ioneer Ltd Files 20-F for FY2024

TL;DR

ioneer Ltd dropped its 20-F, check financials for FY24.

AI Summary

ioneer Ltd filed its 20-F form for the fiscal year ending June 30, 2024. The company, primarily involved in mining non-metallic minerals, is incorporated in C3 and has its principal executive offices in North Sydney, Australia. The filing details its business operations and financial reporting for the period.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of ioneer Ltd's financial performance and business activities for the past fiscal year, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As a mining company, ioneer Ltd is subject to commodity price fluctuations, regulatory changes, and operational risks inherent in the industry.

Key Numbers

• 20240630 — Fiscal Year End (Indicates the end of the reporting period for the 20-F filing.)
• 0001896084 — Central Index Key (Unique identifier for ioneer Ltd in SEC filings.)

Key Players & Entities

• ioneer Ltd (company) — Filer of the 20-F
• North Sydney (location) — Location of business and mailing address
• C3 (location) — State of incorporation

FAQ

Key Financial Figures

• $187.7 million — As of June 30, 2024, we had invested US$187.7 million in the Rhyolite Ridge Project. On Sept
• $70 million — bscribed for a strategic placement of US$70 million of ioneer's ordinary shares. On October
• $0.6553 — rdinary shares of ioneer at a price of A$0.6553 per share. Under the terms of the Join
• $490 million — t, Sibanye-Stillwater will contribute US$490 million to acquire a 50% interest in the Projec
• $700 million — mmitment for a proposed loan of up to US$700 million from the U.S. Department of Energy (DOE
• $0.6674 — ars in this annual report were made at A$0.6674 to US$1.00, the noon buying rate for Ju
• $1 — nnual report were made at A$0.6674 to US$1.00, the noon buying rate for June 30, 2
• $785 million — e Project would require approximately US$785 million. Since 2020 there has been considerable

Filing Documents

• ef20018179_20f.htm (20-F) — 4954KB
• ef20018179_ex11-1.htm (EX-11.1) — 108KB
• ef20018179_ex12-1.htm (EX-12.1) — 14KB
• ef20018179_ex12-2.htm (EX-12.2) — 14KB
• ef20018179_ex13-1.htm (EX-13.1) — 6KB
• ef20018179_ex13-2.htm (EX-13.2) — 6KB
• ef20018179_ex15-1.htm (EX-15.1) — 3KB
• ef20018179_ex97-1.htm (EX-97.1) — 42KB
• image01.jpg (GRAPHIC) — 10KB
• image02.jpg (GRAPHIC) — 4KB
• image03.jpg (GRAPHIC) — 3KB
• image00109.jpg (GRAPHIC) — 20KB
• image00111.jpg (GRAPHIC) — 18KB
• image00134.jpg (GRAPHIC) — 5KB
• 0001140361-24-043898.txt ( ) — 16812KB
• ionr-20240630.xsd (EX-101.SCH) — 79KB
• ionr-20240630_cal.xml (EX-101.CAL) — 72KB
• ionr-20240630_def.xml (EX-101.DEF) — 279KB
• ionr-20240630_lab.xml (EX-101.LAB) — 881KB
• ionr-20240630_pre.xml (EX-101.PRE) — 455KB
• ef20018179_20f_htm.xml (XML) — 4135KB

Item 18

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 3 ABOUT THIS ANNUAL REPORT 5 CAUTIONARY NOTE TO UNITED STATES INVESTORS 6 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 7 PRESENTATION OF FINANCIAL INFORMATION 8 PART I. 9 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 9 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 9 ITEM 3. KEY INFORMATION 9 A. [Reserved] 9 B. Capitalization and Indebtedness 9 C. Reasons for the Offer and Use of Proceeds 9 D.

Risk Factors

Risk Factors 9 ITEM 4. INFORMATION ON THE COMPANY 26 A. History and Development of the Company 26 B. Business Overview 38 C. Organizational Structure 41 D. Property, Plant and Equipment 42 ITEM 4A. UNRESOLVED STAFF COMMENTS 43 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 43 A. Operating Results 44 B. Liquidity and Capital Resources 47 C. Research and Development, Patents and Licenses 48 D. Trend Information 48 E. Critical Accounting Estimates 48 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 49 A. Directors and Senior Management 49 B. Compensation 51 C. Board Practices 61 D. Employees 62 E. Share Ownership 63 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 64 A. Major Shareholders 64 B. Related Party Transactions 65 C. Interests of Experts and Counsel 65 ITEM 8. FINANCIAL INFORMATION. 65 A. Consolidated Statements and Other Financial Information. 65 B. Significant Changes 65 ITEM 9. THE OFFER AND LISTING 65 A. Offer and Listing Details 65 B. Plan of Distribution 66 C. Markets 66 D. Selling Shareholders 66 E.

Dilution

Dilution 66 F. Expenses of the Issue 66 ITEM 10. ADDITIONAL INFORMATION 66 A. Share Capital 66 B. Constitutional Documents 66 i C. Material Contracts 78 D. Exchange Controls 79 E. Taxation 79 F. Dividends and Paying Agents 88 G. 88 H. Documents on Display 88 I. Subsidiary Information. 88 J. Annual Report to Security Holders. 89 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 89 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 89 A. Debt Securities. 89 B. Warrants and rights. 89 C. Other Securities. 89 D. American Depositary Shares 89 PART II. 91 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 91 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 91 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 91 ITEM 16. [RESERVED] 92 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 92 ITEM 16B. CODE OF ETHICS 92 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 92 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 93 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 93 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 93 ITEM 16G. CORPORATE GOVERNANCE 93 ITEM 16H. MINE SAFETY DISCLOSURE 94 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 94 ITEM 16J. INSIDER TRADING POLICIES 94 ITEM 16K. CYBERSECURITY 94 PART III. 95 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 95 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 95 ITEM 19. EXHIBITS 96 ii Table of Contents 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 April 30, 2020, we completed a definitive feasibility study (the " DFS ") which demonstrated that the Project 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 June 30, 2024, we had invested US$187.7 million in the Rhyolite Ridge Project. On September 16, 2021, we reached an agreement to enter into a strategic placement (the " Sibanye-Stillwater Placement ") and a joint venture (the " Joint Venture " and, together with the Sibanye-Stillwater Placement, the " Strategic Partnership ") with Sibanye-Stillwater Limited (" Sibanye-Stillwater "), one of the world's largest precious metals mining companies, to develop the Rhyolite Ridge Project. Under the terms of the Sibanye-Stillwater Placement, Sibanye-Stillwater subscribed for a strategic placement of US$70 million of ioneer's ordinary shares. On October 21, 2021, our shareholders approved the Sibanye-Stillwater Placement at an extraordinary general meeting of shareholders. We closed the Sibanye

Risk Factors

Risk Factors You should carefully consider the risks described below, together with all of the other information in this annual 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 April 2020 that development of the Project would require approximately US$785 million. Since 2020 there has been considerable construction cost inflation in the global mining industry with many mining projects under development subject to material increases in capital construction costs. Those pressures can be expected to also increase the capital cost estimate for the Rhyolite Ridge Project. In particular, we have experienced material increases in equipment, labour, fuel and logistics costs. We are preparing an Association for the Advancement of Cost Engineering (AACE) 47 R 11 Class 2 (Class 2) capital estimate for the Rhyolite Ridge Project, with Fluor and its other service providers across their respective fields of specialty. We expect that the updated Class 2 estimate will be materially higher than the 2020 Class 3 estimate and that the Project economics that will form the basis of the FID will differ from those contained in the 2020 DFS. We expect to fund a substantial part of the capital expenditure for the Project with proceeds of a loan from the U.S. Department of Energy (DOE) Loan Programs Office (conditional commitment of up to US$700 million), along with Sibanye S

View Full Filing

View this 20-F filing on SEC EDGAR