Ioneer raises US$25 million to move Rhyolite Ridge towards FID

Lithium and boron producer Ioneer (ASX:INR) is raising US$25.1 million ($38.4 million) via a placement as it seeks to reach a final investment decision for its Rhyolite Ridge Lithium-Boron Project in Nevada, US.  

Goldman Sachs Australia has been retained as sole lead manager to the placement. 

The company anticipates the delivery of final permits to begin construction in October 2024 ahead of FID expected in December 2024.

Ioneer, which has a $380.16 million market capitalisation, says 213.6 million shares under the placement will be issued to new and existing shareholders at US$0.1177 ($0.18), equal to the company’s last close on 26 April 2024. 

Settlement of the new shares is slated for 3 May 2024. 

Proceeds from the placement will be used to advance detailed engineering (70% complete) and vendor engineering to construction-ready status, as well as for expenses relating to environmental permitting, financing, Rhyolite Ridge owners costs, working capital, and corporate purposes. 

Managing Director Bernard Rowe says the placement has received engagement from US cornerstone investors, demonstrating confidence in the project. 

According to Ioneer, Rhyolite Ridge is the only known lithium-boron deposit in North America and one of only two known such deposits in the world. 

Once operational, the project is expected to power upward of 50 million electric vehicles and is touted to become a global source of critical materials vital to the clean energy transition. 

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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.