Ioneer (NASDAQ: IONR) wins conditional U.S. Army land lease deal
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Ioneer Ltd reports that it has received a conditional award from the U.S. Army for a long-term land lease at the Tooele Army Depot in Utah to develop a critical mineral processing facility. Ioneer is one of only four companies selected under this program.
The facility is intended to support a secure domestic boron supply chain, leveraging Ioneer’s construction-ready Rhyolite Ridge Lithium-Boron Project, which hosts a major undeveloped boron ore reserve. The leases use the Army’s Enhanced Use Lease model, where private lessees fund, build, operate, and decommission facilities without taxpayer dollars, with development targeted to begin as early as 2027 and initial operating capability by or before 2028.
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Insights
Ioneer gains a conditional U.S. Army land lease to develop a boron processing facility supporting defense supply chains.
The disclosure shows Ioneer receiving a conditional award for a long-term lease at Tooele Army Depot to build and operate a critical mineral processing facility. This positions the company within a small group of four private partners selected to help establish domestic processing capacity.
The Army’s Enhanced Use Lease model means Ioneer would finance, design, build, operate, secure, and decommission the facility while the Army remains landlord and keeps land ownership. Development is slated to start as early as 2027, with an initial operating capability targeted by, or ahead of, 2028, so the impact depends on successful negotiation of final lease terms and project execution.
Key Figures
Number of companies awarded leases: 4 companies
Development start target: 2027
Initial Operating Capability target: 2028
+2 more
5 metrics
Number of companies awarded leases
4 companies
Conditional long-term lease awards for critical mineral processing facilities
Development start target
2027
Development slated to begin as early as 2027
Initial Operating Capability target
2028
Initial Operating Capability targeted by, or ahead of, 2028
Hanwha Defense USA self-investment example
$1.3 billion
Self-investment at Pine Bluff Arsenal under a separate conditional lease award
Executive Order reference
Executive Order 14241
Army’s siting of commercial mineral processing facilities on military installations
Key Terms
Enhanced Use Lease (EUL), critical minerals, National Environmental Policy Act (NEPA), Buy American Act, +1 more
5 terms
Enhanced Use Lease (EUL) regulatory
"These conditional awards are made possible through an Enhanced Use Lease (EUL), a statutory authority under 10 U.S.C. § 2667."
critical minerals financial
"to design, finance, build, and operate critical mineral processing facilities on Army installations."
Materials needed to build modern technologies—like batteries, electronics, renewable energy systems and defense equipment—that have few easy substitutes and often come from a small number of countries or mines. Investors care because their supply can be disrupted, expensive or slow to increase, which affects the cost, availability and growth prospects of companies and industries that rely on them; think of them as critical spare parts for the global economy.
National Environmental Policy Act (NEPA) regulatory
"including the National Environmental Policy Act (NEPA), Clean Air and Water Acts, and all required federal, state, and local permits"
A U.S. law that requires federal agencies to evaluate and disclose the environmental effects of major projects—like an inspection and public review process before a big build or permit is approved. It matters to investors because NEPA reviews can change project timelines, add costs, or require design changes; those outcomes affect the pace, risk and potential return on investments tied to projects needing federal approval.
Buy American Act regulatory
"in-kind infrastructure improvements delivered to the Army will adhere to Davis-Bacon prevailing wages and Buy American Act requirements."
A U.S. procurement law that requires the federal government to prefer buying goods and supplies produced in the United States when it purchases products for government use. It matters to investors because companies that qualify as domestic suppliers are more likely to win government contracts and see steadier revenue, while firms reliant on foreign-made components may face higher costs or lost business—think of it like a store that gives priority to local vendors, shaping who gets steady customers.
Davis-Bacon prevailing wages regulatory
"in-kind infrastructure improvements delivered to the Army will adhere to Davis-Bacon prevailing wages and Buy American Act requirements."
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of June 2026
Commission File Number: 001-41412
ioneer Ltd
(Translation of registrant’s name into English)
Suite 16.01, 213 Miller Street
North Sydney, NSW, 2060, Australia
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXHIBIT INDEX
The following exhibits are filed as part of this Form 6-K:
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Exhibit
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Description
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99.1
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Press Release
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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ioneer Ltd
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(registrant)
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Date: June 26, 2026
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By: /s/ April Hashimoto
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Name: April Hashimoto
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Title: Chief Financial Officer
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Exhibit 99.1
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Market Announcements Office
ASX Limited
39 Martin Place
SYDNEY NSW 2000
SUBJECT: U.S. Army announces conditional awards for domestic critical mineral processing facilities to secure defense supply chains
26 June 2026 – SYDNEY, Australia – Ioneer Ltd (“Ioneer”) (ASX: INR, NASDAQ IONR) is pleased to
advise that it has received a conditional award from the United States Army for a long-term land lease on the Tooele Army Depot for the purpose of establishing a critical mineral processing facility.
Ioneer is one of only four companies to be selected for the award and is proud to be partnering with the U.S. Army to help build a secure, domestic boron supply chain.
Ioneer’s construction ready Rhyolite Ridge Lithium-Boron Project hosts the largest undeveloped boron Ore Reserve in the world outside of Türkiye and the only undeveloped boron Ore Reserve in North America.
In November 2025, the U.S. Government added boron to its list of critical minerals. The United States, including the Department of War, has long recognized boron as
essential to national security and energy dominance because boron ceramics (i.e., boron carbide and boron nitride) are essential for military applications, including advanced armour, high-strength permanent magnets, semiconductors and nuclear
applications.
For full disclosure and further detail, please find attached a public statement issued by the U.S. Army on June 25, 2026 (US Time).
Authorised for lodgement by:
Bernard Rowe
Managing Director
To learn more about Ioneer, visit www.Ioneer.com/investors or join our online communities on X, Facebook, LinkedIn, Instagram and YouTube.
Investor and Media Relations
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Chad Yeftich, Ioneer USA Corporation
Investor Relations ir@ioneer.com
+1 775 993 8563
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FGS Global
ioneer@fgsglobal.com
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FOR IMMEDIATE RELEASE June 25, 2026
U.S. Army announces conditional lease awards for domestic critical mineral processing facilities to secure defense supply chains
WASHINGTON — In a major step toward strengthening national defense and securing domestic supply chains, the U.S. Army announced today the
conditional award of long-term leases to four companies to design, finance, build, and operate critical mineral processing facilities on Army installations.
Leveraging underutilized land at Anniston Army Depot, Ala.; Pine Bluff Arsenal, Ark.; Red River Army Depot, Texas; and Tooele Army Depot, Utah, the Army is engaging with industry leaders to
establish domestic processing capacity for minerals foundational to the warfighting capability of the Joint Force.
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Anniston Army Depot and Pine Bluff Arsenal: Empire State Mines, LLC, a wholly owned subsidiary of Titan Mining Corporation. (Graphite)
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Red River Army Depot: Energy X (Lithium)
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Tooele Army Depot: Ioneer USA Corporation (Boron)
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Tooele Army Depot: REalloys (Dysprosium & Terbium)
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“The ability to process critical minerals on U.S. soil is a national-defense priority required for munitions, missiles, sensors, batteries, and the platforms our Soldiers depend on,” said
Dr. Jeff Waksman, Principal Deputy Assistant Secretary of the Army for Installations, Energy and Environment. “Leveraging our legal authorities and land, the U.S. Army is able to help nurture a critical minerals industrial base which equips and
sustains America’s Soldiers without putting any taxpayer dollars at risk.”
The announcement is enacted by the Army’s Strategic Capital Initiatives (SCI), a landmark effort to partner with the private sector to accelerate enterprise-wide
modernization. These awards are the first time the Army / Dept. of War has sited commercial mineral processing facilities on American military installations, a direct execution of President Trump’s Executive Order 14241.
Formal lease agreements with these companies are in negotiation. Development is slated to begin as early as 2027, with an Initial Operating Capability targeted by, or
ahead, of 2028.
A Proven Model and Value Returned to the Army
These conditional awards are made possible through an Enhanced Use Lease (EUL), a statutory authority under 10 U.S.C. § 2667. An EUL is a real estate agreement that allows the Army to lease
non-excess, underutilized land to private-sector partners.
Importantly, an EUL is a leasehold agreement, not a land sale; the United States retains title to the leased property at all times. Under this structure, the Army acts purely as a landlord.
The private party lessees bear all costs to finance, design, build, operate, secure, and decommission the facility.
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In return for the use of the land, the lessee pays rent at or above fair market value. The Army prefers to receive this rent as "in-kind" consideration. This means that
instead of cash, the lessee directly funds and executes infrastructure improvements on the host installation. This directly benefits Soldiers, families, and operations by upgrading utilities, enhancing infrastructure, and modernizing mission
capabilities. Finally, a mandatory decommissioning bond ensures that funds are secured well in advance to return the land to its original condition when the lease ends.
A Trusted, American Partnership
To mitigate supply chain risks and prevent undue foreign influence, eligibility for these projects was strictly limited to entities organized under U.S. law, featuring majority domestic
ownership and control, and maintaining a U.S. place of business.
Furthermore, any in-kind infrastructure improvements delivered to the Army will adhere to Davis-Bacon prevailing wages and Buy American Act requirements.
Environmental & Mission Compatibility First
The Army remains committed to smart stewardship of its real property and the surrounding communities. Offerors are required to engage state and local authorities, assess local impact, and
propose comprehensive mitigation strategies.
No construction will begin until rigorous environmental and regulatory reviews—including the National Environmental Policy Act (NEPA), Clean Air and Water Acts, and all
required federal, state, and local permits—are fully complete. The selected parcels were specifically chosen to ensure compatibility with the ongoing missions of each host installation.
The conditional lease awards announced today follow recent successful applications of the Army's EUL model, including a conditional lease award with Hanwha Defense USA who is self-investing
$1.3 billion into a munitions facility at Pine Bluff Arsenal, and the conditional lease awards for data-center facilities with Carlyle at Fort Bliss and CyrusOne at Dugway Proving Ground.
For more information on the Army’s Strategic Capital Initiatives, please visit www.army.mil/sci or contact the Army Communication and Outreach Office at Media Query
Form.
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Insights From Our Partners:
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“Empire State Mining is honored to partner with the U.S. Army in this historic effort to secure America’s critical mineral supply chain. By establishing robust domestic processing
capabilities on Army installations, we are actively reducing our reliance on foreign sources and ensuring the Joint Force has uninterrupted access to the foundational materials required for next-generation defense technologies.” ~ Rita
Adiani, President & CEO of Titan Mining
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"Bringing battery-grade lithium refining onto Army-controlled land is exactly the kind of public-private partnership America needs right now. We're proud the Army has placed its
confidence in EnergyX, and we can't wait to get to work alongside the Red River Army Depot team to turn 100 acres in Bowie County into a cornerstone of America's critical minerals future. Partnerships like this will be the foundation for
ensuring Project Lonestar delivers a secure, domestic supply of battery-grade lithium to support America's growing energy, manufacturing, and national security needs. By combining the Army's strategic assets with EnergyX's advanced lithium
recovery and refining technology, we are helping build a resilient critical minerals supply chain and strengthening America's critical mineral independence right here in the United States.”
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~Teague Egan, Founder & CEO of EnergyX
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“Ioneer is proud to partner with the U.S. Army to forge a secure, domestic supply chain for the critical minerals that underpin our nation’s defense and security. Boron is
foundational to modern military power and force protection --and producing it on America soil strengthens our industrial base while reducing our over-reliance on foreign sources. We look forward to advancing this partnership in direct
support of the Joint Force and the warfighters who depend on these materials every day.” ~ Bernard Rowe, Managing Director and CEO of Ioneer.
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“REalloys is proud to stand alongside the U.S. Army to reclaim the heavy rare earth supply chain. This partnership represents a historic step for assuring these materials are
domestically sourced and fully compliant for weapon system integration. We look forward to supporting the Army in such an important leadership initiative to enable warfighter readiness and the mission effectiveness of our future fighting
force.” ~ Lipi Sternheim, REalloys CEO
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Defense Applications of Selected Critical Minerals
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Boron (Defense-Grade Boron Carbide & High-Purity Compounds; Ioneer): Domestically sourced refined boron feedstock is converted into
defense-grade boron carbide (B4C) and high-purity boron compounds, which are essential for force protection and survivability. Due to its extreme hardness and lightweight properties, boron carbide is the primary material used in
ballistic armor plating, including the Enhanced Small Arms Protective Inserts (ESAPI) worn by ground troops and ceramic armor shields on combat helicopters. These high-purity boron compounds also serve as vital stabilizers and energetic
components in rocket propellants and specialized munitions. Boron is a constituent of BKNO3 which is used a propellent initiator for 25+ DODICs, including Artillery, Mortars, Medium Cal, Grenades, Bombs, etc.
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Dysprosium & Terbium (Refined Heavy Rare Earth Elements; REalloys): Dysprosium (Dy) and terbium (Tb), sourced through secure allied
Canadian feedstocks, are heavy rare earth elements indispensable for precision guidance and defense electronics. These materials are used to manufacture high-performance permanent magnets that can withstand extreme operational temperatures
– used in precision-guided munitions, electric motors, and sonar and radar networks.
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Graphite (Purified Micronized Graphite & Coated Spherical Purified Graphite; Empire/Titan): Processed graphite, specifically Purified
Micronized Graphite (PMG) and Coated Spherical Purified Graphite (CSPG) sourced from 100% domestic feedstock, is critical to modern energy storage, thermal protection, and aerospace systems. CSPG serves as the essential anode material for
the high-performance lithium-ion batteries that power unmanned aerial platforms, dismounted soldier electronics, and hybrid-electric tactical vehicles.
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Lithium (Battery-Grade Lithium Hydroxide & Lithium Carbonate; EnergyX): Lithium processed from domestic sources into battery-grade
lithium hydroxide and lithium carbonate provides the foundational energy density required for next-generation military power systems. This battery-grade lithium is essential for delivering the sustained, high-output power required for a
range of tactical vehicle capabilities.
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FAQ
What did Ioneer (IONR) disclose in this Form 6-K filing?
Ioneer disclosed it received a conditional award from the U.S. Army for a long-term land lease at Tooele Army Depot. The lease is intended for a critical mineral processing facility supporting domestic defense-related supply chains, subject to final lease negotiations and project development.
How is Ioneer (IONR) involved in the U.S. Army critical minerals initiative?
Ioneer is one of four companies conditionally awarded long-term leases on U.S. Army installations to design, finance, build, and operate critical mineral processing facilities. Its site at Tooele Army Depot would help process boron and support secure domestic supply for defense applications.
What is the significance of boron in Ioneer’s (IONR) latest announcement?
The filing highlights boron as a U.S. Government-designated critical mineral, essential for armor, magnets, semiconductors, and nuclear uses. Ioneer’s Rhyolite Ridge Lithium-Boron Project hosts a large undeveloped boron ore reserve, making the proposed facility strategically relevant to national security needs.
What is the Enhanced Use Lease (EUL) structure described in Ioneer’s (IONR) news?
The Enhanced Use Lease is a real estate agreement allowing the Army to lease underutilized land while retaining ownership. Private lessees fund design, construction, operation, security, and decommissioning, paying rent—often through infrastructure improvements—so no taxpayer dollars are put at risk under this structure.
When could Ioneer’s (IONR) critical mineral facility at Tooele Army Depot start operating?
The Army statement notes development is slated to begin as early as 2027, with an Initial Operating Capability targeted by, or ahead of, 2028. This timing applies to the conditional lease awards, including Ioneer’s planned facility at the Tooele Army Depot site.
Does the Ioneer (IONR) announcement involve U.S. taxpayer funding for the facility?
According to the Army statement, lessees bear all costs to finance, design, build, operate, secure, and decommission the facilities. The Army emphasizes this model nurtures a critical minerals industrial base without putting any taxpayer dollars at risk under the Enhanced Use Lease approach.