U.S. Department of Energy’s Loan Programs Office invites ioneer into Due Diligence Highlights: • ioneer has been invited into the due diligence process for the U.S. Department of Energy’s Advanced Technology Vehicles Manufacturing Loan Program • ioneer continues to advance the Rhyolite Ridge Lithium-Boron Project which includes a Definitive Feasibility Study (Fluor), full simulation pilot plant (Kemetco Research) and binding offtake contracts • ioneer has applied for a DOE loan to support the US$490 million strategic investment by Sibanye Stillwater in the Rhyolite Ridge Project, which is expected to produce 22ktpa lithium carbonate/hydroxide and 174ktpa boric acid – making it the largest lithium and second largest boric acid producer in America Monday, 20 December 2021 – ioneer Ltd (“ioneer” or the “Company”) (ASX: INR), an emerging lithium–boron supplier, announces that the U.S. Department of Energy (“DOE”) Loan Programs Office (“LPO”) has invited Ioneer USA Corporation into the LPO’s due diligence process. The invitation is based on the LPO’s determination that the Company’s application for a loan from the DOE, pursuant to the Advanced Technology Vehicles Manufacturing (ATVM) loan program, to finance the Company’s proposed Rhyolite Ridge LithiumBoron Project in Nevada is “substantially complete.” Additional steps remain in the process and the DOE’s invitation is not an assurance that the Project will secure a loan. ioneer commenced the LPO process in Q1 2021 with pre-application consultations and later moved into the formal application process which involved the submission of in-depth project engineering, financial and commercial information in order to demonstrate project eligibility. The invitation into due diligence will include more detailed engagement by LPO and third-party experts to be followed potentially by negotiation of a term sheet and consideration in LPO’s credit approval process. The LPO ATVM program currently has approximately $17B in authority that can be used to finance qualifying critical materials projects to help reinvigorate, advance and transform America’s energy infrastructure. For further information refer to https://www.energy.gov/sites/default/files/2021-06/DOELPO_Program_Handout_Critical_Materials_June2021_0.pdf. ioneer’s Managing Director, Bernard Rowe, said: “We are pleased to have reached this milestone in our discussions with the U.S. DOE and we look forward to working through due diligence under the ATVM p.2 Loan Program. We believe the Rhyolite Ridge Project, with its ability to produce lithium materials onsite, will be an integral part of the U.S. Electric Vehicle supply chain. This potential debt financing for the Project follows our announcement of a joint venture with Sibanye Stillwater to fund the equity portion of the Project.” Investors are invited to join a webinar at 10:30am today to hear Managing Director, Bernard Rowe, speak to the announcement and respond to questions. Link: https://ords-au.zoom.us/webinar/register/WN_wRAjDR8STmaj7FqF35oQgg This ASX release has been authorised by ioneer Managing Director Bernard Rowe.
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