Ioneer Limited (NASDAQ: IONR) lifts cash to $58.8M while advancing Rhyolite Ridge
Rhea-AI Filing Summary
Ioneer Ltd reported an interim net loss of $4.0 million for the six months ended 30 June 2026, similar to the prior six‑month loss of $4.1 million. The business remains in the development stage with no operating revenues, focused on the Rhyolite Ridge lithium‑boron project in Nevada.
Cash and cash equivalents increased to $58.8 million, driven by a $50.4 million equity capital raise that lifted issued capital to 3.07 billion shares and net assets to $276.7 million. Exploration and evaluation assets rose to $214.7 million, mainly at Rhyolite Ridge, and the group continues to prepare for a future Final Investment Decision.
The U.S. Bureau of Land Management’s favourable Record of Decision for Rhyolite Ridge was upheld by a U.S. District Court, and an appeal to the Ninth Circuit is in progress. Ioneer also discloses an undrawn $996 million U.S. Department of Energy loan facility and states the accounts are prepared on a going‑concern basis with no material uncertainties identified.
Positive
- None.
Negative
- None.
Filing Explained
Rhyolite Ridge has no development decision yet; FID remains conditional on specified permitting, engineering, offtake, and funding steps.
This Form 6-K furnishes ioneer Ltd’s interim financial report for the six months ended
The filing lists permits, construction-ready engineering, sufficient offtake agreements to support debt, and a mix of equity and debt funding as factors for a future Final Investment Decision. Once that decision is made, the related exploration and evaluation assets will be tested for impairment and transferred to development costs; amortization does not begin until mining operations commence.
The
Key Figures
Net loss: $4,007,000
Cash and cash equivalents: $58,840,000
Net assets: $276,687,000
+5 more
8 metrics
Net loss
$4,007,000
Loss after income tax for the six months ended 30 June 2026
Cash and cash equivalents
$58,840,000
Balance at 30 June 2026
Net assets
$276,687,000
Total equity at 30 June 2026
Exploration and evaluation assets
$214,737,000
Carrying amount at 30 June 2026, primarily Rhyolite Ridge
Equity capital raised
$50,400,000
Proceeds from issue of 400,000,000 shares in the six months to 30 June 2026
DOE loan facility
$996,000,000
Total U.S. Department of Energy loan amount including capitalised interest
Net cash from financing
$47,965,000
Financing cash flows for the six months ended 30 June 2026
Shares on issue
3,074,633,957
Ordinary shares fully paid at 30 June 2026
Key Terms
Record of Decision, National Environmental Policy Act, Biological Opinion, Exploration and evaluation, +2 more
6 terms
Record of Decision regulatory
"In October 2024, the BLM issued a favourable Record of Decision (“ROD”), authorizing the Project’s Plan"
A record of decision is an official written statement from a government regulator that explains and finalizes its approval or denial of a proposed project after reviewing environmental and legal factors. For investors, it matters because it removes a major regulatory uncertainty — like a referee’s final whistle — allowing a project to move forward, be funded, or be halted, which can change timelines, costs, and potential liabilities.
National Environmental Policy Act regulatory
"authorizing the Project’s Plan of Operations and completing the National Environmental Policy Act (“NEPA”) process"
A U.S. law that requires federal agencies to evaluate and disclose the likely environmental effects of major projects and decisions before they proceed. For investors, that review can delay approvals, add compliance costs, or change project plans—like a required safety inspection that can uncover problems or require fixes before construction continues—so NEPA processes are a key source of timing, cost and legal risk for projects involving federal permits or funding.
Biological Opinion regulatory
"USFWS also formally released the Endangered Species Act Section 7 Biological Opinion, concluding the Project will not jeopardize"
Exploration and evaluation financial
"Exploration and evaluation expenditure incurred by or on behalf of the Group is accumulated separately"
Final Investment Decision financial
"A Final Investment Decision (FID) to develop the Project is expected to be made after considering key factors"
A final investment decision is the point at which a person or organization chooses to move forward with a particular project or purchase after reviewing all the necessary information and options. It is like deciding to buy a house after considering all the costs, benefits, and alternatives. This decision is important because it determines whether and when the investment will be made, impacting future financial plans and outcomes.
Monte Carlo model financial
"The fair value of performance based performance rights is determined by using the Monte Carlo model"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Ioneer (IONR) perform financially for the six months ended 30 June 2026?
Ioneer reported a net loss of $4.0 million for the six months ended 30 June 2026, compared with a $4.1 million loss in the prior six‑month period, reflecting its ongoing project development stage with no operating revenues.
What is Ioneer (IONR)’s cash position as of 30 June 2026?
As of 30 June 2026, Ioneer held $58.8 million in cash and cash equivalents, up from $17.9 million at 31 December 2025, mainly due to a $50.4 million equity capital raise completed during the interim period.
How much has Ioneer (IONR) invested in exploration and evaluation at Rhyolite Ridge?
Exploration and evaluation assets totaled $214.7 million at 30 June 2026, up from $209.0 million at 31 December 2025. These assets primarily relate to the Rhyolite Ridge Lithium‑Boron Project in Nevada, where no development decision has yet been made.
What major financing arrangements does Ioneer (IONR) disclose for Rhyolite Ridge?
Ioneer discloses a U.S. Department of Energy loan totaling $996 million (US$968 million principal plus US$28 million capitalised interest). Related $4.3 million in unamortised loan fees are recorded, with amortisation beginning after the first loan draw.
What is the status of permitting and legal proceedings for Ioneer (IONR)’s Rhyolite Ridge project?
The U.S. Bureau of Land Management’s favourable Record of Decision for Rhyolite Ridge was upheld by a U.S. District Court. Environmental groups have appealed to the Ninth Circuit, and Ioneer is participating in the appeal process, with a decision anticipated in mid‑2027.
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 August 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:
|
Exhibit
|
Description
|
|
|
99.1
|
Interim Financial Report for the Six Months ended June 30, 2026
|
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.
|
ioneer Ltd
|
|||
|
(registrant)
|
|||
|
Date: August 13, 2026
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By:
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/s/ April Hashimoto
|
|
|
Name:
|
April Hashimoto
|
|
|
Title:
|
Chief Financial Officer
|
Exhibit 99.1
ioneer Limited
Contents
30 June 2026
Contents
30 June 2026
|
Directors’ report
|
3
|
|
Auditor’s independence declaration
|
7
|
|
Statement of profit or loss and other comprehensive income
|
8
|
|
Statement of financial position
|
9
|
|
Statement of changes in equity
|
10
|
|
Statement of cash flows
|
11
|
|
Notes to the financial statements
|
12
|
|
Directors’ declaration
|
21
|
|
Independent auditor’s report to the members of ioneer Limited
|
22
|
2
ioneer Limited
Directors’ report
30 June 2026
Directors’ report
30 June 2026
The directors present their report, together with the interim consolidated financial statements of Ioneer Ltd (‘Ioneer’ or the ‘Company’ and its subsidiaries
(collectively the ‘Group’) for the six months ended 30 June 2026 and the Auditor’s Report thereon.
This financial report is presented for the six-month period from 1 January 2026 to 30 June 2026, with the comparative period being the six-month period from 1 July 2025
to 31 December 2025. The Group changed its financial year end from 30 June to 31 December to better align the accounting reporting period with its subsidiaries in the United States of America, where the bulk of the Group’s business
operations are located.
Directors
The following persons were directors of the Company during the whole of the financial period and up to the date of this report, unless otherwise stated:
|
Mr. J.D. Calaway
|
Executive Chairman
|
|
Mr. B. Rowe
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Managing Director
|
|
Mr. A. Davies
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Non-executive Director
|
|
Ms. R. McKinney-James
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Non-executive Director
|
|
Ms. M. Walker
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Non-executive Director
|
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Mr. T. Woodall
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Non-executive Director
|
Principal activities
The principal activity of the Group continues to be the development of the Rhyolite Ridge Lithium-Boron Project (“Rhyolite Ridge” or the “Project”) in Nevada, United
States of America.
Operating and financial review
The loss for the Group after providing for income tax for the six-month period ended 30 June 2026 amounted to $4,007,000 (six-month period ended 31 December 2025: loss
of $4,070,000).
The operating and financial review forms part of the Directors’ Report and has been prepared in accordance with section 299A of the Corporations Act 2001 (Cth). The
information provided aims to assist users to better understand the operations and financial position of the Group. To assist users, financial information included in this review contains non-IFRS financial information.
Summary of financial performance and position
|
6 months
ended
30 Jun 2026
|
6 months
ended
31 Dec 2025
|
Change
|
Change
|
|||||||||||||
|
$'000
|
$'000
|
$'000
|
%
|
|||||||||||||
|
Operating cash flows
|
(3,687
|
)
|
(3,069
|
)
|
(618
|
)
|
20
|
%
|
||||||||
|
Investing cash flows
|
(4,075
|
)
|
(6,329
|
)
|
2,254
|
(36
|
%)
|
|||||||||
|
Financing cash flows
|
47,965
|
1,982
|
45,983
|
2,320
|
%
|
|||||||||||
|
Total change in cash in the financial period
|
40,203
|
(7,416
|
)
|
47,619
|
||||||||||||
|
6 months
ended
30 Jun 2026
|
6 months
ended
31 Dec 2025
|
Change
|
Change
|
|||||||||||||
|
$'000
|
$'000
|
$'000
|
%
|
|||||||||||||
|
Cash and cash equivalents
|
58,840
|
17,863
|
40,977
|
229
|
%
|
|||||||||||
|
Capitalised exploration
|
5,728
|
5,850
|
(122
|
)
|
(2
|
%)
|
||||||||||
|
Net assets
|
276,687
|
230,219
|
46,468
|
20
|
%
|
|||||||||||
|
Net loss after tax
|
(4,007
|
)
|
(4,070
|
)
|
63
|
2
|
%
|
|||||||||
3
ioneer Limited
Directors' report
30 June 2026
Directors' report
30 June 2026
|
30 Jun 2026
|
31 Dec 2025
|
|||||||
|
Summary of mineral resources and ore reserves (1)
|
mt
|
mt
|
||||||
|
Mineral Resource:
|
||||||||
|
Measured
|
158
|
158
|
||||||
|
Indicated
|
282
|
282
|
||||||
|
Inferred
|
108
|
108
|
||||||
|
Total Mineral Resource
|
548
|
548
|
||||||
|
Proved
|
92
|
92
|
||||||
|
Probable
|
174
|
174
|
||||||
|
Total Ore Reserve
|
266
|
266
|
|
(1)
|
Further detail on Mineral Resources and Ore Reserves can be found in the Group’s annual report for the six months ended 31 December 2025.
|
Highlights for the six months ended 30 June 2026
Corporate
| ● |
Ioneer completed an equity raise for approximately US$50 million (A$72 million) with participation from new and existing shareholders, including high quality offshore and domestic
institutions.
|
| ● |
The Company signed non-binding Memorandums of Understanding to advance the development of Rhyolite Ridge.
|
| ● |
Ioneer 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.
|
| ● |
The Company continued to maintain compliance with terms of its closed loan facility with the U.S. Department of Energy.
|
| ● |
The Company filed a Form F-3 shelf prospectus with the Security and Exchange Commission which gives Ioneer the ability to issue debt and equity securities in the United Statement
in the future.
|
| ● |
Ioneer continued ongoing engagement with the U.S. Government and potential strategic partners.
|
Environmental
| ● |
The U.S. District Court for the District of Nevada upheld the federal permit for Rhyolite Ridge.
|
| ● |
Ioneer completed the first phase of the multi-year Tiehm's buckwheat introduction program by transplanting 35 plants from its greenhouse to an approved introduction site after
receiving all necessary approvals from the Bureau of Land Management ("BLM") and U.S. Fish and Wildlife Service (“USFWS”).
|
| ● |
Ioneer continued to maintain compliance with the issued U.S. Department of Interior Bureau of Land Management’s Record of Decision, State of Nevada Water Pollution Control and
Class II Air Permits.
|
Engineering
| ● |
Ioneer completed a pre-feasibility study for a battery-grade lithium carbonate circuit which has confirmed feasibility to produce battery-grade lithium carbonate at Rhyolite
Ridge.
|
| ● |
The Company commissioned a pre-feasibility study to evaluate the feasibility of building a plant to produce defense -grade boron carbide from boron produced at Rhyolite Ridge.
|
| ● |
Ioneer issued the Technical Report under Subpart 1300 of the U.S. Securities and Exchange Regulations S-K, incorporating the materially improved project economics due to reduction
in leach duration.
|
| ● |
EcoPro completed its Lithium Clay Research & Development project - a final project report has been prepared, which includes a process flow sheet
developed with commercially feasible operating costs.
|
Dividends
There were no dividends paid, recommended or declared during the current or previous financial period.
Environmental regulation
The Group holds exploration licences issued by the relevant government authorities which specify guidelines for environmental impacts in relation to exploration
activities. The licence conditions provide for the full rehabilitation of the areas of exploration in accordance with regulatory guidelines and standards. There have been no known breaches of the licence conditions.
4
ioneer Limited
Directors' report
30 June 2026
Directors' report
30 June 2026
In October 2024, the BLM issued a favourable Record of Decision (“ROD”), authorizing the Project’s Plan of Operations and completing the National Environmental Policy Act
(“NEPA”) process. As part of the Final EIS, the USFWS also formally released the Endangered Species Act (“ESA”) Section 7 Biological Opinion, concluding ioneer’s Rhyolite Ridge Lithium-Boron Project will not jeopardize the ESA-listed
Tiehm’s buckwheat or adversely modify its critical habitat. The issue of the ROD concludes the formal federal permitting process, which began in early 2020.
Soon after the issue of the ROD, three Non-Governmental Organisations - The Center for Biological Diversity, Great Basin Resource Watch and Western Shoshone Defense
Project - (collectively, the “Plaintiffs”) filed a lawsuit in U.S. District Court for the District of Nevada (“U.S. District Court”) against the BLM decision. In November 2024, Ioneer filed a motion to intervene, which the court allowed in
January 2025.
On 31 March 2026, the U.S. District Court issued its decision in the lawsuit, upholding the BLM decision to issue its favourable ROD. The Court found that the BLM and the
USFWS complied with the ESA, Federal Land Policy and Management Act, and NEPA in their review and approval of the Project.
On 9 April 2026, the Plaintiffs filed a notice of appeal of the U.S. District Court’s decision to the United States Court of Appeals for the Ninth Circuit.
Ioneer is actively participating in the appeal of the U.S. District Court’s decision upholding BLM’s approval of the Project. The Plaintiffs have filed their initial
brief. The Company remains confident in its legal position and expect to file its response brief in September 2026. The timing of the process is outside of the Company’s control; however, a decision is anticipated in mid-2027. The appeal
is not expected to delay commencement of construction.
We plan to issue a 2026 Sustainability Report in the first half of 2027.
Likely developments and expected results of operations
Information on likely developments in the operations of the Company and the expected results of operations have not been included in this report because the directors
believe it would be likely to result in unreasonable prejudice to the Company.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the Company during the financial period.
Auditor
Ernst & Young continues in office in accordance with section 327 of the Corporations Act 2001.
Audit and non-audit services
The directors are satisfied that the provision of non-audit services is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.
Auditor's independence declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report.
Matters subsequent to the end of the financial period
No matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect the Company's operations, the results of those
operations, or the Company's state of affairs in future financial years.
Rounding of amounts
The amounts contained in the Directors' Report have been rounded to the nearest $1,000 (where rounding is applicable) where noted ($'000) under the option available to
the Company as provided in ASIC Corporations (Rounding in Financial/Directors' Report) Instrument 2016/191. The Company is an entity to which this legislative instrument applies.
5
ioneer Limited
Directors' report
30 June 2026
Directors' report
30 June 2026
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
On behalf of the directors
|
/s/ James D Calaway
|
||
|
James D Calaway
|
||
|
Executive Chairman
|
||
|
13 August 2026
|
||
6
ioneer Limited
Auditor's independence declaration
Auditor's independence declaration
[intentionally omitted]
7
ioneer Limited
Statement of profit or loss and other comprehensive income
For the period ended 30 June 2026
| 6 months |
6 months |
|||||||||||
| ended | ended | |||||||||||
| Note |
30-Jun-2026
|
31-Dec-2025
|
||||||||||
| $'000 | $'000 | |||||||||||
|
Revenue
|
||||||||||||
|
Interest revenue calculated using the effective interest method
|
5
|
|
|
|||||||||
|
Expenses
|
||||||||||||
|
Employee benefits expense
|
3 |
(
|
)
|
(
|
)
|
|||||||
|
Other expenses
|
4 |
(
|
)
|
(
|
)
|
|||||||
|
Finance costs
|
5
|
(
|
)
|
(
|
)
|
|||||||
|
Loss before income tax expense
|
(
|
)
|
(
|
)
|
||||||||
|
Income tax expense
|
|
|
||||||||||
|
Loss after income tax expense for the period attributable to the owners of ioneer Limited
|
(
|
)
|
(
|
)
|
||||||||
|
Other comprehensive income
|
||||||||||||
|
Items that may be reclassified subsequently to profit or loss
|
||||||||||||
|
Foreign currency translation
|
|
|
||||||||||
|
Other comprehensive income for the period, net of tax
|
|
|
||||||||||
|
Total comprehensive income for the period attributable to the owners of ioneer Limited
|
(
|
)
|
(
|
)
|
||||||||
| Cents |
Cents |
|||||||||||
|
Basic earnings per share
|
(
|
)
|
(
|
)
|
||||||||
|
Diluted earnings per share
|
(
|
)
|
(
|
)
|
||||||||
The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes
8
ioneer Limited
Statement of financial position
As at 30 June 2026
| Note |
30-Jun-2026
|
31-Dec-2025
|
||||||||||
| $'000 | $'000 | |||||||||||
|
Assets
|
||||||||||||
|
Current assets
|
||||||||||||
|
Cash and cash equivalents
|
6
|
|
|
|||||||||
|
Receivables
|
7
|
|
|
|||||||||
|
Total current assets
|
|
|
||||||||||
|
Non-current assets
|
||||||||||||
|
Receivables
|
|
|
||||||||||
|
Property, plant and equipment
|
8 |
|
|
|||||||||
|
Right-of-use assets
|
|
|
||||||||||
|
Exploration and evaluation
|
9 |
|
|
|||||||||
| Other |
10 | |||||||||||
|
Total non-current assets
|
|
|
||||||||||
|
Total assets
|
|
|
||||||||||
|
Liabilities
|
||||||||||||
|
Current liabilities
|
||||||||||||
|
Payables
|
11
|
|
|
|||||||||
| Provisions | 12 |
|
|
|||||||||
| Lease liabilities | ||||||||||||
|
Total current liabilities
|
|
|
||||||||||
|
Non-current liabilities
|
||||||||||||
|
Lease liabilities
|
|
|
|
|||||||||
|
Total non-current liabilities
|
|
|
||||||||||
|
Total liabilities
|
|
|
||||||||||
|
Net assets
|
|
|
||||||||||
|
Equity
|
||||||||||||
|
Issued capital
|
13
|
|
|
|||||||||
|
Reserves
|
(
|
)
|
(
|
)
|
||||||||
|
Accumulated losses
|
(
|
)
|
(
|
)
|
||||||||
|
Total equity
|
|
|
||||||||||
The above statement of financial position should be read in conjunction with the accompanying notes
9
ioneer Limited
Statement of changes in equity
For the period ended 30 June 2026
|
Issued capital
|
Foreign currency
translation reserve
|
Equity
compensation
reserve
|
Accumulated
losses
|
Total equity
|
||||||||||||||||
|
$'000
|
$'000
|
$'000
|
$'000
|
$'000
|
||||||||||||||||
|
Balance at 1 July 2025
|
|
(
|
)
|
|
(
|
)
|
|
|||||||||||||
|
Loss after income tax expense for the period
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
|
Foreign currency translation differences
|
|
|
|
|
|
|||||||||||||||
|
Total comprehensive income for the period
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
|
Contributions of equity, net of transaction costs (Note 13)
|
||||||||||||||||||||
| Share issue costs from capital raise (Note 13) |
( |
) | ( |
) | ||||||||||||||||
|
Fair value of performance rights vested (Note 13)
|
( |
) | ||||||||||||||||||
|
Share-based payments expensed/capitalised
|
|
|
|
|
|
|||||||||||||||
|
Balance at 31 December 2025
|
|
(
|
)
|
|
(
|
)
|
|
|||||||||||||
|
Issued capital
|
Foreign currency
translation reserve
|
Equity
compensation
reserve
|
Accumulated
losses
|
Total equity
|
||||||||||||||||
|
$'000
|
$'000
|
$'000
|
$'000
|
$'000
|
||||||||||||||||
|
Balance at 1 January 2026
|
|
(
|
)
|
|
(
|
)
|
|
|||||||||||||
|
Loss after income tax expense for the period
|
|
|
|
(
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)
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(
|
)
|
|||||||||||||
|
Foreign currency translation differences
|
|
|
|
|
|
|||||||||||||||
|
Total comprehensive income for the period
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
|
Share issued from capital raise (Note 13)
|
||||||||||||||||||||
|
Share issue costs from capital raise (Note 13)
|
( |
) | ( |
) | ||||||||||||||||
|
Share-based payments expensed/capitalised
|
|
|
|
|
|
|||||||||||||||
|
Balance at 30 June 2026
|
|
(
|
)
|
|
(
|
)
|
|
|||||||||||||
The above statement of changes in equity should be read in conjunction
with the accompanying notes
10
ioneer Limited
Statement of cash flows
For the period ended 30 June 2026
| 6 months | 6 months | |||||||||||
| ended | ended | |||||||||||
| Note |
30-Jun-2026
|
31-Dec-2025
|
||||||||||
| $'000 | $'000 | |||||||||||
|
Cash flows from operating activities
|
||||||||||||
|
Payments to suppliers and employees
|
|
(
|
)
|
(
|
)
|
|||||||
|
Net cash used in operating activities
|
(
|
)
|
(
|
)
|
||||||||
|
Cash flows from investing activities
|
||||||||||||
|
Payments for plant and equipment
|
8 |
|
(
|
)
|
||||||||
|
Expenditure on exploration and evaluation
|
(
|
)
|
(
|
)
|
||||||||
|
Interest received
|
|
|
||||||||||
|
Net cash used in investing activities
|
(
|
)
|
(
|
)
|
||||||||
|
Cash flows from financing activities
|
||||||||||||
|
Proceeds from issue of shares
|
13 |
|||||||||||
|
Transaction costs related to issues of equity securities
|
13 |
(
|
)
|
(
|
)
|
|||||||
|
Repayment of lease liabilities
|
(
|
)
|
(
|
)
|
||||||||
|
Net cash from financing activities
|
|
|
||||||||||
| Net increase/(decrease) in cash and cash equivalents |
|
(
|
)
|
|||||||||
|
Cash and cash equivalents at the beginning of the period
|
|
|
||||||||||
|
Effects of exchange rate changes on cash and cash equivalents
|
|
|
||||||||||
|
Cash and cash equivalents at the end of the period
|
6 |
|
|
|||||||||
The above statement of cash flows should be read in conjunction with the accompanying notes
11
ioneer Limited
Notes to the financial statements
30 June 2026
Notes to the financial statements
30 June 2026
| Note 1. |
Basis of preparation and Material accounting policies
|
| 1.1 |
Corporate information
|
The interim consolidated financial statements of Ioneer Ltd (the Company or parent) and its subsidiaries (collectively, the Group) for six
months ended 30 June 2026 were authorised for issue in accordance with a resolution of the Directors on 13 August 2026.
The Group is a for-profit company limited by shares and incorporated in Australia whose shares are publicly traded on the Australian
Securities Exchange under the ticker code "INR" and on Nasdaq under the ticker code "IONR". The registered office of the Company is suite 16.01, 213 Miller Street, North Sydney, NSW 2060 Australia.
The Group is principally engaged in the development of the Rhyolite Ridge lithium-boron deposit in the state of Nevada, United States of
America. Further information about the nature of the Group's operations and activities is provided in the Directors' Report.
| 1.2 |
Basis of preparation
|
These general purpose financial statements for the interim half-year reporting period ended 30 June 2026 have been prepared in accordance with
Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting
Standard IAS 34 'Interim Financial Reporting'.
The interim consolidated financial statements have been prepared on a historical cost basis. The interim consolidated financial statements
are presented in USD, and all values are rounded to the nearest thousand (‘$000), except where otherwise indicated.
The Group has prepared the interim financial statements on the basis that it will continue to operate as a going concern. The Directors consider that there are no material uncertainties that may cast significant doubt over this assumption. They have formed a judgement that there is reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months from the end of the reporting period.
These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the financial report for the transition period ended 31 December 2025 and any public announcements made by the Company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.
The accounting policies adopted are consistent with those of the previous financial period and corresponding interim reporting period, unless otherwise stated.
The Group has prepared the interim financial statements on the basis that it will continue to operate as a going concern. The Directors consider that there are no material uncertainties that may cast significant doubt over this assumption. They have formed a judgement that there is reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months from the end of the reporting period.
These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the financial report for the transition period ended 31 December 2025 and any public announcements made by the Company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.
The accounting policies adopted are consistent with those of the previous financial period and corresponding interim reporting period, unless otherwise stated.
|
1.3
|
Change in fiscal year
|
This financial report is presented for the six-month period from 1 January 2026 to 30 June 2026 with the comparative reporting period being the six-month transition
period ended 31 December 2025. On 25 September 2025, the Board of Directors approved a change in the Company’s financial year end from 30 June to 31 December to better align the accounting reporting period with its subsidiaries in the
United States of America, where the bulk of the group’s business operations are located.
| 1.4 |
New or amended Accounting Standards and Interpretations
|
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board
('AASB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of
the Group.
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s consolidated financial
statements for the six-months ended 31 December 2025.
12
|
ioneer Limited
|
|
Notes to the financial statements
|
|
30 June 2026
|
Note 2. Operating segments
2.1 Operating Segments
An operating segment is a component of the Group that engages in
business activities from which it may earn revenues and incur expenses; including revenues and expenses that relate to transactions with any of the Group's other components. An operating segment's operating results are reviewed
regularly by the Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Managing Director is
considered to be the CODM and is empowered by the Board to allocate resources and assess the performance of the Group.
Segment results that are reported to the CODM include items
directly attributable to a segment as well as those that can be allocated on a reasonable basis.
Description of segments
The Company operates predominantly as a mineral exploration and development company. The
operating segments are based on the reports reviewed by the Managing Director for assessing performance and determining the allocation of resources and strategic decision making within the Group.
|
North America
|
Represents activity in the US primarily in relation to Rhyolite Ridge and the Reno office.
|
|
Australia
|
Represents head office expenditure, including ASX listing costs, employee benefits, exchange gains and losses and corporate assets (predominantly cash).
|
|
North
America
|
North
America
|
Australia
|
Australia
|
Total
|
Total
|
|||||||||||||||||||
|
6 months
ended
|
6 months
ended
|
6 months
ended
|
6 months
ended
|
6 months
ended
|
6 months
ended
|
|||||||||||||||||||
|
30-Jun-2026
|
31-Dec-2025
|
30-Jun-2026
|
31-Dec-2025
|
30-Jun-2026
|
31-Dec-2025
|
|||||||||||||||||||
| ($'000) |
($'000) |
($'000) |
($'000) |
($'000) |
($'000) |
|||||||||||||||||||
|
Other expenses
|
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
Employee benefits and other expenses
|
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
Net financing (expense)/income
|
(
|
)
|
(
|
)
|
|
|
|
|
||||||||||||||||
|
Loss before income tax
|
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||
|
Segment assets
|
||||||||||||||||||||||||
|
Exploration assets
|
|
|
|
|
|
|
||||||||||||||||||
|
Other assets
|
|
|
|
|
|
|
||||||||||||||||||
|
Total assets
|
|
|
|
|
|
|
||||||||||||||||||
|
Segment liabilities
|
||||||||||||||||||||||||
|
Payables
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
|
Provisions
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
|
Total current liabilities
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
|
Payables
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
|
Total non-current liabilities
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
|
Net assets
|
|
|
|
|
|
|
Major customers
This Company has no
13
|
ioneer Limited
|
|
Notes to the financial statements
|
|
30 June 2026
|
Note 3. Employee benefits expensed
|
6 months
ended
30-Jun-2026
|
6 months
ended
31-Dec-2025
|
|||||||
| $'000 | $'000 | |||||||
|
Non-executive director fees
|
|
|
||||||
|
Executive director fees
|
||||||||
|
Employee benefits expense
|
|
|
||||||
|
Share-based payments
|
|
|
||||||
|
Total employee benefits expensed
|
|
|
||||||
Note 4. Expenses
|
6 months
ended
30-Jun-2026
|
6 months
ended
31-Dec-2025
|
|||||||
|
$'000
|
$'000
|
|||||||
| Other expenses |
||||||||
|
General and administration expenses
|
|
|
||||||
|
Consulting and professional costs
|
|
|
||||||
|
Depreciation and amortisation
|
|
|
||||||
| Total other expenses |
|
|
||||||
Note 5. Net finance income
|
6 months
ended
30-Jun-2026
|
6 months
ended
31-Dec-2025
|
|||||||
|
$'000
|
$'000
|
|||||||
|
Interest income from external parties
|
|
|
||||||
|
Net foreign exchange gain
|
|
|
||||||
|
Finance income
|
|
|
||||||
| Bank charges |
( |
) | ( |
) | ||||
| Lease interest |
( |
) | ( |
) | ||||
| Finance costs |
( |
) | ( |
) | ||||
| Net finance income |
||||||||
Note 6. Current assets - cash and cash equivalents
|
30-Jun-2026
|
31-Dec-2025
|
|||||||
|
$'000
|
$'000
|
|||||||
|
Cash at bank
|
|
|
||||||
| Cash on deposit |
|
|
||||||
|
|
|
|||||||
Cash and short-term deposits in the statement of financial position comprise cash at bank and on hand and short term highly liquid deposits
with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.
14
|
ioneer Limited
|
|
Notes to the financial statements
|
|
30 June 2026
|
Note 7. Current assets - receivables
|
30-Jun-2026
|
31-Dec-2025
|
|||||||
|
$'000
|
$'000
|
|||||||
|
Other debtors
|
|
|
||||||
|
Prepayments
|
|
|
||||||
| Total current receivables |
|
|
||||||
Receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method less provision for impairment. Impairment losses, if any, are
recognised in the profit and loss.
Note 8. Non-current assets - property, plant and equipment
|
30-Jun-2026
|
31-Dec-2025 |
|||||||
|
$'000
|
$'000
|
|||||||
| Leasehold improvements - at cost |
||||||||
| Less: Accumulated depreciation |
( |
) | ( |
) | ||||
|
Plant and equipment - at cost
|
|
|
||||||
|
Less: Accumulated depreciation
|
(
|
)
|
(
|
)
|
||||
|
|
|
|||||||
Reconciliations
Reconciliations of the written down values at the beginning and end of the current period-end and previous financial year are set out below:
|
Leasehold
improvements
|
Plant and
equipment
|
Total | ||||||||||
| $'000 |
$'000 |
$'000
|
||||||||||
| Balance at 1 July 2025 |
||||||||||||
| Additions |
||||||||||||
| Transfers in/(out) |
||||||||||||
| Depreciation expense |
( |
) | ( |
) | ( |
) | ||||||
|
Balance at 31 December 2025
|
|
|||||||||||
| Depreciation expense | ( |
) | ( |
) | ( |
) | ||||||
| Balance at 30 June 2026 |
||||||||||||
Plant and equipment assets are stated at cost less accumulated depreciation and any impairment in value. Depreciation is calculated on a straight-line basis over the useful life of the asset being
between 1 -4
years.
An item of plant and
equipment is derecognised upon disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the statement of
profit and loss in the period the item is derecognised.
The residual values,
useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end adjusted prospectively, if appropriate. At each reporting date, the Group assesses whether there is any indication that
an asset may be impaired. Where an indicator of impairment exists, the Group makes a formal estimate of the recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and
is written down to its recoverable amount. Recoverable amount is the greater of fair value less costs to sell and value in use.
15
|
ioneer Limited
|
|
Notes to the financial statements
|
|
30 June 2026
|
Note 9. Non-current assets - exploration and evaluation
Exploration and evaluation expenditure incurred by or on behalf of the Group is accumulated separately for each area of interest. Such
expenditure comprises net direct costs and an appropriate portion of related overhead expenditure but does not include general overheads or administrative expenditure not having a specific connection with a particular area of
interest.
Exploration and evaluation costs in relation to separate areas of interest for which rights of tenure are current are brought to account in
the year in which they are incurred and carried forward provided that:
| ● |
such costs are expected to be recouped through successful development and exploitation of the area, or alternatively through its
sale; or
|
| ● |
exploration and/or evaluation activities in the area have not yet reached a stage which permits a reasonable assessment of the existence or otherwise of economically
recoverable reserves.
|
The types of costs recognised as exploration and evaluation assets include costs to acquire the legal rights to explore in the specific
area and costs incurred in respect of the search for mineral resources, determination of technical feasibility and the assessment of commercial viability of an identified resource, in accordance with AASB 6.
A Final Investment Decision (FID) to develop the Project is expected to be made after considering the following key factors: required
permits are in place, engineering has reached construction ready status, adequate offtake agreements have been signed to underwrite any debt requirements, and the Project is funded through a mix of equity and debt. In order for
FID and to attract funding, the Project will need to demonstrate technical feasibility and commercial viability.
Once FID has been taken, all past and future exploration and evaluation assets in respect of the area of interest are tested for
impairment and transferred to the costs of development. To date, no development decision has been made.
The Directors assess at each reporting date whether there is an indication that an asset has been impaired and for exploration and
evaluation costs carried forward whether the above carry forward criteria are met. No indicators of impairment were identified when annual testing was performed as at 31 December 2025.
When the above criteria do not apply or when the Directors assess that the carrying value may exceed the recoverable amount, the
accumulated costs in respect of areas of interest are written off in the Statement of profit and loss and other comprehensive income.
|
30-Jun-2026
|
31-Dec-2025
|
|||||||
|
$'000
|
$'000
|
|||||||
|
Exploration assets
|
|
|
||||||
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial period are set out below:
|
Exploration
assets
|
||||
|
$'000
|
||||
|
Balance at 1 July 2025
|
|
|||
|
Additions - Rhyolite Rydge
|
|
|||
|
Exploration expenditure - noncore
|
|
|||
|
Balance at 31 December 2025
|
|
|||
|
Additions - Rhyolite Rydge
|
||||
|
Balance at 30 June 2026
|
||||
16
|
ioneer Limited
|
|
Notes to the financial statements
|
|
30 June 2026
|
The above amounts represent costs of areas of interest carried forward as an asset in accordance with the accounting policy described above.
The ultimate recoupment of exploration and evaluation expenditure in respect of an area of interest carried forward is dependent upon the discovery of commercially viable reserves and the successful development and exploitation of
the respective areas or alternatively sale of the underlying areas of interest for at least their carrying value. Amortisation, in respect of the relevant area of interest, is not charged until a mining operation has commenced.
Exploration and evaluation costs carried forward relate primarily to the Rhyolite Ridge Lithium-Boron Project in Nevada, USA. Exploration
and evaluation expenditure on all other tenements owned by the Company have been fully impaired where applicable.
Note 10. Non-current assets - other
|
30-Jun-2026
|
31-Dec-2025
|
|||||||
|
$'000
|
$'000
|
|||||||
|
Unamortised loan fees
|
|
|
||||||
The Company paid fees to establish a loan with the US Department of Energy (DOE). The fees will be amortised over the life of the loan. Amortisation begins after the first draw on said loan. The total loan amount is US$
Note 11. Current liabilities - payables
|
30-Jun-2026
|
31-Dec-2025
|
|||||||
|
$'000
|
$'000
|
|||||||
|
Trade payables
|
|
|
||||||
|
Accrued expenses
|
|
|
||||||
|
|
|
|||||||
All financial liabilities are recognised initially at fair value net of directly attributable transaction costs.
After initial measurement, financial liabilities are subsequently measured at amortised cost. Current payables, other than lease liabilities, due to their short-term nature, are measured at amortised cost and are not discounted.
The current payables, other than lease liabilities, are unsecured and are non-interest bearing generally on30 -60 day terms. The carrying amounts approximate fair value.
After initial measurement, financial liabilities are subsequently measured at amortised cost. Current payables, other than lease liabilities, due to their short-term nature, are measured at amortised cost and are not discounted.
The current payables, other than lease liabilities, are unsecured and are non-interest bearing generally on
Note 12. Current liabilities - provisions
|
30-Jun-2026
|
31-Dec-2025
|
|||||||
|
$'000
|
$'000
|
|||||||
|
Provisions for employee benefits
|
|
|
||||||
Provisions are made for the Group's liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee
benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled. Employees' benefits payable later than one year have been measured at the present value of
the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employee may satisfy vesting requirements. Those cash
flows are discounted using market yields on high quality corporate bonds with terms to maturity that match the expected timing of cash flows.
17
|
ioneer Limited
|
|
Notes to the financial statements
|
|
30 June 2026
|
Note 13. Equity - issued capital
|
30-Jun-2026
|
31-Dec-2025
|
30-Jun-2026
|
31-Dec-2025
|
|||||||||||||
|
Shares
|
Shares
|
$'000
|
$'000
|
|||||||||||||
|
Ordinary shares - fully paid
|
|
|
|
|
||||||||||||
Movements in ordinary share capital
| Details |
Shares
|
$'000
|
||||||
|
Balance as at 1 July 2025
|
|
|
||||||
|
Share issue from capital raise
|
|
|
||||||
| Share issue costs from capital raise | - | ( |
) | |||||
|
Performance rights vested 1
|
|
|
||||||
| Balance at year ended 31 December 2025 |
||||||||
| Share issue from capital raise |
||||||||
| Share issue costs from capital raise |
- | ( |
) | |||||
|
Balance as at 30 June 2026
|
|
|
||||||
|
(1)
|
|
Ordinary shares are classified as equity. There are no restrictions on voting rights. On a show of hands every member present or by proxy shall
have one vote and upon a poll each share shall have one vote. Where a member holds shares, which are not fully paid, the
number of votes to which that member is entitled on a poll in respect of those part paid shares shall be fraction of one
vote which the amount paid up bears to the total issued price thereof. They have the right to receive dividends as declared and, in the event of winding up of the Company, to participate in the proceeds from the sale of all surplus
assets in proportion to the number of and amounts paid up on shares held.
Incremental costs directly attributable to the issue of new shares, options or rights are shown in equity as a deduction from the proceeds.
Management controls the capital of the Group in order to maintain a sustainable debt to equity ratio, generate long-term shareholder value and
that the Group can fund its operations and continue as a going concern.
The Group is not subject to any externally imposed capital requirements.
During the six months ended 30 June 2026, the Company issued 400,000,000 shares as a consequence of a capital raise,
shares as a consequence of Performance Rights vesting under the Equity Incentive Plan, and shares as a result of
options exercised.
During the six months ended 31 December 2025, the Company issued 33,550,000 shares as a consequence of a capital raise, 32,911,441
shares as a consequence of Performance Rights vesting under the Equity Incentive Plan, and shares as a result of
options exercised.
Share schemes
The Company has one share scheme
in operation, being the Equity Incentive Plan.
Under
these plans, ordinary shares have been granted to senior executives, directors and employees and a number of consultants. The Equity Incentive Plan is capable of issuing both options and performance rights.
Note 14. Equity - dividends
There were no
18
|
ioneer Limited
|
|
Notes to the financial statements
|
|
30 June 2026
|
Note 15. Financial risk management
Framework
The Group is involved in activities that expose it to a variety of financial risks, including:
|
(a)
|
Credit risk
|
|
(b)
|
Liquidity risk
|
|
(c)
|
Capital management risk
|
|
(d)
|
Market risk related to commodity pricing, interest rates and currency fluctuations.
|
The Board of Directors has overall responsibility for the establishment and oversight of the financial risk management
framework of the group. Management is responsible for monitoring the financial risks.
The objective of the financial risk management strategy is to minimise the impact of volatility in financial markets on
the financial performance, cash flows and shareholder returns. This requires the identification and analysis of relevant financial risks and possible impact on the achievement of the Group’s objectives.
The Group does not undertake any hedging activities.
Fair value measurement
The Group measures and recognises in the statement of financial position on a recurring basis certain assets and
liabilities at fair value in accordance with AASB 13 Fair value measurement. The fair value must be estimated for recognition and measurement or for disclosure purposes in accordance with the following hierarchy:
|
Level 1:
|
Quoted prices (unadjusted) in active markets for identical assets or liabilities;
|
|
Level 2:
|
Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and
|
|
Level 3:
|
Inputs for the assets or liabilities which are not based on observable market data (unobservable inputs).
|
The carrying values of financial assets and liabilities of the Group approximate their value. During the 6 months ended
30 June 2026, there were no no
The fair value of performance based performance rights is determined by using the Monte Carlo model.
19
|
ioneer Limited
|
|
Notes to the financial statements
|
|
30 June 2026
|
Note 16. Contingent assets and liabilities
Settlement of Rhyolite Ridge
The Company has entered an option agreement to purchase Rhyolite Ridge from Boundary Peak Minerals LLC on 3 June 2016. The Company has made 4 progress payments to Boundary Peak under the agreement. A final payment will fall due following Board making a ‘decision to mine’ the
Rhyolite Ridge property. Once this decision is made, the Company is required under the terms of the contract to either:
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Pay Boundary Peak LLC US $
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Issue shares (or a mix of both shares and cash) to Boundary Peak LLC, to the equivalent of US$
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As at the date of this report, the decision to mine has not yet been made by the Company.
There are no other known
contingent liabilities as at 30 June 2026.
Note 17. Events after the reporting period
No matter or
circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect the company’s operations, the results of those operations, or the company’s state of affairs in future financial years.
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ioneer Limited
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Directors' declaration
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30 June 2026
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In the directors' opinion:
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the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other
mandatory professional reporting requirements;
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the attached financial statements and notes give a true and fair view of the company's financial position as at 30 June 2026 and of its performance for the
financial period ended on that date; and
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there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.
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The directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the directors
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/s/ James D
Calaway
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James D Calaway
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Executive Chairman
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13 August 2026
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| ioneer Limited |
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Independent auditor's report to the members of ioneer Limited
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[intentionally omitted]
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