ioneer Ltd (ioneer or the Company) (ASX: INR), an emerging American lithium-boron supplier, is pleased to report on its activities for the quarter ending 30 June 2021 and to provide an update on the development of its 100%-owned Rhyolite Ridge Lithium-Boron Project (Rhyolite Ridge or the Project) in Nevada, USA.
ioneer Managing Director, Bernard Rowe said: 'The signing of our first binding lithium carbonate offtake agreement was a major milestone for the Company. EcoPro is a major player in the global cathode market and the EV battery supply chain for US automakers. The binding agreement represents up to a third of our lithium carbonate production in the first three years of operation at Rhyolite Ridge. This is one of the first offtake contracts signed in the lithium chemicals sector for at least two years.
It not only demonstrates the level of expected demand for lithium products, but also confidence in the Project and the quality of our lithium battery material products. As the most advanced lithium development project in the US, ioneer is in a strong position to capitalise on the increased demand for lithium products in line with the US Government's efforts to secure critical minerals supply chains for end uses like EVs and renewable energy infrastructure in the US. The awarding of the Class II Air Quality Permit was another significant achievement for ioneer this quarter.
This approval is a requirement for project construction and reflects the plans we have to lower emission and minimise hazardous air pollutants across our mining and processing operations. We are looking forward to finalising strategic funding negotiations over the coming quarter as we await further Project permitting and prepare to commence Project construction
Finally, I'd like to acknowledge the life and work of our non-executive director John Hofmeister, who passed during the quarter. He made a significant contribution to ioneer, and to the US resources sector morewidely. He isdeeply missed by the ioneer Board, management team and our staff. We are privileged to have had John on our board for three years and to have had the benefit of his wisdom and intellect'
Lithium Offtake Agreement
At the end of the quarter, ioneer announced that it had signed a binding offtake supply agreement with EcoPro Innovation Co Ltd (EcoPro), for a three-year term, in which ioneer will supply EcoPro with lithium carbonate from Rhyolite Ridge. The condition precedent of the Agreement is ioneer's final investment decision (FID). Under the Agreement, ioneer will deliver up to 7000 tonnes per annum (tpa) of lithium carbonate to EcoPro over a three-year term.
The 7000 tpa comprises an initial and firm 2000 tpa (subject to ioneer's FID) and an additional and optional 5000 tpa (subject to mutual agreement, no later than Q1 2022). It is ioneer's first lithium offtake agreement and represents, at the total offtake amount, 34 per cent of ioneer's lithium carbonate production in the first three years of operation.
EcoPro expects to convert ioneer's lithium carbonate into high purity lithium hydroxide at its cathode plant to meet its customers' requirements. This Agreement follows the earlier signing of an initial offtake agreement and two sales and distribution agreements1 for boric acidproduction, representing 100% of offtakein year one and more than 85% of boric acid production in years two and three.
Contact:
Bernard Rowe
Tel: +61 419 447 280
Email: browe@ioneer.com
About Rhyolite Ridge and ioneer
ioneer Ltd is the 100% owner of the Rhyolite Ridge Lithium-Boron Project located in Nevada, USA, the only known lithium-boron deposit in North America and one of only two known such deposits in the world. The Definitive Feasibility Study (DFS) completed in April 2020 confirmed Rhyolite Ridge as a world-class Lithium and Boron Project that is expected to become a globally significant, long-life, low-cost source of lithium and boron vital to a sustainable future. Rhyolite Ridge's unique mineralogy allow lithium and boron to be extracted in a lowcost and environmentally sustainable manner. The Project's commercial viability is made possible by having both lithium and boron revenue streams.
IONEER LTD 
