#1ioneer Investor Presentation Ord Minnett East Coast Mining Conference 30 March 2022 Our mission: to provide the materials for a sustainable & thriving planet#2Disclaimer ioneer This presentation has been prepared as a summary only and does not contain all information about ioneer Ltds (ioneer or the Company) assets and liabilities, financial position and performance, profits and losses, prospects, and the rights and liabilities attaching to ioneer's securities. The securities issued by ioneer are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the shares or that there will be an increase in the value of the shares in the future. ioneer does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this presentation. Recipients of this presentation should carefully consider whether the securities issued by ioneer are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position. Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company's securities. Forward Looking Statements Various statements in this presentation constitute statements relating to intentions, future acts and events which are generally classified as "forward looking statements". These forward looking statements are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other important factors (many of which are beyond the Company's control) that could cause those future acts, events and circumstances to differ materially from what is presented or implicitly portrayed in this presentation. For example, future reserves described in this presentation may be based, in part, on market prices that may vary significantly from current levels. These variations may materially affect the timing or feasibility of particular developments. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "potential" and similar expressions are intended to identify forward-looking statements. ioneer cautions security holders and prospective security holders to not place undue reliance on these forward- looking statements, which reflect the view of ioneer only as of the date of this presentation. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. Except as required by applicable regulations or by law, ioneer does not undertake any obligation to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance. Competent Persons Statement In respect of Mineral Resources and Ore Reserves referred to in this presentation and previously reported by the Company in accordance with JORC Code 2012, the Company confirms that it is not aware of any new information or data that materially affects the information included in the public report titled "Rhyolite Ridge Ore Reserve Increased 280% to 60 million tonnes" dated 30 April 2020 and released on ASX. Further information regarding the Mineral Resource estimate can be found in that report. All material assumptions and technical parameters underpinning the estimates in the report continue to apply and have not materially changed. In respect of production targets referred to in this presentation, the Company confirms that it is not aware of any new information or data that materially affects the information included in the public report titled "ioneer Delivers Definitive Feasibility that Confirms Rhyolite Ridge as a World-Class Lithium and Boron Project" dated 30 April 2020. Further information regarding the production estimates can be found in that report. All material assumptions and technical parameters underpinning the estimates in the report continue to apply and have not materially changed. No offer of securities Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell ioneer securities in any jurisdiction or be treated or relied upon as a recommendation or advice by ioneer. Reliance on third party information The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by ioneer. Lithium Carbonate Equivalent The formula used for the Lithium Carbonate Equivalent (LCE) values quoted in this presentation is: LCE = (lithium carbonate tonnes produced + lithium hydroxide tonnes produced * 0.880 Note All $'s in this presentation are US$'s except where otherwise noted. ioneer Investor Presentation ASX: INR www.ioneer.com 2#3Content Lithium and Boron Markets Corporate Overview Rhyolite Ridge Project Next Steps Questions ioneer Investor Presentation ioneer ASX: INR www.ioneer.com 3#4ioneer Investor Presentation Lithium & Boron Markets ASX: INR ioneer www.ioneer.com 4#5Global Lithium Market Trends 3,500 3,000 2,500 Increasing demand Global lithium demand (LCE kt) 2,000 CAGR 2021-2030 1,500 1,000 24.0% Short supply Widening deficit in lithium market ioneer Lithium market Surplus/(Deficit) (kt LCE) Asia Lithium Carbonate (US$/t) -Asia Lithium Hydroxide (US$/t) 100.0 30,000 0.0 (100.0) (200.0) (300.0) (400.0) 25,000 20,000 15,000 10,000 5,000 (500.0) 500 (600.0) .0 CY20 CY21e CY22e CY23e CY24e CY25e CY26e CY27e CY28e CY29e CY30e 0 2018 2019 2020 2021e 2022e 2023e 2024e 2025e Other (kt) Electric vehicles (kt) 2026e Stationary energy storage (kt) 2027e 2028e 2029e 2030e Source: Bloomberg, Company data, Macquarie Research, December 2021 Source: Company data, Benchmark Minerals, J.P. Morgan estimates. Lithium demand driven by growth in EVs Underinvestment in lithium supply Strong demand growth coupled with supply shortages are driving higher lithium prices ioneer Investor Presentation ASX: INR www.ioneer.com 5#6Forecast US Lithium Market Trends Rhyolite Ridge is ideally positioned to serve the US supply chain Gigafactory demand 2021a 57 GWh / 4 gigafactories 2026f-393GWh / 21 gigafactories (~337ktpa of LCE) 2031f-703GWh / 21 gigafactories (~602ktpa of LCE) Forecast LCE Supply • 2021a - 5ktpa 2025f-122ktpa (incl. Rhyolite Ridge) PANASONIC, TESLA, GIGAFATORY 1 Nevada 49GWh TESLA California 10 GWh RHYOLITE RIDGE PROJECT KORE POWER Arizona 12 GWh ioneer +5 OTHER PLANTS With locations TBC 138GWh LG CHEM Michigan 18GWh LG CHEM/GM LORDSTOWN FORD, SKI Tennessee 43GWh GM, LG CHEM Tennessee TESLA, 30GWh TERAFACTORY Texas 200 GWh Ohio 30GWh FORD, SKI Kentucky 86GWh AESC IM3 New York 32GWh TOYOTA North Carolina Tennessee 12GWh 10GWh SKI, COMMERCE Georgia 32GWh US car market overly dependent on foreign battery supply chain Source: Benchmark Mineral Intelligence Report - Gigafactory Assessment, January 2022 ioneer Investor Presentation ASX: INR www.ioneer.com CO 6#7ioneer Boron Market Global Borates demand by end use Borosilicate Glass Insulation 17% Other LCD/ TFT 8% 19% 5% 11% Industrial/ Chemical Frits / Ceramics 12% 16% 12% Textile Fiber Glass Agriculture The Boric Acid Market Broad range of essential uses mitigates reliance on single sector Increasing demand from agriculture, solar, specialty glass and permanent magnets EVs Total global market of 4.5Mtpa of borates worth ~$2.3B per annum Includes boric acid of 1.2Mtpa worth $0.7B per annum Duopoly: - Eti (Turkey) ~50% of refined borate market Rio (California) -30% of refined borate market 72% of worlds known Reserves are in Turkey Stable pricing over many decades (US$600-$800tpa) Forecast CAGR of between 4% and 6%. The US is the worlds 2nd largest boric acid market (23%) behind China (30%) Boric acid offtake completed - 100% year 1 and >85% year's 2-3 production sold Notes: Borates demand includes refined chemicals (~80% of demand) such as boric acid and raw mineral products (~20% of demand). Chart inputs are loneer estimates derived from industry research. ioneer Investor Presentation ASX: INR www.ioneer.com 7#8ioneer Investor Presentation Corporate Overview ASX: INR ioneer www.ioneer.com 8#9Corporate Snapshot Capital Structure (As at 24 March 2022) Share Price SHARES OUTSTANDING 2.09b $0.9000 $0.8000 PERFORMANCE RIGHTS AND OPTIONS OUTSTANDING 36.8m $0.7000 CASH BALANCE (31/12/2021) SHARE PRICE ASX (24/03/2022) MARKET CAPITALISATION 52 WEEK SHARE PRICE RANGE Shareholders (28/02/2022) Insider Ownership 6.0% $0.6000 A$149.0m $0.5000 $0.4000 A$0.56 $0.3000 A$1.170b $0.2000 $0.1000 25 March 2021 - 24 March 2022 ли $0.0000 A$0.27 A$0.855 30/03/2021 30/06/2021 30/09/2021 31/12/2021 Top 50 Ownership ~65.2% Substantial holders Centaurus 9.1% Sibanye-Stillwater 7.1% Source: Source: Company Data, FactSet, Nasdaq, Ipreo and CaplQ ioneer Investor Presentation ioneer Institutional holders 25.4% (Excl. Centaurus & SSW) Research Coverage ORD MINNETT Loop Capital Markets B BRIDGE STREET CAPITAL PARTNERS ☑ PAC PARTNERS CANACCORD Genuity ASX: INR www.ioneer.com 9#10The Right Team Board of Directors Management Team JAMES D. CALAWAY Executive Chairman FORMER: Non-exec chairman of Orocobre Ltd ALAN DAVIES Non-executive Director FORMER: Chief Executive, Energy & Minerals of Rio Tinto JAMES D. CALAWAY Executive Chairman ioneer BERNARD ROWE Managing Director BERNARD ROWE Managing Director IONEER: Managing Director since August 2007 ROSE MCKINNEY-JAMES Non-executive Director FORMER: President and CEO of Corporation for Solar Tech & Renewable Resources MATT WEAVER Snr VP Engineering & Operations IAN BUCKNELL CFO & Company Secretary MARGARET WALKER Non-executive Director FORMER: VP Engineering and Technology Centers, Dow Chemical JULIAN BABARCZY Non-executive Director FORMER: Head of Australian Equities, Regal Funds Management KEN COON VP Human Resources YOSHIO NAGAI VP Commercial Sales & Marketing ioneer Investor Presentation ASX: INR www.ioneer.com 10#11Surrounded by World-Class Partners VEOLIA Evaporation and Crystallization FLUOR® EPCM SNC LAVALIN Acid Plant FLSMIDTH Material Handling ABB Power and Controls ioneer we are one Sibanye Stillwater KEMETCO RESEARCH INC Pilot Plant ioneer Investor Presentation Ecineering & WestLand tormental 100% EMPLOYEE OWNED Services Inc. KCA Kappes, Cassiday & Associates Environmental Leaching ioneer CAT Haulage System ioneer has invested US$100m to date appraising and developing the Project Sibanye-Stillwater 50% JV partner in Rhyolite Ridge having committed US$490m GOLDER Mining Fluor led the DFS work and is EPCM on the Project NewFields Perspective. Vision Solutions. Spent Ore DOE loan Programs Office Application deemed complete loneer has sought best in class advisors to partner with ASX: INR www.ioneer.com 11#12ioneer Investor Presentation Rhyolite Ridge Project ASX: INR ioneer www.ioneer.com 12#13Rhyolite Ridge Lithium-Boron Project INR Fact Sheet¹ Location Nevada, USA Project Stage Bankable Feasibility Study Products Resources² Production Li2CO3, LiOH, B 146.5Mt Li 22,000 tpa B 174,400 tpa Capex US$785M All in sustaining cash cost US$2,510t of LCE EBITDA After-tax NPV8 US$288M (LOM) US$1.265B After-tax IRR 20.8% Payback 5.2 years ioneer Investor Presentation Oregon Idaho Winnemucca Elko 80 NEVADA Reno Hawthorne Tonopah Goldfield Rhyolite Ridge Lithium-Boron Project 95 California ioneer 0 50 100 Km 0 25 50 Miles ioneer N Utah Location • Esmeralda County, NV 25km west of Albemarle's Silver Peak lithium mine Tier-one mining jurisdiction Highlights Most advanced Li Project in the US World-Scale Resource Unique lithium-boron deposit 26+ year mine life with significant upside from Resource base Las Vegas Arizona • Expected lowest cost lithium producer Fully funded to Final Investment Decision 1. See Company announcement titled "ioneer delivers DFS that confirms Rhyolite Ridge as a world-class lithium-boron Project dated 30 April 2020 2. See Company announcement titled "Rhyolite Ridge Ore Reserve Increased 280% to 60 million tonnes" dated 30 April 2020. Mineral Resource estimates include Ore Reserves. ASX: INR www.ioneer.com 13#14Most Advanced Lithium Project in the US ON TRACK TO BE CONSTRUCTION READY BY Q4 2022 ~50% DETAILED ENGINEERING COMPLETED. KEY CONTRACTS ARE BEING AWARDED FULL SIMULATION PILOT PLANT THROUGH TO LI CARBONATE AND HYDROXIDE ENVIRONMENTAL BASELINE STUDIES COMPLETED AND ACCEPTED BY BLM BINDING OFFTAKE AGREEMENTS FOR BORON PRODUCTION AND FIRST LITHIUM CARBONATE SIBANYE-STILLWATER ANNOUNCED AS 50% JV PARTNER, US$490 MILLION INVESTMENT ioneer Investor Presentation ioneer ASX: INR www.ioneer.com 14#15Commitment to Sustainability Position close to end markets creates an ESG benefit due to shorter supply chains Low emissions Low water usage Small mine footprint !! Efficient equipment Commitment to sustainability 1 Towards Sustainable Mining ioneer Investor Presentation ioneer Majority of on-site power will be met with CO2-free energy production, low greenhouse gas emissions. Mobile equipment meets Tier 4 EPA standards Project design implements best-in-class water utilization while recycling the majority of water usage. Expected to use 30x less water per tonne than existing U.S. production No evaporation ponds or tailings dam. Generating all power on-site. Automation of mine haulage equipment All baseline studies for EIS completed over 2 years. Ongoing commitment to the environment and the protection and conservation of Tiehm's buckwheat Implementation of TSM¹ ESG program ASX: INR www.ioneer.com 15#16ioneer Investor Presentation Next Steps ASX: INR ioneer www.ioneer.com 16#17Key Workstreams Additional lithium offtake - US focused Ni US Listing on Nasdaq Project Funding - Government loan program - Project Finance Detailed Engineering - Award of additional contracts - Construction ready Permitting & Environmental - Federal permit - Final Investment Decision ioneer Investor Presentation ioneer Looking east over the Rhyolite Ridge South Basin ASX: INR www.ioneer.com 17#18Lithium Offtake Lithium Offtake Status TG ~20,600 tpa LiCO ~7,000 tpa 7,000 tpa ~4,000 tpa 2,600 tpa . LOM Average Production EcoPro Signed Offtake Anticipated Additional 2x Offtakes Uncontracted ioneer Investor Presentation . Lithium Offtake Strategy Focused on US EV Supply chain Partner with champions Diversify supply chain to OEMs Spread offtake across ~3 parties Offtakes to support funding - Minimum volumes Tenor 3 to 5 years ioneer Index based price formula - Pricing floors and ceilings on additional offtakes Additional lithium offtake agreements anticipated in the coming months ASX: INR www.ioneer.com 18#19US Listing on Nasdaq INR believes: - - - US Listing Strategy Rhyolite Ridge is a strategic asset for US lithium supply security US investors have demonstrated an increasing interest in "Electrification" Provides opportunity for wider participation in ioneer share ownership from North American investors Allows existing investors the opportunity for liquidity in two markets Increase market profile across North America Targeting Level 2 ADR listing¹ 1H 2022 NASDA STRA 1236 1 Note there is no share offering with a Level 2 ADR ioneer Investor Presentation Nasdaq listing expected in the coming months ioneer ASX: INR www.ioneer.com 19#20Project Funding Funding Strategy Sibanye-Stillwater is directly funding ~60% of the DFS estimated capital (US$490m) • Capex spend to FID is funded from existing cash loneer and Sibanye-Stillwater (JV) aiming to jointly secure full debt financing for the Project from either: U.S. Department of Energy ("DOE") Loan Programs Office. Detailed due diligence has commenced - Project Finance - discussions progressing Export credit agencies - Vendors • JV to agree a debt solution in 2022 Debt process supported by Goldman Sachs US$'m DFS Estimated Capex US$785m Estimated Project Capex Fully funded to final Investment decision Note: The size of the boxes and timescale are illustrative only and should not be relied upon as an indicator of the final composition of the capital stack. ioneer Investor Presentation Debt US$490m Directly funding by Sibanye-Stillwater for a 50% interest in Rhyolite Ridge Indicative Funding Stack ioneer ASX: INR www.ioneer.com 20#21Detailed Engineering Engineering Status ~50% detailed engineering complete. Key contracts are being awarded Continuing engineering effort is focused on further decreasing execution risk, through: Releasing further engineering and vendor packages/contracts for bid/award - - - Preparing an updated budget estimate for completion 1H 2022 Advancing vendor engineering packages ioneer Investor Presentation On track to be construction ready by Q4 2022 ioneer ASX: INR www.ioneer.com 21#22Permitting & Environmental Permitting Overview - Status of key permits Agency Status Permit Class II Air Quality Permit Nevada Division of Environmental Protection Issued in June 2021 Water Pollution Control Permit Nevada Division of Environmental Protection Issued in July 2021 Environmental Impact Statement Bureau of Land Management (BLM) SERS completed. • Draft EIS document in Other Permits & Licenses (~30 in total) Various (Fed, State, Local) ioneer Investor Presentation Permitting Process ioneer Public scoping meetings Publication of NOI Draft EIS EIS public scoping meetings preparation Paused due to revision of starter pit design EIS completed within approximately 12-months of NOI publish date; issue ROD In preparation; ongoing; will be secured before construction Past Pre-application meetings Commenced environmental baseline studies Submitted Mine Plan of Ops to BLM and BLM contracted Stantec to prepare and complete EIS Iloneer I submission Formal I of revised Acceptance! Mine Plan I of Ops - of Mine Plan of Ops additional refinement by BLM continues Future Next key permitting milestone is the publishing of the NOI ROD ASX: INR www.ioneer.com 22#23ioneer Investor Presentation Conclusion & Questions ASX: INR ioneer www.ioneer.com 23#24Why ioneer? 염 目 THE RIGHT COMMODITIES Lithium carbonate, lithium hydroxide and boric acid Questions THE RIGHT LOCATION Positioned to serve the US EV battery supply chain THE RIGHT TEAM With a proven track record WITH NEAR TERM NEWSFLOW Offtake, US Listing, Debt, Permitting ? WITH A CLEAR PATH TO PRODUCTION ioneer Investor Presentation ioneer ASX: INR www.ioneer.com 24#25Contact information ioneer Bernard Rowe / lan Bucknell ioneer Ltd Managing Director / CFO T: +61 419 447 280 / +61 434 567 155 E: [email protected]/[email protected] Alex Cowie NWR Communications Investor & Media Relations (Australia) T: +61 412 952 610 E: [email protected] Matt Dempsey FTI Consulting Investor & Media Relations (USA) T: +1 202 316 9609 E: [email protected] ioneer Investor Presentation ASX: INR www.ioneer.com 25#26ioneer Thank you Our mission: to provide the materials for a sustainable & thriving planet#27Resources & Reserves Metric Li B Tonnes Grade Grade Equivalent Grade Equivalent Contained Tonnes Li₂CO3 H₂BO3 Li₂CO3 H₂BO3 (mt) (ppm) (ppm) (%) (%) (kt) (kt) Mineral Resource Measured Resource 39.0 1,700 14,550 0.9 8.3 360 3,240 Indicated Resource 88.0 1,550 14,150 0.8 8.1 730 7,110 Measured and Indicated Resource 127.0 1,600 14,270 0.8 8.2 1,090 10,350 Inferred Resource 19.5 1,600 13,800 0.9 7.9 170 1,530 Total Mineral Resource 146.5 1,600 14,200 0.9 8.1 1,250 11,890 Ore Reserve Proved Reserve 29.0 1,900 16,250 1.0 9.3 290 2,700 Probable Reserve 31.5 1,700 14,650 0.9 8.4 280 2,620 Total Proved and Probable Ore Reserve 60.0 1,800 15,400 1.0 8.8 580 5,310 • Approximately half of the Ore Reserve is classified as Proved Ore Reserve provides 94% of tonnes in current 26-year mine plan Total Mineral Resource of 146.5 mt containing a total of 1.2 mt of lithium carbonate and 11.9 mt of boric acid ioneer Source: For further information on Resources and Reserves see ASX release titled Rhyolite Ridge Ore Reserve Increased 280% to 60 million tonnes dated 30 April 2020. Note, totals may differ due to rounding. Mineral Resources include Ore Reserves. ioneer Investor Presentation ASX: INR www.ioneer.com 27#28Rhyolite Ridge process plant Sulphur Supply Power Plant Plant Utilities Boric Acid Circuit ioneer Investor Presentation Sulphuric Acid Plant Reagents Evaporation/ Crystallization Vat Leach Plant Lithium Carbonate Circuit Ore Handling/ Sizing and Storage ioneer ASX: INR www.ioneer.com 28#29History of ioneer's ownership of Rhyolite & development schedule Timing of permitting key driver to development time line 2016 2017 Acquired initial interest in Project Maiden Resource 2018 2019 2020 2021 2022 2023 ioneer Start drilling campaign First production of Boric Acid Release of PFS Complete exploration drilling Procure water rights ■ Maiden Reserve Double Mineral Resource ☐ Discovery of heap leach Li-B extraction Completion of mining study Start Pilot Plant Reserves & Resources upgrade Complete DFS LICO produced at Pilot Plant ■ BA - Binding offtake Complete BA Sales & Distribution Production of battery grade LiOH Final Plan of Operation deemed complete by BLM Air Permit issued First Li offtake signed with EcoPro Innovation Water Control Permit issued Register of NOI US Listing on Nasdaq ■ JV with Sibanye- Stillwater ☐ DOE Loan submission accepted as complete Agree final financing decision ■ Construction ready ■ Anticipated Record of Decision (ROD) ■ Final Investment Decision Construction Note: All future dates and times are indicative and subject to change. ioneer Investor Presentation ASX: INR www.ioneer.com 29#30Tiehm's buckwheat ioneer Endangered Species Act (ESA) Considerations The protection and conservation of Tiehm's buckwheat, which is already classified as a Sensitive Species by the BLM, is and always has been a central part of ioneer's environmental planning and approvals process for the Project. ioneer has long anticipated the potential listing of Tiehm's buckwheat under the ESA due to the relative rarity of the species. This has been factored into every aspect of Rhyolite Ridge's Project planning including its design, engineering, operational and environmental considerations. In June 2021, the Fish and Wildlife Service (FWS) proposed listing rule Tiehm's buckwheat as an endangered species under the ESA - In December 2021, ioneer and others submitted comments regarding the proposed listing rule loneer does not oppose listing; we want the best science available to be used in order to determine how best to conserve and uplift the plant In February 2022, FWS proposed critical habitat - Announcement was in line with loneer's expectations Critical habitat is primarily focused on providing area to support the pollinator (insect) population that is an important resource for the plant - Mining activity is allowable in areas designated as critical habitat with prior approval and consultation with FWS and BLM A final listing rule is expected in September 2022 ioneer continues to work with FWS and BLM to accommodate issues raised and remains confident that co- existence of Rhyolite Ridge and Tiehm's buckwheat is achievable ioneer Investor Presentation ASX: INR www.ioneer.com 30