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Ioneer Ltd
v8.1 · inr-20261104t223125-full- Last 2026-11-06
- A$0.095
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$293.4M
- EV
- A$215.8M
- Cash
- US$54.5M
- Debt
- US$0
Investment view
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Investment view
Our rating, thesis and what the price implies are available to subscribers.
Sign in or enter a guest codeAnnouncements
Latest 12 of 13All sources ▸- Application for quotation of securities - INRFinancing
- Investor PresentationPresentation
- September 2026 - Quarterly Cash Flow ReportResults
- September 2026 - Quarterly Activities ReportResults
- Half Yearly Report and AccountsResults
- Annual Report to shareholders for the six monthsResults
- Ioneer Secures US$50 Million to Advance U.S. OnshoringFinancing
- Proposed issue of securities - INRFinancing
- Change of Company SecretaryLeadership
- Further Leach Optimisation Enhances Project EconomicsStudy
- Departure of Chief Financial OfficerLeadership
- Annual Report to shareholdersResults
Event calendar · next 12 months
4 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Q4 2026, company guidance of year-end completion | Strategic partnering process expected to conclude (minority sell-down of Rhyolite Ridge) | Transaction | Company Guided | High | Sets the equity price, dilution and partner terms that decide whether FID can follow. |
| Inferred from the usual quarterly calendar | December 2026 quarterly activities and cash flow reports | Other | Inferred | Medium | Cash burn, partnering status and any funding update. |
| Inferred from the change to a December year-end | Annual report for the year to 31 Dec 2026 (new December year-end) | Results | Inferred | Medium | First audited full-year statements on the new year-end; reserves and funding status. |
| Mid-2027, company guidance | Ninth Circuit decision on the appeal against the BLM approval | Permitting | Company Guided | High | A reversal would threaten the permit on which the construction schedule rests; the company expects no construction delay. |
Executive roster
As of 2026-11-04Background checks ▸Executives named on the 28 Oct 2026 investor presentation (team slide 17, read as an image page) and the directors' report of the 30 Jun 2026 half-year (directors). Company secretary successor after Ian Bucknell resigned on 1 Dec 2025 is not named in the reviewed announcements. Non-executive directors are listed in the report, not here.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| James D. Calaway | Executive Chair | Executive Director | — | Investor Presentation · Half Yearly Report and Accounts |
| Bernard Rowe | Managing Director · CEO and Founder | Executive Director · Chief Executive | — | Investor Presentation · Half Yearly Report and Accounts |
| April Hashimoto | Interim CFO | Finance | — | Investor Presentation · Departure of Chief Financial Officer |
| Matt Weaver | Senior VP Engineering and Operations | Operations · Technical | — | Investor Presentation |
| Chad Yeftich | VP Corporate Development and External Affairs | Senior Management | — | Investor Presentation |
| Ken Coon | VP Human Resources | Senior Management | — | Investor Presentation |
| Yoshio Nagai | VP Commercial Sales and Marketing | Commercial | — | Investor Presentation |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Rhyolite Ridge lithium-boron project
US
DFS Unfunded Developer100% ownedLithiumOthers
DFS update (Oct 2025) and Ore Reserve complete; federal permit granted and under appeal; funding and FID pending
- Study
- DFS update, 1.5-day leach (Oct 2025)
- Post-tax NPV (study prices, attributable)
- US$2.2bd
- NPV restated at our deck (attributable)
- Locked
- IRR
- 1,800.0%
- Initial capex (100%)
- US$1.7b
- Capital intensity
- US$82,510/(t/yr)d
- LoM AISC
- A$10,170/t
- Mine life
- 77.0 yrs
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVUS$2.2K8% discount
IRR18%Published return
Initial capexUS$1.7KPublished capital estimate
Operating cost6,712USD/t
NPVUS$2.3K8% discount
IRR23.2%Published return
After-tax unlevered NPV at 8% real, LOM average AISC net of boric acid credit per t LCE; Years 1-25 LiOH US$23,040/t and boric acid US$1,296/t; NPV and capex in US$ millions
After-tax levered NPV at 8% real including the DOE loan terms (US$996m facility, undrawn)
Resources & reserves4
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | measured_and_indicated | 440.3 Mt | Li2CO3 0.76 wt%; H3BO3 2.87 wt% | Lithium · Others | 2025-10-29 |
| Mineral Resource | inferred | 108.3 Mt | Li2CO3 0.70 wt%; H3BO3 1.93 wt% | Lithium · Others | 2025-10-29 |
| Ore Reserve | proved | 91.6 Mt | Li2CO3 0.84 wt%; H3BO3 3.69 wt% | Lithium · Others | 2025-10-29 |
| Ore Reserve | probable | 173.9 Mt | Li2CO3 0.73 wt%; H3BO3 2.52 wt% | Lithium · Others | 2025-10-29 |
Milestones4
- Strategic partnering process (minority sell-down) expected to conclude
Pending · High materiality
- Ninth Circuit decision on the BLM Plan of Operations appeal
Pending · High materiality
- Final investment decision once equity and debt are in place
Pending · High materiality
- First production (company target 2029; analyst base case later)
Pending · High materiality
Permits & approvals3
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| BLM Record of Decision and Plan of Operations approval (NEPA) | US federal (BLM) | Granted | — | Yes |
| Nevada air quality and water pollution control permits | Nevada (US) | Granted | — | No |
| Permits for the extended LOM quarry (needed before the later mine plan) | Nevada (US) | Pending | — | No |
Economic studies2
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Further Leach Optimisation (1.5-day leach) DFS update with updated Ore Reserve | DFS | Current | 2025-10-29 | After-tax unlevered NPV8 real US$2,237.3m, IRR 18.0%, initial capex US$1,683.2m (AACE Class 2, -10%/+15%), LOM 77 years, 265.5 Mt processed at 3.4 Mtpa, LiOH US$23,040/t and boric acid US$1,296/t. |
| Two-day leach update (August 2025 case) | DFS | Superseded | 2025-09-03 | Superseded by the October 2025 case: NPV8 US$1,888m, LOM 82 years, capex US$1,667.9m. |
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Cash funds corporate costs and early works only. Construction needs about US$1.68bn: the DOE loan of US$996m (undrawn, conditions precedent to first draw) plus new equity and/or a strategic partner before FID. No equity or debt beyond reported cash is committed in the filings reviewed.
Capital structure
Ownership and dilution
- Ordinary shares
- 3.1B
- Fully diluted
- 3.2B
3,074,633,957 ordinary shares at 30 Jun 2026 (half-year) plus 13,010,391 issued 1 Jul 2026 gives 3,087,644,348 quoted (Appendix 2A, 3 Jul 2026); plus 225,000 issued 1 Oct 2026 and 1,015,648 issued 2 Nov 2026 gives 3,088,884,996 quoted (Appendix 2A, 3 Nov 2026). Fully diluted adds the 75m performance rights and options in the 27 Oct 2026 snapshot. No options or convertibles are disclosed beyond that aggregate.
Security classes1
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Performance rights and options outstanding (aggregate, 27 Oct 2026 corporate snapshot) | Other | 75M | — | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY2025 (to 30 Jun 2025)A | 6M to 31 Dec 2025 (transition)A | 6M to 30 Jun 2026A |
|---|---|---|---|---|---|
| Profit and loss | |||||
| Revenue | AUDm | 0.0 | 0.0 | 0.0 | |
| Operating costs (employee, exploration written off, other; excludes interest and depreciation) | AUDm | 10.2 | 4.4 | 4.6 | |
| EBITDA (pre-production: revenue less operating costs) | AUDm | (10.2) | (4.4) | (4.6) | |
| Net profit (loss) after tax | AUDm | (9.6) | (4.1) | (4.0) | |
| Cash flow | |||||
| Operating cash flow | AUDm | (6.8) | (3.1) | (3.7) | |
| Capex (exploration/capitalised and project; sustaining + growth in forecast) | AUDm | 13.8 | 6.3 | 4.1 | |
| Free cash flow (operating cash flow less capex) | AUDm | (20.6) | (9.4) | (7.8) | |
| Balance sheet | |||||
| Cash and cash equivalents | AUDm | 25.1 | 17.9 | 58.8 | |
| Borrowings | AUDm | 0.0 | 0.0 | 0.0 | |
| Net debt (negative is net cash) | AUDm | (25.1) | (17.9) | (58.8) | |
| Total equity | AUDm | 230.3 | 230.2 | 276.7 | |
| Per share | |||||
| Ordinary shares on issue (period end) | m shares | 2,608.2 | 2,674.6 | 3,074.6 | |
| Basic EPS | AUD/share | (0.00) | (0.00) | (0.00) | |
| Multiples and ratios | |||||
| EV / EBITDA (x, current EV) | x | (21.8) | (50.8) | (47.9) | |
| P / E (x, current market cap) | x | (31.4) | (73.6) | (74.8) | |
| FCF yield (current market cap) | % | -6.9% | -3.1% | -2.6% | |
| EBITDA margin | % | — | — | — | |
| Net debt / EBITDA (x) | x | 2.5 | 4.1 | 12.7 | |
Company guidance1
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| First Production (Company Target, Calendar Year) | rhyolite-ridge | 2029 | 2,029 | 2,029 year | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-02-05Ann. 2026-01-30 | RaisingOrdinary Fully Paid | US$50M | 400M | US$0.18 | Completed | About US$50m (A$72m) placement of about 400m shares to fund long-lead items, early works, permitting costs and the strategic partnering process.Max 400M · Bell Potter Securities and Canaccord Genuity (joint lead managers) |
| 2025-07-17 | Raising | US$2.2M | 33.6M | — | Completed | — |
| 2025-06-18Ann. 2025-06-13 | Raising | US$16M | 253M | — | Completed | — |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
Arrangements in the reviewed filings and the 28 Oct 2026 presentation (offtake and permit slides; slide 10 read as an image page). Not fully reviewed: the 26 Feb 2025 joint-venture status update and the price and volume terms of the lithium and boron offtakes, which are not in the reviewed documents.
US$996m DOE LPO loan closed in January 2025 with fixed-rate, long-tenor terms. Undrawn at 30 Sep 2026; first draw subject to conditions precedent. Valued through the levered-unlevered difference in the study, not in project value.
Other · Conditional- Counterparties
- U.S. Department of Energy, Loan Programs Office
- Applies to
- Rhyolite Ridge lithium-boron project
- Economic direction
- Benefit
- Period
- From 2025-01-20; no end date stated
- Key terms
- Principal (US$968m) plus capitalised interest (US$28m): 996 USD m
Tenor: 20 years
How it affects our valuation
No valuation treatment is available for this arrangement.
Signed lithium offtakes with four counterparties. Modelled through the realised lithium price in the project cash flow, using the price deck rather than contract terms, because volumes and price mechanism are not disclosed in the reviewed documents.
Offtake · Announced- Counterparties
- Ford · EcoPro · PPES · Dragonfly
- Applies to
- Rhyolite Ridge lithium-boron project · Lithium
- Economic direction
- Benefit
- Period
- Dates not stated
- Key terms
- Lithium offtake agreements signed: 4 count
How it affects our valuation
No valuation treatment is available for this arrangement.
Signed boric acid offtake and sales agreements. Boric acid is about a quarter of revenue in the study; modelled through the realised boric acid price.
Offtake · Announced- Counterparties
- boron offtake and sales counterparties (not named in reviewed documents)
- Applies to
- Rhyolite Ridge lithium-boron project · Others
- Economic direction
- Benefit
- Period
- Dates not stated
- Key terms
- Boron offtake and sales agreements signed: 1 count
How it affects our valuation
No valuation treatment is available for this arrangement.
Non-binding MOUs signed 8 July 2026: KIND is considering an equity investment and Hyundai Engineering procurement services. Not legally binding; no terms, so not valued.
Strategic Partnership · Announced- Counterparties
- Korea Overseas Infrastructure and Urban Development Corporation (KIND) · Hyundai Engineering Co. Ltd
- Applies to
- Rhyolite Ridge lithium-boron project
- Economic direction
- Mixed
- Period
- From 2026-07-08; no end date stated
How it affects our valuation
No valuation treatment is available for this arrangement.
Development agreement with Esmeralda County (April 2025) funding expanded public services and infrastructure. Amount not disclosed in the reviewed documents; treated as qualitative.
Other · Active- Counterparties
- Esmeralda County, Nevada
- Applies to
- Rhyolite Ridge lithium-boron project
- Economic direction
- Burden
- Period
- From 2025-04-01; no end date stated
How it affects our valuation
No valuation treatment is available for this arrangement.
Conditional award to lease land at Tooele Army Depot for a boron carbide plant (pre-feasibility study completed). Separate from the Rhyolite Ridge project value; qualitative only.
Other · Conditional- Counterparties
- U.S. Army (Tooele Army Depot)
- Applies to
- Rhyolite Ridge lithium-boron project · Others
- Economic direction
- Mixed
- Period
- Dates not stated
How it affects our valuation
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Evidence coverage has been deepened with dated issuer filings and selected independent records. Career claims remain mostly issuer-reported, and open-web adverse checks are limited in scope; findings are attributed to individuals only where sources establish that link.
Decision-relevant facts
Material summary
James D Calaway
Executive Chair
Role FitAnalyst Inference · Medium materiality
Current role relevance is supported at title level
Analyst inference: the disclosed current title indicates experience relevant to the assigned function. The record reviewed does not establish individual delivery outcomes or independently verify credentials beyond the cited issuer disclosure.
Responsibility not applicable · This is an analytical role-fit judgment, not a claim of proven performance.
Leadership · Ioneer Leadership page, Executive section, current role listing.
LegalDocumented · Medium materiality
Environmental permit challenge was resolved for Ioneer at district-court level
The 2025–26 company filings report that an environmental group challenged the federal permit; on 27 March 2026 the U.S. District Court upheld the federal approval. This is litigation concerning the project/agency decision, not an allegation against the executive. An appeal status beyond the 30 June 2026 filing cutoff has not been independently checked here.
Role overlaps event; causation unproven · Executives oversaw the project during the challenge; the report does not identify personal conduct at issue.
Half-Year Report 30 June 2026 · Directors’ report, environmental and permit litigation disclosure; report dated 30 June 2026
Company SuccessIssuer Reported · Medium materiality
Prior company leadership included Orocobre transition from development into production
Ioneer’s 2022 appointment/renewal announcement states Calaway served eight years as Orocobre non-executive chair and led it from early development into production. This is an issuer description; project outcomes are not independently quantified in that release.
Individual involvement documented · Source ties Calaway to chairmanship and states leadership scope but does not quantify causal contribution.
Executive Chairman Employment Agreement Renewal · lines 13–18
Evidence gaps · 3
- Independent verification of the complete career chronology, education and professional memberships is not established by the sources reviewed.
- No comprehensive regulator, court, safety, environment or litigation-record review was completed; absence of a finding here is not a clearance.
- Individual contribution to employer outcomes and concurrent board interests require additional source-level verification.
Bernard Rowe
Managing Director
Role FitAnalyst Inference · Medium materiality
Current role relevance is supported at title level
Analyst inference: the disclosed current title indicates experience relevant to the assigned function. The record reviewed does not establish individual delivery outcomes or independently verify credentials beyond the cited issuer disclosure.
Responsibility not applicable · This is an analytical role-fit judgment, not a claim of proven performance.
Leadership · Ioneer Leadership page, Executive section, current role listing.
LegalDocumented · Medium materiality
Environmental permit challenge was resolved for Ioneer at district-court level
The 2025–26 company filings report that an environmental group challenged the federal permit; on 27 March 2026 the U.S. District Court upheld the federal approval. This is litigation concerning the project/agency decision, not an allegation against the executive. An appeal status beyond the 30 June 2026 filing cutoff has not been independently checked here.
Role overlaps event; causation unproven · Executives oversaw the project during the challenge; the report does not identify personal conduct at issue.
Half-Year Report 30 June 2026 · Directors’ report, environmental and permit litigation disclosure; report dated 30 June 2026
Evidence gaps · 3
- Independent verification of the complete career chronology, education and professional memberships is not established by the sources reviewed.
- No comprehensive regulator, court, safety, environment or litigation-record review was completed; absence of a finding here is not a clearance.
- Individual contribution to employer outcomes and concurrent board interests require additional source-level verification.
April Hashimoto
Interim Chief Financial Officer
Role FitAnalyst Inference · Medium materiality
Current role relevance is supported at title level
Analyst inference: the disclosed current title indicates experience relevant to the assigned function. The record reviewed does not establish individual delivery outcomes or independently verify credentials beyond the cited issuer disclosure.
Responsibility not applicable · This is an analytical role-fit judgment, not a claim of proven performance.
Annual Report 2025 · FY2025 annual report and later issuer leadership disclosures; interim CFO appointment.
Evidence gaps · 3
- Independent verification of the complete career chronology, education and professional memberships is not established by the sources reviewed.
- No comprehensive regulator, court, safety, environment or litigation-record review was completed; absence of a finding here is not a clearance.
- Individual contribution to employer outcomes and concurrent board interests require additional source-level verification.
Ken Coon
Vice President Human Resources
Role FitAnalyst Inference · Medium materiality
Current role relevance is supported at title level
Analyst inference: the disclosed current title indicates experience relevant to the assigned function. The record reviewed does not establish individual delivery outcomes or independently verify credentials beyond the cited issuer disclosure.
Responsibility not applicable · This is an analytical role-fit judgment, not a claim of proven performance.
Leadership · Ioneer Leadership page, Executive section, current role listing.
Evidence gaps · 3
- Independent verification of the complete career chronology, education and professional memberships is not established by the sources reviewed.
- No comprehensive regulator, court, safety, environment or litigation-record review was completed; absence of a finding here is not a clearance.
- Individual contribution to employer outcomes and concurrent board interests require additional source-level verification.
Yoshio Nagai
Vice President Commercial Sales & Marketing
Role FitAnalyst Inference · Medium materiality
Current role relevance is supported at title level
Analyst inference: the disclosed current title indicates experience relevant to the assigned function. The record reviewed does not establish individual delivery outcomes or independently verify credentials beyond the cited issuer disclosure.
Responsibility not applicable · This is an analytical role-fit judgment, not a claim of proven performance.
Leadership · Ioneer Leadership page, Executive section, current role listing.
Evidence gaps · 3
- Independent verification of the complete career chronology, education and professional memberships is not established by the sources reviewed.
- No comprehensive regulator, court, safety, environment or litigation-record review was completed; absence of a finding here is not a clearance.
- Individual contribution to employer outcomes and concurrent board interests require additional source-level verification.
Matt Weaver
Senior Vice President Engineering & Operations
Role FitAnalyst Inference · Medium materiality
Current role relevance is supported at title level
Analyst inference: the disclosed current title indicates experience relevant to the assigned function. The record reviewed does not establish individual delivery outcomes or independently verify credentials beyond the cited issuer disclosure.
Responsibility not applicable · This is an analytical role-fit judgment, not a claim of proven performance.
Leadership · Ioneer Leadership page, Executive section, current role listing.
Evidence gaps · 3
- Independent verification of the complete career chronology, education and professional memberships is not established by the sources reviewed.
- No comprehensive regulator, court, safety, environment or litigation-record review was completed; absence of a finding here is not a clearance.
- Individual contribution to employer outcomes and concurrent board interests require additional source-level verification.
Chad Yeftich
Vice President Corporate Development & External Affairs
Role FitAnalyst Inference · Medium materiality
Current role relevance is supported at title level
Analyst inference: the disclosed current title indicates experience relevant to the assigned function. The record reviewed does not establish individual delivery outcomes or independently verify credentials beyond the cited issuer disclosure.
Responsibility not applicable · This is an analytical role-fit judgment, not a claim of proven performance.
Leadership · Ioneer Leadership page, Executive section, current role listing.
Evidence gaps · 3
- Independent verification of the complete career chronology, education and professional memberships is not established by the sources reviewed.
- No comprehensive regulator, court, safety, environment or litigation-record review was completed; absence of a finding here is not a clearance.
- Individual contribution to employer outcomes and concurrent board interests require additional source-level verification.
Olga Smejkalova
Company Secretary
Role FitAnalyst Inference · Medium materiality
Current role relevance is supported at title level
Analyst inference: the disclosed current title indicates experience relevant to the assigned function. The record reviewed does not establish individual delivery outcomes or independently verify credentials beyond the cited issuer disclosure.
Responsibility not applicable · This is an analytical role-fit judgment, not a claim of proven performance.
Leadership · Ioneer Leadership page, Executive section, current role listing.
Evidence gaps · 3
- Independent verification of the complete career chronology, education and professional memberships is not established by the sources reviewed.
- No comprehensive regulator, court, safety, environment or litigation-record review was completed; absence of a finding here is not a clearance.
- Individual contribution to employer outcomes and concurrent board interests require additional source-level verification.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2025-12-31
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 22.75% | 699,499,580 | |
| 2 | 14.19% | 436,280,541 | |
| 3 | 5.30% | 163,102,292 | |
| 4 | 2.79% | 85,788,098 | |
| 5 | 2.00% | 61,391,603 | |
| 6 | 1.83% | 56,268,106 | |
| 7 | 1.50% | 45,977,982 | |
| 8 | 1.19% | 36,690,902 | |
| 9 | 1.10% | 33,925,169 | |
| 10 | 1.07% | 32,964,987 | |
| 11 | 0.94% | 28,950,000 | |
| 12 | 0.89% | 27,250,524 | |
| 13 | 0.78% | 24,000,000 | |
| 14 | 0.68% | 20,998,889 | |
| 15 | 0.67% | 20,619,999 | |
| 16 | 0.65% | 20,068,000 | |
| 17 | 0.64% | 19,524,590 | |
| 18 | 0.61% | 18,850,000 | |
| 19 | 0.61% | 18,805,370 | |
| 20 | 0.50% | 15,500,000 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 12.27%Issued shares | 2025-12-31 | |
| 9.32%Voting power | 2026-04-02 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- No ranked account register newer than 31 December 2025 was located. Issued-share denominator is not stated in the cited table, so register.issued_shares is null.
- BNY Group’s 2 April 2026 notice is later and may reflect subsequent capital changes; substantial-holder percentages retain each source’s disclosed basis and date.
Sources
- Six-month Annual Report — Twenty largest quoted shareholders
ioneer Limited / ASX · Published 2026-03-18 · Accessed 2026-10-09
Complete top-20 ordinary-share account table and two company-reported substantial holders as at 31 December 2025.
PDF p. 91 (printed p. 90), ordinary share register as at 31 December 2025; top 20 table
- Change in substantial holding — BNY Group
ioneer Limited / ASX · Published 2026-04-07 · Accessed 2026-10-09
BNY Group reports 286,419,810 ordinary share votes (9.32%) after the disclosed changes.
Form 604 page 1 and annexures, voting power after changes dated 2 April 2026
Disclosed activity
Insider transactions
Trading activity3 buys · 1 sell shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-07-01 | Bernard Anthony Rowe
Details & evidence for Bernard Anthony Rowe on 2026-07-01As disclosed: Conversion of 2,492,686 performance rights and issue of 2,492,686 fully paid ordinary shares.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - Bernard Rowe ↗ | Vesting2,492,686 performance rights converted into 2,492,686 ordinary shares | 2,492,686 | —Non Cash | — | — |
| 2026-07-01 | Bernard Anthony Rowe
Details & evidence for Bernard Anthony Rowe on 2026-07-01As disclosed: Lapse of 544,778 performance rights.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - Bernard Rowe ↗ | ExpiryPerformance rights | 544,778 | —Non Cash | — | — |
| 2026-07-01 | James Derrick Calaway
Details & evidence for James Derrick Calaway on 2026-07-01As disclosed: Converting 1,996,093 performance rights and issue of 1,996,093 fully paid ordinary shares.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - James Calaway ↗ | Vesting1,996,093 performance rights converted into ordinary shares | 1,996,093 | —Non Cash | — | — |
| 2026-07-01 | James Derrick Calaway
Details & evidence for James Derrick Calaway on 2026-07-01As disclosed: Lapse of 229,564 performance rights.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - James Calaway ↗ | ExpiryPerformance rights | 229,564 | —Non Cash | — | — |
| 2025-11-02to 2025-11-07 | James Derrick Calaway
Details & evidence for James Derrick Calaway on 2025-11-02As disclosed: Vesting of employee performance rights into ordinary shares.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - Calaway ↗ | Vesting1,981,633 performance rights converted into ordinary shares | 1,981,633 | —Non Cash | — | — |
| 2025-11-02to 2025-11-07 | James Derrick Calaway
Details & evidence for James Derrick Calaway on 2025-11-02As disclosed: 5,940,362 performance rights issued for nil consideration under Ioneer Employee Incentive Plan.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - Calaway ↗ | GrantUnlisted performance rights | 5,940,362 | —Non Cash | — | — |
| 2025-11-02to 2025-11-07 | James Derrick Calaway
Details & evidence for James Derrick Calaway on 2025-11-02As disclosed: 263,316 performance rights issued in lieu of director fees (stated value $53,427).
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - Calaway ↗ | GrantUnlisted performance rights | 263,316 | —Non Cash | — | — |
| 2025-11-05 | Timothy Roy Woodall
Details & evidence for Timothy Roy Woodall on 2025-11-05As disclosed: Acquired 188,083 performance rights in lieu of director fees.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - Woodall ↗ | GrantPerformance rights | 188,083 | —Non Cash | — | — |
| 2025-11-05 | Margaret R. Walker
Details & evidence for Margaret R. Walker on 2025-11-05As disclosed: Vesting of 132,190 performance rights into 132,190 ordinary shares.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - Walker ↗ | VestingPerformance rights converted into ordinary shares | 132,190 | —Non Cash | — | — |
| 2025-11-05 | Margaret R. Walker
Details & evidence for Margaret R. Walker on 2025-11-05As disclosed: 188,083 performance rights issued in lieu of director fees.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - Walker ↗ | GrantUnlisted performance rights | 188,083 | —Non Cash | — | — |
| 2025-11-05 | Rose E. McKinney-James
Details & evidence for Rose E. McKinney-James on 2025-11-05As disclosed: Vesting of 132,190 performance rights into 132,190 ordinary shares.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - McKinney-James ↗ | VestingPerformance rights converted into ordinary shares | 132,190 | —Non Cash | — | — |
| 2025-11-05 | Rose E. McKinney-James
Details & evidence for Rose E. McKinney-James on 2025-11-05As disclosed: 188,083 performance rights issued in lieu of director fees.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - McKinney-James ↗ | GrantUnlisted performance rights | 188,083 | —Non Cash | — | — |
| 2025-07-17 | Margaret R. Walker
Details & evidence for Margaret R. Walker on 2025-07-17As disclosed: Purchased 6,828 ADRs on-market for US$19,999.89, at reported average price US$2.929 per ADR.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - Maggi Walker ↗ | PurchaseAmerican Depositary Receipts (ADRs); each ADR represents 40 ordinary shares | 6,828 | USD 19,999.89 | USD 2.929Disclosed price | — |
| 2025-07-01 | Bernard Anthony Rowe
Details & evidence for Bernard Anthony Rowe on 2025-07-01As disclosed: Vesting of 4,517,759 performance rights and issue of 4,517,759 fully paid ordinary shares.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - Bernard Rowe ↗ | VestingPerformance rights converted into fully paid ordinary shares | 4,517,759 | —Non Cash | — | — |
| 2025-07-01 | Bernard Anthony Rowe
Details & evidence for Bernard Anthony Rowe on 2025-07-01As disclosed: Lapse of 688,902 performance rights.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - Bernard Rowe ↗ | ExpiryPerformance rights | 688,902 | —Non Cash | — | — |
| 2024-11-14 | Alan John Bruce Davies
Details & evidence for Alan John Bruce Davies on 2024-11-14As disclosed: 326,797 unlisted options exercisable at AUD 0.2426 expired on 14 November 2024.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - Alan Davies ↗ | ExpiryUnlisted options exercisable at AUD 0.2426, expiry 14 November 2024 | 326,797 | —Non Cash | — | — |
| 2024-11-14 | James Derrick Calaway
Details & evidence for James Derrick Calaway on 2024-11-14As disclosed: 326,797 unlisted options exercisable at AUD 0.2426 expired on 14 November 2024.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - James Calaway ↗ | ExpiryUnlisted options exercisable at AUD 0.2426, expiry 14 November 2024 | 326,797 | —Non Cash | — | — |
| 2024-11-06 | Alan John Bruce Davies
Details & evidence for Alan John Bruce Davies on 2024-11-06As disclosed: 132,190 performance rights issued in lieu of US$25,000 director fees.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - Alan Davies ↗ | GrantUnlisted performance rights | 132,190 | —Non Cash | — | — |
| 2024-11-06 | James Derrick Calaway
Details & evidence for James Derrick Calaway on 2024-11-06As disclosed: 4,236,894 performance rights issued for nil consideration under employee incentive plan.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - James Calaway ↗ | GrantUnlisted performance rights | 4,236,894 | —Non Cash | — | — |
| 2024-11-06 | James Derrick Calaway
Details & evidence for James Derrick Calaway on 2024-11-06As disclosed: 185,066 performance rights issued in lieu of US$35,000 director fees.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - James Calaway ↗ | GrantUnlisted performance rights | 185,066 | —Non Cash | — | — |
| 2024-11-05 | Bernard Anthony Rowe
Details & evidence for Bernard Anthony Rowe on 2024-11-05As disclosed: 8,524,194 unlisted performance rights issued for nil consideration under employee incentive plan.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - Bernard Rowe ↗ | GrantUnlisted performance rights | 8,524,194 | —Non Cash | — | — |
| 2024-11-02 | Alan John Bruce Davies
Details & evidence for Alan John Bruce Davies on 2024-11-02As disclosed: Vesting of 252,214 unlisted performance rights and issue of 252,214 fully paid ordinary shares.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - Alan Davies ↗ | VestingPerformance rights converted into ordinary shares | 252,214 | —Non Cash | — | — |
| 2024-11-02 | James Derrick Calaway
Details & evidence for James Derrick Calaway on 2024-11-02As disclosed: 353,099 fully paid ordinary shares issued on vesting of 353,099 performance rights.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - James Calaway ↗ | VestingPerformance rights converted into ordinary shares | 353,099 | —Non Cash | — | — |
| 2024-02-02 | Alan John Bruce DaviesDiversa Trustees Limited as trustee for HUB24 Super Fund
Details & evidence for Alan John Bruce Davies on 2024-02-02As disclosed: On-market acquisition of 214,040 ordinary shares; the filing reports aggregate cash of $53,861 for both accounts combined without allocating the amount.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - Alan Davies ↗ | PurchaseOrdinary shares | 214,040 | —Mixed Unallocated | — | — |
| 2024-02-02 | Alan John Bruce Davies
Details & evidence for Alan John Bruce Davies on 2024-02-02As disclosed: On-market acquisition of 217,391 ordinary shares; the filing reports aggregate cash of $53,861 for both accounts combined without allocating the amount.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - Alan Davies ↗ | PurchaseOrdinary shares | 217,391 | —Mixed Unallocated | — | — |
| 2023-03-14 | Bernard Anthony Rowe
Details & evidence for Bernard Anthony Rowe on 2023-03-14As disclosed: Sold 700,000 ordinary shares off-market to non-executive director Alan Davies for AUD 252,000 at AUD 0.36 per share.
director of Ioneer Ltd · Start not disclosed Change of Director's Interest Notice - Bernard Rowe ↗ | SaleOrdinary shares | 700,000 | AUD 252,000.00 | AUD 0.36Disclosed price | — |
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Sign in or enter a guest codeChronological evidenceSource-document inventory16 documents
INR reference price, ASX close 4 Nov 2026 (A$0.097)Market Data · LowMetadata Only
Latest eligible local ASX close from miners.reference_price (data/asx_mining_companies.db, market data provider daily history), one ordinary share, AUD 0.097, volume 5,084,282.
- Document ID
- mkt-asx-reference-price-2026-11-04
- Published UTC
- 2026-11-04T05:00:00Z
- Projects
- rhyolite-ridge
- Commodities
- lithium · others
Application for quotation of securities - INRFinancing · MediumExtracted
Appendix 2A, 3 Nov 2026: 1,015,648 ordinary shares issued 2 Nov 2026; total quoted ordinary shares 3,088,884,996 after quotation.
- Document ID
- doc-2026-11-03-appendix-2a
- Published UTC
- 2026-11-02T22:00:00Z
- Projects
- rhyolite-ridge
- Commodities
- lithium · others
Guangzhou Futures Exchange lithium carbonate daily settlement, 3 Nov 2026Commodity Data · MediumMetadata Only
Lithium carbonate futures daily settlement CNY 89,980/t on 3 Nov 2026 (local data/metal_prices.db, 12-month average CNY 142,999/t). Converted at CNY 6.653 per US$ (derived from RBA and ECB AUD cross rates 30 Oct 2026). Used as the spot reference for battery-grade lithium chemicals.
- Document ID
- mkt-gfex-lithium-carbonate-2026-11-03
- Published UTC
- 2026-11-03T05:00:00Z
- Projects
- rhyolite-ridge
- Commodities
- lithium · others
AUD cross rates, RBA F11.1 and ECB reference rates, 30 Oct 2026Market Data · LowMetadata Only
AUD/USD 0.70246 (1 AUD = US$0.70246, i.e. 1.4236 AUD per US$) and AUD/CNY 4.6734, from local fx_daily and RBA rows. Used to convert US$ study and cash figures to the AUD base currency at the cutoff.
- Document ID
- mkt-rba-fx-aud-2026-10-30
- Published UTC
- 2026-10-30T05:00:00Z
- Projects
- rhyolite-ridge
- Commodities
- lithium · others
Investor PresentationPresentation · MediumExtracted
Investor presentation of 28 Oct 2026. Restates the October 2025 study (NPV8 US$2,237m, IRR 18.0%, capex US$1,683.2m, 265.5 Mt reserve, 548.6 Mt resource), the DOE loan (US$996m), offtakes with Ford, EcoPro, PPES and Dragonfly, first production target 2029 and capital snapshot (3.09b shares, 75m performance rights and options, cash US$55m).
- Document ID
- doc-2026-10-28-investor-presentation
- Published UTC
- 2026-10-27T22:00:00Z
- Projects
- rhyolite-ridge
- Commodities
- lithium · others
September 2026 - Quarterly Cash Flow ReportResults · HighExtracted
Appendix 5B for the quarter to 30 Sep 2026 (US$'000). Cash US$54.547m; nine-month operating cash flow -US$5.063m and capitalised exploration -US$6.951m; no drawn or unused financing facilities; 12.8 quarters of funding on the company's own calculation.
- Document ID
- doc-2026-10-27-q3-cashflow
- Published UTC
- 2026-10-26T22:00:00Z
- Projects
- rhyolite-ridge
- Commodities
- lithium · others
September 2026 - Quarterly Activities ReportResults · HighExtracted
Quarterly activities to 30 Sep 2026: strategic partnering process expected to conclude Q4 2026; non-binding MOUs with KIND and Hyundai Engineering (8 July 2026); Ninth Circuit appeal decision expected mid-2027; lithium carbonate and hydroxide prices fell in Q3 2026 (-13.6%, -12.3%); US$54.55m cash.
- Document ID
- doc-2026-10-27-q3-activities
- Published UTC
- 2026-10-26T22:00:00Z
- Projects
- rhyolite-ridge
- Commodities
- lithium · others
Half Yearly Report and AccountsResults · HighExtracted
Half-year to 30 June 2026 (A$'000). Loss A$4.01m; nil revenue; cash A$58.84m; lease liabilities A$0.30m; no borrowings; 3,074,633,957 shares at 30 June 2026; no dividends; DOE loan US$996m (principal US$968m plus US$28m capitalised interest), 20-year term.
- Document ID
- doc-2026-08-13-half-year
- Published UTC
- 2026-08-12T23:00:00Z
- Projects
- rhyolite-ridge
- Commodities
- lithium · others
Annual Report to shareholders for the six monthsResults · HighExtracted
Annual report for the six-month transition period to 31 Dec 2025 (year-end changed from 30 June to 31 December). Loss A$4.07m; cash A$17.86m; shares 2,674,633,957 at 31 Dec 2025; comparative 2,608,172,516 at 30 June 2025. Placement of 400m shares at A$0.18 announced for Feb 2026.
- Document ID
- doc-2026-03-18-transition-annual
- Published UTC
- 2026-03-17T22:00:00Z
- Projects
- rhyolite-ridge
- Commodities
- lithium · others
Ioneer Secures US$50 Million to Advance U.S. OnshoringFinancing · HighExtracted
Placement of approximately 400 million new shares at A$0.18 (about US$0.13) to raise about US$50m (about A$72m), 14.3% discount to the 28 Jan 2026 close; settlement 5 Feb 2026.
- Document ID
- doc-2026-01-30-placement
- Published UTC
- 2026-01-29T22:00:00Z
- Projects
- rhyolite-ridge
- Commodities
- lithium · others
Proposed issue of securities - INRFinancing · MediumExtracted
Appendix 3B proposed issue of up to 400,000,000 ordinary shares for the placement, issue date 5 Feb 2026.
- Document ID
- doc-2026-01-30-appendix-3b
- Published UTC
- 2026-01-29T22:00:00Z
- Projects
- rhyolite-ridge
- Commodities
- lithium · others
Change of Company SecretaryLeadership · LowExtracted
Ian Bucknell resigned as Company Secretary effective 1 Dec 2025. Successor not named in the reviewed announcement.
- Document ID
- doc-2025-12-01-company-secretary
- Published UTC
- 2025-11-30T22:00:00Z
- Projects
- rhyolite-ridge
- Commodities
- lithium · others
Further Leach Optimisation Enhances Project EconomicsStudy · HighExtracted
29 Oct 2025 ASX release and study update (1.5-day leach). Unlevered after-tax NPV8 (real) US$2,237.3m, IRR 18.0%, initial capex US$1,683.2m, LOM 77 years, Ore Reserve 265.5 Mt, Mineral Resource 548.6 Mt. Price deck: LiOH US$23,040/t (Benchmark), boric acid US$1,296/t. Supersedes the August 2025 two-day-leach case (NPV US$1,888m).
- Document ID
- doc-2025-10-29-leach-study
- Published UTC
- 2025-10-28T22:00:00Z
- Projects
- rhyolite-ridge
- Commodities
- lithium · others
Departure of Chief Financial OfficerLeadership · MediumExtracted
Chief Financial Officer Ian Bucknell to depart effective mid-December 2025; replacement to be US-based.
- Document ID
- doc-2025-09-22-cfo-departure
- Published UTC
- 2025-09-21T23:00:00Z
- Projects
- rhyolite-ridge
- Commodities
- lithium · others
Annual Report to shareholdersResults · HighExtracted
FY2025 annual report (year to 30 June 2025), A$ statutory accounts. Loss after tax A$9.55m; cash A$25.06m; no revenue; no borrowings drawn on the US$996m DOE loan; 2,608,172,516 shares at 30 June 2025; no dividends.
- Document ID
- doc-2025-09-17-annual-fy25
- Published UTC
- 2025-09-16T23:00:00Z
- Projects
- rhyolite-ridge
- Commodities
- lithium · others
Director Appointment/ResignationLeadership · MediumExtracted
Board change: Stephen Gardiner retired as non-executive director; Tim Woodall appointed non-executive director effective 5 May 2025.
- Document ID
- doc-2025-05-05-board-change
- Published UTC
- 2025-05-04T23:00:00Z
- Projects
- rhyolite-ridge
- Commodities
- lithium · others
Evidence facts14
2237.3 USD m
2025-10-292299.9 USD m
2025-10-2918.0 %
2025-10-291683.2 USD m
2025-10-2923040 USD/t
2025-10-291296 USD/t
2025-10-29548.6 Mt
2025-10-29265.5 Mt
2025-10-2958840000 AUD
2026-06-3058840000 USD
2026-06-3054547000 USD
2026-09-304252000 USD
2026-09-303088884996 shares
2026-11-030.18 AUD/share
2026-01-30Conflicts requiring judgment1
- cash at 30 June 2026 (currency and amount)
None