Investor Presentation : CG Global Metals and Mining Conference

CG METALS AND MINING PRESENTATION

May 2024

Providing Material in the U.S. for a Sustainable Planet

: IONR	ASX : INR	www.ioneer.com

B Li

Disclaimer

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

ioneer does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this presentation. Recipients of this presentation should carefully consider whether the securities issued by ioneer are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position. Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company's securities.

Forward Looking Statements

Various statements in this presentation constitute statements relating to intentions, future acts and events which are generally classified as "forward looking statements". These forward-looking statements are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other important factors (many of which are beyond the Company's control) that could cause those future acts, events and circumstances to differ materially from what is presented or implicitly portrayed in this presentation.

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

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

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

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

Competent Persons Statement

In respect of Mineral Resources and Ore Reserves referred to in this presentation and previously reported by the Company in accordance with JORC Code 2012, the Company confirms that it is not aware of any new information or data that materially affects the information included in the public reports titled "Rhyolite Ridge Ore Reserve Increased 280% to 60 million tonnes" dated 30 April 2020 and "Mineral Resource increases by 168% to 3.4 Mt lithium carbonate Underscores growth potential for U.S. supply chain" dated 26 April 2023, released on ASX. Further information regarding the Mineral Resource estimate can be found in that report. All material assumptions and technical parameters underpinning the estimates in the report continue to apply and have not materially changed.

In respect of production targets referred to in this presentation, the Company confirms that it is not aware of any new information or data that materially affects the information included in the public report titled "ioneer Delivers Definitive Feasibility that Confirms Rhyolite Ridge as a World-Class Lithium and

Boron Project" dated 30 April 2020. Further information regarding the production estimates can be found

in that report. All material assumptions and technical parameters underpinning the estimates in the report continue to apply and have not materially changed.

No offer of securities

Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell ioneer securities in any jurisdiction or be treated or relied upon as a recommendation or advice by ioneer.

Reliance on third party information

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

Lithium Carbonate Equivalent

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

Note

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

: IONR	ASX : INR	www.ioneer.com

Corporate Snapshot

Capital Structure

(As at 1 May 2024)

Shares Outstanding (see next slide on Equity Raise)	2.3b
Performance Rights And Options Outstanding	36.8m
Cash Balance - 31 March 2024	US$19m
Share Price ASX - 1 May 2024	A$0.20
ADR Price NASDAQ (1 ADR = 40 ASX Shares)	US$5.60
Market Capitalisation	A$422m

Research Coverage

: IONR	ASX : INR	www.ioneer.com

Total Shareholder Composition

at 29 February 2024

23.9%

Unanalysed	26.5%
2.6%	Institutional Investors
Brokers
3.9%
Unallocated DRs
5.8%
Related Parties
13.3%	23.9%
Corporation/Non-Profit	Retail

Total Shares by Geography

at 29 February 2024

23.9%

Unanalysed	30.3%
7.1%	Australia
Rest of the World
2.1%
Rest of Europe
0.9%
United Kingdom
8.4%	27.4%
Asia	North America

Equity Raising Overview

Ioneer conducted a US$25 million placement at A$0.18/sh

Offer Structure

and Size

Offer Price

Use of Proceeds

• Ioneer conducted a placement ("Equity Raising" or "Placement") to raise US$25.1 million* (the "Offer")
• Approximately 213.6 million ordinary shares ("New Shares") were issued representing ~10.1% of existing ordinary shares on issue, within Ioneer's placement capacity pursuant to ASX Listing Rule 7.1
• New Shares issued under the Offer rank equally with existing Ioneer shares on issue
• New shares will be issued at Ioneer's last closing price on 26 April 2024 of A$0.18 ("Issue Price").
• Proceeds from the Offer will be used to:
• • Advance detailed engineering (~70% complete) and vendor engineering to construction ready status
  • Fund environmental, NEPA and permitting expenses
  • Pay financing costs; and
  • Fund Rhyolite Ridge owner's costs, working capital and general corporate purposes

* Note: Assumes a USD:AUD exchange rate of $0.6539$1:00.

: IONR	ASX : INR	www.ioneer.com

Sources and Uses of Funds

Equity Raising provides critical funding to reach Final Investment Decision

• Permitting timeline is now well-understood
• Funds provide necessary liquidity to reach FID in Dec-24
• Growing momentum in lithium prices
• Strong support from US Government for Rhyolite Ridge
• Robust pro forma balance sheet to achieve near term objectives

Pro Forma Cash Balance

As at 31 March 2024 (unaudited)*	$19.0m
Placement proceeds**	$25.1m

Sources of Funds		Uses of Funds
Proceeds from Capital		Advance detailed
$25.1m	engineering, vendor	$9.1m
Raising**	engineering, and Class II
		cost estimate
		Environmental, NEPA
		and permitting	$2.9m
		expenses
		Financing costs (DOE	$1.3m
		LPO loan)
		Rhyolite Ridge owners
		costs, working capital	$11.8m
		and corporate costs
Total	$25.1m	Total	$25.1m

Pro Forma

$44.1m

*Cash balance is based off the latest quarterly information and is unaudited and unreviewed. See Company announcement titled "March 2024 - Quarterly Activities Report" dated 30 April 2024. Company cash balance as at 31 December 2023 was US$28.0m **Note: Assumes a USD:AUD exchange rate of $0.6539:$1:00.

: IONR	ASX : INR	www.ioneer.com

What Differentiates Ioneer from other emerging lithium companies

Permitting	Partnerships	Funding
Expecting to be fully	Binding agreements with	US$490 million conditional
permitted in 2024	Ford (SK), Toyota-Panasonic	financing from Sibanye-
	and EcoPro	Stillwater

Debt	Engineering	Growth
US$700 million conditional	State of the art facility with	Multi-generational scale
loan from U.S. Dept of Energy	construction set to commence	potential with 3.4Mt LCE
Loan Programs Office	upon permitting approval	Mineral Resource Estimate
	Over 70% complete

: IONR	ASX : INR	www.ioneer.com

"The Biden-Harris administration understands the important role

Permitting (NEPA) Process mining will continue to play in the modern economy and the growing need for responsibly sourced critical minerals to meet our climate, infrastructure, and global competitiveness goals." Dr. Steve Feldgus, Principal Deputy Assistant Secretary Land and Minerals Management (BLM Rhyolite Ridge Press Release 12/04/2024)

Pre-permitting	Permitting Process
		2020
2017	2019	Submitted Mine
Plan of Operations
Exercised	Commenced	to BLM and BLM
option to	environmental	contracted Stantec
acquire	baseline studies	to prepare and
interest		complete EIS

	Dec 2022
June 2022	Listing of
Tiehm's
Submitted revised
buckwheat and
Mine Plan of Operations
designation of
that incorporated
critical habitat	Jan - Mar 2023
additional key
under	Public scoping
commitments relating to
Endangered	comment
buckwheat conservation
Species Act	period

We are Here

Expected
Q3 2024*
FWS Section 7	Expected 2027*
Biological Opinion
Rhyolite Ridge
Issued
Commences
	Operations

2016	2020	Dec 2022	16 April 2024*	Expected	Expected Oct 2024*
Q3 2024*
Record of Decision
Acquired	Held pre-application	Publication	Draft	Final EIS
Issued by BLM
initial interest	meetings with BLM	of Notice of	Environmental	Published
in Rhyolite	2018	Intent by BLM	Impact	(30-day agency
Ridge Project		Statement	review period)
	Notice level	Mid 2021	Issued - starts
	(BLM-permitted)
	Received	45-day public
	exploration
	1) Air Quality and	comment period
	drilling activity
	2) Water Pollution Control permits from Nevada

NEXT KEY PERMITTING MILESTONE IS THE COMPLETION OF THE DRAFT EIS COMMENT PERIOD

: IONR	ASX : INR	www.ioneer.com

* All future dates subject to change without notice

Proven & Experienced Team

BOARD OF DIRECTORS

JAMES D. CALAWAY Executive Chair Former Non-executivechair of Orocobre Ltd

BERNARD ROWE

Managing Director

CEO & Founder

ALAN DAVIES

Non-executive Director

Former Chief Executive,

Energy & Minerals of Rio Tinto

ROSE McKINNEY-JAMES	MARGARET WALKER	STEPHEN GARDINER
Non-executive Director	Non-executive Director	Non-executive Director
Former President and CEO	Former VP Engineering and	Former CFO Oil Search
of Corporation for Solar Tech	Technology Centers, Dow
& Renewable Resources	Chemical

EXECUTIVE TEAM

IAN BUCKNELL	MATT WEAVER	CHAD YEFTICH	KEN COON	YOSHIO NAGAI
CFO & Company Secretary	Snr VP Engineering &	VP Corporate Development	VP Human Resources	VP Commercial Sales
	Operations	& External Affairs		& Marketing
: IONR	ASX : INR www.ioneer.com

Best in Class Partners

Technically led approach

EPCM

Evaporation and

Crystallization

Material

Handling

Power and

Controls

Pilot Plant

Environmental

Leaching

Acid Plant

Haulage

System

Mining

Shell Canada

Sulfuric Acid

Spent Ore

>US$170m		PFS, Pilot Plant, DFS completed,
invested to date		Engineering ready. Fluor is EPCM

Signed binding lithium offtake agreements

Ford Motor	PPES (Toyota -	EcoPro
Panasonic)	Innovation

Funding

Sibanye-Stillwater to be a 50% JV		U.S. Dept of Energy Loan Programs Office
	Conditional Commitment offer for a loan of
partner for US$490m1
	up to US$700m2

: IONR	ASX : INR	www.ioneer.com

1Subject to closing conditions as outlined in the 16 September 2021 announcement "Sibanye-Stillwater to Invest US$490 Million to Advance Rhyolite Ridge to Production" 2Subject to closing conditions as outlined in the 16 January 2023 announcement "U.S. Department of Energy Offers Conditional Commitment for a loan of up to US$700 Million"

Detailed Engineering is ready

: IONR	ASX : INR	www.ioneer.com