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2026-11-06
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Ioneer Ltd

DFS Unfunded Developer · Lithium · Others · US Rating locked: sign in to view v8.1 · inr-20261104t223125-full
Last 2026-11-06
A$0.095
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$293.4M
EV
A$215.8M
Cash
US$54.5M
Debt
US$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash US$54.5MFY2025 (to 30 Jun 2025): 25,059,0006M to 31 Dec 2025 (transition): 17,863,0006M to 30 Jun 2026: 58,840,000 Finite
Debt US$0 Net cash US$54.5M
Basic shares 3.1BFY2025 (to 30 Jun 2025): 2,608,172,5166M to 31 Dec 2025 (transition): 2,674,633,9576M to 30 Jun 2026: 3,074,633,957 2026-11-03
Runway 12.8 quarters Company Appendix 5B item 8.7: cash US$54.547m divided by US$4.252m quarterly outgoings (operating plus capitalised exploration) in the September 2026 quarter; excludes any future construction spend.

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
ClassTypeQuantityStrikeExpiry
Performance rights and options outstanding (aggregate, 27 Oct 2026 corporate snapshot)Other75M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2025 (to 30 Jun 2025)A6M to 31 Dec 2025 (transition)A6M to 30 Jun 2026A
Profit and loss
RevenueAUDm0.00.00.0
Operating costs (employee, exploration written off, other; excludes interest and depreciation)AUDmFY2025 (to 30 Jun 2025): 10,196,000 AUD6M to 31 Dec 2025 (transition): 4,366,000 AUD6M to 30 Jun 2026: 4,633,000 AUD10.24.44.6
EBITDA (pre-production: revenue less operating costs)AUDmFY2025 (to 30 Jun 2025): -10,196,000 AUD6M to 31 Dec 2025 (transition): -4,366,000 AUD6M to 30 Jun 2026: -4,633,000 AUD(10.2)(4.4)(4.6)
Net profit (loss) after taxAUDmFY2025 (to 30 Jun 2025): -9,554,000 AUD6M to 31 Dec 2025 (transition): -4,070,000 AUD6M to 30 Jun 2026: -4,007,000 AUD(9.6)(4.1)(4.0)
Cash flow
Operating cash flowAUDmFY2025 (to 30 Jun 2025): -6,805,000 AUD6M to 31 Dec 2025 (transition): -3,069,000 AUD6M to 30 Jun 2026: -3,687,000 AUD(6.8)(3.1)(3.7)
Capex (exploration/capitalised and project; sustaining + growth in forecast)AUDmFY2025 (to 30 Jun 2025): 13,830,000 AUD6M to 31 Dec 2025 (transition): 6,329,000 AUD6M to 30 Jun 2026: 4,075,000 AUD13.86.34.1
Free cash flow (operating cash flow less capex)AUDmFY2025 (to 30 Jun 2025): -20,635,000 AUD6M to 31 Dec 2025 (transition): -9,398,000 AUD6M to 30 Jun 2026: -7,762,000 AUD(20.6)(9.4)(7.8)
Balance sheet
Cash and cash equivalentsAUDmFY2025 (to 30 Jun 2025): 25,059,000 AUD6M to 31 Dec 2025 (transition): 17,863,000 AUD6M to 30 Jun 2026: 58,840,000 AUD25.117.958.8
BorrowingsAUDm0.00.00.0
Net debt (negative is net cash)AUDmFY2025 (to 30 Jun 2025): -25,059,000 AUD6M to 31 Dec 2025 (transition): -17,863,000 AUD6M to 30 Jun 2026: -58,840,000 AUD(25.1)(17.9)(58.8)
Total equityAUDmFY2025 (to 30 Jun 2025): 230,298,000 AUD6M to 31 Dec 2025 (transition): 230,219,000 AUD6M to 30 Jun 2026: 276,687,000 AUD230.3230.2276.7
Per share
Ordinary shares on issue (period end)m sharesFY2025 (to 30 Jun 2025): 2,608,172,516 shares6M to 31 Dec 2025 (transition): 2,674,633,957 shares6M to 30 Jun 2026: 3,074,633,957 shares2,608.22,674.63,074.6
Basic EPSAUD/shareFY2025 (to 30 Jun 2025): -0.00 AUD/share6M to 31 Dec 2025 (transition): -0.00 AUD/share6M to 30 Jun 2026: -0.00 AUD/share(0.00)(0.00)(0.00)
Multiples and ratios
EV / EBITDA (x, current EV)xFY2025 (to 30 Jun 2025): -21.77 x6M to 31 Dec 2025 (transition): -50.84 x6M to 30 Jun 2026: -47.91 x(21.8)(50.8)(47.9)
P / E (x, current market cap)xFY2025 (to 30 Jun 2025): -31.36 x6M to 31 Dec 2025 (transition): -73.62 x6M to 30 Jun 2026: -74.77 x(31.4)(73.6)(74.8)
FCF yield (current market cap)%FY2025 (to 30 Jun 2025): -0.07 fraction6M to 31 Dec 2025 (transition): -0.03 fraction6M to 30 Jun 2026: -0.03 fraction-6.9%-3.1%-2.6%
EBITDA margin%———
Net debt / EBITDA (x)xFY2025 (to 30 Jun 2025): 2.46 x6M to 31 Dec 2025 (transition): 4.09 x6M to 30 Jun 2026: 12.70 x2.54.112.7
Company guidance1
MetricProjectPeriodLowHighStatus
First Production (Company Target, Calendar Year)rhyolite-ridge20292,0292,029 yearCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-02-05Ann. 2026-01-30RaisingOrdinary Fully PaidUS$50M400MUS$0.18CompletedAbout 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)
2025-07-17RaisingUS$2.2M33.6M—Completed—
2025-06-18Ann. 2025-06-13RaisingUS$16M253M—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.

Partial · as of 2026-11-04

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.