Ioneer completes huge fund raise
Ioneer Ltd has raised A$40mln to fund the development of its 100%-owned Rhyolite Ridge Sedimentary Lithium-Boron Project, located in Nevada, USA.
Company
ASX:INR
Ioneer is an emerging lithium-boron producer poised to become a globally significant producer of two critical minerals. The company's 100%-owned Rhyolite Ridge Lithium-Boron Project will provide a significant new source of two products necessary for permanent magnets, batteries, semiconductors, and military applications — strengthening the U.S. supply chain, reducing reliance on foreign sources, and bolstering national security.
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Ioneer Ltd has raised A$40mln to fund the development of its 100%-owned Rhyolite Ridge Sedimentary Lithium-Boron Project, located in Nevada, USA.
The placement was strongly supported by existing shareholders and new investors including high-quality domestic and offshore institutions.
The Rhyolite Ridge project is positioned to become a major, low-cost supplier of lithium and boron products to major markets in the USA and Asia.
ioneer recently confirmed through additional test work that high-quality lithium carbonate can be produced from its 100% owned Rhyolite Ridge Lithium-Boron Project in Nevada, US.
Importantly, the lithium carbonate quality will meet or exceed the specifications required by customers.
A definitive feasibility study (DFS) will be completed in Q1 2020 following incorporation of enhancements into the engineering design of the processing plant.
Strategic and off-take partner discussions are progressing well with twenty potential partners having toured the pilot plant as part of their due diligence.
About 28 tonnes of ore samples from outcrop and drill core have now been processed in the pilot plant, producing high-quality boric acid and lithium carbonate which are being used for off-taking activities.
The company flagship asset is its 100% owned Rhyolite Ridge Lithium-Boron Project in Nevada, US.
The Rhyolite Ridge pilot plant is now operational and the main run processing lithium-boron ore has commenced.
Rhyolite Ridge Lithium-Boron Project definitive feasibility study (DFS) is expected to be complete this quarter.
The resource upgrade will feed into the DFS underway expected to be complete next quarter.
Testwork has validated proposed processing methods for the flagship Rhyolite Ridge Lithium-Boron Project in Nevada, US.
ioneer has completed a PFS envisaging production of 20,200 tpa lithium carbonate and 173,000 tpa boric acid over an initial 31 year mine life.
ioneer is well-placed to benefit from the US Government’s focus on developing the lithium industry through its Rhyolite Ridge project in Nevada.
The US Government has classed lithium as a critical mineral as it aims to reduce reliance on China.
The Sydney session is on Tuesday, April 9 and the Melbourne session on the following day, April 10.
Simon Finnis received the award from Asia’s largest mining investment forum, Mines and Money.
The contract was awarded to SNC-Lavalin Group Inc. (SNC).
Investments and investor services
Managing director Lorry Hughes will update investors in Sydney and Melbourne next week.