO<sub>3</sub>**<br> **wt. %** | &nbsp;&nbsp;**Contained**<br> **Li<sub>2</sub>CO<sub>3</sub>**<br> **kt** | &nbsp;&nbsp;**Contained**<br> **H<sub>3</sub>BO<sub>3</sub>**<br> **kt** |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Measured | &nbsp;&nbsp;438 | &nbsp;&nbsp;2327 | &nbsp;&nbsp;2913 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;1.67 | &nbsp;&nbsp;5 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;363 | &nbsp;&nbsp;2088 | &nbsp;&nbsp;3668 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;4 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;801 | &nbsp;&nbsp;2219 | &nbsp;&nbsp;3255 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;1.86 | &nbsp;&nbsp;9 | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;3717 | &nbsp;&nbsp;1688 | &nbsp;&nbsp;1764 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;33 | &nbsp;&nbsp;37 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> B5 Unit | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;4518 | &nbsp;&nbsp;1782 | &nbsp;&nbsp;2028 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;43 | &nbsp;&nbsp;52 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Measured | &nbsp;&nbsp;10126 | &nbsp;&nbsp;958 | &nbsp;&nbsp;1161 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;52 | &nbsp;&nbsp;67 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;9025 | &nbsp;&nbsp;947 | &nbsp;&nbsp;1392 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;45 | &nbsp;&nbsp;72 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;19151 | &nbsp;&nbsp;953 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;97 | &nbsp;&nbsp;139 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;17145 | &nbsp;&nbsp;847 | &nbsp;&nbsp;934 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;77 | &nbsp;&nbsp;92 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone <br> S5 Unit | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;36296 | &nbsp;&nbsp;903 | &nbsp;&nbsp;1111 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;174 | &nbsp;&nbsp;231 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Measured | &nbsp;&nbsp;10565 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;1233 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;57 | &nbsp;&nbsp;75 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;9387 | &nbsp;&nbsp;991 | &nbsp;&nbsp;1480 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;50 | &nbsp;&nbsp;79 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;19952 | &nbsp;&nbsp;1004 | &nbsp;&nbsp;1349 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;107 | &nbsp;&nbsp;154 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;20862 | &nbsp;&nbsp;997 | &nbsp;&nbsp;1082 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;111 | &nbsp;&nbsp;129 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Upper Zone Total | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;40814 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;1213 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;217 | &nbsp;&nbsp;283 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Measured | &nbsp;&nbsp;19094 | &nbsp;&nbsp;1152 | &nbsp;&nbsp;1975 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;117 | &nbsp;&nbsp;216 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;51498 | &nbsp;&nbsp;1155 | &nbsp;&nbsp;1619 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;317 | &nbsp;&nbsp;477 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;70592 | &nbsp;&nbsp;1154 | &nbsp;&nbsp;1715 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;434 | &nbsp;&nbsp;692 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;48433 | &nbsp;&nbsp;1232 | &nbsp;&nbsp;794 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;318 | &nbsp;&nbsp;220 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Lower Zone <br> L6 Unit | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;119026 | &nbsp;&nbsp;1186 | &nbsp;&nbsp;1340 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;751 | &nbsp;&nbsp;912 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Total Stream 2 (all zones) | &nbsp;&nbsp;Measured | &nbsp;&nbsp;29659 | &nbsp;&nbsp;1103 | &nbsp;&nbsp;1711 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;174 | &nbsp;&nbsp;290 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Total Stream 2 (all zones) | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;60885 | &nbsp;&nbsp;1130 | &nbsp;&nbsp;1597 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;366 | &nbsp;&nbsp;556 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Total Stream 2 (all zones) | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;90544 | &nbsp;&nbsp;1121 | &nbsp;&nbsp;1634 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;540 | &nbsp;&nbsp;846 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Total Stream 2 (all zones) | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;69295 | &nbsp;&nbsp;1161 | &nbsp;&nbsp;881 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;428 | &nbsp;&nbsp;349 |
| &nbsp;&nbsp;**Stream 2 (>= 11.13/tonne net value, < 5,000 ppm B. Low Clay)** | &nbsp;&nbsp;Total Stream 2 (all zones) | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;159840 | &nbsp;&nbsp;1138 | &nbsp;&nbsp;1308 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;968 | &nbsp;&nbsp;1195 |
| &nbsp;&nbsp;**Stream 3(>= 11.13/tonne net value, < 5,000 ppm B, High Clay)** | &nbsp;&nbsp;Total Stream 3 (M5 zone) | &nbsp;&nbsp;Measured | &nbsp;&nbsp;12222 | &nbsp;&nbsp;2199 | &nbsp;&nbsp;1504 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;143 | &nbsp;&nbsp;105 |
| &nbsp;&nbsp;**Stream 3(>= 11.13/tonne net value, < 5,000 ppm B, High Clay)** | &nbsp;&nbsp;Total Stream 3 (M5 zone) | &nbsp;&nbsp;Indicated | &nbsp;&nbsp;11529 | &nbsp;&nbsp;2045 | &nbsp;&nbsp;1145 | &nbsp;&nbsp;1.09 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;125 | &nbsp;&nbsp;75 |
| &nbsp;&nbsp;**Stream 3(>= 11.13/tonne net value, < 5,000 ppm B, High Clay)** | &nbsp;&nbsp;Total Stream 3 (M5 zone) | &nbsp;&nbsp;Total (M&I) | &nbsp;&nbsp;23751 | &nbsp;&nbsp;2124 | &nbsp;&nbsp;1330 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;268 | &nbsp;&nbsp;181 |
| &nbsp;&nbsp;**Stream 3(>= 11.13/tonne net value, < 5,000 ppm B, High Clay)** | &nbsp;&nbsp;Total Stream 3 (M5 zone) | &nbsp;&nbsp;Inferred | &nbsp;&nbsp;12118 | &nbsp;&nbsp;1621 | &nbsp;&nbsp;579 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;105 | &nbsp;&nbsp;40 |
| &nbsp;&nbsp;**Stream 3(>= 11.13/tonne net value, < 5,000 ppm B, High Clay)** | &nbsp;&nbsp;Total Stream 3 (M5 zone) | &nbsp;&nbsp;Total (MII) | &nbsp;&nbsp;35869 | &nbsp;&nbsp;1954 | &nbsp;&nbsp;1076 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;373 | &nbsp;&nbsp;221 |
| &nbsp;&nbsp;**All Streams** | &nbsp;&nbsp;**M&I Resource** | &nbsp;&nbsp;**Measured** | &nbsp;&nbsp;66838 | &nbsp;&nbsp;1503 | &nbsp;&nbsp;5431 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;3.11 | &nbsp;&nbsp;535 | &nbsp;&nbsp;2076 |
| &nbsp;&nbsp;**All Streams** | &nbsp;&nbsp;**M&I Resource** | &nbsp;&nbsp;**Indicated** | &nbsp;&nbsp;107974 | &nbsp;&nbsp;1327 | &nbsp;&nbsp;4565 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;2.61 | &nbsp;&nbsp;763 | &nbsp;&nbsp;2819 |
| &nbsp;&nbsp;**All Streams** | &nbsp;&nbsp;**M&I Resource** | &nbsp;&nbsp;**Total (M&I)** | &nbsp;&nbsp;174812 | &nbsp;&nbsp;1395 | &nbsp;&nbsp;4896 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;2.80 | &nbsp;&nbsp;1298 | &nbsp;&nbsp;4894 |
| &nbsp;&nbsp;**All Streams** | &nbsp;&nbsp; **Inferred Resource**  | &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;108290 | &nbsp;&nbsp;1310 | &nbsp;&nbsp;3384 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;1.93 | &nbsp;&nbsp;755 | &nbsp;&nbsp;2095 |
| &nbsp;&nbsp;**All Streams** | &nbsp;&nbsp; **Inferred Resource**  | &nbsp;&nbsp;**Total (MII)** | &nbsp;&nbsp;283102 | &nbsp;&nbsp;1362 | &nbsp;&nbsp;4318 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;2.47 | &nbsp;&nbsp;2053 | &nbsp;&nbsp;6989 |

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Notes:

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;1. kt = thousand tonnes; Li= lithium; B= boron; ppm= parts per million; Li<sub>2</sub>CO<sub>3</sub> = lithium carbonate; H<sub>3</sub>BO<sub>3</sub> = boric acid

&nbsp;&nbsp;&nbsp;&nbsp;2. Totals may differ due to rounding mineral resources reported on a dry in-situ basis. Lithium is converted to Equivalent Contained Tons of lithium carbonate using a stochiometric conversion factor of 5.322, and boron
 is converted to Equivalent Contained Tons of boric acid using a stochiometric conversion factor of 5.718. Equivalent stochiometric conversion factors are derived from the molecular weights of the individual elements which make up lithium
 carbonate and boric acid. Lithium carbonate and boric acid are reported in metric tons.

&nbsp;&nbsp;&nbsp;&nbsp;3. The statement of estimates of mineral resources has been compiled by the QP, a full-time employee of Independent Mining Consultants, Inc. and is independent of ioneer and its affiliates. The QP has sufficient
 experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the S-K §229.1304 of the United States Securities and Exchange
 Commission ("SEC").

&nbsp;&nbsp;&nbsp;&nbsp;4. All mineral resource figures reported in the table above represent estimates at October 2025. Mineral resource estimates are not precise calculations, being dependent on the interpretation of limited information on
 the location, shape and continuity of the occurrence and on the available sampling results. The totals contained in the above table have been rounded to reflect the relative uncertainty of the estimate.

&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral resources are reported in accordance with the US SEC Regulation S-K Subpart 1300. The mineral resources in this Report were estimated using the regulation S-K 229.1304 of the United States Securities and
 Exchange Commission ("SEC"). Mineral resources are also reported in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Mineral Resource estimate is the result of determining the mineralized material that has a reasonable prospect of economic extraction. In making this determination, constraints were applied to the geological
 model based upon a pit optimization analysis that defined a conceptual pit shell limit. The conceptual pit shell was based upon a net value per tonne calculation including a 5,000ppm boron cut-off grade for high boron – high lithium (HiB-Li)
 mineralisation (Stream 1) and a $11.13/tonne net value cut-off grade for low boron (LoB-Li) mineralisation below 5,000ppm boron broke into two material types, low clay and high clay material respectfully (Stream 2 and Stream 3). The pit shell was
 constrained by a conceptual Mineral Resource optimized pit shell for the purpose of establishing reasonable prospects of eventual economic extraction based on potential mining, metallurgical and processing grade parameters identified by mining,
 metallurgical and processing studies performed to date on the Project. Key inputs in developing the Mineral Resource pit shell included a 5,000ppm boron cut-off grade for HiB-Li mineralisation, $11.13/tonne net value cut-off grade for LoB-Li low
 clay mineralisation and LoB-Li high clay mineralisation; mining cost of US$1.69 /tonne; G&A cost of US$11.13 /process tonne; plant feed processing and grade control costs which range between US$17.49/tonne and US$80.11/tonne of plant feed
 (based on the acid consumption per stream and the mineral resource average grades); boron and lithium recovery (respectively) for Stream 1: M5 80.2% and 85.7%, B5 76.6% and 85.3%, S5 75.4% and 80.9%, L6 72.3% and 75.6%; Stream 2 and 3: M5 65.0%
 and 78.0%, B5 76.6% and 85.3%, S5 45.2% and 83.2%, L6 29.4% and 74.9%, respectively; boric acid sales price of US$1,172.78/tonne; lithium carbonate sales price of US$19,351.38/tonne.

&nbsp;&nbsp;&nbsp;&nbsp;7. The mineral resource is reported exclusive of the mineral reserves.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎11-17 - Comparison Between August 2025 and October 2025 Mineral Resources**

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Tonnage (Mt)<sup>1</sup>** | &nbsp;&nbsp;**Li, ppm** | &nbsp;&nbsp;**B,ppm** | &nbsp;&nbsp;**Li<sub>2</sub>CO<sub>3 </sub>ktonnes** | &nbsp;&nbsp;**H<sub>3</sub>BO<sub>3 </sub>ktonnes** |
| &nbsp;&nbsp;**October 2025** | &nbsp;&nbsp;**October 2025** | &nbsp;&nbsp;**October 2025** | &nbsp;&nbsp;**October 2025** | &nbsp;&nbsp;**October 2025** | &nbsp;&nbsp;**October 2025** |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;66.8 | &nbsp;&nbsp;1503 | &nbsp;&nbsp;5431 | &nbsp;&nbsp;535 | &nbsp;&nbsp;2076 |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;108.0 | &nbsp;&nbsp;1327 | &nbsp;&nbsp;4565 | &nbsp;&nbsp;763 | &nbsp;&nbsp;2819 |
| &nbsp;&nbsp;Sum M&I | &nbsp;&nbsp;174.8 | &nbsp;&nbsp;1395 | &nbsp;&nbsp;4896 | &nbsp;&nbsp;1298 | &nbsp;&nbsp;4894 |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;108.3 | &nbsp;&nbsp;1310 | &nbsp;&nbsp;3384 | &nbsp;&nbsp;755 | &nbsp;&nbsp;2095 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;283.1 | &nbsp;&nbsp;1362 | &nbsp;&nbsp;4318 | &nbsp;&nbsp;2053 | &nbsp;&nbsp;6989 |
| &nbsp;&nbsp;**August 2025** | &nbsp;&nbsp;**August 2025** | &nbsp;&nbsp;**August 2025** | &nbsp;&nbsp;**August 2025** | &nbsp;&nbsp;**August 2025** | &nbsp;&nbsp;**August 2025** |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;67.4 | &nbsp;&nbsp;1530 | &nbsp;&nbsp;5406 | &nbsp;&nbsp;549 | &nbsp;&nbsp;2085 |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;106.5 | &nbsp;&nbsp;1344 | &nbsp;&nbsp;4627 | &nbsp;&nbsp;762 | &nbsp;&nbsp;2818 |
| &nbsp;&nbsp;Sum M&I | &nbsp;&nbsp;174.0 | &nbsp;&nbsp;1416 | &nbsp;&nbsp;4929 | &nbsp;&nbsp;1311 | &nbsp;&nbsp;4903 |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;105.1 | &nbsp;&nbsp;1332 | &nbsp;&nbsp;3472 | &nbsp;&nbsp;745 | &nbsp;&nbsp;2088 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;279.1 | &nbsp;&nbsp;1384 | &nbsp;&nbsp;4380 | &nbsp;&nbsp;2056 | &nbsp;&nbsp;6991 |
| &nbsp;&nbsp;**Difference** | &nbsp;&nbsp;**Difference** | &nbsp;&nbsp;**Difference** | &nbsp;&nbsp;**Difference** | &nbsp;&nbsp;**Difference** | &nbsp;&nbsp;**Difference** |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;-0.6 |  |  | &nbsp;&nbsp;-14 | &nbsp;&nbsp;-9 |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;1.5 |  |  | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Sum M&I | &nbsp;&nbsp;0.9 |  |  | &nbsp;&nbsp;-13 | &nbsp;&nbsp;-8 |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;3.2 |  |  | &nbsp;&nbsp;10 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;4.1 |  |  | &nbsp;&nbsp;-3 | &nbsp;&nbsp;-1 |

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Note 1: Mt = one million metric tonnes

The mineral resource estimates presented in this report are based on the factors related to the geological and grade models presented in this section, and the criteria for reasonable prospects of economic extraction are described in Section 11.8 of this Report. The mineral resource estimates may be affected positively or negatively by additional exploration that expands the geological database and models of lithium-boron mineralization on the Project. The mineral resource estimates could also be materially affected by any significant changes in the assumptions regarding forecast product prices, mining, and process recoveries, or production costs. If the price assumptions are decreased or the assumed production costs increased significantly, then the cut-off grade must be increased and the potential impacts on the mineral resource estimates would likely be material and need to be re-evaluated.

The mineral resource estimates are also based on assumptions that a mining project may be developed, permitted, constructed, and operated at the Project. Any material changes in these assumptions would materially and adversely affect the mineral resource estimates for the Project; potentially reducing to zero. Examples of such material changes include extraordinary time required to complete or perform any required activities, unexpected and excessive taxation, or regulation of mining activities that become applicable to a proposed mining project on the Project.

Except as described in this section, the QP does not know of environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the mineral resource estimates.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

11.10.1. Mining Factors or Assumptions

The mineral resource estimate presented in this Report assumes the use of three processing streams: one which can process ore with boron content greater than 5,000 ppm and two which can process ore with boron content less than 5,000 ppm within the mineral resource pit shell, as described in the preceding section, has a reasonable prospect for eventual economic extraction using current conventional open pit mining methods.

The mining factors or assumptions used in establishing the reasonable prospects for eventual economic extraction of the HiB-Li (Stream 1) and LoB-Li (Stream 2 and 3) mineralization are based on preliminary results from mine design and planning work from the 2020 FS and subsequent work.

Except for the mineral resource criteria discussed, no other mining factors, assumptions, or mining parameters such as mining recovery, mining loss, or dilution have been applied to the mineral resource estimate presented in this Report.

11.10.1.1. Metallurgical Factors or Assumptions

The metallurgical factors or assumptions used in establishing the reasonable prospects for eventual economic extraction of the HiB-Lo (Stream 1) mineralization are based on results from the metallurgical and material processing work as part of the 2020 FS for the Project and subsequent work. The metallurgical factors or assumptions used in establishing the reasonable prospects for eventual economic extraction of the LoB-Li (Stream 2 and 3) mineralization are based on studies completed in 2010-2012 by ALM and since 2016 by ioneer, as well as additional metallurgical and material processing work that was conducted following the completion of the 2020 FS for the Project.

The HiB-Li (Stream 1) mineralization test work completed as part of the 2020 DFS as well as the test work focused on the LoB-Li (Stream 2 and Stream3) mineralization completed in 2012-2012, 2016-2019, and after the 2020 DFS were performed using current processing and recovery methods for producing boric acid and lithium carbonate products.

11.10.1.2. Environmental Factors or Assumptions

Environmental and socio-economic studies are in progress for the Project; however, there have been no environmental factors or assumptions applied to the geological modeling and/or estimated mineral resources presented in this Report.

In December 2022, the United States Fish and Wildlife Service (USFWS) listed Tiehm's buckwheat as an endangered species under the Endangered Species Act (ESA) and has designated critical habitat by way of applying a 1,640-foot radius around several distinct plant populations that occur on the Project site. Ioneer is committed to the protection and conservation of the Tiehm's buckwheat. The Project's Mine Plan of Operations submitted to the BLM in July 2022 and currently under NEPA review has no direct impact on Tiehm's buckwheat and includes measures to minimize and mitigate for indirect impacts within the designated critical habitat areas identified.

The mineral resource pit shell used for the October 2025 mineral resource update was not adjusted to account for any impacts from avoidance of Tiehm's buckwheat or minimization of disturbance within the designated critical habitat.

Environmental and permitting assumptions and factors will be taken into consideration during future modifying factors studies for the Project. These permitting assumptions and factors may result in potential changes to the mineral resource footprint in the future.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

11.11. Mineral Resource Uncertainty Discussion

The sources of uncertainty for the mineral resource evaluation include the following topics, along with their location in this Report:

- Sampling and drilling methods – Chapter 7.2 and 8.0

- Data processing and handling – Chapter 11.2 and 11.3

- Geological modeling – Chapter 11.4

- Tonnage estimation – Chapter 11.6

- Process recovery and costs – Chapter 10 and 11.8

The sampling and drilling methods present a low source of uncertainty based on the standard methods that were in place with ioneer and ALM for the recent exploration history. The items that helped to reduce uncertainty with the sampling and drilling methods include the fact that most of the drill holes were cored with PQ or HQ size core; the 2018-2023 drilling was also performed using a triple-tube core barrel to optimize core recovery and therefore, sample representativity. The core was then measured and logged and sampled with guidance from the ioneer geological team. The core was then sent to accredited commercial independent laboratories where QA/QC programs were implemented and actively monitored for laboratory performance.

Once the assay results were received from the laboratories, the data was input into the geological database along with the collar, drill hole information, and lithology records. The lithology records from the core logging were validated based on the assay results by the Ioneer geological team to adhere with known trends for the various domains. The data handling was secure in the geological database and this process also demonstrates a low level of uncertainty for the mineral resource estimate.

The validated database was loaded into the geological model where surfaces for lithology were modeled and validated based on drill holes, geological trends, and operational experience. The current geological model appears to define the Measured and Indicated Mineral Resource areas of the quarry well. Uncertainty for these areas can be classified as low for a global estimate; however, there will likely be minor local variability when the area is mined and compared back to the model. This is common, as the geological model is just that, a model that is used to estimate tonnages.

The Inferred Mineral Resource portion of the deposit will require future drilling and exploration to better define and understand the lithological variation before they can be upgraded to Measured, or Indicated, Mineral Resources. The level of uncertainty for the lithological model is moderate for the Inferred Mineral Resource areas due to the type of geological deposit that is being modeled. As with the Measured and Indicated Mineral Resource areas, the global uncertainty is lower than the local uncertainty due to the ability to average over the areas when estimating globally.

The geological model was used to code the blocks according to the geological domains to support the grade estimation. The geological model was developed by GSI Environmental with significant review and input from the ioneer geologists who are very well versed in the geological environment of Rhyolite Ridge and, therefore, the uncertainty is low. The final geological model was provided to IMC for incorporation into the block model for grade estimation.

Geostatistical analysis of the drill hole data was completed to better understand the variability of the grades by domain. The data was sufficient for this analysis to be completed by the QP. However, this type of analysis is only a tool to help predict the grades through block modeling. With more drilling and data in the geostatistical analysis, the geostatistical results could change if an area of the deposit has significantly different variability in

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

grade. Based on the understanding of the current deposit, this is unlikely but could occur in the inferred areas where drill spacing is greater.

Geostatistical models were used to interpolate grades and densities into the block model. The results were verified by the QP through visual inspection and global statistics. Like the geological modeling, uncertainty for areas classified as Measured and Indicated Mineral Resources are low globally, but low-moderate for local variability. For Inferred Mineral Resources, the uncertainty is higher based on a larger drill spacing and is low-moderate for global variability and moderate for local variability. The modeling approach for the Measured and Indicated portions of the deposit is appropriate to use for conversion to mineral reserves.

The mineral resource tonnages are limited with the use of an optimized quarry shell where reasonable prices, costs, and cut-off grades were used. The estimate was completed by utilizing the block model with the mineral resource classification and the mineral resource quarry limit. The optimized resource quarry shell was developed using the proprietary software from Independent Mining Consultants, Inc. (IMC) Mine Planning software. The resource quarry shell surface was then used as the lower limiting surface on the mineral resource estimate, with the topographic surface serving as the upper limiting surface.

Areas of uncertainty for the mineral resource estimate include:

- Potential significant changes in the assumptions regarding forecast product prices, process recoveries, or production costs;

- Potential changes in geometry and/or continuity of the geological units due to displacement from localized faulting and folding.

- Potential changes in grade based on additional drilling that would influence the tonnages that would be excluded with the cut-off grade.

- Potential for changes to the environmental requirements related to permit applications.

- In summary, given all the considerations in this Report, the uncertainty in the tonnage estimate for the Measured Mineral Resources, is low, Indicated Mineral Resources estimates is low to moderate, and Inferred Mineral Resources is moderate, as shown in Table 11-18.

**Table ‎11-18 - Mineral Resource Uncertainty**

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|:---|:---|:---|:---|
| &nbsp;&nbsp;**Uncertainty Item** | &nbsp;&nbsp;**Measured Uncertainty** | &nbsp;&nbsp;**Indicated Uncertainty** | &nbsp;&nbsp;**Inferred Uncertainty** |
| &nbsp;&nbsp;Sampling and Drilling Methods | &nbsp;&nbsp;Low | &nbsp;&nbsp;Low | &nbsp;&nbsp;Low |
| &nbsp;&nbsp;Data Processing and Handling | &nbsp;&nbsp;Low | &nbsp;&nbsp;Low | &nbsp;&nbsp;Low |
| &nbsp;&nbsp;Geological Modeling – Globally/Locally | &nbsp;&nbsp;Low/Low | &nbsp;&nbsp;Low/Low-Moderate | &nbsp;&nbsp;Low-Moderate/Moderate |
| &nbsp;&nbsp;Geological Domaining | &nbsp;&nbsp;Low | &nbsp;&nbsp;Low | &nbsp;&nbsp;Low |
| &nbsp;&nbsp;Geostatistical Analysis | &nbsp;&nbsp;Low | &nbsp;&nbsp;Low | &nbsp;&nbsp;Moderate |
| &nbsp;&nbsp;Block Modeling – Globally /Locally | &nbsp;&nbsp;Low/Low | &nbsp;&nbsp;Low/Low-Moderate | &nbsp;&nbsp;Low-Moderate/Moderate |
| &nbsp;&nbsp;Tonnage Estimate | &nbsp;&nbsp;Low | &nbsp;&nbsp;Low-Moderate | &nbsp;&nbsp;Moderate |

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11.12. Factors That are Likely to Influence the Prospect of Economic Extraction

It is the QP's opinion that the factors that have the potential to influence the prospect of economic extraction relate primarily to the permitting, mining, processing and market economic factors, parameters, and

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

assumptions. These factors and assumptions were used to support the reasonable prospects for eventual economic extraction of the mineral resources.

Further, the mineral resource estimates could be materially affected by any significant changes in the assumptions regarding forecast product prices, mining and process recoveries, or production costs. If the price assumptions are decreased or the assumed production costs increased significantly, then the cut-off grade must be increased and, if so, the potential impacts on the mineral resource estimates would likely be material and need to be re-evaluated.

The QP has identified additional risk factors relating to geology and mineral resource estimation including the following:

- Geological uncertainty relating to local structural control relating to geometry, location, and displacement of faults.

- Geological uncertainty and opportunity regarding the continuity and geometry of stratigraphy and mineralization in the eastern and northern extents of the basin, outside of the current mineral resource footprint.

- Opportunity to recover lithium from the LoB-Li mineralization encountered on the Project by way of additional LoB-Li mineralization metallurgical studies.

- Potential impacts to the mineral resource footprint related to potential changes in the Project footprint relating to avoidance and mitigation measures relating to the Tiehm's buckwheat and designated critical habitat areas.

These additional geological risk factors are considered as either opportunities to potentially expand the mineral resource inventory in the future, or as potential impacts on local geology and estimates rather than global (deposit wide) geology and estimates. The QP does not consider these factors as posing a risk to the prospect of economic extraction for the mineral resource as currently stated.

These risk factors, along with those identified by the QPs responsible for the other sections of this study, are presented in detail in Chapter 22.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

12. MINERAL RESERVE ESTIMATES

12.1. Key Assumptions, Parameters, and Methods

The mineral reserve was developed from the 9.14 m (30 ft) mine planning block model and is the total of all proven and probable category ore that is planned for processing. Chapter 13 presents detailed information on the development of the mine plan. The mineral reserve was estimated by tabulating the contained tonnage of measured and indicated mineral resources (proven and probable mineral reserves) from the mine productions schedule tabulated within the designed final pit geometry at the planned cut-off grade. The final pit design and the internal phase (pushback) designs were guided by the results of the Lerchs-Grossmann algorithm, project constraints, and other relevant factors.

12.1.1. Mine Design Criteria

Multiple quarry design objectives and constraints were incorporated into the pit targeting exercise, resulting in eight pushback designs that guided the mine planning. These phase designs had a significant impact on various outcomes, including the final quarry designs, the quarrying approach, and the corresponding mine production plan.

12.1.1.1. Buckwheat Constraint

An endangered species, known as Tiehm's buckwheat, exists within the Rhyolite Ridge Project site. Tiehm's buckwheat is currently found exclusively on the outcropping of the B5, M5, and S3 units on the western edge of the quarry area. A total of eight sub-populations of this buckwheat species were mapped throughout the Project area.

In December 2022, the U.S. Fish & Wildlife Service (USFWS) listed Tiehm's buckwheat as an endangered species under the Endangered Species Act (ESA) and designated critical habitat within a 500 m (1,640 ft) radius around the distinct plant populations in the Project area. Up to 2.26 km<sup>2</sup> (559 acres) of designated Tiehm's buckwheat critical habitat (including 0.21 km<sup>2</sup> [51 acres] of sub-populations) would be fenced. ioneer is committed to the protection and conservation of the Tiehm's buckwheat. The Mine Plan of Operations, submitted to the Bureau of Land Management (BLM) in July 2022 and Record of Decision (ROD) issued in October 2024, has no direct impact on the Tiehm's buckwheat populations. The approved plan includes measures to minimize and mitigate any indirect impacts within the designated critical habitat areas.

All decisions from the ROD in October 2024 were taken into consideration for mineral reserve footprint and mineral reserve estimate.

Geotechnical considerations impacting the Tiehm's buckwheat were incorporated into the mine designs, resulting in the inclusion of an engineered highwall support structure (strand anchor system) to secure and mitigate the disturbance to the designated critical habitat areas.

12.1.1.2. Geotechnical Constraint

The quarry encounters problematic adversely oriented bedding conditions where low strength materials daylight on the proposed slope faces. Pre-2022 quarry design included the removal on these materials, however due to constraints related to the Tiehm's Buckwheat populations removal of this material is currently not an option.

Laboratory testing of drill hole cores collected while drilling was completed by Call & Nicholas, Inc. in Tucson, Arizona and Geo-Logic Associates, Inc. (Geo-Logic Associates, 2024) to expand the data set to include all horizons. The tests were completed to estimate rock strength for units that will form the quarry slopes.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Each phase incorporated the geotechnical guidance provided by GLA into the mine designs. This is discussed in detail within Chapter 13.

12.1.1.3. Phase Sequencing of Quarry Development

The first two quarry development phases are located in an area south of the Tiehm's buckwheat area. These phases are planned to be exclusively mined during the first two years of operation, this allows sufficient time for detailed engineering to prepared for the highwall support structure(s). Including the execution of a geotechnical exploration and data collection program to be completed in year two. The engineered highwall support structures are only planned to be installed the highwall located below buckwheat populations on the final western wall and below the cultural conversation site on the east side of the quarry, below Cave springs. The timing of the installation of the strand anchor system was incorporated into the mine plan The mine plan is discussed in Chapter 13.

12.1.2. Modifying Factors

Modifying factors are considered when converting mineral resources to mineral reserves, including dilution, mining and process recovery factors, the mining equipment size (selective mining unit, SMU) beneficiation assumptions, property limits, permit status, changes to the Mine Plan of Operations, commodity price, cut-off grades, pit optimization assumptions, and the ultimate pit design.

12.1.2.1. Dilution, Loss, and Mining Recovery

Geologically complex mining operations can often incur higher loss and dilution values due to dipping or inconsistent ore interfaces. This issue is compounded when using the large size equipment that is planned for the Project. The block size within the resource block model was sized to accommodate the planned mining equipment and mining method. The resulting block size, 7.62 x 7.62 x 9.14 m (25 x 25 x 30 ft) within the block model incorporates mining dilution within the model estimation itself. No additional mining dilution was incorporated within the reserve estimate. In an effort to minimize the effects of loss and dilution, high-precision global positioning system (GPS) instrumentation, competent operators, Command for Hauling (CfH), and a fleet management system (FMS) will be required. Using an integrated GPS-guided grade/ore control system, such as Caterpillar's (CAT) MineStar Terrain package, wheel loader operators will be able to identify the material being loaded in real time. According to CAT, the system provides satellite-guided bucket positioning with a resolution of less than 10 cm (4"). The MineStar Terrain package is planned to be installed on various support equipment to assist with ore mining.

12.1.2.2. Project Limits

The mineral reserve is based on the processing and recoveries presented in Chapter 14. The mine plan includes three process streams that are intercorrelated, impacting the plant yields and sulfuric acid consumption factors, which in turn affects the forecast product tonnages for boric acid and lithium carbonate. Stream 3 is currently limited to a maximum production rate of 10% of the planned process feed. The portion of the stream 3 stockpile that cannot be processed within the production schedule shown in this Report will remain in the stockpile and is not included within the mineral reserve estimate.

12.1.2.3. Project Limits

The mineral reserve estimate was constrained by an engineered final quarry design. Given the location of the planning mining activities relative to the site boundary, the property surface right limits did not impact the mineral reserve estimate.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

12.1.2.4. Conversion from Elemental Grades to Equivalent Grades

Two saleable products are planned to be produced from the M5, B5, S5 and L6 units: boric acid and lithium carbonate. Lithium carbonate and boric acid do not naturally occur in the ore but will be processed products produced from the ore. Equivalent contained tons of lithium carbonate and boric acid were estimated using stochiometric conversion factors derived from the molecular weights of the individual elements that make up lithium carbonate and boric acid. The conversion factors used are constant and as follows:

- Boric acid grade (ppm) = boron grade (ppm) x 5.718;

- Lithium carbonate grade (ppm) = lithium grade (ppm) x 5.322.

12.1.2.5. Cut-Off Grade

IMC applied a two-phase approach to defining the cut-off grade, including a grade-tonnage evaluation and an economic evaluation.

The grade tonnage evaluation limited the stream 1 process feed to material with boron grades >5,000 ppm in seams M5, B5, S5, and L6. The streams 2 and 3 process feed to material with net value > $11.13/t (10.10/st) (stream 2 restricted to seams B5, S5, and L6; stream 3 restricted to seam M5).

The economic evaluation portion of the cut-off grade analysis applied the processing costs and recoveries to remove material that was not economic to process.

12.1.2.5.1. Grade–Tonnage Analysis

Boric acid and lithium carbonate will be produced from the M5, B5, S5, and L6 units. As discussed above, the quantities of boric acid and lithium carbonate generated from potential plant feed material are dependent upon their elemental boron and lithium grades.

The final cut-off grade determination was a single boron cut-off of 5,000 ppm for the HiB-Li processing stream (stream 1), no boron cut-off grade for the LoB-Li processing stream (streams 2 and 3), no lithium cut-off grade for the HiB-Li processing stream (stream 1) and a Net Value cutoff of $11.13/t (10.10/st) for the LoB-Li processing streams (streams 2 and 3).

12.1.2.5.2. Economic Evaluation

A summary of the unit costs applied to the evaluation supporting the cut-off grade estimate is provided in Table ‎12-1. These assumptions are based on a unit mining cost that was developed during previous studies and updated using current costs for input elements such as fuel and labour. The modified unit mining cost and pit slope angles were applied to the quarry optimization analysis. Costs shown in Table ‎12-1 were assumed to be fixed for the cut-off grade applied to all time periods of the LOM plan as discussed in Chapter 13 and the corresponding economic analysis discussed in Chapter 19.

A transportation cost of $145 per lithium carbonate equivalent (LCE) ton was applied in the cut-off grade and quarry optimization analysis. While it is recognized that the total amount of product tons will exceed the LCE tons, and therefore the transportation cost is based on a smaller tonnage. This is not considered by the QP to be a material impact on the cut-off grade and quarry optimization analysis.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎12-1 - Summary of Cut-off Grade Assumptions for Pit Optimizations**

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| &nbsp;&nbsp;**Input** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Mining cost | &nbsp;&nbsp;Mining cost | &nbsp;&nbsp;Mining cost |
| &nbsp;&nbsp;&nbsp;Fixed cost | &nbsp;&nbsp;US$/metric ton mined | &nbsp;&nbsp;1.69 |
| &nbsp;&nbsp;&nbsp;Average mining cost<sup>1</sup> | &nbsp;&nbsp;US$/metric ton mined | &nbsp;&nbsp;2.44 |
| &nbsp;&nbsp;&nbsp;Average mining cost<sup>1</sup> | &nbsp;&nbsp;US$/metric ton processed | &nbsp;&nbsp;9.49 |
| &nbsp;&nbsp;&nbsp;Processing cost (fixed)<sup>2</sup> | &nbsp;&nbsp;US$/metric ton | &nbsp;&nbsp;22.08 |
| &nbsp;&nbsp;&nbsp;Processing cost (variable)<sup>3</sup> | &nbsp;&nbsp;US$/metric ton | &nbsp;&nbsp;40.96 |
| &nbsp;&nbsp;&nbsp;Sulfuric acid cost | &nbsp;&nbsp;US$/metric ton-sulfuric acid | &nbsp;&nbsp;75.74 |
| &nbsp;&nbsp;&nbsp;Net of processing<sup>4</sup> | &nbsp;&nbsp;US$/metric ton | &nbsp;&nbsp;61.38 |
| &nbsp;&nbsp;Process feed cut-off grade | &nbsp;&nbsp;Process feed cut-off grade | &nbsp;&nbsp;Process feed cut-off grade |
| &nbsp;&nbsp;&nbsp;Boron (stream 1) | &nbsp;&nbsp;ppm | &nbsp;&nbsp;5000 |
| &nbsp;&nbsp;&nbsp;Lithium (streams 2 & 3) | &nbsp;&nbsp;US$ net value/metric ton | &nbsp;&nbsp;11.13 |
| &nbsp;&nbsp;Boric acid recovery<sup>5</sup> | &nbsp;&nbsp;Boric acid recovery<sup>5</sup> | &nbsp;&nbsp;Boric acid recovery<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;Stream 1 (B5) | &nbsp;&nbsp;% | &nbsp;&nbsp;76.6 |
| &nbsp;&nbsp;&nbsp;Stream 1 (M5) | &nbsp;&nbsp;% | &nbsp;&nbsp;80.2 |
| &nbsp;&nbsp;&nbsp;Stream 1 (S5) | &nbsp;&nbsp;% | &nbsp;&nbsp;75.4 |
| &nbsp;&nbsp;&nbsp;Stream 1 (L6) | &nbsp;&nbsp;% | &nbsp;&nbsp;72.3 |
| &nbsp;&nbsp;&nbsp;Stream 2 (B5) | &nbsp;&nbsp;% | &nbsp;&nbsp;76.6 |
| &nbsp;&nbsp;&nbsp;Stream 2 (S5) | &nbsp;&nbsp;% | &nbsp;&nbsp;45.2 |
| &nbsp;&nbsp;&nbsp;Stream 2 (L6) | &nbsp;&nbsp;% | &nbsp;&nbsp;29.4 |
| &nbsp;&nbsp;&nbsp;Stream 3 (M5) | &nbsp;&nbsp;% | &nbsp;&nbsp;65.0 |
| &nbsp;&nbsp;&nbsp;Lithium carbonate recovery<sup>5</sup> | &nbsp;&nbsp;&nbsp;Lithium carbonate recovery<sup>5</sup> | &nbsp;&nbsp;&nbsp;Lithium carbonate recovery<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;Stream 1 (B5) | &nbsp;&nbsp;% | &nbsp;&nbsp;85.3 |
| &nbsp;&nbsp;&nbsp;Stream 1 (M5) | &nbsp;&nbsp;% | &nbsp;&nbsp;85.7 |
| &nbsp;&nbsp;&nbsp;Stream 1 (S5) | &nbsp;&nbsp;% | &nbsp;&nbsp;80.9 |
| &nbsp;&nbsp;&nbsp;Stream 1 (L6) | &nbsp;&nbsp;% | &nbsp;&nbsp;75.6 |
| &nbsp;&nbsp;&nbsp;Stream 2 (B5) | &nbsp;&nbsp;% | &nbsp;&nbsp;85.3 |
| &nbsp;&nbsp;&nbsp;Stream 2 (S5) | &nbsp;&nbsp;% | &nbsp;&nbsp;83.2 |
| &nbsp;&nbsp;&nbsp;Stream 2 (L6) | &nbsp;&nbsp;% | &nbsp;&nbsp;74.9 |
| &nbsp;&nbsp;&nbsp;Stream 3 (M5) | &nbsp;&nbsp;% | &nbsp;&nbsp;78.0 |
| &nbsp;&nbsp;Stochiometric conversion factors<sup>5</sup> | &nbsp;&nbsp;Stochiometric conversion factors<sup>5</sup> | &nbsp;&nbsp;Stochiometric conversion factors<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;Boric acid | &nbsp;&nbsp;factor | &nbsp;&nbsp;5.718 |
| &nbsp;&nbsp;&nbsp;Lithium carbonate | &nbsp;&nbsp;factor | &nbsp;&nbsp;5.322 |
| &nbsp;&nbsp;Selling price | &nbsp;&nbsp;Selling price | &nbsp;&nbsp;Selling price |
| &nbsp;&nbsp;&nbsp;Boric acid | &nbsp;&nbsp;US$/metric ton | &nbsp;&nbsp;1172.78 |
| &nbsp;&nbsp;&nbsp;Lithium carbonate | &nbsp;&nbsp;US$/metric ton | &nbsp;&nbsp;19351.38 |
| &nbsp;&nbsp;Pit slope angles<sup>6</sup> | &nbsp;&nbsp;Pit slope angles<sup>6</sup> | &nbsp;&nbsp;Pit slope angles<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;TBX inter-ramp pit wall angle | &nbsp;&nbsp;degrees | &nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;Q1 inter-ramp pit wall angle | &nbsp;&nbsp;degrees | &nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;All other rock units in low-wall inter-ramp | &nbsp;&nbsp;degrees | &nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;All other rock units in highwall inter-ramp | &nbsp;&nbsp;degrees | &nbsp;&nbsp;42 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. A variable mining cost of $0.00180/tonne per vertical foot from reference elevation 1,893 m (6,210 ft) amsl was applied to
 the quarry optimization to simulate increased mining costs resulting from longer haulage distances from deeper haul profiles. Estimate provided by IMC.

&nbsp;&nbsp;&nbsp;&nbsp;2. Fixed Process Cost: LOM weighted average cost based on a fixed process cost; where, Stream 01: M5=$30.5/t, B5=$30.5/t,
 S5=$30.5/t, L6=$30.5/t; Stream 02: B5=$30.5/t, S5=$15.19/t, and L6=$17.53/t; Stream 03: M5=$30.80/t, Process cost estimates provided by ioneer project team.

&nbsp;&nbsp;&nbsp;&nbsp;3. Acid Consumption Process Cost: The acid consumption is calculated within the block model based on the elemental acid
 consumption (Lithium, Aluminum, Calcium, Iron, Potassium, Magnesium, Sodium, Strontium and Manganese) formula provided by the ioneer project team. The LOM weighted average acid consumption cost where Stream 1: B5 = $27.15/t, S5=$13.31/t,
 L6=$24.57/t, M5=$38.04/t; for Stream 2: B5= $28.22/t, S5=$11.38/t, L6=$23.69/t and Stream 3: M5 = 37.36$/t.

&nbsp;&nbsp;&nbsp;&nbsp;4. Net of Processing is the value added per ton processed after the fixed and variable processing costs have been deduced,
 but it does not include mining or G&A costs.

&nbsp;&nbsp;&nbsp;&nbsp;5. Recovery and conversion factors provided by ioneer project team.

&nbsp;&nbsp;&nbsp;&nbsp;6. Geotechnical slope design recommendations based on QP recommendations provided in Chapter 13.1.1.

In discussion with ioneer, IMC applied a lithium carbonate selling price of $19,351.3/t ($17,555.46/st) and boric acid selling price of $1,172.78/t ($1,063.94/st) for the purposes of the cut-off grade estimate and quarry optimization for all periods of the mineral reserve estimate. The selling prices of lithium carbonate and boric acid were based on the forecast metal prices discussed in Chapter 16.

For the purposes of the cut-off grade estimate, IMC applied recoveries as follows:

**Table ‎12-2 - Summary of Process Recovery Seams** 

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| &nbsp;&nbsp;**Summary of Process Recovery Seams** | &nbsp;&nbsp;**Boron** | &nbsp;&nbsp;**Boron** | &nbsp;&nbsp;**Lithium** | &nbsp;&nbsp;**Lithium** |
| &nbsp;&nbsp;**Summary of Process Recovery Seams** | &nbsp;&nbsp;**Stream 1** | &nbsp;&nbsp;**Stream 2 & 3** | &nbsp;&nbsp;**Stream 1** | &nbsp;&nbsp;**Stream 2 & 3** |
| &nbsp;&nbsp;**M5** | &nbsp;&nbsp;80.2% | &nbsp;&nbsp;65.0% | &nbsp;&nbsp;85.7% | &nbsp;&nbsp;78.0% |
| &nbsp;&nbsp;**B5** | &nbsp;&nbsp;76.6% | &nbsp;&nbsp;76.6% | &nbsp;&nbsp;85.3% | &nbsp;&nbsp;85.3% |
| &nbsp;&nbsp;**S5** | &nbsp;&nbsp;75.4% | &nbsp;&nbsp;45.2% | &nbsp;&nbsp;80.9% | &nbsp;&nbsp;83.2% |
| &nbsp;&nbsp;**L6** | &nbsp;&nbsp;72.3% | &nbsp;&nbsp;29.4% | &nbsp;&nbsp;75.6% | &nbsp;&nbsp;74.9% |

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The Rhyolite Ridge heat and material balance, RR40-1000-91-PO-HMB-00001 v5 (dated 5 December 2023), was used as the basis to estimate potentially saleable quantities of boric acid and lithium carbonate.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎12-3- Summary of Process Stream Estimates within Engineered Pit Design**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;&nbsp;**Units** | &nbsp;&nbsp;&nbsp;**Stream 1** | &nbsp;&nbsp;&nbsp;**Stream 1** | &nbsp;&nbsp;&nbsp;**Stream 1** | &nbsp;&nbsp;&nbsp;**Stream 1** | &nbsp;&nbsp;&nbsp;**Stream 2** | &nbsp;&nbsp;&nbsp;**Stream 2** | &nbsp;&nbsp;&nbsp;**Stream 2** | &nbsp;&nbsp;&nbsp;**Stream 3** | &nbsp;&nbsp;&nbsp;**TOTAL** |
| &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;&nbsp;**Units** | &nbsp;&nbsp;&nbsp;**B5** | &nbsp;&nbsp;&nbsp;**M5** | &nbsp;&nbsp;&nbsp;**S5** | &nbsp;&nbsp;&nbsp;**L6** | &nbsp;&nbsp;&nbsp;**B5** | &nbsp;&nbsp;&nbsp;**S5** | &nbsp;&nbsp;&nbsp;**L6** | &nbsp;&nbsp;&nbsp;**M5** | &nbsp;&nbsp;&nbsp;**ALL** |
| &nbsp;&nbsp;&nbsp;Plant Input | &nbsp;&nbsp;&nbsp;Plant Input | &nbsp;&nbsp;&nbsp;Plant Input | &nbsp;&nbsp;&nbsp;Plant Input | &nbsp;&nbsp;&nbsp;Plant Input | &nbsp;&nbsp;&nbsp;Plant Input | &nbsp;&nbsp;&nbsp;Plant Input | &nbsp;&nbsp;&nbsp;Plant Input | &nbsp;&nbsp;&nbsp;Plant Input | &nbsp;&nbsp;&nbsp;Plant Input | &nbsp;&nbsp;&nbsp;Plant Input |
| &nbsp;&nbsp;&nbsp; ROM Ore | &nbsp;&nbsp;&nbsp;ktonnes | &nbsp;&nbsp;&nbsp;59446 | &nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;5591 | &nbsp;&nbsp;&nbsp;19303 | &nbsp;&nbsp;&nbsp;8915 | &nbsp;&nbsp;&nbsp;46082 | &nbsp;&nbsp;&nbsp;94102 | &nbsp;&nbsp;&nbsp;25192 | &nbsp;&nbsp;&nbsp;265531 |
| &nbsp;&nbsp;&nbsp; Boron Grade (Contained) | &nbsp;&nbsp;&nbsp;ppm | &nbsp;&nbsp;&nbsp;14732 | &nbsp;&nbsp;&nbsp;7542 | &nbsp;&nbsp;&nbsp;7622 | &nbsp;&nbsp;&nbsp;8004 | &nbsp;&nbsp;&nbsp;2276 | &nbsp;&nbsp;&nbsp;901 | &nbsp;&nbsp;&nbsp;1464 | &nbsp;&nbsp;&nbsp;1302 | &nbsp;&nbsp;&nbsp;5112 |
| &nbsp;&nbsp;&nbsp; Lithium Grade (Contained) | &nbsp;&nbsp;&nbsp;ppm | &nbsp;&nbsp;&nbsp;1807 | &nbsp;&nbsp;&nbsp;2332 | &nbsp;&nbsp;&nbsp;1231 | &nbsp;&nbsp;&nbsp;1351 | &nbsp;&nbsp;&nbsp;2169 | &nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;1211 | &nbsp;&nbsp;&nbsp;2137 | &nbsp;&nbsp;&nbsp;1443 |
| &nbsp;&nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;&nbsp;Contained Metals |
| &nbsp;&nbsp;&nbsp; Contained Boron | &nbsp;&nbsp;&nbsp;ktonnes | &nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;1357 |
| &nbsp;&nbsp;&nbsp; Contained Lithium | &nbsp;&nbsp;&nbsp;ktonnes | &nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;383 |
| &nbsp;&nbsp;&nbsp; Contained Boric Acid | &nbsp;&nbsp;&nbsp;ktonnes | &nbsp;&nbsp;&nbsp;5007 | &nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;788 | &nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;7761 |
| &nbsp;&nbsp;&nbsp; Contained Lithium Carbonate | &nbsp;&nbsp;&nbsp;ktonnes | &nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;2039 |
| &nbsp;&nbsp;&nbsp; Contained LCE | &nbsp;&nbsp;&nbsp;ktonnes | &nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;2510 |
| &nbsp;&nbsp;&nbsp;Mass Recovery<u> </u> | &nbsp;&nbsp;&nbsp;Mass Recovery<u> </u> | &nbsp;&nbsp;&nbsp;Mass Recovery<u> </u> | &nbsp;&nbsp;&nbsp;Mass Recovery<u> </u> | &nbsp;&nbsp;&nbsp;Mass Recovery<u> </u> | &nbsp;&nbsp;&nbsp;Mass Recovery<u> </u> | &nbsp;&nbsp;&nbsp;Mass Recovery<u> </u> | &nbsp;&nbsp;&nbsp;Mass Recovery<u> </u> | &nbsp;&nbsp;&nbsp;Mass Recovery<u> </u> | &nbsp;&nbsp;&nbsp;Mass Recovery<u> </u> | &nbsp;&nbsp;&nbsp;Mass Recovery<u> </u> |
| &nbsp;&nbsp;&nbsp; Boric Acid Recovery | &nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;76.6% | &nbsp;&nbsp;&nbsp;80.2% | &nbsp;&nbsp;&nbsp;75.4% | &nbsp;&nbsp;&nbsp;72.3% | &nbsp;&nbsp;&nbsp;76.6% | &nbsp;&nbsp;&nbsp;45.2% | &nbsp;&nbsp;&nbsp;29.4% | &nbsp;&nbsp;&nbsp;65.0% |  |
| &nbsp;&nbsp;&nbsp; Lithium Carbonate Recovery | &nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;85.3% | &nbsp;&nbsp;&nbsp;85.7% | &nbsp;&nbsp;&nbsp;80.9% | &nbsp;&nbsp;&nbsp;75.6% | &nbsp;&nbsp;&nbsp;85.3% | &nbsp;&nbsp;&nbsp;83.2% | &nbsp;&nbsp;&nbsp;74.9% | &nbsp;&nbsp;&nbsp;78.0% |  |
| &nbsp;&nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;&nbsp;Recovered Metals |
| &nbsp;&nbsp;&nbsp; Recovered Boric Acid | &nbsp;&nbsp;&nbsp;ktonnes | &nbsp;&nbsp;&nbsp;3836 | &nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;639 | &nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;5447 |
| &nbsp;&nbsp;&nbsp; Recovered Lithium Carbonate | &nbsp;&nbsp;&nbsp;ktonnes | &nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;1636 |
| &nbsp;&nbsp;&nbsp; Recovered LCE | &nbsp;&nbsp;&nbsp;ktonnes | &nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;1966 |
| &nbsp;&nbsp;Notes: Because the Project will develop two different saleable products, it is useful to express the recoverable Boric Acid and Lithium Carbonate as a Lithium Carbonate Equivalent (LCE) grade. Assuming the above sales prices, an equivalent Lithium Carbonate grade can be calculated using the assumed stoichiometric conversions and mass recoveries as follows: | &nbsp;&nbsp;Notes: Because the Project will develop two different saleable products, it is useful to express the recoverable Boric Acid and Lithium Carbonate as a Lithium Carbonate Equivalent (LCE) grade. Assuming the above sales prices, an equivalent Lithium Carbonate grade can be calculated using the assumed stoichiometric conversions and mass recoveries as follows: | &nbsp;&nbsp;Notes: Because the Project will develop two different saleable products, it is useful to express the recoverable Boric Acid and Lithium Carbonate as a Lithium Carbonate Equivalent (LCE) grade. Assuming the above sales prices, an equivalent Lithium Carbonate grade can be calculated using the assumed stoichiometric conversions and mass recoveries as follows: | &nbsp;&nbsp;Notes: Because the Project will develop two different saleable products, it is useful to express the recoverable Boric Acid and Lithium Carbonate as a Lithium Carbonate Equivalent (LCE) grade. Assuming the above sales prices, an equivalent Lithium Carbonate grade can be calculated using the assumed stoichiometric conversions and mass recoveries as follows: | &nbsp;&nbsp;Notes: Because the Project will develop two different saleable products, it is useful to express the recoverable Boric Acid and Lithium Carbonate as a Lithium Carbonate Equivalent (LCE) grade. Assuming the above sales prices, an equivalent Lithium Carbonate grade can be calculated using the assumed stoichiometric conversions and mass recoveries as follows: | &nbsp;&nbsp;Notes: Because the Project will develop two different saleable products, it is useful to express the recoverable Boric Acid and Lithium Carbonate as a Lithium Carbonate Equivalent (LCE) grade. Assuming the above sales prices, an equivalent Lithium Carbonate grade can be calculated using the assumed stoichiometric conversions and mass recoveries as follows: | &nbsp;&nbsp;Notes: Because the Project will develop two different saleable products, it is useful to express the recoverable Boric Acid and Lithium Carbonate as a Lithium Carbonate Equivalent (LCE) grade. Assuming the above sales prices, an equivalent Lithium Carbonate grade can be calculated using the assumed stoichiometric conversions and mass recoveries as follows: | &nbsp;&nbsp;Notes: Because the Project will develop two different saleable products, it is useful to express the recoverable Boric Acid and Lithium Carbonate as a Lithium Carbonate Equivalent (LCE) grade. Assuming the above sales prices, an equivalent Lithium Carbonate grade can be calculated using the assumed stoichiometric conversions and mass recoveries as follows: | &nbsp;&nbsp;Notes: Because the Project will develop two different saleable products, it is useful to express the recoverable Boric Acid and Lithium Carbonate as a Lithium Carbonate Equivalent (LCE) grade. Assuming the above sales prices, an equivalent Lithium Carbonate grade can be calculated using the assumed stoichiometric conversions and mass recoveries as follows: | &nbsp;&nbsp;Notes: Because the Project will develop two different saleable products, it is useful to express the recoverable Boric Acid and Lithium Carbonate as a Lithium Carbonate Equivalent (LCE) grade. Assuming the above sales prices, an equivalent Lithium Carbonate grade can be calculated using the assumed stoichiometric conversions and mass recoveries as follows: | &nbsp;&nbsp;Notes: Because the Project will develop two different saleable products, it is useful to express the recoverable Boric Acid and Lithium Carbonate as a Lithium Carbonate Equivalent (LCE) grade. Assuming the above sales prices, an equivalent Lithium Carbonate grade can be calculated using the assumed stoichiometric conversions and mass recoveries as follows: |
| &nbsp;&nbsp;Lithium Carbonate Equivalent (ppm) = (Boron Grade x 5.718 x ($1,172.78 / $19,351.38)) + (Lithium Grade x 5.322) | &nbsp;&nbsp;Lithium Carbonate Equivalent (ppm) = (Boron Grade x 5.718 x ($1,172.78 / $19,351.38)) + (Lithium Grade x 5.322) | &nbsp;&nbsp;Lithium Carbonate Equivalent (ppm) = (Boron Grade x 5.718 x ($1,172.78 / $19,351.38)) + (Lithium Grade x 5.322) | &nbsp;&nbsp;Lithium Carbonate Equivalent (ppm) = (Boron Grade x 5.718 x ($1,172.78 / $19,351.38)) + (Lithium Grade x 5.322) | &nbsp;&nbsp;Lithium Carbonate Equivalent (ppm) = (Boron Grade x 5.718 x ($1,172.78 / $19,351.38)) + (Lithium Grade x 5.322) | &nbsp;&nbsp;Lithium Carbonate Equivalent (ppm) = (Boron Grade x 5.718 x ($1,172.78 / $19,351.38)) + (Lithium Grade x 5.322) | &nbsp;&nbsp;Lithium Carbonate Equivalent (ppm) = (Boron Grade x 5.718 x ($1,172.78 / $19,351.38)) + (Lithium Grade x 5.322) | &nbsp;&nbsp;Lithium Carbonate Equivalent (ppm) = (Boron Grade x 5.718 x ($1,172.78 / $19,351.38)) + (Lithium Grade x 5.322) | &nbsp;&nbsp;Lithium Carbonate Equivalent (ppm) = (Boron Grade x 5.718 x ($1,172.78 / $19,351.38)) + (Lithium Grade x 5.322) | &nbsp;&nbsp;Lithium Carbonate Equivalent (ppm) = (Boron Grade x 5.718 x ($1,172.78 / $19,351.38)) + (Lithium Grade x 5.322) | &nbsp;&nbsp;Lithium Carbonate Equivalent (ppm) = (Boron Grade x 5.718 x ($1,172.78 / $19,351.38)) + (Lithium Grade x 5.322) |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Since there will be two different saleable products, it is useful to express the recoverable boric acid and lithium carbonate
 as a lithium carbonate equivalent (LCE) grade. Assuming the above sales prices, an LCE grade can be calculated using the assumed stoichiometric conversions and mass recoveries as follows:

LCE (ppm) = (boron grade x 5.718 x ($922.32 / $16,210.20)) + (lithium grade x 5.322)

Based on the observations from the grade-tonnage analysis and the economic evaluation in Figure ‎12-3, the following observations were made within the engineered pit design:

Stream 1 feed:

- All of the measured and indicated mineral resource classifications has a boron grade >5,000 ppm. The inferred resource classification was not included in within process stream estimates summarized in Figure ‎12-3;

The majority of the stream 1 feed is contained within the B5 material. The approximate 59.4 Mt of in-situ B5 material, accounts for nearly 65% of the stream 1 process feed;

- The second largest contribution of stream 1 feed is contained within the L6 material. Approximately 19.3 Mt of in-situ L6 within the stream 1 process feed.

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| ![](img086.jpg) | **12-6** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Only 6.9 Mt of in-situ M5 is within the stream 1 feed. Up to half of the M5 unit consists of the M5a unit, a swelling clay which presents problems for the proposed processing plant design. Only a small portion of the M5 unit can therefore be processed based on the cut-off grade analysis.

Stream 2 feed:

All of the measured and indicated mineral resource classifications has a net value grade of at least $11.13/t. The inferred resource classification was not included in within process stream estimates summarized in Figure ‎12-3;

The majority of the stream 2 material is within the L6 seam. A total of 94.1 Mt of in-situ L6 within the measured and indicated mineral resource classifications has a Net Value grade of at least $11.13/t;

- The second largest contribution of stream 2 feed is contained within the S5 material. Approximately 46.1 Mt of in-situ S5 within the stream 2 process feed.

There is only 8.9 Mt of in-situ B5 material, or nearly 6% of stream 2 feed.

Stream 3 feed:

All of the measured and indicated mineral resource classifications has a net value grade of at least $11.13/t. The inferred resource classification was not included in within process stream estimates summarized in Figure ‎12-3;

There is only 25.2 Mt of in-situ M5 within the stream 3 feed. The majority of the M5 seam would be treated as process stream 3. The stream 3 material must be blended with other process streams, therefore only a portion of the M5 material can be included within the mine production schedule.

12.1.3. Pit Targeting Methodology and Pit Selection

IMC performed numerous pit targeting exercises under various scenarios and assumptions to identify the economic extents of the LOM Quarry using the 9.14 m (30 ft) mine planning block model and Hexagon MinePlan® software's quarry optimization capabilities. These pit targeting exercises formed the basis of IMC's subsequent quarry designs.

Key inputs influencing the pit targeting exercise included:

- Modifying factors;

- Unit costs, including mining, processing, and sales costs;

- Metallurgical recovery;

- Sales prices;

- Cut-off grades;

- Geotechnical criteria, including overall quarry slopes;

- Other external constraints such as the locations of buckwheat, permit boundaries, public utilities and infrastructure.

Modifying factors were applied to the in-situ block model to estimate tonnages and grades that can be expected from the mining process.

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| ![](img086.jpg) | **12-7** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Due to the geology and varying geotechnical constraints in the quarry area, differing inter-ramp slope angles were used in the quarry optimization based upon GLA initial geotechnical recommendations (GeoLogic, 2024). Based on the pit targeting criteria, IMC performed nested quarry optimizations at static input costs and incremental revenue factors ranging from 10% to 110% of the base selling prices using the Lerchs-Grossmann algorithm to test the sensitivity of the deposit to selling prices and identify the best 50 years of process feed. A summary of the results of the pit targeting exercise is provided in Table ‎12-4.

Based upon the results of this pit targeting exercise, the 10% revenue factor quarry shell was chosen as a basis for the development of the LOM quarry design due to its roughly 288 Mt of ore, which equates to a mine life of approximately 78 years at an average production rate of 3.5 Mtpa ore. Increasing the revenue factor and additional study tons would have increased the mine life but, would have also included lower-value mineralization into the quarry plan without any substantial benefit in Project value on a NPV basis by extending the mine life beyond a 50-year timeframe.

**Table ‎12-4 - Summary of Pit Optimization Results**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Revenue**<br> **Factor** | &nbsp;&nbsp; **Strip**<br> **Ratio** | &nbsp;&nbsp; **Tonnes**<br> **Not Processed**<br> **(000s tonnes)** | &nbsp;&nbsp; **Tonnes**<br> **To Be Processed**<br> **(000s tonnes)** | &nbsp;&nbsp; **Boron**<br> **Grade**<br> **(ppm)** | &nbsp;&nbsp; **Lithium**<br> **Grade**<br> **(ppm)** | &nbsp;&nbsp; **Recovered**<br> **Boric Acid**<br> **(000s tonnes)** | &nbsp;&nbsp; **Recovered**<br> **Lithium Carbonate**<br> **(000s tonnes)** | &nbsp;&nbsp; **Approximate**<br> **Mine Life**<br> **(years)** |
| 10% | 1.44 | 414181 | 288248 | 4793 | 1455 | 5423 | 1780 | 83.6 |
| 15% | 1.47 | 487727 | 330788 | 4582 | 1438 | 5930 | 2015 | 95.9 |
| 20% | 1.51 | 525890 | 347917 | 4535 | 1427 | 6172 | 2103 | 100.9 |
| 25% | 1.59 | 576733 | 363357 | 4549 | 1422 | 6478 | 2188 | 105.4 |
| 30% | 1.72 | 648644 | 378051 | 4616 | 1421 | 6857 | 2276 | 109.6 |
| 35% | 1.75 | 667283 | 382048 | 4623 | 1422 | 6942 | 2302 | 110.8 |
| 40% | 1.75 | 673454 | 383947 | 4619 | 1421 | 6971 | 2312 | 111.4 |
| 45% | 1.76 | 678290 | 385466 | 4617 | 1421 | 6996 | 2321 | 111.8 |
| 50% | 1.77 | 683891 | 387199 | 4609 | 1420 | 7013 | 2330 | 112.3 |
| 55% | 1.77 | 687217 | 388227 | 4603 | 1420 | 7023 | 2335 | 112.6 |
| 60% | 1.77 | 690018 | 389265 | 4597 | 1419 | 7033 | 2340 | 112.9 |
| 65% | 1.78 | 693946 | 390210 | 4598 | 1420 | 7051 | 2346 | 113.2 |
| 70% | 1.78 | 696854 | 391184 | 4597 | 1419 | 7069 | 2352 | 113.5 |
| 75% | 1.79 | 703734 | 392591 | 4587 | 1418 | 7078 | 2359 | 113.9 |
| 80% | 1.79 | 705765 | 393355 | 4586 | 1418 | 7091 | 2363 | 114.1 |
| 85% | 1.8 | 709742 | 394407 | 4583 | 1418 | 7105 | 2369 | 114.4 |
| 90% | 1.8 | 711320 | 394675 | 4582 | 1418 | 7109 | 2370 | 114.5 |
| 95% | 1.83 | 725047 | 396960 | 4562 | 1416 | 7120 | 2381 | 115.1 |
| 100% | 1.83 | 728713 | 397833 | 4563 | 1416 | 7138 | 2386 | 115.4 |
| 105% | 1.83 | 730137 | 398399 | 4558 | 1415 | 7139 | 2388 | 115.5 |
| 110% | 1.83 | 731491 | 398764 | 4556 | 1415 | 7143 | 2390 | 115.7 |

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Note: Annual process feed based on 3.5 Mt per year to process plant. All of Stream 3 included to be processed.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

12.1.4. Final Quarry Design

While the pit targeting exercise helped to identify the lowest-cost ore within the designated study period, the quarry and phasing designs were defined by the orientation of geotechnical controlling stratification of the deposit. Due to the highly sensitive nature of the quarry wall orientations to the dip and orientation of various sedimentary units on quarry slope stability, the quarry design process required close collaboration between IMC and GLA to finalize designs. Numerous iterations of the quarry phases were designed before finding wall orientations that met the quarry slope stability acceptance criteria, other design objectives, and constraints set out in Chapter 13.1.1.

Phase 1 to phase 8 of the quarry, whose extents are shown in Figure ‎12-1 through Figure ‎12-8, were designed as a preliminary entry point into the development of the quarry. It was designed to maximize mining recovery to the extent possible while allowing ioneer to operate under an initial EIS permit for as long as possible. As shown in Table ‎12-5, IMC's resultant design for the phases 1-3 of the quarry included 162.8 Mt of overburden and 38 Mt of measured and indicated mineral resources, which equates to approximately 12 years of ore production at an average annual acid consumption rate of 1.16 Mtpa.

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| ![](img086.jpg) | **12-9** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Figure *‎*12-1 - Phase 1 Quarry Design**

Source: ioneer, 2025

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| ![](img086.jpg) | **12-10** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img044.jpg)

**Figure *‎*12-2 - Phase 2 Quarry Design**

Source: ioneer, 2025

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| ![](img086.jpg) | **12-11** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img045.jpg)

**Figure *‎*12-3 - Phase 3 Quarry Design**

Source: ioneer, 2025

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| ![](img086.jpg) | **12-12** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Figure *‎*12-4 - Phase 4 Quarry Design**

Source: ioneer, 2025

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| ![](img086.jpg) | **12-13** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Figure *‎*12-5 - Phase 5 Quarry Design**

Source: ioneer, 2025

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| ![](img086.jpg) | **12-14** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Figure *‎*12-6 - Phase 6 Quarry Design**

Source: ioneer, 2025

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| ![](img086.jpg) | **12-15** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Figure *‎*12-7 - Phase 7 Quarry Design**

Source: ioneer, 2025

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| ![](img086.jpg) | **12-16** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Figure *‎*12-8 - Phase 8 Quarry Design**

Source: ioneer, 2025

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| ![](img086.jpg) | **12-17** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎12-5 - Pit Design Tonnages, Grades, Contained and Recovered Metals**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Phase 1** | &nbsp;&nbsp;**Phase 2** | &nbsp;&nbsp;**Phase 3** | &nbsp;&nbsp;**Phase 4** | &nbsp;&nbsp;**Phase 5** | &nbsp;&nbsp;**Phase 6** | &nbsp;&nbsp;**Phase 7** | &nbsp;&nbsp;**Phase 8** |
| &nbsp;&nbsp;Material Movement | &nbsp;&nbsp;Material Movement | &nbsp;&nbsp;Material Movement | &nbsp;&nbsp;Material Movement | &nbsp;&nbsp;Material Movement | &nbsp;&nbsp;Material Movement | &nbsp;&nbsp;Material Movement | &nbsp;&nbsp;Material Movement | &nbsp;&nbsp;Material Movement | &nbsp;&nbsp;Material Movement | &nbsp;&nbsp;Material Movement |
| &nbsp;&nbsp;Overburden & Non-Economic Material | &nbsp;&nbsp;000 tonnes | &nbsp;&nbsp; 869971 | &nbsp;&nbsp;33738 | &nbsp;&nbsp;60362 | &nbsp;&nbsp;68713 | &nbsp;&nbsp;81353 | &nbsp;&nbsp;153923 | &nbsp;&nbsp;96248 | &nbsp;&nbsp;117625 | &nbsp;&nbsp;258009 |
| &nbsp;&nbsp;ROM Ore Ton<sup>1</sup> | &nbsp;&nbsp;000 tonnes | &nbsp;&nbsp;265531 | &nbsp;&nbsp;9593 | &nbsp;&nbsp;12408 | &nbsp;&nbsp;16041 | &nbsp;&nbsp;30496 | &nbsp;&nbsp;69150 | &nbsp;&nbsp;45767 | &nbsp;&nbsp;43736 | &nbsp;&nbsp;38341 |
| &nbsp;&nbsp;**Total Material<sup>2</sup>** | &nbsp;&nbsp;**000 tonnes** | &nbsp;&nbsp;**1135503** | &nbsp;&nbsp;**43331** | &nbsp;&nbsp;**72769** | &nbsp;&nbsp;**84753** | &nbsp;&nbsp;**111849** | &nbsp;&nbsp;**223073** | &nbsp;&nbsp;**142015** | &nbsp;&nbsp;**161361** | &nbsp;&nbsp;**296350** |
| &nbsp;&nbsp;ROM Strip Ratio | &nbsp;&nbsp;000 tonnes | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;6.7 |
| &nbsp;&nbsp;ROM Ore Grade | &nbsp;&nbsp;ROM Ore Grade | &nbsp;&nbsp;ROM Ore Grade | &nbsp;&nbsp;ROM Ore Grade | &nbsp;&nbsp;ROM Ore Grade | &nbsp;&nbsp;ROM Ore Grade | &nbsp;&nbsp;ROM Ore Grade | &nbsp;&nbsp;ROM Ore Grade | &nbsp;&nbsp;ROM Ore Grade | &nbsp;&nbsp;ROM Ore Grade | &nbsp;&nbsp;ROM Ore Grade |
| &nbsp;&nbsp;Boric Acid (H<sub>3</sub>BO<sub>3</sub>)<sup>3</sup> | &nbsp;&nbsp;% | &nbsp;&nbsp;2.92 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;1.79 | &nbsp;&nbsp;3.99 | &nbsp;&nbsp;2.07 | &nbsp;&nbsp;3.20 | &nbsp;&nbsp;3.83 | &nbsp;&nbsp;2.21 | &nbsp;&nbsp;3.10 |
| &nbsp;&nbsp;Lithium Carbonate (Li<sub>2</sub>CO<sub>3</sub>)<sup>4</sup> | &nbsp;&nbsp;% | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.80 |
| &nbsp;&nbsp;Boron | &nbsp;&nbsp;ppm | &nbsp;&nbsp;5112 | &nbsp;&nbsp;2624 | &nbsp;&nbsp;3138 | &nbsp;&nbsp;6973 | &nbsp;&nbsp;3623 | &nbsp;&nbsp;5593 | &nbsp;&nbsp;6706 | &nbsp;&nbsp;3871 | &nbsp;&nbsp;5422 |
| &nbsp;&nbsp;Lithium | &nbsp;&nbsp;ppm | &nbsp;&nbsp;1443 | &nbsp;&nbsp;1540 | &nbsp;&nbsp;1818 | &nbsp;&nbsp;1595 | &nbsp;&nbsp;1401 | &nbsp;&nbsp;1371 | &nbsp;&nbsp;1407 | &nbsp;&nbsp;1380 | &nbsp;&nbsp;1510 |
| &nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;Contained Metals | &nbsp;&nbsp;Contained Metals |
| &nbsp;&nbsp;Boric Acid (H<sub>3</sub>BO<sub>3</sub>)<sup>3</sup> | &nbsp;&nbsp;000 tonnes | &nbsp;&nbsp;7761 | &nbsp;&nbsp;144 | &nbsp;&nbsp;223 | &nbsp;&nbsp;640 | &nbsp;&nbsp;632 | &nbsp;&nbsp;2211 | &nbsp;&nbsp;1755 | &nbsp;&nbsp;968 | &nbsp;&nbsp;1189 |
| &nbsp;&nbsp;Lithium Carbonate (Li<sub>2</sub>CO<sub>3</sub>)<sup>4</sup> | &nbsp;&nbsp;000 tonnes | &nbsp;&nbsp;2039 | &nbsp;&nbsp;79 | &nbsp;&nbsp;120 | &nbsp;&nbsp;136 | &nbsp;&nbsp;227 | &nbsp;&nbsp;505 | &nbsp;&nbsp;343 | &nbsp;&nbsp;321 | &nbsp;&nbsp;308 |
| &nbsp;&nbsp;Boron | &nbsp;&nbsp;000 tonnes | &nbsp;&nbsp;1357 | &nbsp;&nbsp;25 | &nbsp;&nbsp;39 | &nbsp;&nbsp;112 | &nbsp;&nbsp;110 | &nbsp;&nbsp;387 | &nbsp;&nbsp;307 | &nbsp;&nbsp;169 | &nbsp;&nbsp;208 |
| &nbsp;&nbsp;Lithium | &nbsp;&nbsp;000 tonnes | &nbsp;&nbsp;383 | &nbsp;&nbsp;15 | &nbsp;&nbsp;23 | &nbsp;&nbsp;26 | &nbsp;&nbsp;43 | &nbsp;&nbsp;95 | &nbsp;&nbsp;64 | &nbsp;&nbsp;60 | &nbsp;&nbsp;58 |
| &nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;Recovered Metals | &nbsp;&nbsp;Recovered Metals |
| &nbsp;&nbsp;Boric Acid (H<sub>3</sub>BO<sub>3</sub>)<sup>3</sup> | &nbsp;&nbsp;000 tonnes | &nbsp;&nbsp;5447 | &nbsp;&nbsp;90 | &nbsp;&nbsp;164 | &nbsp;&nbsp;477 | &nbsp;&nbsp;407 | &nbsp;&nbsp;1560 | &nbsp;&nbsp;1255 | &nbsp;&nbsp;631 | &nbsp;&nbsp;862 |
| &nbsp;&nbsp;Lithium Carbonate (Li<sub>2</sub>CO<sub>3</sub>)<sup>4</sup> | &nbsp;&nbsp;000 tonnes | &nbsp;&nbsp;1636 | &nbsp;&nbsp;62 | &nbsp;&nbsp;100 | &nbsp;&nbsp;112 | &nbsp;&nbsp;179 | &nbsp;&nbsp;405 | &nbsp;&nbsp;275 | &nbsp;&nbsp;254 | &nbsp;&nbsp;248 |
| &nbsp;&nbsp;Boron | &nbsp;&nbsp;000 tonnes | &nbsp;&nbsp;953 | &nbsp;&nbsp;16 | &nbsp;&nbsp;29 | &nbsp;&nbsp;83 | &nbsp;&nbsp;71 | &nbsp;&nbsp;273 | &nbsp;&nbsp;219 | &nbsp;&nbsp;110 | &nbsp;&nbsp;151 |
| &nbsp;&nbsp;Lithium | &nbsp;&nbsp;000 tonnes | &nbsp;&nbsp;307 | &nbsp;&nbsp;12 | &nbsp;&nbsp;19 | &nbsp;&nbsp;21 | &nbsp;&nbsp;34 | &nbsp;&nbsp;76 | &nbsp;&nbsp;52 | &nbsp;&nbsp;48 | &nbsp;&nbsp;47 |
| &nbsp;&nbsp;Sulfuric Acid Consumption | &nbsp;&nbsp;000 tonnes | &nbsp;&nbsp;76207 | &nbsp;&nbsp;2762 | &nbsp;&nbsp;3585 | &nbsp;&nbsp;4648 | &nbsp;&nbsp;8496 | &nbsp;&nbsp;18823 | &nbsp;&nbsp;12894 | &nbsp;&nbsp;12769 | &nbsp;&nbsp;12230 |
| &nbsp;&nbsp;Approximate Ore Production | &nbsp;&nbsp;Years | &nbsp;&nbsp;77 | &nbsp;&nbsp;3 | &nbsp;&nbsp;4 | &nbsp;&nbsp;5 | &nbsp;&nbsp;9 | &nbsp;&nbsp;20 | &nbsp;&nbsp;13 | &nbsp;&nbsp;13 | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;Notes: | &nbsp;&nbsp;Notes: | &nbsp;&nbsp;Notes: | &nbsp;&nbsp;Notes: | &nbsp;&nbsp;Notes: | &nbsp;&nbsp;Notes: | &nbsp;&nbsp;Notes: | &nbsp;&nbsp;Notes: | &nbsp;&nbsp;Notes: | &nbsp;&nbsp;Notes: | &nbsp;&nbsp;Notes: |
| &nbsp;&nbsp;1. Ore Includes Dilution and Losses. | &nbsp;&nbsp;1. Ore Includes Dilution and Losses. | &nbsp;&nbsp;1. Ore Includes Dilution and Losses. | &nbsp;&nbsp;1. Ore Includes Dilution and Losses. | &nbsp;&nbsp;1. Ore Includes Dilution and Losses. | &nbsp;&nbsp;1. Ore Includes Dilution and Losses. | &nbsp;&nbsp;1. Ore Includes Dilution and Losses. | &nbsp;&nbsp;1. Ore Includes Dilution and Losses. | &nbsp;&nbsp;1. Ore Includes Dilution and Losses. | &nbsp;&nbsp;1. Ore Includes Dilution and Losses. | &nbsp;&nbsp;1. Ore Includes Dilution and Losses. |
| &nbsp;&nbsp;2. Totals differ due to rounding, Mineral Reserves reported on a dry in-situ basis. | &nbsp;&nbsp;2. Totals differ due to rounding, Mineral Reserves reported on a dry in-situ basis. | &nbsp;&nbsp;2. Totals differ due to rounding, Mineral Reserves reported on a dry in-situ basis. | &nbsp;&nbsp;2. Totals differ due to rounding, Mineral Reserves reported on a dry in-situ basis. | &nbsp;&nbsp;2. Totals differ due to rounding, Mineral Reserves reported on a dry in-situ basis. | &nbsp;&nbsp;2. Totals differ due to rounding, Mineral Reserves reported on a dry in-situ basis. | &nbsp;&nbsp;2. Totals differ due to rounding, Mineral Reserves reported on a dry in-situ basis. | &nbsp;&nbsp;2. Totals differ due to rounding, Mineral Reserves reported on a dry in-situ basis. | &nbsp;&nbsp;2. Totals differ due to rounding, Mineral Reserves reported on a dry in-situ basis. | &nbsp;&nbsp;2. Totals differ due to rounding, Mineral Reserves reported on a dry in-situ basis. | &nbsp;&nbsp;2. Totals differ due to rounding, Mineral Reserves reported on a dry in-situ basis. |
| &nbsp;&nbsp;3. A stochiometric factor of 5.718 was applied to convert the boron grade to an equivalent boric acid grade. | &nbsp;&nbsp;3. A stochiometric factor of 5.718 was applied to convert the boron grade to an equivalent boric acid grade. | &nbsp;&nbsp;3. A stochiometric factor of 5.718 was applied to convert the boron grade to an equivalent boric acid grade. | &nbsp;&nbsp;3. A stochiometric factor of 5.718 was applied to convert the boron grade to an equivalent boric acid grade. | &nbsp;&nbsp;3. A stochiometric factor of 5.718 was applied to convert the boron grade to an equivalent boric acid grade. | &nbsp;&nbsp;3. A stochiometric factor of 5.718 was applied to convert the boron grade to an equivalent boric acid grade. | &nbsp;&nbsp;3. A stochiometric factor of 5.718 was applied to convert the boron grade to an equivalent boric acid grade. | &nbsp;&nbsp;3. A stochiometric factor of 5.718 was applied to convert the boron grade to an equivalent boric acid grade. | &nbsp;&nbsp;3. A stochiometric factor of 5.718 was applied to convert the boron grade to an equivalent boric acid grade. | &nbsp;&nbsp;3. A stochiometric factor of 5.718 was applied to convert the boron grade to an equivalent boric acid grade. | &nbsp;&nbsp;3. A stochiometric factor of 5.718 was applied to convert the boron grade to an equivalent boric acid grade. |
| &nbsp;&nbsp;4. A stochiometric conversion factor of 5.322 was applied to convert the lithium grade to an equivalent carbonate grade. | &nbsp;&nbsp;4. A stochiometric conversion factor of 5.322 was applied to convert the lithium grade to an equivalent carbonate grade. | &nbsp;&nbsp;4. A stochiometric conversion factor of 5.322 was applied to convert the lithium grade to an equivalent carbonate grade. | &nbsp;&nbsp;4. A stochiometric conversion factor of 5.322 was applied to convert the lithium grade to an equivalent carbonate grade. | &nbsp;&nbsp;4. A stochiometric conversion factor of 5.322 was applied to convert the lithium grade to an equivalent carbonate grade. | &nbsp;&nbsp;4. A stochiometric conversion factor of 5.322 was applied to convert the lithium grade to an equivalent carbonate grade. |  |  |  |  |  |

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The end of mine life quarry, and overburden storage facilities are provided in Figure ‎12-9. Access ramps used in the design phases have been sized to accommodate two lanes of traffic at a maximum allowable grade of 10%. Ramps have therefore been designed to a width of 32 m (105 ft) to accommodate a berm, two lanes of traffic, and a drainage ditch.

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|:---|:---|:---|
| ![](img086.jpg) | **12-18** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img051.jpg)

**Figure *‎*12-9 – End of Mine Life Quarry and Overburden Storage Facility**

Source: ioneer, 2025

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|:---|:---|:---|
| ![](img086.jpg) | **12-19** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

IMC's quarry designs were further analyzed by GLA to check for quarry slope stability. The analyses found that each of the phase design is predicted to be in a stable configuration. Further discussion on the geotechnical criteria that formed the basis of each phase quarry design is provided in Chapter 13.1.1.

12.2. Mineral Reserve Estimate

The mineral reserve estimate for the South Basin is presented by quarry in Table ‎12-6. Mineral reserves are reported using the definitions in S-K 1300.

Mineral reserves are stated as dry metric tonnes of ore delivered at the processing plant ore stockpile. All figures are rounded to reflect the relative accuracy of the estimates and rounded subtotals may not add to the stated total.

The mineral reserve estimate is based on the LOM production plan described in Chapter 13.0 and realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social, and governmental modifying factors described in this Report section.

Contained equivalent tonnes of lithium carbonate and boric acid reported in the mineral reserves are the equivalent tonnages of marketable products potentially available. Lithium carbonate and boric acid do not naturally occur in the ore but are processed products produced from the ore. Equivalent contained tons of lithium carbonate and boric acid are estimated using stochiometric conversion factors derived from the molecular weights of the individual elements which make up lithium carbonate and boric acid. The conversion factors used are constant and as follows: Li<sub>2</sub>CO<sub>3</sub> – 5.322 and H<sub>3</sub>BO<sub>3</sub> – 5.718.

The statement of estimates of mineral reserves has been compiled by IMC, an independent third-party firm.

Based on the outcomes of the October 2025 feasibility study presented in this Report and the consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social, and governmental modifying factors, it is the QP's opinion that the extraction of the stated mineral reserves could be reasonably justified at the time of reporting.

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|:---|:---|:---|
| ![](img086.jpg) | **12-20** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎12-6 - Mineral Reserves as of October 2025**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Group** | &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Metric** | &nbsp;&nbsp;**Lithium** | &nbsp;&nbsp;**Boron** | &nbsp;&nbsp;**Contained Equivalent Grade** | &nbsp;&nbsp;**Contained Equivalent Grade** | &nbsp;&nbsp;**Contained** <br> **Equivalent Tonnes** | &nbsp;&nbsp;**Contained** <br> **Equivalent Tonnes** | &nbsp;&nbsp;**Recovered** <br> **Equivalent Tonnes** | &nbsp;&nbsp;**Recovered** <br> **Equivalent Tonnes** |
|  |  |  | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**Grade** | &nbsp;&nbsp;**Grade** | | | | | | |
|  |  |  | | &nbsp;&nbsp;**Li** | &nbsp;&nbsp;**B** | <br>&nbsp;&nbsp;**Li<sub>2</sub>CO<sub>3</sub>** | <br>&nbsp;&nbsp;**H<sub>3</sub>BO<sub>3</sub>** | <br>&nbsp;&nbsp;**Li<sub>2</sub>CO<sub>3</sub>** | <br>&nbsp;&nbsp;**H<sub>3</sub>BO<sub>3</sub>** | <br>&nbsp;&nbsp;**Li<sub>2</sub>CO<sub>3</sub>** | <br>&nbsp;&nbsp;**H<sub>3</sub>BO<sub>3</sub>** |
|  |  |  | <br>&nbsp;&nbsp;**(kt)** | &nbsp;&nbsp;**(ppm)** | &nbsp;&nbsp;**(ppm)** | &nbsp;&nbsp;**(wt.%)** | &nbsp;&nbsp;**(wt.%)** | &nbsp;&nbsp;**(kt)** | &nbsp;&nbsp;**(kt)** | &nbsp;&nbsp;**(kt)** | &nbsp;&nbsp;**(kt)** |
| **Stream 1** <br> **(>= 5,000 ppm B)** | Upper Zone | Proven | 3489 | 2401 | 7652 | 1.28 | 4.38 | 45 | 153 | 38 | 122 |
| **Stream 1** <br> **(>= 5,000 ppm B)** | M5 Unit | Probable | 3411 | 2262 | 7430 | 1.20 | 4.25 | 41 | 145 | 35 | 116 |
| **Stream 1** <br> **(>= 5,000 ppm B)** |  | **Sub-total M5 Unit** | **6900** | **2332** | **7542** | **1.24** | **4.31** | **86** | **298** | **73** | **239** |
| **Stream 1** <br> **(>= 5,000 ppm B)** | Upper Zone | Proven | 27990 | 1880 | 15364 | 1.00 | 8.78 | 280 | 2459 | 239 | 1884 |
| **Stream 1** <br> **(>= 5,000 ppm B)** | B5 Unit | Probable | 31456 | 1742 | 14169 | 0.93 | 8.10 | 292 | 2549 | 249 | 1952 |
| **Stream 1** <br> **(>= 5,000 ppm B)** |  | **Sub-total B5 Unit** | **59446** | **1807** | **14732** | **0.96** | **8.42** | **572** | **5007** | **488** | **3836** |
| **Stream 1** <br> **(>= 5,000 ppm B)** | Upper Zone | Proven | 2237 | 1326 | 7754 | 0.71 | 4.43 | 16 | 99 | 13 | 75 |
| **Stream 1** <br> **(>= 5,000 ppm B)** | S5 Unit | Probable | 3354 | 1166 | 7533 | 0.62 | 4.31 | 21 | 144 | 17 | 109 |
| **Stream 1** <br> **(>= 5,000 ppm B)** |  | **Sub-total S5 Unit** | **5591** | **1230** | **7622** | **0.65** | **4.36** | **37** | **244** | **30** | **184** |
| **Stream 1** <br> **(>= 5,000 ppm B)** | Upper Zone | Proven | 33716 | 1897 | 14061 | 1.01 | 8.04 | 340 | 2711 | 290 | 2081 |
| **Stream 1** <br> **(>= 5,000 ppm B)** | (B5, M5 & S5) | Probable | 38221 | 1738 | 12985 | 0.93 | 7.43 | 354 | 2838 | 301 | 2177 |
| **Stream 1** <br> **(>= 5,000 ppm B)** | Sub-Total | **Sub-total Upper Zone** | **71937** | **1813** | **13489** | **0.96** | **7.71** | **694** | **5549** | **591** | **4258** |
| **Stream 1** <br> **(>= 5,000 ppm B)** | Lower Zone | Proven | 5712 | 1389 | 8357 | 0.74 | 4.78 | 42 | 273 | 32 | 197 |
| **Stream 1** <br> **(>= 5,000 ppm B)** | L6 Unit | Probable | 13591 | 1334 | 7856 | 0.71 | 4.49 | 97 | 611 | 73 | 441 |
| **Stream 1** <br> **(>= 5,000 ppm B)** |  | **Sub-total Lower Zone** | **19303** | **1351** | **8004** | **0.72** | **4.58** | **139** | **883** | **105** | **639** |
| **Stream 1** <br> **(>= 5,000 ppm B)** | Total Stream 1 (all zones) | Proven | 39428 | 1823 | 13235 | 0.97 | 7.57 | 383 | 2984 | 322 | 2278 |
| **Stream 1** <br> **(>= 5,000 ppm B)** | Total Stream 1 (all zones) | Probable | 51812 | 1632 | 11640 | 0.87 | 6.66 | 450 | 3448 | 374 | 2619 |
| **Stream 1** <br> **(>= 5,000 ppm B)** | Total Stream 1 (all zones) | **Sub-total Stream 1** | **91241** | **1715** | **12329** | **0.91** | **7.05** | **833** | **6432** | **696** | **4897** |
| **Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** | Upper Zone | Proven | 4529 | 2218 | 2143 | 1.18 | 1.23 | 53 | 55 | 46 | 43 |
| **Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** | B5 Unit | Probable | 4386 | 2117 | 2414 | 1.13 | 1.38 | 49 | 61 | 42 | 46 |
| **Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** |  | **Sub-total B5 Unit** | **8915** | **2169** | **2276** | **1.15** | **1.30** | **103** | **116** | **88** | **89** |
| **Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** | Upper Zone | Proven | 15672 | 998 | 1087 | 0.53 | 0.62 | 83 | 97 | 69 | 44 |
| **Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** | S5 Unit | Probable | 30409 | 789 | 805 | 0.42 | 0.46 | 128 | 140 | 106 | 63 |
| **Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** |  | **Sub-total S5 Unit** | **46082** | **860** | **901** | **0.46** | **0.52** | **211** | **237** | **175** | **107** |
| **Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** | Upper Zone | Proven | 20201 | 1271 | 1324 | 0.68 | 0.76 | 137 | 153 | 115 | 87 |
| **Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** | (B5 & S5) | Probable | 34796 | 956 | 1008 | 0.51 | 0.58 | 177 | 200 | 148 | 110 |
| **Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** | Sub-Total | **Sub-total Upper Zone** | **54997** | **1072** | **1124** | **0.57** | **0.64** | **314** | **353** | **263** | **196** |
| **Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** | Lower Zone | Proven | 24999 | 1253 | 1277 | 0.67 | 0.73 | 167 | 182 | 125 | 54 |
| **Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** | L6 Unit | Probable | 69104 | 1195 | 1532 | 0.64 | 0.88 | 440 | 605 | 329 | 178 |
| **Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** |  | **Sub-total Lower Zone** | **94102** | **1211** | **1464** | **0.64** | **0.84** | **606** | **788** | **454** | **232** |
| **Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** | Total Stream 2 (all zones) | Proven | 45200 | 1261 | 1298 | 0.67 | 0.74 | 303 | 335 | 240 | 140 |
| **Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** | Total Stream 2 (all zones) | Probable | 103899 | 1115 | 1356 | 0.59 | 0.78 | 617 | 806 | 478 | 288 |
| **Stream 2** <br> **($16.54/t net value cut-off grade. Low Clay)** | Total Stream 2 (all zones) | **Sub-total Stream 2** | **149099** | **1159** | **1339** | **0.62** | **0.77** | **920** | **1141** | **717** | **428** |
| **Stream 3**<br> **($16.54/t net value cut-off grade, High Clay)** | **Total Stream 3 (M5 zone)** | Proven | 7001 | 2205 | 1630 | 1.17 | 0.93 | 82 | 65 | 64 | 42 |
| **Stream 3**<br> **($16.54/t net value cut-off grade, High Clay)** | **Total Stream 3 (M5 zone)** | <u>Probable</u> | 18191 | 2110 | 1176 | 1.12 | 0.67 | 204 | 122 | 159 | 80 |
| **Stream 3**<br> **($16.54/t net value cut-off grade, High Clay)** | **Total Stream 3 (M5 zone)** | ***Sub-total Stream 3*** | **25192** | **2137** | **1302** | **1.14** | **0.74** | **286** | **188** | **223** | **122** |
| **TOTAL of All Streams, All Seams, and All Proven & Probable** | **TOTAL of All Streams, All Seams, and All Proven & Probable** | **TOTAL of All Streams, All Seams, and All Proven & Probable** | **265531** | **1443** | **5112** | **0.77** | **2.92** | **2039** | **7761** | **1636** | **5447** |

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Notes:

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| ![](img086.jpg) | **12-21** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;1. Kt – thousand metric tonnes, MT – million metric tonnes; Li= lithium; B= boron; ppm= parts per million; Li<sub>2</sub>CO<sub>3</sub> = lithium carbonate; H<sub>3</sub>BO<sub>3 </sub>= boric acid; kt = thousand metric tonnes.

&nbsp;&nbsp;&nbsp;&nbsp;2. Totals may differ due to rounding, Mineral Reserves reported on a dry in-situ basis. The Contained and Recovered Lithium
 Carbonate (Li<sub>2</sub>CO<sub>3</sub>) and Boric Acid (H<sub>3</sub>BO<sub>3</sub>) are reported in the table above in short tons. Lithium is converted to Equivalent Contained Tonnes of Lithium Carbonate (Li<sub>2</sub>CO<sub>3</sub>) using a stochiometric conversion factor of 5.322, and boron is converted to
 Equivalent Contained Tonnes of Boric Acid (H<sub>3</sub>BO<sub>3</sub>) using a stochiometric conversion
 factor of 5.718. Equivalent stochiometric conversion factors are derived from the molecular weights of the individual elements which make up Lithium Carbonate (Li<sub>2</sub>CO<sub>3</sub>) and Boric Acid (H<sub>3</sub>BO<sub>3</sub>). The Equivalent Recovered Tons of Lithium Carbonate (Li<sub>2</sub>CO<sub>3</sub>) and
 Boric Acid (H<sub>3</sub>BO<sub>3</sub>) is the portion of the contained tonnage that can be recovered after
 processing.

&nbsp;&nbsp;&nbsp;&nbsp;3. The statement of estimates of Mineral Reserves has been compiled by Independent Mining Consultants, Inc. (IMC) and is
 independent of ioneer and its affiliates. IMC has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in
 the S-K §229.1304 of the United States Securities and Exchange Commission ("SEC").

&nbsp;&nbsp;&nbsp;&nbsp;4. All Mineral Reserve figures reported in the table above represent estimates at October 2025. Mineral Reserve estimates are
 not precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the occurrence and on the available sampling results. The totals contained in the above table have been rounded to
 reflect the relative uncertainty of the estimate.

&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Reserves are reported in accordance with the US SEC Regulation S-K Subpart 1300. The Mineral Reserves in this
 report were estimated and reported using the regulation S-K §229.1304 of the United States Securities and Exchange Commission ("SEC"). Mineral Reserves are also reported in accordance with the Australasian Code for Reporting of Exploration
 Results, Mineral Resources and Ore Reserves (The Joint Ore Reserves Committee Code – JORC 2012 Edition).

&nbsp;&nbsp;&nbsp;&nbsp;6. The Mineral Reserve estimate is the result of determining the measured and indicated resource that is economically minable
 allowing for the conversion to proven and probable. In making this determination, constraints were applied to the geological model based upon a pit optimization analysis that defined a conceptual pit shell limit. The conceptual pit shell was
 based upon a net value per ton calculation including a 5,000 ppm boron cut-off grade for high boron – high lithium (HiB-Li) mineralization (Stream 1) and $11.13 net value per metric tonne cut-off for low boron (LoB-Li) mineralization below
 5,000 ppm boron broke in to two material types low clay and high clay material respectfully (Stream 2 and Stream 3). The conceptual pit shell was constrained by the measured and indicated resource that incorporates the potential mining,
 metallurgical and processing grade parameters identified by mining, metallurgical and processing studies performed to date on the Project. The conceptual pit shell was used a guide for an engineered pit design.

&nbsp;&nbsp;&nbsp;&nbsp;7. Key inputs in developing the Mineral Reserve pit shell included a 5,000ppm boron cut-off grade for HiB-Li mineralization,
 $11.13 Net Value per tonne cut-off for LoB-Li low clay mineralization and $11.13 Net value per tonne cut-off for LoB-Li high clay mineralization; base mining cost of US$1.69/tonne and incremental cost of $0.055/tonne per bench below 6220
 elevation; plant feed processing and grade control costs which range between US$52.92/tonne and US$82.55/ton of plant feed for stream 1, US$18.87 and US$98.62 for streams 2&3; boron and lithium recovery (respectively) for Stream 1: M5 80.2%
 and 85.7%, B5 76.6% and 85.3%, S5 75.4% and 80.9%, L6 72.3% and 75.6%; Stream 2 and 3: M5 65.0% and 78.0%, B5 76.6% and 85.3%, S5 45.2% and 83.2%, L6 29.4% and 74.9%, respectively; boric acid sales price of US$1,172.78/tonne; lithium carbonate
 sales price of US$19,351.38/tonne.

&nbsp;&nbsp;&nbsp;&nbsp;8. The Mineral Reserve is reported exclusive of Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;9. Equivalent Lithium Carbonate (Li<sub>2</sub>CO<sub>3</sub>) and Boric Acid (H<sub>3</sub>BO<sub>3</sub>) grades
 have been rounded to the nearest tenth of a percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. QP's Opinion on Factors That Could Materially Affect the Mineral Reserve Estimates

The mineral reserve estimate may be affected positively or negatively by additional exploration that alters the geological database and models of lithium-boron mineralization on the Project.

The mineral reserve estimates could also be materially affected by any significant changes in the assumptions regarding the quarry slope stability analysis (e.g., hydrogeologic data and/or geologic structure remodeling with new drilling), forecast product prices, mining and process recoveries, or production costs.

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| ![](img086.jpg) | **12-22** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

If the price assumptions are decreased or the assumed production costs increased significantly, then the cut-off grade must be increased and, if so, the potential impacts on the mineral reserve estimates would likely be material and need to be re-evaluated.

The mineral reserve estimate is also based on assumptions that a mining project can be developed, permitted, constructed, and operated. Any material changes in these assumptions would materially and adversely affect the mineral reserve estimates for the Project; potentially reducing to zero. Examples of such material changes include extraordinary time required to complete or perform any required activities, or unexpected and excessive taxation, or regulation of mining activities that become applicable to a proposed mining project on the Project.

The QP is not aware of environmental, permitting decisions, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the mineral reserve estimate that are not discussed in this Report.

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|:---|:---|:---|
| ![](img086.jpg) | **12-23** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. MINING METHODS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. Parameters Relative to the Quarry Design and Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.1. Geotechnical

Geo-Logic Associates, Inc. (GLA) completed the geotechnical quarry slope designs, which included limit equilibrium stability and kinematic stability evaluations, including structurally controlled failures and toppling evaluations. GLA's geotechnical analyses included catch bench width, backbreak analysis and inter-ramp slope analysis. Bench heights were 9.14 m (30 ft) and bench width was 6.4 m (21 ft), regardless of quarry phase or location in the quarry.

The planned quarry area includes problematic adversely oriented bedding conditions where very low strength materials (i.e. layers M4, M5a, M5, and B5) daylight on the proposed slope faces.

GLA notes that there are some aspects of the quarry design that are based on limited geotechnical laboratory testing, in particular, the northern extents of the Phase 3, and the LOM quarry limits beyond Phase 3. These areas, however, do have drill holes within these design extents completed for mineral resource and mineral reserve estimation purposes, which provides support for the interpretations of the lithologic units present and their orientations.

GLA assumed that the quarry slopes will be dry (unsaturated) as a result of dewatering performed during mine operations and quarry development. The development of a quarry lake at the cessation of mining is not expected to adversely impact the final quarry slope stability.

The interramp angle results from the backbreak (combined plane and wedge) and kinematic analyses for all quarries ranged from 41 to 54°. GLA elected to use an inter-ramp angle consistent with the limit equilibrium analyses of 42° because that value fell within the range determined within the kinematic and backbreak analyses for phases of the quarry. Results of the limit equilibrium analyses indicate that the proposed designs meet acceptable factor of safety (FoS) stability criteria, specified as a minimum factor of safety of 1.2 for static analyses and a minimum factor of safety of 1.05 for pseudostatic analyses. Some cross sections analysed for the Phases 3-5 and LOM quarry required implementation of a system of ground anchors to achieve the factor of safety stability criteria.

Control of blasting will be extremely important as production progresses; especially where steeply dipping materials are present. The potential need for controlled blasting techniques near the final quarry wall may be required during normal operations. Such techniques may include buffer blasting, trim blasting, pre-splitting, post-split blasting, and line drilling. GLA recommends that radar monitoring and prisms be implemented, at a minimum, for increased safety and productivity, as well as for protection of the Tiehm's buckwheat population.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.2. Hydrogeological

A groundwater resources baseline report was prepared by Piteau Associates in 2023. For the purposes of the water resource analysis, the study area consists of two general units: volcanic and sedimentary sequences of the Project area, and the alluvial and sedimentary of Fish Lake Valley. The conceptual model domain encompasses the full Fish Lake Hydrographic Basin (Basin 117) to evaluate the effects of resource dewatering, water supply, and the formation of a pit lake following mine closure. The numerical model domain extends into smaller portions of Big Smoky Valley and Clayton Valley and is designed to ensure that potential hydrological changes related to the Project would not impinge on the model domain boundary.

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| ![](img086.jpg) | **13-1** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

The model scenario includes the development of the Rhyolite Ridge mine through 2040 as well as an open quarry closure with partial backfilling and the development of a quarry lake.

Quarry dewatering will be achieved through the installation of vertical wells, sumps, and horizontal drains. This alternative includes the development of a water supply source north of Dyer, NV, designed to produce an additional 4,933,927 m<sup>3</sup> (4,000 acre-feet) per year of groundwater from the Fish Lake Valley groundwater system. The water will be conveyed to the site via a 31 km (19 mile) pipeline. The Rhyolite Ridge mine is planned to be closed as a quarry lake that functions as a groundwater sink. The key findings based on numerical modeling include:

- The Rhyolite Ridge mine will be excavated to its lowest elevation of 1,670 m (5,480 ft) amsl. Dewatering or sump pumping is anticipated to stabilize slopes and manage quarry wall seepage.

- The North, South and quarry backfill overburden storage facilities will be established as mining continues. The southern portion of the Rhyolite Ridge mine will be backfilled with non-potentially acid generating overburden rock.

- Dewatering rates are expected to range from ~227 lpm (60 gpm) to a maximum annual average of 2,461 lpm (650 gpm) occurring in 2033. The average dewatering rates through the LOM is expected to be about 1,041 lpm (275 gpm).

- At the end of quarry mining (2040), simulated heads show changes in piezometric levels of more than 122 m (400 ft) in the Project area due to quarry dewatering. In addition, there is a limited area of drawdown below the location of the modelled production wells.

- Two (2) water supply wells pumping at 4,933,927 m3 (4,000 acre-feet) per year will be installed in the agricultural area north of Dyer. A small area of drawdown forms below the new wells but is to a limited extent. The maximum differential drawdown will be less than 6 m (20 ft).

- A quarry lake will form as a terminal sink upon closure of the mine. Lake levels are expected to recover to approximately 1,721 m (5,646 ft) amsl elevation during the first 60 years post closure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.3. Surface Water Controls

Due to the proximity of the south overburden storage facility to the quarry, the stormwater controls developed for the South overburden storage facility serve to divert stormwater around the east side of the Quarry. Stormwater controls were designed to route upgradient runoff (non-contact water) around the proposed south overburden storage facility infrastructure and to accommodate and contain on-site runoff (contact water) from design storm events. The intent of the stormwater controls is as follows:

- The non-contact water channels have been designed to withstand the discharge of the peak flow from a 100-year, 24-hour storm event and convey the 500-year, 24-hour storm event within the channel freeboard.

Non-contact water channels were hydraulically designed to accommodate the 500-year storm event in accordance with Nevada Administrative Code (NAC) 519A and 445A.433 requirements for permanent channels, and temporary contact water channels were designed to accommodate the 100-year storm event.

- Contact water will be managed by a contact water system that includes berms, channels, an underdrain system and a contact water pond. The system was designed to manage runoff from the 100-year, 24-hour storm event.

- Contact water is designed to be collected in a contact water pond that will be constructed at the southern end of the quarry. An underdrain collection system will be implemented beneath the South

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

overburden storage facility that will direct water that infiltrates the South overburden storage facility to that contact water pond. This pond will minimize the amount of contact water that reports to the quarry.

Permanent and temporary non-contact surface and contact water diversion channels will be constructed upgradient of the overburden storage facilities and the quarry to manage runoff from the overburden storage facilities and run-on to the quarry. As concurrent reclamation progresses, contact water channels will be diverted or converted to non-contact surface water channels to reduce the volume of water requiring management of contact water.

- The contact water pond was designed to accommodate, with a 0.3 m (1 ft) freeboard, the runoff from a 100-year, 24-hour storm; the overall pond capacity is 41,938 m<sup>3</sup> (34 acre-feet) at freeboard and 45,639 m<sup>3</sup> (37 acre-feet) at crest.

Hydrologic and hydraulic calculations were performed to establish design peak flows, runoff volumes, channel capacities, minimum channel dimensions, and slopes required to pass the design peak flows from up gradient watersheds that will be diverted around the South overburden storage facility. Stormwater diversion channels were designed to transport flow around the facility and discharge into natural drainage courses. All temporary stormwater diversion channels were at minimum designed with total depths to contain the discharge of the peak flow from a 100-year, 24-hour storm event. Permanent diversion channels that will remain in place for the life of quarry were designed with total depths to convey the 500-year, 24-hour storm event within the freeboard of the channel. The stormwater diversion channels will consist of trapezoidal channels with 2.5H:1V side slopes (maximum) and variable base widths and depths. Riprap protection will be used, where necessary, to minimize erosion due to runoff resulting from a maximum design storm event of 100-year, 24-hour duration.

The hydrological modelling was performed using HEC-HMS, a precipitation-runoff simulation computer program developed by the US Army Corps of Engineers to calculate the magnitude and timing of the peak flows and volumes resulting from specific storm events. HEC-15 (U.S Department of Transportation Federal Highway Administration, 2005) was then used to estimate channel flow depths and riprap sizing based on the cross-sectional geometry, minimum channel profile slope, and peak flows. The required channel depths and riprap sizing were determined for each channel segment longitudinal slope.

The south diversion channel routes non-contact water around the east side of the south overburden storage facility and quarry and outlets into a stilling basin prior to discharging into the Cave springs drainage. During operations, a trapezoidal channel will be formed by the south overburden storage facility perimeter berm/road and the offset stack slope and will direct flow to the underdrain system or contact water pond. Under normal operations, water from un-reclaimed slopes will be collected in the underdrain collection pipes or perimeter contact water channels, where it will be routed to the contact water pond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.4. Seismic Activity

The Project area is in a moderately high seismic zone as determined by the seismic hazard assessment prepared for the South overburden storage facility (NewFields, 2024).

The overburden storage facility slope stability analysis considered a seismic event with a 475-year return period, representing a 10% probability of exceedance in 50 years. The foundation of the South overburden storage facility outside of the pit has a shear wave velocity corresponding to a site class C, while the Infill overburden storage facility has a foundation shear wave velocity corresponding to a site class BC. Peak ground accelerations (PGA) for each of the site class BC and site class C soils are 0.26 g and 0.30 g, respectively.

A probabilistic seismic hazard analysis was conducted by GLA to determine the peak horizontal ground acceleration at the at the pit using the United States Geological Survey, United Hazard Tool, Dynamic: Conterminous US 2014 (update) (v4.2.0) edition. The analysis used the coordinates of the approximate quarry

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

center. The assumed average shear wave velocity in the upper 30 m (Vs30) was 760 m/s, which is commensurate with the on-site bedrock classification. This shear wave velocity corresponded to the National Earthquake Hazards Reduction Program site classification "B/C boundary".

The probability of exceedance was selected as 10% in 50 years, which corresponds to a mean return period of approximately 475 years. The results of the probabilistic seismic hazard analysis indicated that a peak horizontal ground acceleration (PGA) for the site was approximately 0.2449 (g). The deaggregated modal magnitude (M) was M 6.71. The deaggregated site-to-source distance was 9.4 km. Based on the results of the probabilistic seismic hazard analysis a horizontal seismic coefficient of 0.16 was used for pseudostatic analyses, which equates to 0.65 x PGA as suggested by Seed and Martin (1966).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. Mine Design Factors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.1. Quarry Design Objective and Constraints

Production will use surface mining methods constructed on 9.14m (30 ft) bench heights. The quarry designs were developed from the economic pit shells resulting from the cut-off grades, costs, recoveries and slope angles discussed in Chapter 12 and Chapter 13.1.1.

The mine production plan incorporates design and sequencing considerations to address both metal production and geotechnical constraints. In particular, the construction of the ground anchor support structures required to protect the Tiehm's buckwheat populations is incorporated within the mine phase designs and mine plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.2. Production Rates

Ore production to the processing facility is planned at a target rate of approximately 9,600 tonnes/d (3.5 Mt/yr). The production rate is constrained by plant acid consumption of approximately 3,180 tonnes/d (1.16 Mt/yr) or a max plant throughput of 3.5Mt/yr. The mine plan requires one year of pre-production stripping, resulting in 78 years of metal production.

The mine plan has been developed using a phased approach to the quarry design. The quarry production mining is planned to be mined with surface mining equipment. The rock is to be moved using two CAT 995 front end loaders into sixteen CAT 785 autonomous haul trucks. The rock is to be blasted using a CAT MD6200 down the hole hammer drill and a Weiler D560 top hammer pre-split drill.

Annual ore production will be dictated by the amount of sulfuric acid generated by the SAP, and subsequently used in the leaching process, or a maximum throughput of 3.5Mt. Approximately 1.16 Mt of acid will be generated by the SAP on annual basis, and the amount of acid used during the leaching process will vary based on different material characteristics of the ore.

The block model included a variable with an estimate of the amount of sulfuric acid required by the leaching process for each individual block. The resulting acid consumption cost was factored into the economics of each ore block. The mine production schedule extracted the most economical blocks equal to a maximum annual sulfuric acid production of 1.16 Mt. The low grade (less economical) ore blocks were assumed to be stockpiled near the processing facility. Once the mining sequence was determined, the blocks were extracted until the sum of the sulfuric acid used by the blocks equaled the 1.16 Mt of annual sulfuric acid production. On average, the total ore mined in this schedule was approximately 3.5 Mt per annum with variable overburden removal requirements based on quarry orientation and the loading equipment available.

Stockpiles were segregated between low-grade material and potential process feed from stream 3. Approximately 16.4 Mt of the stream 3 stockpile is planned to be processed within the plant and the remaining 18.1 Mt will remain within the stockpile location.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Table ‎13-1 provides an annual summary of plant feed and waste movement, as well as the average grades of lithium carbonate, boric acid, lithium, and boron for ore feed.

**Table ‎13-1 - Summary of Annual Material Movement**

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| &nbsp;&nbsp;**Periods** | &nbsp;&nbsp;**Plant Feed** | &nbsp;&nbsp;**Plant Feed** | &nbsp;&nbsp;**Plant Feed** | &nbsp;&nbsp;**Plant Feed** | &nbsp;&nbsp;**Plant Feed** | &nbsp;&nbsp;**Plant Feed** | &nbsp;&nbsp;**Plant Feed** | &nbsp;&nbsp;**Plant Feed** | &nbsp;&nbsp;**Plant Feed** | &nbsp;&nbsp;**Plant Feed** | &nbsp;&nbsp;**Waste** | &nbsp;&nbsp;**Grand Total<sup>2</sup>** |
| &nbsp;&nbsp;**Periods** |  | &nbsp;&nbsp;**Contained Grades** | &nbsp;&nbsp;**Contained Grades** | &nbsp;&nbsp;**Contained Grades** | &nbsp;&nbsp;**Contained Grades** | &nbsp;&nbsp;**Contained Grades** | &nbsp;&nbsp;**Product** | &nbsp;&nbsp;**Product** | &nbsp;&nbsp;**Product** | &nbsp;&nbsp;**Product** | &nbsp;&nbsp;**Waste** | &nbsp;&nbsp;**Grand Total<sup>2</sup>** |
| &nbsp;&nbsp;**Periods** | &nbsp;&nbsp;**Plant Feed<sup>1</sup>** | &nbsp;&nbsp;Net of Process | &nbsp;&nbsp;Boron | &nbsp;&nbsp;Lithium | &nbsp;&nbsp;H<sub>3</sub>BO<sub>3</sub> | &nbsp;&nbsp;Li<sub>2</sub>CO<sub>3</sub> | &nbsp;&nbsp;Boric Acid (H<sub>3</sub>BO<sub>3</sub>) | &nbsp;&nbsp;Boric Acid (H<sub>3</sub>BO<sub>3</sub>) | &nbsp;&nbsp;Lithium Carbonate (Li<sub>2</sub>CO<sub>3</sub>) | &nbsp;&nbsp;Lithium Carbonate (Li<sub>2</sub>CO<sub>3</sub>) | &nbsp;&nbsp;**Waste** | &nbsp;&nbsp;**Grand Total<sup>2</sup>** |
| &nbsp;&nbsp;**Periods** | &nbsp;&nbsp;(kt) | &nbsp;&nbsp;($/t) | &nbsp;&nbsp;(ppm) | &nbsp;&nbsp;(ppm) | &nbsp;&nbsp;(%) | &nbsp;&nbsp;(%) | &nbsp;&nbsp;Cont. kt | &nbsp;&nbsp;Rec. kt | &nbsp;&nbsp;Cont. kt | &nbsp;&nbsp;Rec. kt | &nbsp;&nbsp;(kt) | &nbsp;&nbsp;(kt) |
| &nbsp;&nbsp;PP -1– Q1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;3133 | &nbsp;&nbsp;3138 |
| &nbsp;&nbsp;PP -1– Q2 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;3113 | &nbsp;&nbsp;3175 |
| &nbsp;&nbsp;PP -1– Q3 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;3512 | &nbsp;&nbsp;3661 |
| &nbsp;&nbsp;PP -1– Q4 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;4279 | &nbsp;&nbsp;4279 |
| &nbsp;&nbsp;Year 1 - Q1 | &nbsp;&nbsp;404 | &nbsp;&nbsp;80 | &nbsp;&nbsp;3317 | &nbsp;&nbsp;1616 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;7.66 | &nbsp;&nbsp;5.01 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;6088 | &nbsp;&nbsp;7257 |
| &nbsp;&nbsp;Year 1 - Q2 | &nbsp;&nbsp;472 | &nbsp;&nbsp;128 | &nbsp;&nbsp;7870 | &nbsp;&nbsp;1993 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1 | &nbsp;&nbsp;21.23 | &nbsp;&nbsp;16.22 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;5486 | &nbsp;&nbsp;7257 |
| &nbsp;&nbsp;Year 1 - Q3 | &nbsp;&nbsp;612 | &nbsp;&nbsp;123 | &nbsp;&nbsp;6262 | &nbsp;&nbsp;2048 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1 | &nbsp;&nbsp;21.93 | &nbsp;&nbsp;16.33 | &nbsp;&nbsp;6.7 | &nbsp;&nbsp;5.5 | &nbsp;&nbsp;5197 | &nbsp;&nbsp;7484 |
| &nbsp;&nbsp;Year 1 - Q4 | &nbsp;&nbsp;626 | &nbsp;&nbsp;92 | &nbsp;&nbsp;3305 | &nbsp;&nbsp;1800 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;11.83 | &nbsp;&nbsp;8.23 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;6731 | &nbsp;&nbsp;7484 |
| &nbsp;&nbsp;Year 2- Q1 | &nbsp;&nbsp;837 | &nbsp;&nbsp;98 | &nbsp;&nbsp;4391 | &nbsp;&nbsp;1833 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1 | &nbsp;&nbsp;21.01 | &nbsp;&nbsp;14.55 | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;5636 | &nbsp;&nbsp;8372 |
| &nbsp;&nbsp;Year 2- Q2 | &nbsp;&nbsp;859 | &nbsp;&nbsp;96 | &nbsp;&nbsp;4649 | &nbsp;&nbsp;1791 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1 | &nbsp;&nbsp;22.84 | &nbsp;&nbsp;16.02 | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;7244 | &nbsp;&nbsp;8465 |
| &nbsp;&nbsp;Year 2- Q3 | &nbsp;&nbsp;846 | &nbsp;&nbsp;85 | &nbsp;&nbsp;3998 | &nbsp;&nbsp;1680 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;19.34 | &nbsp;&nbsp;12.57 | &nbsp;&nbsp;7.6 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;7216 | &nbsp;&nbsp;8558 |
| &nbsp;&nbsp;Year 2- Q4 | &nbsp;&nbsp;801 | &nbsp;&nbsp;109 | &nbsp;&nbsp;6190 | &nbsp;&nbsp;1888 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1 | &nbsp;&nbsp;28.35 | &nbsp;&nbsp;20.19 | &nbsp;&nbsp;8.1 | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;7035 | &nbsp;&nbsp;8558 |
| &nbsp;&nbsp;Year 3- Q1 | &nbsp;&nbsp;872 | &nbsp;&nbsp;78 | &nbsp;&nbsp;3371 | &nbsp;&nbsp;1506 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;16.81 | &nbsp;&nbsp;11.05 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;7038 | &nbsp;&nbsp;8372 |
| &nbsp;&nbsp;Year 3- Q2 | &nbsp;&nbsp;882 | &nbsp;&nbsp;92 | &nbsp;&nbsp;3766 | &nbsp;&nbsp;1666 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;18.99 | &nbsp;&nbsp;13.54 | &nbsp;&nbsp;7.8 | &nbsp;&nbsp;6.4 | &nbsp;&nbsp;6772 | &nbsp;&nbsp;8252 |
| &nbsp;&nbsp;Year 3- Q3 | &nbsp;&nbsp;892 | &nbsp;&nbsp;88 | &nbsp;&nbsp;2808 | &nbsp;&nbsp;1722 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;14.32 | &nbsp;&nbsp;9.82 | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;6399 | &nbsp;&nbsp;8544 |
| &nbsp;&nbsp;Year 3- Q4 | &nbsp;&nbsp;750 | &nbsp;&nbsp;106 | &nbsp;&nbsp;2392 | &nbsp;&nbsp;2013 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;10.26 | &nbsp;&nbsp;7.31 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;5394 | &nbsp;&nbsp;8436 |
| &nbsp;&nbsp;Year 4- Q1 | &nbsp;&nbsp;829 | &nbsp;&nbsp;97 | &nbsp;&nbsp;3800 | &nbsp;&nbsp;1826 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;18.01 | &nbsp;&nbsp;13.40 | &nbsp;&nbsp;8.1 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;6436 | &nbsp;&nbsp;8372 |
| &nbsp;&nbsp;Year 4- Q2 | &nbsp;&nbsp;638 | &nbsp;&nbsp;148 | &nbsp;&nbsp;8215 | &nbsp;&nbsp;2285 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1 | &nbsp;&nbsp;29.97 | &nbsp;&nbsp;22.90 | &nbsp;&nbsp;7.8 | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;5804 | &nbsp;&nbsp;8465 |
| &nbsp;&nbsp;Year 4- Q3 | &nbsp;&nbsp;670 | &nbsp;&nbsp;145 | &nbsp;&nbsp;8847 | &nbsp;&nbsp;2198 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1 | &nbsp;&nbsp;33.90 | &nbsp;&nbsp;25.95 | &nbsp;&nbsp;7.8 | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;7012 | &nbsp;&nbsp;8558 |
| &nbsp;&nbsp;Year 4- Q4 | &nbsp;&nbsp;668 | &nbsp;&nbsp;145 | &nbsp;&nbsp;8989 | &nbsp;&nbsp;2205 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1 | &nbsp;&nbsp;34.34 | &nbsp;&nbsp;26.30 | &nbsp;&nbsp;7.8 | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;7050 | &nbsp;&nbsp;8558 |
| &nbsp;&nbsp;Year 5 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;96 | &nbsp;&nbsp;4949 | &nbsp;&nbsp;1717 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1 | &nbsp;&nbsp;100.13 | &nbsp;&nbsp;75.67 | &nbsp;&nbsp;32.3 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;26097 | &nbsp;&nbsp;33529 |
| &nbsp;&nbsp;Year 6 | &nbsp;&nbsp;3395 | &nbsp;&nbsp;113 | &nbsp;&nbsp;8017 | &nbsp;&nbsp;1763 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1 | &nbsp;&nbsp;155.61 | &nbsp;&nbsp;119.00 | &nbsp;&nbsp;31.9 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;27173 | &nbsp;&nbsp;33847 |
| &nbsp;&nbsp;Year 7 | &nbsp;&nbsp;3532 | &nbsp;&nbsp;112 | &nbsp;&nbsp;9056 | &nbsp;&nbsp;1695 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1 | &nbsp;&nbsp;182.90 | &nbsp;&nbsp;139.72 | &nbsp;&nbsp;31.9 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;22477 | &nbsp;&nbsp;29821 |
| &nbsp;&nbsp;Year 8 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;113 | &nbsp;&nbsp;9373 | &nbsp;&nbsp;1687 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1 | &nbsp;&nbsp;189.63 | &nbsp;&nbsp;144.50 | &nbsp;&nbsp;31.8 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;24047 | &nbsp;&nbsp;30075 |
| &nbsp;&nbsp;Year 9 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;94 | &nbsp;&nbsp;4707 | &nbsp;&nbsp;1735 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1 | &nbsp;&nbsp;95.23 | &nbsp;&nbsp;68.23 | &nbsp;&nbsp;32.7 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;21720 | &nbsp;&nbsp;30204 |
| &nbsp;&nbsp;Year 10 | &nbsp;&nbsp;3293 | &nbsp;&nbsp;112 | &nbsp;&nbsp;7458 | &nbsp;&nbsp;1823 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1 | &nbsp;&nbsp;140.44 | &nbsp;&nbsp;103.70 | &nbsp;&nbsp;31.9 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;20977 | &nbsp;&nbsp;27369 |
| &nbsp;&nbsp;Year 11 | &nbsp;&nbsp;3496 | &nbsp;&nbsp;91 | &nbsp;&nbsp;6690 | &nbsp;&nbsp;1669 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1 | &nbsp;&nbsp;133.73 | &nbsp;&nbsp;98.27 | &nbsp;&nbsp;31.0 | &nbsp;&nbsp;24.6 | &nbsp;&nbsp;14404 | &nbsp;&nbsp;27749 |
| &nbsp;&nbsp;Year 12 | &nbsp;&nbsp;3366 | &nbsp;&nbsp;105 | &nbsp;&nbsp;8025 | &nbsp;&nbsp;1743 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1 | &nbsp;&nbsp;154.45 | &nbsp;&nbsp;115.03 | &nbsp;&nbsp;31.2 | &nbsp;&nbsp;25.4 | &nbsp;&nbsp;16532 | &nbsp;&nbsp;27216 |
| &nbsp;&nbsp;Year 13 | &nbsp;&nbsp;3399 | &nbsp;&nbsp;122 | &nbsp;&nbsp;11211 | &nbsp;&nbsp;1761 | &nbsp;&nbsp;6 | &nbsp;&nbsp;1 | &nbsp;&nbsp;217.89 | &nbsp;&nbsp;165.56 | &nbsp;&nbsp;31.9 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;23871 | &nbsp;&nbsp;33852 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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| &nbsp;&nbsp;Year 14 | &nbsp;&nbsp;3300 | &nbsp;&nbsp;128 | &nbsp;&nbsp;11632 | &nbsp;&nbsp;1794 | &nbsp;&nbsp;7 | &nbsp;&nbsp;1 | &nbsp;&nbsp;219.50 | &nbsp;&nbsp;168.06 | &nbsp;&nbsp;31.5 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;24906 | &nbsp;&nbsp;32296 |
| &nbsp;&nbsp;Year 15 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;121 | &nbsp;&nbsp;11970 | &nbsp;&nbsp;1703 | &nbsp;&nbsp;7 | &nbsp;&nbsp;1 | &nbsp;&nbsp;242.16 | &nbsp;&nbsp;183.25 | &nbsp;&nbsp;32.1 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;17383 | &nbsp;&nbsp;24737 |
| &nbsp;&nbsp;Year 16 | &nbsp;&nbsp;3402 | &nbsp;&nbsp;129 | &nbsp;&nbsp;12369 | &nbsp;&nbsp;1736 | &nbsp;&nbsp;7 | &nbsp;&nbsp;1 | &nbsp;&nbsp;240.63 | &nbsp;&nbsp;183.25 | &nbsp;&nbsp;31.4 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;17512 | &nbsp;&nbsp;24737 |
| &nbsp;&nbsp;Year 17 | &nbsp;&nbsp;3470 | &nbsp;&nbsp;125 | &nbsp;&nbsp;12192 | &nbsp;&nbsp;1720 | &nbsp;&nbsp;7 | &nbsp;&nbsp;1 | &nbsp;&nbsp;241.90 | &nbsp;&nbsp;183.25 | &nbsp;&nbsp;31.8 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;19016 | &nbsp;&nbsp;24737 |
| &nbsp;&nbsp;Year 18 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;122 | &nbsp;&nbsp;11966 | &nbsp;&nbsp;1680 | &nbsp;&nbsp;7 | &nbsp;&nbsp;1 | &nbsp;&nbsp;242.08 | &nbsp;&nbsp;183.25 | &nbsp;&nbsp;31.6 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;18543 | &nbsp;&nbsp;24737 |
| &nbsp;&nbsp;Year 19 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;122 | &nbsp;&nbsp;12028 | &nbsp;&nbsp;1698 | &nbsp;&nbsp;7 | &nbsp;&nbsp;1 | &nbsp;&nbsp;243.34 | &nbsp;&nbsp;183.25 | &nbsp;&nbsp;32.0 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;18960 | &nbsp;&nbsp;24737 |
| &nbsp;&nbsp;Year 20 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;113 | &nbsp;&nbsp;10054 | &nbsp;&nbsp;1662 | &nbsp;&nbsp;6 | &nbsp;&nbsp;1 | &nbsp;&nbsp;203.39 | &nbsp;&nbsp;153.49 | &nbsp;&nbsp;31.3 | &nbsp;&nbsp;25.7 | &nbsp;&nbsp;11892 | &nbsp;&nbsp;18144 |
| &nbsp;&nbsp;Year 21 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;116 | &nbsp;&nbsp;10592 | &nbsp;&nbsp;1693 | &nbsp;&nbsp;6 | &nbsp;&nbsp;1 | &nbsp;&nbsp;214.28 | &nbsp;&nbsp;162.03 | &nbsp;&nbsp;31.9 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;16382 | &nbsp;&nbsp;22689 |
| &nbsp;&nbsp;Year 22 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;104 | &nbsp;&nbsp;10722 | &nbsp;&nbsp;1503 | &nbsp;&nbsp;6 | &nbsp;&nbsp;1 | &nbsp;&nbsp;216.90 | &nbsp;&nbsp;162.98 | &nbsp;&nbsp;28.3 | &nbsp;&nbsp;23.1 | &nbsp;&nbsp;8926 | &nbsp;&nbsp;21136 |
| &nbsp;&nbsp;Year 23 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;71 | &nbsp;&nbsp;7058 | &nbsp;&nbsp;1351 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1 | &nbsp;&nbsp;142.80 | &nbsp;&nbsp;102.14 | &nbsp;&nbsp;25.4 | &nbsp;&nbsp;19.3 | &nbsp;&nbsp;8398 | &nbsp;&nbsp;21136 |
| &nbsp;&nbsp;Year 24 | &nbsp;&nbsp;3531 | &nbsp;&nbsp;121 | &nbsp;&nbsp;11940 | &nbsp;&nbsp;1679 | &nbsp;&nbsp;7 | &nbsp;&nbsp;1 | &nbsp;&nbsp;241.04 | &nbsp;&nbsp;182.99 | &nbsp;&nbsp;31.5 | &nbsp;&nbsp;26.1 | &nbsp;&nbsp;16498 | &nbsp;&nbsp;21772 |
| &nbsp;&nbsp;Year 25 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;92 | &nbsp;&nbsp;8891 | &nbsp;&nbsp;1547 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1 | &nbsp;&nbsp;179.87 | &nbsp;&nbsp;132.99 | &nbsp;&nbsp;29.1 | &nbsp;&nbsp;23.0 | &nbsp;&nbsp;15413 | &nbsp;&nbsp;21136 |
| &nbsp;&nbsp;Year 26 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;118 | &nbsp;&nbsp;11964 | &nbsp;&nbsp;1644 | &nbsp;&nbsp;7 | &nbsp;&nbsp;1 | &nbsp;&nbsp;242.03 | &nbsp;&nbsp;183.25 | &nbsp;&nbsp;31.0 | &nbsp;&nbsp;25.4 | &nbsp;&nbsp;16253 | &nbsp;&nbsp;21136 |
| &nbsp;&nbsp;Year 27 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;109 | &nbsp;&nbsp;8799 | &nbsp;&nbsp;1714 | &nbsp;&nbsp;5 | &nbsp;&nbsp;1 | &nbsp;&nbsp;178.01 | &nbsp;&nbsp;132.86 | &nbsp;&nbsp;32.3 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;14001 | &nbsp;&nbsp;21136 |
| &nbsp;&nbsp;Year 28 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;105 | &nbsp;&nbsp;7526 | &nbsp;&nbsp;1708 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1 | &nbsp;&nbsp;152.24 | &nbsp;&nbsp;111.73 | &nbsp;&nbsp;32.2 | &nbsp;&nbsp;26.3 | &nbsp;&nbsp;16981 | &nbsp;&nbsp;22783 |
| &nbsp;&nbsp;Year 29 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;71 | &nbsp;&nbsp;3331 | &nbsp;&nbsp;1481 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;67.39 | &nbsp;&nbsp;43.08 | &nbsp;&nbsp;27.9 | &nbsp;&nbsp;21.8 | &nbsp;&nbsp;12995 | &nbsp;&nbsp;17052 |
| &nbsp;&nbsp;Year 30 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;71 | &nbsp;&nbsp;4591 | &nbsp;&nbsp;1370 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1 | &nbsp;&nbsp;92.88 | &nbsp;&nbsp;66.07 | &nbsp;&nbsp;25.8 | &nbsp;&nbsp;20.5 | &nbsp;&nbsp;11916 | &nbsp;&nbsp;17237 |
| &nbsp;&nbsp;Year 31 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;73 | &nbsp;&nbsp;6020 | &nbsp;&nbsp;1331 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1 | &nbsp;&nbsp;121.78 | &nbsp;&nbsp;81.62 | &nbsp;&nbsp;25.1 | &nbsp;&nbsp;19.8 | &nbsp;&nbsp;12848 | &nbsp;&nbsp;17237 |
| &nbsp;&nbsp;Year 32 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;63 | &nbsp;&nbsp;4267 | &nbsp;&nbsp;1233 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;86.32 | &nbsp;&nbsp;57.94 | &nbsp;&nbsp;23.2 | &nbsp;&nbsp;18.5 | &nbsp;&nbsp;12939 | &nbsp;&nbsp;17237 |
| &nbsp;&nbsp;Year 33 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;62 | &nbsp;&nbsp;4302 | &nbsp;&nbsp;1265 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;87.03 | &nbsp;&nbsp;54.55 | &nbsp;&nbsp;23.8 | &nbsp;&nbsp;18.5 | &nbsp;&nbsp;13573 | &nbsp;&nbsp;17237 |
| &nbsp;&nbsp;Year 34 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;74 | &nbsp;&nbsp;5310 | &nbsp;&nbsp;1370 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1 | &nbsp;&nbsp;107.42 | &nbsp;&nbsp;76.07 | &nbsp;&nbsp;25.8 | &nbsp;&nbsp;20.5 | &nbsp;&nbsp;12720 | &nbsp;&nbsp;17237 |
| &nbsp;&nbsp;Year 35 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;49 | &nbsp;&nbsp;1505 | &nbsp;&nbsp;1210 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;30.44 | &nbsp;&nbsp;12.77 | &nbsp;&nbsp;22.8 | &nbsp;&nbsp;17.7 | &nbsp;&nbsp;9054 | &nbsp;&nbsp;12926 |
| &nbsp;&nbsp;Year 36 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;49 | &nbsp;&nbsp;2094 | &nbsp;&nbsp;1139 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;42.36 | &nbsp;&nbsp;20.67 | &nbsp;&nbsp;21.4 | &nbsp;&nbsp;16.9 | &nbsp;&nbsp;9124 | &nbsp;&nbsp;12701 |
| &nbsp;&nbsp;Year 37 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;73 | &nbsp;&nbsp;3823 | &nbsp;&nbsp;1559 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;77.34 | &nbsp;&nbsp;45.88 | &nbsp;&nbsp;29.4 | &nbsp;&nbsp;22.6 | &nbsp;&nbsp;6140 | &nbsp;&nbsp;12701 |
| &nbsp;&nbsp;Year 38 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;72 | &nbsp;&nbsp;5128 | &nbsp;&nbsp;1379 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1 | &nbsp;&nbsp;103.74 | &nbsp;&nbsp;72.32 | &nbsp;&nbsp;26.0 | &nbsp;&nbsp;20.6 | &nbsp;&nbsp;7245 | &nbsp;&nbsp;10977 |
| &nbsp;&nbsp;Year 39 | &nbsp;&nbsp;3538 | &nbsp;&nbsp;79 | &nbsp;&nbsp;6040 | &nbsp;&nbsp;1446 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1 | &nbsp;&nbsp;122.19 | &nbsp;&nbsp;85.48 | &nbsp;&nbsp;27.2 | &nbsp;&nbsp;21.6 | &nbsp;&nbsp;5084 | &nbsp;&nbsp;9729 |
| &nbsp;&nbsp;Year 40-44 | &nbsp;&nbsp;17690 | &nbsp;&nbsp;72 | &nbsp;&nbsp;4855 | &nbsp;&nbsp;1372 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1 | &nbsp;&nbsp;491.12 | &nbsp;&nbsp;340.12 | &nbsp;&nbsp;129.2 | &nbsp;&nbsp;102.6 | &nbsp;&nbsp;39986 | &nbsp;&nbsp;59874 |
| &nbsp;&nbsp;Year 45-49 | &nbsp;&nbsp;17690 | &nbsp;&nbsp;71 | &nbsp;&nbsp;4574 | &nbsp;&nbsp;1349 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1 | &nbsp;&nbsp;462.71 | &nbsp;&nbsp;307.93 | &nbsp;&nbsp;127.0 | &nbsp;&nbsp;101.4 | &nbsp;&nbsp;18492 | &nbsp;&nbsp;45359 |
| &nbsp;&nbsp;Year 50-54 | &nbsp;&nbsp;17690 | &nbsp;&nbsp;63 | &nbsp;&nbsp;3992 | &nbsp;&nbsp;1273 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;403.83 | &nbsp;&nbsp;258.89 | &nbsp;&nbsp;119.9 | &nbsp;&nbsp;94.8 | &nbsp;&nbsp;3182 | &nbsp;&nbsp;23866 |
| &nbsp;&nbsp;Year 55-59 | &nbsp;&nbsp;17690 | &nbsp;&nbsp;44 | &nbsp;&nbsp;1455 | &nbsp;&nbsp;1073 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;147.23 | &nbsp;&nbsp;55.34 | &nbsp;&nbsp;101.1 | &nbsp;&nbsp;79.1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;17690 |
| &nbsp;&nbsp;Year 60-64 | &nbsp;&nbsp;17690 | &nbsp;&nbsp;43 | &nbsp;&nbsp;1086 | &nbsp;&nbsp;1068 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;109.81 | &nbsp;&nbsp;47.39 | &nbsp;&nbsp;100.5 | &nbsp;&nbsp;78.8 | &nbsp;&nbsp;0 | &nbsp;&nbsp;17690 |
| &nbsp;&nbsp;Year 65-69 | &nbsp;&nbsp;17690 | &nbsp;&nbsp;55 | &nbsp;&nbsp;1433 | &nbsp;&nbsp;1316 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;144.96 | &nbsp;&nbsp;56.93 | &nbsp;&nbsp;123.9 | &nbsp;&nbsp;96.1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;17690 |
| &nbsp;&nbsp;Year 70-74 | &nbsp;&nbsp;17690 | &nbsp;&nbsp;63 | &nbsp;&nbsp;1027 | &nbsp;&nbsp;1322 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;103.91 | &nbsp;&nbsp;52.01 | &nbsp;&nbsp;124.5 | &nbsp;&nbsp;100.4 | &nbsp;&nbsp;0 | &nbsp;&nbsp;17690 |
| &nbsp;&nbsp;Year 75-77 | &nbsp;&nbsp;7406 | &nbsp;&nbsp;87 | &nbsp;&nbsp;1357 | &nbsp;&nbsp;1757 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;57.47 | &nbsp;&nbsp;33.58 | &nbsp;&nbsp;69.2 | &nbsp;&nbsp;56.2 | &nbsp;&nbsp;0 | &nbsp;&nbsp;7406 |
| &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**265529** | &nbsp;&nbsp; **-** | &nbsp;&nbsp; **-** | &nbsp;&nbsp; **-** | &nbsp;&nbsp; **-** | &nbsp;&nbsp; **-** | &nbsp;&nbsp;**7761** | &nbsp;&nbsp;**5447** | &nbsp;&nbsp;**2039** | &nbsp;&nbsp;**1636** | &nbsp;&nbsp;**730233** | &nbsp;&nbsp;**1135491** |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. Plant Feed includes stream 1: 5,000 ppm boron, stream 02: Net Value of $11.13/mt and < 5,000 ppm boron, and stream 3 is
 allowed to feed the plant up to 10% of total feed.

&nbsp;&nbsp;&nbsp;&nbsp;2. Grand Total does not include reclaimed material.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Figure ‎13-1 summarizes annual production from the quarry from the pre-production phase through production Year 41.

![](img052.jpg)

**Figure *‎*13-1 - Summary of Annual Material Movement**

Source: IMC, 2025

Figure ‎13-2 shows the delineation of annual plant feed material by mineral reserve classification.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img053.jpg)

**Figure *‎*13-2 - Summary of Annual Plant Feed from the Proven and Probable Reserve Classifications**

Source: IMC, 2025

13.2.3.&nbsp;&nbsp;&nbsp;&nbsp; Expected Mine Life

Assuming an annual acid consumption of 1.16 Mt corresponding to about 3.5 Mtpa of ore, the life of mine plan indicates an expected mine life of approximately 78 years. The site layout of the Project is shown in Figure ‎13–3.

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![](img054.jpg)

**Figure *‎*13–3 - Project Site Layout**

Source: ioneer, 2024

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.4. Mining Dilution and Recovery Factors

Mining dilution, loss and recovery factors were previously discussed in Chapter 12.1.2.1 assuming a reasonable accurate geologic model, high precision GPS operations and the use of a fleet management system (FMS). GPS-guided systems are also assumed to be installed on various support equipment to assist with ore cleaning and grade control.

The block size within the 9.14 m (30 ft) mine planning block model discussed in detail within Chapter 12.1.2.1 is consistent with the selected loading equipment. As a result, the mine planning block model includes an adequate mining dilution allowance within the model estimate; therefore, no additional mining dilution was applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3. Stripping and Backfilling Requirements

Overburden storage facilities were designed to contain the 735.6 Mt of overburden and non-ore grade material that will be removed from quarry. Four overburden storage facilities were located external to the quarry and the fifth location will be the quarry itself, with backfill placed within portions of the mined-out quarry. The West overburden storage facility will be located west of the quarry and will be active during the pre-production years through the second production year. The South overburden storage facility will be located south of the quarry and periodically active during pre-production through the first 15 years of the mine production schedule. The remaining two overburden storage facilities will be located to the north of the quarry, and are referred to as the North overburden storage facility and Northeast overburden storage facility. these facilities will be periodically active from the 4<sup>th</sup> year of production through the 25<sup>th</sup> year of production. The remaining overburden will be stored as backfill as capacity allowed within the production schedule.

Parameters used for the overburden storage facility designs were as follows:

- Inter-bench slopes of 2.4H:1V;

- Overall slope of 3H:1V;

- North overburden storage facility and Northeast overburden storage facility will be constructed on 15.24 m (50-ft) lifts, with a 7.6 m (57.8-ft) wide catch bench established every 30.48 m (100-ft) of vertical elevation gain.

- West overburden storage facility and South overburden storage facility will be constructed on 9.14 m (30-ft) lifts, with a 15.8 m (52-ft) wide catch bench established every 27.4 m (90-ft) of vertical elevation gain;

- Backfill within the quarry will be constructed on 9.14 m (30-ft) lifts and placed at a 37º angle of repose where multiple access ramps along the face serve as catch benches.

Access road will maintain a grade of no greater than 10%.

- A specific stacking plan was developed to incorporate the placement of material with structural limitations (the M5 geologic unit).

- It is assumed that a 0.6 m thick (24-in) layer of alluvial (Q1) material will be placed on all final out-slope and top surfaces of the overburden storage facilities to facilitate concurrent reclamation.

The placement and timing of material within the various overburden storage facilities was selected based on their proximity to active mining areas to minimize haulage distances, on-site boundary restrictions and the

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

location of the Cave Springs Formation outcrops. To date, no issues have been identified that would materially impact the proposed overburden storage facility locations.

Special parameters were required for the development of the ex-pit overburden storage facility designs to accommodate stacking the M5 geologic unit. M5 material moved to the ex-pit overburden storage facilities must be encapsulated to minimize the risk of overburden storage facility failure. The overburden storage facility design was developed to allow concentration of the M5 material for future mining extraction and processing. Additional requirements for ex-pit overburden storage facilities involving the M5 stacking plan were as follows:

- M5 material cannot be stacked below a set minimum elevation above sea level, specific to each individual overburden storage facility design.

- M5 material must reside in the overburden storage facilities internally, offset from the final overburden storage facility design surface by 76.2 m (250 ft).

- No M5 material be placed in locations with less than 30.48 vertical meters (100 vertical feet) of subsequent non-M5 material cover.

- M5 material is assumed to be stacked in a dry condition.

External overburden storage facilities were designed to store excavated overburden until the point where in-pit backfill could begin in production Year 14. Overburden storage facility surfaces will be graded to drain away from the quarry wherever possible. The inter-ramp out-slopes of the overburden storage facilities will also be concurrently graded at a 3H:1V slope with track dozers as progression continues upward. A summary of the designed storage capacities in millions of cubic yards is provided in Table ‎13-2 and an annual summary of total tons stacked to each overburden storage facility and backfill was provided in Table ‎13-3.

**Table ‎13-2 - Overburden Storage Facility Storage Capacities**

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|:---|:---|
| &nbsp;&nbsp;**Overburden Storage Facility** | &nbsp;&nbsp;**Design Storage Capacity** <br> **(million m<sup>3</sup>)** |
| &nbsp;&nbsp;West Overburden Storage Facility | &nbsp;&nbsp;7.24 |
| &nbsp;&nbsp;South Overburden Storage Facility | &nbsp;&nbsp;109.95 |
| &nbsp;&nbsp;North Overburden Storage Facility | &nbsp;&nbsp;117.59 |
| &nbsp;&nbsp;Northeast Overburden Storage Facility | &nbsp;&nbsp;169.80 |
| &nbsp;&nbsp;Backfill | &nbsp;&nbsp;160.46 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**565.04** |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎13-3 - Overburden Placement by Storage Facility Storage Facility (ktonne)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Period** | | | | | | |
| **Period** | **South <br> Overburden<br> Storage <br> Facility**<br>**(ktonne)** | **West <br> Overburden<br> Storage <br> Facility**<br>**(ktonne)** | **North <br> Overburden<br> Storage <br> Facility**<br>**(ktonne)** | **Northeast <br> Overburden <br> Storage <br> Facility**<br>**(ktonne)** | **Backfill**<br>**(ktonne)** | **Total**<br>**(ktonne)** |
| -1 | 5141 | 8896 | 0 | 0 | 0 | 14037 |
| 1 | 23502 | 0 | 0 | 0 | 0 | 23502 |
| 2 | 27132 | 0 | 0 | 0 | 0 | 27132 |
| 3 | 21749 | 0 | 3852 | 0 | 0 | 25602 |
| 4 | 0 | 0 | 25158 | 1143 | 0 | 26302 |
| 5 | 0 | 0 | 19970 | 2310 | 3817 | 26097 |
| 6 | 0 | 0 | 26577 | 596 | 0 | 27173 |
| 7 | 0 | 0 | 19882 | 2594 | 0 | 22477 |
| 8 | 0 | 0 | 6460 | 17586 | 0 | 24047 |
| 9 | 0 | 0 | 19206 | 2514 | 0 | 21720 |
| 10 | 1459 | 0 | 0 | 19518 | 0 | 20977 |
| 11 | 2055 | 0 | 7246 | 5103 | 0 | 14404 |
| 12 | 70 | 0 | 12185 | 4277 | 0 | 16532 |
| 13 | 146 | 0 | 3085 | 0 | 20640 | 23871 |
| 14 | 11462 | 0 | 0 | 0 | 13444 | 24906 |
| 15 | 10262 | 0 | 0 | 0 | 7121 | 17383 |
| 16 | 8748 | 0 | 0 | 74 | 8690 | 17512 |
| 17 | 15907 | 0 | 494 | 1526 | 1089 | 19016 |
| 18 | 5948 | 0 | 1896 | 7117 | 3582 | 18543 |
| 19 | 2882 | 0 | 4432 | 11234 | 412 | 18960 |
| 20 | 1927 | 0 | 1151 | 8814 | 0 | 11892 |
| 21 | 0 | 0 | 0 | 16382 | 0 | 16382 |
| 22 | 3598 | 0 | 0 | 5328 | 0 | 8926 |
| 23 | 0 | 0 | 0 | 8398 | 0 | 8398 |
| 24 | 0 | 0 | 0 | 16498 | 0 | 16498 |
| 25 | 0 | 0 | 0 | 15413 | 0 | 15413 |
| 26 | 0 | 0 | 0 | 16253 | 0 | 16253 |
| 27 | 0 | 0 | 0 | 14001 | 0 | 14001 |
| 28 | 0 | 0 | 0 | 16981 | 0 | 16981 |
| 29 | 0 | 0 | 0 | 12995 | 0 | 12995 |
| 30 | 0 | 0 | 0 | 11440 | 475 | 11916 |
| 31 | 0 | 0 | 0 | 0 | 12848 | 12848 |
| 32 | 0 | 0 | 0 | 0 | 12939 | 12939 |
| 33 | 0 | 0 | 0 | 0 | 13573 | 13573 |
| 34 | 0 | 0 | 0 | 0 | 12720 | 12720 |
| 35 | 0 | 0 | 0 | 0 | 9054 | 9054 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 36 | 0 | 0 | 0 | 0 | 9124 | 9124 |
| 37 | 0 | 0 | 0 | 0 | 6140 | 6140 |
| 38 | 0 | 0 | 0 | 0 | 7245 | 7245 |
| 39 | 0 | 0 | 0 | 0 | 5084 | 5084 |
| 40-44 | 0 | 0 | 0 | 0 | 39986 | 39986 |
| 45-49 | 0 | 0 | 0 | 0 | 18492 | 18492 |
| 50-54 | 0 | 0 | 0 | 0 | 3182 | 3182 |
| 55-59 | 0 | 0 | 0 | 0 | 0 | 0 |
| 60-64 | 0 | 0 | 0 | 0 | 0 | 0 |
| 65-69 | 0 | 0 | 0 | 0 | 0 | 0 |
| 70-74 | 0 | 0 | 0 | 0 | 0 | 0 |
| 75-78 | 0 | 0 | 0 | 0 | 0 | 0 |
| **Total** | 141989 | 8896 | 151594 | 218096 | 209658 | 730233 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4. Mining Fleet, Machinery, and Personnel Requirements

An autonomous haulage system and conventional support equipment were considered for estimating quarry equipment requirements, labor requirements, capital costs, and operating costs. ioneer opted to use autonomous haulage to save on labor costs. The use of autonomous haulage in mining and quarry operations is relatively new, but has proven to be both reliable, safe, and cost effective in the long term. ioneer has partnered with Caterpillar to develop the 785 model haul truck as an autonomous haulage vehicle. Caterpillar has developed the capability to manufacture and deploy the 785 as an autonomous haulage vehicle, and the Rhyolite Ridge Project will be the first property to deploy these trucks in an autonomous form. While the autonomous haulage vehicle does not require a driver to operate, a team of highly trained and specialized personnel, referred to as the Autonomous Haulage System Run Team, are required to remotely monitor the autonomous haulage vehicles at all times and make sure the vehicles are operating per specifications.

A limited amount of information regarding cost advantages and operational performance gains for autonomous haulage is available from original equipment manufacturers and vendors due to the proprietary nature of this information. The detailed backup information regarding performance factors from the original equipment manufacturers that formed the basis of this autonomous haulage analysis was not provided to the Mineral Reserve QP. The mineral reserve QP is relying on performance factors provided by the manufacturers. It is believed that the information, estimates, and comparisons contained herein are reasonably representative of autonomous haulage requirements based on the QP's experience with other autonomous haulage studies. The autonomous haulage system information provided by the original equipment manufacturers was used to estimate the equipment and labor requirements that have formed the basis of the capital and operating cost estimates for autonomous haulage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.1. Quarry Production Tasks

Distinct production tasks include:

- Clearing and Grubbing: Includes equipment and labor required to clear vegetation from disturbance areas within the quarry. Any labor or equipment required to relocate any native species affected by mining, such as Tiehm's buckwheat, are excluded from this function.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

- Drilling and Blasting: Includes equipment and labor required for pre-split drilling, production drilling, and associated drilling support. A contractor is assumed to perform all blasting functions.

Overburden/Interburden Removal: Includes the equipment and labor costs necessary to remove all overburden and interburden material from the quarry and haul the material to an ex-pit overburden storage facility or backfill. Note that non-ore grade M5 material is included in this category, along with equipment allocations for dozers to maintain working levels at the overburden storage facility and regrade the final slopes of the overburden storage facility as lifts are completed.

Ore Mining: Includes the equipment and labor necessary to extract ore and deliver it to the ROM ore stockpile at the process plant. Equipment and labor hours associated with rehandling material from the process stockpile were excluded from this task as this is assumed to be part of the process plant's function.

- Stormwater Controls: Includes the equipment required to maintain sedimentation ponds, water collection/diversion ditches, and culverts for property surface water management.

- General Quarry Support: Includes the equipment and labor required to maintain haul roads and perform other miscellaneous support tasks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.2. Quarry Production and Support Equipment

The equipment selection, shown in Table ‎13-4, was dependent on a variety of factors, including annual material movement requirements, bench height, quarry configuration, number of mining faces, and the required selectivity of the mining equipment.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎13-4 – Description of Mining Equipment Types**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Equipment Make and Model** | &nbsp;&nbsp;**Equipment Type** | &nbsp;&nbsp;**Shared with Plant or SOSF** | &nbsp;&nbsp;**Primary Class Size** |
| &nbsp;&nbsp;Production Equipment | &nbsp;&nbsp;Production Equipment | &nbsp;&nbsp;Production Equipment | &nbsp;&nbsp;Production Equipment |
| &nbsp;&nbsp;Caterpillar 995 | &nbsp;&nbsp;Front End Loader (FEL) | &nbsp;&nbsp;No | &nbsp;&nbsp;26 m<sup>3</sup> (34 yd<sup>3</sup>) |
| &nbsp;&nbsp;Caterpillar 992 | &nbsp;&nbsp;Front End Loader (FEL) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;14.5 m<sup>3</sup> (19 yd<sup>3</sup>) |
| &nbsp;&nbsp;Caterpillar 785 | &nbsp;&nbsp;Autonomous Haul Truck (AHT) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;150 tons |
| &nbsp;&nbsp;Caterpillar MD6200 | &nbsp;&nbsp;Down-the Hole Hammer Platform Drill (DTH) | &nbsp;&nbsp;No | &nbsp;&nbsp;14-20 cm (5.5"-7.87") bit |
| &nbsp;&nbsp;Support Equipment | &nbsp;&nbsp;Support Equipment | &nbsp;&nbsp;Support Equipment | &nbsp;&nbsp;Support Equipment |
| &nbsp;&nbsp;Caterpillar 740 | &nbsp;&nbsp;Water Truck (WT) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;30,283 liters (8,000 gal) |
| &nbsp;&nbsp;Caterpillar 777 | &nbsp;&nbsp;Water Truck (WT) | &nbsp;&nbsp;No | &nbsp;&nbsp;75,708 liters (20,000 gal) |
| &nbsp;&nbsp;Weiler D560 | &nbsp;&nbsp;Top Hammer Pre-Split Drill (PSD) | &nbsp;&nbsp;No | &nbsp;&nbsp;8.9-15 cm (3.5" - 6") bit |
| &nbsp;&nbsp;Caterpillar D10 | &nbsp;&nbsp;Track Dozer (TD) | &nbsp;&nbsp;No | &nbsp;&nbsp;600 hp |
| &nbsp;&nbsp;Caterpillar D9 | &nbsp;&nbsp;Track Dozer (TD) | &nbsp;&nbsp;No | &nbsp;&nbsp;450 hp |
| &nbsp;&nbsp;Caterpillar 18 | &nbsp;&nbsp;Motor Grader (MG) | &nbsp;&nbsp;No | &nbsp;&nbsp;5.5 m (18 ft) blade |
| &nbsp;&nbsp;Caterpillar 16 | &nbsp;&nbsp;Motor Grader (MG) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;4.9 m (16 ft) blade |
| &nbsp;&nbsp;Caterpillar 834 | &nbsp;&nbsp;Rubber Tire Dozer (RTD) | &nbsp;&nbsp;No | &nbsp;&nbsp;562 hp |
| &nbsp;&nbsp;Caterpillar 430 | &nbsp;&nbsp;Bachoe Loader (BL) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;100 hp |
| &nbsp;&nbsp;Caterpillar 374 | &nbsp;&nbsp;Excavator (EX) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;3.30 m (4.32 yd<sup>3</sup>) |
| &nbsp;&nbsp;Service Equipment | &nbsp;&nbsp;Service Equipment | &nbsp;&nbsp;Service Equipment | &nbsp;&nbsp;Service Equipment |
| &nbsp;&nbsp;Fuel/Lube Truck | &nbsp;&nbsp;Service Truck (ST) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;7,571 liters (2,000 gal) |
| &nbsp;&nbsp;Pickup | &nbsp;&nbsp;Transport/Support Vehicle (TSV) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;4,536 kg (10,000 lb) gwr truck |

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The assumed mining fleet will consist of two CAT 995s (26 m<sup>3</sup> [34 yd<sup>3</sup>]) front end loaders and a fleet of CAT 785s (150-ton class) rigid end-dump haul trucks as the primary loading and haulage equipment for the quarry. A CAT 992 front-end wheel loader (FEL) with a 14.5 m<sup>3</sup> (19 yd<sup>3</sup>) bucket was also incorporated into the major mining equipment on site due to its operational versatility. The CAT 992 will primarily be used to feed the crusher at the process plant; however, when not used at the plant it will serve as a backup to the quarry fleet.

Support equipment for the operations includes track and wheel dozers to clear vegetation, prepare working surfaces, clean working areas, and create access to the work area. The wheel dozers will provide support for the excavators at mining faces, whereas the track dozers will provide support for haul trucks at the ex-pit overburden storage facilities and backfill facilities. Dozing equipment is also used for road ripping, final grading operations, and alluvium spreading during rehabilitation. A track dozer will be utilized along with the FELs at ore contacts to assist in the reduction of ore seam dilution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.3. Equipment Performance Factors and Fleet Requirements

The loading, support, and service equipment for autonomous haulage system is not anticipated to differ from the equipment selected for conventional haulage.

Anticipated performance factors for the autonomous haulage vehicles are as follows:

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| ![](img086.jpg) | **13-15** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Mechanical availability = 90.0%.

Utilization of available time = 92.0%.

Effective utilization = 82.8%.

Both the mechanical availability and the utilization of available time exceed that of an equivalent manned fleet, this is due to the performance characteristics and the minimized non-operational delays with an autonomous haulage fleet. The impacts of safety stand-downs during blasting, equipment congestion, queuing, and other typical operational delays on the achievability of the 92% utilization of available time were not assessed. A summary of the assumed equipment performance factors for the mine plan are included in Table ‎13-5.

**Table ‎13-5 - Mechanical Availability and Utilization of Mining Equipment**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Machine Make & Model** | &nbsp;&nbsp;**Equipment Type** | &nbsp;&nbsp;**Machine Life (years)** | &nbsp;&nbsp;**Mechanical Availability (MA)** | &nbsp;&nbsp;**Utilization of Availability (UofA)** | &nbsp;&nbsp;**Utilization (U)** |
| &nbsp;&nbsp;Caterpillar 995 | &nbsp;&nbsp;FEL | &nbsp;&nbsp;25 | &nbsp;&nbsp;90% | &nbsp;&nbsp;85% | &nbsp;&nbsp;77% |
| &nbsp;&nbsp;Caterpillar 785 | &nbsp;&nbsp;AHT | &nbsp;&nbsp;25 | &nbsp;&nbsp;90% | &nbsp;&nbsp;92% | &nbsp;&nbsp;83% |
| &nbsp;&nbsp;Caterpillar MD6200 | &nbsp;&nbsp;DTH | &nbsp;&nbsp;30 | &nbsp;&nbsp;85% | &nbsp;&nbsp;75% | &nbsp;&nbsp;64% |
| &nbsp;&nbsp;Caterpillar 740 | &nbsp;&nbsp;WT | &nbsp;&nbsp;20 | &nbsp;&nbsp;88% | &nbsp;&nbsp;76% | &nbsp;&nbsp;67% |
| &nbsp;&nbsp;Caterpillar 777 | &nbsp;&nbsp;WT | &nbsp;&nbsp;20 | &nbsp;&nbsp;90% | &nbsp;&nbsp;85% | &nbsp;&nbsp;77% |
| &nbsp;&nbsp;Weiler D560 | &nbsp;&nbsp;PSD | &nbsp;&nbsp;30 | &nbsp;&nbsp;85% | &nbsp;&nbsp;70% | &nbsp;&nbsp;60% |
| &nbsp;&nbsp;Caterpillar D10 | &nbsp;&nbsp;TD | &nbsp;&nbsp;20 | &nbsp;&nbsp;88% | &nbsp;&nbsp;76% | &nbsp;&nbsp;67% |
| &nbsp;&nbsp;Caterpillar D9 | &nbsp;&nbsp;TD | &nbsp;&nbsp;20 | &nbsp;&nbsp;88% | &nbsp;&nbsp;76% | &nbsp;&nbsp;67% |
| &nbsp;&nbsp;Caterpillar 18 | &nbsp;&nbsp;MG | &nbsp;&nbsp;20 | &nbsp;&nbsp;88% | &nbsp;&nbsp;77% | &nbsp;&nbsp;68% |
| &nbsp;&nbsp;Caterpillar 16 | &nbsp;&nbsp;MG | &nbsp;&nbsp;20 | &nbsp;&nbsp;88% | &nbsp;&nbsp;77% | &nbsp;&nbsp;68% |
| &nbsp;&nbsp;Caterpillar 834 | &nbsp;&nbsp;RTD | &nbsp;&nbsp;25 | &nbsp;&nbsp;88% | &nbsp;&nbsp;76% | &nbsp;&nbsp;68% |
| &nbsp;&nbsp;Caterpillar 430 | &nbsp;&nbsp;BL | &nbsp;&nbsp;25 | &nbsp;&nbsp;88% | &nbsp;&nbsp;71% | &nbsp;&nbsp;63% |
| &nbsp;&nbsp;Caterpillar 374 | &nbsp;&nbsp;EX | &nbsp;&nbsp;30 | &nbsp;&nbsp;88% | &nbsp;&nbsp;75% | &nbsp;&nbsp;66% |
| &nbsp;&nbsp;Fuel/Lube Truck | &nbsp;&nbsp;ST | &nbsp;&nbsp;20 | &nbsp;&nbsp;88% | &nbsp;&nbsp;77% | &nbsp;&nbsp;68% |
| &nbsp;&nbsp;Pickup | &nbsp;&nbsp;TSV | &nbsp;&nbsp;5 | &nbsp;&nbsp;90% | &nbsp;&nbsp;90% | &nbsp;&nbsp;81% |

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Haul truck travel times were estimated in Hexagon's MinePlan Schedule Optimizer (MPSO) using annual haulage profiles developed for overburden/interburden and ROM ore from source to destination and back. A global speed limit of 25 mph was applied to haul profiles within the production schedule, though speed limits were adjusted at loading and unloading areas and around sharp turns and switchbacks to represent slower truck speeds in these areas. Estimated cycle times were calculated based upon the estimated truck loading time, haul truck travel times calculated in MPSO, and an assumed dump and maneuvering time of 1.2 minutes for ore and waste. The autonomous haulage vehicle productivities per scheduled shift were then estimated using the effective truck capacities shown in Table ‎13-6 and Table ‎13-7, and haul truck cycle times based on an assumed effective utilization of 82.8%.

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| ![](img086.jpg) | **13-16** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎13-6 - Scheduled Operating Days and Shifts per Year**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Scheduled Days** | &nbsp;&nbsp;**Shifts/ Day** | &nbsp;&nbsp;**Scheduled Shifts** | &nbsp;&nbsp;**Lost Shifts** | &nbsp;&nbsp;**Available Shifts** | &nbsp;&nbsp;**No. of Crews** |
| &nbsp;&nbsp;YR-01 - Quarter 01 | &nbsp;&nbsp;**91** | &nbsp;&nbsp;2 | &nbsp;&nbsp;182.5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;180 | &nbsp;&nbsp;**4** |
| &nbsp;&nbsp;YR-01 - Quarter 02 | &nbsp;&nbsp;**91** | &nbsp;&nbsp;2 | &nbsp;&nbsp;182.5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;180 | &nbsp;&nbsp;**4** |
| &nbsp;&nbsp;YR-01 - Quarter 03 | &nbsp;&nbsp;**91** | &nbsp;&nbsp;2 | &nbsp;&nbsp;182.5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;180 | &nbsp;&nbsp;**4** |
| &nbsp;&nbsp;YR-01 - Quarter 04 | &nbsp;&nbsp;**91** | &nbsp;&nbsp;2 | &nbsp;&nbsp;182.5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;180 | &nbsp;&nbsp;**4** |
| &nbsp;&nbsp;YR01 - Quarter 01 | &nbsp;&nbsp;**91** | &nbsp;&nbsp;2 | &nbsp;&nbsp;182.5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;180 | &nbsp;&nbsp;**4** |
| &nbsp;&nbsp;YR01 - Quarter 02 | &nbsp;&nbsp;**91** | &nbsp;&nbsp;2 | &nbsp;&nbsp;182.5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;180 | &nbsp;&nbsp;**4** |
| &nbsp;&nbsp;YR01 - Quarter 03 | &nbsp;&nbsp;**91** | &nbsp;&nbsp;2 | &nbsp;&nbsp;182.5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;180 | &nbsp;&nbsp;**4** |
| &nbsp;&nbsp;YR01 - Quarter 04 | &nbsp;&nbsp;**91** | &nbsp;&nbsp;2 | &nbsp;&nbsp;182.5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;180 | &nbsp;&nbsp;**4** |
| &nbsp;&nbsp;YR02 - Quarter 01 | &nbsp;&nbsp;**91** | &nbsp;&nbsp;2 | &nbsp;&nbsp;182.5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;180 | &nbsp;&nbsp;**4** |
| &nbsp;&nbsp;YR02 - Quarter 02 | &nbsp;&nbsp;**91** | &nbsp;&nbsp;2 | &nbsp;&nbsp;182.5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;180 | &nbsp;&nbsp;**4** |
| &nbsp;&nbsp;YR02 - Quarter 03 | &nbsp;&nbsp;**91** | &nbsp;&nbsp;2 | &nbsp;&nbsp;182.5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;180 | &nbsp;&nbsp;**4** |
| &nbsp;&nbsp;YR02 - Quarter 04 | &nbsp;&nbsp;**91** | &nbsp;&nbsp;2 | &nbsp;&nbsp;182.5 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;180 | &nbsp;&nbsp;**4** |
| &nbsp;&nbsp;**YR 03-14** | &nbsp;&nbsp;**365** | &nbsp;&nbsp;2 | &nbsp;&nbsp;730 | &nbsp;&nbsp;10 | &nbsp;&nbsp;720 | &nbsp;&nbsp;**4** |
| &nbsp;&nbsp;**YR15-28** | &nbsp;&nbsp;**313** | &nbsp;&nbsp;2 | &nbsp;&nbsp;626 | &nbsp;&nbsp;10 | &nbsp;&nbsp;616 | &nbsp;&nbsp;**3** |
| &nbsp;&nbsp;**YR 29-44** | &nbsp;&nbsp;**240** | &nbsp;&nbsp;2 | &nbsp;&nbsp;480 | &nbsp;&nbsp;10 | &nbsp;&nbsp;470 | &nbsp;&nbsp;**2** |
| &nbsp;&nbsp;**YR 45-50** | &nbsp;&nbsp;**192** | &nbsp;&nbsp;2 | &nbsp;&nbsp;384 | &nbsp;&nbsp;10 | &nbsp;&nbsp;374 | &nbsp;&nbsp;**2** |
| &nbsp;&nbsp;**YR 51-77** | &nbsp;&nbsp;**192** | &nbsp;&nbsp;1 | &nbsp;&nbsp;192 | &nbsp;&nbsp;10 | &nbsp;&nbsp;182 | &nbsp;&nbsp;**1** |

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**Table ‎13-7 - Manned Equipment Operating Time per Shift**

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| | |
|:---|:---|
| &nbsp;&nbsp;Schedule Time Per Shift&nbsp;&nbsp;(min) | &nbsp;&nbsp;720 |
| &nbsp;&nbsp;Less Scheduled Non-Productive Time |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel Time/Shift Change/Blasting &nbsp;&nbsp;(min) | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equipment Inspection &nbsp;&nbsp;(min) | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lunch/Breaks &nbsp;&nbsp;(min) | &nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fueling, Lube, Inspection and Service &nbsp;&nbsp;(min) | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Net Scheduled Productive Time (Metered Operating Time) &nbsp;&nbsp;(min) | &nbsp;&nbsp;660 |
| &nbsp;&nbsp;Job Efficiency (50 Minutes Productive Time per Metered Hour) | &nbsp;&nbsp;83.3% |
| &nbsp;&nbsp;Net Productive Operating Time Per Shift &nbsp;&nbsp;(min) | &nbsp;&nbsp;550 |

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Annual estimates of equipment requirements were developed from the productivity and haulage times as presented and these are summarized in Table **13-8**.

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| ![](img086.jpg) | **13-17** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎13-8 - Quarry Equipment Quantity by Period**

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| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Machine Make & Model** | &nbsp;&nbsp;**Equipment Type** | &nbsp;&nbsp;**YR -1 <br> - Q1** | &nbsp;&nbsp;**YR -1 <br> - Q2** | &nbsp;&nbsp;**YR -1 <br> - Q3** | &nbsp;&nbsp;**YR -1 <br> - Q4** | &nbsp;&nbsp;**YR 1<br> - Q1** | &nbsp;&nbsp;**YR 1 - Q2** | &nbsp;&nbsp;**YR 1 - Q3** | &nbsp;&nbsp;**YR 1 - Q4** | &nbsp;&nbsp;**YR 2 - Q1** | &nbsp;&nbsp;**YR2 - Q 2-4** | &nbsp;&nbsp;**YR 03-04** | &nbsp;&nbsp;**YR 04** | &nbsp;&nbsp;**YR 05-14** | &nbsp;&nbsp;**YR 15-19** | &nbsp;&nbsp;**YR 20** | &nbsp;&nbsp;**YR 21** | &nbsp;&nbsp;**YR 22** | &nbsp;&nbsp;**YR 23** |
| &nbsp;&nbsp;Caterpillar 995 | &nbsp;&nbsp;FEL | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Caterpillar 785 | &nbsp;&nbsp;AHT | &nbsp;&nbsp;4 | &nbsp;&nbsp;5 | &nbsp;&nbsp;6 | &nbsp;&nbsp;6 | &nbsp;&nbsp;11 | &nbsp;&nbsp;12 | &nbsp;&nbsp;12 | &nbsp;&nbsp;13 | &nbsp;&nbsp;15 | &nbsp;&nbsp;16 | &nbsp;&nbsp;16 | &nbsp;&nbsp;15 | &nbsp;&nbsp;16 | &nbsp;&nbsp;15 | &nbsp;&nbsp;13 | &nbsp;&nbsp;16 | &nbsp;&nbsp;14 | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;Caterpillar MD6200 | &nbsp;&nbsp;DTH | &nbsp;&nbsp;1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Caterpillar 740 | &nbsp;&nbsp;WT | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Caterpillar 777 | &nbsp;&nbsp;WT | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Weiler D560 | &nbsp;&nbsp;PSD | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Caterpillar D10 | &nbsp;&nbsp;TD | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Caterpillar D9 | &nbsp;&nbsp;TD | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Caterpillar 18 | &nbsp;&nbsp;MG | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Caterpillar 16 | &nbsp;&nbsp;MG | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Caterpillar 834 | &nbsp;&nbsp;RTD | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Caterpillar 430 | &nbsp;&nbsp;BL | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Caterpillar 374 | &nbsp;&nbsp;EX | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Fuel/Lube Truck | &nbsp;&nbsp;ST | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Pickup | &nbsp;&nbsp;TSV | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 |

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| ![](img086.jpg) | **13-18** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎13-9 - Quarry Equipment Quantity by Period cont.**

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Machine Make & Model** | &nbsp;&nbsp;**Equipment Type** | &nbsp;&nbsp;**YR 24** | &nbsp;&nbsp;**YR 25** | &nbsp;&nbsp;**YR 26** | &nbsp;&nbsp;**YR 27** | &nbsp;&nbsp;**YR 28** | &nbsp;&nbsp;**YR 29-34** | &nbsp;&nbsp;**YR 35** | &nbsp;&nbsp;**YR 36** | &nbsp;&nbsp;**YR 37-38** | &nbsp;&nbsp;**YR 39** | &nbsp;&nbsp;**YR 40-44** | &nbsp;&nbsp;**YR 45-49** | &nbsp;&nbsp;**YR 39-48** | &nbsp;&nbsp;**YR 49-55** | &nbsp;&nbsp;**YR 56-59** | &nbsp;&nbsp;**YR 60-77** |
| &nbsp;&nbsp;Caterpillar 995 | &nbsp;&nbsp;FEL | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Caterpillar 785 | &nbsp;&nbsp;AHT | &nbsp;&nbsp;13 | &nbsp;&nbsp;14 | &nbsp;&nbsp;14 | &nbsp;&nbsp;15 | &nbsp;&nbsp;16 | &nbsp;&nbsp;12 | &nbsp;&nbsp;8 | &nbsp;&nbsp;9 | &nbsp;&nbsp;8 | &nbsp;&nbsp;7 | &nbsp;&nbsp;9 | &nbsp;&nbsp;6 | &nbsp;&nbsp;5 | &nbsp;&nbsp;4 | &nbsp;&nbsp;4 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Caterpillar MD6200 | &nbsp;&nbsp;DTH | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Caterpillar 740 | &nbsp;&nbsp;WT | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Caterpillar 777 | &nbsp;&nbsp;WT | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Weiler D560 | &nbsp;&nbsp;PSD | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Caterpillar D10 | &nbsp;&nbsp;TD | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Caterpillar D9 | &nbsp;&nbsp;TD | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Caterpillar 18 | &nbsp;&nbsp;MG | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Caterpillar 16 | &nbsp;&nbsp;MG | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Caterpillar 834 | &nbsp;&nbsp;RTD | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Caterpillar 430 | &nbsp;&nbsp;BL | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Caterpillar 374 | &nbsp;&nbsp;EX | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Fuel/Lube Truck | &nbsp;&nbsp;ST | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Pickup | &nbsp;&nbsp;TSV | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 |

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| ![](img086.jpg) | **13-19** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Schedule operating days and shifts per annum are available in Table ‎13-10.

**Table ‎13-10 - AHS Operating Time per ShiftT**

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|:---|:---|
| &nbsp;&nbsp;Schedule Time Per Shift&nbsp;&nbsp;(min) | &nbsp;&nbsp;720 |
| &nbsp;&nbsp;Less Scheduled Non-Productive Time |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel Time/Shift Change/Blasting &nbsp;&nbsp;(min) | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equipment Inspection &nbsp;&nbsp;(min) | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lunch/Breaks &nbsp;&nbsp;(min) | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fueling, Lube, Inspection and Service &nbsp;&nbsp;(min) | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Net Scheduled Productive Time (Metered Operating Time) &nbsp;&nbsp;(min) | &nbsp;&nbsp;690 |
| &nbsp;&nbsp;Job Efficiency (55 Minutes Productive Time per Metered Hour) | &nbsp;&nbsp;92% |
| &nbsp;&nbsp;Net Productive Operating Time Per Shift &nbsp;&nbsp;(min) | &nbsp;&nbsp;633 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.4. Labor Requirements

Assumptions made to calculate labor requirements were as follows:

- Autonomous haul trucks are unmanned and therefore do not require haul truck drivers to operate;

- A trained and specialized team of personnel are required to remotely monitor the vehicles and make sure that they are performing to specifications.

Maintenance will be provided by Empire Equipment as contractors, as such they were not included in the total mine operations personnel count.

A summary of quarry personnel requirements is provided in Figure ‎13–4.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img055.jpg)

**Figure *‎*13–4 - Summary of Annual Quarry Labor Requirements**

Source: ioneer, 2025

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

14. PROCESSING AND RECOVERY METHODS

The Rhyolite Ridge processing facilities have been designed to produce technical grades of boric acid and lithium carbonate and hydroxide (purities of 99.9-100.9%, 98.5% and 99.5% respectively) from stream 1, 2 and 3 material from the South Basin. The stream 1 material is characterized as having boron grades above 5,000 ppm, which is mostly seen in the B5, M5, and L6 mineralized units. Lithium bearing zones with boron content below 5,000 ppm and low clay content, primarily in the L6 and S5 mineralized units, are identified as stream 2. Lithium bearing zones with boron content below 5,000 ppm and high clay content, primarily in the M5 mineralized unit, are identified as stream 3.

The stream 2 and 3 material consists of low boron ore, with boron content below 5,000 ppm, primarily from the following units:

&nbsp;&nbsp;&nbsp;&nbsp;■ M5 (Carbonate-clay rich marl, high-grade lithium, low-to moderate-grade boron);

&nbsp;&nbsp;&nbsp;&nbsp;■ S5 (Siltstone-claystone, low to high grade lithium and low-grade boron);

&nbsp;&nbsp;&nbsp;&nbsp;■ L6 (Siltstone-claystone, laterally discontinuous low-to high-grade lithium and boron mineralized horizons within a larger low-grade to barren sequence).

Additional metallurgical testwork conducted between Q4 2024 and Q2 2025 confirmed that processing and recovery methods developed for stream 1 are applicable to stream 2 & 3, provided appropriate blending ratio is ensured in earlier stages of development compared to stream 1. Blending stream 3 material with stream 1 & 2 material is limited to 10%.

The combination of processing steps selected for the extraction of lithium and boric acid was deemed suitable based on the testwork program that focused on increasing the level of understanding and developing the process technology to a level of maturity sufficient to support a feasibility study. In addition, the process plant design has utilized commercially proven unit operations, equipment types, and sizes arranged to accommodate the unique extractive metallurgy of the Rhyolite Ridge mineralization.

The following chapter contain information pertaining to the processing and recovery of Rhyolite Ridge ore.

14.1. Process Description

The main processing areas designed for the planned Rhyolite Ridge processing facilities include:

The block diagram for the production of technical grade boric acid and technical grade lithium carbonate is shown in Figure ‎14-1.

The block diagram for the production of battery grade lithium hydroxide monohydrate (LHM) from technical grade lithium carbonate is shown in Figure ‎14-2. The installation of the LHM conversion facility will be post startup.

&nbsp;&nbsp;&nbsp;&nbsp;■ Ore storage, handling and sizing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ Run-of-quarry ore will be stockpiled before entering a two-stage crushing circuit, where it will be reduced in size to approximately 1.9 cm (0.75 inches) before being conveyed to the leaching vats;

&nbsp;&nbsp;&nbsp;&nbsp;■ Vat leaching:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ Boron and lithium will be leached into solution by sulfuric acid, producing a pregnant leach solution (PLS);

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;■ Boric acid circuit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ Boric acid will be crystallized by cooling the PLS past its saturation limit and filtering it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ Boric acid will be refined by redissolution and recrystallization, followed by dewatering via centrifugation prior to drying and packaging for sale to the market. The final product will be technical grade boric acid.

&nbsp;&nbsp;&nbsp;&nbsp;■ Evaporation and crystallization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ The resultant solution from boric acid filtration will undergo impurity removal by chemical addition and precipitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ The purified solution will undergo several stages of evaporation and crystallization. Boric acid will be recovered via flotation and returned to the boric acid crystallization circuit. The flotation tails (primarily
 salts of magnesium, potassium and sodium sulfate) will be dewatered via centrifugation and sent to a spent ore storage facility;

&nbsp;&nbsp;&nbsp;&nbsp;■ Lithium carbonate circuit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ The remaining solution will undergo further impurity removal, followed by the precipitation of technical grade lithium carbonate by chemical addition. The lithium carbonate will be filtered from solution prior to
 product drying and packaging. The final product will be technical grade lithium carbonate.

&nbsp;&nbsp;&nbsp;&nbsp;■ Lithium hydroxide circuit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ Lithium carbonate will undergo further processing to convert to lithium hydroxide monohydrate (LHM). The installation of the LHM conversion plant will occur post startup. The selected conversion route is the liming
 route.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ Technical grade lithium carbonate is combined with lime to produce lithium hydroxide and calcium carbonate. The lithium hydroxide slurry is filtered, and the resulting calcium carbonate byproduct is recycled to
 lithium carbonate plant to offset new lime consumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ The clarified lithium hydroxide solution is subject to ion exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ The refined lithium hydroxide solution is concentrated through multiple stages of evaporation. Lithium hydroxide monohydrate is crystallized and dewatered using centrifuges. The LHM solids are redissolved in clean
 process condensate and filtered to remove insoluble impurities. And subject to a final stage of crystallization to produce battery grade LHM. The solids are dewatered and washed using centrifuges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ The wet LHM solids are direct to dryers and packaging systems.

Simplified block flow diagram of the designed process for the production of technical grade boric and technical grade lithium carbonate is shown in Figure ‎14-1, and the reprocessing of lithium carbonate to produce battery grade lithium hydroxide monohydrate is shown in Figure ‎14-2. The LHM conversion facility will be installed post startup.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img056.jpg)

**Figure ‎14-1 – Block Flow Diagram of the Rhyolite Ridge Processing Facilities – Production of technical grade boric acid and technical grade lithium carbonate**

Source: Fluor, 2020 & ioneer, 2025

![](img057.jpg)

**Figure ‎14-2 – Block Flow Diagram of the Rhyolite Ridge Processing Facilities – production of battery grade lithium hydroxide monohydrate**

Source: ioneer, 2025

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

14.1.1. Ore Storage, Handling, and Sizing

Run-of-mine (ROM) ore will be trucked from the quarry to two surface stockpiles, located adjacent to the vat leach area. ROM will be segregated into low- and high-grade stockpiles to provide a steady boron feed grade. Haul trucks will be directed to a specific stockpile based on the production plan. Sufficient ore will be provided to the plant feed to ensure complete utilization of the available sulfuric acid. Note Blending of stream 3 (high clay) material will also be controlled, with the maximum stream 3 content limited to 10%.

Ore will be fed to a loading hopper, fitted with a grizzly screen, via front-end loader. The primary control against oversize material will be the blasting intensity. Should oversize material become an issue and increasing the blasting intensity cannot mitigate the problem, then other modifications will be pursued, which may include a rock breaker or other common industry equipment.

The grizzly screen undersize will be transported by a series of feeders and conveyors to the primary sizer. Following primary sizing, the material will be discharged into a bifurcated chute producing two equal streams that will feed two parallel secondary sizers. The discharge of the secondary sizers will be conveyed to the vat feed tripper conveyor, which will run the full length of the seven vats and transfer the crushed ore to the vat-loading transfer conveyor. The vat-loading transfer conveyor will be supported on a rail-mounted bridge, allowing it to be positioned above any of the seven vats to fill the selected vat with crushed ore. A vat-loading shuttle conveyor will move with the transfer conveyor, allowing the crushed ore to be discharged over the full width of the vat. This will provide an evenly distributed pile of ore inside each vat, ensuring complete submersion of the ore during leaching.

14.1.2. Vat Leaching

Boron and lithium will be leached from the crushed ore by sulfuric acid from the sulfuric acid plant. In essence, the vat leaching operation will comprise a counter-current flooded heap leach across seven vats. The counter-current arrangement will allow for the most leached ore to be contacted with the least saturated solution, and the least leached ore to be contacted with the most saturated solution. The concentration gradient between residual metals in the ore and the leach solution will support efficient acid consumption and metals recovery during leaching.

Each vat will have an overflow tank into which the leach solution will flow prior to getting pumped to the next stage. The vat leach cycle will comprise seven steps carried out over in less than five and a half days (132 hours), as summarized in Table ‎14-1.

**Table ‎14-1 – Vat Leaching Cycle** 

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|:---|:---|
| &nbsp;&nbsp;**Activity** | **Activity Duration <br> (days)** |
| &nbsp;&nbsp;Ore loading and solution flooding/recirculation | 1 |
| &nbsp;&nbsp;Neutralization | 1 |
| &nbsp;&nbsp;Leaching | 1.5 |
| &nbsp;&nbsp;Washing | 1 |
| &nbsp;&nbsp;Draining/unloading / inspection | 1 |

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No two vats will be in the same phase at one time. This staggered configuration will allow for constant PLS generation and minimized storage requirements. Each vat will undergo all activities in sequence and will be referred to by its active phase (e.g., loading vat).

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Leach solution will flow from the most leached to least leached ore. The solution will start from the washing phase, where process water and wash water from the draining/unloading vat will be used to displace any interstitial lithium and boron remaining after the vat is drained of leach solution. This solution will then proceed to the third leaching vat, where concentrated sulfuric acid will be added to leach the lithium and boron remaining within the ore. The solution will overflow to the second and then to the first leaching vats, with additional concentrated sulfuric acid added in each stage to maintain a target acid concentration. The solution leaving the first stage of leaching will be referred to as intermediate leach solution (ILS). ILS will be used as the initial leaching fluid for the fresh ore, for both the loading and neutralization stages. Contacting the ILS with the fresh ore will increase the solution concentration and reduce the free acid, negating the need for a neutralizing agent. The resulting pregnant leach solution will proceed to the boric acid crystallization circuit (CRZ1).

Following washing and draining, the spent ore will be unloaded by a clamshell reclaimer onto an unloading conveyor. An intermediate spent ore pad will be constructed for temporary storage of the spent ore, prior to being loaded into haul trucks for transportation to the spent ore storage facility, which will be located approximately one mile south of the processing facilities.

14.1.3. Boric Acid Crystallization (CRZ1)

Boric acid will be recovered from the PLS via cooling crystallization. To meet the technical grade specification this needs to be completed in two stages, first primary or crude crystallization (CRZ1), followed by dissolution and recrystallization (CRZ3).

In CRZ1, excessive sulfate salt contamination will be avoided by exploiting the solubility differences between boric acid and sulfate salts. Roughly 65-70% of the boric acid will be recovered in the first pass, with the remaining 30-35% recovered downstream in the boric acid flotation units and recycled back to the CRZ1 feed.

PLS will be fed to the first boric acid crystallizer from the PLS surge tank. It will be combined with boric acid concentrate recovered from downstream evaporation (EVP1) and crystallization (CRZ2) flotation concentrate streams. The quantity of boron being recycled from the flotation units for the design case is of the order of 30% of the total boron mass and comes with gangue sulfate salts and liquor from these unit operations. This recycle stream has been accounted for in the heat and mass balance. There will be two stages of flash-cooled crystallization to keep vessel size manageable and to achieve sufficient crystal sizing for efficient dewatering. The second stage of crystallization will be temperature-controlled to limit co-crystallization of sulfate salts, which could lead to off-specification products or purging requirements that would reduce plant efficiency.

The CRZ1 system will continue to operate within design limits with respect to mass throughput and thereafter cooling duty under the one and a half day leach scenario. The total solids production will be reduced but can be accommodated by turning down the belt filter.

Solids will be collected from the second stage of crystallization. The resultant slurry will be sent to a belt filter, where the solids will be dewatered and washed with centrate from the purified boric acid crystallizer (CRZ3) dewatering centrifuges. The wash rate will be used to repulp the EVP1 flotation concentrate solids, and the filtered mother liquor will advance to the first impurity removal circuit (IR1). The solids will advance to the boric acid production circuit (CRZ3), where they will be redissolved and recrystallized for further purification.

14.1.4. Boric Acid Production (CRZ3)

The wet boric acid cake from CRZ1 will be repulped in heated product centrate from the final boric acid crystal dewatering in CRZ3. The boric acid crystals will be dissolved in a stirred tank before being filtered to remove any insoluble materials, such as gypsum and other fines carried over from the leaching circuit. The filtrate will then be fed to another two-stage, flash-cooled crystallization circuit. The crystals will be dewatered after the second stage via centrifuge and washed with process condensate to produce technical grade boric acid at a

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

purity of >99.9%. The centrate and washate will be recycled back to CRZ3 boric acid dissolution and CRZ1 solids washing, respectively. The solids will be conveyed to a rotary dryer, which will operate by indirect drying via plant steam and electric heaters. The boric acid will then be cooled to safe handling temperature in a rotary cooler before being conveyed to a boric acid product silo, which will feed the product bagging system. Fine material from the dryer will be collected in a wet scrubber and recycled to the boric acid dissolution tank.

The crude boric acid solids production rate will be below design under the one and a half day leach scenario shown. The equipment will be required to operate in partial turndown. Some minor equipment modifications such as replacing impellers, changing trim in control valve etc. are expected.

14.1.5. Impurity Removal (IR1)

The purpose of this impurity removal step will be to eliminate aluminum, fluoride, and free acid from the evaporation circuit feed (EVP1). Testwork demonstrated that the presence of aluminum and free acid in EVP1 feed can negatively impact crystal formation and dewatering properties in downstream EVP1 and CRZ2 unit operations, resulting in excessive lithium losses. The unwanted impurities will be removed through neutralization and precipitation by the addition of lime and recycled cake from the upstream calcium and impurity removal (IR2) steps in the lithium carbonate circuit. This IR2 cake will predominantly consist of magnesium hydroxide and calcium carbonate. It will be re-slurried in washate from IR1 before being fed back to the IR1 circuit.

The precipitation reactions will be carried out across five heated, stirred tanks. The resultant slurry will be fed to one of two filter presses – one for seed recycling and another for solids removal. Only cakes from solids removal filter will be washed prior to being transported to the spent ore storage facility. The filtered mother liquor from both filters may be reacidified with concentrated sulfuric acid before progressing to the EVP1 circuit.

Mass balance simulations based on the mine plan (revision 14a) confirm that the lime demand and solids generation are within the design case limits.

14.1.6. Evaporation (EVP1)

The filtered mother liquor from IR1 will be pumped to a four-effect co-current evaporation circuit to remove 70% of its water content. Evaporation effects are comparable to stages but refer to a sequence of vessels that are each held at a lower pressure than the last, to remove water from a solution using the heat of steam from a previous vessel.

Based on the pilot plant testwork, the lithium concentration at EVP1 should be at 0.51% to avoid risk of Li-K or Li-Na salt formation when considering high boron and sodium feedstock. The lithium end point on startup should be adjusted to concentrate lithium and remove sulfate salts. This would result in lower Mg to Li ratio in the CRZ2 end point and reduced overall sulfate content in the lithium precipitation step which is expected to result in improved overall product quality.

Through the circuit, the mother liquor will become saturated with both boric acid and sulfates, causing them to crystallize out of solution. The solids recovery from the mother liquor will only occur after the third and fourth evaporation effects.

Slurry from the third evaporation effect will be dewatered using centrifuges. The centrate is advanced to the fourth evaporation effect. Slurry produced in the fourth evaporation effect will be directed to a mechanical flotation system for recovery of boric acid. The flotation tailings will be dewatered via centrifugation, while the concentrate will be dewatered by filtration. The tailings centrate and concentrate filtrate will be combined and advanced to the sulfate crystallization circuit (CRZ2).

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Concentrate solids recovered from flotation after the third and fourth evaporation effects will be sent to a repulp tank before being fed to the CRZ1 circuit for boric acid recovery. Tailings solids from the third and fourth evaporation effects will be repulped before dewatering and washing in centrifuges. The wash water will be circulated back as the repulping solution and will be used to wash the stage 1 solids. The washed solids will be sent to the spent ore storage facility.

The higher ROM feed rates (based on one and a half-day leach mine plan 14a) can be accommodated within the existing heat and energy balance. The lower boron grade materially reduces the energy demands in other areas of the process (namely boric acid and chilling units) which allows the energy to be redeployed to areas of increased consumption in the crushers, leach area and evaporation unit.

14.1.7. Crystallization (CRZ2)

The mother liquor from the fourth effect of EVP1 will be processed through four stages of cooling crystallization to concentrate lithium and achieve a target magnesium to lithium ratio, which is a key parameter governing the efficiency of the lithium carbonate precipitation circuit downstream. The first two stages of crystallization will be flash cooled, and the last two stages will be surface cooled. Solids will be removed from stages 2 and 4 as dense slurry, which will be sent to a mechanical flotation circuit similar to that of EVP1, as described in Chapter ‎14.1.6.

Downstream of stages 2 and 4 of CRZ2, the flotation concentrate will be dewatered via a belt filter. The filter cakes will be repulped in PLS before returning to CRZ1 for boric acid recovery. The flotation tails (mainly sulfate salts) will be dewatered via centrifuges and repulped in recycled centrate from the centrifuge wash (topped up with process water). After a second dewatering and washing, the sulfate salts will be sent to the spent ore storage facility. The combined flotation concentrate filtrate and the tails centrate after stage 2 will be sent to the next stage of crystallization (stage 3), while the combined filtrate and centrate after stage 4 will be sent to the next impurity removal stage (IR2). Both will have a bleed stream back to CRZ2.

Based on a one and a half-day leach (mine plan 14a), higher recycle rates, compared to the 2024 design, may be required in the CRZ2 block to manage the variations in the pulp density caused by distribution of solids distribution between EVP1 and CRZ2. As a result, control valve size, pump impellers, and line sizes must be evaluated. Given the line sizes in this area (10-20 cm [4-8 inches]) the complexity and cost magnitude will be small. These variations are to be considered in updating the equipment changes and piping with special attention to turn-down ratios.

14.1.8. Lithium Circuit

Technical grade lithium carbonate will be produced in a closed-loop circuit, which will include steps of brine cleaning, precipitation and evaporation.

14.1.8.1. Brine Cleaning – Impurity (IR2) and Calcium Removal

The purpose of brine cleaning will be to remove contaminants prior to lithium carbonate precipitation to achieve the desired product purity. The second impurity removal circuit (IR2) will remove magnesium, iron, aluminum, fluoride, boron, and free acid through hydrated lime addition across three cascading stirred tanks. The precipitated solids will be dewatered and washed via a filter press. The resulting cake will be repulped with wash rate from IR1 and returned to IR1 as a neutralization and precipitation agent. The brine is heated before the IR2 step, and there is a trim heater downstream of the calcium removal step, upstream of the lithium carbonate precipitation step.

The purpose of the calcium removal step will be to precipitate calcium and trace magnesium as carbonates through the addition of soda ash (Na<sub>2</sub>CO<sub>3</sub>). This will be accomplished by reacting the filtered mother liquor from

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

IR2 with a stream from the lithium carbonate reactor overflow as a source of free carbonate in a series of stirred, cascading reactors. Some lithium carbonate coprecipitation is also expected. Downstream of the calcium removal reactors, the product slurry will be pumped to a clean brine thickener/ clarifier. The clear liquor overflow is advanced to the lithium carbonate precipitation step. The thickened underflow solids are collected and split where a portion is returned to the calcium removal reactors to act as seed, and the balance is returned to the IR2 reactors to make use of the IR2 dewatering filter press. The small amount of lithium present in the thickener solids as lithium carbonate is redissolved in either IR2 or IR1 allowing for this small quantity of lithium to be recovered. The recovered solids will be combined with those from IR2 for return to IR1. The cleaned brine will be sent to lithium carbonate precipitation.

14.1.8.2. Lithium Carbonate Precipitation

After calcium removal, the heated clean brine will report to one of three parallel stirred reactors for precipitation of lithium carbonate by soda ash solution. A draft tube baffled reactor design will optimize crystal growth and limit liquor loss by entrainment in the lithium carbonate precipitate. The underflow from each reactor will deport to a belt filter where the solids will be dewatered. The resulting lithium carbonate cake will be washed with hot process condensate, dried, and cooled before getting transferred to the product bagging system. The overall first pass recovery will be around 70%. The filtrate will be combined with the overflow from the lithium carbonate reactors and the IR2 washate. The mixture will be acidified with sulfuric acid in a single stirred tank reactor to destroy residual carbonates. Sodium hydroxide will be added to the resulting slurry inline to neutralize any excess acid prior to evaporation.

14.1.8.3. Lithium Brine Evaporation (EVP2)

The purpose of evaporating the remaining brine will be to concentrate any unconverted lithium in the reactor filtrate by removing sodium, potassium and water from the circuit via evaporative crystallization. Evaporation removes water from the solution and thus concentrates the lithium. The concentrated filtrate can then be recycled back to the start of the lithium circuit to recover the 30% of lithium remaining in solution after the first pass of precipitation.

The circuit will consist of three evaporators operating under vacuum. Solution will be fed to the first effect, and the resulting slurry will advance to the second effect and then to the third. Dewatering will only occur after the last evaporation effect, where the resulting slurry will be centrifuged. The solids will be washed in a single stage with process condensate. The centrate and wash will be combined, and approximately 88% of the recovered liquor will be recirculated to IR2 via hydrated lime mixing makeup water. The remaining 12% will be bled out of the system to control the buildup of impurities.

14.2. Process Development

The Rhyolite Ridge ores differ from traditional brines and spodumene ores in terms of their mineralogy and chemistry. The processing methods proposed differ from traditional installations, and there are no existing, commercialized reference operations. However, while the application and sequencing are unique, the unit operations and equipment types selected for ore processing are not novel, and many unit operations are adopted from existing boric acid, potash, nitrate and lithium production facilities. The process technology maturity is sufficient to support the Rhyolite Ridge Project at a feasibility study level as it was backed with extensive bench scale and pilot plant testwork that resulted in successfully addressing the Project's unique process development challenges.

Several campaigns of bench and pilot-scale testwork were conducted to support flowsheet development (Chapter 10). The process was simulated using METSIM to produce mass and energy balances, which allow for the impact of chemistry and process design criteria on the overall process to be assessed.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

The flowsheet developed based on testwork during the DFS is presented in block format as Figure ‎14-3.

![](img058.jpg)

**Figure ‎14-3 - Rhyolite Ridge Process Flowsheet Sequence – Lithium Carbonate and Boric Acid plants (Design Case)**

Source: ioneer, 2024

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Figure ‎14-4 - Rhyolite Ridge Process Flowsheet Sequence – Lithium Hydroxide Monohydrate Conversion Plant (Design Case)**

Source: ioneer, 2025

14.2.1. Process Development

Following bench- and pilot-scale testwork, flowsheet modifications were implemented to address any process issues identified. An example of such a modification was the addition of the IR1 step for the precipitation of aluminum and free acid from the EVP1 feed. This was completed because the quantities before treatment were shown to negatively impact crystal formation and dewatering properties, resulting in excessive lithium losses.

14.2.2. Process Development Improvements

The 2025 process optimization work focused on selecting operating conditions that maximized the output of lithium and boron products up to the design equipment capacity. It was noted that previous mine plans did not make full use of the installed equipment capacity for lithium and boron output. The updated mine plan (revision 14a) results in higher throughput.

14.2.2.1. Optimized Leach Cycle and Acid Utilization

The most meaningful of the process optimizations is the reduction in leach duration from 3 days to one and a half days. Additional detailed test work was completed between Q4 2024 and Q2 2025 in Kappes, Cassiday &

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Associates (KCA) in Reno, NV. The program collected leach kinetic data to determine the optimum leach duration for stream 1, 2 and 3 feedstocks.

This optimization materially increases lithium and boron chemical output compared to previous mine plans by shortening the leach time, the ore is removed from the system before over-leaching occurs. This allowed fresh ore to be introduced to the system to interact with the remaining acid to increase overall lithium and boron production. There is a small reduction in the overall recovery of lithium and boron but the increase in ROM throughput results in a net increase in pay production. The design rates of lithium and boron chemical production remain unchanged in ‎14.4.1 (PDC), the nominal ROM rate is increased as shown. This is possible without major equipment modification by making use of the installed equipment capacity:

For example, the crushing circuit is sized to process up to 3 million tons per year but only operates 12 hours a day. Additional ROM tons can easily be accommodated by increasing the daily and weekly run hours while still maintaining sufficient time for routine maintenance to be completed. The ability to process additional tons, without material equipment modifications is also aided by the addition heat recovery measures that were implemented post DFS to increase the overall thermal efficiency of the plant and mitigate against variability in the energy requirements.

14.2.2.2. Rhyolite Ridge Flowsheet testing with low boron feedstock

The test program was conducted at Kemetco Research in Richmond Canada between Q1 2025 and Q2 2025. The test program simulated the operation of the CRZ1, IR1, EVP1 and CRZ2 unit operations under multiple low boron feedstock compositions representative of various stream 1,2 and 3 blends. The program successfully collected the required technical information (solubility, reaction chemistry etc.) to confirm that the design of the processing facility is sufficient to operate under a range of feed compositions from 100% stream 1, to a blend of stream 1,2 and 3, to 100% stream 2. Finally, the mitigations put in place to address the risks associated with unwanted lithium crystallization, dewatering challenges etc. identified during the pilot plant remain relevant and effective for all compositional cases.

14.2.2.3. Energy Balance Optimization

&nbsp;&nbsp;&nbsp;&nbsp;■ Inclusion of hot water system to increase overall system thermal efficiency. Heat recovery and transfer from the sulfuric acid plant to the process unit is increased and used in duties requiring low quality heat.

14.2.2.4. Pilot Plant Learnings

The major challenges encountered in the pilot plant testwork were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;■ Difficult crystal/liquor separation characteristics of crystal slurries generated in PLS evaporation and sulfate crystallization.

&nbsp;&nbsp;&nbsp;&nbsp;■ High losses of lithium in the sulfate salts due to liquor entrainment in the fine-grained crystals.

&nbsp;&nbsp;&nbsp;&nbsp;■ Formation of undesirable lithium double salts.

&nbsp;&nbsp;&nbsp;&nbsp;■ Unrepresentative boric acid flotation operation resulting from fine-grained crystals generated in PLS evaporation and sulfate crystallization.

To address the challenges encountered during bench- and pilot-scale test campaigns and meet the required design criteria, the following modifications were made to the process flowsheet design during the DFS:

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;■ The PLS impurity removal circuit (IR1) was optimized to improve crystal-liquor separations in the downstream evaporation and sulfate crystallization circuits (EVP1/CRZ2) unit operations, resulting in improved lithium
 recovery. This would allow the lithium brine impurity removal (IR2) filter cake to be recycled to IR1, reducing lime consumption and lithium losses.

&nbsp;&nbsp;&nbsp;&nbsp;■ EVP1 and CRZ2 boric acid flotation circuits were segregated to improve crystal-liquor separations and improve lithium recovery.

&nbsp;&nbsp;&nbsp;&nbsp;■ EVP1 and CRZ2 boric acid flotation circuits were located upstream of sulfate salt dewatering to improve boric acid recover and improve crystal-liquor separations and improve lithium recovery.

&nbsp;&nbsp;&nbsp;&nbsp;■ The boric acid flotation concentrate was recycled to CRZ1 instead of CRZ3 to reduce impurity transfer to boric acid recrystallization (CRZ3).

&nbsp;&nbsp;&nbsp;&nbsp;■ The sequence of the lithium brine evaporation (EVP2) and lithium carbonate precipitation unit operations was optimized, reducing the risk of lithium saturation in lithium brine evaporation.

&nbsp;&nbsp;&nbsp;&nbsp;■ Optimization of the vat leach conditions. Leach residence time was reduced from 3 to 1.5 days, requiring a leach feed crush size of 100% passing 1.9 cm (0.75 inches) to optimize lithium and boron leach extraction.
 This resulted in a reduction of one vat to seven vats.

&nbsp;&nbsp;&nbsp;&nbsp;■ The target PLS boric acid concentration was reduced from 7.5% to 6.4% to reduce the risk of boric acid crystallization in leach.

&nbsp;&nbsp;&nbsp;&nbsp;■ The CRZ2 crystallization temperature was reduced from 5°C to -5°C (41°F to 23°F) to minimize the magnesium transferred to the lithium circuit, lowering the unit cost of production (lime consumption) in the lithium
 circuit.

14.2.2.5. Boron and Lithium Recovery

The basis for assessing the recovery of boron and lithium includes the results of testwork data analysis and industrial experience. The design case mass and energy balance determined the lithium and boron content of the PLS and their losses throughout the process to determine their overall recovery.

Boron recovery estimates for the vat leach stage are based on bench-scale and full-height vat leach testing and the analysis of partially leached leach residue. This testwork confirmed that a boron loss of about 15.5% is to be expected during the leach stage from dissolution and washing. Boron losses in the IR1 filter cake from co-precipitation and washing, evaporation and crystallization of sulfate salts and lithium circuit chloride bleed is expected to be about 6.2%. These losses were confirmed by bench-scale and pilot-scale testing, measured displacement washing performance, centrifuge performance pilot testing, integration of these results in the heat and mass balance and lithium brine cleaning testing. Overall, the testwork showed the expected recovery of born to be 78.3%, a decrease compared to the 78.6% reported in the 2020 feasibility study primarily driven by higher losses associated with the shorter leach time. However, since the DFS process plant recoveries have improved, the co-precipitation and soluble losses in dewatering equipment were reduced based on pilot-scale testwork.

Lithium recovery showed an improvement compared to the 2020 feasibility study. This increased recovery was determined by bench-scale and full-height vat leach testing and the analysis of partially leached leach residue. The testwork confirmed that a lithium loss of about 9.2% is to be expected during the leach stage from dissolution and washing under the optimized leach conditions. Lithium losses from the IR1 filter cake due to co-precipitation and washing, evaporation and crystallization of sulfate salts and lithium circuit chloride bleed is expected to be about 5.6%. These losses were confirmed by bench-scale and pilot-scale testing, measured

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

displacement washing performance, pilot-scale centrifuge performance pilot testing, subsequent integration of these results in the heat and mass balance and lithium brine cleaning testing. The overall recovery of lithium is expected to be 85.2%, an improvement over the 84.6% determined by the 2020 FS report following pilot-scale test work and flowsheet optimization.

This lithium recovery is expected to be higher than brine or spodumene projects because of the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;■ As vat leaching will be performed on the whole (un-beneficiated) ore, any losses associated with upgrading to a concentrate are avoided.

&nbsp;&nbsp;&nbsp;&nbsp;■ The sulfate salts that will be formed in the evaporation and sulfate crystallization circuits (EVP1/CRZ2) will be subjected to two stages of crystal washing to recover entrained lithium from the brine.

&nbsp;&nbsp;&nbsp;&nbsp;■ The concentrating unit operations designed to remove water and crystallize gangue salts are performed in enclosed / contained systems in specialized evaporators and crystallizers. Thus, no losses due to leakage
 through liners, evaporative and wind losses, and encapsulation in the bottom of brine ponds are expected.

&nbsp;&nbsp;&nbsp;&nbsp;■ Recycling of the lithium carbonate rich liquor within the lithium section of the plant will prevent lithium losses. This will increase the lithium recovery compared to lithium brine operations that recycle brine back
 to the brine ponds.

&nbsp;&nbsp;&nbsp;&nbsp;■ In IR1, the solid impurities will be precipitated and removed prior to the concentration of lithium by evaporation. The recycling of the brine-cleaning filter cake back to IR1 will enable the lithium content to be
 recovered and will improve the total lithium recovery.

14.3. Additional Required Plant Infrastructure

Additional plant infrastructure and facilities required for the Rhyolite Ridge Lithium-Boron Project are discussed in Chapter 15.

14.4. Processing Plant Throughput and Design, and Equipment Layout, Characteristics, and Specifications

The engineering and design are based on:

&nbsp;&nbsp;&nbsp;&nbsp;■ Process summary – overall capacities, throughputs, and product recoveries;

&nbsp;&nbsp;&nbsp;&nbsp;■ Operating schedule – results of the reliability, availability, and maintenance (RAM) study, which determine the availability and utilization of the process units. The results of the RAM study were used to size
 equipment and determine throughput requirements in alignment with the capacity of the sulfuric acid plant;

&nbsp;&nbsp;&nbsp;&nbsp;■ Unit process design criteria – reflects the unit process design parameters utilized as the basis for the process design.

14.4.1. Design Basis and Criteria

Table ‎14-2 provides a summary of the design criteria for the processing facilities.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎14-2 - Summary of Process Design Criteria** 

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| **Parameter** | **Units** | **Value** | **Comments** |
| &nbsp;&nbsp;Design philosophy | &nbsp;&nbsp;– | &nbsp;&nbsp;– | &nbsp;&nbsp;Constant acid production, variable ore throughput |
| &nbsp;&nbsp;Operating days per year | &nbsp;&nbsp;d/a | &nbsp;&nbsp;345 (based on average utilization) | &nbsp;&nbsp;Excludes acid plant catalyst change out events. Plant capacity reduced during these events. Boiler inspections will result in plant downtime. |
| &nbsp;&nbsp;Overall utilized capacity | &nbsp;&nbsp;% | &nbsp;&nbsp;91.5 | &nbsp;&nbsp;Based on RAM analysis (year A/B average) |
| &nbsp;&nbsp;Plant operating hours | &nbsp;&nbsp;h/a | &nbsp;&nbsp;8287 | &nbsp;&nbsp;Based on RAM analysis |
| &nbsp;&nbsp;Sulfuric acid plant capacity | &nbsp;&nbsp;tpd (stpd) | &nbsp;&nbsp;3500 (3858) | &nbsp;&nbsp;At 100% H<sub>2</sub>SO<sub>4</sub> |
| &nbsp;&nbsp;Process plant capacity | &nbsp;&nbsp;tpa (stpa) | &nbsp;&nbsp;3265900 (3600000) | &nbsp;&nbsp;Quantity of ore processed on a dry basis |
| &nbsp;&nbsp;Process plant capacity | &nbsp;&nbsp;tpd (stpd) | &nbsp;&nbsp;9707 (10700) | &nbsp;&nbsp;Dry basis |
| &nbsp;&nbsp;Boron feed grade - design | &nbsp;&nbsp;% | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;Concentration in ore |
| &nbsp;&nbsp;Lithium feed grade - design | &nbsp;&nbsp;% | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;Concentration in ore |
| &nbsp;&nbsp;Boron recovery - design | &nbsp;&nbsp;% | &nbsp;&nbsp;72% |  |
| &nbsp;&nbsp;Boron recovery – MPO 14a | &nbsp;&nbsp;% | &nbsp;&nbsp;66% |  |
| &nbsp;&nbsp;Lithium recovery - design | &nbsp;&nbsp;% | &nbsp;&nbsp;81.8% |  |
| &nbsp;&nbsp;Lithium recovery – MPO 14a | &nbsp;&nbsp;% | &nbsp;&nbsp;78% |  |
| &nbsp;&nbsp;Technical-grade lithium carbonate design production | &nbsp;&nbsp;tpa (stpa) | &nbsp;&nbsp;25955 (28610) | &nbsp;&nbsp;>98.5% purity |
| &nbsp;&nbsp;Battery Grade Lithium Hydroxide Production | &nbsp;&nbsp;tpa (stpa) | &nbsp;&nbsp;26671 (29400) | &nbsp;&nbsp;> 99.5wt% purity |
| &nbsp;&nbsp;Boric acid design production | &nbsp;&nbsp;tpa (stpa) | &nbsp;&nbsp;183251 (202000) | &nbsp;&nbsp;99.9-100.9% H3BO3 eq purity |

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14.4.2. Operating Schedule and Availability

All sections of the projected Rhyolite Ridge process plant are expected to have high availability ranging from 97.3% to 100% at 24 hours of operation (with the exception of crushing and grinding, which is deemed to have 100% availability at 16-18 hours of operation). The average availability is considered as 91.5% on a typical year, inclusive of planned and unplanned down time events. The system availability is reduced to 86.7% every 10 years to accommodate a longer planned maintenance period.

14.4.3. Processing Equipment Characteristics and Specifications

Specifications and characteristics for the major equipment of each circuit are provided in Table ‎14-3.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎14-3 - Specifications and Characteristics of Major Processing Equipment** 

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| **Item** | **Measurement Type** | &nbsp;&nbsp;**Description** |
| ***Ore Handling and Sizing*** | ***Ore Handling and Sizing*** | ***Ore Handling and Sizing*** |
| ROQ ore feeder | Capacity (input size) | &nbsp;&nbsp;732 t/h (807 st/h) (ROQ ore <10") |
| Primary sizer | Total capacity (discharge size) | &nbsp;&nbsp;732 t/h (807 st/h) (P<sub>80</sub> of 2.63") |
| Primary sizer discharge conveyor | Capacity (length) | &nbsp;&nbsp;732 t/h (807 st/h) (1 segment totaling 0.05 miles) |
| Secondary sizer | Total capacity (discharge size) | &nbsp;&nbsp;2 x 367 t/h (404 st/h) (P<sub>80</sub> of 0.916" inches) |
| Vat Leach Plant | Vat Leach Plant | Vat Leach Plant |
| Vat | Quantity (dimensions) | &nbsp;&nbsp;7 (41 m D x 7.6m) (135' D x 25' H) |
| Vat unloading bridge crane | Capacity (dimensions) | &nbsp;&nbsp;36 t (40 st) (48.8 m L x 6.1 m W x 21.3 m H) (160' L x 20' W x 70' H) |
| Vat loading and unloading conveyors | Capacity (length) | &nbsp;&nbsp;730-798 t/h (805-880 st/h) (5 segments totaling 0.63 km [0.39 miles]) |
| ***Boric Acid Circuit (includes evaporation and crystallization)*** | ***Boric Acid Circuit (includes evaporation and crystallization)*** | ***Boric Acid Circuit (includes evaporation and crystallization)*** |
| CRZ1 crystallizers | Type (# of stages) | &nbsp;&nbsp;Flash cooled forced circulation (2) |
| CRZ1 dewatering | Type (quantity) | &nbsp;&nbsp;Vacuum belt filter (1) |
| CRZ3 crystallizers | Type (# of stages) | &nbsp;&nbsp;Draft tube flash cooled (2) |
| CRZ3 dewatering | Type (quantity) | &nbsp;&nbsp;Screen scroll centrifuge (2) |
| Boric acid dryer | Type (capacity) | &nbsp;&nbsp;Rotary drum steam/electric (27 t/h) (30 st/h) |
| IR1 reactor tanks | Quantity | &nbsp;&nbsp;5 |
| IR1 dewatering | Type (quantity) | &nbsp;&nbsp;Filter press (2) |
| EVP1 evaporators | Type (# of effects) | &nbsp;&nbsp;Forced circulation (4) |
| EVP1 centrifuges | Type (quantity) | &nbsp;&nbsp;Screen scroll (16) |
| CRZ2 crystallizers | Type (# of stages) | &nbsp;&nbsp;Force circulation (2 flash cooled, 2 surface cooled) |
| CRZ2 centrifuges | Type (quantity) | &nbsp;&nbsp;Screen scroll (14) |
| EVP1 flotation tanks | Type (# of units) | &nbsp;&nbsp;Rougher flotation cell (5) |
| CRZ2 flotation tanks | Type (# of units) | &nbsp;&nbsp;Rougher flotation cell (10) |
| ***Lithium Carbonate Circuit*** | ***Lithium Carbonate Circuit*** | ***Lithium Carbonate Circuit*** |
| IR2 reactor tanks | Quantity | &nbsp;&nbsp;3 |
| IR2 dewatering | Type (quantity) | &nbsp;&nbsp;Filter press (1) |
| Carbonate removal tanks | Quantity | &nbsp;&nbsp;3 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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| **Item** | **Measurement Type** | &nbsp;&nbsp;**Description** |
| Carbonate removal dewatering | Type (quantity) | Clarifier (1) |
| Lithium reactor tanks | Quantity | 3 |
| Lithium filter | Type | Belt filter |
| Lithium carbonate dryer | Type (capacity) | Rotary drum steam/electric (3.3 st/h) |
| EVP2 evaporators | Type (# of effects) | Force circulation (3) |
| EVP2 dewatering | Type (quantity) | Screen scroll (2) |

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14.4.4. Processing Equipment Layout

The proposed site of the Rhyolite Ridge process plant is about 2.4 km (1.5 miles) northwest of the mine on a plateau with a gentle slope. A detailed plot plan of the processing facilities is provided in Figure ‎14-5.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img060.jpg)

**Figure ‎14-5 - Rhyolite Ridge Process Plant Layout**

Source: ioneer, 2024

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

The following was considered to establish the basis to define the processing plant and ancillary facilities layout:

&nbsp;&nbsp;&nbsp;&nbsp;■ Site truck unloading and loading traffic.

&nbsp;&nbsp;&nbsp;&nbsp;■ Mine and spent ore heavy haul truck access and separation considerations.

&nbsp;&nbsp;&nbsp;&nbsp;■ Construction and maintenance activities' space requirements.

&nbsp;&nbsp;&nbsp;&nbsp;■ Process and utility equipment positioning to reduce bulk quantities (i.e., piping, electrical).

&nbsp;&nbsp;&nbsp;&nbsp;■ Operating and office personnel physical access.

&nbsp;&nbsp;&nbsp;&nbsp;■ Earthworks minimization.

&nbsp;&nbsp;&nbsp;&nbsp;■ Environmental guidelines, objectives, and criteria compliance;

&nbsp;&nbsp;&nbsp;&nbsp;■ Future space consideration for sulfur delivery.

14.5. Projected Requirements for Energy, Water, Process Materials, and Personnel

14.5.1. Energy

The power requirements for the Rhyolite Ridge Project will be met by an onsite power plant consisting of a 42 MW steam turbine generator. Power requirements for the Project exceed what is available from the nearby Silver Peak substation (operated by NV Energy, Nevada's state electrical service company), and thus the plant will be designed to operate independently from the local external power grid. Steam supply for the steam turbine generator will come from the sulfuric acid plant waste heat boiler, making economic use of the steam that is inherently produced during the sulfuric acid generation process. A diesel-driven auxiliary boiler will also be provided to maintain steam supply to the steam turbine generator in event of plant upset. Startup and emergency diesel generators will be part of the overall power generation system.

In the sulfuric acid plant, the exothermic reaction of sulfur oxidation and conversion to acid will produce a significant amount of heat that will be used to generate high pressure steam via the sulfuric acid plant waste heat boiler from sulfur burner off gas. The heat recovery system will be highly integrated with the sulfuric acid plant via numerous economizers and superheaters upstream and downstream of the waste heat boiler. The heat recovery system is designed to maximize the thermal and conversion efficiencies of the sulfuric acid manufacturing process and will be integral in maintaining the overall heat balance. High pressure superheated steam will be produced at a pressure of 60 bar gauge (barg) and a temperature of approximately 480 ⁰C (896 ⁰F). Superheated high-pressure steam will be used to convert thermal energy into mechanical energy via a steam turbine and then to electrical energy by coupling an electrical alternator to the steam turbine. Around 42 MW is expected to be produced based on the current sulfuric acid and power plant designs, which will be sufficient to satisfy the entire facility's power requirements.

The steam turbine will be designed with two intermediate extraction ports to provide medium pressure (10 barg) and low pressure (3 barg) steam for use in the process and sulfuric acid plants for motive and thermal duties. The power and sulfuric acid plants are discussed in Chapters 15.2 and 15.3, respectively.

14.5.2. Water

The average estimated water consumption rate under design conditions in 9,626 lpm (2,543 gpm), this consumption rate is based on a sitewide water balance model. The model is conservative. Cooling water makeup is the largest consumer and it is based on the worst-case summer conditions. Variation in the ROM rate under the 1.5-day leaching plan impacts the water demand by less than 10%. The permitted water supply

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

is 20% higher than the expected design water consumption. The planned water supply and distribution infrastructure are discussed in Chapters 4.4 and 15.4, respectively.

14.5.2.1. Firewater and Process Water

Water will be sourced from existing wells located in Fish Lake Valley, and this source has been determined to be sufficient to meet the Project demands. Water will be pumped via a dedicated water transfer pipeline. The water is currently in use for irrigation and will be diverted to the Project on startup. The net withdrawal from the basin is not forecast to increase due to the Rhyolite Ridge Project.

The process water storage facility will consist of one storage tank that will be located on the southern end of the processing facilities. This tank will serve as storage for both process water and firewater, with the supply of the firewater being lower in elevation and the priority if used. Excess process condensate will be returned to the process/firewater storage tank.

Firewater will be piped to a firewater pump skid (including firewater main pump, firewater diesel pump, and firewater jockey pump) to provide firewater using buried distribution piping to surface fire hydrants and pressure indication valves. Process water will be pumped from the storage tank and distributed throughout the facilities via piping routed along pipe racks. The upper section of the process water and firewater tank will be available for the plant process water supply and piped where needed.

14.5.2.2. Process Condensate

Process condensate will originate from vapor flashed from process solution in the evaporators (EVP1 and EVP2). A very small amount of entrained process solution in the flash vapor will report to the condensate even after passing mist eliminators. Dissolved boron will be removed through boron-selective ion exchange before the process condensate blends with demineralized water for supply to the areas requiring high quality water.

The steam condensate from sulfur melting will report to the waste heat boiler blowdown sump and be recycled to the process leaching circuit, because it has a relatively small flowrate and a higher risk of being contaminated. Process condensate will be used for various washing and reagent make-up duties throughout the facilities and to feed the demineralization circuit. Process condensate will be distributed by a supply pump via piping routed along pipe racks. The process condensate from lithium evaporation will be segregated and primarily used for product washing where high temperature is advantageous.

14.5.2.3. Steam Condensate

Steam condensate will be collected from a steam turbine generator exhaust condenser and various low pressure steam consumers in the sulfuric acid plant and processing plant. Steam condensate is expected to be of sufficiently high quality to be returned to the sulfuric acid plant as boiler feedwater. Condensate quality will be guaranteed by a conductivity sensor on the return lines, so that off-specification condensate can be diverted away from the boiler feedwater tank. Steam condensate from the steam turbine generator condenser will report to the deaerator drum. Steam condensate from the processing plant consumers will be collected in a dedicated steam condensate collection drum before being combined with makeup boiler feedwater from the demineralization package and pumped back to the deaerator drum.

14.5.2.4. Cooling Water

The process cooling water system will consist of a single cooling tower that will provide a continuous flow of cooling water at supply temperatures specified in the design. Cooling water will be distributed by two supply pumps via piping routed both underground and above ground to process plant areas requiring cooling water.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Cooling water will be returned to the cooling tower cells via piping on the pipe rack. The cooling tower will be equipped with both fixed speed and variable speed fans to manage cooling water supply temperature.

14.5.2.5. Process Chilled Water

Two closed loop chiller systems will be required for heat removal from the crystallization systems to meet the required operating temperatures, as cooling water will be insufficient. System 1 will supply chilled water at 4.4 ⁰C (40°F) and glycol at -3.9⁰C (25°F) to flash- and surface-cooled crystallization units. System 2 will supply glycol at -12.2⁰C (10°F) to surface-cooled crystallization units.

Each chiller system will consist of N+1 packaged water-cooled chilling units, heat exchangers and distribution pumps. Chilled water and glycol will be distributed via piping routed along pipe racks. Chilled water will be returned to the chilling units via piping on the pipe rack.

14.5.2.6. Demineralized Water

Demineralized water will serve as make-up to the sulfuric acid plant boiler systems. The demineralized water system will consist of filtration and an ion exchange unit which will treat the incoming water stream, made up of cooled process condensate. Water will be treated to the American Society of Mechanical Engineers (ASME) recommended standards for boiler feedwater service based on 900 psig steam drum pressure. Regeneration of the ion exchange system will be via sulfuric acid and caustic soda by a specialist vendor. Waste discharge from the demineralized water system will be routed to the leaching vats.

14.5.2.7. Potable Water

Potable water will be derived from the process water supply system. Process water will be treated to potable water standards and distributed to restrooms, break rooms, eye wash stations, and safety shower units. Chlorinated bottled water will be brought in from offsite.

14.5.2.8. Hot Water System

Hot water will be generated from the sulfuric acid plant main acid cooler at 80⁰C (176°F). The hot water will be used in the processing facility for preheating low temperature brines exiting the CRZ1, CRZ2 and CRZ3 crystallizer systems and will reduce the overall low-pressure steam demand. The hot water system will be closed loop and use high quality water that will be supplied by the process condensate and demineralization system. Heat not used in the processing facility will be rejected to the cooling water system via indirect heat exchange to ensure the feed temperature to the main acid cooler is on specification. Hot water will be distributed and collected via piping routed along the pipe racks.

14.5.3. Other Utilities

14.5.3.1. Steam

Superheated steam will be delivered from the sulfuric acid plant at 870 psig and 465⁰C (869°F). The steam turbine generator will receive high-pressure steam for electricity generation. Low- and medium-pressure steam will be let down from the steam turbine as utilities for usage in the processing plant, at 50 and 145 psig, respectively. The low- and medium-pressure steam will be routed from the battery limits of the steam turbine generator plant and routed along pipe racks. Any remaining steam exiting the turbine will be indirectly condensed to liquid via heat exchanger and routed back to the sulfuric acid plant via the condensate return system. Condensate recovered will also be returned to the sulfuric acid plant boiler system. Condensate pH will be monitored to protect process equipment against accidental sulfuric acid contamination of the steam system.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

14.5.3.2. Compressed Air

The compressed air system will consist of one air compressor, one air dryer, coalescing filters, particulate filters, and air receiver tanks for instrument air service in the process areas of the plant. The entire compressed air stream will be dried to instrument air quality and distributed via pipe racks. This service will be primarily for instrument usage. Per zero-based design, there will be no utility station for maintenance use within the processing facilities. Backup compressed air service will be provided through an auxiliary compressed air connection to allow for use of a portable rental unit to be delivered to the site in the event of compressor maintenance.

Low pressure compressed air (air blower) will be required for process use, namely for the flotation units and filter presses. The filter press air compressors have been specified as dry-type air compressors suitable for instrument air service. As such, they will be able to provide temporary supply of instrument air in turndown state if required. This compressed air system will not be able to meet demand at 100% production rates.

14.5.3.3. Fuels

Diesel will be delivered by bulk tanker truck and will be pumped into the process plant diesel fuel storage tank. Diesel will be used as fuel for mine vehicles and equipment.

Gasoline will be delivered by bulk tanker truck and will be pumped into the process plant gasoline storage tank. Gasoline will be used as fuel for operator trucks and mine equipment.

14.5.4. Reagents

Reagent systems will provide elemental sulfur, hydrated lime, soda ash, and caustic soda and other minor reagents to the applicable process facilities and ancillaries. Such systems include storage bins, conveyor systems, mixing tanks, pumps and piping for distribution. Expected annual consumption rates for the design case (i.e. 100% availability) and life of mine average by the major reagents are provided in Table ‎14-4.

**Table ‎14-4 - Reagent Consumption Data** 

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| **Reagent** | &nbsp;&nbsp; **Design Annual** <br> **Consumption** <br> **tpa (stpa)**  | &nbsp;&nbsp; **Average Annual Consumption** <br> **over Life of Mine** <br> **tpa (stpa)**  |
| Sulfur (prill) | 412769 (455000) | 367410 (405000) |
| Hydrated lime | 72303 (79700) | 70760 (78000) |
| Soda ash | 63684 (70200) | 54431 (60000) |
| Caustic soda (50% NaOH) | 29 (32) | 29 (32) |
| Gypsum | 11703 (12900) | 10886 (12000) |

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14.5.4.1. Hydrated Lime

Hydrated lime (Ca(OH)<sub>2</sub>) will be trucked to the site and pneumatically conveyed to the lime silos. From the silos, the lime will be metered into the lime mixing tanks using rotary valves and screw conveyors.

Lime will be used in both impurity removal unit operations (IR1 and IR2) to precipitate the impurities. For IR1, the lime will be mixed with the IR1 washate and pumped to the IR1 lime storage tank. This lime slurry will be diluted to 12% concentration by weight before it will be pumped to the IR1 reactors. For IR2, the lime will be mixed with mother liquor from EVP2 and pumped to the IR2 lime storage tank. The lime will be diluted to 12% concentration by weight for distribution to the IR2 precipitation tanks.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Lime will be constantly recirculated in both circuits through ring mains to prevent scaling in the piping distribution networks.

14.5.4.2. Soda Ash

Soda ash will be delivered to site via bulk transport truck and will be pneumatically conveyed to a soda ash silo. From the silo, two process streams of soda ash solutions will be prepared: one for the acid plant and the other for the lithium circuit. Two separate makeup systems will be required to permit the use of different makeup solutions and concentrations. Soda ash will be metered into the respective solution preparation tanks from the soda ash silo via rotary valve and screw conveyors.

For the sulfuric acid plant soda ash stream, batches of dry soda ash will be mixed with hot process condensate in an agitated solution preparation tank. From this tank, the mixed solution will be pumped to a sulfuric acid plant soda ash solution storage tank and then pumped to the acid plant for tail gas scrubbing. The system will be designed to operate between 10-20 wt% soda ash, which is suitable for winter and summer conditions.

For the lithium circuit soda ash stream, the dry soda ash will be batch mixed with washate from the lithium carbonate belt filter in the preparation tank. The soda ash solution will be filtered to remove impurities. The filter cake will be repulped and transferred to the IR2 system for recovery of precipitated lithium carbonate and use in the IR2 solids handling systems. The clean soda ash solution will be sent to storage before being pumped to the three lithium carbonate reactors.

14.5.4.3. Gypsum

Gypsum (CaSO<sub>4</sub>-2H<sub>2</sub>O) will be used as a seeding material to mitigate scaling of the 1<sup>st</sup> and 2<sup>nd</sup> effect heat exchanger tubes to prevent the loss of heat transfer efficiency and evaporation capacity. To be an effective seeding material, gypsum must be converted to hemihydrate form. Gypsum will be delivered to site via super sacks and unloaded intermittently into the seed re-slurry tanks where it will be slurried in IR1 mother liquor and held at temperature for 24 hours to convert to calcium sulfate hemihydrate (CaSO<sub>4</sub>-0.5H<sub>2</sub>O). Calcium sulfate hemihydrate will be pumped to the EVP1 system to seed the 1<sup>st</sup> and 2<sup>nd</sup> effects.

14.5.4.4. Caustic Soda

Caustic soda (NaOH) will be used in the demineralized water plant for the treatment package resin regeneration and to neutralize any free acid after carbonate destruction of the EVP2 feed. For the demineralized water treatment plant, caustic soda at 50 w/w% concentration will be pumped from totes and diluted to 20% prior to transfer. For free acid neutralization in the EVP2 feed, caustic soda will be pumped from a tote and delivered in-line.

14.5.4.5. Sulfuric Acid

Concentrated sulfuric acid (98.5%) will be produced onsite for use throughout the processing plant.

For the regeneration of the water demineralizing treatment package resin, a local tote will be refilled via a pipeline from the sulfuric acid storage tank onsite. It will be diluted to 20% concentration for use in the demineralized water plant. A separate tote will be used for the dilution make-up system and will be supplied through metering pumps to the user.

For hot commissioning and start-up of the sulfuric acid plant, concentrated sulfuric acid (will be delivered using tanker trunks and will be pumped to the sulfuric acid storage tanks. The acid will be pumped from the storage tanks to the sulfuric acid plant pump tanks for circulation within the plant's absorption towers.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

14.5.4.6. Cooling Tower Chemicals

Cooling tower chemicals will be delivered in totes and stored in the cooling tower area or warehouse. The chemicals will be used as is or diluted with potable water to the required concentration as advised by the cooling tower water treatment vendor for use in the cooling tower. A separate tote will be used as dilution make-up system and supplied via metering pumps to the cooling tower. Cooling tower chemicals will include:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Corrosion inhibitor.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Biocide.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Anti-scalant.

Cooling tower blowdown will be directed to leach wash water tanks for reuse in the leaching system.

14.5.4.7. Boiler Chemicals

Boiler and boiler feed treatment chemicals will be delivered in totes and stored in the warehouse. The chemicals will be used as such or diluted with potable water to required concentration as advised by the boiler vendor for use in the boiler system. A separate tote will be used as dilution make-up system and supplied via metering pumps to the boilers. Boiler chemicals will include:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Corrosion inhibitor.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Liquid phosphate.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Oxygen scavenger.

14.5.4.8. Elemental Sulfur

The sulfuric acid plant is designed to receive both liquid and prilled elemental sulfur feedstock. The system is designed to operate on 100% prill, 100% liquid, or a combination of both sources. The overall energy balance will be able to accommodate either feedstock.

Liquid sulfur will be delivered using specialty liquid sulfur tanker trucks and be unloaded via pumps to the liquid sulfur storage tanks. From these storage tanks, the liquid sulfur will be pumped to the sulfuric acid plant for use. Prilled sulfur will be received in specialty sulfur prill trucks and unloaded into dedicated sulfur prill pile. Prilled sulfur will be loaded into specialized brick lined pits where steam will be used to melt the prills into liquid sulfur. Lime will be added as required for neutralization. The liquid sulfur will be filtered and pumped to a common liquid sulfur storage tank.

Elemental sulfur will be one of the main consumables contributing to the plant operating costs. The sulfuric acid plant production rate will be fixed at 3,500 t/d (3,858 st/d) (on a 100% sulfuric acid basis), which corresponds to a consumption of about 1,143 t/d (1,260 st/d) of liquid sulfur. The produced acid concentration is 98.5 wt%. Acid consumption will be dependent on the ore leaching characteristics, and thus the throughput of run of quarry ore will be adjusted to ensure that 100% of the acid produced is consumed.

A sulfuric acid consumption model was developed and verified based on leach testing as shown in Figure ‎14-6. This figure demonstrates a reasonable prediction of sulfuric acid consumptions based on leach test results and the ore geochemical characteristics.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img061.jpg)

**Figure ‎14-6 - Rhyolite Ridge Acid Consumption Model Verification**

Source: Fluor, 2020

14.5.4.9. Laboratory Chemicals

Laboratory chemicals will be supplied to the site in bottles and small bags based on supplier packaging and requirements. They will be stored in the metallurgical laboratory chemicals storage area. These chemicals will be used as is or diluted with deionized water to the required concentration, as needed for lab analyses. The laboratory chemicals include:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Hydrochloric acid.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Hydrogen peroxide.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Nitric acid.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Sodium peroxide.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Soda ash.

Byproducts from the laboratory (e.g., ore and byproduct residues and solutions) will be reintroduced to the leaching area as part of the overall waste minimization management strategy. The chemical composition of the laboratory wastes will be in general comparable to those present in the planned processing facility.

14.5.5. Personnel

While the mine is operating, ioneer estimates a staff of approximately 100 workers for the planned processing facility. The number of staff in the processing facility is expected to remain mostly unchanged throughout the plant operation. The staff will include a mix of skilled workers plus several management personnel.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

15. INFRASTRUCTURE

The Project is a greenfield project remote from existing infrastructure.

Key infrastructure required to support the Project will include the following:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Process plant;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Assay and metallurgical lab;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Access through paved state and local county roads;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Haul roads;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Pit dewatering and monitoring wells;

&nbsp;&nbsp;&nbsp;&nbsp;▪ First aid and communications building;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Explosives storage area;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Steam turbine generator power plant;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Spent ore storage facility;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Switchgear and electrical distribution system;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Emergency facilities;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Water systems;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Sedimentation and contact water ponds;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Truck shop;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Fueling station;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Lunch facility building;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Administrative building.

The overall proposed site plan is shown in Figure ‎15-1. A layout plan for the process plant is provided in Figure ‎15-2. The mill site claims boundary map is displayed in Figure ‎15-3.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img062.jpg)

**Figure ‎15-1 - Overall proposed site plan**

Source: ioneer, 2024

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img063.jpg)

**Figure ‎15-2 – Process Plant Area Schematic**

Source: ioneer, 2024

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img064.jpg)

**Figure ‎15-3 – Mill Site Claims Boundary Map**

Source: ioneer, 2024

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

15.1. Roads and Logistics

15.1.1. Site Access

The Project site can be accessed from Dyer via Highway 264 or from Tonopah via Highways 95 and/or 265. Each of the highways are connected to unpaved county roads that lead directly to the Project site. ioneer is responsible for road maintenance for the access road/ other small roads per an agreement with Esmeralda County officials.

15.1.2. Roads and Logistics

The Project will upgrade the existing county road from Highway 264 allowing this to serve as the main access road to the facility. The site access road will be sized to accommodate two-way traffic of plant personnel vehicles and semi-trucks making regular deliveries to the site. The Project is anticipating 24-hour delivery/shipment schedule. It is estimated that approximately 115 round-trips per day will be made by trucks bringing needed materials and supplies to the site and transporting product from the site. It is anticipated the trucks transporting these goods will range in size from single- to double-axle tractor trailers and will operate every day, to the extent possible. Portions of the existing county road will be re-aligned within the Project area to improve separation with the haul road.

Service roads and haul roads are two primary types of roads that will be constructed within the operational Project area. Appropriate drainage controls for runoff and sediment are incorporated into roadway designs. Service roads are designed to not exceed an 8 percent grade (nominal) and will be constructed to move equipment and supplies between the various Project components as well as to provide for light vehicles. The service roads will be approximately 6 m (20 ft) (nominal) wide plus shoulders, sufficient to safely pass equipment and supplies.

Haul roads, constructed with a maximum grade of 10 percent (nominal), will be maintained on a routine basis to ensure safe, efficient haulage operations and to minimize fugitive dust and diesel emissions. These roads will be constructed as close to natural ground as possible, with balanced cut/ fill widening as necessary. Haul roads will allow haul trucks to transport ore, overburden, and spent ore between the mine, processing plant area, ore storage facility (OSF), and spent ore storage facility (SOSF). There will be enough space for safe passage of two 150-ton haul trucks, safety berms and surface water runoff control systems.

Haul roads constructed along the side of the mine to form a ramp for overburden and ore transport and access will be a maximum of 32 m (105 ft) wide (including a berm and drainage) and will allow for two-way haul truck traffic. If required, periodic pullouts will be built into the wall. Both the ramp out of the mine and the ramp onto the ore storage facility will include one turnaround or switchback to allow sufficient driving distance to maintain ramp grade.

All roads will be constructed using in-situ material; inert overburden rock may be used as supplemental material as necessary, either during construction or as part of subsequent maintenance activities

All service and haul roads will be maintained according to Mine Safety and Health Administration standards, including safety berms at least half the wheel height of the largest vehicle utilizing the road. Roads will also be built in a manner that accommodates drainage and sediment controls. Dust will be controlled with water trucks and/or an approved chemical binding agent such as magnesium chloride. The haul roads will cross existing county roads. A traffic control system will be installed between the two intersections that will be created as a result of the road realignment in order to maintain safety of the public as well as Project employees. The two intersections will be located at the haul road/Cave Springs Road crossing near the processing facility and at the haul road/ Cave Springs Road crossing for the north ore storage facility access. The proposed traffic control system includes the installation of two "railroad-style" crossing gates; one at the intersection of Cave Springs Road and haul road near the processing facility (West Gate), and the other at Cave Springs Road and the

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

north ore storage facility haul road (East Gate). The gates will always be closed and all traffic on Cave Springs Road will be stopped. The West Gate will have a guard station that will be staffed 24 hours per day. The East Gate will have a call box that is connected to the gate station. When traffic arrives at the gates, the traffic will be escorted by a pilot car. A two-way stop sign will be installed on Cave Springs Road at its intersection with the service road to the explosives storage area.

In addition to service and haul roads, several overland all-terrain vehicle trails will be present during operations to access communication towers and environmental monitoring sites. Other ancillary roads will be constructed to reach monitoring wells and planned resource exploration sites within the operational Project area. These roads will range from overland travel routes to roadways approximately 4.6 m (15 ft) wide and will be designed for occasional use. They are not expected to require safety berms and will be signed and closed when not in use.

Rail and rivers are not relevant to the Project. Project infrastructure does not include port facilities.

15.2. Onsite Power Plant

Electrical power necessary to operate the process plant will be supplied by the onsite steam turbine generator (power plant, as the Project facilities will not be connected to Nevada power grid. The steam turbine generator has a design capacity of 42 MW although actual power output will vary depending on the operation conditions. Two 3 MW diesel generator units (producing power at 4.16 kV) and a high-pressure auxiliary boiler are included to facilitate the black start of the sulfuric acid plant, as well as to support emergency and critical power requirements when the steam turbine generator is offline.

The power plant will consist of a steam turbine generator with high-pressure and low-pressure steam control valves, safety valves, silencers, and supporting equipment. The power plant will be designed to receive high pressure steam from the waste heat boiler of the sulfuric acid plant during normal operation, or from the auxiliary boiler during black start operation. The steam turbine will be capable of providing extraction of low pressure and medium pressure steam to process end users. A water-cooled condenser will receive and condense steam loads. The condensate will be collected and pumped back to the sulfuric acid plant battery limit by condensate pumps.

The electrical system consists of a steam turbine generator that will feed the main 13.8 kV switchgear. This switchgear will feed the process plant and the sulfuric acid plant. There will be a sulfuric acid plant substation (E-house) which will have a 4.16 kV switchgear, a 480 V switchgear and MCCs that will feed all the medium voltage and low voltage loads. The process plant will have three (3) substations (E-houses).

The E-houses will be equipped with HVAC system and will be ventilated and pressurized with filtered outside air to maintain an adequate temperature for the equipment located inside the room. The E-houses will also have a fire detection alarm system and fire extinguishers.

Majority of electrical cables will be placed in trays and will be located on the top level of pipe racks. Directly buried cables will only be located in areas of no or light vehicle traffic.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

15.3. Sulfuric Acid Plant

A 3,858 short tons per day (stpd) (100% H<sub>2</sub>SO<sub>4</sub> basis) double absorption, sulfur-burning sulfuric acid plant will produce sulfuric acid at a concentration of 98.5% to be used for the vat leaching of the ore.

Clean molten sulfur will be delivered to site with special purpose tanker trailers and unloaded by gravity into the sulfur unloading/ receiving pit. Two tanker trailers can park, one on each side of the pit and simultaneously unload the molten sulfur. Level control instruments are installed on the receiving pit. The sulfur transfer pump is used to transfer the sulfur into the molten sulfur storage tank.

In case of limited availability of molten sulfur supply chain capacity, the plant can also process solid (prilled) sulfur as a feedstock. Sulfur will arrive to site via covered dump trucks which will unload onto a designated area, an outdoor storage area with bund walls for containment. A front-end loader will place prilled sulfur into the receiving hopper and it will be transported by conveyor to the sulfur melter. The melter is stirred by agitators and is heated by steam coils which supply enough heat to melt the sulfur at the required rate. The molten sulfur is then pumped through the sulfur filters which remove all dirt and impurities. The filters are leaf type units and use diatomaceous earth as a filtration medium. The clean sulfur is then sent to the clean sulfur storage tank.

Liquid sulfur will then be burned (1,265 stpd) in the sulfur furnace with an excess of dry air, producing sulfur dioxide (SO<sub>2</sub>) gas. A waste heat boiler will be used to extract excess heat from the combustion gas and produce high pressure steam, which will be used in the steam turbine in the onsite power plant (see Chapter 15.2).

The SO<sub>2</sub> gas will report to a four-pass catalytic converter of vanadium penta-oxide catalyst, which will convert approximately 99.7% of the SO<sub>2</sub> to SO<sub>3</sub>. The SO<sub>3</sub> will then be absorbed into sulfuric acid in the interpass and final strong acid towers, and the sulfuric acid will report to two product acid storage tanks. The process gas from the final absorption tower will pass to a tail gas scrubber to remove most of the remaining SO<sub>2</sub>. Tail gas to the atmosphere will contain less than 11.5 ppm SO<sub>2</sub> and 15 ppm NO<sub>x</sub>, allowing the sulfuric acid plant to meet an emissions limit of 80 short tons per annum SO<sub>2</sub>. If the NO<sub>x</sub> guarantee is not met, an eNO<sub>x</sub> system will be installed between the final acid tower and the tail gas scrubber.

The plant has a design life of 10 years, and with proper maintenance and spare parts available an acid plant can operate for 2-3 years in between shutdowns, 24 hours per day with a plant utilization of 98% (excluding a three-week major shutdown every 2–3 years).

An overview of the sulfuric acid plant is shown in Figure ‎15-4.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img065.jpg)

**Figure ‎15-4 Schematic View of Sulfuric Acid Plant**

Source: AtkinsRéalis, 2024

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

15.4. Water Usage

The primary source of water supply to the processing facilities will be ground water from wells located in the Fish Lake Valley agricultural area at White Mountain ranch (1,472 m or 4,830 ft ASL) and piped to the process and fire water tank in the processing plant (1720 m or 5644 ft ASL). The proposed pipeline is shown on Figure ‎15-5. The well pumps will be connected to the local grid and the booster pumps will be powered from the process plant via overhead electrical lines. Secondary sources of water supply will be from contact water from captured storm water that has been diverted to contact water ponds as well as water from dewatering the mine.

![](img066.jpg)

**Figure ‎15-5 – Proposed Water Supply Pipeline from White Mountain Ranch to the Processing Facility**

Source: ioneer, 2024

There will be contact ponds in the processing area, spent ore storage facility, and the overburden storage facility. Water from the spent ore storage facility contact pond will be trucked to the processing area contact pond. The water from the contact ponds will be tested and recycled if contaminants are within acceptable levels. Water with suitably low contamination levels will be combined with ground water from on-site wells and integrated into the process water distribution system using pipelines to provide water for site needs (i.e., make-up process water, dust control, fire suppression etc.), with water recycling and reuse systems in place where possible. Total nitrates, oil content, and organic matter will be monitored as it can potentially disrupt process operations. Total nitrates will be managed by controlling the recycle rate from the ponds to limit total nitrate content in the leach system to < 10 mg/L. Limits on oil is expected to be similar to API separator discharge specifications of 10-15 mg/L and organic matter will be assessed on a case-by-case basis. If the water is unsuitable for immediate return, temporary oil water separators to skim oil, chemicals to promote precipitation, or biocides to sterilize growth will be utilized. Approximately 50% of the processing facility water used will be recycled.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Process water used with the process area for the tire shop, tire wash, wash-down bay, and other ancillary buildings are expected to be recycled with continuous oil skimming. Any disposal necessary will be done offsite.

Process water used for process, fire, and domestic uses will be distributed with adequate flow and pressure at all points of usage and will meet requirements of American Water Works Association Standards and local codes. A process & fire water storage tank and pumps will be provided for all required process uses and firewater demand. Hydrants are proposed for covering the whole process plant area for fire protection. Potable water will be derived from the process water supply system and will be treated as required. During construction, temporary distribution service for raw water, potable water and wastewater will be set up. Sanitary sewer holding tank with plumbing for officer trailers will be provided as well as toilet trailers for construction team.

A site-wide operational water balance model was developed to evaluate the Project water demand and water availability. It is anticipated that this water balance model will serve as a long-term and operational tool that will be updated as additional information becomes available. A significant portion of the Project's water usage will be derived from external sources (i.e., not reclaimed from on-site sources). The water usage for construction and operations are estimated at 300 gpm and 2500 gpm, respectively. ioneer has agreements in place with three owners for water rights. ioneer has a lease secured with one property and options on the other two.

15.5. Accommodation

No accommodation facilities are planned. Specific considerations regarding accommodations for the workforce are outlined in Chapter 4.4.2.

15.6. Spent Ore Storage Facility

Byproducts from the leaching and mineral extraction process including spent ore, sulfate salts, and precipitation filter cake will be stored in the spent ore storage facility. The spent ore storage facility is designed to be a zero-discharge facility and includes the necessary environmental containment, drainage, and collection systems to support these criteria. The waste material will be in solid form and thus suitable for dry stacking (mechanical haulage and placement). Since the waste materials will be in solid form throughout the operational life of the structure, there is no need for a conventional tailings dam.

The spent ore storage facility will be constructed in two phases (Figure ‎15-6), with each phase storing approximately 10.9 million metric tons (12 million short tons) of composite material at an average dry unit weight of 1,041 kg/m<sup>3</sup> (65 lb/ft<sup>3</sup>). An 80-mil, double-sided textured high-density polyethylene (HDPE) geomembrane liner will provide containment. To protect the geomembrane and facilitate long-term drainage of the composite materials, a granular layer is specified over the geomembrane liner. The location of the spent ore storage facility is in the southwest portion of the Project area, approximately one mile south of the processing facilities with the spent ore and composite materials trucked from the processing plant and spread onto the spent ore storage facility by dozer.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img067.jpg)

**Figure ‎15-6 – Spent Ore Storage Facility Phases and Main Components**

Source: NewFields, 2019a

The spent ore storage facility will include an underdrain pond and a perimeter road for light vehicle access. In its ultimate configuration, the spent ore storage facility will cover an area of approximately 0.546 km<sup>2</sup> (135 acres) and will provide permanent storage of approximately 21.8 million metric tons (24 million short tons) of composite material. The maximum stacking height will be about 76 m (250 ft) above the geomembrane liner with an overall slope of 3H:1V.

The design of the spent ore storage facility includes the following components:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Grading the base of the spent ore storage facility to provide a stable surface on which to stack spent ore and composite materials to a height
 of 76 m (250 ft) above the geomembrane lining system and promote collection of drain down solution;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Lining the base of the spent ore storage facility with HDPE geomembrane;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Installing a solution collection system over the geomembrane involving an overliner (comprising of a sand and gravel mixture developed from
 local borrow) with an integrated network of drainage pipe to enhance solution flow and route flow to the underdrain pond. The drainage system is intended to provide hydraulic relief to reduce the hydrostatic head on the geomembrane liner;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Installing an underdrain pond to store runoff from the design storm event and drain down fluids from the spent ore storage facility;

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

A summary of operational parameters for the spent ore storage facility and properties of composite materials are provided in Table ‎15-1 and Table ‎15-2, respectively.

**Table ‎15-1 – Spent Ore Storage Facility Operational Parameters**

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| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Configuration** | &nbsp;&nbsp;**Comment** |
| &nbsp;&nbsp;Yearly Waste Production Rate (Amount of dry material delivered to spent ore storage facility annually) | &nbsp;&nbsp; 3.7 million metric tons<br> (4.1 million short tons) |  |
| &nbsp;&nbsp;Composite Materials Ratios (dry) | &nbsp;&nbsp;12.8 : 6.4 : 1 | &nbsp;&nbsp;Spent ore : sulfate salt : precip. filter cake |
| &nbsp;&nbsp;Composite Materials Dry Unit Weight (for sizing facility) | &nbsp;&nbsp; 1,041 kg/m<sup>3</sup><br> (65 lb/ft<sup>3</sup>) | &nbsp;&nbsp;Value is estimated from existing laboratory data; moist unit weight = 1,362 kg/m<sup>3</sup> (85 lb/ft<sup>3</sup>) |
| &nbsp;&nbsp;Loading method for Structural Zone | &nbsp;&nbsp;Truck end dumped, spread by dozer, compacted | &nbsp;&nbsp;Structural zone to be compacted based on technical specifications |
| &nbsp;&nbsp;Loading method for Non-Structural Zone | &nbsp;&nbsp;Truck end dumped, spread by dozer, compacted | &nbsp;&nbsp;Compaction not required for stability; some compaction may be required for trafficability |

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**Table ‎15-2 – Properties of Composite Materials**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Configuration** | &nbsp;&nbsp;**Comment** |
| &nbsp;&nbsp;Spent Ore Properties | &nbsp;&nbsp;Spent Ore Properties | &nbsp;&nbsp;Spent Ore Properties |
| &nbsp;&nbsp;Specific Gravity of Solids | &nbsp;&nbsp;2.33 – 2.55 | &nbsp;&nbsp;Measured for B5 Stream 1 & 2, S5, L6, and M5 |
| &nbsp;&nbsp;Compacted Dry Unit Weight | &nbsp;&nbsp; 1,201 kg/m<sup>3</sup><br> (75 lb/ft<sup>3</sup>) | &nbsp;&nbsp;Compacted spent ore for structural zone |
| &nbsp;&nbsp;Permeability | &nbsp;&nbsp;1.0 x 10<sup>-6</sup> cm/s |  |
| &nbsp;&nbsp;Draindown | &nbsp;&nbsp;0.1 L/h/m<sup>2</sup> | &nbsp;&nbsp;Kappes Cassiday Associates draindown results |
| &nbsp;&nbsp;Optimum Moisture content for compaction | &nbsp;&nbsp;38% | &nbsp;&nbsp;Moisture content sensitive to drying temperature |
| &nbsp;&nbsp;Spent Ore Moisture Content | &nbsp;&nbsp;26 – 43% (process definition) |  |
| &nbsp;&nbsp;Spent Ore Moisture Content | &nbsp;&nbsp;35 – 75% (geotech definition) |  |
| &nbsp;&nbsp;Temperature when placed on spent ore storage facility | &nbsp;&nbsp;60 °C (140 °C) | &nbsp;&nbsp;Maximum |
| &nbsp;&nbsp;Sulfate Salts Properties | &nbsp;&nbsp;Sulfate Salts Properties | &nbsp;&nbsp;Sulfate Salts Properties |
| &nbsp;&nbsp;Specific Gravity of Solids | &nbsp;&nbsp;Not measured |  |
| &nbsp;&nbsp;Bulk Unit Weight | &nbsp;&nbsp; 769 – 1,185 kg/m<sup>3</sup> (48 – 74 lb/ft<sup>3</sup>)<br> @ 32% moisture | &nbsp;&nbsp;Jenike & Johanson |
| &nbsp;&nbsp;Moisture Content | &nbsp;&nbsp;32% | &nbsp;&nbsp;Jenike & Johanson |
| &nbsp;&nbsp;Precipitate Filter Cake Properties | &nbsp;&nbsp;Precipitate Filter Cake Properties | &nbsp;&nbsp;Precipitate Filter Cake Properties |
| &nbsp;&nbsp;Specific Gravity of Solids | &nbsp;&nbsp;2.42 – 2.65 | &nbsp;&nbsp;EB6 and IR1 samples |
| &nbsp;&nbsp;Bulk Unit Weight | &nbsp;&nbsp;Not measured |  |
| &nbsp;&nbsp;Moisture Content | &nbsp;&nbsp;56 – 67% (process) |  |

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|:---|:---|
| **15-12** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

A geotechnical evaluation was completed to assess the overall stability of the composite materials disposed in the spent ore storage facility and estimate potential settlements in the foundation. In order to assess the spatial extent of the structural zone (i.e., where composite materials will require controlled placement and compaction), the stability evaluation was completed iteratively and was based on the material properties in Table ‎15-3 and seismic criteria presented in Table ‎15-4.

**Table ‎15-3 - Properties Used in Stability Analysis**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Material** | &nbsp;&nbsp;**Friction Angle (°)** |
| &nbsp;&nbsp;Spent Ore Storage Facility Structural Zone (compacted spent ore) &nbsp;&nbsp;1,602 kg/m<sup>3</sup> (100 lb/ft<sup>3</sup>) | &nbsp;&nbsp;40 <sup>1</sup> &nbsp;&nbsp;0 kg/m<sup>3</sup> |
| &nbsp;&nbsp;Spent Ore Storage Facility Non-Structural Zone (Uncompacted Composite Material) &nbsp;&nbsp;1,362 kg/m<sup>3</sup> (85 lb/ft<sup>3</sup>) | &nbsp;&nbsp;25 <sup>1</sup> &nbsp;&nbsp;0 kg/m<sup>3</sup> |
| &nbsp;&nbsp;Geomembrane Liner Interface &nbsp;&nbsp;1,602 kg/m<sup>3</sup> (100 lb/ft<sup>3</sup>) | &nbsp;&nbsp;Nonlinear strength envelope <sup>2</sup> |
| &nbsp;&nbsp;Common Fill &nbsp;&nbsp;1,922 kg/m<sup>3</sup> (120 lb/ft<sup>3</sup>) | &nbsp;&nbsp;34 &nbsp;&nbsp;0 kg/m<sup>3</sup> |
| &nbsp;&nbsp;Foundation (Alluvium) &nbsp;&nbsp;1,922 kg/m<sup>3</sup> (120 lb/ft<sup>3</sup>) | &nbsp;&nbsp;40 &nbsp;&nbsp;0 kg/m<sup>3</sup> |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;2. Shear strength reduced by 20% for pseudostatic evaluation.

&nbsp;&nbsp;&nbsp;&nbsp;3. Nonlinear strength envelope is the power curve fit from the alluvium versus geomembrane interface shear test.

**Table ‎15-4 - Summary of Seismic Criteria**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Configuration** | &nbsp;&nbsp;**Comment** |
| &nbsp;&nbsp;Seismic Site Class | &nbsp;&nbsp;C | &nbsp;&nbsp;NewFields Geotechnical Data Report |
| &nbsp;&nbsp;Operational Basis Earthquake (OBE) | &nbsp;&nbsp;475 Year Recurrence Interval | &nbsp;&nbsp;10% Probability in 50 years |
| &nbsp;&nbsp;Peak Horizontal Ground Acceleration | &nbsp;&nbsp;0.31 g | &nbsp;&nbsp;USGS Unified Hazard Tool |
| &nbsp;&nbsp;Maximum Design Earthquake (MDE) | &nbsp;&nbsp;2,475 Year Recurrence Interval | &nbsp;&nbsp;2% Probability in 50 years |
| &nbsp;&nbsp;Peak Horizontal Ground Acceleration | &nbsp;&nbsp;0.63 g | &nbsp;&nbsp;USGS Unified Hazard Tool |
| &nbsp;&nbsp;Mean Magnitude Earthquake | &nbsp;&nbsp;6.48 | &nbsp;&nbsp;USGS Unified Hazard Tool |
| &nbsp;&nbsp;Mean Earthquake Distance | &nbsp;&nbsp;7.9 miles (12.6 kilometers) | &nbsp;&nbsp;USGS Unified Hazard Tool |

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|:---|:---|
| **15-13** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

16. MARKET STUDIES

16.1. Lithium

16.1.1. Lithium Carbonate Price Basis for the Project

ioneer plans to produce technical-grade lithium carbonate during the first two years of Rhyolite Ridge operation, transitioning to battery-grade lithium hydroxide starting in year three. The price of lithium carbonates has experienced significant fluctuations over the last decade. Figure ‎16-1 indicates the historical spot price (median) of lithium carbonate from 2015 to 2024, along with a forecast for 2025, and includes the spot price of lithium hydroxide for comparison. As shown in the Figure ‎16-1, the carbonate price was lower than the hydroxide price from 2015 to 2025, except in 2021, and in the short term, it is expected to be higher. This is due to the increasing global adoption of lithium-iron phosphate (LFP) batteries, which offer lower costs and improved performance. For the financial model of the Project, price forecasts rather than the current or historic prices were used. This approach allows for better account for future market conditions and potential price trends, providing a more accurate financial assessment for the Project.

![](img068.jpg)

**Figure ‎16-1 - Historic Spot Average Price of Lithium Carbonate and Lithium Hydroxide, CIF/Asia (US$/t)**

Source: Wood Mackenzie, Argus Media Group, Global Trade Tracker, Fastmarkets, 2025

Notes: x-axis US$/metric tons

All offtake agreements for the Project have a price index formula for battery-grade lithium hydroxide and the Benchmark Minerals battery-grade lithium hydroxide price forecast (Q1, 2025) was used by ioneer to calculate the delivered price of lithium sold.

For market analysis and modelling, ioneer considers other third-party data sources as well, including Wood Mackenzie lithium carbonate and lithium hydroxide price forecasts and market commentary (Q2, 2025).

Since the offtake customers required battery-grade lithium hydroxide for cathode production for lithium cells, both parties agreed to use the battery-grade lithium hydroxide spot price index, on a 3-month average, as a basis. This technical-grade lithium carbonate price is then calculated using the agreed formula, which incorporates the agreed conversion cost and discounts.

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|:---|:---|
| **16-1** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

The offtake agreements are negotiated with individual parties where prices of technical-grade lithium carbonate and battery-grade lithium hydroxide are based on a delivered price formula using a battery-grade lithium hydroxide index price (56.5%, CIF Asia, Japan, Korea, and North America) published on agreed upon third-party websites (e.g., Fastmarkets, Benchmark Minerals) within the timeframe of three months before the invoice date.

The delivered price incorporates negotiated terms between ioneer and offtake partner and represents the amount received for material that is delivered to the conversion or battery materials plant in North America and Cost, Insurance, and Freight (CIF) or Carriage and Insurance Paid To (CIP) for exports (until the US conversion plants are built and approved). Negotiated terms between ioneer and each of the partners include some or all of the following: 1) reductions to accommodate the offtake partner's additional conversion costs, 2) floor and ceiling price mechanisms, 3) discounts to third-party index prices, and 4) freight cost adjustments.

16.1.2. Lithium Supply and Demand

16.1.2.1. General Market

The current market demand for lithium is substantial, driven primarily by the increasing adoption of electric vehicles (EVs) and the growing use of lithium-ion batteries in various applications, including consumer electronics and energy storage systems. While the lithium market is currently experiencing some price pressures due to supply and demand dynamics, the long-term outlook remains positive, driven by the ongoing shift towards electric mobility and renewable energy storage solutions.

Lithium, which is extracted from primary or secondary sources, can be used to produce lithium carbonate, lithium hydroxide, lithium chloride, lithium sulfate, butyl lithium, and lithium metal. Lithium carbonate will be the primary form of lithium product from the Rhyolite Ridge Project. Lithium carbonate can be produced in different qualities, including industrial grade (typically 98.5% purity), technical grade (99% purity), and battery grade (≥ 99.5% purity). Some industrial-grade lithium carbonate (i.e., from brines in China) has a lower purity than 95%. Industrial-grade and technical-grade lithium carbonate are typically used in glass, as fluxing agents, for ceramics, and in lubricants. Battery-grade lithium carbonate is used to produce cathodes for lithium-ion batteries.

Different applications of lithium have varying quality requirements, including the type and content of impurities. For example, magnetic impurity specification (<50 ppb) is critical for battery-grade lithium hydroxide.

ioneer intends to produce technical-grade lithium carbonate for the first two years, and battery-grade lithium hydroxide from year 3 onwards, with the specifications of both products shown in Table ‎16-1.

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|:---|:---|
| **16-2** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎16-1 - ioneer Technical-Grade Lithium Carbonate and Battery Grade Lithium Hydroxide Specification**

16.1.2.2. Lithium Supply

Lithium supply grew significantly from 2023, following expansions driven by a shortage from 2021 to 2022. The surplus is expected to peak in 2027, after which supply growth will slow, with demand growth exceeding supply growth, leading to a deficit from the early 2030s. (Wood Mackenzie, 2025). Spodumene (mineral concentrate) will remain dominant in the minerals market, while lepidolite is projected to grow robustly by 2025. In August 2025, Contemporary Amperex Technology Co. Limited (CATL) suspended operations at its lepidolite mine due to the expiration of its permit, which accounts for approximately 3% of global supply, thereby slightly reducing oversupply. Beyond Australia and China, new regions such as Zimbabwe, Mali, the US, and Canada are expected to enter the mineral supply market.

As shown in Figure ‎16-2, lithium supply (production-based, measured as lithium carbonate equivalent, LCE) is expected to increase from 2.01 million short tons (1.82 million metric tons) in 2025 to 3.38 million short tons (3.06 million metric tons) by 2035 to 4.49 million short tons (4.07 million metric tons) by 2040 and 5.24 million short tons (5.58 million metric tons) by 2050. Although China's production of refined lithium products is expected to continue outpacing the rest of the world until 2025, its share of the global supply is anticipated to decline, dropping from 61% in 2025 to 52% in 2035, to 48% by 2040, and further to 33% by 2050.

![](img070.jpg)

**Figure ‎16-2 - Lithium Chemical Supply by Final Product (Counted as LCE), kt**

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|:---|:---|
| **16-3** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Source: Wood Mackenzie, 2025

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. x-axis in kt = thousand metric tons

&nbsp;&nbsp;&nbsp;&nbsp;2. Supply means production

&nbsp;&nbsp;&nbsp;&nbsp;3. 1 = carbonate, chloride, and sulfate reprocessing

16.1.2.3. Lithium Demand

The need for rechargeable batteries primarily drives demand for lithium. As illustrated in Figure ‎16-3, lithium demand (measured as lithium carbonate equivalent, LCE) is projected to grow rapidly from 1.66 million short tons (1.51 million metric tons) in 2025 to 2.76 million short tons (2.51 million metric tons) by 2030, to 3.98 million short tons (3.61 million metric tons) by 2035, to 4.89 million short tons (4.44 million metric tons) by 2040, and 6.42 million short tons (5.82 million metric tons) by 2050. The lithium demand from electric vehicles (EVs) alone is expected to increase from 962 thousand short tons (872 thousand metric tons) in 2025 to 3.61 million short tons (3.27 million metric tons) by 2040.

The demand for battery-grade lithium carbonate is driven by the increasing market share of LFP in cathode chemistries for both EVs and BESS (Battery Energy Storage Systems). Driven by Chinese demand and broader global adoption, due to its cost-effectiveness and superior safety performance, as well as the US OEM shift from nickel-rich NCM (nickel, cobalt, and manganese) using battery-grade lithium hydroxide to mid-nickel NCM using battery-grade lithium carbonate to reduce cost. Furthermore, technological advancements in incorporating manganese into Lithium Iron Phosphate (LFP) and manganese-rich NCM offer higher density, providing a strong outlook for carbonates.

The demand for battery-grade lithium carbonate is expected to grow at a compound annual growth rate (CAGR) of 7.91% between 2025 and 2035, and then slow to 3.02% between 2035 and 2040. This demand is projected to increase from 949 thousand short tons (861 thousand metric tons) in 2025 to 2.04 million short tons (1.85 million metric tons) by 2035 and 2.37 million short tons (2.15 million metric tons) by 2040.

The demand for battery-grade lithium hydroxide is expected to grow faster from 2030, primarily driven by high-nickel cathode chemistries, which are favored in Western countries where consumers prioritize long-distance driving and require more reliable, high-energy-density batteries.

The demand for battery-grade lithium hydroxide is anticipated to increase from 525 thousand short tons (476 thousand metric tons) in 2025 to 1.65 million short tons (1.50 million metric tons) by 2035 and 2.18 million short tons (1.98 million metric tons) by 2040, with a CAGR of 12.2% between 2025 and 2035, and 5.74% between 2035 and 2040.

In 2025, battery-grade lithium carbonate is expected to account for 57% of total lithium demand, decreasing gradually to 55.35% in 2030, 51.29% in 2035, 48.42% in 2040, and 43% by 2050, while battery-grade lithium hydroxide is expected to account for 31.53% in 2025, increasing gradually to 35.94% in 2030, 41.51% by 2035, 44.64% by 2040, and 44.77% by 2050.

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|:---|:---|
| **16-4** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img071.jpg)

**Figure ‎16-3 - Lithium Demand (LCE), Mt**

Source: Wood Mackenzie, 2025

Notes: x-axis in Mt = metric tons

According to the base case presented by Benchmark Mineral Intelligence (Benchmark, 2025), BEV (battery electric vehicle) and PHEV (plug-in hybrid electric vehicle) sales totaled 17.5 million units across all vehicle types, showing a 26% year-over-year (y-o-y) increase, and are projected to reach 21.6 million units in 2025.

The growing EV market is responding to stricter carbon-emissions regulations, which are likely to significantly reduce internal-combustion-engine vehicle sales over time. Several countries and jurisdictions have developed plans or implemented regulations to phase out internal combustion engine vehicles, with Norway starting as early as 2025. In response, major automakers have also committed to electrifying fleets and achieving carbon neutrality. These goals include reducing reliance on internal combustion engine models and electrifying entire fleets. However, the Trump administration reduced EV incentives and subsidies, slowing EV adoption in the US. Some OEMs, such as Ford and General Motors, delayed their EV expansion plans in 2023 for several reasons, as stated below, and revised their battery chemistry to lower costs.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Large financial losses;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Poor sales performance due to higher EV prices compared to internal combustion engine vehicles; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Insufficient charging infrastructure.

The OEMs adopted LFP and shifted from nickel-rich to mid-nickel NCM battery chemistry, changing lithium requirements from battery-grade lithium hydroxide to battery-grade lithium carbonate.

These OEMs are expected to introduce more fleet types by 2026, achieve lower prices through technical innovation, and expand charging infrastructure to meet consumer needs. The impact of EV adoption on the lithium market is significant, with increased demand for Energy Storage Systems. A deep understanding of these trends will help ioneer to anticipate future demand and develop its production plan accordingly.

According to Wood Mackenzie, the production of refined lithium carbonate is projected to reach 1.02 million short tons (928 thousand metric tons) in 2025, 2.16 million short tons (1.96 million metric tons) by 2035, and 2.52 million short tons (2.29 million metric tons) by 2040.

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| **16-5** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Based on Wood Mackenzie's revised Q2 2025 forecast, the lithium market, which entered oversupply in 2024, is expected to remain oversupplied until the early 2030s, driven by increased supply and lower-than-expected EV adoption in "Western" markets, with the surplus peaking in 2027. Then, the supply growth rate slows, and the demand growth rate will exceed the supply rate, leading to a shortage in the early 2030s, as shown in Figure ‎16-4.

In contrast, the Benchmark revised Q1 2025 forecast anticipates a surplus of 60,000 tons in 2026, followed by balanced market conditions in 2027–2028, with a deficit expected to develop in 2029–2030.

It is essential to pay attention to the new supply risks in market balance forecasting. Discounting for possible and probable projects, Wood Mackenzie estimates that the surplus will decrease from 285 thousand short tons (258 thousand metric tons) in 2025 to 259 thousand short tons (235 thousand metric tons) in 2030, and reach market balance by 2032, and shift to a deficit of 561 thousand short tons (509 thousand metric tons) by 2035 with deficit continuing to increase. (Wood Mackenzie, 2025).

![](img072.jpg)

**Figure ‎16-4 - Lithium Chemical Balance, %**

Source: Wood Mackenzie, 2025

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. X-axis is shown in % of lithium chemical balance

&nbsp;&nbsp;&nbsp;&nbsp;2. Refine lithium means chemical lithium

16.1.3. Lithium Customers and Competitor Analysis

For most of the volumes produced, ioneer will target customers in the EV sector. Suppose excess volume at comparable prices to the EV sector is available. In that case, small volumes will be allocated to industrial market segments, specifically lithium glass and ceramics, to drive synergy for boric acid sales. The strategy is to diversify into different sectors of the battery supply chain. These market segments are expected to grow significantly, particularly for battery-grade lithium.

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| **16-6** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Offtake agreements have been secured with four customers in the lithium-ion battery sector, who will further process the carbonate for their specific battery chemistry and battery supply chain needs.

The offtake agreements are entered into with a diverse set of customers across industrial sectors, including cathode manufacturers, battery makers, and OEMs. These agreements are based on price formulas indexed to battery-grade lithium hydroxide and a total offtake volume of 22,322 short tons (18,250 metric tons) of technical-grade lithium carbonate per year. This offtake volume represents 88% of the planned average annual production volume up to 2040, which is approximately 23,862 short tons (21,647 metric tons) per year.

All offtake agreements include a ramp-up risk clause and provisions to minimize the risks associated with increases and decreases in production. Among these offtake agreements, two have ceiling and floor pricing mechanisms to diversify price opportunities, and all offtake agreements include the option to sell an additional 10% of volume, or less, at ioneer's discretion. This enables the company to sell the entire planned production volume and mitigate the risk of production shortages.

Mineral concentrate (spodumene and lepidolite) is the largest mineral source for refined lithium products, of which spodumene is significantly the largest of all. Mineral concentrate production (counted as LCE) is expected to increase from 1.28 million short tons (1.16 million metric tons) in 2025 to 2.09 million short tons (1.90 million metric tons) in 2030, 2.17 million short tons (1.97 million metric tons) in 2035, and 2.17 million short tons (1.97 million metric tons) by 2040 (Wood Mackenzie, 2025).

Brine is another source of refined lithium products. Production from brine (measured as LCE) is expected to grow from 649 thousand short tons (589 thousand metric tons) in 2025 to 1.05 million short tons (949 thousand metric tons) in 2030, 1.11 million short tons (1.01 million metric tons) in 2035, and 1.12 million short tons (1.02 million metric tons) by 2040. The remaining refined lithium will be sourced from secondary materials, such as recycled materials.

Major producers of lithium concentrates and brine, such as Albemarle, Sociedad Química y Minera de Chile (SQM), and Rio Tinto, continue to pursue expansions of their production capacity (Wood Mackenzie, 2025). Albemarle is currently undertaking a major expansion project to increase its capacity from 197.5 thousand short tons (179.1 thousand metric tons) in 2025 to 311.7 thousand short tons (282.8 thousand metric tons) in 2035, representing a 57% increase. SQM plans to raise its capacity from 266.7 thousand short tons (242.8 thousand metric tons) in 2025 to 302.5 thousand short tons (274.4 thousand metric tons) in 2035, a 13% increase. Rio Tinto's capacity is expected to grow significantly, from 102.2 thousand short tons (92.8 thousand metric tons) in 2025 to 260.4 thousand short tons (236.2 thousand metric tons) in 2035, representing a 255% increase. The largest Chinese producer, Ganfeng Lithium, is also expected to increase its capacity from 209.7 thousand short tons (190.2 thousand metric tons) in 2025 to 341.4 thousand short tons (309.7 thousand metric tons) in 2035, marking a 63% increase and potentially making it the world's largest lithium supplier. Existing producers have faced significant price swings in recent years and are expected to actively work to stabilize and influence the lithium market in the future.

16.1.4. Lithium Price and Volume Forecasts

According to Wood Mackenzie's estimates (2025), the lithium supplies experienced significant growth in 2023, following expansions driven by the shortage from 2021 to 2022. The surplus is expected to peak in 2027, after which supply growth will slow, with demand growth exceeding supply growth, resulting in a deficit of battery-grade lithium from the early 2030s. (Wood Mackenzie, 2025). The market is expected to reach a balance in 2032 for lithium chemicals, with a slight deficit of 30.3 thousand short tons (27.4 thousand metric tons). The deficit is projected to increase to 561.3 thousand short tons (509.2 thousand metric tons) by 2035, 1.13 million short tons (1.02 million metric tons) by 2040, and 1.89 million short tons (1.71 million metric tons) by 2050.

Benchmark Minerals Intelligence (2025) estimates a surplus of 66 thousand short tons (60 thousand metric tons) in 2026, followed by balanced market conditions in 2027–2028. During this period, macroeconomic

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| **16-7** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

challenges and the potential impact of tariffs will limit demand growth. Despite these short-term struggles, fundamentals indicate a resurgence of bullish sentiment later in the decade, and a deficit is expected to develop in 2029–2030. By 2031, the market is likely to rebalance as supply growth temporarily outpaces demand, although a widening supply gap is projected to re-emerge in the longer term.

The graph below (Figure ‎16-5) shows the deficit increasing significantly from 2032 onward, supporting the price increases.

![](img073.jpg)

**Figure ‎16-5 - Lithium Market Balance, kt LCE**

Source: Benchmark Minerals Intelligence, 2025

Notes: x-axis in kt = thousand metric tons

Battery-grade lithium carbonate spot prices (CIF) rose sharply from 2021 to 2022 as the market entered a supply shortage, peaking at the yearly average of US$62,104/st (US$68,459/t) in 2022. Since then, CIF spot prices have been under pressure as new supplies have entered the market. Asian CIF spot prices declined to an annual average of US$11,147/st (US$12,288/t) in 2024. However, the decline was much more moderate than that of 2019 to 2020, when the battery-grade lithium carbonate spot average price was US$6,449/st (US$7,109/t) in 2020 (Wood Mackenzie, 2025). According to Fastmarkets' daily spot average price as of August 21, 2025, the average price of battery-grade lithium carbonate was US$8,709/st (US$9,600/t), and the average price of battery-grade lithium hydroxide was US$7,983/st (US$8,800/t). Supply shortages may begin earlier than expected as upcoming project development and commissioning are halted or delayed, and as stronger demand from the Energy Storage System (ESS) sector leads to expectations of another price increase (Benchmark, 2025; Wood Mackenzie, 2025).

The spot price forecast of technical-grade lithium carbonate in real terms ranges from US$7,703/st (US$8,491/t) to US$19,785/st (US$21,810/t) between 2025 and 2040, as shown in Figure ‎16-6. The average price from 2025 to 2040 is US$14,244/st (US$15,702/t).

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| **16-8** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img074.jpg)

**Figure ‎16-6 - Lithium Carbonate Price Forecast, US$/st, CIF Asia (Real, Spot)**

Source: Wood Mackenzie, 2025

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. x-axis in US$/st = short tons

&nbsp;&nbsp;&nbsp;&nbsp;2. Real: Spot price

The spot price forecast of battery-grade lithium hydroxide in real terms ranges from US$7,859/st (US$8,664/t) to US$21,019/st (US$23,170/t) between 2025 and 2040, as shown in Figure ‎16-7. The average price from 2025 to 2040 is US$14,625/st (US$16,122/t).

![](img075.jpg)

**Figure ‎16-7 - Lithium Hydroxide Price Forecast, US$/st, CIF Asia**

Source: Wood Mackenzie, 2025

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. X-axis in US$/st = short tons

&nbsp;&nbsp;&nbsp;&nbsp;2. Real: Spot price

Table ‎16-2 is a summary of price forecasts for lithium carbonate and hydroxide. Benchmark (Q1 2025) forecasts are used. The ioneer sales forecasts are based on the offtake price formulas that were described in Section ‎16.1.1, and from Year 3 onwards, the Benchmark Minerals spot (real terms) price of battery-grade

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| **16-9** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

lithium hydroxide applies to offtake contract provisions for the duration of the agreement and management assumptions for periods beyond the existing contract duration.

**Table ‎16-2 - Summary of Price Forecasts (US$/t) / Real Terms**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Calendar**<br> **Year** | **Production**<br> **Year** | **Product** | &nbsp;&nbsp; **ioneer Sales**<br> **Forecast<sup>1-3</sup>** | &nbsp;&nbsp; **Benchmark**<br> **Minerals**<br> **Forecast<sup>4</sup>** | &nbsp;&nbsp; **Wood**<br> **Mackenzie**<br> **Battery**<br> **Grade**<br> **forecast<sup>5</sup>** | &nbsp;&nbsp; **Wood**<br> **Mackenzie**<br> **Technical**<br> **Grade**<br> **forecast<sup>6</sup>** |
| 2028 | 1 | TG Lithium Carbonate | $16591 | $19051 | $8479 | $8756 |
| 2029 | 2 | TG Lithium Carbonate | $18116 | $20865 | $8733 | $9109 |
| 2030 | 3 | BG Lithium Hydroxide | $21270 | $19958 | $9506 | $9875 |
| 2031 | 4 | BG Lithium Hydroxide | $20673 | $19051 | $10354 | $10715 |
| 2032 | 5 | BG Lithium Hydroxide | $20673 | $19051 | $11540 | $12076 |
| 2033 | 6 | BG Lithium Hydroxide | $21624 | $19051 | $13881 | $14407 |
| 2034 | 7 | BG Lithium Hydroxide | $21606 | $19051 | $16620 | $17135 |
| 2035 | 8 | BG Lithium Hydroxide | $21862 | $19051 | $19785 | $20291 |
| 2036 | 9 | BG Lithium Hydroxide | $22132 | $19051 | $19785 | $20291 |
| 2037 | 10 | BG Lithium Hydroxide | $22136 | $19051 | $19785 | $20291 |
| 2038 | 11 | BG Lithium Hydroxide | $22241 | $19051 | $19785 | $20291 |
| 2039 | 12 | BG Lithium Hydroxide | $22244 | $19051 | $19785 | $20291 |
| 2040 | 13 | BG Lithium Hydroxide | $22316 | $19051 | $19785 | $20291 |
| 2041 | 14 | BG Lithium Hydroxide | $22317 | N/A | $19785 | $20291 |
| 2042 | 15 | BG Lithium Hydroxide | $22316 | N/A | $19785 | $20291 |
| 2043 | 16 | BG Lithium Hydroxide | $22317 | N/A | $19785 | $20291 |
| 2044 | 17 | BG Lithium Hydroxide | $22317 | N/A | $19785 | $20291 |
| 2045 | 18 | BG Lithium Hydroxide | $22317 | N/A | $19785 | $20291 |
| 2046 | 19 | BG Lithium Hydroxide | $22317 | N/A | $19785 | $20291 |
| 2047 | 20 | BG Lithium Hydroxide | $22318 | N/A | $19785 | $20291 |
| 2048 | 21 | BG Lithium Hydroxide | $22319 | N/A | $19785 | $20291 |
| 2049 | 22 | BG Lithium Hydroxide | $22317 | N/A | $19785 | $20291 |
| 2050 | 23 | BG Lithium Hydroxide | $22317 | N/A | $19785 | $20291 |

---

Notes:

1. ioneer Sales Forecast = Offtake price formula based on Benchmark Minerals battery-grade lithium hydroxide Q1 2025 spot price (in real
 terms) forecast average for Years 1 and 2.

2. Benchmark Minerals spot (in real terms) battery-grade lithium hydroxide with management assumptions for offtake discount (or premium) for
 Years 3 onwards and for uncontracted volumes.

3. ioneer Sales Forecast based on the Mine Plan supported by the August 2025 Mineral Resource (Chapter 11) and Mineral Reserve (Chapter 12).

4. Benchmark Minerals battery-grade lithium hydroxide Q1 2025 price (in real terms) forecast.

5. Wood Mackenzie battery-grade lithium hydroxide Q2 2025 price (in real terms) forecast.

6. Wood Mackenzie technical-grade lithium hydroxide Q2 2025 price (in real terms) forecast.

7. All prices in metric tons.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Benchmark Minerals and Wood Mackenzie are internationally recognized research organizations that focus on lithium supply and demand
 studies. Suppliers and customers use their information/data sets to make pricing decisions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Benchmark Minerals and Wood Mackenzie periodically update their short-term and long-term forecasts. The latest available datasets, for
 Benchmark Q1 2025 and Wood Mackenzie Q2 2025, are referenced.

The product quality will be consistent with the specifications of the offtake agreements.

According to Wood Mackenzie's 2025 baseline and Benchmark 2025 forecasts, the market will require ioneer's average production of approximately 25,118 metric tons (27,688 short tons) over its first 20 years by 2029 to 2030, and demand is expected to absorb its capacity.

16.2. Boric Acid

16.2.1. Boric Acid Price Basis for the Project

The boric acid market is less clear, and there are no reliable market intelligence providers. In line with major borate supplier, Rio Tinto Minerals, ioneer boric acid price forecasts were based on internal analysis of historical prices and volumes extracted from Datamyne's trade data, import prices and volumes from Japan, South Korea, Southeast Asia, and China, Customers and dealers' interviews, China Boron Association data, and Internal market equilibrium assumptions.

16.2.2. Boron Supply and Demand

The term "borate" describes commercial sources of boron oxide (B<sub>2</sub>O<sub>3</sub>). These sources may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Sodium borate compounds or other minerals that may be refined (i.e., sodium borate and non-sodium-boric acid) or calcine (anhydrous sodium
 borate and boric acid);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Other downstream specialty forms, including high-purity boric acid such as nuclear grade and pharmaceutical grade, borate-derived
 compounds such as zinc borate, etc.

Borates are usually refined, but some manufacturers sell raw minerals or concentrate at lower prices when higher levels of impurities can be tolerated.

Borates have more than 300 applications, including specialty glasses (i.e., borosilicate and TFT glasses), fiberglass, ceramics, insulation, agricultural products, industrial/chemical applications, pesticides, cleaning products, cosmetics, and pharmaceuticals. Boric acid demand may fluctuate as customers switch among various borate products, depending on factors such as price, product availability, and technological advancements.

The major borate products (excluding high-purity and specialty grades) are shown in Table ‎16-3.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎16-3 - Major Borate Products**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Material** | &nbsp;&nbsp;**Formula** | &nbsp;&nbsp;**B<sub>2</sub>O<sub>3 </sub>(%)** |
| &nbsp;&nbsp;**Refined chemicals** | &nbsp;&nbsp;**Refined chemicals** | &nbsp;&nbsp;**Refined chemicals** | &nbsp;&nbsp;**Refined chemicals** |
| &nbsp;&nbsp;Sodium borates | &nbsp;&nbsp;Borax pentahydrate | &nbsp;&nbsp;Na<sub>2</sub>O·2B<sub>2</sub>O<sub>3</sub>·5H<sub>2</sub>O | &nbsp;&nbsp;49 |
|  | &nbsp;&nbsp;Borax decahydrate | &nbsp;&nbsp;Na<sub>2</sub>O·2B<sub>2</sub>O<sub>3</sub>·10H<sub>2</sub>O | &nbsp;&nbsp;37 |
| &nbsp;&nbsp;Non-sodium borates | &nbsp;&nbsp;Boric acid | &nbsp;&nbsp;B(OH)<sub>3</sub> | &nbsp;&nbsp;56 |
| &nbsp;&nbsp;Anhydrous, fused | &nbsp;&nbsp;Anhydrous borax | &nbsp;&nbsp;Na<sub>2</sub>O·2B<sub>2</sub>O<sub>3</sub> | &nbsp;&nbsp;69 |
|  | &nbsp;&nbsp;Boric oxide | &nbsp;&nbsp;B<sub>2</sub>O<sub>3</sub> | &nbsp;&nbsp;99.9 |
| &nbsp;&nbsp;**Mineral products** | &nbsp;&nbsp;**Mineral products** | &nbsp;&nbsp;**Mineral products** | &nbsp;&nbsp;**Mineral products** |
| &nbsp;&nbsp;Sodium borates | &nbsp;&nbsp;Ulexite | &nbsp;&nbsp;Na<sub>2</sub>O·2CaO·5B<sub>2</sub>O<sub>3</sub>·16H<sub>2</sub>O | &nbsp;&nbsp;36-38 |
| &nbsp;&nbsp;Calcium borates | &nbsp;&nbsp;Colemanite | &nbsp;&nbsp;2CaO·3B<sub>2</sub>O<sub>3</sub>·5H<sub>2</sub>O | &nbsp;&nbsp;33-42 |

---

ioneer intends to produce boric acid with technical grade specifications as shown in Table ‎16-4, which are comparable to those of Rio Tinto Minerals' product. Technical-grade boric acid is the highest-grade, accounting for the majority of the volume used in the industry, excluding specialty grades with minor volume shares.

**Table ‎16-4 - Targeted Boric Acid Specifications**

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| | |
|:---|:---|
| **Analysis and Unit of Measure** | **Expected Specification** |
| Boric oxide (B<sub>2</sub>O<sub>3</sub>), % | 56.25-56.80 |
| Boric acid (H<sub>3</sub>BO<sub>3</sub>), % | 99.9-100 |
| SO<sub>4</sub>, ppm | ≤240 |
| Chloride, ppm | <8 |
| Iron, ppm | <5 |

---

The boric acid products' specifications by major suppliers are shown in Table ‎16-5.

**Table ‎16-5 - Boric Acid Technical Specification by Major Supplier**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **S**pecification | **ioneer** | **Rio Tinto** | **QuiBorax** | **Eti Maden** | **BOR** |
| Boric oxide (B<sub>2</sub>O<sub>3</sub>), % | 56.25 – 56.80 | 56.25-56.80 | ≥56.25 | ≥56.25 | ≥56.25 |
| Boric acid (H<sub>3</sub>BO<sub>3</sub>), % | 99.9 - 100.9 | 99.9-100.9 | ≥99.9 | >99.9 | ≥99.9 |
| SO<sub>4</sub>, ppm | ≤ 240 | ≤250 | ≤300 | ≤500 | ≤80 |
| Cl, ppm | ≤ 8 | ≤10 | ≤200 | ≤10 | ≤10 |
| Fe, ppm | ≤ 5 | ≤4 | ≤4 | ≤7 | ≤5 |

---

ioneer intends to produce coarser products to mitigate product lumping that may result from the material's hygroscopic characteristics. Additionally, coarser products are preferred in melting applications because volatilization during melting can be reduced.

The annual growth in boric acid demand ranged from 4% to 6% from 2015 to 2019. Before the COVID-19 pandemic, global boric acid supply and demand were nearly balanced, with utilization at 82%. Based on our analysis of historical data, a borate capacity utilization rate of 85% can be considered the maximum sustainable rate. Supply shortages occurred during the pandemic due to logistical and operational disruptions. Supply did

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

not recover until the first half of 2022. Demand declined by approximately 119,000 short tons per annum (108,000 metric tons), or 8.7%, between 2019 and 2021, owing to pandemic lockdowns and logistical disruptions. In 2024, demand was 1,254,000 short tons per annum (1,138,000 metric tons), corresponding to 78% utilization of the nameplate capacity of 1,604,000 short tons (1,455,000 metric tons). The nameplate capacity utilization rate decreased in 2024 due to Eti Maden's 44,000 short tons (40,000 metric tons) expansion through debottlenecking. Demand is expected to grow at a minimum of 3% CAGR through 2040. The growth in borate demand is proportional to the growth in global gross domestic product (GDP). The utilization rate is expected to increase through 2032 and enter a deficit in 2035, based on an 85% utilization rate cap. ioneer plans to produce 45,104 short tons per annum (40,917 metric tons) from Y1 (approximately 2028), increasing production to 184,942 short tons per annum (167,775 metric tons) by 2040, which is expected to meet market demand. Additional boric acid will be required from 2035, in addition to the estimated ioneer and 5E volume entry, with a deficit increasing from 116 thousand short tons (105 thousand metric tons) in 2035 to 362 thousand short tons (328 thousand metric tons) in 2040.

In addition to sales and distribution agreements, market intelligence and customer relationships are crucial to successful sales, given the market's opacity. ioneer's sales team comprises former Rio Tinto Minerals personnel and experts with established customer relationships. The current boric acid market is dominated by major suppliers such as Eti Maden and Rio Tinto Minerals, creating demand for new, alternative suppliers. This market dynamic presents a significant opportunity for ioneer as a newcomer and potential disruptor in the industry.

Figure ‎16-8 and Figure ‎16-9 show the global boric acid demand by region and suppliers' market share.

![](img076.jpg)

**Figure ‎16-8 - Global Boric Acid Demand by Region**

Source: ioneer, 2025

Note: Volume is in metric tons

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img077.jpg)

**Figure ‎16-9 - Global Boric Acid Market Share by Suppliers**

Source: ioneer, 2025

Notes: y-axis in market share percentiles

Figure ‎16-10 shows borate application by market share.

![](img078.jpg)

**Figure ‎16-10 - Borate Application by Market Share**

Source: ioneer, 2024

Notes: market share percentile

16.2.3. Boron Customer and Competitor Analysis

Large-scale commercial borate production is confined to four primary areas of the world:

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;■ Turkey: Kirka, Balıkesir, and Kestelek;

&nbsp;&nbsp;&nbsp;&nbsp;■ The southwestern region of the US;

&nbsp;&nbsp;&nbsp;&nbsp;■ The Andes belt of South America;

&nbsp;&nbsp;&nbsp;&nbsp;■ China: Liaoning and Qinghai; and

&nbsp;&nbsp;&nbsp;&nbsp;■ The eastern region of Russia.

Eti Maden, with a boric acid market share of 31%, and Rio Tinto, with a market share of 27%, are the two most prominent suppliers in the global borates market. Eti Maden, a Turkish state-owned mining and chemicals company, holds the world's largest estimated borate reserves (accounting for 72% of global borate reserves). Rio Tinto Minerals has an extensive borate product portfolio, but has not announced any plans to expand borate production at its site in Boron, California. In 2025, Rio Tinto decided to divest its boron business in 2026. MCC Russian Bor CJSC (BOR) in southeastern Russia supplies 6% of global boric acid demand and is among the highest-quality in terms of impurity content. However, BOR has struggled with production for decades due to financial and employee relations issues. Their sales to Western countries and their allies have been affected by Russian sanctions; as a result, most are exported to China.

In addition to Rhyolite Ridge, there are five other boron greenfield projects worldwide that are at various stages of exploration and engineering development. These greenfield projects are the Rio Tinto Jadar project, the 5E/Fort Cady project in California, the Magdalena Basin project in Mexico, the Pobrdje project in Serbia, and some exploration work in the Balkans. These projects have been delayed or cancelled.

Table ‎16-6 and Figure ‎16-11 provide the supply-demand balance scenarios based on ioneer's assumptions.

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| **16-15** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎16-6 - Boric Acid Supply-Demand Balance**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**2018** | &nbsp;&nbsp;&nbsp;**2019** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;**2027** | &nbsp;&nbsp;&nbsp;**2028** | &nbsp;&nbsp;&nbsp;**2029** |
| &nbsp;&nbsp;&nbsp;Supply + ioneer + Fort Cady, kt | &nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;1584 |
| &nbsp;&nbsp;&nbsp;Supply + ioneer + Fort Cady @85% utilization, kt | &nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;1296 | &nbsp;&nbsp;&nbsp;1347 |
| &nbsp;&nbsp;&nbsp;Additional expansion (Etimine, Rio, ioneer), kt | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;129 |
| &nbsp;&nbsp;&nbsp;Demand, kt | &nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;1158 | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;1162 | &nbsp;&nbsp;&nbsp;1138 | &nbsp;&nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;1149 | &nbsp;&nbsp;&nbsp;1183 | &nbsp;&nbsp;&nbsp;1219 | &nbsp;&nbsp;&nbsp;1255 |
| &nbsp;&nbsp;&nbsp;Market balance in % based on 85% utilization | &nbsp;&nbsp;&nbsp;92% | &nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;87% | &nbsp;&nbsp;&nbsp;87% | &nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;97% | &nbsp;&nbsp;&nbsp;92% | &nbsp;&nbsp;&nbsp;90% | &nbsp;&nbsp;&nbsp;93% | &nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;93% |
| &nbsp;&nbsp;&nbsp;Market balance in % based on 100% utilization | &nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;77% | &nbsp;&nbsp;&nbsp;79% | &nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;79% |
| &nbsp;&nbsp;&nbsp;Market balance in kt based on 85% utilization, kt | &nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;92 |
| &nbsp;&nbsp;&nbsp;Market balance in kt based on 100% utilization, kt | &nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;329 |
|  | &nbsp;&nbsp;&nbsp;**2030** | &nbsp;&nbsp;&nbsp;**2031** | &nbsp;&nbsp;&nbsp;**2032** | &nbsp;&nbsp;&nbsp;**2033** | &nbsp;&nbsp;&nbsp;**2034** | &nbsp;&nbsp;&nbsp;**2035** | &nbsp;&nbsp;&nbsp;**2036** | &nbsp;&nbsp;&nbsp;**2037** | &nbsp;&nbsp;&nbsp;**2038** | &nbsp;&nbsp;&nbsp;**2039** | &nbsp;&nbsp;&nbsp;**2040** |  |
| &nbsp;&nbsp;&nbsp;Supply + ioneer + Fort Cady, kt | &nbsp;&nbsp;&nbsp;1615 | &nbsp;&nbsp;&nbsp;1598 | &nbsp;&nbsp;&nbsp;1638 | &nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;1617 | &nbsp;&nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;1666 | &nbsp;&nbsp;&nbsp;1588 | &nbsp;&nbsp;&nbsp;1638 | &nbsp;&nbsp;&nbsp;1643 | &nbsp;&nbsp;&nbsp;1658 |  |
| &nbsp;&nbsp;&nbsp;Supply + ioneer + Fort Cady @85% utilization, kt | &nbsp;&nbsp;&nbsp;1373 | &nbsp;&nbsp;&nbsp;1358 | &nbsp;&nbsp;&nbsp;1392 | &nbsp;&nbsp;&nbsp;1390 | &nbsp;&nbsp;&nbsp;1374 | &nbsp;&nbsp;&nbsp;1393 | &nbsp;&nbsp;&nbsp;1416 | &nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;1392 | &nbsp;&nbsp;&nbsp;1396 | &nbsp;&nbsp;&nbsp;1409 |  |
| &nbsp;&nbsp;&nbsp;Additional expansion (Etimine, Rio, ioneer), kt | &nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;203 |  |
| &nbsp;&nbsp;&nbsp;Demand, kt | &nbsp;&nbsp;&nbsp;1293 | &nbsp;&nbsp;&nbsp;1332 | &nbsp;&nbsp;&nbsp;1372 | &nbsp;&nbsp;&nbsp;1413 | &nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;1499 | &nbsp;&nbsp;&nbsp;1544 | &nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;1638 | &nbsp;&nbsp;&nbsp;1687 | &nbsp;&nbsp;&nbsp;1738 |  |
| &nbsp;&nbsp;&nbsp;Market balance in % based on 85% utilization | &nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;98% | &nbsp;&nbsp;&nbsp;99% | &nbsp;&nbsp;&nbsp;102% | &nbsp;&nbsp;&nbsp;106% | &nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;118% | &nbsp;&nbsp;&nbsp;118% | &nbsp;&nbsp;&nbsp;121% | &nbsp;&nbsp;&nbsp;123% |  |
| &nbsp;&nbsp;&nbsp;Market balance in % based on 100% utilization | &nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;83% | &nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;86% | &nbsp;&nbsp;&nbsp;90% | &nbsp;&nbsp;&nbsp;91% | &nbsp;&nbsp;&nbsp;93% | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;103% | &nbsp;&nbsp;&nbsp;105% |  |
| &nbsp;&nbsp;&nbsp;Market balance in kt based on 85% utilization, kt | &nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;-23 | &nbsp;&nbsp;&nbsp;-81 | &nbsp;&nbsp;&nbsp;-105 | &nbsp;&nbsp;&nbsp;-128 | &nbsp;&nbsp;&nbsp;-240 | &nbsp;&nbsp;&nbsp;-245 | &nbsp;&nbsp;&nbsp;-290 | &nbsp;&nbsp;&nbsp;-328 |  |
| &nbsp;&nbsp;&nbsp;Market balance in kt based on 100% utilization, kt | &nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;-2 | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;-44 | &nbsp;&nbsp;&nbsp;-80 |  |

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| **16-16** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img079.jpg)

**Figure ‎16-11 - Boric Acid Supply-Demand Balance**

Source: ioneer, 2025

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. The average annual production of boric acid for the Rhyolite Ridge Project is 101,975 short tons per annum (92,510 metric tons) between
 2028 and 2040, and 74,992 short tons per annum (68,031 metric tons) over the life of the mine.

&nbsp;&nbsp;&nbsp;&nbsp;2. Fort Cady to commence phase 1 production with 49,604 short tons per annum (45,000 metric tons) in 2028 and 90,389 short tons per annum
 (82,000 metric tons) onwards. ioneer does not expect Fort Cady to implement phase 2 onwards. This assumption is based on the fact that the borate market is opaque and challenging to enter successfully without robust market intelligence and
 expertise. Fort Cady initiated pilot production in H2 2024, utilizing unproven commercial technology and achieving outstanding milestones from the prefeasibility study, including funding and customer offtake agreements. The challenge is to
 finance their commercial plant, as it is extremely rare and difficult to obtain a bankable offtake agreement to support the financing.

&nbsp;&nbsp;&nbsp;&nbsp;3. Rio Tinto Jadar project boric acid production was excluded as the project does have the permit, with challenges to persuade the local
 stakeholders of the environmental impact, which stalled the project in the past.

&nbsp;&nbsp;&nbsp;&nbsp;4. The assumption is that additional volume equal to the deficit volume is added from 2035 onwards, potentially by ioneer, Eti Maden, or Rio
 Tinto.

&nbsp;&nbsp;&nbsp;&nbsp;5. For demand, the compound annual growth rate (CAGR) from 2024 onwards will be 3% (historically, borate demand growth is relative to
 long-term global GDP and typically higher than 3%). A conservative CAGR was applied to the demand forecast, given anomalies in historical growth rates attributable to technological and economic disruptions.

&nbsp;&nbsp;&nbsp;&nbsp;6. Volume is in metric tons, and kt in this figure means 1000 metric tons.

16.2.4. Boron Price Forecast

Boric acid prices ranged from US$454/st (US$500/t) to US$651/st (US$718/t) before the pandemic and increased from US$907/st (US$1,000/t) to US$1,089/st (US$1,200/t) from 2020 to 2021. The global industrial sector slowed in 2022 but began to recover in 2023 as logistics and supply chains improved. Suppliers maintain prices to offset increases in operating and logistics costs. Other factors affecting the global market include:

&nbsp;&nbsp;&nbsp;&nbsp;■ The increase in operating costs caused by the increased price of the European Union's natural gas (as a result of the conflict in
 Ukraine);

&nbsp;&nbsp;&nbsp;&nbsp;■ Increased freight rates due to the reduced capacity of the Panama Canal and longer shipping routes to avoid the Red Sea;

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;■ Eti Maden is entering higher-profitability downstream applications, such as boron carbide production;

&nbsp;&nbsp;&nbsp;&nbsp;■ US import tariff global impact, affecting exports to the US and from the US to China.

In 2024, the average delivered boric acid price (CIF and FOB West Coast) ranged between US$753/st (US$830/t) and US$998/st (US$1100/t). There is a regional and customer size (volume) price arbitrage, resulting in wider price ranges.

Table ‎16-7 and Figure ‎16-12 indicate historical average prices and ioneer's price forecast based on demand and supply assumptions. Trend analysis was used as the methodology for the price forecasting. The price forecast ranges from US$839/st (US$925/t) to US$1,270/st (US$1,400/t) between 2028 and 2040, with an average price of US$1,089/st (US$1,200/t).

**Table ‎16-7 – ioneer Boric Acid Price Assumptions** 

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**2006** | &nbsp;&nbsp;**2007** | &nbsp;&nbsp;**2008** | &nbsp;&nbsp;**2009** | &nbsp;&nbsp;**2010** | &nbsp;&nbsp;**2011** | &nbsp;&nbsp;**2012** | &nbsp;&nbsp;**2013** | &nbsp;&nbsp;**2014** | &nbsp;&nbsp;**2015** | &nbsp;&nbsp;**2016** | &nbsp;&nbsp;**2017** |
| &nbsp;&nbsp;**Historical** | &nbsp;&nbsp;US$/st | &nbsp;&nbsp;517 | &nbsp;&nbsp;454 | &nbsp;&nbsp;496 | &nbsp;&nbsp;578 | &nbsp;&nbsp;585 | &nbsp;&nbsp;640 | &nbsp;&nbsp;744 | &nbsp;&nbsp;825 | &nbsp;&nbsp;739 | &nbsp;&nbsp;694 | &nbsp;&nbsp;627 | &nbsp;&nbsp;638 |
| &nbsp;&nbsp;**Historical** | &nbsp;&nbsp;US$/t | &nbsp;&nbsp;570 | &nbsp;&nbsp;500 | &nbsp;&nbsp;547 | &nbsp;&nbsp;637 | &nbsp;&nbsp;645 | &nbsp;&nbsp;705 | &nbsp;&nbsp;820 | &nbsp;&nbsp;909 | &nbsp;&nbsp;815 | &nbsp;&nbsp;765 | &nbsp;&nbsp;691 | &nbsp;&nbsp;703 |
| &nbsp;&nbsp;**Forecast** | &nbsp;&nbsp;US$/st |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Forecast** | &nbsp;&nbsp;US$/t |  |  |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**2018** | &nbsp;&nbsp;**2019** | &nbsp;&nbsp;**2020** | &nbsp;&nbsp;**2021** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2026** | &nbsp;&nbsp;**2027** | &nbsp;&nbsp;**2028** | &nbsp;&nbsp;**2029** |
| &nbsp;&nbsp;**Historical** | &nbsp;&nbsp;US$/st | &nbsp;&nbsp;635 | &nbsp;&nbsp;652 | &nbsp;&nbsp;590 | &nbsp;&nbsp;553 | &nbsp;&nbsp;829 | &nbsp;&nbsp;807 | &nbsp;&nbsp;769 |  |  |  |  |  |
| &nbsp;&nbsp;**Historical** | &nbsp;&nbsp;US$/t | &nbsp;&nbsp;700 | &nbsp;&nbsp;719 | &nbsp;&nbsp;650 | &nbsp;&nbsp;610 | &nbsp;&nbsp;914 | &nbsp;&nbsp;890 | &nbsp;&nbsp;848 |  |  |  |  |  |
| &nbsp;&nbsp;**Forecast** | &nbsp;&nbsp;US$/st |  |  |  |  |  |  | &nbsp;&nbsp;769 | &nbsp;&nbsp;753 | &nbsp;&nbsp;771 | &nbsp;&nbsp;816 | &nbsp;&nbsp;839 | &nbsp;&nbsp;885 |
| &nbsp;&nbsp;**Forecast** | &nbsp;&nbsp;US$/t |  |  |  |  |  |  | &nbsp;&nbsp;848 | &nbsp;&nbsp;830 | &nbsp;&nbsp;850 | &nbsp;&nbsp;899 | &nbsp;&nbsp;925 | &nbsp;&nbsp;976 |
|  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**2030** | &nbsp;&nbsp;**2031** | &nbsp;&nbsp;**2032** | &nbsp;&nbsp;**2033** | &nbsp;&nbsp;**2034** | &nbsp;&nbsp;**2035** | &nbsp;&nbsp;**2036** | &nbsp;&nbsp;**2037** | &nbsp;&nbsp;**2038** | &nbsp;&nbsp;**2039** | &nbsp;&nbsp;**2040** | &nbsp;&nbsp;**2040** |
| &nbsp;&nbsp;**Historical** | &nbsp;&nbsp;US$/st |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Historical** | &nbsp;&nbsp;US$/t |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Forecast** | &nbsp;&nbsp;US$/st | &nbsp;&nbsp;885 | &nbsp;&nbsp;975 | &nbsp;&nbsp;975 | &nbsp;&nbsp;1043 | &nbsp;&nbsp;1134 | &nbsp;&nbsp;1157 | &nbsp;&nbsp;1179 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;1270 |
| &nbsp;&nbsp;**Forecast** | &nbsp;&nbsp;US$/t | &nbsp;&nbsp;976 | &nbsp;&nbsp;1075 | &nbsp;&nbsp;1075 | &nbsp;&nbsp;1150 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;1275 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;1400 |

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|:---|:---|
| **16-18** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img080.jpg)

**Figure ‎16-12 – Boric Acid Price – Historical and Forecast**

Source: ioneer, 2025

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. ioneer price forecast (2024 to 2040) was based on supply and demand assumptions and shown as average prices.

&nbsp;&nbsp;&nbsp;&nbsp;2. Regardless of supply shortages, price forecasts beyond 2037 are capped at US$1,270/st (US$1,400/t) and will not be revised upwards as
 ioneer cannot predict unannounced expansions from existing and new suppliers that impact prices.

&nbsp;&nbsp;&nbsp;&nbsp;3. x-axis in US$/st = short tons

The following data sources were used in the price forecast:

&nbsp;&nbsp;&nbsp;&nbsp;■ Datamyne data (global trade statistics) for prices and volumes;

&nbsp;&nbsp;&nbsp;&nbsp;■ Country-specific import trade statistics (China, Korea, Japan, and Southeast Asia) for prices and volumes;

&nbsp;&nbsp;&nbsp;&nbsp;■ Customer and distributor visits and surveys; and

&nbsp;&nbsp;&nbsp;&nbsp;■ China Boron Association data.

16.3. Contracts

ioneer has signed offtake agreements with Ford Motor Company and PPES (a joint venture between Toyota and Panasonic) in 2022, Korea's EcoPro Innovation in 2021, and Dragonfly Energy in 2023.

Table ‎16-8 outlines the offtake and sales distribution contracts secured by ioneer for Rhyolite Ridge.

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| **16-19** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎16-8 – Contracts for Technical-Grade Lithium Carbonate and Boric Acid**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Product** | | &nbsp;&nbsp;**Volume (st)/year** | &nbsp;&nbsp;**Volume (st)/year** | &nbsp;&nbsp;**Volume (st)/year** | &nbsp;&nbsp;**Volume (st)/year** | &nbsp;&nbsp;**Volume (st)/year** |
| &nbsp;&nbsp;**Company** | &nbsp;&nbsp;**Product** | &nbsp;&nbsp;**Duration**<br>&nbsp;&nbsp;**(years)** | &nbsp;&nbsp;**Y1** | &nbsp;&nbsp;**Y2** | &nbsp;&nbsp;**Y3** | &nbsp;&nbsp;**Y4** | &nbsp;&nbsp;**Y5** |
| &nbsp;&nbsp;Ford Motors | &nbsp;&nbsp;TG Li-carbonate | &nbsp;&nbsp;5 | &nbsp;&nbsp;8819 | &nbsp;&nbsp;8819 | &nbsp;&nbsp;8819 | &nbsp;&nbsp;8819 | &nbsp;&nbsp;8819 |
| &nbsp;&nbsp;PPES | &nbsp;&nbsp;TG Li-carbonate | &nbsp;&nbsp;5 | &nbsp;&nbsp;4409 | &nbsp;&nbsp;4409 | &nbsp;&nbsp;4409 | &nbsp;&nbsp;4409 | &nbsp;&nbsp;4409 |
| &nbsp;&nbsp;EcoPro Innovation | &nbsp;&nbsp;TG Li-carbonate | &nbsp;&nbsp;3 | &nbsp;&nbsp;8819 | &nbsp;&nbsp;8819 | &nbsp;&nbsp;8819 |  |  |
| &nbsp;&nbsp;Dragonfly Energy | &nbsp;&nbsp;TG Li-carbonate | &nbsp;&nbsp;3 | &nbsp;&nbsp;276 | &nbsp;&nbsp;276 | &nbsp;&nbsp;276 |  |  |
| &nbsp;&nbsp;**Total contracted volume** | &nbsp;&nbsp;TG Li-carbonate |  | &nbsp;&nbsp;**22322** | &nbsp;&nbsp;**22322** | &nbsp;&nbsp;**22322** | &nbsp;&nbsp;**13228** | &nbsp;&nbsp;**13228** |
| &nbsp;&nbsp;Dalian Jinma Boron Technology | &nbsp;&nbsp;Boric acid | &nbsp;&nbsp;5 | &nbsp;&nbsp;11574 | &nbsp;&nbsp;11574 | &nbsp;&nbsp;11574 | &nbsp;&nbsp;11574 | &nbsp;&nbsp;11574 |
| &nbsp;&nbsp;Kintamani Resources | &nbsp;&nbsp;Boric acid | &nbsp;&nbsp;3 | &nbsp;&nbsp;10031 | &nbsp;&nbsp;14551 | &nbsp;&nbsp;19731 |  |  |
| &nbsp;&nbsp;Boron Bazar | &nbsp;&nbsp;Boric acid | &nbsp;&nbsp;3 | &nbsp;&nbsp;3307 | &nbsp;&nbsp;3996 | &nbsp;&nbsp;4519 |  |  |
| &nbsp;&nbsp;Iwatani Corporation | &nbsp;&nbsp;Boric acid | &nbsp;&nbsp;3 | &nbsp;&nbsp;5842 | &nbsp;&nbsp;12787 | &nbsp;&nbsp;20944 |  |  |
| &nbsp;&nbsp;**Total contracted volume** | &nbsp;&nbsp;Boric acid |  | &nbsp;&nbsp;**30755** | &nbsp;&nbsp;**42908** | &nbsp;&nbsp;**56769** | &nbsp;&nbsp;**11574** | &nbsp;&nbsp;**11574** |

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Source:

&nbsp;&nbsp;&nbsp;&nbsp;■ Lithium agreements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ EcoPro Innovation Co. Ltd.'s offtake agreement dated June 30<sup>th</sup>, 2021, and volume amendment agreement dated February 14, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ Ford Motor Company offtake agreement dated July 21, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ Prime Planet Energy & Solutions, Inc. offtake agreement dated August 1, 2022; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ Dragonfly Energy Corporation offtake agreement dated May 9, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;■ Boric acid agreements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ Dalian Jinma Boron Technology Group Co., Ltd offtake agreement dated December 16, 2019;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ Iwatani Corporation sales/distributor agreement dated July 15, 2020, and Korean territory addition amendment in
 September 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ Kintamani Resources Pte Ltd sales/distributor agreement dated April 20, 2020; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ Boron Bazar Ltd sales/distributor agreement dated April 20, 2020.

ioneer plans to secure additional boric acid distributor sales agreements in North America and Taiwan following the financial investment decision to increase sales. ioneer's contracts include a volume adjustment clause to mitigate the risk of production fluctuations. Even in oversupplied markets, ioneer can increase sales across all contracts through market intelligence, existing customer relationships, and conversion plans.

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|:---|:---|
| **16-20** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

17. Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups

The project assessed in this report is fully descripted in ioneer's 2022 Plan of Operations that was submitted to the BLM and then evaluated in the BLM's EIS, dated September 2024. The Project's ore processing vat leaching time, as outlined in the 2022 Plan of Operations, is modified for this report with the overall ore processing time being reduced by approximately 20 percent from seven days to five and a half days. This change in ore processing time will increase the mining rate by approximately 20 percent.

17.1. Environmental Studies

17.1.1. Baseline Studies

Several baseline studies were conducted within portions of the Project area to characterize existing environmental and social resources to support mine permitting and development for Phase 1 of the Project (the facilities that are currently approved under the Record of Decision [ROD]). Phase 2 of the Project contemplates additional expansions to the quarry, overburden storage facilities (OSFs), and spent ore storage facility (SOSF). Baseline investigations were performed on behalf of ioneer by six consulting firms: EM Strategies, Inc. (EMS) (now WestLand Resources [WestLand]), HydroGeoLogica, Inc. (HGL), Piteau Associates (Piteau), NewFields Companies, LLC (NewFields), Stantec Consulting Services, Inc. (Stantec), and Trinity Consultants (Trinity).

Findings from these studies are presented in a series of baseline reports as follows:

- Air quality impact assessment;

- Aquatic resources;

- Biological resources;

- Cultural resources;

- Geochemistry;

- Geology and mineral resources;

- Groundwater;

- Land use, transportation, and access;

- Paleontology;

- Recreation;

- Socioeconomics;

- Soils and rangeland;

- Surface water resources;

- Visual resources.

These baseline studies were conducted from 2012 through 2019, except for biological resources which have continued into 2025, and are intended to support project design and establish a basis from which potential impacts can be assessed.

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| ![](img086.jpg) | **17-1** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Each baseline study was conducted with a resource-specific geographic area where information was gathered (i.e., study area), which were coincident with, or centered around the Project area. The study area for each of the baseline studies is summarized in Table ‎17-1 and the Project area is shown in Figure ‎17-1. Based on the future designs for overburden and spent ore storage and if the location of those facilities under Phase 2 of the Project are located outside of the current Project area, additional baseline studies will likely be necessary. These include, but may not be limited to, biological resources, cultural resources, geochemistry, and groundwater.

**Table *‎*17-1 - Summary of Baseline Studies**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Baseline Report** | &nbsp;&nbsp;**Prepared By** | &nbsp;&nbsp;**Study Area** |
| &nbsp;&nbsp;Air quality impacts assessment | &nbsp;&nbsp;Trinity | &nbsp;&nbsp;Project area and adjacent airsheds potentially impacted by emissions associated with Project construction and operation |
| &nbsp;&nbsp;Aquatic resources delineation | &nbsp;&nbsp;Stantec | &nbsp;&nbsp;Land in the northern portion of the Fish Lake Valley, heading southeast into the Silver Peak Range, bounded along its eastern edge by Rhyolite Ridge and including land within the Project area |
| &nbsp;&nbsp;Biology | &nbsp;&nbsp;WestLand and EMS | &nbsp;&nbsp;Land encompassing and within various distances from the Project area including: Botanical (Project area), General wildlife (0.25-mile radius), Nesting raptor (1-mile radius), Nesting golden eagle (10-mile radius). Land along the access road |
| &nbsp;&nbsp;Cultural resources | &nbsp;&nbsp;WestLand and EMS | &nbsp;&nbsp;Land encompassing and immediately surrounding the Project area, including land along the access road |
| &nbsp;&nbsp;Geochemistry | &nbsp;&nbsp;Piteau | &nbsp;&nbsp;Land encompassing and immediately surrounding the Project area |
| &nbsp;&nbsp;Geology and mineral resource | &nbsp;&nbsp;NewFields | &nbsp;&nbsp;Land encompassing and immediately surrounding the Project area |
| &nbsp;&nbsp;Groundwater | &nbsp;&nbsp;Piteau | &nbsp;&nbsp;Land encompassing and immediately surrounding the Project area |
| &nbsp;&nbsp;Land use, transportation, and access | &nbsp;&nbsp;NewFields | &nbsp;&nbsp;Land encompassing and immediately surrounding the Project area, including the main access points to the Project area |
| &nbsp;&nbsp;Paleontological resource | &nbsp;&nbsp;Noble, P. (submitted to EMS) | &nbsp;&nbsp;Land encompassing immediately surrounding the Project area including: formerly proposed powerline route extending west from the town of Silver Peak to Cave Spring, and a 7-square mile area on the West side of Rhyolite Ridge |
| &nbsp;&nbsp;Recreation | &nbsp;&nbsp;NewFields | &nbsp;&nbsp;Land encompassing immediately surrounding the Project area including: Silver Peak wilderness study area, lands with wilderness characteristics, and two recreational management areas |
| &nbsp;&nbsp;Socioeconomic | &nbsp;&nbsp;NewFields | &nbsp;&nbsp;Esmeralda, Mineral, and Nye counties in Nevada and Inyo County in California |
| &nbsp;&nbsp;Soils and rangeland | &nbsp;&nbsp;NewFields | &nbsp;&nbsp;Land encompassing immediately surrounding the Project area including land along the access road |
| &nbsp;&nbsp;Surface water resources | &nbsp;&nbsp;NewFields | &nbsp;&nbsp;Land encompassing immediately adjacent to and downstream of the Project area, as well as land within a 5-mile radius of the Project area and land along the access road |
| &nbsp;&nbsp;Visual resources | &nbsp;&nbsp;NewFields | &nbsp;&nbsp;Land encompassing immediately surrounding the Project area |

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| ![](img086.jpg) | **17-2** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Figure *‎*17-1 - Rhyolite Ridge Project Area Map**

Source: ioneer, 2024

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| ![](img086.jpg) | **17-3** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**17.1.2.** **Environmental and Social Impact Assessment** 

An environmental evaluation using an Environmental Impact Statement (EIS) was completed by Nexus Environmental Consultants, a Bureau of Land Management BLM-approved third-party contractor, culminating in the Record of Decision issuance in October 2024. Through the ROD, the BLM approved the North and South OSFs Alternative for the development of Phase 1 of the Project.

**17.1.3.** **Air Quality and Climate Change** 

Total Hazardous Air Pollutant emissions would be 3.56 tons per year (tpy) for up to 17 years, and less emissions for the following six years of reclamation. PM<sub>30</sub>, PM<sub>10</sub>, and PM<sub>2.5</sub> emissions would be 2,881.03, 1,129.68, and 197.64 tpy, respectively, for up to 17 years, and less emissions for the following six years of reclamation. Nitrogen oxide, carbon monoxide, sulfur dioxide, volatile organic compound, hydrogen sulfide, and sulfuric acid emissions would be 469.14, 251.92, 82.62, 12.93, 2.84, and 24.41 tpy, respectively, for up to 17 years and less emissions for the following six years of reclamation. On-site greenhouse gas (GHG) emissions would be 545,834 tpy of direct and 40,471 tpy of indirect. Off-site GHG emissions would be 5,447.20 tons carbon dioxide equivalent for up to 17 years, and less emissions for the following six years of reclamation. Mercury emissions of 4.7 x 10<sup>-4</sup> tpy for up to 17 years, and less emissions for the following six years of reclamation. There would be a maximum 8-hour impact of 0.69 parts per billion for ozone.

An air quality impact assessment was performed by Trinity in 2022 and 2023 (Trinity, 2022 and 2023) 3. The area of analysis includes the local airshed, which is defined as a 50-km (31-mile) radius buffer of the OPA. As ioneer controls all access to the facilities at the fence along the Project area boundary, other than the public access road, this boundary was used to determine ambient air (i.e., the portion of the atmosphere, external to buildings, to which the general public has access) for air dispersion modeling analysis. All land inside the Project area boundary is not considered ambient air; and therefore, not included in the modeling analysis (Trinity, 2023). As the result of a BLM review of the assessment in 2023, Trinity has updated the assessment to include Project-related indirect sources of emissions and the BLM has accepted the update. The results of the assessment show that the Project emissions comply with the National Ambient Air Quality Standards.

**17.1.4.** **Biological Resources** 

Baseline biological survey reports were prepared by EMS in 2020 and 2022 (EMS, 2020a, 2020b, & 2022), supported by surveys conducted during the 2018, 2019, and 2022 field seasons. The baseline biological survey reports involved an evaluation of the land encompassing and within various distances from the Project area (Table ‎17-1).

The main objectives of the baseline biological surveys performed by EMS were to document baseline conditions of existing vegetation (i.e., botanical survey) and fauna (i.e., wildlife surveys) within the Project area (EMS, 2020a), along the access road (EMS, 2020b), and the expanded portions of the Project area (EMS, 2022). Additionally, concurrent with baseline biological surveys, all water features within the Project area were recorded and conditions were noted.

A habitat suitability model using ArcGIS and remote sensing data stored within a geographic information system geospatial database was developed to identify potential habitat for Tiehm's buckwheat, a BLM sensitive species listed endangered species by the United States Fish and Wildlife Service (USFWS) in December 2022, within a 10-mile radius of the Project area.

From 2021 to 2025, additional biological studies were completed on golden eagles and Tiehm's buckwheat.

The following summarizes the major findings and aspects of the baseline biological survey and access road report (EMS, 2020a, 2020b, & 2022) and a census study on Tiehm's Buckwheat (WestLand, 2023):

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| ![](img086.jpg) | **17-4** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

The U.S. Geological Survey National Southwest Regional Gap Analysis Project vegetation communities within the botanical survey areas were field verified and reclassified as five vegetation communities comprising 96 percent of the surveyed areas: Inter-Mountain Basins Mixed Salt Desert Scrub; Great Basin Pinyon-Juniper Woodland, Great Basin Xeric Mixed Sagebrush Shrubland; Inter-Mountain Basins Cliff and Canyon, and agriculture.

- Five dominant ecological sites were field verified within the Project areas: Cobbly Loam 5-8" P.Z.; R029XY036NV; Shallow Calcareous Loam 8-12" P.Z.; R029XY008NV; Loamy 5-8" P.Z.; R029XY017NV; Loamy Slope 3-5" P.Z.; R029XY033NV; and Shallow Calcareous Slope 8- 12" P.Z.; R029XY014NV.

Eight subpopulations of Tiehm's buckwheat were mapped within the Project area. Subpopulation 8 consists of four individuals (WestLand, 2023). There was an herbivory event in 2020 that impacted individual plants in all subpopulations. The total number of plants was estimated to be 24,916, during the 2023 field investigation. Collectively, the subpopulations occupy approximately 10 acres. The distribution of plant size classes indicates a stable demographic structure across all subpopulations. The viability of the seeds obtained during seed collection was 16 percent. Genetic analysis indicated a small degree of genetic distinction between Tiehm's buckwheat, and the three other buckwheat species sampled. No other BLM sensitive species or USFWS endangered species plants were observed within the Project area.

- No pygmy rabbits or pygmy rabbit signs (i.e., burrows, scat, tracks, dust baths, runways) were found in the Project area. No potential pygmy rabbit habitat is present within the Project area.

No burrowing owls responded to the broadcast calls. No burrowing owls or their signs (i.e., pellets, feathers, whitewash, scat, and tracks) were observed in the Project area. Potentially suitable nesting habitat is present in the lower elevations of the westernmost portion of the Project area, primarily below 1,829 m (6,000 ft) in elevation.

- No springsnails, a Nevada Natural Heritage Program at-risk species, were present in the springs within the Project area.

A total of 11 BLM sensitive species were observed during the general wildlife surveys: Brewer's sparrow; loggerhead shrike; greater sage-grouse; pinyon jay; Merriam's kangaroo rat; pale kangaroo mouse; juniper titmouse; long-nosed leopard lizard; desert horned lizard; Great Basin collared lizard; and bighorn sheep. Golden eagles were observed during the aerial raptor surveys.

Nine species of bats were recorded within the Project area, all of which are BLM sensitive species. The Project area provides both foraging and day-roosting habitat for bats. The springs and associated riparian vegetation within 0.4 km (0.25 mile) of the Project area provide sources of water and concentrated foraging.

- One active golden eagle nest and 21 unoccupied nests were recorded within the 16 km (10 mile) buffer surrounding the Project area. No other raptor nests were active within 1.6 km (1 mile) of the Project area.

No species or habitat protected under the Endangered Species Act (ESA) were present within the Project area at the time of the field investigations. However, in December 2022 the USFWS listed Tiehm's buckwheat as an endangered species and designated critical habitat for the species, which is within the Project area. Areas occupied by Tiehm's buckwheat, and the area proposed for critical habitat designation, are a relatively small portion of the currently delineated area of mineralization.

- Two occurrences of sagebrush cholla, a BLM sensitive species plant, were recorded: 1) in the southern portion of the OPA; and 2) in the access road and infrastructure corridor.

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| ![](img086.jpg) | **17-5** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

One noxious weed species was recorded in the access road and infrastructure corridor: Saltcedar.

**17.1.4.1.** **Threatened and Endangered Species** 

For the proposed Bi-State Sage-grouse (BSSG) (*Centrocercus urophasianus*), there would be surface disturbance of up to 776 acres (132 permanent) of potential habitat. For the proposed monarch butterfly, there would be up to 2,266 acres (211 permanent) of new surface disturbance of potential habitat that may support milkweed and nectar sources. For the listed Tiehm's buckwheat, there would be 191 acres (45 permanent) of designated critical habitat disturbed. Up to 719 acres of designated critical habitat would be fenced. There would be up to 2,266 acres of total new surface disturbance within the Plan boundary, of which 211 would be permanent. There would be no direct disturbance to individuals or within the eight Tiehm's buckwheat subpopulations under the Phase 1 Project operations. Under Phase 1 Project operations, pollinator communities could be impacted by new surface disturbance. Surface disturbance could change overland flow patterns potentially affecting pollinator species communities or Tiehm's buckwheat designated critical habitat. Fugitive dust could impact Tiehm's buckwheat, Tiehm's buckwheat designated critical habitat, and pollinator species communities from reduced photosynthesis and decreased water-use efficiency.

**17.1.4.2.** **Vegetation Resources** 

There would be up to 2,266 acres (211 permanent) of new surface disturbance of vegetation communities and ecological communities. Disturbance during construction, operation, and reclamation results in increased potential for establishment and spread of noxious species. There would be potential impacts to sagebrush cholla (Opuntia pulchella) and Tecopa birdbeak (Cordylanthus tecopensis) from fugitive dust or sedimentation. Because the extent of Mojave fishhook cactus (Sclerocactus polyancistrus) in the area is unknown, it could be impacted by disturbance. Plant species of ethnobotanical importance could be impacted by surface disturbance as well as fugitive dust.

**17.1.4.3.** **Wetland and Riparian Resources** 

There would be direct disturbance to up to 0.16 acre of wetlands within the Access Road and Infrastructure Corridor where the discharge from Fish Lake Valley Hot Springs cross the access road and 54.87 acres of riverine, freshwater emergent wetland, and freshwater pond National Wetland Inventory (NWI)-mapped wetlands. The riparian area near Chiatovich Creek could be impacted from the water supply pipeline.

**17.1.4.4.** **Wildlife Resources** 

There could be impacts to water sources used by various wildlife species. Up to 32 surface water sites could have reduced or removed flow if sourced from the aquifer proposed for dewatering. One guzzler would be relocated away from Project features. Additionally, a quarry lake would form with a predicted low probability of risk to wildlife. Human presence and noise could cause wildlife avoidance and displacement in the area. Vehicles, vertical facilities, and lights may cause collisions, and there could be increased competition between wildlife species for available resources. Access road travel, construction activities, and operation could result in vehicle strikes or crushing of wildlife and/or burrows resulting in fatality. There would be removal of 2,266 acres (211 permanent) of avian nesting and foraging habitat and insect species, mammal species, and reptile/amphibian species habitat. There would be surface disturbance to 2,096 acres (211 permanent) of year-round mule deer habitat, 2,089 acres (211 permanent) of year-round desert bighorn sheep habitat, 2,011 acres (203 permanent) of Brewer's sparrow habitat, 896 acres (140 permanent) of pinyon jay habitat, 120 acres (eight permanent) of black-throated gray warbler habitat, and 2,266 aces (211 permanent) of potential habitat for Cassin's finch, common nighthawk, loggerhead shrike, ferruginous hawk, and western burrowing owl habitat. There would be removal of 2,266 acres (211 permanent) of potential golden eagle foraging habitat. There would be surface disturbance to 1,050 acres (66 permanent) of suitable soils for Botta's pocket gopher and desert kangaroo rat, and 1,106 acres (62 permanent) of suitable habitat

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| ![](img086.jpg) | **17-6** | 25 APRIL 2026 |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

for pale kangaroo mouse. There would be disturbance to 10 acres (none permanent) of cliff and canyon habitat and 120 acres (eight permanent) of pinyon-juniper habitat used by bat species. The creation of a quarry lake may attract foraging bats, and the quarry walls could potentially provide bat roosting habitat.

**17.1.4.5.** **Wild Horses and Burros** 

There would be disturbance to 2,164 acres (211 permanent) in the Silver Peak HMA, and 719 acres of Tiehm's buckwheat designated critical habitat fenced. There would be Increased traffic on the access road that could lead to fatalities or injuries to wild horses or burros from collisions. Effects from human disturbance and noise could reduce the areas in the HMA utilized by wild horses and burros, causing increased use in other portions of the HMA.

**17.1.5.** **Cultural Resources** 

In 2023, WestLand completed a Class III cultural resources inventory and report (Richey and Felling, 2023) over 5,034 acres within the Project area. Data from field visits conducted by the BLM, Tribes, and Westland in 2024 have been incorporated (Westland 2024b) into the 2023 report. The cultural direct area of potential effect for the Project is defined as a 4,577-acre area on land administered by the BLM. Within the direct area of potential effect, a total of 222 archaeological sites were identified as follows:

- One-hundred and eighty-four sites are recommended as not eligible for listing on the National Register of Historic Places.

- One site is determined as eligible for listing on the NRHP under Criteria A, C, and D.

- Twenty-four sites are determined as eligible for listing on the NRHP under Criterion D.

- Thirteen sites are recommended as unevaluated for listing on the National Register of Historic Places pending subsurface testing.

All cultural resource inventories are submitted directly to BLM and the State Historic Preservation Office in a sealed (confidential) document.

Up to 16 cultural resource sites would potentially be impacted by surface disturbance, with three additional cultural resource sites within 30 m (100 ft) of disturbance. Up to 28 cultural resource sites would potentially be impacted by auditory, vibrational, and/or visual impacts. Sites would be avoided to the extent possible or mitigated under the HPTP.

**17.1.6.** **Environmental Justice** 

Impacts to environmental justice populations of concern may include air quality, visual, noise, water, traffic, hazardous material transportation, and social and economic values. Impact could occur for up to 23 years.

**17.1.7.** **Geology and Minerals** 

There would be up to 2,266 acres of new surface disturbance of which 211 would be permanent. There would be permanent removal of 25 million tons (Mt) of lithium-boron ore from the quarry. Approximately 406 Mt of overburden would be removed from the quarry and placed in the designated OSFs. Final slope configuration would result in a post-closure Factor of Safety close to or greater than 2.0, and 1.72 with the quarry lake. There is no anticipated significant damage to facilities for the life of the Project from faulting. Subsidence may occur within the groundwater drawdown cone with up to 25 cm (10 inches) in the vicinity of pumping wells and less than 5 cm (2 inches) anticipated in areas more than a quarter mile from pumping wells. About 80 percent of the overburden is classified as non-potentially acid generating and presents a low risk of acid rock drainage.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**17.1.8.** **Geochemistry** 

A geochemistry study was conducted by HGL in 2020 with results presented in the geochemical characterization report (HGL, 2020b). In completing this study, the acid rock drainage and metals leaching potential was assessed for all major lithologic units within the Project area. In 2023, Piteau updated of the geochemical characterization, testing overburden samples and ore samples, to address changes to the Phase 1 mine plan in the July 2022 Mine Plan of Operations. This update was completed in 2025 (Piteau, 2026).

Overburden and ore samples were collected from existing exploration drill core and were geochemically analyzed to characterize the potential of these materials to generate acidic drainage or to leach metals. Geochemical characterization was performed based on regulatory guidance documents published by the Nevada Division of Environmental Protection (NDEP) and the Nevada BLM. Testing included acid-base accounting (ABA); net acid generation pH (NAG pH); short-term leach testing by meteoric water mobility procedure (MWMP); bulk elemental content; X-ray diffraction; optical mineralogy; and humidity cell testing (HCT).

Key findings of from the geochemical studies are summarized as follows:

The combined geochemical characterization dataset contains 267 ABA samples from 15 units with 54 exploration drillholes sampled. A minimum of 7 samples is available for each lithological unit and there are 4 samples from process materials. A total of 66 MWMPs and 36 HCTs were tested as part of materials characterization.

- Sample selection for leach testing was guided by static test work results, with emphasis given to samples with marginal Potential Acid Generation (PAG) characteristics and/or elevated levels of As, Li, S, and/or Sb.

- The sample population was developed to represent the spatial distribution of materials present in the approved quarry design, with samples collected from within 500 m (1640 ft) of the quarry perimeter and broadly represented the distribution of S and As within lithological units.

Surrogate relationships for acid generating potential (AGP) and acid neutralizing potential (ANP) were validated from elemental assay data and ABA testing. Surrogate AGP projected to the in-pit exploration borehole dataset estimates that ~15% of materials are classified as PAG (net potential ratio NPR<1.2) and the remaining 85% is non-PAG.

The mixed lacustrine unit (S3) is the largest single component of overburden material, whose fraction of PAG is 33%. However, the magnitude of acid generation from S3 is expected to be low because only 8% of this material has a net neutralizing potential (NNP) < -20 TCaCO3/kT. Signifying that most S3 material comprises low sulfur and / or water soluble sulfur.

- Overburden and quarry walls are expected to remain net neutralizing as per predictions made for the previous quarry characterization by HGL, although the proportion of S3 PAG predicted by surrogate calculations has increased.

- The expanded leachate dataset indicates that leachate chemistry for most units is anticipated to be circumneutral, with the highest concentrations of solute released during the first flush of materials. (weeks 0-4). Trends in constituent release include:

○ As and Sb are consistently elevated among most lithologic units, irrespective of PAG classification (excluding Q1 and S3).

○ Fe and Mn are elevated among lacustrine, gritstone and volcanic materials.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

○ SO4 (and TDS) is highly elevated during first flush of lacustrine, gritstone and volcanic materials and subsequently declines.

○ Al and Mn sustain elevated concentrations in PAG material which generated acidic leachate.

○ Tl is elevated typically during first flush across several units.

○ B and Mo are leached in the B5 carbonate unit.

- Across individual constituents, elevated mass release of Sb, B, and As is generally associated with carbonate and ore units, while maximum SO4, F, and Mn release rates are associated with PAG materials belonging to gritstone, lacustrine, and volcanic materials.

- During closure, the implementation of OSF and quarry backfill cover systems using Q1 alluvium will minimize infiltration and reduce metal(loid) leaching from overburden and exposed pit wall materials.

- Process materials tested included samples of spent ore, sulphate salt residues, and neutralization filter cake.

○ The spent ore sample contained residual acidity, with associated metal leaching, through the acidity and metal leaching flushed from the sample over the long-term in the humidity cell test (HCT).

○ The sulphate salt residue sample was acidic, releasing elevated concentrations of TDS and metals.

○ The neutralization filter cake material sample was classified as non-potentially acid generating and contained some acid neutralization potential, though it also had potential to leach elevated concentrations of TDS, Al, B, and Li.

Geochemical groupings were developed to simplify and support overburden management. Four geochemical groups combine lithologies of similar static and leaching characteristics, using a hierarchical cluster analysis. Geochemical groups are summarized as:

Group 1 (L6, B5, Lsi, M4, M5). Group 1 contains carbonate-rich materials with high ANP values (medians ranging from 340 t/Kt CaCO3 to 770 t/Kt CaCO3). These units share comparatively high ANP and NPR values, with leachate pH values generally >7. This group leaches near or below average concentrations of most metals, although As, Sb, and Tl are typically elevated in first flush leachates across. Elevated concentrations of B and Mo are leached from B5 and M5.

Group 2 (G5, Tlv, G4, G6, S5, S3 non-PAG). Group 2 contains a combination of gritstones (G4, G5 G6), lacustrine (S3 non-PAG, S5) and volcanic (Tlv) materials. They tend to represent marginally non-PAG materials with moderate sulfur contents and the tendency to release somewhat elevated concentrations of metals and SO4.

Group 3 (G7, Tbx, S3-PAG). Group 3 consists of G7, Tbx, and S3 PAG. This group possesses similar characteristics as Group 2, but with higher PAG tendencies. As a result the leaching characteristics have comparatively elevated ARDML potential (i.e. lower pH potential higher metals leaching).

- Group 4 (Q1). Group 4 consists only of alluvium, which is geochemically distinct from the other units. Alluvium is characterized by its low sulfur and modest ANP. First flush constituent release is typically lower compared to other units, with only As being consistently elevated.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**17.1.9.** **Hazardous Materials and Solid Waste** 

There would be a diesel fuel release probability of 1,223 in 1,609 km (760 in 1,000 miles) and 281.3 for reach 370-km (174.8 for each 230-mile) transportation route from Las Vegas to the Operational Project Area (OPA) and Reno to the OPA. There would be a corrosion inhibitor 3DT129 release probability of 49.1 in 1,609 km (30.5 in 1,000 miles) and 11.3 for each 370-km (7.0 for each 230-mile) transportation route. There would be a liquid phosphate release probability of 40 in 1,609 km (25 in 1,000 miles) and 9.3 for each 370-km (5.8 for each 230-mile) transportation route. Up to two loads of solid waste would be produced and shipped off site annually for up to 17 years.

**17.1.10.** **Land Use and Realty** 

Cave Springs Road (NVN 62084) and Argentite Canyon Road (N 54404) ROWs would be impacted from realignment to avoid Project features. Coordination with holders of ROWs, geothermal leases, and mining claims off Hot Ditch Road and in the OPA would be required for access. There would be up to 2,266 acres of new surface disturbance, of which 211 would be permanent.

**17.1.11.** **Livestock Grazing** 

Impacts would be the disturbance of 140 acres (83 that provide livestock forage) of the Red Spring Allotment, 2,105 acres (1,885 that provide livestock forage) of the Silver Peak Allotment, and 21 acres (none that provide livestock forage) of the Fish Lake Valley Allotment. This would result in impacts to four AUMs in Red Spring Allotment, 79 AUMs in Silver Peak Allotment (eight of which would be permanent), and no impacts to AUMs in the Fish Lake Valley Allotment. Fencing of 719 acres (591 that provide livestock forage) of Tiehm's buckwheat designated critical habitat would impact an additional 25 AUMs in the Silver Peak Allotment. This could result in up to $10,844 in annual economic impacts from reduction of 108 BLM permitted AUMs for up to 23 years.

**17.1.12.** **Native American Traditional Values** 

Three areas of concern have been identified, and direct surface impacts would be avoided by the proposed layout through Project design. Vegetation communities and wildlife species important to Native American Traditional Values may be impacted. There could be impacts to water supply at 32 surface water sites (including Cave Spring) if sourced from the aquifer proposed for dewatering. During consultation, tribes have indicated that some unevaluated sites in the general vicinity of sacred sites identified by tribal representatives may be associated with those sacred sites. Unevaluated sites potentially associated with sacred sites and that cannot be avoided would be mitigated under the HPTP.

**17.1.13.** **Paleontological Resources** 

The paleontological resource survey and report (Noble, 2018) includes a study area consisting of a 18-quare-km (7-square-mile) on the west side of Rhyolite Ridge. Also studied was the formerly proposed high voltage power line route extending west from the town of Silver Peak to Cave Spring (largely following the route of Coyote Road); however, a high voltage power line is no longer in the Project scope.

The following summarizes the major findings of the paleontological resource survey (Noble, 2018):

Six fossiliferous units that had potential paleontological significance were identified within the study area including: Wyman Formation; Campito Formation; Poleta Formation; Harkless Formation; Mule Spring Limestone; and Esmeralda Formation and equivalents, which contains Tertiary Sedimentary (TS) units 3-6.

- One fossil locality of significance was located along what was the Project's formerly proposed power line route, which occurs in outcrops on the south side of Coyote Road, just outside Silver Peak.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

- Several small pieces of petrified wood were observed during the study area transects, but the occurrence is of fairly low density; no large concentrations were observed that may be indicative of a larger log weathering out.

- No vertebrate fragments were found in the Project activities area during the field survey on any of the transects through the surveyed localities.

- Several possible fossil imprints were observed in a pebbly sandstone, but it was not clear if these were the molds of mollusks, or if they were weathered out mud rip-up clasts.

- No beds were observed that were facies equivalent to the coal-bearing lithology found in the Coaldale area, which contain abundant fossil floras.

- No high density fossil localities were encountered in the Project activities area during the various transects through the Esmeralda equivalent units at surveyed localities.

The Cambrian locality has some beds of limestone with well-preserved marine invertebrates, including archaeocyathids; however, there are better exposures of these same units, just north of the Project area, from which a high density of fossils has been reported.

**17.1.14.** **Recreation** 

Impacts would be a total of 2,266 acres of surface disturbance (211 acres would be permanent). Up to 719 acres of Tiehm's buckwheat designated critical habitat would be fenced from some recreational uses (e.g., OHV use). There would be disturbance to 1,902 acres of OHV use lands, including 1,076 acres (155 permanent) limited to existing roads and trails as well as 826 of those acres (48 permanent) limited to existing roads and trails and closed to competitive events. There would be surface disturbance to 531 acres (28 permanent) of LWC328 and 1,151 acres (114 permanent) of LWC338. Some Project components would be visible from some areas of the Silver Peak WSA. There would likely be an increased human presence and demand for recreation resources and opportunities from an increased population in the area. There would also be increased noise, traffic congestion, fugitive dust and emissions from vehicle traffic, and lighting from vehicles and operation from additional recreationalists.

**17.1.15.** **Social and Economic Values** 

There would be a construction workforce of 500 people for four years, plus 113 indirect and induced jobs, and there would be a quarrying and processing workforce of 350 people for 14 years, plus 79 indirect and induced jobs. Additional employment would result in an annual calendar year direct labor income of $54,141,401 and annual calendar year indirect and induced labor income of $2,619,995 for construction, and annual calendar year direct labor income of $125,142,545 and annual calendar year indirect and induced labor income of $18,709,469 for quarrying and processing. The total estimated annual calendar year direct value added would be $102,788,237, and total annual calendar year indirect and induced value added would be $10,028,255 from construction. The total estimated annual calendar year direct value added would be $71,951,766, and total annual calendar year indirect and induced value added would be $7,019,778 from quarrying and processing. Total tax generation would be $25,069,752 annual calendar year (direct, indirect, and induced), including $11,819,628 annual calendar year in federal taxes, $4,183,588 in state taxes, $5,911,690 annual calendar year in county-level taxes, and $3,154,846 annual calendar year in sub-county special district taxes during construction. Total tax generation would be $17,548,826 annual calendar year (direct, indirect, and induced), including $8,273,740 annual calendar year in federal taxes, $2,928,511 annual calendar year in state taxes, $4,138,183 annual calendar year in county-level taxes, and $2,208,392 annual calendar year in sub-county special district taxes during quarrying and processing. There would be potential for increased property tax to Esmeralda County. Housing demand during construction would be 328 units during construction and 230 units during quarrying and processing. There would be an increased need for improvements/modifications to the public utilities infrastructure, and additional requirements for law enforcement, fire protection, and emergency

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

medical services. There would be an increased demand for healthcare services and practitioners, as well as grocery stores, retail stores, and other convenience and commodity needs. Increased school enrolment in Dyer, Silver Peak, Tonopah, Hawthorne, and Bishop would be approximately 140 additional students during construction and 98 additional students during quarrying and processing, likely spread throughout these communities. Additional disturbance, employment, and traffic generation may impact social values and cultural landscapes in the nearby communities. The communities could expect to see increased use of facilities and public lands. Water rights secured or leased from current agricultural water users in the Fish Lake Valley could reduce the level of agriculture in the area. There could be impacts after closure including housing market and economic declines.

The socioeconomic baseline report (NewFields, 2019b) was prepared by NewFields and evaluated a study area including Esmeralda, Mineral, and Nye counties in Nevada and Inyo County in California. The main objective of this investigation was to describe the socioeconomic characteristics and conditions in the study area. Socioeconomic data from various state and federal agencies (i.e., Nevada Department of Taxation and U.S. Department of Commerce Census Bureau) were reviewed to characterize and describe current social, economic, and environmental justice conditions in the study area.

Social and community impacts associated with development of the Project are being considered and will be evaluated in accordance with the National Environmental Policy Act and other federal laws. Potential impacts are generally restricted to the existing population, including changes in demographics, income, employment, local economy, public finance, housing, community facilities, and community services. Potentially affected Native American tribes and tribal organization are being consulted during the preparation of all plans to advise them of project components that may have an effect on cultural sites, resources, and traditional activities.

A shortage of qualified employees, housing, and infrastructure could negatively affect the Project's development schedule and cost; however, at the time of this report, the QP does not anticipate any known social or community issues or impacts to have a material impact on ioneer's ability to implement the Project. Identified socioeconomic issues (employment, payroll, services and supply purchases, and state and local tax payments) are anticipated to be positive and enhance the lifestyles of the local citizenry. Logistical considerations such as housing and transportation are currently being evaluated and discussed by ioneer in coordination with local community members.

In terms of employment opportunities, ioneer estimates a total of up to 500 persons will be employed either directly through ioneer or through its construction contractors. While the mine is in operation, ioneer estimates an initial staff of approximately 200 workers, in year 1 of operation, increasing to a peak staffing of approximately 290 in year 6 of operation. This will include a mix of skilled workers plus management personnel.

In April 2025 ioneer and Esmeralda County executed a binding Development Agreement related to the Project that addresses the expansion of public services and infrastructure upgrades and establishes a framework for continued collaboration. This plan was developed with input received from community and county management teams and other stakeholders identifying potential pre-emptive development actions that the ioneer will implement to address issues identified due to influx of construction and operations phase employees. Planning components included a focus on alleviating any impacts to schools, traffic management, landfills, emergency response services (e.g., ambulance, fire), roads, law enforcement, and community welfare systems, among other factors important to local communities with respect to project development.

**17.1.16.** **Soil Resources** 

There would be up to 2,266 acres of new surface disturbance of which 211 would be permanent. There could be potential impacts to biological soil crusts if present.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**17.1.17.** **Transportation and Access** 

Approximately 7.6-km (4.7-miles) of Cave Springs Road and 1.9-km (1.2-mile) of Argentite Canyon Road would be realigned to avoid Project facilities. The realigned Cave Springs Road would have two new crossings with Project roads. There would be an additional estimated 186 to 248 vehicle passes per day during construction, an additional 230 to 288 vehicle passes per day during operations, and an additional 40 vehicle passes per day during closure on the access road. Traffic control systems on Cave Springs Road would temporarily stop public traffic at two autonomous haul road intersections to the processing facility and North OSF, which may cause delays to public traffic on Cave Springs Road. A pilot car would guide public traffic between the two road crossings through the OPA.

**17.1.18.** **Visual Resources** 

From Key Observation Points (KOPs) 1, 2, and 4, there would be no conflict with the Visual Resource Management (VRM) Class IV objectives. From KOP 3, there would be no conflict with the VRM Class III objectives. Visible portions from the Silver Peak WSA (VRM Class I) are not anticipated to change the overall quality of views. Nighttime lighting could cause an urban sky glow over the OPA. The brightness of the lights and darkness of the nearly black background would create a strong contrast and thus make the lights visible.

**17.1.19.** **Water Resources – Surface Water** 

The surface water resources baseline report (NewFields, 2020b) was prepared by NewFields in 2020 encompassing the following study area:

- Land within the Project area and immediately adjacent to and downstream of Project components.

- Land within a 8 km (5 mile) radius of the Project area.

Baseline surface water conditions were also characterized along the access road with results presented in an addendum (NewFields, 2019c).

One of the major data sources used for the surface water resources baseline technical report includes the aquatic resources delineation report. The aquatic resources delineation report was completed by Stantec in 2019 and covered an approximate 8,403-acre area in northeastern Fish Lake Valley. The main objectives of this study were as follows:

- Determining whether drainage features meet the requirements to be considered waters of the United States.

- Determining the ordinary high water mark of drainages within the survey areas.

- Determining wetland occurrence in the survey area.

- Mapping aquatic features to the U.S. Army Corps of Engineers current mapping standard.

The following summarizes the major findings and aspects of the surface water resources baseline report, which includes the findings from the aquatic resources' delineation report, and addendum:

- The wetlands and drainages in the study area are all isolated waters or tributaries to the Fish Lake Valley, which itself is an isolated basin.

- No wetlands and/or drainages identified are anticipated to be jurisdictional by the United States Army Corps of Engineers. and subject to Section 404 Clean Water Act permitting.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

- The delineation found no apparent interstate or foreign commerce connection with the aquatic resources and no jurisdictional waters with a significant nexus to a traditional navigable water within the study area.

In addition, there are no perennial or intermittent surface water flows within or adjacent to the Project area. There is a well-developed ephemeral drainage channel (Cave Springs drainage) that bisects the Project area.

**17.1.20.** **Water Resources- Groundwater** 

The groundwater resources baseline report was prepared by Piteau Associates in 2023. The Project is located in the Basin and Range Province in western Nevada. The Walker Lane structural zone is an important control in the area, giving rise to N to S trans-tensional faults that are found in exposed bedrock. The regional geology of the Project area is typical of the Basin and Range Province, with basins composed of younger alluvium, basin fill, playa deposits and mountain ranges composed of uplifted basement rocks. For the purposes of the water resource analysis, the bedrock occupying the mountain range is divided into two general units: carbonate rocks and non-carbonate rocks (granitic and volcanic rocks). The conceptual model domain encompasses the full Fish Lake Hydrographic Basin (Basin 117) to evaluate the effects of resource dewatering, water supply, and the formation of a pit lake following mine closure. The numerical model domain extends into smaller portions of Big Smoky Valley and Clayton Valley and is designed to ensure that potential hydrological changes related to the Project would not impinge on the model domain boundary.

The model scenario for the Project includes the development of the Rhyolite Ridge mine through 2040 as well as an open quarry closure with partial backfilling and the development of a quarry lake. Quarry dewatering will be achieved through the installation of vertical wells, sumps, and horizontal drains. This alternative includes the development of a new wellfield north of Dyer NV designed to produce an additional 4,000 acre-feet per year of groundwater from the Fish Lake Valley groundwater system. The water will be conveyed to the site via a 30 km (19 mile) pipeline. Rhyolite Ridge mine is to be closed as a quarry lake that functions as a groundwater sink. The key findings based on numerical modeling and associated with the development of the Rhyolite Ridge Project include:

- Under Phase 1 of the Project, the Quarry will be excavated to its lowest elevation of 5,490 ft amsl. Dewatering or sump pumping is anticipated to stabilize slopes and manage quarry wall seepage.

- Under Phase 1 of the Project, the North, South, and Quarry backfill OSFs will be established as resource development continues. The southern portion of the Rhyolite Ridge mine will be backfilled with non-potentially acid generating overburden rock.

- Dewatering rates associated with the Project are expected to range from ~227 lpm (~60 gpm) to a maximum annual average of 2,460 lpm (650 gpm) occurring in 2033. The average dewatering flow through the life of the mine is expected to be about 1,041 km (275 gpm).

- At the end of quarry mining (2040), simulated heads show changes in piezometric levels of more than 122 m (400 ft) in the Project area due to quarry dewatering. In addition, there is a limited area of drawdown below the location of the modeled production wells.

- The Project has two water supply wells pumping at 4,000 acre-feet per year in the agricultural area north of Dyer. A small area of drawdown forms below the new wells but is of limited extent. The maximum differential drawdown is less than 6 m (20 ft).

A quarry lake will form as a terminal sink upon closure of the mine. Lake levels are expected to recover to approximately 1,721 m (5,646 ft) amsl elevation during the first 60 years post closure.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

There would be groundwater drawdown of up to 91 m (300 ft) in the vicinity of the quarry, followed subsequently by groundwater recovery over a period of approximately 60 years. A 66-acre (surface size) quarry lake would form post-quarrying and after groundwater recovery. Nevada Division of Environmental Protection Profile III reference values in the quarry lake would be in exceedance for arsenic from 50 to 200 years post-closure, boron from five to 200 years post-closure, fluoride from five to 200 years post-closure, and molybdenum from five to 200 years post-closure. An ecological risk assessment indicated a low probability that risks to wildlife would occur based on the predicted water quality for the post-quarrying quarry lake. Impacts to 32 surface water sites are not anticipated because they are thought to be perched. If the springs are sourced from upwelling groundwater on the upgradient side of a low permeability fault zone, decreased amounts of spring flow may occur. Surface disturbance may cause erosion and sedimentation during construction and operation. Four surface water stock rights within the predicted 3 m (10 ft) drawdown contour associated with the maximal drawdown prediction (SP-01, SP-03, SP-06, and SP-07), one surface stock water right, one groundwater stock right, and nine groundwater irrigation rights could be impacted by groundwater drawdown. There are no impacts predicted to groundwater quality because evaporation of the quarry lake would cause it to be a terminal sink.

**17.2.** **Requirements and Plans for Waste and Tailings Disposal, Site Monitoring, and Water Management During Operations and After Mine Closure** 

A design report for the SOSF, South OSF, and associated infrastructure for Phase 1 of the Project was prepared in support of Project development. In addition, the North OSF is part of Phase 1 of the Project development. During operations, run-of-quarry ore will be crushed and vat-leached. As a result, byproducts including spent ore, sulphate salts, and precipitation filter cake will be transported to the SOSF for disposal. Under Phase 2 of the Project the additional overburden will be placed in any of five OSFs.

**17.2.1.** **Effluents** 

The SOSF and the processing facility are designed to be a zero-discharge facility and will incorporate the necessary drainage and collection systems as part of the containment design. The OSFs are designed with underdrain systems to collect and control any meteoric water seepage. Domestic wastewater will be managed through a septic field system.

**17.2.2.** **Waste Management** 

Wastes will be generated during operations. ioneer has developed a project waste management plan that will guide how such discarded products will be handled and allow 80% of all waste generated to be recycled. Residual non-hazardous solid waste will be disposed of in a permitted landfill.

Impacted soil (petroleum-contaminated soil) and other unconsolidated earther material will be transported to an appropriately licensed facility or otherwise remediated in an appropriate manner.

**17.2.3.** **Air Quality** 

The Nevada Bureau of Air Pollution Control requires an Air Quality Permit be granted. Air quality will be maintained using state-approved environmentally compatible methods of dust control and air emissions will be monitored to make certain that they meet air quality guidelines defined in the environmental design criteria. The following air quality control measures will be employed by the Project:

The sulfuric acid plant is designed with double absorption conversion technology, a NOx collection system and a tail gas scrubber to reduce tail gas emissions;

Reagent transfer systems are designed with baghouses on all emissions points;

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Product drying and bagging systems are designed with baghouses or wet scrubber to control emissions;

The mining haul fleet and associated mining equipment have all been specified with Tier 4 engines;

The haul fleet will be autonomous, which are expected to result in lower overall fuel consumption/ton and, therefore, emissions;

The use of polymer treatment for haul, plant and service roads is under investigation to reduce dust emissions and quantity of water required for dust suppression.

**17.2.4.** **Stormwater Controls** 

Stormwater controls were designed to route upgradient runoff (non-contact water) around the proposed SOSF, the OSFs, and processing infrastructure, and to accommodate and contain on-site runoff (contact water) from design storm events. The intent of the stormwater controls is as follows:

- Divert non-contact water (i.e., water that has not come in contact with disturbed ground or composite materials) around the facilities and discharge to downstream water courses.

Convey sediment-laden runoff, as necessary, to sediment collection basins prior to discharging to downstream water courses. It is anticipated that the flows from the South Diversion Channel of the SOSF could result in minor erosion to the overburden on the native slopes at this outlet. A Sediment Basin has been designed to capture all runoff from the South Diversion Channel and slowly release it to the natural drainage through perforated riser pipe.

Contain precipitation from a design storm event that has come in contact with composite materials. During operations, runoff from the SOSF will be contained within the lined SOSF area. Flow will be directed to the underdrain system and toward the outlet of the SOSF. Under normal operations, stormwater will be routed to the Underdrain Pond. If a storm produces more runoff than the underdrain collection piping can handle, contact stormwater will overflow the SOSF outlet berm into the lined underdrain collection outlet channel, where it will be directed to the Underdrain Pond.

Hydrologic and hydraulic calculations were performed to establish design peak flows, runoff volumes, channel capacities, minimum channel dimensions, and slopes required to pass the design peak flows from up-gradient watersheds that will be diverted around the SOSF.

Stormwater controls for the South OSF are discussed in Section 13.1.3.

**17.2.5.** **Tailings Management and Monitoring** 

Surveillance of the SOSF will consist of visual inspections to assess both the conditions and performance of the facility and associated underdrain pond. Routine inspections will be performed by the maintenance technician or environmental specialist on a daily basis and after intense precipitation events. Monthly inspections will be performed by the site services manager. At minimum, the SOSF will be inspected annually by the engineer of record. The inspection will include a review of the construction records and visual inspection of the facility. A log book will be maintained as part of the SOSF and underdrain pond surveillance to document all inspection findings and maintenance work.

In addition to visual monitoring, a network of vibrating-wire piezometers is included with the SOSF design to allow monitoring of phreatic levels within the facility. Piezometers will be installed beneath the primary structural zone as well as the interior of the SOSF. Monitoring wells will be located down gradient of the SOSF to monitor the quality of the groundwater. Surface deformation monuments will be established along slopes and final crests as the facility expands.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**17.2.6.** **Tailings and Process Water Containment, Management, and Treatment** 

The SOSF will be lined with an 80-milimeter high-density polyethylene double-side textured geomembrane for fluid containment.

Drainage of solution and meteoric water from the composite material will be collected in the drainage system at the base of the SOSF and gravity drain to the underdrain pond. The solution collection systems include a drainage medium consisting of a sand and gravel mixture (referred to as overliner) with a network of piping.

All flows will gravity drain to the outlet of the SOSF. Captured solution will discharge into the underdrain pond.

The underdrain pond has been sized to contain residual draindown flow, direct precipitation runoff from the SOSF, and direct precipitation on the pond from a 100-year 24-hour storm event. The pond will be doublelined with a leak detection system located between the primary and secondary liners. The leak detection system is fitted with a submersible pumping system to evacuate any leakage that may occur through the primary geomembrane. This serves to reduce head on the secondary liner system and therefore any seepage through the secondary liner. Solution collected in the underdrain pond will be recovered by a pumped solution recovery system located on the pond slope and evacuated to a truck loadout area. From the loadout area, solution will be trucked to the processing facilities where it will be consumed through operational uses.

The underdrain pond will be located to the north-northwest of the SOSF.

**17.3.** **Permitting Requirements** 

ioneer has focused its efforts on obtaining the major environmental permits for the initial Phase 1 Quarry. These include the Plan of Operations with the BLM, The Nevada Reclamation Permit and Water Pollution Control Permit from the Nevada Bureau of Mining Regulation and Reclamation, the Air Quality Operating Permit from the Nevada Bureau of Air Pollution Control, and water rights from the Nevada Division of Water Resources. These four major environmental permits for the Project have been secured by ioneer. The BLM issued the Record of Decision and approved the Mine Plan of Operations. Subsequent to these actions, the Center for Biological Diversity, the Great Basin Resource Watch and the Western Shoshone Defense Project filed three appeals. The first against the BLM concerning the adequacy of the analysis in the EIS, the second against the BLM regarding the approval of the Mine Plan of Operations, stating that the Project violates the requirements under 43 Code of Federal Regulations (CFR) 3809, and third against the USFWS regarding the adequacy of the Biological Opinion that was used by the USFWS to complete the Section 7 consultation under the ESA.

The development of the Phase 2 Quarry will require revisions to some of the Project permits and these revised permits will need to be secured prior to Phase 2 Quarry development.

The approximately 20 percent increase in the mining rate will require modification to all four major environmental permits. This increase in the mining rate will result in the surface disturbance occurring in critical habitat and adjacent to the Tiehm's buckwheat population in a timeframe that was not previously disclosed in the Plan of Operations, the associated NEPA analysis, and the Section 7 consultation with the United States Fish and Wildlife Service.

Table ‎17-2 lists the ministerial permits that are required for the Project and indicates the status of those permit applications or permit issuance. No permit applications have been developed or submitted for the Phase 2 development of the Project.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎17-2 - Rhyolite Ridge Project Phase 1 Permits Register** 

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|:---|:---|:---|
| **Permit** | **Regulatory Agency** | **Permit Status** |
| &nbsp;&nbsp;Above Ground Storage Tanks Permit | &nbsp;&nbsp;State Fire Marshall | &nbsp;&nbsp;Pending Construction |
| &nbsp;&nbsp;Boiler and High-Pressure Vessels Operating Permit | &nbsp;&nbsp;Nevada Department of Business and Industry, Division of Industrial Relations, Mechanical Compliance Section | &nbsp;&nbsp;Pending Construction |
| &nbsp;&nbsp;Certificate of Public Convenience and Necessity for Power Generation | &nbsp;&nbsp;Public Utilities Commission of Nevada | &nbsp;&nbsp;Issued |
| &nbsp;&nbsp;Dam Safety Permit | &nbsp;&nbsp;Nevada Division of Water Resources (NDWR) | &nbsp;&nbsp;Issued |
| &nbsp;&nbsp;Explosives Permit | &nbsp;&nbsp;US Department of Treasury, Bureau of Alcohol, Tobacco, Firearms, and Explosives | &nbsp;&nbsp;Pending Construction |
| &nbsp;&nbsp;Fire and Life Safety | &nbsp;&nbsp;State Fire Marshall | &nbsp;&nbsp;Pending Construction |
| &nbsp;&nbsp;Hazardous Materials Permit | &nbsp;&nbsp;State Fire Marshall | &nbsp;&nbsp;Pending Construction |
| &nbsp;&nbsp;Hazardous Materials Storage Permit | &nbsp;&nbsp;Nevada Department of Public Safety, State Fire Marshall, and State Emergency Response Commission | &nbsp;&nbsp;Pending Construction |
| &nbsp;&nbsp;Hazardous Waste Identification Number | &nbsp;&nbsp;US Environmental Protection Agency and NDEP, Bureau of Sustainable Materials Management | &nbsp;&nbsp;Issued |
| &nbsp;&nbsp;Industrial Artificial Pond Permit | &nbsp;&nbsp;Nevada Department of Wildlife, Habitat Division | &nbsp;&nbsp;Pending Construction |
| &nbsp;&nbsp;Mine Identification Number Request | &nbsp;&nbsp;Mine Safety and Health Administration | &nbsp;&nbsp;Issued |
| &nbsp;&nbsp;Notice of Commencement of Mine Operations | &nbsp;&nbsp;Mine Safety and Health Administration | &nbsp;&nbsp;Pending Construction |
| &nbsp;&nbsp;Notice of Commencement of Mine Operations | &nbsp;&nbsp;Nevada Department of Business Industry, Division of Industrial Relations, Mine Safety and Training Section | &nbsp;&nbsp;Pending Construction |
| &nbsp;&nbsp;Mine Registry | &nbsp;&nbsp;Nevada Division of Minerals | &nbsp;&nbsp;Pending Construction |
| &nbsp;&nbsp;Notice of Dam Construction | &nbsp;&nbsp;Nevada Division of Water Resources | &nbsp;&nbsp;Issued |
| &nbsp;&nbsp;Permit to Appropriate Water | &nbsp;&nbsp;Nevada Division of Water Resources | &nbsp;&nbsp;See Note 2 |
| &nbsp;&nbsp;Permit for Package Wastewater Treatment Plant<sup>1</sup> | &nbsp;&nbsp;NDEP, Bureau of Water Pollution Control | &nbsp;&nbsp;Project likely to utilize a Septic System. This permit will be obtained if septic system not possible. |
| &nbsp;&nbsp;Public Water System Permit | &nbsp;&nbsp;NDEP, Bureau of Safe Drinking Water | &nbsp;&nbsp;Pending Construction |
| &nbsp;&nbsp;Project Notification | &nbsp;&nbsp;Esmeralda County | &nbsp;&nbsp;Completed |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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|:---|:---|:---|
| **Permit** | **Regulatory Agency** | **Permit Status** |
| &nbsp;&nbsp;Radio Communication Authorization | &nbsp;&nbsp;Federal Communications Commission | &nbsp;&nbsp;Should be obtained in 2025 |
| &nbsp;&nbsp;Road Maintenance Agreement | &nbsp;&nbsp;Esmeralda County Road Department | &nbsp;&nbsp;Completed |
| &nbsp;&nbsp;Septic System Permit<sup>1</sup> | &nbsp;&nbsp;Nevada Division of Public Health (Fallon) | &nbsp;&nbsp; Pending Construction |

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Note:

&nbsp;&nbsp;&nbsp;&nbsp;1. Permit may not be required depending upon final project
 design

&nbsp;&nbsp;&nbsp;&nbsp;2. ioneer has acquired all the necessary water rights for the
 Project through private-party contracts of existing water rights. Changes to the points of diversion and place and manner of use need to be obtained through permit changes from the NDWR. Permits to Appropriate Water State of Nevada Permit No
 92731 and Permit No 92732 were granted December 15, 2023, totaling 484 acre-feet per year which is sufficient to support construction activities. Application to Appropriate Water for Dewatering around the Quarry prepared submitted on October
 22, 2024. On February 12, 2025, NDWR notified White Mountain Ranch, LLC (WMR; applicant) of protests filed by Esmeralda County, Center for Biological Diversity, Central Nevada Regional Water Authority, and Dan J. Peterson against the granting
 of Applications 93949, 93950, and 93951. ioneer responded to protests on behalf of WMR and submitted responses on March 26, 2025. The applications are currently pending a "ready for action" determination from the State Engineers office at which
 time further information may be requested. The ready for action determination has been delayed and is expected in Q3 2026.

In order to commence the development of Phase 2 of the Project, the four major environmental permits and several of the permits outlined in Table 17-2 will need to be amended. At a minimum, these include, but are not limited to, the Mine Plan of Operations with the BLM, the Nevada Reclamation Permit with the State of Nevada Bureau of Mining Regulation and Reclamation (BMRR), and the Water Pollution Control Permit with the BMRR.

As outlined above and as a result of a need to expand the Project area, certain baseline environmental studies, including geochemistry, groundwater resources, biological resources, and cultural resources, will need to be completed prior to the submittal of these applications. In addition, detailed engineering design work for the storage of spent ore and overburden, as well as for stormwater management, will need to be completed.

Ultimately, the BLM permitting process will require compliance with the National Environmental Policy Act (NEPA) likely through the completion of a Supplemental Environmental Impact Statement (SEIS). The NEPA process will be guided by the 2023 implemented requirements in the NEPA regulations under 40 CFR 1500 and other U.S. Department of Interior guidance, as well as the BLM Battle Mountain District Instruction that streamline the overall environmental review and permitting processes. The BLM will select a third-party SEIS contractor to complete the process with the BLM.

Within the Project area, there is one threatened and endangered species currently listed under the ESA for which the Project would require permitting through Section 7 of the ESA. This species is the Tiehm's buckwheat (*Eriogonum tiehmii*) and is listed as endangered under the ESA with designated critical habitat. Previously under the Phase 1 permitting for the Project, consultation under Section 7 of the ESA between the BLM and the USFWS occurred to analyze the expected effects of the development of the Project on the species and its critical habitat. The USFWS determined that Phase 1 of the Project would not jeopardize the continued existence of the species or result in adverse modification of its critical habitat.

The presence of Tiehm's buckwheat, under Phase 2 of the Project, will again require the BLM to enter into formal consultation with the USFWS under Section 7 of the ESA, based on 50 CFR 402.16. Consequently, the USFWS would analyze the additional impacts of the Phase 2 development of the Project on the species and critical habitat to determine if the Project would jeopardize the continued existence of the species or result in adverse modification of critical habitat. Should the USFWS determine that jeopardy or adverse modification would likely occur, Reasonable and Prudent Alternatives that meet the purpose and need of the Project would be developed, if practicable, in order for the Project to proceed.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

During Section 7 consultation, the BLM and USFWS could coordinate with ioneer to develop additional conservation measures and Project design features to minimize impacts and avoid jeopardy to the species and adverse modification to critical habitat. As such, it is anticipated that additional conservation measures would be incorporated into the Project such that permitting under the ESA would not preclude development of the Project.

**17.3.1.** **Environmental Protection Measures** 

The application for the Mine Plan of Operations and Nevada Reclamation Permit for the Phase 1 Project activities included a number of applicant-proposed conservation measures that minimize the environmental effect of the Project. ioneer has committed to the following applicant-committed environmental protection measures for the Project.

**17.3.1.1.** **Tiehm's Buckwheat** 

ioneer has been engaged with the BLM and the USFWS regarding the protection of Tiehm's buckwheat and the measures to ensure the long-term viability of the species. As a result of these discussions, the Tiehm's Buckwheat Protection Plan was developed. Information regarding the plant and the means ioneer would take to protect the plant include: establishing disturbance buffers around the subpopulations; installing fencing around known populations as soon as a continuous proponent presence is on site; implementing a propagation and transplant program for plants at new locations; and constructing a growth media area on the reclaimed OSF that reflects the geochemical and physical characteristics of the occupied Tiehm's buckwheat designated critical habitat. Specifics of these measures are provided in the Tiehm's Buckwheat Protection Plan, which has been developed by ioneer to conserve and expand the species. The size and shape of the buffer areas were developed based on the specific topographic characteristics at each subpopulation and designed to avoid direct effects to the subpopulations from the Project. It should be noted that these applicant-committed environmental protection measures for Tiehm's buckwheat are designed to only address potential threats to the species from Project-related activities. In addition, all activities, including quarrying, have been designed to avoid any surface disturbance within the buckwheat exclusion area, and thus, the subpopulations. The buckwheat exclusion area would be fenced.

**17.3.1.2.** **Air Quality** 

Air quality operating permits have been obtained from the NDEP Bureau of Air Pollution Control prior to Project construction. Air quality protection would include stationary source emissions control and fugitive dust control per Bureau of Air Pollution Control regulations. Appropriate emission control equipment would be installed at point (stationary) sources and operated in accordance with the construction and operating air permits. Where required, pollution control devices installed by equipment manufacturers would control combustion emissions. Pollution control equipment would be installed, operated, and maintained in good working order to minimize emissions. Fugitive dust would be controlled on roadways and other areas of disturbance with water or NDEP/BLM- approved dust suppressants, where appropriate. Fugitive emissions at the crusher and material drop points would be minimized through application of water sprays or other dust control measures as per accepted industry practice and permit stipulation. Disturbed areas would be seeded with an interim seed mix developed in conjunction with the BLM to minimize fugitive dust emissions from exposed, unvegetated surfaces. ioneer would use best management practices to operate the ultra-low emission sulfuric acid plant (comprising low emissions for sulfur dioxide [SO2], nitrogen oxides [NOx], and sulfuric acid [H2SO4]). These measures would include the use of Tier 4 equipment, controlling emissions of hazardous air pollutants, minimizing impacts to ambient air quality, and ensuring compliance with applicable standards.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**17.3.1.3.** **Cultural Resources** 

A Class III cultural resource survey was performed within and near the Project area. The types and locations of cultural resources within this area have been documented and would be avoided, where possible, during all phases of Project implementation. In the event impacts to potentially eligible or unevaluated cultural resources are unavoidable, ioneer would undertake actions in accordance with the Memorandum of Agreement between the BLM, Nevada State Historic Preservation Office, and the Advisory Council on Historic Preservation signed October 2024. For eligible cultural resources that cannot be avoided by the Project, ioneer in conjunction with the BLM and Nevada State Historic Preservation Office developed a historic properties treatment plan historic properties treatment plan (HPTP) executed in June 2025 for data recovery, archaeological and architectural documentation, and report preparation based on the Secretary of the Interior's Standards and Guidelines *for Archaeology and Historic Preservation* (National Park Service, 1983). If previously unknown cultural resources, or human remains, funerary objects, or items of cultural patrimony, are encountered on BLM-administered land during Project construction or implementation, procedures spelled out in the discovery plan, historic properties treatment plan, and/or memorandum of agreement would be followed. Project activities would not recommence in these areas until a Notice to Proceed is issued by the BLM consistent with these documents. The BLM authorized officer would be notified, in accordance with Section VI.B.1. of the *State Protocol Agreement between the Bureau of Land Management, Nevada and the Nevada State Historic Preservation Officer for Implementing the National Historic Preservation Act* (Revised December 22, 2014) (BLM and Nevada State Historic Preservation Office, 2014). The location of the find would not be publicly disclosed, and the remains would be secured and preserved in place. ioneer or its contractors would also immediately notify the Esmeralda County Sheriff of the discovery. Any discovered Native American human remains, funerary objects, or items of cultural patrimony found on federal land would be handled in accordance with the Native American Graves Protection and Repatriation Act of 1990. Non-Native American human remains would be handled in accordance with Nevada state law. An evaluation of the resource would determine any subsequent actions to be taken. Project activities would not recommence in the isolated area until a Notice to Proceed is issued by the BLM. ioneer would inform all field personnel of their responsibilities to protect cultural resources and report inadvertent discoveries. ioneer would also inform all field personnel of the various regulations and penalties in place to protect these resources, including the Archaeological Resources Protection Act of 1979 and Native American Graves Protection and Repatriation Act (Public Law 101-601). ioneer is also responsible for training employees and contractors to not engage in the illegal collection of historic and prehistoric materials and to follow procedures for off-road travel and cultural resources' buffer zones avoidance.

**17.3.1.4.** **Vibration Monitoring at Cultural Sites** 

Predicted indirect effects on cultural resources from blasting and equipment use were quantified as part of the Class III cultural resources evaluation to identify any potential resources that may be indirectly affected as a result of vibration caused by Project activities. A HPTP has been developed for eligible or unevaluated cultural resources deemed adversely impacted by the Project. Should vibration monitoring be deemed necessary by the BLM and Nevada State Historic Preservation Office, ioneer would perform monitoring at the appropriate sites identified in the historic properties treatment plan. If monitoring indicates that adverse impacts not initially anticipated in the plan have occurred at these sites, additional mitigation may be required. Mitigation options may include, but are not limited to, the implementation of a data recovery program that could include detailed site documentation, surface collection, and/or excavation and analysis to gather a representative sample of surface and subsurface cultural deposits capable of addressing identified research questions.

**17.3.1.5.** **Paleontological Resources** 

ioneer would not knowingly disturb, alter, injure, or destroy any scientifically important paleontological deposits. In the event that previously undiscovered paleontological resources are encountered, work in the area would cease and the area would be left intact and brought to the attention of the BLM. If significant

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

paleontological resources are encountered, avoidance, recordation, and/or data recovery may be required, as determined by the BLM.

**17.3.1.6.** **Erosion and Sediment Control** 

Erosion and sediment control would be accomplished through the application of best management practices to limit erosion and reduce sediment from precipitation or snowmelt runoff. Surface water would be managed using surface stabilization measures, runoff and run-on control and conveyance systems, and sediment traps and barriers. Following construction, areas such as cut-and-fill embankments and growth media stockpiles would be seeded with an interim seed mix, developed in conjunction with the BLM, to stabilize material, reduce erosion and minimize the establishment of undesirable weeds, while sediment controls would be applied to limit wind and water erosion. Concurrent reclamation would be implemented, to the extent possible, to accelerate stabilization of disturbed areas. All sediment and erosion control measures would be inspected regularly, with any needed repairs performed or additional best management practices implemented.

**17.3.1.7.** **Water Resources** 

The Project is located in the Fish Lake Valley Hydrographic Basin (10-117) which is considered endorheic and does not contribute to traditionally navigable waters. No perennial streams are present in the Project area. There is an avoidance area around Cave Spring where no surface-disturbing activities would occur under Phase 1 of the Project. Process components would be designed, constructed, and operated in accordance with Nevada Administrative Code 445A. Water would be recycled to the maximum extent practicable to conserve water resources. Stormwater management would ensure that clean water and contact water are not intermingled. Stormwater monitoring would be completed according to the stormwater management plan to ensure that all surface water controls are stable and well maintained.

**17.3.1.8.** **Geology and Minerals** 

A quarry lake evaluation report, geochemical characterization report, and overburden management plan have been prepared in accordance with BLM and NDEP guidance. The geochemical characterization report describes the potential for acid rock drainage, metals and metalloids leaching, and salinity generation from overburden, ore, and process residual materials as well as the potential for mobilization of deleterious constituents. The quarry lake evaluation report describes the anticipated geochemical and hydrogeological characteristics of a predicted post-closure quarry lake. The overburden management plan includes recommendations, from an environmental geochemistry standpoint, for overburden handling, overburden placement, and OSF design. Objectives of the overburden management plan include: minimizing leaching of metals and metalloids; minimizing sulfide oxidation and developing localized acidic conditions; limiting seepage through overburden materials; and facilitating closure of the OSFs.

**17.3.1.9.** **Materials and Waste Management** 

The Project may result in the use and generation of hazardous and non-hazardous waste materials. The management of regulated solid and hazardous wastes that are not classified as exempt waste per the Bevill Amendment (e.g., fossil fuel combustion waste; waste from the extraction, beneficiation, and processing of ores and minerals [including phosphate rock and overburden from uranium ore mining]; and cement kiln dust) or associated with process components would be managed according to best management practices and requirements of regulatory permits. Efforts to find markets for other leached materials would continue during operations as a means to reduce waste quantities. Spill contingency and emergency response measures are included in the emergency response and spill contingency plan.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**17.3.1.10.** **Hazardous Materials** 

Hazardous materials would be transported, stored, and used in accordance with federal, state, and local regulations, including regulations identified in the Standards Applicable to Generators of Hazardous Waste. Management of hazardous materials associated with the Project would comply with all inventory and reporting requirements. If any hazardous waste is generated on site, it would be properly disposed of at a licensed facility. Transportation and handling of hazardous materials would be conducted by licensed carriers and properly trained workers. Employees would be trained in the proper transportation, use, and disposal of hazardous materials. Blasting components, including ammonium nitrate, would be stored away from other Project facilities and a minimum of 213 m (700 ft) from Cave Springs Road in compliance with the Mine Safety and Health Administration, state, and federal requirements. Boosters and detonators would be stored at a separate location nearby. All liquid petroleum products and reagents used in the process would be stored in above-ground tanks within a secondary containment area capable of holding 110 percent of the volume of the largest vessel in a given containment area.

**17.3.1.11.** **Sanitary and Solid Waste Disposal** 

Employee training plans would address appropriate disposal practices, to include education on which wastes may be placed in a landfill, as well as management of regulated substances. Non-hazardous solid wastes would be disposed of in a licensed off-site facility. Used solvent, liquids drained from aerosol cans, accumulations of mercury fluorescent lights, and used antifreeze may be regulated under the Resource Conservation and Recovery Act and would be managed accordingly. ioneer anticipates that the facility would fall under the "conditionally exempt small quantity generator" category. Domestic wastewater would be routed, treated, and disposed of appropriately.

**17.3.1.12.** **Petroleum-Contaminated Soils** 

Petroleum-contaminated soils resulting from spills or leaks of hydrocarbons would be addressed immediately by being removed from the spill site and stored in appropriate secondary containment areas in accordance with NDEP guidelines. ioneer would excavate and transport any petroleum-contaminated soil to a licensed off-site disposal facility.

**17.3.1.13.** **Growth Media and Soil Salvage** 

Suitable growth media/cover material would be salvaged and stockpiled during Project development. Growth media stockpiles would be located such that they would not be disturbed by Project development. The surfaces of the stockpiles would be contoured with slopes to reduce erosion. To minimize wind and water erosion, growth media stockpiles would be seeded with an interim seed mix developed in conjunction with the BLM to stabilize material, reduce erosion and minimize the establishment of undesirable weeds. Surface water would be diverted around stockpiles as needed to prevent erosion from stormwater runoff. Best management practices such as silt fences or staked weed-free straw bales would be applied as necessary to limit wind and water erosion.

**17.3.1.14.** **Monitoring Plan and Other Plans** 

Baseline monitoring and characterization were completed at the onset of this Project. These findings would be utilized as a basis for assessing potential impacts to air, water, and biological resources that may result from the Project. The Monitoring Plan (ioneer 2022) and other commitments (leak detection, fluid management, etc.) to be included in the Water Pollution Control Permit would serve as a basis for monitoring activities. These plans may be updated as the Project progresses to accommodate changes in conditions and ensure ongoing protection of the environmental integrity of resources on site.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

ioneer has entered into a Development Agreement with Esmeralda County.

**17.3.1.15.** **Wildlife and Avian Protection** 

The following applicant-committed environmental protection measures would be implemented by ioneer to reduce or preclude risks to raptors, birds, bats, grazing animals, and other species that may interact with Project activities or facilities:

- The open adit adjacent to the Project haul road may be closed in coordination with the Nevada Department of Wildlife and BLM.

- Operators would be trained to monitor the Project area for the presence of larger wildlife such as deer, antelope, and sheep. Mortality information would be collected and reported, as necessary.

- ioneer would establish wildlife protection policies that prohibit feeding or harassment of wildlife within the Project area boundary.

- Following Project construction, areas of disturbed land no longer required for operations would be reclaimed as required by the BLM to promote the reestablishment of native plant and wildlife habitat.

ioneer has developed a draft bird and bat conservation strategy that includes measures to reduce impacts to birds and bats. The bird and bat conservation strategy includes, but is not limited to, the following:

Land clearing or other surface disturbance associated with the Project would be conducted outside of the avian breeding season, whenever feasible, to avoid potential destruction of active nests or young birds in the area. When surface disturbance must occur during the avian breeding season (March 1 through July 31), a BLM-qualified biologist would survey the area prior to land clearing activities in accordance with current BLM protocols. Survey results would be submitted to the BLM before surface disturbance occurs.

- Primary pond liners would consist of 80-mm high-density polyethylene single-sided textured geomembrane with the textured side up to facilitate wildlife egress.

Avian exclusion measures (e.g., bird balls, netting, BirdXPellers) would be used where required. ioneer employees would check the avian exclusion measures and the fencing around all ponds at least once per 12-hour shift or as specified in the permit. Ponds would be monitored and reclaimed at closure.

- The interior side slopes of the processing facility contact water pond are designed at 3H:1V with the exterior cut fill slopes designed at 2H:1V to ensure that there are no shallow 'mud-flat' areas that could allow birds to wade, forage, and rest along the shore.

- ioneer would maintain a record of all mortalities (birds and bats) associated with permitted facilities.

- During all phases of the Project, all food, waste, and other trash would be placed in containers with lids or covers that can be closed to discourage scavenging by wildlife.

- Speed limits would be posted at 35 miles per hour (mph) on haul roads, 45 mph on access roads, and 25 mph on all other roads in the Project area.

- Powerlines would be designed to provide sufficient separation between phases and grounds to reduce the risk of electrocution for raptors, birds, and bats.

The processing facility, mine, explosive storage area, and contact water ponds would be fenced to specifications outlined in the BLM Handbook 1741-1, as applicable. All fences would include double swing gates to allow for human access. ioneer would also coordinate with Nevada Department of

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Wildlife on fencing specifications. Avian and wildlife protection measures would be in compliance with Industrial Artificial Pond Permit measures.

- Blasting would be performed during daylight hours.

**17.3.1.16.** **Noxious Weeds and Invasive Non-native Species** 

ioneer has developed a noxious and invasive weed management plan for the Project. Prevention, detection, containment, and removal would be the primary strategies for weed control. Weeds on site would be physically removed or treated with approved herbicides by certified applicators. Weed treatment activities within the Tiehm's buckwheat avoidance area and the subpopulations would be limited. Monitoring would include creation of an occurrence and treatment database including geographic locations of the sites. The results from annual monitoring and treatment would be reported to the BLM and shall serve as the basis for updating the plan and developing ongoing annual treatment programs.

**17.3.1.17.** **Public Safety and Accessibility** 

Public safety would be maintained throughout the life of the Project by excluding unauthorized access to sensitive Project facilities through the installation of fencing and security features (including cameras and personnel) as well as the installation of traffic-control measures. The latter would include the establishment of speed limits (to be strictly enforced) for Project-related traffic on public and haul roads, the installation of a rail- road type crossing guard (with stop signs) at the intersection of the haul road and Cave Springs Road near the processing plant, and the installation of stop signs at the intersection of Cave Springs Road and the service road to the explosives storage area from the mine area. These measures would also provide for continued public accessibility to and through the Project area. All equipment and facilities associated with the Project would be maintained in a safe and orderly manner for public safety. All activities would be conducted in conformance with applicable federal and state health and safety requirements; site visitors would be properly instructed in site safety procedures prior to admittance.

**17.3.1.18.** **Transportation and Access** 

ioneer's transportation and access plan outlines safe procedures and mandatory practices for Project-related personnel travel and material transport to and from the Project site. The plan includes descriptions of how safe public access would continue to be accommodated through the Project area, in coordination with Esmeralda County and other existing road users. In addition, ioneer realizes that certain road engineering upgrades and maintenance activities must be implemented to safely accommodate the increased traffic that would result from Project activities. Accordingly, an access road improvement and maintenance plan has been produced. Together, the transportation and access plan and the access road improvement and maintenance plan outline the various commitments ioneer has made related to road improvement, management, and maintenance.

**17.3.1.19.** **Visual Resources and Night Skies** 

A visual resources technical report was prepared to characterize the existing conditions associated with visual aspects in and around the Project area. ioneer would seek to minimize the visual impact of activities and structures to viewers along publicly accessible roadways, public use areas, and within the wilderness study area. Dark sky lighting best practices would also minimize the effects of lighting on wildlife that may be present in the area, including bats. Several examples of measures ioneer intends to implement include:

Careful placement and blending of stored materials to minimize contrast;

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Selection of building sites and new roads such that they would be hidden from view behind topographical features, where possible; and

Consultation with the BLM on choice of colors of machinery, fencing, and powerlines; lighting design and color; and design, color, and surface texture treatments for the processing plant structures.

To minimize the effects from lighting, ioneer would utilize hooded stationary lights and lighting plants. Lighting would be directed onto the pertinent sites only and away from adjacent areas not in use, with safety and proper lighting of the active work areas being a priority.

**17.3.1.20.** **Fire Protection and Emergency Response** 

Fire protection equipment would be secured, and a fire protection plan would be established for the Project in accordance with National Fire Codes for Fire Protection and State Fire Marshal. The Project would operate in conformance with all applicable Mine Safety and Health Administration and Occupational Safety and Health Administration safety regulations. Smoking would only be permitted in designated areas that are free of flammable materials and only if allowed by state law or federal regulations. ioneer would immediately contact the appropriate dispatch or coordination center in the event of a fire and report all wildland fires to the BLM and other relevant agencies. Project vehicles would be equipped with radios and/or cellular telephones for fire preparedness and prevention, suppression operations, and emergency response purposes. Crew vehicles and equipment would also be supplied with an emergency communication list that would include emergency contact information for administering agencies.

**17.4.** **Plans, Negotiations, or Agreements with Local Individuals or Groups** 

Social and community impacts associated with development of the Project are being considered and have been evaluated in accordance with NEPA and other federal laws. Potential impacts are generally restricted to the existing population, including changes in demographics, income, employment, local economy, public finance, housing, community facilities, and community services. Potentially affected Native American tribes and tribal organizations are being consulted during the preparation of all social plans to advise them of project aspects that may have an effect on cultural sites, resources, and traditional activities. Based on the Project design that is being permitted, no known social or community issues or impacts will have a material impact on ioneer's ability to obtain permits to develop the Project.

A development agreement was executed in April 2025 with Esmeralda County.

**17.5.** **Descriptions of any Commitments to Ensure Local Procurement and Hiring** 

Labor statistics and data suggest that Nevada may have difficulty acquiring sufficient construction craft workers to sustain the labor needs for the Project as designed. Many trained construction workers left the state to find work elsewhere as a result of the economic downturn in the state during the late 2000s. The ability to staff quality construction workers is a risk to the project, as there are now many employment opportunities in the state.

The recommended labor approach for the construction phase of the Project is to have all subcontracted work to be competitively bid by both union and non-union contracting companies. This allows contractors to pull from all available resources in the area and allows them to use internal resources to staff awarded packages. The preferred contractor type for this Project is a larger, regional contractor that can handle multiple trade types (i.e., civil, structural, mechanical, and piping). In addition, this will limit the number of contractor companies onsite.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Recruitment of permanent employees will take place locally as well as regionally.

17.6. Mine Closure Plans

A closure plan was prepared that includes preliminary details for the final closure of all facilities under the Phase 1 Project operations. Closure plans for Phase 2 of the Project would be developed as Project design details are formalized.

During Phase 1, Project operations, and as closure approaches, spent materials will be evaluated to preclude the potential for pollutants from reclaimed sites to degrade the existing environment. Nevada Administrative Code requires a closure plant to stabilize all process components with an emphasis on stabilizing spent process materials (445A.398b).

Closure activities will be conducted to standards required by the Nevada Administrative Code (445A.433) and Nevada Reclamation Statue (519A). The Project was designed as a facility with zero discharge of process or contact water to waters of the state. All process components were designed to withstand the runoff from a 100-year, 24-hour storm event and permanent diversion structures were designed to withstand the runoff from a 500-year, 24-hour storm event.

Concurrent reclamation will be completed to the extent practical throughout the life of the Project. A Final Plan for Permanent Closure will be submitted to NDEP-BMRR at least two years before the anticipated date of permanent closure of each process component. The Final Plan for Permanent Closure will incorporate procedures, methods, and schedules for stabilizing the spent process materials based on information and experience gathered throughout the active life of the process components.

The key closure activities of the Rhyolite Ridge Project Phase 1 closure plan are summarized in Table ‎17-3.

**Table ‎17-3 - Closure Activities by Project Component** 

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| | |
|:---|:---|
| **Project Facility** | **Closure Summary** |
| Quarry | A berm to prevent access to the quarry and warning signs will be constructed prior to decommissioning of the quarry fence. An all-terrain vehicle trail from the country road to the quarry will remain accessible for quarry lake monitoring by project personnel. The northwestern portion of the quarry will be buttressed with backfill to ensure long-term slope stability adjacent to the populations of Tiehm's buckwheat. Diversion features will continue to redirect run-on from upgradient of the quarry into natural drainages, to the extent practical. |
| Processing Plant | The processing plant and all associated infrastructure will be decommissioned and removed from the site. This area will be regraded to ensure appropriate drainage, covered with a growth medium, and revegetated by seeding with native species. The area will be similar to pre-existing conditions. |
| Spent Ore Storage Facility | &nbsp;&nbsp; The SOSF side slopes will be recontoured to remove the bench configuration. In general, the re-grading efforts will be completed to create a variable slope angle with steeper gradients near the crest and flatter gradients near the toe. Some variability will be incorporated in order to add naturally appearing features, provide drainage courses, and create wildlife habitat areas. The top surface will be sloped to promote runoff and prevent ponding of meteoric water. Surface runoff will be shed to the natural topography. Non-contact run-on surface flow upgradient of the facility will continue to be directed around the perimeter by a <br>|

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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| | |
|:---|:---|
| **Project Facility** | **Closure Summary** |
| | &nbsp;&nbsp; diversion channel and will be released to natural drainages. The re-graded surface will be capped with an evapotranspiration cover system, composed of a mixture of onsite alluvium and low-permeability clay materials excavated from the quarry, that will minimize percolation of meteoric water through the cover to negligible levels. The slopes will be vegetated to further reduce the amount of recharge due to meteoric infiltration and to stabilize the cover system.<br>When chemical constituents of the water from the underdrain fall below regulatory limits, the underdrain pond liner system will be demolished; the pond will be backfilled and/or graded to drain; and the underdrain collection system will be capped and covered. Long-term drainage of meteoric water will then report directly to the natural drainage. |
| Overburden Storage Facilities | They will be reclaimed concurrently with active development. The cover will be vegetated with native plant species to reduce meteoric water infiltration and to stabilize cover material. Diversion channels constructed around the facility will remain in place and continue to be used to convey run-on into the natural drainage course located downslope. Once the reclamation is complete and no additional contact water is produced from the surfaces, the contact water diversion channels will be modified, and the contact water ponds will be reclaimed. The contact water ponds liner system will be removed or perforated, and the pond will be backfilled, graded to drain to the north, and covered with growth media. The underdrain system will be capped and covered. |
| Ancillary Facilities/Infrastructure | All applicable roads will be reclaimed at closure by ripping the surface to loosen the compacted soil, regraded, then seeded with an approved seed mix. Water supply wells will be plugged and abandoned, and surface infrastructure and pipelines will be dismantled and removed from the site. All wells will be plugged. Tanks used for storage of potable and fire water will be dismantled and removed from the site. Buried water lines will be capped, buried, and left in place. The premanufactured treatment facilities used to treat wastewater will be completely removed from the site at closure. In the case where hazardous substances are identified in soils the contaminated areas will be remediated in accordance with applicable rules. The geomembrane lining will be buried in place with a minimum cover of three feet. Any concrete foundations and/or pedestals will be broken, and the rubble buried with a minimum of three feet of cover. Power lines and associated infrastructure will be removed and recycled as appropriate. Growth media stockpiles will be completely consumed by the reclamation process. The footprint of these areas will be reseeded once they are no longer in place. |
| Other Closure Considerations | Ensure all chemicals (hazardous, toxic, flammable, etc.) are completely removed from the site and safely disposed. Mineral exploration and development drill holes and wells will be abandoned. Retain access to long-term monitoring stations and project elements that will remain following closure. Assure that accumulations of precipitation received following closure are accommodated in the fluid management system. All erosion protection will remain in place until deemed reclaimed and permanently stable from mine related activities. Regrade and contour all areas no longer needed for long-term monitoring and access. Remove |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

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| | |
|:---|:---|
| **Project Facility** | **Closure Summary** |
| | all building materials, fencing, signage, and stormwater features no longer needed. |

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**17.6.1.** **Closure Costs** 

Closure and reclamation costs for the Phase 1 operation are currently estimated at approximately $64 million, using the Nevada Standardized Reclamation Cost Estimator with 2025 cost data. This cost estimate assumes that concurrent reclamation of the OSFs would occur during site operations and that these costs would occur over a seven-year period after the end of quarry mining. In each of the final three years of quarry mining, ioneer will build a financial reserve equal to 33% of the estimated closure costs to pay the reclamation (closure) costs.

**17.6.2.** **Closure Schedule** 

Concurrent reclamation will be completed to the extent practical throughout the life of the Project. A Final Plan for Permanent Closure will be submitted to BMRR at least two years before the anticipated date of permanent closure. The Final Plan for Permanent Closure will incorporate procedures, methods, and schedules for stabilizing spent process materials based on information and experience gathered throughout the active life of the facility.

The quarry and OSFs will be first to be closed at the site as final products are removed and resultant overburden stored. Reclamation of the OSFs will be started in year 1 of operations when final buildout is expected to be completed on a portion of the facility. Roads to the quarry and OSFs will be reclaimed wherever they are no longer needed and are not retained for long-term monitoring or maintenance. The haul road will be reclaimed once the route is no longer needed for active ore transport. This route will be returned to a single-lane access road with gravel surface to be used for maintenance and monitoring.

Roads used for monitoring or maintenance will be reclaimed and then used as overland all-terrain vehicle trails as long as they are needed. They will then be fully reclaimed as soon as the roads and/or all-terrain vehicle trails are no longer required for monitoring or maintenance purposes.

The SOSF and process facility components no longer needed for reclamation will be decommissioned once the quarry is no longer active. Key elements of the processing area that will be needed for reclamation and final closure, such as sanitary and administrative support will be retained until no longer needed. The SOSF and associated access route will be reclaimed, then utilized as a limited-access overland all-terrain vehicle trail for maintenance and monitoring purposes only. As soon as monitoring and maintenance is no longer required, the access road will be fully reclaimed.

Permanent closure is considered complete when:

Appropriate procedures are in place to assure that all areas associated with the Project do not release contaminants that have the potential to degrade the waters of Nevada, and the quarry is left in a manner that minimizes the impoundment of surface drainage (Nevada Revised Statute 445A.429).

- Spent ore effluent has been demonstrated to be non-acid generating and will not result in degradation of waters of the state (Nevada Revised Statute 445A.430)

Although post-closure monitoring is anticipated to last approximately 6 years, the NDEP can extend monitoring for up to 30 years. Final monitoring requirements will be established by the NDEP according to baseline data, process component characterization and the Final Plan for Permitting Closure (Nevada Revised Statute 445A.433).

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**17.7.** **QP's Opinion on the Adequacy of Current Plans to Address Any Issues Related to Environmental Compliance, Permitting, and Local Individuals or Groups** 

It is the QP's opinion that ioneer's current actions and plans are appropriate to address any issues related to environmental compliance, permitting, relationship with local individuals or groups, and tailings management for the Project design that is currently undergoing, or has recently completed, permit acquisition activities.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

18. CAPITAL AND OPERATING COSTS

This Chapter contains forward-looking information related to capital cost, operating cost, and sustaining capital cost estimates for the Project. The material factors that could cause actual results to differ materially from the conclusions, estimates, designs, forecasts, or projections in the forward-looking information include any significant differences from one or more of the material factors or assumptions that were set forth in this Chapter including prevailing economic conditions such that unit costs are as estimated in constant (or real) dollar terms.

As part of this analysis, the QP has taken into consideration the accuracy of the estimation methods in prior similar environments. The accuracy of capital and operating cost estimates complies with the requirement as set forth in §229.1302 (Item 1302 of Regulation S-K).

18.1. Capital Cost Estimate

**18.1.1.** **Basis of Capital Cost Estimate** 

The project capital cost estimate is based on the feasibility study (FS) basis of estimate (Rev. 10) with a base date of April 2024 (Q1 2024). The estimate is based on engineering design completion of 68.4%. Capital costs for various scopes of work for the Project were independently developed by several consultants, including Golder, AtkinsRéalis and NewFields, before being provided to Fluor for consolidation to the overall capital cost estimate.

Subsequent to completion of the feasibility study, an operating optimization case was evaluated that reduces the leach cycle time from 2.0 days to 1.5 days. The reduced leach residence time increases run-of-mine throughput and associated solution flow rates relative to the feasibility study basis. To accommodate the increased throughput while maintaining the existing process flowsheet and sulfuric acid plant capacity, selected equipment sizing and utility capacity adjustments are required, primarily within the leach and evaporation/crystallization areas. The incremental capital costs associated with this optimization were estimated through factorization from feasibility study CAPEX, based on process flow sheets and revised equipment sizing.

A summary of the parties responsible for input to the estimate is provided in Table ‎18-1. The estimate reflects an engineering, procurement and construction management execution strategy, and aligns to the baseline Project schedule of 38 months from final investment decision to first production.

**Table ‎18-1 - Engineering and Estimate Responsibilities Matrix for the Capital Costs Estimate** 

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Area** | **Engineering Responsibility** | **Equipment Sizing and Pricing Responsibility** | **Bulk Material Take-off Responsibility** | **Estimate Development or Compilation** |
| &nbsp;&nbsp;Mine | Golder | Golder/Fluor Estimating | Golder | Fluor |
| &nbsp;&nbsp;Spent ore facility | NewFields | NewFields/Fluor Estimating | NewFields | Fluor |
| &nbsp;&nbsp;Processing facilities | Fluor | Fluor | Fluor | Fluor |
| &nbsp;&nbsp;Lithium hydroxide facility | AtkinsRéalis | AtkinsRéalis | AtkinsRéalis | AtkinsRéalis |
| &nbsp;&nbsp;Sulfuric acid plant | AtkinsRéalis | AtkinsRéalis | AtkinsRéalis | Fluor |
| &nbsp;&nbsp;Power plant | AtkinsRéalis | AtkinsRéalis | AtkinsRéalis | Fluor |
| &nbsp;&nbsp;Balance of plant/common | Fluor/Golder | Fluor | Fluor/Golder/NewFields | Fluor |

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The capital cost estimate was based on the following:

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;▪ Project scope of facilities;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Project scope of services;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Project work breakdown structure;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Project schedule;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Project execution plan;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Schedule risk analysis report;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Key design documents as of April 2024 including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Design criteria (multiple engineering disciplines);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Project block flow diagrams and process flow diagrams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Piping and instrumentation diagrams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 3D model;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Overall plot plan for processing facilities and sulfuric acid plant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Mechanical equipment list and general arrangement drawings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Supplemental sketches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Electrical single-line diagrams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Electrical equipment list;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Instrumentation and valves tag items list;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Detail engineering bulk material take-offs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ NewFields surface water management report;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Supply pricing for equipment and materials based upon best and latest available information (committed
 purchase order/contracts, firm quotations, budgetary quotations, or historical/reference pricing);

&nbsp;&nbsp;&nbsp;&nbsp;▪ Engineering and procurement services effort hours and pricing based upon commercial contract(s) for
 the remaining engineering work from October 2024 onwards;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Commissioning execution plan.

The capital cost estimate covers the period from final investment decision to first production and is reported in Q1 2024 real US dollars without design growth allowances on neat quantities and risk costs. It was assumed that 20% of the workforce will be local and 80% will travel from outside the region and will be eligible for travel subsistence. The contractors selected to execute the Project will adhere to Davis Bacon prevailing wage rates for the State. The labor productivity factor selected for the Project was 1.0 and was applied to all base construction work hours for all Project labor. Contractor quotes for civil works were used to confirm the unit rates and the productivity used in the capital cost estimate. These rates were also benchmarked with historical data from similar projects in the region (reference benchmark report from Fluor). Pre-assembly and modularization strategies, where feasible, have been considered and are reflected in the estimates. A per diem allowance of US$110/day for 80% of the direct labor and 90% of the indirect labor force was included for living-out and travel expenses.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Total equipment pricing, including mine equipment, process/mechanical, electrical and instruments/controls, is based as 63% on firm price, and 36% on budget price from competitive bidders. The balance of equipment pricing, representing 1% of total equipment cost, is based on historical data.

The capital cost estimates present all expected forecast to complete costs for the Project as defined by the scope of work in the basis of estimate, while any spent or sunk costs up to the Report date were excluded. A contingency of 10% was applied to the capital costs estimate using a Monte Carlo simulation to achieve a P65 (i.e., the probability at the 65th percentile) confidence level for the estimate and P50 for schedule according to the model and ranges established by Fluor. The estimate, including contingency, has an expected accuracy range of +15%/-10% as per the basis of estimate.

Capital costs for the mining equipment and the process plant mobile equipment are based on a firm quote and a leasing strategy contract with Caterpillar, and other selected equipment vendors. The costs for a two-year lease plus 20% lease down payment and fees are included in the capital cost estimate. The remaining lease costs are included in the sustaining capital estimates.

Capital costs for the haul roads, overburden storage facilities, spent ore storage facility, the processing plant (which includes processing structures and facilities), maintenance facilities, warehousing, shipping and receiving, fuel island, sulfuric acid plant, steam turbine generator, and administrative buildings were estimated from material take-off quantities developed by various third parties. Each of the above has an engineering design that supports the FS level of design maturity.

**18.1.2.** **Summary of Capital Costs** 

Total initial capital costs were estimated at US$1,683.2 million. A summary of total capital costs for the Project is provided in Table ‎18-2, whereas a summary of monthly cash flows is provided in Chapter 19.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎18-2 – Summary of Initial Capital Cost Estimate Updated in 2024** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Discipline** | &nbsp;&nbsp;**Discipline** | &nbsp;&nbsp;**Discipline** | &nbsp;&nbsp; **Total Cost** <br>**(US$ Million)**<br>|
| &nbsp;&nbsp;Direct field costs | &nbsp;&nbsp;Direct field costs | &nbsp;&nbsp;Direct field costs |  |
| &nbsp;&nbsp;00 | &nbsp;&nbsp;Earthwork & civil | &nbsp;&nbsp;Earthwork & civil | 52.2 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Concrete | &nbsp;&nbsp;Concrete | 64.9 |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Structural steel | &nbsp;&nbsp;Structural steel | 55.7 |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Architectural and buildings | &nbsp;&nbsp;Architectural and buildings | 5.2 |
| &nbsp;&nbsp;40 | &nbsp;&nbsp;Machinery and equipment | &nbsp;&nbsp;Machinery and equipment | 437.3 |
| &nbsp;&nbsp;50 | &nbsp;&nbsp;Piping | &nbsp;&nbsp;Piping | 121.2 |
| &nbsp;&nbsp;60 | &nbsp;&nbsp;Electrical | &nbsp;&nbsp;Electrical | 120.0 |
| &nbsp;&nbsp;70 | &nbsp;&nbsp;Control systems | &nbsp;&nbsp;Control systems | 38.8 |
| &nbsp;&nbsp;75 | &nbsp;&nbsp;Communications and security | &nbsp;&nbsp;Communications and security | 4.7 |
| &nbsp;&nbsp;81 | &nbsp;&nbsp;Painting and coatings | &nbsp;&nbsp;Painting and coatings | 31.7 |
| &nbsp;&nbsp;82 | &nbsp;&nbsp;Insulation & refractory | &nbsp;&nbsp;Insulation & refractory | 21.7 |
| &nbsp;&nbsp;83 | &nbsp;&nbsp;Modularization | &nbsp;&nbsp;Modularization | 5.2 |
| &nbsp;&nbsp;87 | &nbsp;&nbsp;Scaffolding | &nbsp;&nbsp;Scaffolding | 8.3 |
| &nbsp;&nbsp;Sub-total direct cost | &nbsp;&nbsp;Sub-total direct cost | &nbsp;&nbsp;Sub-total direct cost | 966.9 |
| &nbsp;&nbsp;Sub-total direct distributable | &nbsp;&nbsp;Sub-total direct distributable | &nbsp;&nbsp;Sub-total direct distributable | 282.2 |
| &nbsp;&nbsp;Sub-total indirect cost | &nbsp;&nbsp;Sub-total indirect cost | &nbsp;&nbsp;Sub-total indirect cost | 82.1 |
| &nbsp;&nbsp;Other Cost | &nbsp;&nbsp;Other Cost | &nbsp;&nbsp;Other Cost |  |
| &nbsp;&nbsp;9800000 | &nbsp;&nbsp;9800000 | &nbsp;&nbsp;Escalation | 65.8 |
| &nbsp;&nbsp;9900000 | &nbsp;&nbsp;9900000 | &nbsp;&nbsp;Contingency (project @ risk) | 107.3 |
| &nbsp;&nbsp;9900000 | &nbsp;&nbsp;9900000 | &nbsp;&nbsp;Contingency (schedule risk analysis) | 40.2 |
| &nbsp;&nbsp;Sub-total other cost | &nbsp;&nbsp;Sub-total other cost | &nbsp;&nbsp;Sub-total other cost | 213.3 |
| &nbsp;&nbsp;Owner's managed cost | &nbsp;&nbsp;Owner's managed cost | &nbsp;&nbsp;Owner's managed cost |  |
| &nbsp;&nbsp;8500000 | &nbsp;&nbsp;8500000 | &nbsp;&nbsp;Owner's project cost | 91.5 |
| &nbsp;&nbsp;Sub-total owner's cost | &nbsp;&nbsp;Sub-total owner's cost | &nbsp;&nbsp;Sub-total owner's cost | 91.5 |
| &nbsp;&nbsp;**Indicative total cost** | &nbsp;&nbsp;**Indicative total cost** | &nbsp;&nbsp;**Indicative total cost** | **1636.0** |
| &nbsp;&nbsp;Late Additions (order of magnitude) | &nbsp;&nbsp;Late Additions (order of magnitude) | &nbsp;&nbsp;Late Additions (order of magnitude) | 47.2 |
| &nbsp;&nbsp;**Indicative total cost with late additions** | &nbsp;&nbsp;**Indicative total cost with late additions** | &nbsp;&nbsp;**Indicative total cost with late additions** | **1683.2** |

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**18.2.** **Sustaining Capital Cost Estimate** 

**18.2.1.** **Sustaining Capital Costs and Basis** 

The capital costs estimate has an expected accuracy range of +15%/-10% as per the basis of estimate. A 10% contingency was considered in the sustaining costs estimates. An annual breakdown of these sustaining capital

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

costs is included in ioneer's financial model (see Chapter 19). Closure and reclamation costs (estimated at approximately US$64 million as indicated in Chapter 17.6.1) are incurred after the life of mine plan is completed, and they are not tabulated in the capital cost or sustaining capital cost estimates. The quarry will be mined out in Production Year 77.

The total sustaining capital costs, including capitalized deferred stripping costs during operation, are estimated at approximately US$3,101.1 million as shown in Table ‎18-3.

**Table ‎18-3 – Summary of Total Sustaining Capital Costs** 

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| | |
|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp; **Total Cost** <br>**(US$ Millions)**<br>|
| &nbsp;&nbsp;Process mobile equipment replacement cost | 131.5 |
| &nbsp;&nbsp;Mining mobile equipment replacement cost | 276.1 |
| &nbsp;&nbsp;Ground anchors and mine capital improvements | 1393.0 |
| &nbsp;&nbsp;Spent ore capital improvements / updates | 47.8 |
| &nbsp;&nbsp;Machinery & equipment (sulfuric acid plant) capital improvements / updates | 65.9 |
| &nbsp;&nbsp;Machinery & equipment (power plant) capital improvements / updates | 4.0 |
| &nbsp;&nbsp;Leach optimization expansion | 30.0 |
| &nbsp;&nbsp;Lithium hydroxide plant | 195.9 |
| &nbsp;&nbsp;Ranch Purchase | 24.0 |
| &nbsp;&nbsp;**Total sustaining capital costs (excluding deferred stripping costs)** | **2168.1** |
| &nbsp;&nbsp;Deferred stripping costs during operation | 933.0 |
| &nbsp;&nbsp;**Total sustaining capital costs (including deferred stripping costs)** | **3101.1** |

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Sustaining capital costs include allocations for expansion of facilities (SOSF and OSF), infrastructure and major equipment maintenance and overhaul activities completed during planned shutdowns (or not) for continual support of the operating mine and plant at life of mine nameplate capacity.

Sustaining capital key cost elements include:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Stripping costs during operation (stripping costs prior to operation are captured in capital cost
 estimate);

&nbsp;&nbsp;&nbsp;&nbsp;▪ Mining mobile equipment replacement cost;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Ground anchors and quarry capital improvements;

&nbsp;&nbsp;&nbsp;&nbsp;▪ The steam turbine generator (STG) refurbishment every ten years;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Processing mobile equipment replacement cost;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Sulfuric acid plant machinery and equipment capital improvements/updates, which include allowance for
 sulfuric acid plant total bed catalyst replacement;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Power plant capital improvements and updates;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Highwall monitoring system modifications and expansion;

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;▪ Provision for the Stage II (Year 3) and Stage III (Year 9) expansion of the SOSF, including capacity
 increase allowance for subsequent expansions every six years thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Dewatering infrastructure expansion as pit becomes deeper;

&nbsp;&nbsp;&nbsp;&nbsp;▪ The north overburden storage facility foundation and associated stormwater controls will be
 constructed in Production Year 3;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Haul roads expansion;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Leach Optimization Expansion;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Vat leach Cranes Replacement;

&nbsp;&nbsp;&nbsp;&nbsp;▪ DCS Replacement;

&nbsp;&nbsp;&nbsp;&nbsp;▪ LiOH Plant expansion;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Ranch Purchase.

18.3. Operating Cost Estimate

**18.3.1.** **Basis of Operating Cost Estimate** 

The operating expenditure estimate was based on ioneer's basis of operating cost estimates dated March 2024 and their latest operating cost estimate model.

The total operating cost estimates include typical operating costs associated with mine and process plant operations, and are broken down into six main categories:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Personnel, which includes labour and outsourced services;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Reagents, such as sulfur, lime, soda ash and gypsum;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Fuels, which include diesel, gasoline and mine site lube and filters;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Miscellaneous operating supplies, which include operation supplies, packaging material and shipping;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Maintenance materials and services;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Other, which includes, sales taxes, insurance, software, and general administration.

**18.3.1.1.** **General** 

The operating cost estimates are based on the latest mine plan updated in first half of 2024, with a cost base date of April 2024 and a planned operation start date in year of 2027. The overall operating cost estimates are considered at a feasibility study level with the expected accuracy range of +/-15% and contingency requirement as per S-K 1300. No contingency has been allocated in the operating cost estimate.

The mine was assumed to operate two-shifts-per-day, 365 days per year with no scheduled off days for the first 21 years of production. The mine was then assumed to transition to a one-shift-per-day basis from Year 55 through the remaining mine life of 77 years.

Direct operating costs for the mine operation are estimated based on first principles from the production plan statistics using methodologies consistent with a feasibility study.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

Process costs for spent ore removal and spent ore storage facilities, processing facilities including sulfuric acid plant, and other indirect operating costs were estimated by ioneer from first principles using the production schedule from the production plan. Process costs were estimated using mythologies consistent with a feasibility study and included quoted firm pricing from major reagent suppliers, quoted freight costs from the transport firms, and workforce costs based on industry norms for salary and wage data within the region consistent with the mine workforce costs. Reasonable scenarios for other requirements such as outsourced services with quoted rates or estimates were also included.

**18.3.1.2.** **Personnel Cost Estimate Basis** 

Workforce numbers were derived based on typical organization charts of similar mining and process facility operations, with additional inputs as follows:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Management and corporate staff - inputs by ioneer;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Mine operations - inputs by ioneer, Caterpillar, Empire Southwest, and IMC;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Processing facilities – inputs by ioneer, Fluor, and specifically for sulfuric acid plant by Elessent
 and AtkinsRéalis;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Logistics and support operations – inputs by ioneer and respective contractors/suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Sales and marketing – inputs by ioneer and consultants.

The workface costs include base rate, incentives, bonus, allowances, benefits, initial housing allowance, and employment taxes for each position within the organization.

**18.3.1.3.** **Reagents** 

Reagent consumption was estimated for the LOM based on the mine plan, overall plant availability and heat and material balance.

Major reagents will include sulfur, hydrated lime, soda ash and gypsum. Unit prices were based on competitive quotations from industry suppliers and included taxes and surcharges based on the delivery location.

Minor quantities of miscellaneous reagents were required for the Project operation and have been considered, including water treatment chemicals, laboratory chemical and cleaning chemicals that were covered in the contract services based on competitive quotation.

**18.3.1.4.** **Fuel and Lubes** 

Mobile equipment and mine equipment fuel consumption costs were based on manufacturer standards and the estimated hours of operation from mine and processing facilities.

For the process facilities, major fuel consumption was related to the operation of the auxiliary boiler at the minimum flow based on the operating philosophy. An allowance was made for grease and lubrication costs for process equipment. No fuel consumption allowance was made for emergency backup generators or auxiliary boiler fuel consumption above minimum flow.

Fuel pricing was based on fuel PADD 5 and index for Reno, Nevada for Q1 2024. The cost for lubrication and oils was based on budgetary pricing from Shell.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**18.3.1.5.** **Miscellaneous Operating Supplies and Product Transport** 

The miscellaneous operating costs are primarily due to costs associated with packaging and product transport. The costs were estimated based on quotations and budgetary estimates.

Finished products, including boric acid and lithium carbonate, will be packaged onsite using one metric tonne FIBC (for lithium carbonate and boric acid) or 25 kg bags (for boric acid).

A composite transport cost was estimated based on the volume weighted average cost of transporting finished product from Rhyolite Ridge site to the customer. For boric acid, the volumes and customer locations were based on sales and marketing plan; while for lithium carbonates, these were based on offtake agreements.

For ocean bound shipment, no allowance for demurrage was included. It was also assumed that there would be no delays for truck dropping off empty containers or picking up loaded containers, and thus no allowance for truck detention was included.

**18.3.1.6.** **Maintenance Materials and Services** 

Mine mobile equipment will be monitored and maintained through Master Service Agreement with the Empire Southwest Caterpillar dealership. The contract includes cost of service, management, supplies, and parts management. Operation costs and component sustainable capital costs were based on a firm bid.

Mobile equipment specific to the process facilities were covered under the mine mobile equipment costs. Process spares were based on the cost of two-year spares, factored for equipment utilization, with pricing information based on bids from equipment suppliers.

**18.3.1.7.** **Other Costs** 

Costs associated with sale taxes, insurance, software, general administration for office equipment, medical supplies, and general administration allowances were also included in the operating cost estimate. The general administration allowance was not broken down in detail but included allocations for miscellaneous costs such as office supplies, furniture, miscellaneous software licenses, dues and subscriptions, public relations, advertisements, sports and recreation, special assignment, regulatory permits, donations, and community affairs.

**18.3.2.** **Summary of Operating Costs** 

The total operating cost was estimated at approximately US$14,698.7 million in total excluding taxes, or an average of approximately US$55.4/Mt of run-of-mine ore feed, over the proposed 77-year mine life. Total operating costs for the processing plant and mine are summarized in Table ‎18-4, whereas total operating costs by expense categories are summarized in Table ‎18-5.

**Table ‎18-4 - Summary of Total Operating Costs – Mine vs Process Plant** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp; **Total Cost** <br>**(US$ Million)**<br>| &nbsp;&nbsp; **Average Cost per Tonne RoM <sup>1</sup>**<br>**(US$/MT RoM)**  | &nbsp;&nbsp; **Percentage**<br>**(%)**<br>|
| &nbsp;&nbsp;Mine (excluding deferred stripping <sup>2</sup>) | 1619.3 | 6.1 | 11.0 |
| &nbsp;&nbsp;Process plant (excluding sales tax) | 13079.3 | 49.3 | 89.0 |
| &nbsp;&nbsp;**Total operating costs excluding sales tax** | 14698.7 | 55.4 | **100.0** |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. RoM = run-of-mine

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&nbsp;&nbsp;&nbsp;&nbsp;2. Deferred stripping costs during operation are included in the sustaining capital costs as indicated in
 Table ‎18-3.

**Table ‎18-5 - Summary of Operating Costs over Life-of-Mine by Categories** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp; **Total Cost** <br>**(US$ Million)**<br>| &nbsp;&nbsp; **Average Cost per Tonne RoM <sup>1</sup>**<br>**(US$/MT RoM)**<br>| &nbsp;&nbsp; **Percentage**<br>**(%)**<br>|
| &nbsp;&nbsp;Personnel | 2080.6 | 7.8 | &nbsp;&nbsp;14.2% |
| &nbsp;&nbsp;Reagents (with freight) | 7588.0 | 28.6 | &nbsp;&nbsp;51.6% |
| &nbsp;&nbsp;Fuels | 2044.4 | 7.7 | &nbsp;&nbsp;13.9% |
| &nbsp;&nbsp;Misc operating supplies | 1111.5 | 4.2 | &nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;Maintenance materials and services | 2115.3 | 8.0 | &nbsp;&nbsp;14.4% |
| &nbsp;&nbsp;Other costs | 1075.5 | 4.1 | &nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;Sustaining Capex | (933.0) | (3.5) | &nbsp;&nbsp;-6.3% |
| &nbsp;&nbsp;**Total operating costs including sales tax** | 15082.23 | 56.8 | &nbsp;&nbsp;102.6% |
| &nbsp;&nbsp;Sales tax | (383.6) | (1.4) | &nbsp;&nbsp;-2.6% |
| &nbsp;&nbsp;**Total operating costs excluding sales tax** | 14698.7 | 55.4 | &nbsp;&nbsp;100.0% |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. RoM = run-of-mine

&nbsp;&nbsp;&nbsp;&nbsp;2. Deferred stripping costs during operation are included in the sustaining capital costs as indicated in
 Table ‎18-3.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

19. ECONOMIC ANALYSIS

This Section contains information related to the economic analysis for the Project. The material factors that could cause actual results to differ materially from the conclusions, estimates, designs, forecasts or projections include any significant differences from one or more of the material factors or assumptions that were set forth in this sub-section including estimated capital and operating costs, Project schedule and approvals timing, availability of funding, projected commodities markets and prices.

19.1. Demonstration of Economic Viability

The production schedule and associated capital and operating costs estimates, described in Section 18.0, were analyzed using an economic model developed by ioneer. In the QP's opinion, the outcomes from this economic analysis demonstrates that the Project is economically viable. ioneer's economic analysis has formed the basis of the mineral reserve estimates.

Inputs into the economic analysis include the capital and operating costs, saleable lithium carbonate and boric acid production, commodity price and revenue forecasts, and transportation and management costs previously described in Sections 16 and 18. The financial model uses post-tax nominal cashflows in real terms. An 8% discount rate was applied to estimate the Project net present value.

The economics of the Rhyolite Ridge Project were evaluated using a real (non-escalated), after-tax discounted cash flow model on a 100% project equity basis (unlevered). Capital costs, revenues, operating costs, and taxes are included in the financial model.

This financial analysis covers the period from FS completion to end of mine life and reclamation. Capital and operating expenses are calculated based on Q1 2024 estimates and revenues are based on Q1 2025 forecast pricing. Cash flows are reported in Q1 2025 real U.S. dollars without allowance for escalation or currency fluctuation.

19.2. Principal Assumptions

Key financial modeling assumptions are noted in Table ‎19-1.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎19-1 - Key Financial Modelling Assumptions**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Item** | **Unit** | **Parameter** | **Parameter** |
| General | General | General | General |
|  |  | &nbsp;&nbsp; Metric Tons <br> (t)  | &nbsp;&nbsp; Short Tons <br> (st)  |
| &nbsp;&nbsp;Ore mining rate | Million tons, average annual | 3.45 | 3.80 |
| &nbsp;&nbsp;Lithium carbonate equivalent (LCE) production rate | tons, average annual | 20422 | 22511 |
| &nbsp;&nbsp;Lithium carbonate production rate (Years 1-2) | tons, average annual | 21391 | 23580 |
| &nbsp;&nbsp;Lithium hydroxide production rate (Years 3+) | tons, average annual | 23166 | 25537 |
| &nbsp;&nbsp;Boric acid production rate | tons, average annual | 70734 | 77971 |
| &nbsp;&nbsp;Lithium reference price (carbonate and hydroxide) | US$ per tons, average annual | 23012 | 20876 |
| &nbsp;&nbsp;Boric acid reference price | US$ per tons, average annual | 1368 | 1241 |
| &nbsp;&nbsp;Life of mine | Years | 77 | 77 |
| &nbsp;&nbsp;Construction period | Months | 38 | 38 |
| Working Capital Assumptions | Working Capital Assumptions | Working Capital Assumptions | Working Capital Assumptions |
| &nbsp;&nbsp;Accounts receivable lithium carbonate | Days | 50 | 50 |
| &nbsp;&nbsp;Accounts receivable boric acid | Days | 76 | 76 |
| &nbsp;&nbsp;Accounts payable | Days | 60 | 60 |
| Tax Rates Assumed | Tax Rates Assumed | Tax Rates Assumed | Tax Rates Assumed |
| &nbsp;&nbsp;Federal corporate tax | % | 21.00 | 21.00 |
| &nbsp;&nbsp;Inflation reduction act 45(x) production tax credit | % | 10.00 | 10.00 |
| &nbsp;&nbsp;Nevada minerals tax | % | 5.00 | 5.00 |
| &nbsp;&nbsp;Depletion allowance | % | 22.00 | 22.00 |
| &nbsp;&nbsp;Nevada commerce tax | % | 0.05 | 0.05 |
| &nbsp;&nbsp;Nevada property tax rate | % | 3.02 | 3.02 |
| &nbsp;&nbsp;Assessed book value for property tax | % | 35.00 | 35.00 |
| &nbsp;&nbsp;Nevada modified business tax | % | 2.00 | 2.00 |
| &nbsp;&nbsp;Nevada sales tax | % | 6.85 | 6.85 |
| Other | Other | Other | Other |
| &nbsp;&nbsp;Inflation rate | % |  |  |
| &nbsp;&nbsp;Discount rate | % | 8.0 | 8.0 |
| &nbsp;&nbsp;Currency | US$ | U.S. dollars | U.S. dollars |

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

19.3. Cashflow Forecast

The financial analysis, carried out for the feasibility study and updated for this Report, was conducted using a discounted cash flow. This method calculates annual cash flows (based on a calendar year) using various sources of inputs, including operating expenses, capital expenses (both initial and sustaining), pricing forecasts, run-of-mine ore production, processing rates, etc. The annual cash flows are based on revenue in a specific period (calendar year) minus the projected expenses or taxes associated with life-of-mine operations. The result is then discounted using the discount rate that adjusts the cash flows for the time value of money. This method produces the present value of the expected future cash flows, also known as net present value (NPV).

The economic analysis and sensitivities were completed using ±15% variation in one variable at a time. There was no sensitivity analysis performed for two variables or multi-variable. Note that the equation to determine revenue is based on a linear relationship between prices of the metal (either lithium or boric acid) and the corresponding recovery rate. This linear relationship forces the sensitivities to be equal.

19.3.1. Results of Economic Analysis

The Project's total cash flow is detailed in Table ‎19-2, resulting in post-tax cash flow of US$24.0 billion total for the 77-year life-of-mine and, over the Project's life, average annual pre-tax cash flow of US$353.7 million.

The Project's overall revenue is shown below first, minus operating costs, taxes (production taxes and federal income tax), and miscellaneous costs following.

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**Table ‎19-2 - Total Project Cash Flow – Details**

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| | | |
|:---|:---|:---|
|  | **Unit (US$)** | **Total – Life of Quarry** |
| **Revenue** | **Revenue** | **Revenue** |
| &nbsp;&nbsp;Lithium carbonate (ex-plant) | $000s | 756883 |
| &nbsp;&nbsp;Lithium hydroxide | $000s | 38588484 |
| &nbsp;&nbsp;Boric acid (ex-plant) | $000s | 7429738 |
| &nbsp;&nbsp;**Total revenue** | **$000s** | **46775104** |
| **Operating Costs** | **Operating Costs** | **Operating Costs** |
| &nbsp;&nbsp;Mine <sup>1</sup> | $000s | 1619319 |
| &nbsp;&nbsp;Plant <sup>1</sup> | $000s | 13079340 |
| &nbsp;&nbsp;**Total operating cost** | **$000s** | **14698658** |
| **Non-Operating Costs** | **Non-Operating Costs** | **Non-Operating Costs** |
| &nbsp;&nbsp;Initial capital | $000s | 1683204 |
| &nbsp;&nbsp;Sustaining capital | $000s | 2168102 |
| &nbsp;&nbsp;Working capital | $000s | (0) |
| &nbsp;&nbsp;Closure costs | $000s | 63385 |
| &nbsp;&nbsp;Capitalized deferred stripping | $000s | 932957 |
| &nbsp;&nbsp;**Total non-operating cost** | **$000s** | **4847648** |
| &nbsp;&nbsp;**Pre-tax cash flow** | **$000s** | **27228798** |
| **State and Federal Taxes** | **State and Federal Taxes** | **State and Federal Taxes** |
| &nbsp;&nbsp;Nevada minerals tax | $000s | 1366515 |
| &nbsp;&nbsp;Nevada sales tax | $000s | 405941 |
| &nbsp;&nbsp;Nevada modified business tax | $000s | 37319 |
| &nbsp;&nbsp;Nevada commerce tax | $000s | 22473 |
| &nbsp;&nbsp;Nevada property tax | $000s | 405790 |
| &nbsp;&nbsp;**Total Nevada state tax** | **$000s** | **2238039** |
| &nbsp;&nbsp;Federal income tax | $000s | 1137930 |
| &nbsp;&nbsp;Federal 45 (x) production tax credit | $000s | (169518) |
| &nbsp;&nbsp;**Total tax cost** | **$000s** | **3206450** |
| &nbsp;&nbsp;**Post-tax cash flow** | **$000s** | **24022347** |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. General and administrative costs are included within "Mine" and "Plant" cost items.

The net present value, internal rate of return and payback period are summarized along with other pertinent Project economic metrics in Table ‎19-3.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎19-3 - Project Economic Summary <sup>1,2</sup>**

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| | | |
|:---|:---|:---|
| **Item** | **Unit** | **Description** |
| Revenue | US$ million | 46775 |
| Pre-tax cash flow | US$ million | 27229 |
| Post-tax cash flow | US$ million | 24022 |
| Unlevered post-tax net present value | US$ million | 2237 |
| Unlevered post-tax internal rate of return | % | 18.0% |
| Payback period | Years | 10 |
| Mine life | Years | 77 |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;7. The Rhyolite Ridge Project has closed a loan with the U.S. Department of Energy Loan Programs Office
 for US$996 million. The conditions for the first draw have not yet been met. If the conditions are met, the levered post-tax internal rate of return of the Project would be 23.2%.

&nbsp;&nbsp;&nbsp;&nbsp;8. As further described in Section 19.3.3, production tax credit and net operating loss carry forwards
 are used to offset federal income tax to compute post-tax economic metrics.

Overall, the Rhyolite Ridge Project has demonstrated strong project economics, made feasible by having significant lithium and boron revenue streams. Details of annual economic analysis results are presented in Table ‎**19-4**. Annual production of boric acid and lithium carbonates is presented in Figure ‎**19-1**. Graphical presentation of annual and cumulative cash flows is provided in Figure ‎**19-2**.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Table ‎19-4 - Economic Analysis Results – Annual**

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

*Notes:*

&nbsp;&nbsp;&nbsp;&nbsp;1. Annual ROM ore and waste quantities are provided in Table 13-1 (variations due to rounding).

&nbsp;&nbsp;&nbsp;&nbsp;2. Annual price assumptions are detailed in Section 16.

&nbsp;&nbsp;&nbsp;&nbsp;3. Project cash flow includes Reclamation Expenditure after Production Year 77.

&nbsp;&nbsp;&nbsp;&nbsp;4. State taxes include Nevada minerals tax, Nevada modified business tax, Nevada sales tax, Nevada
 commerce tax, and Nevada property tax.

&nbsp;&nbsp;&nbsp;&nbsp;5. Includes federal income tax and Inflation Reduction Act (45x) production tax credit. Over the
 life-of-mine, the expected total production tax credit to be approximately US$1,675 million.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**Figure ‎19-1 – Annual Boric Acid and Lithium Carbonate Production Over Life of Mine**

Source: ioneer, 2025

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img083.jpg)

**Figure ‎19-2 – Unlevered Post-tax Annual Cash Flow and Cumulative Cash Flow**

Source: ioneer, 2025

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

**19.3.2.** **Taxes, Royalties, Other Government Levies, or Interests** 

Tax estimates are based on guidance given by KPMG International Limited tax consultants in a memorandum issued May 17, 2024. The components of total taxes include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Nevada property and local tax: Real and personal properties are taxed at 35% of actual value to arrive
 at the assessed value. For the purposes of the financial model, the property tax rate was reported by KPMG as 3.02%. The Nevada property tax is calculated by applying the tax rate to 35% of the book value, given as the non-depreciated portion
 of the capital and sustaining capital costs are estimated using straight-line depreciation methods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Nevada minerals tax: Nevada charges an annual minerals tax on net proceeds from minerals mined or
 produced in Nevada when they are sold or removed from the state. The tax is based on the actual production of minerals from all operating mines. It is a graduated tax with a top rate of 5%. The estimates of the Nevada minerals tax start with
 gross proceeds from the sale of the minerals and then certain deductions are taken from the gross proceeds to arrive at net proceeds. These allowable deductions are listed under Nevada Revised Statutes Chapter 362.120 and include certain costs
 of production, processing, transportation, marketing, royalties, and depreciation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Nevada sales tax: Sales tax considerations were included in the current model as applicable.
 Machinery, equipment, commodities, materials, and supplies purchased for the Project are tangible personal property that are subject to sales and use taxes, unless an exemption applies. The sales tax rate is applicable to the rate at the point
 of delivery in the state of Nevada, in this case Esmeralda County. The current rate in Esmeralda County is 6.85% (August 2025);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Nevada taxes the sale, purchase, or lease of tangible personal property. Ordinarily, services provided
 in Nevada are generally not subject to sales and use taxes. Items such as chemicals and catalysts used for processing the materials are taxable to the processor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Nevada modified business tax: The Nevada modified business tax is applied at the rate of 2% on taxable
 wages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Commerce tax: The commerce tax is payable on annual gross revenue in excess of US$4 million. The
 commerce tax rate is based on ioneer's North American Industry Classification System category of mining code, which is 0.051%. The commerce tax is an entity-level tax based on gross receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Federal corporate tax: The calculation of U.S. federal corporate tax begins with gross revenues. Cash
 cost of operations are deducted from the revenues, as are allowances for depreciation (Modified Accelerated Cost Recovery System), depletion, and amortization to calculate taxable income before net operating loss consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Production tax credit (45x): U.S. tax code includes a 10% tax credit for production of refined
 lithium, applied to the operating costs of production. The duration of the credit has changed with different federal administrations and within the current financial model the credit is assumed to exist over the mine life.

Depletion is a deduction allowed as a mineral is extracted and sold. It is either based on the cost of acquisition or a percentage of income. If it is calculated as a percentage of gross income from the property, it is not to exceed 50% of taxable income before the depletion deduction. The percentage depletion rate applied is 22%, which is the top rate and generally applies to sulfur, uranium, asbestos, lead, zinc, nickel, and mica production.

At the time of this report, the only amortization deduction results from capitalized deferred stripping costs. The U.S. Internal Revenue Service contemplates deferred stripping during the production phase if stripping more

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

than one year of overburden takes place (as is the case for the Rhyolite Ridge Project). This is considered a development cost, which only occurs once access to the deposit is established and commercial operations have commenced. As such, development stripping costs could then be capitalized with a 5-year amortization period.

If the taxable income before net operating loss consideration is positive for the given year, a federal tax rate of 21% is applied to calculate federal tax obligations. If the value is negative, the year has a net operating loss, which is carried forward and applied as a deduction to future year's cash flows. An opening balance of US$209 million in loss carry-forward is applied at the beginning of the life of mine. Note that the net operating loss deduction is limited to 80% of the yearly taxable income before net operating loss consideration. In addition, production tax credits are used to offset federal tax obligations.

19.4. Sensitivity Analysis

ioneer performed sensitivity analyses on labor costs, operating costs, capital costs, lithium carbonate price and grade, boric acid price and grade, lithium recovery, and boron recovery in the financial model. Based on ± 15% changes in factors, the Project post-tax NPV in real dollars was calculated at an applied 8% discount rate. The outcomes of these analyses are summarized in Figure ‎19-3 in order of highest to lowest net present value sensitivity.

![](img084.jpg)

**Figure ‎19-3 - Project Post-tax NPV Sensitivity to Various Factors (millions of US$)**

Source: ioneer, 2025

The Project post-tax NPV sensitivity to incremental discount rate ranging from 6% to 12% (Figure ‎19-4) was also performed by ioneer.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

![](img085.jpg)

**Figure ‎19-4 - Project Post-tax NPV Sensitivity to Discount Rate**

Source: ioneer, 2025

Based on the sensitivity factors summarized in Figure ‎19-3 and Figure ‎19-4, the Project is particularly sensitive to changes in lithium grade, recovery rates, prices, and the discount rate. A 15% change in operating expense impacts the post-tax NPV by approximately $325 million while a 15% change capital expense impacts the post-tax NPV by approximately US$275 million. The model is less sensitive to other changes such as labor cost.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

20. ADJACENT PROPERTIES

There are no material or relevant properties adjacent to the Project site and as such no data or information have been considered and used from adjacent properties.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

21. OTHER RELEVANT DATA AND INFORMATION

This chapter is not relevant to the Report.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

22. INTERPRETATION AND CONCLUSIONS

The QPs note the following interpretations and conclusions in their respective areas of expertise, based on the review of data available for this Report.

22.1. Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements

The mineral tenement and land tenure for the Project comprises a total of 418 unpatented lode mining claims, of which all are listed as "active". Based on the documents provided by ioneer, it is the QPs understanding that the claims are held in good standing with the Bureau of Land Management and Esmeralda County and, as such, there are no identified concerns regarding the security of tenure nor are there any known impediments to obtaining a license to operate within the limits of the Project.

The Project, including the access roads, are located on public lands controlled by the Bureau of Land Management and therefore no private surface rights are required.

Groundwater surface rights will be transferred to ioneer. Currently ioneer has sufficient lease options in place to cover all construction and operational water needs.

There are no royalty payments due for the Rhyolite Ridge Project. The QPs are not aware of any agreements or material issues with third parties such as partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings relating to the 418 lode mining claims that comprise the Project.

To the extent known to the QPs, there are no significant factors or risks that may affect access, title, or the right or ability to perform work on the Project other than those discussed in this Report.

22.2. Geology and Mineralization

Rhyolite Ridge is a geologically unique sediment-hosted lithium-boron deposit.

The two main types of mineralization encountered in the deposit are high-grade boron and lithium (HiB-Li) mineralization and low-grade boron and lithium (LoB-Li) mineralization.

Differential mineralogical and permeability characteristics of the 11 sedimentary units within the deposit resulted in the preferential emplacement of HiB-Li bearing minerals in the M5, B5, and L6 units. LoB-Li mineralization occurs primarily in the B5, S5, and L6 units and LoB-Li high clay mineralization in the M5 geologic unit.

For the purposes of this Report, HiB-Li mineralization corresponds to Stream 1, while LoB-Li mineralization corresponds to Stream 2, with LoB-Li Clay mineralization comprising Stream 3.

The geological understanding of the settings, lithologies, and structural and alteration controls on mineralization is sufficient to support estimation of mineral resources.

22.3. Exploration, Drilling and Sampling

**22.3.1.** **Exploration and Geological Drilling** 

The quantity and quality of the survey data collected in the conducted exploration and geological drilling programs are sufficient to support mineral resource and mineral reserve estimation.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

The QP did not use geological or grade data from the 2010 trench program in the preparation of the geological model or resultant mineral resource estimates due to concerns with correlation and reliability of the results.

Of the 166 drill holes completed, 162 were compiled and used for the geologic model. Four holes were not used in the geologic model; one twin hole (SBH-70) and three shallow exploration well holes.

For the 2010 to 2012, 2016, 2018 to 2019, and 2022 to 2024 core drilling programs, the QP considers the core recovery to be acceptable based on statistical analysis, which identified no grade bias between sample intervals with high- versus low-core recoveries. On this basis, the QP has made the reasonable assumption that the sample results are reliable for use in estimating mineral resources. The QP also considers the drill hole spacing sufficient to establish geological and grade continuity appropriate for mineral resource estimation.

The QP is not aware of any drilling, sampling, or recovery factors that could materially affect the accuracy and reliability of the results of the historical or recent exploration drilling. The data are well documented via original digital and hard copy records and were collected using industry standard practices in place at the time.

Although not directly involved during the exploration drilling programs, the QP evaluated the identified mineralized intervals against the analytical results and agreed with the methodology used by ioneer to determine material mineralization. The QP also reviewed the core and sampling techniques and deemed the techniques appropriate for collecting data for the purpose of preparing geological models and mineral resource estimates.

It is the QP's opinion that the sample preparation, security, and analytical procedures applied by ioneer and its predecessor, American Lithium Mineral Inc. (ALM), were appropriate and fit for the purpose of establishing an analytical database for use in grade modeling and preparation of mineral resource estimates, as summarized in this Report.

**22.3.2.** **Hydrogeological Drilling** 

The QP is not aware of any factors that could materially affect the accuracy and reliability of the results of the hydrogeological analyses. Laboratory and field techniques used in data collection and evaluation are appropriate for the purposes used in the Report. The data are well documented via original digital and hard copy records and were collected using industry standard practices. All data were organized into a current and secure spatial relational database.

**22.3.3.** **Geotechnical Drilling** 

The QP is not aware of any drilling, sampling, or recovery factors that could materially affect the accuracy and reliability of the results of the geotechnical drilling data used to support the South Overburden Storage Facility, Spent Ore Facility Storage and process plant facility foundations. Laboratory and field techniques used in data collection and evaluation are appropriate for the purposes used in the Report.

The data are well documented via original digital and hard copy records and were collected using industry standard practices at the time of collection. All data were organized into a current and secure spatial relational database.

It is the QP's opinion that the geotechnical data regarding the characterization and material properties of the spent ore and associated waste materials to be stored in the SOSF are not adequately characterized, and additional investigation will be necessary to better understand long-term performance of these materials.

22.4. Data Verification

The QP validated the data disclosed, including collar survey, down hole geological data and observations, sampling, analytical, and other test data underlying the information or opinions contained in the written

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

disclosure presented in the Report. It is the QP's opinion that the review of the data and assaying checks validates the data available for use in estimating the mineral resource.

The QP, by way of the data verification process described in Section 9, has used only those data that were deemed to have been generated with proper industry standard procedures, were accurately transcribed from the original source, and were suitable to be used for the purpose of preparing geological models and mineral resource estimates. Data that could not be verified to this standard were not used in the development of the geological models or mineral resource estimates presented in this Report.

22.5. Metallurgical Testwork

The metallurgical testwork conducted and the analytical procedures used follow conventional industrial practice and are considered adequate for the purposes of this Report.

Testwork and process development during the previous 2020 feasibility study focused predominantly on processing the B5 HiB-Li (stream 1) mineralization. This testwork was further improved upon with the additional testwork completed up to the Q2 2025 to further refine and reduce risk of specific areas in the stream 1 process flowsheet.

It is the QP's opinion that the initial challenges associated with achieving the target concentrate grade of boric acid have been addressed by incorporating circuit improvements and lowering the target concentrate grade resulting in flotation being an appropriate processing method to improve overall boric acid recovery. However, additional testing will be beneficial to fully optimize the circuit and realize its maximum potential.

In parallel, metallurgical test programs and investigations specific to the LoB-Li (stream 2) mineralization were performed. The engineering basis for the stream 1 processing facility did not consider stream 2 mineralization types, but testwork showed that stream 2 ore could be subjected to the same recovery processes as stream 1, with comparable lithium recovery and additional implications such as lower boron extractions. Overall boron recovery was observed to be lower, as typically observed with decreased head grade. Blending testwork demonstrated that LoB-Li Clay (stream 3) could be included in the stream 1 development in limited quantities (up to 10%) to minimize deleterious impacts.

The results of the metallurgical testing of the low boron content, M5, S5, and L6 units, indicates a reasonable prospect of recovering lithium and boron from these units. If all appropriate limitations required for blending are implemented, the mineral resource and mineral reserve estimates could include the HiB-Li (stream 1), LoB-Li (stream 2), and LoB-Li Clay (stream 3) mineralization types. It is noted that blending of low boron stream 2 with stream 1 mineralization types can significantly lower boric acid production. Operation should verify and ensure proper blending to optimize evaporation and crystallization process parameters.

Based on testwork results reported for stream 2, it is beneficial to perform a variability testing program, including permeability testing for the mineralized zones in stream 2.

Additional metallurgical testwork completed post-Q4 2024 confirmed leach cycle time optimization, blending limits for Streams 2 and 3, and recovery assumptions adopted in the current mineral resource and reserve estimates.

22.6. Mineral Resources

The mineral resource estimate for the Project is reported in accordance with definitions set out in S-K 1300 and is based on the August 2025 updated geological and resource block model, which incorporates revised geological interpretations, recovery assumptions by seam and process stream, and updated processing cost inputs. The geological model was developed as a stratigraphically constrained grade block model using IMC modeling proprietary software which encompasses computer-assisted geological

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

grade modeling and estimation software applications. The geological model was updated to incorporate additional ioneer geological mapping, geophysical data and new drill hole information, along the eastern side of the basin. This update provided additional geological constraint on the basin stratigraphy's geometry east of the limits of drill hole data in support of geotechnical modeling and analysis in progress on the Project. In addition, this update expands the definition of mineralization in the southeast area of the basin.

It is the QP's opinion that the classification criteria applied to the mineral resource estimate are appropriate for the reliability and spatial distribution of the base data and reflect the confidence of continuity of the modeled geology and grade parameters, including improvements derived from additional drilling, geological mapping, and geophysical data along the eastern basin margin.

Material factors that could cause actual results to differ significantly from the conclusions, estimates, designs, forecasts, or projections include any substantial deviations in one or more of the key factors or assumptions, such as geological analysis and grade continuity assumptions.

In the QP's opinion, the factors most likely to impact the economic viability of extraction are primarily related to permitting, mining, processing, and market economic considerations, as well as the underlying parameters and assumptions. These elements were used to support the reasonable prospects for the eventual economic extraction of the mineral resources.

The QP is not aware of environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the mineral resource estimates.

Based on the results presented in this Report, the following additional geological work would provide additional benefits to improve confidence and decrease Project risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Continue to further the evaluation of faulting identified in drill holes and on surface mapping and
 update the geological model, as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Evaluate findings of seismic study and continued incorporation into structural and stratigraphic
 interpretation of seismic profiles into the geological model, as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Based on the results of the fault evaluation and seismic study, evaluate the need for targeted infill
 drilling to better define the geometry and displacement of any faults deemed to be poorly defined in the current data and modeling;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Evaluate potential additional exploration planning in the southeastern portions of the South Basin,
 additional core drilling with the aim of identifying additional tons at higher Lithium-Boron grades based on observed grade trends in the current model and limits of the basin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any additional exploration or infill drilling performed on the Project should assure the
 implementation of the revised QA/QC protocol presented in this Report.

22.7. Mineral Reserves

The mineral reserve estimate for the Project is reported using the definitions in S-K 1300.

The mineral reserve was developed from the 9.14 m (30 ft) mine planning block model and is the total of all proven and probable category ore that is planned for processing. The QP believes that the 9.14 m (30 ft) block model is appropriate to use for defining the mineral reserve and for mine planning.

Based on the outcomes of the August 2025 feasibility study presented in this Report and the consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social, and governmental modifying factors, it is the QP's opinion that the extraction of the stated mineral reserves could be reasonably justified at the time of reporting.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

The QP is not aware of environmental, permitting decisions, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the mineral reserve estimate that are not discussed in this Report.

Based on the information presented in this Report and the accompanying FS, the following items are suggested:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Perform additional drilling outside of the final LOM quarry extents to increase mine reserve to the
 northeast, better define dip and orientation of the sedimentary layers and understanding of faulting structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Perform updated geotechnical assessment using revised geologic model with hydrogeological data
 incorporated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Continued updating of marketing intelligence and sales plans to mitigate risks.

22.8. Mining Methods

The mine production plan has incorporated design and sequencing considerations to address both metal production and geotechnical constraints. In particular, the construction of the ground anchor support system required to protect the Tiehm's buckwheat populations has been incorporated within the mine phase designs and mine plan.

The ore production rate is limited by the processing plant's acid consumption, which is roughly 3,131 tonnes per day (1.14 million tonnes per year) for the leaching process. This equates to about 3.1 million tonnes of ore per year, with the life-of-mine plan projecting an estimated mine life of around 77 years. The mine plan follows a phased approach to quarry design, where lower-grade (less economically viable) ore blocks are assumed to be stockpiled near the processing facility. On average, the total ore mined per year is approximately 3.1 million tonnes, with varying overburden removal requirements depending on the quarry's orientation and available loading equipment.

The block size in the (9.14 m) 30 ft mine planning block model aligns with the selected loading equipment. Consequently, the model already accounts for an appropriate mining dilution allowance in its estimates, so no additional dilution has been applied. Mining dilution, loss, and recovery factors were determined based on the assumption of a reasonably accurate geologic model, precise GPS operations, and the use of a fleet management system (FMS). It is also assumed that GPS-guided systems will be installed on support equipment to aid in ore cleaning and grade control.

Overburden storage facilities were designed to contain 735.6 million tonnes of overburden and non-ore grade material removed from the quarry. Four of these facilities are located outside the quarry, while the fifth will be within the quarry itself, using backfill in portions of the mined-out areas. Any remaining overburden will be stored as backfill as space becomes available within the production schedule.

An autonomous haulage system and conventional support equipment were considered for estimating quarry equipment needs, labor requirements, capital expenditures, and operating costs. ioneer chose to implement autonomous haulage to reduce labor costs. Although the use of autonomous haulage in mining and quarry operations is relatively new, it has proven to be reliable, safe, and cost-effective over time. The information, estimates, and comparisons provided here are considered reasonably representative of autonomous haulage requirements, based on the Qualified Person's (QP) experience with similar studies.

22.9. Recovery Methods

The objective of the processing facility is to produce technical grades of boric acid and lithium carbonate.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

The processing facilities have been designed to process high boron ore. The ore will be processed by vat acid leaching, impurity removal, evaporation, and crystallization, using known and commercially proven equipment and technology. The flowsheet development has been supported by extensive test work and pilot plant programs.

The Rhyolite Ridge ores differ from conventional brines and spodumene ores in terms of their mineralogy and chemistry. The processing methods proposed also differ from traditional installations, therefore, at the time of this Report, there are no existing commercialized reference operations. While the application and sequencing are unique to the Project, the unit operations and equipment types are not novel, and many unit operations are adopted from existing boric acid, potash, nitrate, and lithium production facilities.

A pilot plant was constructed to complete the metallurgical test work for the Rhyolite Ridge operations, including vat leaching, boric acid circuit, impurity removal, evaporation and crystallization, and lithium carbonate circuit. Following bench and pilot-scale testwork, flowsheet modifications were implemented to address any process issues identified. The test work produced a clear understanding of the processing chemistry, sequences, and understanding of the set points for optimal operation. This work was used as the basis to develop the plant design, cost estimates, and production forecasts in the feasibility study.

Additional metallurgical testwork conducted between Q4 2024 and Q2 2025 confirmed that processing and recovery methods developed for stream 1 are applicable to stream 2 & 3, provided appropriate blending ratio is ensured in earlier stages of development compared to stream 1. Blending stream 3 material with stream 1 & 2 material is limited to 10%.

A 3,500 metric tonnes of sulfuric acid plant is a key component of the Rhyolite Ridge operation. The sulfuric acid plant will produce commercial-grade (98.5%) sulfuric acid, for vat leaching of ore, steam, to drive the evaporation and crystallization steps, and electricity, to drive the entire process. The associated power plant will generate sufficient electricity to run the entire facility independently from the Nevada state power grid.

22.10. Infrastructure

**22.10.1.** **General Infrastructure** 

The Rhyolite Ridge Project is a greenfield project remote from existing infrastructure.

The Rhyolite Ridge Project is designed to operate independent from the Nevada power grid. Electrical power necessary to operate the process plant will be supplied by the onsite steam turbine generator power plant, which has a design capacity of 42 MW. Actual power output will vary depending on the operation conditions. In addition, two 3 MW diesel generator capacity and a high-pressure auxiliary boiler are included to facilitate the black start of the onsite sulfuric acid plant, as well as to support emergency and critical power requirements when the steam turbine generator is offline. The power plant will be designed to receive high pressure steam from the waste heat boiler of the sulfuric acid plant during normal operation, or from the auxiliary boiler during black start operation.

The Project's primary source of water supply will be ground water from wells located in the Fish Lake Valley agricultural area which will be piped and pumped to the processing plant. Secondary sources of water supply will be from contact water from captured storm water that has been diverted to contact water ponds as well as water from dewatering the mine.

**22.10.2.** **Spent Ore Storage Facility** 

The spent ore storage facility is designed to be a zero-discharge facility and incorporates the necessary drainage and collection systems for a safe design. The spent ore storage facility has been designed to store leached ore from the vats in addition to sulfate salts generated in the evaporation and crystallization circuits.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

This material is suitable for dry stacking, meaning there is no need for a conventional tailings dam. The facility has sufficient storage capacity to support the Project.

The spent ore storage facility will be located 1.6 km (1 mile) south of the processing facilities; the material will be trucked from the processing plant and mechanically placed and compacted within the structural zone of the facility to maintain global stability.

22.11. Market Studies

Based on Wood Mackenzie's revised Q2 2025 outlook, the global lithium market, which entered an oversupply condition in 2024, is expected to remain oversupplied through the late 2020s, with the surplus peaking around 2027. Lithium chemical supply is forecast to increase from approximately 2.0 million short tons (1.8 million metric tons) LCE in 2025 to approximately 3.4 million short tons (3.1 million metric tons) by 2035, with market balance expected around 2032 and a deficit projected thereafter.

Benchmark Minerals Intelligence's Q1 2025 forecast similarly anticipates a surplus of approximately 60,000 short tons in 2026, followed by balanced conditions in 2027-2028 and a deficit emerging from 2029-2030 onward. Based on these forecasts, market demand is expected to absorb the Project's planned average lithium production of approximately 25,000 metric tonnes per annum over its first 20 years of operation.

For boric acid, global supply and demand were near equilibrium prior to the COVID-19 pandemic, with utilization of approximately 82%. Based on the market analysis presented in this Report, boric acid demand is forecast to grow at a minimum rate of approximately 3% per annum through 2040. Assuming a sustainable utilization rate of 85%, a structural supply deficit is projected to emerge from approximately 2035 onward.

For the financial model of the Project, price forecasts were used rather than current or historic prices to better account for future market conditions and potential price trends. The price forecast of technical-grade lithium carbonate in real terms ranges from US$8,491/t (US$7,703/st) to US$21,810/t (US$19,785/st) between 2025 and 2040, with an average price of US$15,320/t (US$13,898/st). The price forecast for boric acid ranges from US$830/t (US$753/st) to US$1,400/t (US$1,270/st) between 2025 and 2040, with an average price of US$1,136/t (US$1,031/st).

ioneer has signed offtake agreements for lithium carbonate with Ford Motor Company, Prime Planet Energy & Solutions, Inc., EcoPro Innovation Co. Ltd. and Dragonfly Energy Corporation and for boric acid with Dalian Jinma Boron Technology Group Co. Ltd, Iwatani Corporation, Kintamani Resources Pte Ltd and Boron Bazar Ltd. ioneer plans to secure additional boric acid distributor sales agreements in North America and Taiwan following the financial investment decision to increase sales.

22.12. Environmental, Permitting and Social Considerations

Phase 1 of the Project will be an operation with zero-carbon emission power production, low-water usage, low emissions, and a modest surface footprint with no tailings dam. Baseline and supporting studies were completed in support of current mine designs, operations, and permitting.

At the time of this report, the QP does not anticipate any known social or community issues or impacts to have a material impact on ioneer's ability to implement Phase 1 of the Project; however, a shortage of qualified employees, housing, and infrastructure in the state of Nevada could negatively affect the Project's development schedule and cost.

ioneer is in the process of securing the other necessary permits to advance Phase 1 of the Project:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Above Ground Storage Tanks Permit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Boiler and High-Pressure Vessels Operating Permit;

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Explosives Permit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Fire and Life Safety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Hazardous Materials Permit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Hazardous Materials Storage Permit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Industrial Artificial Pond Permit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Notice of Commencement of Mine Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Notice of Commencement of Mine Operations.

The application for the Mine Plan of Operations and Nevada Reclamation Permit includes a number of applicant-proposed conservation measures that minimize the environmental effect of the Project including, most notably, the protection of Tiehm's buckwheat, a BLM sensitive species listed as a United States Fish and Wildlife Service endangered species that exists within the Rhyolite Ridge Project site. A total of eight populations of this buckwheat species are scattered throughout the Project area boundary. Following discussion with the BLM and USFWS, ioneer has developed the Tiehm's Buckwheat Protection Plan, which contains specifics on the measures ioneer will take to conserve, protect, and expand the plant. These environmental protection measures are designed to address potential threats to the species from Project-related activities.

A closure plan was prepared that includes preliminary details for the final closure of all facilities. Closure and reclamation costs are currently estimated at US$64 million.

It is the QP's opinion that ioneer's current actions and plans for Phase 1 of the Project are appropriate to address any issues related to environmental compliance, permitting, relationship with local individuals or groups, and tailings management for the Phase 1 Project design.

22.13. Capital Cost Estimates

Initial capital costs are estimated at approximately US$1,683.2million. The sustaining capital costs are estimated at approximately US$2,168.1 million with additional deferred stripping cost estimated at US$933.0 million. Closure costs are estimated at an additional US$64 million. The capital cost estimate covers the period from final investment decision to first production and is reported in Q1 2024 real US dollars with design growth allowances factored within contingency.

A contingency of 10% was applied to the capital costs estimate using a Monte Carlo simulation to achieve a P65 confidence level for the estimate and P50 for schedule according to the model and ranges established by Fluor. The estimate, including contingency, has an expected accuracy range of +15%/-10% as per the basis of estimate.

22.14. Operating Cost Estimates

The operating cost for the Rhyolite Ridge Project is estimated at approximately US$14,698.7 million over the 77-year life of mine. The estimates for the Project are at a feasibility level of confidence, having an accuracy level of -15%/+15%. No contingency has been allocated for operating cost estimates.

22.15. Economic Analysis

Based on estimation of US$1,683.2 million of initial capital costs, sustaining capital costs of US$2,168.1 million, deferred stripping costs of US$933.0 million, closure costs of US$64 million and US$14,698.7 million in life of

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

mine operating costs, financial results show an internal return rate (unlevered post-tax) of 18.0% and a net present value (unlevered post-tax) of US$2,237million at an 8% discount rate and a 10-year payback period.

ioneer's economic analysis has formed the basis of the mineral reserve estimates. In the QP's opinion, the outcome from this economic analysis demonstrates that the Project is economically viable. The Rhyolite Ridge Project has demonstrated strong project economics, made feasible by having significant lithium and boron revenue streams.

Based on the sensitivity factors, the Project is particularly sensitive to changes in lithium grade, recovery rates, prices and the discount rate. The model is less sensitive to other changes such as labor cost.

22.16. Risks and Opportunities

**22.16.1.** **Risks** 

**22.16.1.1.** **Metallurgy and Processing** 

The risks associated with blending low boron mineralization (stream 2 & 3 material) with high boron ores (stream 1 material) are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Blending with LoB-Li high clay mineralization (M5 unit) should be limited to 10% to avoid adverse
 permeability issues in the vats caused by its high clay content. The large volume of M5 unit ore will result in the great portion of this ore type being unsuited for vat leaching through prior blending with low clay ores.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Blending with other LoB-Li low clay mineralization types in stream 2 (L6 & S5 units) will result
 in lower boric acid production.

The sulfuric acid plant is expected to have 98% availability, accounting for two weeks of planned shutdown every two years, which is typical for such plants. This high availability is achievable, considering the design includes sufficient spare parts for major equipment. However, risks to this availability may arise from unexpected events, such as unplanned shutdowns caused by scaling of processing equipment exposed to temperature and pH changes.

**22.16.1.2.** **Mineral Resource Estimates** 

The mineral resource estimates could be materially affected by any significant changes in the assumptions regarding forecast product prices, mining and process recoveries, or production costs. If the price assumptions are decreased or the assumed production costs increased significantly, then the cut-off grade must be increased and, if so, the potential impacts on the mineral resource estimates would likely be material and need to be re-evaluated.

The QP has identified the following additional risk factors relating to geology and mineral resource estimation including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Geological uncertainty relating to local structural control relating to geometry, location, and
 displacement of faults;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Geological uncertainty and opportunity regarding the continuity and geometry of stratigraphy and
 mineralization in the eastern and northern extents of the basin, outside of the current Mineral Resource footprint;

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Potential impacts to the mineral resource footprint related to potential changes in the Project
 footprint relating to avoidance and mitigation measures relating to the Tiehm's buckwheat and designated critical habitat areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The use of assigned density with no density samples, as is the case with one waste unit (the Q1
 alluvium unit), is a factor that represents a low risk to the mineral resource estimate confidence.

These additional risk factors are considered as potential impacts on local geology and estimates rather than global (deposit wide) geology and estimates. As such, the QP does not consider these factors as posing a risk to the prospect of economic extraction for the mineral resource as currently stated.

The QP has identified some opportunities related to geology and the mineral resource estimation as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ An evaluation of the unsampled drill core which could lead to an update to the assay database and
 eventual update to the mineral resource estimate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Evaluate the inclusion of additional lithium and boron bearing seams such as S3 and M4 into the
 mineral resource;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Continue to expand process test work and expand data set, which may lead to further reduction in Acid
 consumption or increased recovery variables.

**22.16.1.3.** **Mineral Reserve Estimates and Mine Plan** 

The mineral reserve estimates may be affected positively or negatively by additional exploration that alters the geological database and models of lithium-boron mineralization on the Project. The mineral reserve estimates could also be materially affected by any significant changes in the assumptions regarding the quarry slope stability analysis (e.g., hydrogeologic data and/or geologic structure remodeling with new drilling), forecast product prices, mining and process recoveries, or production costs. If the price assumptions are decreased or the assumed production costs increased significantly, then the cut-off grade must be increased and, if so, the potential impacts on the mineral reserve estimates would likely be material and need to be re-evaluated.

The mineral reserve estimate is also based on assumptions that a mining project may be developed, permitted, constructed, and operated. Any material changes in these assumptions would materially and adversely affect the mineral reserve estimates for the Project; potentially reducing to zero. Examples of such material changes include extraordinary time required to complete or perform any required activities, or unexpected and excessive taxation, or regulation of mining activities that become applicable to a proposed mining project on the Project. The QP does not know of environmental, permitting decisions, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the mineral reserve estimate that are not discussed in this Report.

**22.16.1.4.** **Markets and Contracts** 

The marketing risk review identified the following key commercial risks as listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Losing existing offtake agreements due to significant commissioning delays;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Escalation of trade restrictions or tariffs affecting international boric acid markets, potentially
 impacting prices and regional sales volumes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Customers do not honor contracts and memoranda of understanding, resulting in lower sales levels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Prices are less than expected during the early years of operation due to near-term oversupply or
 delayed demand recovery.; and

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The market has not grown as predicted, and sales volume is less than expected.

Each of these risks can be mitigated to some degree; however, in some cases, the residual risk is still significant.

**22.16.1.5.** **Environmental, Permitting, and Social Considerations** 

Several baseline studies were conducted within portions of the Project area to characterize existing environmental and social resources to support mine permitting and development. ioneer has secured the critical permits for Phase 1 of the Project and is in the process of securing other necessary permits to advance Phase 1 of the Project. Based on the Phase 1 Project design, no known social or community issues or impacts will have a material impact on ioneer's ability to obtain the remaining necessary permits to develop Phase 1 of the Project.

**22.16.1.6.** **Cost Estimation** 

The Rhyolite Ridge Project estimate analysis represent forward-looking information that is subject to a number of known and unknown risks and uncertainties, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Skilled labor availability in the region;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Accommodation availability due to unexpected competing projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Volatile raw material and transportation costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Late changes.

The above-listed risks should be further evaluated during the next phase of the Project.

**22.16.2.** **Opportunities** 

Opportunities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Potential opportunity to convert LoB-Li high clay mineralization in M5 unit from current
 classification of mineral resources to mineral reserves following appropriate supporting studies and tests.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

23. RECOMMENDATIONS

It is recommended by the hydrogeological resource QP to allow additional cost for additional hydrogeological data collection and modelling likely required for NEPA analysis required for project expansion. This recommendation was estimated to have a cost of approximately US$2-3 million.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

24. REFERENCES

Benchmark Mineral Intelligence, 2025: Lithium Price Assessment – Battery Grade Lithium Hydroxide Q1 2025 Price (In Real Terms) Forecast, March 2025.

Bureau of Land Management, 2024: Record of Decision – Rhyolite Ridge Lithium-Boron Project, October 2024.

Carpenter, 2017: Summary of the Gravity Survey Conducted for Global Geoscience Ltd. on Rhyolite Ridge Project, December 2017.

DataUSA.io: Population & Diversity, Tonopah, NV, Census Place, 2022. www.datausa.io/profile/geo/tonopah-nv

DataUSA.io: Population & Diversity, Bishop, CA, Census Place, 2022. www.datausa.io/profile/geo/bishop-ca

EM Strategies, 2020a: 2019 Baseline Biological Survey Report – Project Area – Rhyolite Ridge Lithium-Boron Project, Prepared for Ioneer USA, February 2020.

EM Strategies, 2020b: 2019 Baseline Biological Survey Report – Access Road (Supplementary Report) – Rhyolite Ridge Lithium-Boron Project, Prepared for Ioneer USA, March 2020.

Fastmarkets Company, 2025: Spot Price of Battery-Grade Lithium Chemicals, June 2025.

EnviroMine, 2019: Stage 1 Quarry Geotechnical Recommendations, Rhyolite Ridge Lithium Boron Project, Esmeralda County, Nevada, Revision 0, September 2019.

fws.gov: Press Release - U.S. Fish and Wildlife Service lists Tiehm's buckwheat as an endangered species and designates critical habitat in Nevada, 14 December 2022. www.fws.gov/press-release/2022-12/tiehms-buckwheat-listed-endangered-species-critical-habitat-designated-nevada

Fluor, 2020: Ioneer USA Corp. Rhyolite Ridge Lithium-Boron Project (Definitive) Feasibility Study (FS) Report, March 2020.

Geo-Logic Associates, 2024: Ioneer Rhyolite Ridge LLC Geotechnical Quarry Slope Stability Phase 1 and Phase 2 Feasibility Report, September 2024.

Geo-Logic Associates, 2025: Ioneer Geotechnical Quarry Slope Stability Phase 1-5 and Life of Mine Pre-Feasibility Report" Geo-Logic Associates, August 2025.

HydroGeoLogica, Inc. 2018: Rhyolite Ridge Project Climate and Meteorological Evaluation, August 2018.

JOGMEC.go.jp: JOGMEC News Releases – JOGMEC Enters into Joint Exploration Agreement for Lithium in Nevada, U.S., 11 June 2010. www.jogmec.go.jp/english/news/release/release0053.html

JORC, 2012: Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code), December 2012.

KPMG International Limited, 2024: Tax Estimates Memorandum, May 2024.

NewFields, 2019a: Rhyolite Ridge Spent Ore Storage Facility Engineering Design Report, Rhyolite Ridge Lithium-Boron Project prepared for Ioneer USA, April 2019.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

NewFields, 2020a: Geotechnical Exploration of Residue Storage Facility and Process Facilities Areas of the DFS, March 2020.

PhotoSat, 2018: Stereo Satellite Surveying Project Report, Prepared for Global Geoscience, February 2018.

Piteau Associates, 2023: Groundwater Quantity Impacts Report, Prepared for Ioneer Rhyolite Ridge LLC, December 2023.

Piteau Associates, 2026: Geochemical Characterization Study, Prepared for Ioneer Rhyolite Ridge LLC, Janurary 2026.

Respec, 2023: Geotechnical Report for Rhyolite Ridge Project, April 2023

Wright Geophysics, 2019: Rhyolite Ridge Seismic Survey – 2019 GIS Database, March & April 2019.

Wood Mackenzie, 2025: Global Lithium Market Investment Horizon Outlook Q2 2025.

Wood Mackenzie, 2025a: Battery-Grade Lithium Hydroxide Q2 2025 Price (In Real Terms) Forecast.

Wood Mackenzie, 2025b: Technical-Grade Lithium Hydroxide Q2 2025 Price (In Real Terms) Forecast.

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.** **Reliance on Information Provided by the Registrant** 

25.1. Introduction

The QPs have fully relied upon third party information provided by ioneer regarding macroeconomic trend, markets, legal matters, environmental matters, stakeholder accommodation, and governmental factors for the Project.

The QPs have reviewed the information provided by the registrant and have determined, in their professional judgement, the information to be suitable for use in this Report. The QPs consider it reasonable to rely on the provided information due to the following reasons:

- The registrant has employed or retained industry professionals with expertise in the areas listed in the following sub-sections;

- The registrant has the oversight and governance over these activities, including direct involvement, peer review and approval;

- The registrant has experience and, in some cases, knows the history of these areas.

25.2. Macroeconomic Trend

Information relating to inflation, interest rates, discount rates, foreign exchange rates and taxes.

This information is used in the economic analysis in Chapter 19. It supports the mineral resource estimate in Chapter 11 and the mineral reserve estimate in Chapter 12.

25.3. Markets

Information relating to market studies for product, market entry strategies, marketing and sales contracts, product valuation, product specifications, refining and treatment charges, transportation costs, agency relationships, material contracts, and contract status.

This information is used when discussing the market, commodity price and contract information in Chapter 16, and in the economic analysis in Chapter 19. It supports the mineral resource estimate in Chapter 11, and the mineral reserve estimate in Chapter 12.

25.4. Legal Matters

Information relating to the corporate ownership interest, the mineral tenure (concessions, payments to retain, obligation to meet expenditure/reporting of work conducted), surface rights, water rights, royalties, encumbrances, easements and rights-of-way, violations and fines, permitting requirements, ability to maintain and renew permits, monitoring requirements and monitoring frequency, and bonding requirements.

This information is used in support of the property ownership information in Chapter 3, the permitting and closure discussions in Chapter 17, and the economic analysis in Chapter 19. It supports the mineral resource estimate in Chapter 11, and the mineral reserve estimate in Chapter 12.

25.5. Environmental Matters

Information relating to baseline and supporting studies for environmental permitting, environmental permitting and monitoring requirements, ability to maintain and renew permits, emissions controls,

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<u>Rhyolite Ridge Lithium-Boron Project</u> <u>S-K 1300 Technical Report Summary</u>

closure planning, closure and reclamation bonding and bonding requirements, sustainability accommodations, and monitoring for and compliance with requirements relating to protected areas and protected species.

This information is used when discussing property ownership information in Chapter 3, the permitting and closure discussions in Chapter 17, and the economic analysis in Chapter 19. It supports the mineral resource estimate in Chapter 11, and the mineral reserve estimate in Chapter 12.

25.6. Stakeholder Accommodation <br>

Information relating to social and stakeholder baseline and supporting studies, hiring and training policies for workforce, partnerships with stakeholders (including national, regional, and state mining associations; trade organizations; state and local chambers of commerce; economic development organizations; non-government organizations; and state and federal governments), and the community relations plan.

This information is used in the social and community discussions in Chapter 17, and the economic analysis in Chapter 19. It supports the mineral resource estimate in Chapter 11, and the mineral reserve estimate in Chapter 12.

25.7. Governmental Factors

Information relating to taxation and government royalty considerations at the Project level.

This information is used in the economic analysis in Chapter 19. It supports the mineral resource estimate in Chapter 11, and the mineral reserve estimate in Chapter 12.

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