ioneer is an Australian-listed, pre-revenue mining development company focused entirely on bringing the Rhyolite Ridge Lithium-Boron Project in Esmeralda County, Nevada into production. The project is designed as a single open-pit mine with on-site processing that produces two products: lithium carbonate, destined for EV battery supply chains, and boric acid, an industrial chemical used in glass, fiberglass, ceramics, and agriculture. The co-location of lithium and boron in a single ore body is unusual and improves unit economics by spreading fixed costs across two revenue streams. Once operational, ioneer's business model is straightforward: mine lithium-boron ore, process it, and sell the output under long-term offtake agreements. ioneer has signed binding offtake deals covering roughly 90% of expected lithium carbonate production in the first three years with Ford, Toyota/Panasonic's PPES joint venture, and EcoPro Innovation, and 100% of expected boric acid production for the first four years. The project has cleared permitting and roughly 70% of detailed engineering, and ioneer closed a US$996M DOE loan in January 2025. However, total development capex is estimated at ~US$1.68B, meaning ioneer must close a joint venture equity partnership before it can draw on the DOE loan and make a Final Investment Decision. A prior deal with Sibanye-Stillwater for a 50% stake at US$490M fell through in February 2025, and ioneer is currently running a new strategic partnering process. Until a partner is secured and construction begins — a roughly 36-month build — ioneer funds itself through equity issuances.