Annual
Report
2024
AGM
The 2024 Annual General Meeting of shareholders
of Ioneer Limited (Company) will be held at 10am on
Friday, 1 November 2024. Shareholders are invited to
attend the AGM at the Vibe Hotel North Sydney, 171
Pacific Highway, North Sydney NSW 2060 and online at
https://meetings.lumiconnect.com/300-264-866-053.
Providing materials
for a sustainable
and thriving planet
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. Rhyolite Ridge is expected to
become a globally significant, long-
life, low-cost source of lithium and
boron vital to a sustainable future.
ioneer
Ioneer Ltd ACN 098 564 606
Executive Chair’s letter
02
Year in review
04
Directors’ report
09
FY2024 highlights
10
Directors’ qualifications and experience
16
Auditor’s independence declaration
22
Remuneration report
23
Consolidated financial statements
50
Notes to and forming part of the financial statements
54
Consolidated entity disclosure statement
83
Directors’ declaration
84
Independent auditor’s report
85
Mineral resource and ore reserves
90
Glossary and abbreviations
92
Schedule of tenements
93
Shareholder and ASX information
94
Corporate directory
97
Contents
Annual Report 2024
1
Dear shareholders,
I am pleased to advise that your Company has made
considerable progress toward a Final Investment Decision
(FID) and commencement of construction at Rhyolite Ridge
this past financial year. Following our at-market $25 million
share placement, we believe we now have a stronger balance
sheet to reach full federal permitting, and to assist our
efforts to put in place the debt and equity elements required
to support a FID on our historic U.S. lithium-boron chemicals
operation at Rhyolite Ridge.
As we previously noted, we have largely completed the
capital-intensive heavy lifting work required to meet our
commitments to Sibanye-Stillwater and the US Department
of Energy (conditional debt) and to make an informed FID
decision. To achieve this position has required our team to
complete: an extensive drilling campaign in the southern
part of the basin in order to gain geotechnical and geological
information needed to finalize a SK1300 compliant, long-life
mine plan that avoids direct impact of Tiehm’s buckwheat;
a Fluor led AACE Class 2 CAPEX estimate (+15%/-10%) and
updated economic analysis, and the production of extensive
technical and financial reports required by Sibanye-Stillwater
and the Department of Energy (DOE).
In addition, it was critical that the Bureau of Land
Management (BLM), in collaboration with the relevant
consulting agencies, completed and released the draft
Environmental Impact Statement (EIS) for public comment.
The public comment period closed in June and the National
Environmental Protection Act (NEPA) permitting process
continues to progress on schedule for an expected October
2024, Record of Decision. Over our five years of engagement
with federal, state and tribal officials and members of the
community, our objective has been to set the new standard
for responsible domestic lithium project development.
Intently listening and adapting our plans where necessary
has made our Project stronger. We are confident that our
patience and determined effort is about to be rewarded with
a positive Record of Decision.
Executive
Chair’s letter
ioneer
2
We believe we already have by far the most advanced lithium
project in North America. The second half of 2024 is a
momentous time for our company. It is our expectation that
we will be fully documented and will receive a positive Record
of Decision from the Biden administration. Our preparedness
will allow us to move into large scale procurement soon
after FID.
To further strengthen the importance of Rhyolite Ridge,
this year we invested heavily in drilling and understanding
the full scale of our Project. It is important to understand
that the Rhyolite Ridge opportunity goes well beyond stage
one. Unlike many developers, we have been reluctant to talk
about growth, believing that getting stage one accomplished
was the key to our success and essential to growth. Rhyolite
Ridge is a multi-generational, multi-stage resource. Our work
this year clearly shows this potential.
We are excited to be a cornerstone, globally significant Tier
1 lithium project in the United States. We are confident that
as the market recognizes the mature state of our Project
and the importance of our co-production of both lithium
chemicals and our high value-low price volatility boron in
America, our shareholders will be finally rewarded for the
work done to deliver real production outcomes that are
independent of China.
We look forward to delivering these critical and valuable
materials and strengthening domestic U.S, EV supply chains.
To our shareholders, I thank you once again for your
continued support. I am immensely proud of our entire Ioneer
team for their dedication and endurance. Without them,
delivering this valuable supply of lithium and boron would not
be possible.
I want to also thank our amazing executive team, led by our
able and courageous leader Bernard Rowe, for its leadership.
And finally, I am honoured once again to be the Executive-
Chair of such a thoughtful and engaged Board of Directors.
They are detailed, experienced and committed to helping
management focus on what matters. I cannot imagine doing
this work without their judgement and experience.
James D. Calaway
Executive Chair
Annual Report 2024
3
Mineral Resource and Ore
Reserve Estimates
In April Ioneer published an updated Mineral Resource
Estimate (MRE)1 for the South Basin at the Rhyolite Ridge
Lithium-Boron Project located in Nevada.
The previous Resource estimate was completed in March
2023, and an Ore Reserve estimate in April 2020, for the
Rhyolite Ridge Definitive Feasibility Study (‘DFS’). For the
first time, the Mineral Resource was reported as three
separate streams:
• Stream 1
high-boron lithium mineralisation (low clay content)
• Stream 2
low-boron lithium mineralisation (low clay content)
• Stream 3
low-boron lithium mineralisation (high clay content)
Streams 1, 2 and 3 all contain high levels of lithium. Stream 1
is differentiated by having high boron content (>5000ppm)
and low clay content. Stream 2 is differentiated by having low
boron content (<5000ppm) and low clay content. Stream 3
is differentiated by having low boron content and high clay
content and is solely restricted to one stratigraphic unit
within the deposit (M5 unit).
The total Resource decreased slightly compared to 2023 due
to 1) an adjustment in density assumptions based on new,
superior rock density data and 2) the updated geological/
structural model which captured a break in continuity of the
units where faulting has uplifted a block in the central part of
the basin.
The total number and spacing of drill holes have resulted in
a material increase in the portion of the Resource classified
as Measured and Indicated, the two highest confidence
categories. The Measured Resource for all three streams
has increased from 44Mt to 75Mt, an increase of 71%.
1.
Refer ASX release titled ‘Mineral Resource update delivers high-grade, shallow Shelf Zone, outside of critical habitat’ dated 30 April 2024.
2. Refer ASX release titled ‘Ioneer Issued Air Quality Permit for Rhyolite Ridge’ announced 24 June 2021.
3. Refer ASX release titled ‘Issuance of Water Pollution Control Permit’ announced 19 July 2021.
Rhyolite Ridge Permitting
Ioneer requires three key permits to commence construction
at Rhyolite Ridge:
1. State of Nevada issued Air Quality Permit2 –
received 24 June 2021.
2. State of Nevada issued Water Pollution Control Permit3 –
received 19 July 2021.
3. The Mine Plan of Operations that must be approved by the
Federal Bureau of Land Management (BLM) – expected
October 2024.
National Environmental Policy Act (NEPA)
Permitting Process
During the year, the NEPA permitting process saw several key
milestones completed, including:
1. The Draft Environmental Impact Statement (Draft EIS) was
completed in mid-January.
2. The Draft EIS was published in the Federal Register on 19
April, starting a 45-calendar day public comment period.
3. The public comment period closed in early June.
Key future milestones include completion by the Bureau
of Land Management (BLM) of a Final Environment Impact
Statement (FEIS). The FEIS, incorporating responses to
public comments lodged with BLM, is expected in September
2024 and is intended to lead to final approval of the FEIS by
the BLM through the issue of a Record of Decision (ROD)
expected in October 2024. Receipt of the ROD will allow
construction of the Project to commence and provide the
permitting framework for production at the site.
Ioneer continues to work closely with the BLM and U.S.
Fish and Wildlife Service (FWS) to keep both the NEPA and
the Section 7 Endangered Species Act (ESA) processes
progressing in parallel. Ioneer is confident the process
can be completed in a timely fashion given the amount of
preparation and cooperation that has taken place over the
past several years.
Year in review
ioneer
4
Other Permits
Ioneer continues to maintain compliance with the issued
State of Nevada Water pollution Control and Class 2 Air
Permits. No compliance issues were noted during the
year under review and Ioneer continues to report ongoing
monitoring and compliance related activities as required
under these obligations.
Funding
Department of Energy $700M Loan
On 13 January 2023, the U.S. Department of Energy (DOE)
Loan Programs Office’s (LPO) Advanced Technology Vehicle
Manufacturing (ATVM) program and Ioneer announced
finalisation of a term sheet and offer of a conditional
commitment for a loan of up to US$700 million from the DOE
for financing the construction of the Rhyolite Ridge Project.
Under the conditional commitment, the proposed loan is for
an amount up to US$700 million with a term of approximately
10 years. The loan will be at interest rates fixed from the
date of each advance for the term of the loan at 10-year U.S.
Treasury rates. The proposed loan is to be made under the
DOE’s ATVM loan program in support of the U.S. government’s
critical minerals strategy.
The term sheet and conditional commitment from
DOE demonstrate its strong support for the Rhyolite
Ridge Project.
During the year, Ioneer has made considerable progress
satisfying the conditions to finalise the DOE loan. Ioneer
anticipates finalising the definitive loan document
agreement with DOE by end of calendar year 2024.
Sibanye-Stillwater equity commitment
In September 2021, Ioneer entered into a conditional
agreement with Sibanye-Stillwater to establish a joint
venture to develop the Project, under which Sibanye-
Stillwater agreed to contribute US$490 million for a 50%
interest in the joint venture. The equity funding commitment
is subject to certain conditions precedent including receipt
of final permits, debt financing commitments and a Final
Investment Decision.
Since that time Sibanye-Stillwater has worked collaboratively
with Ioneer, including supporting and approving the
proposed DOE LPO project debt funding commitment and
pre-funding US$1.2 million for Phase 3B geotechnical drilling
of 6 holes, with amendments made to the original agreement
to reflect developments that have occurred.
US$25 Million Placement
In May, Ioneer completed a share placement to raise
US$25 million to progress the Rhyolite Ridge project through
to FID. Under terms of the Placement, the Company issued
approximately 213.6 million new fully paid ordinary shares
in the Company within the Company’s existing placement
capacity under ASX Listing Rule 7.1. The final Placement issue
price of A$0.18 was equal to Ioneer’s last close on 26 April 2024.
The Placement will provide funding to advance the
development of Ioneer’s 100% owned Rhyolite Ridge Lithium-
Boron Project, including to:
• Advance detailed engineering (~70% complete) and
vendor engineering to construction ready status
• Fund environmental, NEPA and permitting expenses
• Financing costs; and
• Rhyolite Ridge owners’ costs, working capital and general
corporate purposes
Engineering schematic of the Rhyolite Ridge processing plant
Annual Report 2024
5
Year in review
continued
Environmental, Health, Safety
& Sustainability
Ioneer is committed to sustainability principles and as
we grow, seek to imbed them as fundamental elements
of our organisational DNA. We were therefore pleased to
see a number of significant achievements delivered in
FY2024, including:
• Developing a comprehensive materiality assessment,
improving our sustainability strategic plan, and climate
resiliency plan with the help of consulting firm, ERM-CVS.
• Approval of and clear headway on our new three-year
Sustainability Plan.
• Development of document registers for the Towards
Sustainable Mining (TSM) Action Plans and good progress
in self-assessments being used to gauge readiness of
the programs for a TSM audit.
• Participation in the International Lithium Association’s
working group to standardize life cycle analysis for carbon
across various extraction methods including sedimentary,
spodumene, and brines. The final guidance was published
on 13 March 2024.
• No lost time incidents, first aid incidents, or fatalities were
reported for Ioneer staff.
• We closed a successful year of seed collection at the
Tiehm’s buckwheat Conservation Center, in 3rd quarter
of 2023 and are encouraged by the early positive signs at
the start of the 2024 season.
Community & Tribal Nations
Ioneer remains committed to engaging with
local communities and Tribal Nations to address
environmental and social concerns and enhance local
economic opportunities.
During the year, Ioneer and four Tribal Nations entered into a
Memorandum of Understanding regarding Cultural Resource
Monitoring of groundwater disturbance activities at Rhyolite
Ridge. Though field studies have been undertaken by
archaeological experts for years as part of the NEPA process,
Ioneer recognizes the unique knowledge that Tribal Nations
have regarding traditional cultural resources and are pleased
to fund observation by Tribal specialists so that places,
features and objects of cultural significance are preserved
and protected.
Sales & Marketing
Lithium offtakes
Ioneer has binding offtake agreements for more than 80% of
its expected total 22,000 tonnes per annum (tpa) of lithium
carbonate to be produced from Rhyolite Ridge.
• EcoPro Innovation Co. Ltd – For 7,000 tpa of lithium
carbonate over a 3-year term.
• Ford Offtake Agreement – For 7,000 tpa of lithium
carbonate over a 5-year term for use in Ford electric
vehicles produced through BlueOval SK, the Ford-SK On
battery manufacturing joint venture.
• PPES Offtake Agreement - For 4,000 tpa of lithium carbonate
over a 5-year term. PPES is a joint venture between Toyota
Motor Corporation and Panasonic Corporation
• Dragonfly Energy Partnership - Dragonfly Energy Holdings
Corp. (NASDAQ: DFLI) is an industry leader in energy
storage. For the supply of lithium carbonate over a 3-year
term, with variable volumes based on surplus tonnes
available after meeting other offtake commitments.
Boric Acid Offtake
Ioneer has three offtake agreements in place for its boric
acid production, which were announced in FY2020 and
together account for 100% of Ioneer’s first year of boric
acid production and over 80% of years two and three boric
acid production.
During the year, the Ioneer Sales & Marketing team
continued to maintain strong relationships with our offtake
partners and to update contracts where necessary.
Engineering
The focus for the year was on finalising detailed vendor
engineering to allow the EPCM (Fluor) to advance
engineering deliverables to “Issued For Construction”
(IFC) status, which places the Project well ahead of other
comparable U.S. development projects.
During the back half of the fiscal year, Ioneer worked to
complete an updated AACE Class 2 capital estimate and
associated back up documentation and operating cost
estimates required under the Approved Feasibility Study.
The Class 2 estimate and updated economic analysis will
be finalised to coincide with delivery of the ROD (expected
in October), to support an informed Final Investment
Decision (FID).
Once the Approved Feasibility Study is completed, Ioneer
anticipates greatly reduced engineering spend ahead of a
Final Investment Decision.
ioneer
6
Geotechnical Program
In November, Ioneer received its third drilling program
approval from the BLM to collect additional geotechnical
data to support the NEPA analysis of the Mine Plan of
Operations (the first and second drilling program approvals
were received in FY2023).
In total, Ioneer completed 53 drill holes across the three
drilling programs targeting the southern extension of the
lithium-boron deposit in order to collect and provide valuable
geotechnical information for the Project’s evaluation
required under the National Environmental Policy Act
(NEPA). The 53 holes were drilled outside of the then current
360Mt Resource. All but 4 holes intersected mineralised
sedimentary strata, extending the deposit a further 1 km to
the south and southeast.
Growth Opportunities
Throughout FY2024, Ioneer continued its evaluation of
future growth potential at the Rhyolite Ridge project with
concept-level studies of both the South Basin, where mine
permitting is in progress, and the North Basin (located 5km
north), which is at a pre-resource stage.
The Rhyolite Ridge deposit hosts three main types of
mineralisation, however, only one of these (high boron) is
included in the current project design and DFS economics.
The three distinct styles of mineralisation are described in
the April 2024 Mineral Resource Estimate (MRE).
EcoPro Lithium Clay Project
In October, Ioneer announced a binding lithium clay Research
and Development Memorandum of Understanding signed
with Korea’s EcoPro Innovation Co. Ltd, a subsidiary of
the EcoPro Group of Companies, to research, test, and
develop lithium clay (M5) at Ioneer’s Rhyolite Ridge site in
rural Nevada.
The MOU provides an opportunity for Rhyolite Ridge
to accelerate technical activities and the potential
commercialisation of the 1MT (million tonnes) lithium
carbonate equivalent (LCE) clay resource within the soon-
to-be-permitted Rhyolite Ridge Lithium-Boron Project.
The agreement includes the funding from EcoPro for a
commercial lithium hydroxide refining plant once the process
is successfully developed.
Bernard Rowe
CEO and Managing Director
Bernard Rowe speaks to media at the Rhyolite Ridge Project site
Drill pad preparation ahead of geotechnical drilling
Annual Report 2024
7
Directors’ report and
consolidated financial
statements
Directors’ report
09
Auditor’s independence declaration
22
Remuneration report
23
Consolidated statement of profit and
50
loss and other comprehensive income
Consolidated statement
51
of financial position
Consolidated statement
52
of changes in equity
Consolidated statement of cash flows
53
Notes to and forming part of the
54
financial statements
Directors’ declaration
84
Independent auditor’s report
85
Contents
8
ioneer
Directors’ report
The directors of Ioneer Ltd present their report, together with the consolidated financial statements of ioneer Ltd (‘Ioneer’ or
the ‘Company’) and its controlled entities (collectively the Group) for the financial year ended 30 June 2024 and the Auditor’s
report thereon.
Operating and financial review
The loss for the Group after providing for income tax amounted to $7,825,000 (30 June 2023: $6,391,000).
The operating and financial review forms part of the Directors’ Report and has been prepared in accordance with section
299A of the Corporations Act 2001 (Cth). The information provided aims to assist users to better understand the operations
and financial position of the Group. To assist users, financial information included in this review contains non-IFRS financial
information.
The principal activity of the Group continues to be the development of the Rhyolite Ridge Lithium-Boron Project (Project) in
Nevada, United States of America.
Summary of Performance and Financial Position
Year ended 30 June
Unit
2024
2023
Change
Mineral Resource:
Measured
mt
75
44
31
Indicated
mt
183
250
(67)
Inferred
mt
93
66
27
Total Mineral Resource1
mt
351
360
(9)
Operating cash flows
$’000
(7,198)
(8,069)
871
Investing cash flows
$’000
(35,383)
(32,472)
(2,911)
Financing cash flows
$’000
25,486
(225)
25,711
Total change in cash used in the financial year
$’000
(17,095)
(40,766)
23,671
Net cash
$’000
35,715
52,709
(16,994)
Capitalised exploration
$’000
35,398
33,579
1,605
Net assets
$’000
218,221
197,399
20,508
Net loss after tax
$’000
(7,825)
(6,391)
(958)
1.
For further detail on Mineral Resources and Ore Reserves, refer to the Other Information section set out on page 91.
Annual Report 2024
9
Directors’ report
continued
Measured Resource
increased by
71%
To 75Mt lithium carbonate
Significant progress in permitting,
environmental, Mineral Resources, growth
opportunities and corporate funding.
Sets a clear path forward to construction and
brings us one step closer to making Rhyolite
Ridge a reality. Rhyolite Ridge will be a significant,
reliable and sustainable source of critical minerals
for the United States
FY2024
highlights
ioneer
10
Permitting
• Project continues to advance
through the NEPA permitting
process with no major issues
or delays.
• Key permitting milestone
achieved by issuance of BLM
of the draft EIS in April 2024.
• 45-day public comment
period on draft EIS concluded
June 2024.
Environmental
• Endangered Species Act
Section 7 Consultation
began with the submittal
and approval of the ERTI
Buckwheat Protection Plan.
• Ioneer collected 3,600 Tiehm’s
buckwheat seeds from
our conservation center, in
addition to 8,000 seeds at site.
Project Funding
• US$25 million Placement
completed to move project
through the Record of
Decision and support the Final
Investment Decision.
Engineering
• Continues to be on target to
be construction ready at Final
Investment Decision.
Resource Update
• Successfully completed 53
drill holes outside of the then
Mineral Resource.
• Increased the overall
Measured Resource by
71% (75Mt) compared to
2023 (44Mt).
Growth
• Binding R&D MOU signed
with EcoPro Innovation Co.
Ltd, to research, test, and
develop lithium clay (M5) at
Rhyolite Ridge.
Annual Report 2024
11
Directors’ report
continued
Business Strategy
Ioneer’s business strategy is focused on developing the 100%-owned Rhyolite Ridge
Lithium-Boron Project in Nevada, USA. We believe in an electrified future and the strategic
imperative for the USA to develop a domestic battery materials supply chain. We actively
promote the development of this battery materials supply chain and look to be a thought
leader in this space.
Our Values
we are imaginative, caring,
committed and responsible.
Our Vision
we see a world in which
our global population, our
environment and all future
generations are thriving.
Our Mission
responsibly and profitably
provide the materials
necessary for realising a
sustainable planet
Our Purpose
we exist to enable a sustainable
world for all.
ioneer
12
Annual Report 2024
13
Directors’ report
continued
Opportunities
The focus of the Company is developing Rhyolite Ridge. After successfully delivering this Project,
Ioneer will pursue other growth initiatives from its existing portfolio (the current estimated
resource is open to the north, south and east and does not include the north basin tenements) as
well as new opportunities where they are value accretive and where balance sheet capacity exists
to support future development.
Material business risks
The following material business risks have been identified as key issues that have the potential to
impact the Company’s performance:
• Health, safety and environmental risks
are of critical importance in ensuring we
safely and responsibly build and operate a
sustainable business.
• Global economic conditions – Economic
conditions, both domestic and global, may
affect the performance of the Company
and the Project. Adverse changes in
macroeconomic conditions, including
global and country-specific growth rates,
the cost and availability of credit, the rate
of inflation, interest rates, exchange rates,
government policy and regulations, general
consumption and consumer spending, input
costs, employment rates and industrial
disruptions, among others, are variables
which while generally outside the control
of the Company and its Directors, may
result in material adverse impacts on the
Company’s businesses and its operational
and financial performance.
• Execution of the Project – As the
Company progresses the development of
its Rhyolite Ridge Project, there are risks
and uncertainties involved which could
result in the Company not delivering on its
anticipated timing for future milestones,
including those for permitting, taking a Final
Investment Decision and for construction.
Upon construction commencing, the
Company and the Project will be subject
to risks associated with construction of
Stage 1 of the Project until such time as
practical completion of construction is
achieved, and first production is achieved.
• Funding risk – The Company’s continued
ability to operate it and the Project’s
business and effectively implement its
business plan over time will depend in part
on its ability to raise funds for operations
and growth activities. There can be no
guarantee that the Company will be able
to raise sufficient funding on acceptable
terms, or at all, to fund the Rhyolite Ridge
Project. An inability to obtain finance on
acceptable terms, or at all, may cause,
among other things, substantial delays in,
or prevent, the funding of the Rhyolite Ridge
Project to Final Investment Decision, and in
turn the development or operation of the
Rhyolite Ridge Project.
• Partner risk – The availability of funding
under the conditional agreement with
Sibanye-Stillwater is subject to conditions
precedent being met and Sibanye-Stillwater
approving a Final Investment Decision.
If any of these conditions precedent are not
satisfied within specified periods Sibanye
Stillwater can terminate its participation
in the Project. In addition, if closing occurs
under the Sibanye-Stillwater equity
commitment, Sibanye-Stillwater must
fund its equity commitment to the Project.
The Project will be exposed to the then
ability of Sibanye-Stillwater to meet those
payment commitments.
• Offtake risk, including volume and
price risks associated with the sale
of technical grade lithium carbonate
and boric acid, counterparty risk and
contract terms. Pricing of lithium is
likely to be largely subject to the rate
ioneer
14
of uptake in electric vehicles. The Company has
entered into binding offtake agreements and
distribution and sales agreements for the supply
of boric acid from the Project. There is a risk that
the parties to the agreements may not perform
their respective obligations or may breach the
agreements. The offtake agreements include
conditions precedent that include the timing of
the Final Investment Decision and first production.
There can be no guarantee that the Company will
be able to renegotiate these conditions precedent
on acceptable terms should there be delays in
the Project.
• Litigation risk – The Company and the Project may
be involved in litigation and disputes from time to time
with its contractors, sub-contractors, contractual
counterparties and other parties. Litigation and
disputes can be costly, including amounts payable
in respect of judgments and settlements made
against, or agreed to by, the Company or Project
entities. They can also take up significant time and
attention from management and the Board and have
an impact on the Company’s activities. Accordingly,
the Company’s involvement in litigation and disputes
could have an adverse impact on its financial position
and performance.
• Sovereign risk relating to the fiscal, tax and
regulatory environment in jurisdictions that
Ioneer does business. The Company’s and the
Project’s operations could be adversely affected by
government actions in the U.S. or other countries or
jurisdictions in which it has operational exposures
or investment or exploration interests. This includes
increasing regulations and costs associated
with climate change and management of carbon
emissions, and potential delays as a result of any
change in federal administration in the coming U.S.
federal elections.
• Social licence to operate – Maintaining the
Company’s social licence to operate by proactively
engaging with communities, regulators and other
key stakeholders.
• Cyber security – Ensuring our cyber security through
the integrity, availability and confidentiality of data
within our information and technology systems
from either intentional or unintentional disruption
(‘cyber attack’).
• Climate change – Managing exposures of physical
climate change such as increased frequency of
extreme weather events including severe weather
storms, floods, drought and wildfires which could
damage Ioneer’s future production infrastructure
and operations.
Annual Report 2024
15
Directors’ report
continued
James D
Calaway
Executive Chair
BA (Econ), MA (PP&E)
James has considerable experience and
success in building young companies
into successful commercial enterprises.
He was the non-executive chairman
Orocobre Ltd for 8 years until his
retirement in July 2016, helping lead the
company from its earliest development
to becoming a significant producer of
lithium carbonate and a member of the
ASX 300.
James was appointed a director in April
2017 and has served as Chair since 2017.
He was appointed executive chair in
July 2020.
James is currently chairman of
Distributed Power Partners (appointed
2014), a US international distributed
power development company which is
a leader of clustered distributed solar
power development. He has also been
a chair of several other U.S. corporate
boards including the Centre for Houston’s
Future, and the Houston Independent
School District Foundation.
Special responsibilities: Member of the
EHSS Committee.
Other listed directorships: N/A
Bernard
Rowe
Managing Director
& CEO
BAppSc (Geology) (Hons)
Bernard is a geologist, manager and
company director with more than
30 years’ international experience
in mineral exploration and mine
development. His diverse industry
experience includes gold, copper, zinc,
diamond, lithium and boron exploration in
Australia, Europe, Africa, North America
and South America.
Bernard was appointed managing director
in August 2007. He led the Company’s
listing on the ASX in 2007 with a focus on
gold and copper exploration in Nevada
and Peru.
In early 2016, Bernard visited a little-
known lithium-boron deposit in
southern Nevada - later to be renamed
Rhyolite Ridge. He realised the potential
opportunity and quickly secured the
Project.
Bernard is a member of the Australian
Institute of Geoscientists, the Society of
Economic Geologist and the Geological
Society of Nevada.
Special responsibilities: Member of the
Project Execution Committee.
Other listed directorships: G50
Corporation (ASX:G50)
(2021–current)
Alan Davies
Independent
Non-executive Director
B.Bus (Accounting), LLB, LLM
Alan has 20 years of experience in
running and leading mining businesses,
most recently as chief executive, Energy
& Minerals with Rio Tinto. Former roles
include chief executive, Diamonds &
Minerals and chief financial officer of Rio
Tinto Iron Ore. Alan has held management
positions in Australia, London and the US,
and has run and managed operations in
Africa, Asia, Australia, Europe and North
and South America. He is also a former
director of Rolls Royce Holdings plc. This
experience includes industrial minerals
and more specifically borates, where he
led the Rio Tinto Borax business and the
Jadar lithium-boron deposit in Serbia.
Alan joined the board as a non-executive
director in May 2017.
He is currently the chief executive officer
of Moxico Resources plc, a Zambian
copper and zinc explorer and developer
(appointed March 2017), and Chairman
of Trigem DMCC, a vertically integrated
diamond and colour stone service
provider (appointed March 2018).
Special responsibilities: Chair of
the Nomination and Remuneration
Committee, Member of the Audit & Risk
Committee, Member of the Project
Execution Committee.
Other listed directorships: N/A
Company Secretary
Ian Bucknell
Company secretary
B.Bus (Accounting), FCPA, GAICD
Ian joined Ioneer in November 2018 as Chief Financial Officer and became Company Secretary in April 2019.
Ian is responsible for the finance, investor relations, IT and company secretarial functions of the Company. He has more than 25 years
of international resource sector experience, most recently as Chief Financial Officer and Company Secretary of AWE Limited and prior
to that held the position as Chief Financial Officer and at times Company Secretary of Drillsearch Energy Limited.
Directors’ qualifications and experience
The following persons were directors of Ioneer Ltd during the whole of the financial year and up to the date of this report.
Their qualifications and experience are:
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16
Stephen
Gardiner
Independent
Non-executive Director
BEc (Hons), FCPA
Stephen has over 40 years of corporate
finance experience at major international
companies listed on the ASX, culminating
in 17 years at Oil Search Limited. He has
significant expertise in corporate finance
and control, treasury, tax, audit and
assurance, risk management, investor
relations and communications, ICT and
sustainability. He also served as Group
Secretary for 10 years while performing
his finance roles. Prior to Oil Search, he
held senior corporate finance roles at
major multinational companies including
CSR Limited and Pioneer International
Limited, including being based in the US
for a period.
Stephen joined the board as a non-
executive director in August 2022.
Stephen holds a Bachelor of Economics
from Sydney University and is a Fellow of
CPA Australia.
Special responsibilities: Chair of the
Audit & Risk Committee, Member of
the Nomination and Remuneration
Committee.
Other listed directorships: Central
Petroleum Limited
(ASX: CTP) (2021–Present)
Rose
McKinney-
James
Independent Non-executive Director
Juris Doctorate law, BA Liberal Arts, NACD
Fellow, NACD Director 100
Rose is an experienced public company
director, clean energy advocate, and
small business leader with a broad history
in public service, private sector corporate
sustainability, social impact, and non-
profit volunteerism. She also served as
Nevada’s first Director of the Department
of Business and Industry.
Rose joined the board as a non-executive
director in February 2021.
Rose is a Nevada-based expert in
environmental business and technology
policy, renewable and clean energy
advocacy, and sustainable development.
She directed the Department of Business
and Industry, Nevada’s largest state
agency and was recognised for services
to the Nevada business community.
As the former CEO of CSTRR, solar
and renewable energy company, she is
credited with authoring the strategy to
fast track the integration of renewable
resource into utility energy portfolios.
Rose is also the former Commissioner,
Nevada Public Service Commission.
Rose currently serves as a non-executive
director of MGM Resorts International
(appointed 2005), Toyota Financial
Savings Bank (appointed 2006), Pacific
Premier Bancorp Inc (appointed March
2022), Clean Energy for America
(appointed 2021), and the Las Vegas
Stadium Authority (appointed 2024).
Special responsibilities: Chair of
the EHSS Committee, Member of
the Nomination and Remuneration
Committee.
Other listed directorships:
MGM Resorts International (NYSE: MGM)
(2005–Present), Pacific Premier Bancorp
Inc (NASDAQ: PPBI) (2022–present)
Margaret
Walker
Independent
Non-executive Director
BS Chem Engineering, NACD Certified
Director/Fellow
Margaret is a chemical engineer
with significant experience working
across the chemical, engineering and
construction sectors. She brings over
40 years’ experience and leadership
in large-scale chemical engineering,
project management and organisational
development gained through a career
as a chemical engineer with The
Dow Chemical Company. She has
deep experience in constructing and
successfully bringing into production
complex projects.
Margaret joined the board as a non-
executive director in February 2021.
Margaret currently serves as a non-
executive director of Methanex
Corporation, and the board of
Independent Project Analysis Inc.,
a privately held firm that drives
improvement in capital performance
(appointed January 2011).
Margaret holds a Bachelor of Science in
Chemical Engineering from Texas Tech
University, and in 2018 became a National
Association of Corporate Directors Board
Leadership Fellow.
Special responsibilities: Chair of the
Project Execution Committee, Member of
the Audit & Risk Committee, Member of
the EHSS Committee.
Other listed directorships: Methanex
(TSX: MX, NASDAQ: MEOH) (2015–
Present)
Annual Report 2024
17
Directors’ report
continued
Directors’ interests in shares, options and performance rights
Director
Shares
held at
30 June 2024
Options
held at
30 June 2024
PRs
held at
30 June 2024
Shares
held at
report date
Options
held at
report date
PRs
held at
report date
James D Calaway
56,790,814
653,120
4,290,111
58,642,011
653,120
1,870,681
Bernard Rowe
67,112,580
–
6,486,978
69,609,147
–
3,382,663
Alan Davies
4,774,045
653,120
252,214
4,774,045
653,120
252,214
Stephen Gardiner
71,449
–
452,214
71,449
–
452,214
Rose McKinney-James
417,856
–
252,214
417,856
–
252,214
Margaret R Walker
497,856
–
252,214
497,856
–
252,214
129,664,600
1,306,240
11,985,945
134,012,364
1,306,240
6,462,200
Directors’ meetings
Directors’ attendance at Directors’ meetings are shown in the following table:
Board
Audit & Risk
Remuneration
Project Execution
EHSS
Held1
Attended2
Held1
Attended2
Held1
Attended2
Held1
Attended2
Held1
Attended2
James D
Calaway
6
6
–
–
–
–
–
–
4
4
Bernard Rowe
6
6
–
–
–
–
3
3
–
–
Alan Davies
6
4
6
6
4
4
3
3
–
–
Stephen
Gardiner
6
6
6
6
4
4
–
–
–
–
Rose McKinney-
James
6
5
–
–
4
4
–
–
4
4
Margaret
R Walker
6
6
6
6
–
–
3
3
–
–
1.
Held: Number of meetings held during the time the Director was a member of the Board or Board Committee.
2. Attended: Number of Board or Committee meetings that the Director attended as a member (unless otherwise stated).
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18
Committee membership
As at the date of this report, the Company had an audit and risk committee, a remuneration committee, a project execution
committee, and an environmental, health, safety and sustainability (EHSS) committee.
Members on the committees of the board at the end of the financial year are:
Audit
and Risk
Nomination and
Remuneration
Project
Execution
EHSS
James D Calaway
1
Bernard Rowe
1
Alan Davies
1
11
1
Stephen Gardiner
11
1
Rose McKinney-James
1
11
Margaret R Walker2
1
11
1
1.
The chair of each committee is denoted by an asterisk. They are all independent non-executive directors.
2. Margaret Walker was appointed to the EHSS Committee at the last Board meeting of the financial year.
Indemnification and insurance
Indemnification of directors and officers
The Company has not, during or since the end of the financial period, in respect of any person who is or has been an officer
of the Company or a related body corporate, indemnified or made any relevant agreement for indemnifying against a liability
incurred as an officer, including costs and expenses in successfully defending legal proceedings.
Insurance premiums for directors and officers
During the financial period the Company has paid premiums to insure each of the directors and officers against liabilities
for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the
capacity of director or officer of the Company, other than conduct involving a wilful breach of duty in relation to the Company.
The premiums paid are not disclosed as such disclosure is prohibited under the terms of the contract.
Indemnification and insurance of auditors
The company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the
company or any related entity against a liability incurred by the auditor.
During the financial year, the company has not paid a premium in respect of a contract to insure the auditor of the company or
any related entity.
Remuneration report
The remuneration report set out on pages 23 to 49 forms part of the Directors’ Report for the year ended 30 June 2024.
Corporate governance statement
Details of the Company’s corporate governance practices are included in the Corporate Governance Statement set out on the
Company’s website.
Annual Report 2024
19
Directors’ report
continued
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Shares – issued and unissued
30 June 2024
Number
30 June 2023
Number
Issued shares
2,325,614,708
2,098,818,267
Unissued shares:
Options
2,938,803
4,369,643
Performance Rights
33,882,163
31,470,849
Since the end of the financial year, the following additional shares, options or performance rights have been granted or lapsed:
• 11,811,594 Performance rights have vested, and new shares issued.
• 2,703,000 Performance rights have lapsed.
Environmental performance
The Group holds exploration licences issued by the relevant government authorities which specify guidelines for
environmental impacts in relation to exploration activities. The licence conditions provide for the full rehabilitation of the
areas of exploration in accordance with regulatory guidelines and standards. There have been no known breaches of the
licence conditions.
Ioneer is seeking approval from the federal government to begin construction at Rhyolite Ridge under the rules of the National
Environmental Policy Act, commonly known as the NEPA process. In preparation for the NEPA process, Ioneer has completed
baseline studies and associated field work for 14 different resource areas of the Rhyolite Ridge Project (e.g., air quality, biology,
cultural resources, groundwater, recreation, socioeconomics, soils, and rangeland) and submitted a Plan of Operations (Plan),
which includes measures to be implemented to prevent unnecessary or undue degradation of public lands by operations
authorized under the Mining Act (1872). It describes all aspects of the Project including construction, operations, reclamation,
and environmental protection measures.
In late December 2022, the Rhyolite Ridge Project advanced into the final stage of federal permitting with the decision by the
U.S. Bureau of Land Management (BLM) to publish a Notice of Intent in the Federal Register. This marked a major milestone
toward the completion of the National Environmental Policy Act (NEPA) process and approval of the Project’s Plan of Operations.
During this past financial year, the draft Environmental Impact Statement (EIS) for the Project was made public by the BLM and
was published in the Federal Register on 19 April 2024. A 45-calendar day public comment period commenced on that date and
concluded on 5 June 2024. After comments on the draft EIS have been collected and reviewed, the BLM will publish a Final EIS
(expected in September 2024) which is intended to lead to a Record of Decision (expected in October 2024).
The Record of Decision is the culmination of the NEPA process, representing the Department of Interior’s final decision of
Ioneer’s application for an approved Plan of Operations. An approved Plan will allow the Company to commence construction
of the Rhyolite Ridge Project.
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20
Audit and non-audit services
The directors are satisfied that the provision of non-audit services is compatible with the general standard of independence
for auditors imposed by the Corporations Act 2001.
Auditor’s independence declaration
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out
immediately after this directors’ report.
Matters subsequent to the end of the financial year
No matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may significantly affect the
Group’s operations, the results of those operations, or the Group’s state of affairs in future financial years.
In the period since 30 June 2024 and up to the date of this report, there has not been any other item, transaction or event of a
material and unusual nature likely in the opinion of directors, to substantially affect the operations of the Group, the results of
those operations or the state of affairs of the Group in subsequent financial years.
Rounding
The amounts contained in the Directors’ Report have been rounded to the nearest $1,000 (where rounding is applicable)
where noted ($’000) under the option available to the Company as provided in ASIC Corporations (Rounding in Financial/
Directors’ Report) Instrument 2016/191. The Company is an entity to which this legislative instrument applies.
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
On behalf of the directors
James D. Calaway
Executive Chairman
18 September 2024
Annual Report 2024
21
Auditor’s independence declaration
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Ernst & Young
200 George Street
Sydney NSW 2000 Australia
GPO Box 2646 Sydney NSW 2001
Tel: +61 2 9248 5555
Fax: +61 2 9248 5959
ey.com/au
Auditor’s independence declaration to the directors of Ioneer Ltd
As lead auditor for the audit of the financial report of Ioneer Ltd for the financial year ended 30 June
2024, I declare to the best of my knowledge and belief, there have been:
a.
No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit;
b.
No contraventions of any applicable code of professional conduct in relation to the audit; and
c.
No non-audit services provided that contravene any applicable code of professional conduct in
relation to the audit.
This declaration is in respect of Ioneer Ltd and the entities it controlled during the financial year.
Ernst & Young
Scott Nichols
Partner
Sydney
18 September 2024
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22
1. Letter from Committee Chair
Dear fellow shareholders,
On behalf of the Board, I am pleased to present the FY2024 audited remuneration report for Ioneer Ltd (“Ioneer” or
the “Company”).
Changes to the Board and KMP executives
There were no changes made to the Board or KMP over the 2024 financial year (FY2024).
FY2024 STI Performance
In FY2024 the executive KMP STI scorecard elements that met or exceeded the Board’s expectations included:
Ǧ
Significantly advancing federal permitting with two key milestones achieved: the issuance of the Draft
Environmental Impact Study (DEIS) and the subsequent closing of the DEIS comment period. Permitting is
now in the Final EIS stage, with a clear path toward a Record of Decision.
Ǧ
Obtaining approvals for construction water rights.
Ǧ
Delivering a drilling program, that resulted in a Resource update that defined a high-grade, shallow shelf
zone, outside of critical habitat with a 71% increase in overall Measured Resource (75Mt) compared to 2023
(44Mt). The enhanced geological understanding allowed the Company to subdivide the deposit into three
separate streams.
o
Stream 1 – high-boron lithium mineralisation (low clay content).
o
Stream 2 – low-boron lithium mineralisation (low clay content).
o
Stream 3 – low-boron lithium mineralisation (high clay content).
Ǧ
Near finalisation of a AACE Class 2 Capital estimate for stage 1 of the Rhyolite Ridge Project and preparation
of an Approved Feasibility Study (AFS), a significant undertaking that included: progressing engineering
design generally above 70% complete, updating the Resource and Reserve estimates, optimising the mine
plan of operation and construction execution plan, and updating Project economics.
Ǧ
Entering a Research and Development MOU with EcoPro Innovation (EcoPro) to research, test, and develop
Stream 3, low-boron high lithium mineralisation (M5) at Ioneer’s Rhyolite Ridge. The goal is to develop a
process to commercialise Rhyolite Ridge lithium clay to produce refined lithium materials for the U.S. EV
battery supply chain. Under the agreement, EcoPro will fund and build a commercial-scale refining plant to
develop lithium clay supplied from Rhyolite Ridge. Initial phases of the research have shown positive results.
Ǧ
Completing an initial Sustainability Strategy and achieving more than 30 related activities, including a
refined Water Stewardship Plan.
Ǧ
Executing a capital raise of US$25 million equal to the closing price of A$0.18 on 26 April 2024, to further
advance engineering toward construction, fund remaining environmental permitting expenses and aimed
at providing funding to Final Investment Decision.
While most objectives were met or exceeded, federal permitting has required additional time.
Overall, the Board assessed the performance of the Ioneer team as generally having met expectations. The Board
remains impressed with the resilience and creativity of the team to find balanced solutions to the challenges it
encounters.
The scorecard component makes up 75% of the STI. Following a detailed assessment, the Board determined to award
an STI of 100% of target opportunity (50% of maximum) for this component – refer to section 4.4.2 for further details.
Individual performance, based on contributing to organisational objectives and performance in role makes up 25% of
the incentive. Outcomes from this component ranged from 28%-124% of target (14%-62% of maximum).
Total Individual KMP rewards ranged from 82% to 106% of target STI (41%-53% of maximum) based upon the
company scorecard, individual performance and contribution to Company objectives. The Board did not exercise
discretion in respect to these STI outcomes.
LTI Performance
In addition to a share price performance hurdle tied to a comparator group of companies, LTI performance targets set
in 2021 focused on incentivising the team to gain environmental permits, to make a Final Investment Decision (FID),
Remuneration report
Annual Report 2024
23
Remuneration report
continued
and to commence construction. Over the three-year performance period, the Project has faced various challenges
that resulted in federal permitting delays, and consequently delays to FID and the Project moving into construction.
This means multiple aspects of the 2021 LTI scorecard did not achieve threshold performance requirements,
including: Health, Safety, Environment and Community performance (whilst in construction), Project construction
expenditures, management of the construction schedule, and operations readiness – in total these comprised 75%
of the performance-based LTI value.
The relative share price performance target compared Ioneer to 13 other companies engaged in lithium development.
The Ioneer share price over the 3-year performance period sat above the median of the comparator group and the
Board approved a 100% of target (50% of maximum) pay-out for this portion of the performance-based LTI Program.
This competitive measure constitutes 25% of performance-based LTI. Overall, 12.5% of the maximum performance-
based LTI grant vested.
The Board did not exercise discretion in respect of these performance-based LTI outcomes as it was believed the
outcomes appropriately balance employee rewards with shareholder experience.
Executive KMP incentive outcomes
A detailed review of FY2024 STI goals and performance outcomes was undertaken by the Board (see section 4.4.2).
On an overall basis the executive KMP FY2024 STI scorecard award (company performance) was 50% of maximum,
with individual reward outcomes ranging from 41% to 53% of maximum. This outcome was primarily based on
progressing the Project to near finalization of the AACE Class 2 Capex estimate and AFS, updating the SK1300 and
optimization of the mine plan of operation. Above target and maximum performance were achieved for growth
opportunities and sustainability and water stewardship measures. As was the case for FY2023, STI bonuses were
awarded in the form of one-year time-based performance rights to conserve cash.
LTI performance rights (PRs) granted in 2021 and vesting 1 July 2024, were comprised of 60% performance-based
PRs and 40% time-based PRs. Time-based PRs are normal practice in the U.S. where most of our staff are based.
2021 performance-based LTI PRs
The 2021 performance-based LTI PRs vested at 12.5% of maximum performance-based LTI opportunity based on
relative share price performance and LTI scorecard performance. As noted above, components of the LTI scorecard
critical to value were not met due to continued headwinds resulting in Project delays. Consequently, 87.5% of the
performance-based LTI opportunity, that was granted at target, did not vest.
The Nomination and Remuneration Committee and the Board considered the percentage of PRs approved for vesting
appropriately aligned with shareholder outcomes over the period. Hence, no discretion to override vesting outcomes
was judged necessary.
2021 time-based LTI PRs
The 2021 time-based PRs are aligned with shareholder interests, assist in retaining key people and at grant
comprised around 25% of maximum LTI remuneration opportunity. The 2021 time-based PRs fully vested 1 July 2024.
Overall, the Board determined that FY2024 rewards were appropriate given the progress of the Project and that long-
term rewards are aligned with shareholder experience and consistent with performance.
Incentive framework changes
Base salaries increased by 4% for FY2024 for all executive KMP.
Incentive framework changes
During the FY2024 performance period, an executive incentive claw-back policy was adopted that enables the
Company to recover paid STI and vested LTI incentive awards for circumstances of material restatements associated
with incentive compensation targets, restatements of financial reporting and serious individual misconduct. This
policy was adopted to meet shareholder expectations and market exchange requirements in the U.S.
There were no other changes to the annual STI or LTI incentive framework for FY2024. The majority of the executive
KMP remuneration framework is contingent on performance.
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24
Board fees
No changes were made to board fees. Board fees remain unchanged since 2020.
I trust that you find the remuneration report is informative and that it addresses any queries you have. Any further
questions are welcomed and will be encouraged at the upcoming Annual General Meeting.
Alan Davies
Chair, Nomination & Remuneration Committee
Key terms used in this report
Act
Corporations Act 2001 (Cth)
LTI
Long-term incentive
AGM
Annual General Meeting
MD
Managing director
ASX
Australian Securities Exchange
NED
Non-executive director
FID
Final Investment Decision
PRs
Performance Rights
FY
Financial Year
SRs
Share Rights
INR
Ioneer
Equity Plan
Equity Incentive Plan
KMP
Key management personnel
STI
Short-term incentive
Annual Report 2024
25
Remuneration report
continued
2. Introduction
The directors of Ioneer Ltd present the Audited Remuneration Report (the Report) for the Company for the year
ended 30 June 2024. The Report forms part of the Directors’ Report and has been prepared and audited in
accordance with Section 300A of the Australian Corporations Act 2001 (the Act).
This Remuneration Report outlines the remuneration strategy, framework and practices adopted by the
consolidated entity in accordance with the requirements of the Act and its regulations. This information has been
audited as required by section 308 (3C) of the Act.
2.1.
Key Management Personnel
Key management personnel (KMP) covered in this report are detailed below (See pages 16 to 17 for details of each
director):
Table 1: Key Management Personnel
Name
Position Held
Tenure
Executive Directors
James D Calaway (1)
Executive chair
Appointed 5 April 2017
Bernard Rowe
Managing director
Appointed 23 August 2007
Non-Executive Directors
Alan Davies
Non-executive director
Appointed 23 May 2017
Stephen Gardiner
Non-executive director
Appointed 25 August 2022
Rose McKinney-James
Non-executive director
Appointed 1 February 2021
Margaret R Walker
Non-executive director
Appointed 1 February 2021
Executives
Ian Bucknell
Chief financial officer & company secretary
Appointed 14 November 2018
Ken Coon
Vice president human resources
Appointed 1 July 2019
Yoshio Nagai
Vice president commercial sales & marketing
Appointed 1 August 2019
Matt Weaver
Senior vice president engineering & operations
Appointed 28 November 2017
Chad Yeftich
Vice president corp. development & external
affairs
Appointed 1 September 2022
ȋͳȌ
Mr Calaway assumed an executive role on 1 July 2020.
3. Remuneration governance
3.1
Nomination & Remuneration Committee
Remuneration governance is overseen by the Nomination & Remuneration Committee. The Committee is a
committee of the Board established in accordance with the Company’s constitution and authorised by the Board to
assist it in fulfilling its statutory, fiduciary, and regulatory responsibilities.
The ASX Corporate Governance Council’s “Corporate Governance Principles and Recommendations” (ASX
Recommendations) recommend that the Company has formal and rigorous processes for the appointment and
reappointment of directors to the Board. The Committee was established to assist the Board by undertaking the
roles and exercising the responsibilities set out in the Nomination & Remuneration Committee Charter. A copy of this
Charter is available on the Company’s website.
The Committee aims to bring transparency, focus and independent judgment to these roles. The Committee will
review and make recommendations to the Board on matters relevant to these roles and responsibilities, and as
required to satisfy the Corporations Act, ASX Recommendations and ASX Listing Rule requirements relevant to these
roles and responsibilities. The Committee currently comprises the following independent non-executive directors:
•
Alan Davies (chair);
•
Stephen Gardiner; and
•
Rose McKinney-James.
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26
3.2
Remuneration advisors
The Nomination and Remuneration Committee engages external advisors as required. External advisors provide
advice on market remuneration levels and mix, market trends, incentives and performance measurement,
governance, taxation and legal compliance.
None of the Committee’s engagements with remuneration advisors were for work that constituted a remuneration
recommendation for the purposes of the Australian Corporations Act 2001.
3.3
Share trading policy
The Ioneer Securities Trading Policy applies to all NEDs, executives and employees. The policy prohibits employees
from dealing in Ioneer securities while in possession of material non-public information relevant to the Company.
Executives must not enter into any hedging arrangements over unvested equity under the Company’s equity plan.
The Company would consider a breach of this policy as gross misconduct, which may lead to disciplinary action and
potentially dismissal.
4. Executive Remuneration
4.1
Remuneration strategy
The principles of the Ioneer remuneration policy are to:
•
attract, retain and motivate directors, executives and employees who will create value for shareholders by
providing remuneration packages that are aligned with shareholder interests, are equitable and externally
competitive;
•
provide a remuneration balance weighted toward risk and return to align with shareholders;
•
clearly align short and long-term company objectives to financial awards;
•
be fair and appropriate having regard to the performance of the Company and the relevant director,
executive or employee and the interests of shareholders;
•
conserve cash in the development phase of the business by granting equity in lieu of cash where
appropriate; and
•
comply with relevant legal requirements.
4.2
Relationship with company performance
The Ioneer executive compensation framework provides for fair, competitive remuneration that aligns potential
rewards with the Company’s objectives while being transparent to shareholders. We are a Company with a single,
pre-development project, with most of our people in the U.S. The framework is aligned with U.S. standards. Typically,
this means proportionately less cash and higher equity than the Australian market standard, with some of the equity
contingent on service to make up for the relatively low cash proportion. Performance objectives for STI and equity
vesting are set such that achievement would accelerate development during our current pre-production phase for
higher shareholder value. This means that the value of remuneration realised at vesting is highly aligned with the
value realised by investors.
Key remuneration elements are reviewed annually to determine appropriate awards based upon factors such as
individual performance, Company results and competitive benchmark survey data. The following is a brief description
of the approach for each element:
•
Base salary is reviewed annually and adjusted for individual performance and benchmarks that may be
reviewed from time to time to ensure competitiveness.
•
Short term incentives are reviewed annually with awards granted based upon individual performance and
Company results. STI targets are benchmarked from time to time to ensure competitiveness. STIs may
range from 0 to 200% of target. The Board reserves the right to grant STI outcomes greater than 200% of
target for exceptional contributions to Company objectives, as well as exercise negative discretion when
formulaic outcomes do not align with the shareholder experience. As part of a program that covers all
employees, executives are encouraged to receive the STI in PRs as by opting to do so, they will receive an
additional 20% in STI value. The PRs are deferred for a year to encourage retention, conserve cash, and
enhance alignment with shareholders.
Annual Report 2024
27
Remuneration report
continued
•
Equity grants are reviewed annually. The Board has a current practice of granting a target grant ratio with
a ratio of 60% performance-based PRs and 40% time-based PRs. A key risk for Ioneer is not being able to
attract and retain qualified and experienced U.S. executives. The remuneration framework needs to have
full regard for U.S. market standards, optimal shareholder alignment and cash conservation.
o
Performance-based PRs make up 60% of the annual target grant value. The final vesting may range
between 0% to 200% of grant based on achievement of a scorecard of business objectives suited to
the Company’s current pre-production phase, such that if all were achieved, they would add
substantially to market value.
o
Time-based PRs make up 40% of the annual target grant value, equivalent to 25% of maximum potential
grant value. Vesting is based on the executive remaining employed to the vesting date. The grant
aligns employees with shareholders, conserves cash that would otherwise have to be used for higher
salaries and meets U.S. market standards.
4.3
Remuneration framework
Remuneration information is derived from relevant remuneration surveys conducted by independent third parties.
Remuneration is benchmarked against a peer group of direct competitors and a sector peer group.
Ioneer’s remuneration framework and executive reward strategy provides a mix of fixed and variable remuneration
with a blend of short-term incentives and long-term equity grants. The key elements of the remuneration packages
are as follows:
•
Annual base salary: reviewed annually and adjusted based upon individual performance and competitive
benchmarks that may be reviewed from time to time to ensure competitiveness.
•
Post-employment benefits: superannuation contributions for Australian based executives and similar
retirement benefits savings for non-Australia based executives.
•
Fixed (TFR): Annual base salary plus superannuation for Australia based executives and annual base salary
for non-Australia based executives.
•
Short-term incentive (STI): Remuneration for performance measured over one year or less, including any
deferred amounts.
•
Equity incentive grants: Equity granted under shareholder approved equity plans.
At maximum, the remuneration mix is as follows:
Figure 1: Executive KMP remuneration mix at maximum
4.3.1 Base Salary
Base salary is reviewed annually and adjusted based upon individual performance and competitive benchmarks that
may be reviewed from time to time to ensure competitiveness.
Adjustments to base salary were agreed for all executive KMP to standardise their base salaries to benchmarked
comparatives. The base salaries for FY2024 were approved by the Board on the recommendation of the Nomination
and Remuneration Committee and are as follows:
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28
Table 3: Executive KMP Base Salary
Base salary (1)
% Increase
30-Jun-24
30-Jun-23
A$
US$
A$
US$
James D Calaway
4%
312,000
-
300,000
Bernard Rowe
4%
557,400
-
536,000
-
Ian Bucknell
4%
416,000
-
400,000
-
Ken Coon
4%
-
260,000
-
250,000
Yoshio Nagai
4%
-
275,600
-
265,000
Chad Yeftich (2)
4%
280,800
-
270,000
Matt Weaver
4%
-
317,200
-
305,000
(1) Base salaries are shown in the above table at contract amounts, where KMP have not worked a full year or superannuation caps
have been met and excess amounts taken as salary, it will not agree to Table 16: Statutory Remuneration.
4.3.2 Short-Term Incentive (STI)
Executive KMP can earn an annual STI based on a percentage of their base salary. The STI percentage increases with
seniority to ensure a higher proportion of remuneration is “at risk” for more materially accountable employees.
The table below presents the features and approach for the Ioneer STI plan.
Table 4: FY2024 Ioneer STI plan
Feature
Approach
Purpose
Align team and individual performance and behaviours with annual Group objectives.
Provide individuals with a competitive market position for total reward (i.e. variable and fixed pay
components).
Eligibility
Those considered for participation in the program must be able to impact the performance of
their own work area, their business or function and contribute to the Group’s overall
performance.
Form of payment
The default payment is cash, however in FY2024 executive KMP did not have the option of being
paid in cash but received the STI award as equity (PRs) deferred for 12 months with a 20% uplift.
The Executive chair and Managing Director’s STI awards issued on the same terms, are subject
to shareholder approval at the Annual General Meeting in November.
Ordinarily, executive KMP can elect to receive STI awards as cash or equity (PRs) deferred for 12
months, as part of an STI conversion program that covers all employees. If an employee elects to
receive all or a part of an STI award in PRs instead of cash, Ioneer will grant an additional 20% in
value. This encourages greater alignment with shareholders, increases retention, and
conserves cash.
Opportunity
The maximum STI opportunity as a percentage of base salary for the executive KMP are as
follows:
Executive Chair: 120%
Managing Director: 160%
Senior Vice President Engineering & Operations: 100%
Chief Financial Officer and Company Secretary: 100%
Vice President Human Resources: 80%
Vice President Commercial Sales & Marketing: 80%
Vice President – Corporate Development and External Affairs: 80%
Target STI opportunity is half of the maximum STI opportunity.
Performance period
1 year, 1 July to 30 June
Annual Report 2024
29
Remuneration report
continued
Feature
Approach
Performance measures
Annual executive KMP performance is set and assessed based upon a set of key Company
targets (scorecard) that directly affect shareholder value and are directly linked to the Ioneer
Strategic Plan. This scorecard is 75% of the STI.
Each scorecard goal is measured, weighted according to its importance, and assessed
quantitatively.
The remaining 25% is the contribution to organisational objectives and performance in role
(individual component).
Both the scorecard and individual component can vest up to 200% of target (100% of maximum).
At the start of each year, the Board determines Company hurdles with threshold and maximum
performance levels which form the STI goal. Additionally, the MD reviews and approves the goals
of each executive KMP, ensuring alignment with Company objectives.
The target levels of performance set by the Board are challenging and are driven by an annual
target setting exercise and longer-term strategic objectives. Achievement of target levels of
performance delivers the payment of 50% of STI maximum opportunity. Payments from target to
maximum opportunity are on a straight-line basis consistent with the level of performance
attained.
Board discretion
The Board reserves the right to grant above 200% of target STI for truly exceptional
contributions to the business or to exercise negative discretion if the formulaic outcome does
not accord with the shareholder experience, behaviours not consistent with the Company’s
code of conduct, reputational damage, safety or environmental expectations, or the Board’s
overall assessment of performance on a holistic basis.
Clawback
The Board can clawback previous incentive awards that may have been awarded erroneously.
The following are examples of such circumstances, including:
•
A restatement of any financial measure or target that an incentive award was based
upon;
•
A restatement of the Company’s financial statements even though the restatement
did not involve a metric that was explicitly part of an incentive award calculation;
•
The serious or gross misconduct, fraud, bribery, severe reputational damage, and any
other deliberate, reckless, or unlawful conduct that may have a serious adverse impact
on Ioneer, its reputation, customers, the environment, or its people which resulted in
dismissal, or the Board considers at its discretion would have justified the dismissal. In
exceptional cases, Remco may determine that recovery of incentive awards is
appropriate though dismissal does not occur.
Treatment on termination
If the executive is deemed a good leaver, STI is rewarded on a pro rata basis for time served. PRs
lapse if an employee resigns.
Details of the STI scorecard are disclosed in the table below. The STI scorecard is reflective of Ioneer’s current stage
of development in obtaining approval for environmental permits, obtaining the necessary funding and preparing the
Company to take a Final Investment Decision and begin construction on the Project.
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30
Table 5: STI scorecard for FY2024
Measure
Description
Threshold
Maximum
Individual
Weighting
Category
Weighting
Permitting &
Sustainability
NEPA permitting process
Progress to Final EIS
Record of Decision
achieved
20%
30%
Sustainability & Water
Stewardship
Develop ESG strategy,
endorsed by EHSS
Committee. Obtain
construction water rights
transfer.
Complete 80% of
identified ESG
initiatives and refine
water stewardship
plan per TSM.
10%
Final Investment
Decision &
Schedule
Progress toward Final
Investment Decision
Finalize Class2 project
estimate, JORC Resource
& Reserve, and optimized
Mine Plan
Finalize all activities
and materials to
enable the INR and
SSW Boards to make
an FID decision
40%
55%
Long Lead Items (LLIs)
Achieve LLI funding and at
least 20% downpayment
on LLIs, while maintaining
timing within construction
budget
Achieve 15% LLI
downpayment and
meet BASE goal
targets.
10%
Spend to budget
+/-5%
N/A
5%
Expansion
Growth Opportunities
Obtain 3rd party initial
funding to progress
bench scale process test
work for a single
expansion, including
progressing additional
baselines if required
Secure 3rd party
funding for a
multiphase project
through pilot and
DFS.
Or
Progress two
expansions
reflected in base
target
15%
15%
4.3.3 Long-Term Incentive (LTI) Equity Grants
The executive KMP LTI equity grant comes in 2 parts, a performance-based PR grant and a time-based PR grant. The
tables below present the features and approaches for both components of the grant.
4.3.3.1 Performance-based LTI PRs
Table 6 presents the terms and conditions of the performance-based PRs for 2024.
Table 6: FY2024 performance-based LTI PRs
Feature
Approach
Purpose
To align executive accountability and remuneration with the long-term interests of shareholders
by rewarding for the delivery of sustained performance.
Participants
All executive KMP and senior management members.
The Board may at its discretion make invitations to or grant awards to eligible persons. Eligible
persons include executive directors or executive officers of the Group, employees, contractors
or consultants of the group or any other person.
Instruments issued
Performance rights (PRs) to acquire ordinary shares in the Company for nil consideration.
Within 30 days after the vesting date in respect of a vested instrument, the Company, at its
discretion only, must either allocate shares or procure payment to the participant of a cash
amount equal to the market price of the shares which would have otherwise been allocated.
Allocation value
10-day VWAP prior to start of the performance period
Annual Report 2024
31
Remuneration report
continued
Feature
Approach
Maximum value
The maximum number of performance-based PRs that can vest is based on the following
percentage of base salaries:
Executive Chair: 72%
Managing Director: 144%
Chief Financial Officer and Company Secretary: 102%
Vice President Human Resources: 48%
Vice President Commercial Sales & Marketing: 48%
Senior Vice President Engineering & Operations: 102%
Vice President Corporate Development and External Affairs: 60%
Executive KMP are granted 50% of the maximum number of PRs to vest.
Performance period
3 years, 1 July 2023 to 30 June 2026
Performance measurement
date
30 June 2026
Vesting Date
1 July 2026
Performance measures
Annually Executive KMP performance targets are set and then assessed on a range of key
measures that are critical to shareholder value and are directly linked to the Ioneer Strategic
Plan. At this point in the Rhyolite Ridge Project, targets are focused on moving through the
Project’s objectives of permitting, engineering, funding and construction.
Each scorecard measure is measured, weighted according to its importance, and is assessed
objectively.
At the grant date, the Board determines the hurdles and minimum, target and maximum levels of
performance which form the LTI scorecard.
The target levels of performance set by the Board are challenging and are driven by an annual
goal setting exercise and the longer-term strategic plan. Achievement of target levels of
performance delivers the payment of 50% of LTI maximum opportunity. Payments from
threshold to maximum opportunity are on a straight-line basis consistent with the level of
performance attained.
Details can be found in Table 7.
Acquisition of performance
rights
The PRs are issued by the company and held by the participant subject to the satisfaction of the
vesting conditions. The number of PRs held may be adjusted pro-rata, consistent with ASX
adjustment factors for any capital restructure.
If the PRs vest, executives receive newly issued shares or shares acquired on market. Trading
restrictions may apply to the newly issued shares.
Treatment of dividends and
voting rights
Unvested PRs do not have voting rights or accrue dividend benefits.
Restriction on hedging
Hedging of PRs by executives is not permitted
Treatment on termination
If the executive is deemed a good leaver, PRs are prorated for time served. PRs lapse if an
employee resigns.
Board Discretion
The board may apply upward or downward discretion as appropriate.
The Company may adjust downwards the number of performance-based PRs where there has
been a material negative misstatement of results to align executive awards with shareholder
outcomes.
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32
Feature
Approach
Clawback
The Board can clawback previous incentive awards that may have been awarded erroneously.
The following are examples of such circumstances, including:
•
A restatement of any financial measure or target that an incentive award was based
upon;
•
A restatement of the Company’s financial statements even though the restatement
did not involve a metric that was explicitly part of an incentive award calculation;
•
The serious or gross misconduct, fraud, bribery, severe reputational damage, and any
other deliberate, reckless, or unlawful conduct that may have a serious adverse
impact on Ioneer, its reputation, customers, the environment, or its people which
resulted in dismissal, or the Board considers at its discretion would have justified the
dismissal. In exceptional cases, Remco may determine that recovery of incentive
awards is appropriate though dismissal does not occur.
Minimum Share ownership
Executive KMP are expected to achieve a minimum share ownership in the Company over a 5-
year period. The minimum level for the Managing Director is 5 times his base salary. The minimum
level for other executives is 3 times their base salaries.
Change of control
Vesting is subject to board discretion, taking into account performance to the date of change in
control.
Details of the scorecard are disclosed in the table below. The scorecard reflects the Company’s desire to move
through initial project phase, into construction and, in time, production.
Table 7: FY2024 performance-based LTI PRs scorecard
Measure
Weighting
Assumes Construction & Startup
Sustainability Performance (E, H&S, Community).
20%
Construction delivery compared to schedule at FID.
20%
Construction spend compared to budget at FID.
10%
Not tied to ROD, FID & Construction
INR shareholder return compared to comparators. The comparators are: Vulcan Energy
Resources, Core Lithium, Lake Resources, Sigma Lithium, Sayona Mining, Liontown Resources,
American Lithium, Frontier Lithium Inc, Standard Lithium, Lithium Americas Corp, Piedmont
Lithium, Pilbara Minerals, and Critical Elements Lithium.
The vesting scale for the shareholder return component is as follows:
Percentile
Vesting outcome (% target)
Vesting outcome (%
maximum)
Bottom quartile (0-25th)
0%
0%
Third quartile (25th-50th)
0%-25%
0%-12.5%
Second quartile (50th-75th)
26%-100%
13%-50%
First quartile (75th-100th)
101%-200%
50.5%-100%
Vesting is on a straight-line basis within each quartile.
30%
Growth – Increase Measured and Indicated LCE Resource at 30 June 2023 by 10%.
20%
4.3.3.2 Time-based LTI PRs
Table 8 presents the terms and conditions of the time-based PRs in the Equity Plan for FY2024.
Table 8: FY2024 time-based LTI PRs
Feature
Approach
Purpose
To provide equity in lieu of cash salary for shareholder alignment, cash conservation, consistency
with non-KMP employee remuneration, and consistency with market practice.
Annual Report 2024
33
Remuneration report
continued
Feature
Approach
Participants
All executive KMP and senior management members
The Board may at its discretion make invitations to or grant awards to eligible persons. Eligible
persons include executive directors or executive officers of the Group, employees, contractors or
consultants of the group or any other person.
Instruments issued
PRs to acquire ordinary shares in the Company for nil consideration.
Within 30 days after the vesting date in respect of a vested instrument, the Company, at its
discretion only, must either allocate shares or procure payment to the participant of a cash amount
equal to the market price of the shares which would have otherwise been allocated.
Allocation value
10-day VWAP prior to start of the performance period
Value at grant
The time-based PRs granted as a percentage of base salary for the executive KMP are as follows:
Executive Chair: 24%
Managing Director: 40%
Chief Financial Officer & Company Secretary: 24%
Vice President Human Resources: 16%
Vice President Commercial Sales & Marketing: 16%
Senior Vice President Engineering & Operations: 28%
Vice President Corporate Development & External Affairs: 20%
Service period
3 years
Service measurement date
30 June 2026
Vesting Date
1 July 2026
Acquisition of PRs
The PRs are issued by the Company and held by the participant subject to the satisfaction of the
vesting conditions. The number of instruments held may be adjusted pro-rata, consistent with ASX
adjustment factors for any capital restructure.
If the PRs vest, executives receive newly issued shares or shares acquired on market. Trading
restrictions may apply to the newly issued shares.
Treatment of dividends and
voting rights
Unvested PRs do not have voting rights or accrue dividend benefits.
Restriction on hedging
Hedging of PRs by executives is not permitted
Treatment on termination
If the executive is deemed a good leaver, PRs are prorated for time served. PRs lapse if an employee
resigns.
Adjusting Awards
The Company may adjust downwards the number of time-based PRs where there has been a
material negative misstatement of results to align executive awards with shareholder outcomes.
Clawback
The Board can clawback previous time-based incentive awards that may have been awarded
erroneously. The following are examples of such circumstances, including:
•
The serious or gross misconduct, fraud, bribery, severe reputational damage, and any
other deliberate, reckless, or unlawful conduct that may have a serious adverse impact
on Ioneer, its reputation, customers, the environment, or its people which resulted in
dismissal, or the Board considers at its discretion would have justified the dismissal. In
exceptional cases, Remco may determine that recovery of incentive awards is
appropriate though dismissal does not occur.
Minimum Share ownership
Executive KMP are expected to achieve a minimum share ownership in the Company over a 5-year
period. The minimum level for the Managing Director is five times base salary. The minimum level
for other executives is three times base salaries.
Board Discretion
The board may apply discretion as appropriate.
Change of control
Vesting is subject to board discretion, taking into account performance to the date of change in
control.
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4.4 Performance and remuneration outcomes for 2024
4.4.1
Company performance
Table 9: Historical Financial Performance
2024
2023
2022
2021
2020
2019
Net Loss after tax (US$)
(7,824,924)
(6,391,492)
(8,502,400)
(14,032,302)
(3,700,458)
(675,623)
Basic loss per share (US CPS)
(0.336)
(0.305)
(0.422)
(0.803)
(0.232)
(0.046)
Diluted loss per share (US
CPS)
(0.336)
(0.305)
(0.422)
(0.803)
(0.232)
(0.046)
Dividends per share
-
-
-
-
-
-
Closing share price (A$)
0.15
0.34
0.41
0.35
0.13
0.135
5-year TSR
11.11%
(5.56%)
182.76%
600.00%
3150.00%
410.50%
Figure 2: Ioneer total shareholder return against the S&P ASX200 Index
111%
141%
0%
100%
200%
300%
400%
500%
600%
700%
Jul-19
Jun-20
Jun-21
Jun-22
Jun-23
Jun-24
Total Shareholder Return (Indexed to 100)
Ioneer
ASX200 (Total Return)
Annual Report 2024
35
Remuneration report
continued
4.4.2
Annual performance and STI outcome
At the end of the FY2024 performance period, a thorough assessment of performance outcomes relative to
established targets was undertaken. The below table reflects this assessment and the translation into STI awards.
Table 10: FY2024 STI scorecard outcome
Measure
Outcome as % of target
Outcome as
% of Maximum
Permitting & Sustainability (30%):
Progress of NEPA Permitting (20%): Staff work closely with
the Bureau of Land Management to ensure the EIS
progressed through the NEPA review process, and with the
U.S. Fish and Wildlife Service to support the Biological
Assessment and Biological Opinion. The public comment
period on the draft EIS concluded on 3 June. The first steps of
preparing an administrative draft final EIS have been
achieved with a final EIS expected to be released in
September 2024.
Progress to Final EIS
Record of
Decision
Achieved
Sustainability & Water Stewardship (10%): Strategy
endorsed by Committee and construction water rights
achieved. Of 36 stretch ESG goals more than 30 were
achieved, including a refined Water Stewardship Plan.
Develop ESG Strategy,
endorsed by ESG Committee.
Obtain construction water
rights transfer.
Complete 80%
of ESG
initiatives and
refine Water
Stewardship
Plan per TSM.
Final Investment Decision & Schedule (55%):
Progress to Final Investment Decision (40%): The AACE
Class 2 estimate, JORC/SK1300 Resource and Reserve
Estimate, and optimized Mine plan were delivered to Sibanye-
Stillwater for review shortly after the reporting period.
Finalize AACE Class 2
Estimate, JORC/SK1300
Reserve & Resource
Estimate, and optimized mine
plan
Finalise all
activities and
materials such
that the INR
and SSW
Boards can
make an FID
decision
Long Lead Items (10%): Work on LLIs was prevented due to
funding constraints.
Achieve LLI funding and at
least 20% downpayment on
LLIs, while maintaining
Project construction
schedule.
Achieve 15% LLI
downpayment
and meet BASE
goal targets.
Spend to budget (5%): Spending levels compared to
approved FY2024 budget and revisions agreed by the Board.
Prudent cash management and a lower cash balance forced
a clear focus on controlling expenditures. The Ioneer team
responded by driving down discretionary costs while
delivering critical project objectives.
+/- 5%
Not applicable
Growth Opportunities (15%)
Growth Opportunities (15%): INR and EcoPro entered into a
binding research and development MOU that provides for
EcoPro funding the research, testing, and development of
lithium clay (M5) at Ioneer’s Rhyolite Ridge site. The
agreement includes the funding from EcoPro for a
commercial scale refining plant once the process is
successfully developed
Obtain 3rd party initial funding
to progress bench scale
process test work for a single
expansion, including
progressing additional
baselines if required
Secure 3rd party
funding for a
multiphase
project through
pilot and DFS.
Or Progress
two expansions
reflected in
base target
The FY2024 STI is split between Company performance (75%) and contribution to organisational objectives and
performance in the role (individual performance 25%).
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36
Table 11 provides the calculated outcome for each measure in the FY2024 STI scorecard.
Table 11: Overall FY2024 STI scorecard outcome
Measure
Weighting
Outcome as a % of
Weighted Outcome
Total
Target
Maximum
Target
Maximum
Environmental Permitting Progress
20%
50%
0%
10.0%
0.0%
10%
Sustainability & Water Stewardship
10%
100%
100%
10.0%
10.0%
20%
Final Investment Decision
40%
100%
0%
40.0%
0.0%
40%
Long Lead Time Items
10%
0%
0%
0.0%
0.0%
0%
Spend to Budget
5%
100%
N/A
5.0%
0.0%
5%
Growth Opportunities
15%
100%
67%
15.0%
10.0%
25%
Total
100%
-
-
80%
20%
100%
The scorecard outcome is 100% of target (50% of maximum).
The payout to each executive is as follows:
Table 12: STI payout
Executive
Grant Date
Target STI
(% of base
salary)
Weighted
Outcome
(% target)
Weighted
Outcome
(% max.)
Award STI
(% of base
salary)
Payout1
% taken
as 12 mth
PRs
James D Calaway2
1/07/2024
60%
100%
50%
60%
188,000
100%
Bernard Rowe2
1/07/2024
80%
106%
53%
85%
313,000
100%
Ian Bucknell
1/07/2024
50%
102%
51%
51%
141,000
100%
Ken Coon
1/07/2024
40%
82%
41%
33%
85,000
100%
Yoshio Nagai
1/07/2024
40%
93%
47%
37%
103,000
100%
Chad Yeftich
1/07/2024
40%
100%
50%
40%
112,000
100%
Matt Weaver
1/07/2024
50%
104%
52%
52%
165,000
100%
(1) This is the cash value of the incentive payout in USD. In FY2024 executive KMP were not given the election to take the bonus in
cash. Instead, the STI will be paid as 12-month Performance Rights which will be issued with a 20% uplift that will be reflected in
the grant value. The STI awards for KMP were split between Company performance (75%) and individual performance (25%).
(2) Performance Rights issued in lieu of the incentive payout for James D Calaway and Bernard Rowe are subject to shareholder
approval at the Annual General Meeting in November 2024.
4.4.3
LTI PRs vesting
Table 13 shows the scorecard outcome for performance-based PRs granted as LTIs in FY2021 with a performance
period from 1 July 2021 to 30 June 2024. The grant vested 1 July 2024 (FY2025).
Table 13: 2021 Performance Based PR Scorecard Outcome
Measure
Weighting
Measure
Outcome
(% target)
Measure
Outcome
(% max.)
Overall
Outcome
(% target)
Overall
Outcome
(% max.)
Assumes: ROD, FID, and Construction
Top quartile HSE & Community performance
(compared to North American mining projects)
19%
0%
0%
0%
0%
Construction schedule on pace as stated at FID
19%
0%
0%
0%
0%
Project spend within margin established at FID
19%
0%
0%
0%
0%
Operations & Business readiness on track for
start-up (recruiting, systems, training)
18%
0%
0%
0%
0%
Not tied to ROD, FID, Construction
Annual Report 2024
37
Remuneration report
continued
Measure
Weighting
Measure
Outcome
(% target)
Measure
Outcome
(% max.)
Overall
Outcome
(% target)
Overall
Outcome
(% max.)
INR share price compared to comparators
25%
100%
50%
25%
12.5%
Total
100%
25%
12.5%
INR share price compared to comparators was above median performance.
Twenty-five percent of target (12.5% of maximum) performance-based PRs granted in 2021 vested on 1 July 2024. In
addition, all of the time-based PRs vested.
Table 14 presents the vesting outcome of the 2021 LTI.
Table 14: 2021 LTI vesting
Executive
Time-
based PR
Performance-based PR
Total
No. to
vest
No. granted
(target)
% to
target
vest
Max.
vesting
no. (200%
target)
% of max.
vest
No. to
vest
%
(granted)
to vest
% total 4
to vest
No. to
vest
Bernard
Rowe
540,220
810,331
25%
1,620,662
12.5%
202,583
55%
34%
742,803
Ian Bucknell
290,268
435,402
25%
870,804
12.5%
108,851
55%
34%
399,119
Ken Coon
162,978
244,466
25%
488,932
12.5%
61,117
55%
34%
224,095
Yoshio Nagai
173,416
260,124
25%
520,248
12.5%
65,031
55%
34%
238,447
Chad Yeftich
223,084
223,084
25%
446,168
12.5%
55,771
63%
42%
278,855
Matt Weaver
345,907
518,860
25%
1,037,720
12.5%
129,715
55%
34%
475,622
Note, in the FY2021 grant Chad Yeftich was awarded PRs that were 50% time-based and 50% performance based. All
other KMP awards were 40% time-based and 60% performance based.
4.4.4
Statutory remuneration
Table 15 sets out KMP remuneration for the 2024 and 2023 Financial Year in US Dollars and has been prepared in
accordance with the requirements of Section 300A of the Australian Corporations Act 2001 and associated
accounting standards.
4 Total refers to maximum performance-based PRs plus time-based PRs.
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38
Table 15: Statutory remuneration
Name (Position)
Year
Base Salary
Super-
annuation,
Health & Life
Benefits
Non-Monetary
Benefits
STI
Long Service
Leave
Share Based
Payment
Options &
Rights (1)
Total
Statutory
Remuneration
% of
performance-
based rem.
Non-Executive Director
Alan Davies
2024
65,000
-
-
-
-
35,807
100,807
36%
2023
65,000
-
-
-
-
26,032
91,032
29%
Stephen Gardiner
2024
65,000
-
-
-
-
64,658
129,658
50%
2023
56,033
-
-
-
-
42,973
99,006
43%
Rose McKinney-James
2024
65,000
-
-
-
-
48,609
113,049
43%
2023
65,000
-
-
-
-
48,049
113,049
43%
Margaret R Walker
2024
65,000
-
-
-
-
48,609
113,049
43%
2023
65,000
-
-
-
-
48,049
113,049
43%
Executive Director
James D Calaway
2024
462,000
-
-
188,000
-
146,767
796,767
42%
2023
450,000
-
-
216,000
-
323,314
989,314
55%
Bernard Rowe
2024
386,361
18,032
-
313,000
15,114
240,071
972,578
57%
2023
379,984
18,502
-
331,200
8,791
378,135
1,116,612
64%
Executives
Ian Bucknell
2024
294,749
18,032
-
141,000
40,269
335,562
829,612
57%
2023
277,884
18,502
4,639
161,400
-
133,474
595,899
49%
Ken Coon
2024
258,167
1,027
46,289
85,000
-
199,807
590,289
48%
2023
249,333
1,027
43,220
120,000
-
94,225
507,805
42%
Yoshio Nagai
2024
274,717
16,516
-
103,000
-
215,971
610,203
52%
2023
264,375
16,800
-
127,200
-
102,686
511,061
45%
Chad Yeftich
2024
275,580
45,948
-
112,000
-
234,278
667,807
52%
2023
225,000
54,174
-
129,600
-
118,147
526,921
47%
Matt Weaver
2024
312,524
21,936
-
165,000
-
314,123
813,582
59%
2023
302,869
23,229
-
175,375
-
185,603
687,076
53%
Annual Report 2024
39
Remuneration report
continued
Total
2024
2,524,097
121,491
46,289
1,107,000
55,383
1,884,261
5,738,522
2023
2,400,478
101,365
47,859
1,260,775
8,791
1,500,687
5,319,954
(1)
Share based payment expense for the year ended 30 June 2024.
4.4.5
KMP shareholdings
The movements in Share and other Equity Holdings for KMP are disclosed in the table below.
Table 16: KMP shareholdings
Name
Ordinary shares
Performance rights
Options
Balance at
30/06/23
Acquired1
Disposed2
Other
Balance at
30/06/24
Balance at
30/06/23
Net change
Balance at
30/06/24
Balance at
30/06/23
Net change
Balance at
30/06/24
Non-Executive Directors
Alan Davies
3,996,559
777,486
-
-
4,774,045
71,449
180,765
252,214
1,010,830
(357,710)
653,120
Stephen Gardiner
-
71,449
-
-
71,449
271,449
180,765
452,214
-
-
-
Rose McKinney-James
46,407
371,449
-
-
417,856
371,449
(119,235)
252,214
-
-
-
Margaret R Walker
126,407
371,449
-
-
497,856
371,449
(119,235)
252,214
-
-
-
Executive Directors
James D Calaway
56,333,076
457,738
-
-
56,790,814
2,044,963
2,245,148
4,290,111
1,010,830
(357,710)
653,120
Bernard Rowe
65,062,193
2,050,387
-
-
67,112,580
6,112,050
374,928
6,486,978
-
-
-
Executives
Ian Bucknell
2,932,416
1,096,233
-
-
4,028,649
3,254,224
104,499
3,358,723
-
-
-
Ken Coon
1,197,736
979,431
(399,103)
-
1,778,064
2,195,039
(301,889)
1,893,150
-
-
-
Yoshio Nagai
1,145,197
1,182,016
-
-
2,327,213
2,333,853
(325,464)
2,008,389
-
-
-
Matt Weaver
3,832,498
1,688,314
(410,585)
-
5,110,227
4,142,957
(326,567)
3,816,390
-
-
-
Chad Yeftich
1,155,665
1,058,010
(549,508)
-
1,664,167
2,267,704
10,663
2,278,367
-
-
-
Total
135,828,154
10,103,962
(1,359,196)
-
144,572,920
23,436,586
1,904,378
25,340,964
2,021,660
(715,420)
1,306,240
ȋͳȌ During the year Alan Davies bought 706,037 ordinary shares on market, with all other ordinary shares acquired being the direct result of KMP exercising options or PRs vesting.
ȋʹȌ
All disposals were made by KMP in their capacity as shareholders. The disposals were made to cover tax.
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40
Equity vesting
All options are exercisable following vesting. The following table presents all the options that have vested or been granted that have not lapsed. Options are exercised into ordinary
shares on a 1-for-1 basis. The option terms are set out in section 5.1 of the notes to and forming part of the financial statements.
Table 17: Option movement during the year
Name
Grant Date
Vesting
Date
Expiry Date
Fair value at
grant
Exercise
Price
Balance at
30/06/23
Options
Granted
Options
Exercised
Options
Lapsed
Balance at
30/06/24
Financial
year to vest
James D
Calaway
9/11/2018
9/11/2019
9/11/2023
0.126
0.242
357,710
-
(357,710)
-
-
2020
14/11/2019
14/11/2020
14/11/2024
0.138
0.243
326,797
-
-
-
326,797
2021
16/11/2020
16/11/2021
16/11/2025
0.138
0.185
326,323
-
-
-
326,323
2022
Sub Total
1,010,830
-
(357,710)
-
653,120
Alan Davies
9/11/2018
9/11/2019
9/11/2023
0.126
0.242
357,710
-
-
(357,710)
-
2020
14/11/2019
14/11/2020
14/11/2024
0.138
0.243
326,797
-
-
-
326,797
2021
16/11/2020
16/11/2021
16/11/2025
0.138
0.185
326,323
-
-
-
326,323
2022
Sub Total
1,010,830
-
-
(357,710)
653,120
Total
2,021,660
-
(357,710)
(357,710)
1,306,240
Annual Report 2024
41
Remuneration report
continued
The following table presents all PRs that have vested or been granted that have not lapsed. The rights terms are set out in section 5.1 of the notes to and forming part of the financial
statements.
Table 18: PR movement during the year
Name
Grant Date
Vesting
Date
Fair value at
grant
Balance at
30/06/23
Rights
Granted
Rights Vested
Rights
Lapsed
Balance at
30/06/24
% vested
Financial
year to vest
Plan
James D Calaway
2021 LTI - time based
1/07/2021
1/07/2024
0.790
505,096
-
-
-
505,096
-
2025
2021 LTI - performance based
1/07/2021
1/07/2024
0.724
757,644
-
-
-
757,644
-
2025
In lieu of director fees
4/11/2022
4/11/2023
0.570
100,028
-
(100,028)
-
-
100%
2024
2022 LTI - time based
4/11/2022
1/07/2025
0.570
272,878
-
-
-
272,878
-
2026
2022 LTI - performance based
4/11/2022
1/07/2025
0.525
409,317
-
-
-
409,317
-
2026
2023 STI - time based
3/11/2023
1/07/2024
0.175
-
1,156,690
-
-
1,156,690
-
2025
In lieu of director fees
3/11/2023
3/11/2024
0.175
-
353,099
-
-
353,099
-
2025
2023 LTI - time based
3/11/2023
1/07/2026
0.175
-
334,155
-
-
334,155
-
2027
2023 LTI - performance based
3/11/2023
1/07/2026
0.162
-
501,232
-
-
501,232
-
2027
Sub Total
2,044,963
2,345,176
(100,028)
-
4,290,111
Alan Davies
In lieu of director fees
4/11/2022
4/11/2023
0.570
71,449
-
(71,449)
-
-
100%
2024
In lieu of director fees
3/11/2023
3/11/2024
0.240
-
252,214
-
-
252,214
2025
Sub Total
71,449
252,214
(71,449)
-
252,214
Stephen Gardiner
Granted on employment
25/08/2022
25/08/2025
0.660
200,000
-
-
-
200,000
-
2026
In lieu of director fees
4/11/2022
4/11/2023
0.570
71,449
-
(71,449)
-
-
100%
2024
In lieu of director fees
3/11/2023
3/11/2024
0.240
-
252,214
-
-
252,214
-
2025
Sub Total
271,449
252,214
(71,449)
-
452,214
Rose McKinney-James
Granted on appointment
1/02/2021
1/02/2024
0.330
300,000
-
(300,000)
-
-
100%
2024
ioneer
42
In lieu of director fees
4/11/2022
4/11/2023
0.570
71,449
-
(71,449)
-
-
100%
2024
In lieu of director fees
3/11/2023
3/11/2024
0.240
-
252,214
-
-
252,214
-
2025
Sub Total
371,449
252,214
(371,449)
-
252,214
Margaret R Walker
Granted on appointment
1/02/2021
1/02/2024
0.330
300,000
-
(300,000)
-
-
100%
2024
In lieu of director fees
4/11/2022
4/11/2023
0.570
71,449
-
(71,449)
-
-
100%
2024
In lieu of director fees
3/11/2023
3/11/2024
0.240
-
252,214
-
-
252,214
-
2025
Sub Total
371,449
252,214
(371,449)
-
252,214
Ian Bucknell
2020 LTI - time based
1/07/2020
1/07/2023
0.125
718,841
-
(718,841)
-
-
100%
2024
2020 LTI - performance based
1/07/2020
1/07/2023
0.137
1,078,261
-
(377,392)
(700,869)
-
35%
2024
2021 LTI - time based
1/07/2021
1/07/2024
0.330
290,268
-
-
-
290,268
-
2025
2021 LTI - performance based
1/07/2021
1/07/2024
0.371
435,402
-
-
-
435,402
-
2025
2022 LTI - time based
1/07/2022
1/07/2025
0.425
292,581
-
-
-
292,581
-
2026
2022 LTI - performance based
1/07/2022
1/07/2025
0.453
438,871
-
-
-
438,871
-
2026
2023 STI - time based
1/07/2023
1/07/2024
0.340
-
853,586
-
-
853,586
-
2025
2023 LTI - time based
1/07/2023
1/07/2026
0.340
-
419,206
-
-
419,206
-
2027
2023 LTI - performance based
1/07/2023
1/07/2026
0.599
-
628,809
-
-
628,809
-
2027
Sub Total
3,254,224
1,901,601
(1,096,233)
(700,869)
3,358,723
Ken Coon
2020 LTI - time based
1/07/2020
1/07/2023
0.125
440,171
-
(440,171)
-
-
100%
2024
2020 LTI - performance based
1/07/2020
1/07/2023
0.137
660,257
-
(231,090)
(429,167)
-
35%
2024
2022 cash bonus conversion
1/07/2022
1/07/2023
0.425
308,170
-
(308,170)
-
-
100%
2024
2021 LTI - time based
1/07/2021
1/07/2024
0.330
162,978
-
-
-
162,978
-
2025
2021 LTI - performance based
1/07/2021
1/07/2024
0.371
244,466
-
-
-
244,466
-
2025
2022 LTI - time based
1/07/2022
1/07/2025
0.425
151,599
-
-
-
151,599
-
2026
2022 LTI - performance based
1/07/2022
1/07/2025
0.453
227,398
-
-
-
227,398
-
2026
2023 STI - time based
1/07/2023
1/07/2024
0.340
-
642,605
-
-
642,605
-
2025
2023 LTI - time based
1/07/2023
1/07/2026
0.340
-
185,642
-
-
185,642
-
2027
Annual Report 2024
43
Remuneration report
continued
2023 LTI - performance based
1/07/2023
1/07/2026
0.599
-
278,462
-
-
278,462
-
2027
Sub Total
2,195,039
1,106,709
(979,431)
(429,167)
1,893,150
Yoshio Nagai
2020 LTI - time based
1/07/2020
1/07/2023
0.125
468,267
-
(468,267)
-
-
100%
2024
2020 LTI - performance based
1/07/2020
1/07/2023
0.137
702,401
-
(245,841)
(456,560)
-
35%
2024
2022 cash bonus conversion
1/07/2022
1/07/2023
0.425
327,908
-
(327,908)
-
-
100%
2024
2021 LTI - time based
1/07/2021
1/07/2024
0.330
173,416
-
-
-
173,416
-
2025
2021 LTI - performance based
1/07/2021
1/07/2024
0.371
260,124
-
-
-
260,124
-
2025
2022 LTI - time based
1/07/2022
1/07/2025
0.425
160,695
-
-
-
160,695
-
2026
2022 LTI - performance based
1/07/2022
1/07/2025
0.453
241,042
-
-
-
241,042
-
2026
2023 STI - time based
1/07/2023
1/07/2024
0.340
-
681,162
-
-
681,162
-
2025
2023 LTI - time based
31/08/2023
1/07/2026
0.240
-
196,780
-
-
196,780
-
2027
2023 LTI - performance based
31/08/2023
1/07/2026
0.418
-
295,170
-
-
295,170
-
2027
2023 MD Award
31/08/2023
3/10/2023
0.260
-
140,000
(140,000)
-
-
100%
2024
Sub Total
2,333,853
1,313,112
(1,182,016)
(456,560)
2,008,389
Bernard Rowe
2020 LTI - time based
6/11/2020
1/07/2023
0.195
1,344,516
-
(1,344,516)
-
-
100%
2024
2020 LTI - performance based
6/11/2020
1/07/2023
0.167
2,016,774
-
(705,871)
(1,310,903)
-
35%
2024
2021 LTI - time based
5/11/2021
1/07/2024
0.790
540,220
-
-
-
540,220
-
2025
2021 LTI - performance based
5/11/2021
1/07/2024
0.724
810,331
-
-
-
810,331
-
2025
2022 LTI - time based
4/11/2022
1/07/2025
0.570
560,084
-
-
-
560,084
-
2026
2022 LTI - performance based
4/11/2022
1/07/2025
0.525
840,125
-
-
-
840,125
-
2026
2023 STI - time based
3/11/2023
1/07/2024
0.175
-
1,753,764
-
-
1,753,764
-
2025
2023 LTI - time based
3/11/2023
1/07/2026
0.175
-
792,982
-
-
792,982
-
2027
2023 LTI - performance based
3/11/2023
1/07/2026
0.162
-
1,189,472
-
-
1,189,472
-
2027
Sub Total
6,112,050
3,736,218
(2,050,387)
(1,310,903)
6,486,978
Chad Yeftich
2020 LTI - time based (1)
6/11/2020
1/07/2023
0.125
602,894
-
(602,894)
-
-
100%
2024
2020 LTI - performance based (1)
6/11/2020
1/07/2023
0.137
602,894
-
(211,013)
(391,881)
-
35%
2024
ioneer
44
2022 cash bonus conversion (1)
1/07/2022
1/07/2023
0.425
104,103
-
(104,103)
-
-
100%
2024
2021 LTI - time based (1)
5/11/2021
1/07/2024
0.510
223,084
-
-
-
223,084
2025
2021 LTI - performance based (1)
5/11/2021
1/07/2024
0.457
223,084
-
-
-
223,084
-
2025
2022 LTI - time based
1/07/2022
1/07/2025
0.615
204,658
-
-
-
204,658
-
2026
2022 LTI - performance based
1/07/2022
1/07/2025
0.645
306,987
-
-
-
306,987
-
2026
2023 STI - time based
1/07/2023
1/07/2024
0.340
-
694,014
-
-
694,014
-
2025
2023 LTI - time based
31/08/2023
1/07/2026
0.240
-
250,616
-
-
250,616
-
2027
2023 LTI - performance based
31/08/2023
1/07/2026
0.418
-
375,924
-
-
375,924
-
2027
2023 MD Award
31/08/2023
3/10/2023
0.260
-
140,000
(140,000)
-
-
100%
2024
Sub Total
2,267,704
1,460,554
(1,050,010)
(391,881)
2,278,367
Matt Weaver
2020 LTI - time based
1/07/2020
1/07/2023
0.125
800,737
-
(800,737)
-
-
100%
2024
2020 LTI - performance based
1/07/2020
1/07/2023
0.137
1,201,106
-
(420,388)
(780,718)
-
35%
2024
2022 cash bonus conversion
1/07/2022
1/07/2023
0.425
467,189
-
(467,189)
-
-
100%
2024
2021 LTI - time based
1/07/2021
1/07/2024
0.330
345,907
-
-
-
345,907
-
2025
2021 LTI - performance based
1/07/2021
1/07/2024
0.371
518,860
-
-
-
518,860
-
2025
2022 LTI - time based
1/07/2022
1/07/2025
0.425
323,663
-
-
-
323,663
-
2026
2022 LTI - performance based
1/07/2022
1/07/2025
0.453
485,495
-
-
-
485,495
-
2026
2023 STI - time based
1/07/2023
1/07/2024
0.340
-
939,275
-
-
939,275
-
2025
2023 LTI - time based
31/08/2023
1/07/2026
0.240
-
481,276
-
-
481,276
2027
2023 LTI - performance based
31/08/2023
1/07/2026
0.418
-
721,914
-
-
721,914
2027
Sub Total
4,142,957
2,142,465
(1,688,314)
(780,718)
3,816,390
Total
23,436,586
14,734,691
(8,760,215)
(4,070,098)
25,340,964
Annual Report 2024
45
Remuneration report
continued
4.5
Key terms of executive KMP employment contracts
4.5.1
Notice and termination payments
Table 19 sets out for the contractual provisions for current executive KMP
Table 19: KMP contracts
Position
Contract Type
Notice Period
for Company
Notice Period
for Employee
Termination
Payment for
Change of
control
Treatment of
STI on
termination
Treatment of
unvested LTI
on termination
Executive chair
12 months
1 month
1 month
Nil
Pro-rata for
time served as
executive
Lapses
MD
Open term
agreement
6 months
6 months
12 months
Pro-rata for
good leavers
Lapses
Executive KMP
Open term
agreement
6 Months
3 Months
12 months
Pro-rata for
good leavers
Lapses
Termination payments are calculated based upon base salary at the date of termination. No payment is made for termination
due to gross misconduct.
4.5.2
Executive Directors’ employment agreements
Table 20: Executive chair contract
Feature
Approach
Term
Expected to continue until a Final Investment Decision (FID) has been accomplished. The FID is
expected to be achieved in FY2025.
Base Salary
US$312,000 per annum. This is in addition to the existing non-executive chair remuneration of
US$185,000.
Base salary does not include pension and non-cash benefits.
STI
For FY2024, the executive chair was eligible for a target bonus that is 60% of base salary.
Maximum STI is 200% of target (120% of base salary).
Further details are discussed in section 4.3.2
Equity Grants
For FY2024, the executive chair was eligible for an equity grant at 60% of base salary in the form
of PRs.
60% of the PRs will be performance based. 40% of the PRs will be time based. As the executive
chair’s contract is defined in U.S. dollars, the number of PRs awarded is calculated using a VWAP
up to and including 30 June each year and the closing exchange rate as at 30 June.
Performance based awards may range from 0 to 200% of grant based upon achievement of pre-
established targets. Maximum performance-based PRs is 72% of base salary. Time based PRs is
24% of base salary.
Further details are discussed in section 4.3.3
Termination
Either party may terminate the contract with one month’s notice. The Company may also
terminate the contract without notice in circumstances such as material breach or serious
misconduct.
Table 21: Managing director contract
Feature
Approach
Term
Open term agreement
ioneer
46
Feature
Approach
Base Salary
AU$557,400 per annum.
Base salary does not include superannuation and non-cash benefits.
STI
For FY2024, the MD was eligible for a target bonus that is 80% of base salary. Maximum STI is
200% of target (160% of base salary).
Further details are discussed in section 4.3.2
Equity Grants
For FY2024, the MD was eligible for an equity grant at 120% of base salary in the form of PRs.
60% of the PRs will be performance based. 40% of the PRs will be time based.
Performance based awards may range from 0 to 200% of grant based upon achievement of pre-
established targets. Maximum performance-based PRs is 144% of base salary. Time based PRs is
48% of base salary.
Further details are discussed in section 4.3.3
Termination
By executive: 6 months’ notice
By company: 6 months’ notice
Table 22: Other executive contracts
Feature
Approach
KMP
Senior vice president engineering & operations
Chief financial officer
Vice president human resources
Vice president commercial sales & marketing
Vice president corporate development & external affairs
Term
Open-term agreements
Base Salary
See section 4.3.1
Base salary does not include superannuation and non-cash benefits.
STI
For FY2024, the:
•
Senior vice president engineering & operations was eligible for a target bonus that is
50% of base salary. Maximum STI is 200% of target (100% of base salary.
•
Chief financial officer was eligible for a target bonus that is 50% of base salary.
Maximum STI is 200% of target (100% of base salary).
•
Vice president human resources was eligible for a target bonus that is 40% of base
salary. Maximum STI is 200% of target (80% of base salary).
•
Vice president commercial sales & marketing was eligible for a target bonus that is
40% of base salary. Maximum STI is 200% of target of target (80% of base salary).
•
Vice president commercial corporate development & external affairs was eligible for a
target bonus that is 40% of base salary. Maximum STI is 200% of target of target (80%
of base salary).
Further details are discussed in section 4.3.2
Annual Report 2024
47
Remuneration report
continued
Feature
Approach
Equity Grants
For FY2024, 60% of the PRs will be performance based. 40% of the PRs will be time based.
Performance-based awards may range from 0 to 200% of grant based upon achievement of pre-
established targets.
For FY2024, the:
•
Senior vice president engineering & operations was eligible for an equity grant at
85% of base salary in the form of PRs. Maximum performance-based PRs is 102% of
base salary. Time based PRs is 34% of base salary.
•
Chief financial officer was eligible for an equity grant at 85% of base salary in the form
of PRs. Maximum performance-based PRs is 102% of base salary. Time based PRs is
34% of base salary.
•
Vice president human resources was eligible for an equity grant at 40% of base salary
in the form of PRs. Maximum performance-based PRs is 48% of base salary. Time
based PRs is 16% of base salary.
•
Vice president commercial sales & marketing was eligible for an equity grant at 40% of
base salary in the form of PRs. Maximum performance-based PRs is 48% of base
salary. Time based PRs is 16% of base salary.
•
Vice president commercial corporate development & external affairs was eligible for
an equity grant at 50% of base salary in the form of PRs. Maximum performance-based
PRs is 60% of base salary. Time based PRs is 20% of base salary.
Further details are discussed in section 4.3.3
Termination
By executive: 3 months’ notice
By company: 6 months’ notice
ioneer
48
5. Non-executive Director remuneration policy
5.1
Remuneration Policy
Remuneration for Non-executive Directors (NEDs) is subject to the aggregate limit of A$1,000,000 per annum which was set
by shareholders at the 2017 Annual Meeting. This includes superannuation and other retirement benefits and does not
include any payments made to the executive chair for his role as an executive.
Fees for Non-executive Directors are fixed and are not linked to the financial performance of the Company. In addition to
Board and Committee fees, Non-executive Directors are entitled to be reimbursed for all reasonable travel, accommodation
and other expenses incurred in attending meetings of the Board, Committees, or shareholders or while engaged on Ioneer
business.
Table 23 sets out the Board fee structure effective 1 July 2023. The fees do not include superannuation or other retirement
benefits.
Table 23: Board fees
Chair
Member
Cash
Equity
Cash
Equity
Board
$150,000
$35,000
$60,000
$25,000
Audit & Risk committee
$5,000
-
-
-
Remuneration committee
$5,000
-
-
-
Projection Execution committee
$5,000
-
-
-
Environmental, Health, Safety and Sustainability
committee
$5,000
-
-
-
5.2
NED equity
As discussed in Table 23, a portion of the NED fees are paid in the form of share rights. Table 24 presents the terms of the
NED equity arrangement.
Table 24: NED equity terms
Feature
Approach
Purpose
Issued in lieu of paying remuneration in cash.
Participants
The executive chair and NEDs.
Instruments issued
Share Rights (SRs).
Allocation value
10-day VWAP up to the AGM.
Value of SRs to be granted
Executive chair: US$35,000 (18.9% of total non-executive chair fees).
NEDs: US$25,000 (27.8% of total NED fees).
Vesting Date
1 year from date of approval.
Acquisition of SRs and shares
PRs are issued by the company and held by the participant subject to the satisfaction of the time
requirement. The number of SRs held may be adjusted pro-rata, consistent with ASX adjustment
factors for any capital restructure.
If the SRs vest, NEDs receive newly issued shares.
Treatment of dividends and
voting rights
PRs do not have voting rights or provide dividend payments.
Equity Incentive Plan and/or
clawback
N/A
Restriction on hedging
Hedging of SRs by NEDs is not permitted.
Treatment on termination
Some or all of the grants may remain on foot.
Annual Report 2024
49
The above consolidated statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes.
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ϯϬͲ:ƵŶͲϮϯ
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Revenue
Finance income
4
1,411
3,321
Expenses
Employee benefits expense
23
(5,344)
(5,967)
Exploration expenditure written off
3
(31)
(45)
Other expenses
3
(3,850)
(3,684)
Finance costs
4
(11)
(16)
Loss before income tax expense
(7,825)
(6,391)
Income tax expense
5
-
-
Loss after income tax expense for the year attributable to the owners of ioneer
Limited
20
(7,825)
(6,391)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation
(45)
(2,523)
Other comprehensive income for the year, net of tax
(45)
(2,523)
Total comprehensive income/(loss) for the year attributable to the owners of
ioneer Limited
(7,870)
(8,914)
Cents
Cents
Diluted earnings per share
25
(0.31)
(0.30)
ioneer
50
Consolidated statement of profit or loss
and other comprehensive income
For the year ended 30 June 2024
The above consolidated statement of financial position should be read in conjunction with the
accompanying notes.
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ϯϬͲ:ƵŶͲϮϯ
ΨΖϬϬϬ
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Assets
Current assets
Cash and cash equivalents
6
35,715
52,709
Receivables
7
324
353
Prepayments
8
19
-
Total current assets
36,058
53,062
Non-current assets
Receivables
9
276
307
Plant and equipment
10
406
522
Right-of-use assets
11
71
202
Exploration and evaluation expenditure
12
187,664
152,226
Total non-current assets
188,417
153,257
Total assets
224,475
206,319
Liabilities
Current liabilities
Payables
13
4,543
8,340
Lease liabilities
14
41
134
Provisions
15
428
368
Borrowings
16
1,200
-
Total current liabilities
6,312
8,842
Non-current liabilities
Lease liabilities
17
42
78
Total non-current liabilities
42
78
Total liabilities
6,254
8,920
Net assets
218,221
197,399
Equity
Contributed equity
18
281,671
255,364
Reserves
19
(3,098)
(5,438)
Accumulated losses
20
(60,352)
(52,527)
Total equity
218,221
197,399
Annual Report 2024
51
Consolidated statement
of financial position
As at 30 June 2024
The above consolidated statement of changes in equity should be read in conjunction with the
accompanying notes.
Total equity
Issued
capital
Foreign
currency
transaction
reserve
Equity
compensation
reserve
Accumulated
losses
$'000
$'000
$'000
$'000
$'000
Balance at 1 July 2022
254,273
(10,193)
5,755
(46,136)
203,699
Loss after income tax expense for the year
-
-
-
(6,391)
(6,391)
Foreign currency exchange differences
-
(2,523)
-
-
(2,523)
Total comprehensive income for the
year
-
(2,523)
-
(6,391)
(8,914)
Share-based payments
Share-based payments
expensed/capitalised
-
-
2,626
-
2,626
Fair value of performance rights vested
1,103
-
(1,103)
-
-
Share issue costs
(12)
-
-
-
(12)
Balance at 30 June 2023
255,364
(12,716)
7,278
(52,527)
197,399
Total equity
Issued
capital
Foreign
currency
transaction
reserve
Reserves
Retained
profits
$'000
$'000
$'000
$'000
$'000
Balance at 1 July 2023
255,364
(12,716)
7,278
(52,527)
197,399
Loss after income tax expense for the year
-
-
-
(7,825)
(7,825)
Foreign currency exchange differences
-
(45)
-
-
(45)
Total comprehensive income for the year
-
(45)
-
(7,825)
(7,870)
Shares issued from capital raise
25,141
-
-
-
25,141
Options exercised
54
-
-
-
54
Fair value of performance rights vested
1,892
-
(1,892)
-
-
Share issue costs from capital raise
(768)
-
-
-
(768)
Share issue costs from vesting of
performance rights
(12)
-
-
-
(12)
Share-based payments
expensed/capitalised
-
-
4,277
-
4,277
Balance at 30 June 2024
281,671
(12,761)
9,663
(60,352)
218,221
ioneer
52
Consolidated statement
of changes in equity
For the year ended 30 June 2024
The above consolidated statement of cash flows should be read in conjunction with the
accompanying notes.
EŽƚĞ
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ϯϬͲ:ƵŶͲϮϯ
ΨΖϬϬϬ
ΨΖϬϬϬ
Cash flows from operating activities
Payments to suppliers and employees
(7,198)
(8,069)
Net cash used in operating activities
(7,198)
(8,069)
Cash flows from investing activities
Expenditure on mining exploration and evaluation
(36,635)
(33,333)
Purchase of equipment
10
(2)
(601)
Interest received
1,254
1,462
Net cash used in investing activities
(35,383)
(32,472)
Cash flows from financing activities
Proceeds from issue of shares
18
25,141
-
Proceeds from borrowings
1,200
-
Transaction costs related to issues of equity securities
(768)
-
Unlisted options exercised
55
-
Share issue costs from vesting of performance rights
(12)
(12)
Repayment of leases
(130)
(213)
Net cash from/(used in) financing activities
25,486
(225)
Net decrease in cash and cash equivalents
(17,095)
(40,766)
Cash and cash equivalents at the beginning of the financial year
52,709
94,177
Effects of exchange rate changes on cash and cash equivalents
101
(702)
Cash and cash equivalents at the end of the financial year
6
35,715
52,709
Annual Report 2024
53
Consolidated statement
of cash flows
For the year ended 30 June 2024
Note 1. Basis of preparation and
Material accounting policies
1.1. Corporate information
The consolidated financial statements of Ioneer Ltd (the
Company or parent) and its subsidiaries (collectively, the
Group) for the year ended 30 June 2024 was authorised for
issue in accordance with a resolution of the Directors on 17
September 2024.
The Group is a for-profit company limited by shares and
incorporated in Australia whose shares are publicly traded
on the Australian Securities Exchange under the ticker
code "INR" and on Nasdaq under the ticker code "IONR".
The registered office of the Company is suite 16.01, 213
Miller Street, North Sydney, NSW 2060 Australia.
The Group is principally engaged in the development of the
Rhyolite Ridge lithium-boron deposit in the state of
Nevada, United States of America. Further information
about the nature of the Group's operations and activities
is provided in the Directors' Report. Information on the
group structure is set out in Section 8 of this report and
information on other related party disclosures of the
Group is provided in Section 9.
1.2. Basis of preparation
These consolidated financial statements of the Group
have been prepared in accordance with Australian
Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') and the
Corporations Act 2001, as appropriate for for-profit
oriented entities. These financial statements also comply
with International Financial Reporting Standards as issued
by the International Accounting Standards Board ('IASB'),
including new or amended accounting standards effective
for reporting periods beginning 1 July 2023.
The consolidated financial statements have been
prepared on a historical cost basis. The consolidated
financial statements are presented in USD and all values
are rounded to the nearest thousand ($000), except
where otherwise indicated. The Group has prepared the
financial statements on the basis that it will continue to
operate as a going concern.
The
consolidated
financial
statements
provide
comparative information in respect of the previous period.
1.3. New or amended Accounting Standards
and Interpretations
The Group has adopted all of the new or amended
Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') that are
mandatory for the current reporting period.
Any
new
or
amended
Accounting
Standards
or
Interpretations that are not yet mandatory have not been
early adopted.
The adoption of these Accounting Standards and
Interpretations did not have any significant impact on the
financial performance or position of the Group.
The following standards and interpretations that have
recently been issued but are not yet mandatory, have not
been early adopted by the Group for the annual reporting
period ended 30 June 2024. The Group's management
have yet to assess the impact of these new or amended
Accounting Standards and Interpretations, which are most
relevant to the Group are set out below:
Amendments to AASB 101 - Classification of Liabilities
as current or non-current
A liability is classified as current if the entity has no right at
the end of the reporting period to defer settlement for at
least 12 months after the reporting period. The AASB
issued amendments to AASB 101 Presentation of Financial
Statements to clarify the requirements for classifying
liabilities as current or non-current. Specifically:
-
The amendments specifying the conditions which
exist at the end of the reporting period are those
which will be used to determine if a right to defer
settlement of a liability exists.
-
Management intention or expectation does not
affect classification of liabilities.
-
in cases where an instrument with a conversion
option is classified as a liability, the transfer of equity
instruments would constitute settlement of the
liability for the purpose of classifying it as current or
non-current.
-
The Group is currently assessing the impact the
amendments will have on current practice and
whether existing loan agreements may require
renegotiation.
AASB 18 - Presentation and Disclosure in Financial
Statements
AASB 18 replaces AASB 101 as the standard describing the
primary
financial
statements
and
sets
out
the
requirements for the presentation and disclosure of
information in AASB-compliant financial statements.
Amongst other changes, it introduces the concept of
'management-defined performance measure' to financial
statements and requires the classification of transactions
presented within the statement of profit or loss within one
of five categories - operating, investing, financing, income
taxes and discontinued operations. It also provides
ioneer
54
Notes to the consolidated
financial statements
enhanced
requirements
for
the
aggregation
and
disaggregation of information.
The Group is currently assessing the impact the
amendments will have on current practice.
1.4. Basis of consolidation
Controlled entities
The consolidated financial statements comprise the
financial statements of the Company and its subsidiaries
as at 30 June 2024. Control is achieved when the Group is
exposed, or has rights, to variable returns from its
involvement with the investee and has the ability to affect
those returns through its power over the investee.
Specifically, the Group controls an investee if, and only if,
the Group has:
● Power over the investee (i.e. existing rights that give it
the current ability to direct the relevant activities of the
investee)
● Exposure, or rights, to variable returns from its
involvement with the investee
● The ability to use its power over the investee to affect
its returns
Generally, there is a presumption that a majority of voting
rights results in control. To support this presumption and
when the Group has less than a majority of the voting or
similar rights of an investee, the Group considers all
relevant facts and circumstances in assessing whether it
has power over an investee, including:
● The contractual arrangement(s) with the other vote
holders of the investee
● Rights arising from other contractual arrangements
● The Group's voting rights and potential voting rights
There has been no change in the control of any
subsidiaries during the financial period. All subsidiaries are
100% owned by the Company (2023: 100%).
Transactions eliminated on consolidation
All intercompany balances and transactions, including
unrealised profits arising from intra-group transactions,
have been eliminated in full.
Accounting policies
The financial statements of subsidiaries are prepared for
the same reporting period as the parent company, using
consistent accounting policies.
1.5. Current and non-current classification
The Group presents assets and liabilities in the statement
of financial position based on current and non-current
classification.
An asset is classified as current when: it is either expected
to be realised or intended to be sold or consumed in the
Group's normal operating cycle; it is held primarily for the
purpose of trading; it is expected to be realised within 12
months after the reporting period; or the asset is cash or
cash equivalent unless restricted from being exchanged
or used to settle a liability for at least 12 months after the
reporting period. All other assets are classified as non-
current.
A liability is classified as current when: it is either expected
to be settled in the Group's normal operating cycle; it is
held primarily for the purpose of trading; it is due to be
settled within 12 months after the reporting period; or
there is no unconditional right to defer the settlement of
the liability for at least 12 months after the reporting
period. All other liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as
non-current assets and liabilities.
1.6. Critical accounting estimates and
judgements
The preparation of these financial statements in
conformity with Australian Accounting Standards has
required management to make judgements, estimates and
assumptions which impact the application of policies and
reported amounts of assets and liabilities, income and
expenses. These estimates and associated assumptions
are based on historical knowledge and various other
factors that are believed to be reasonable in the
circumstance. Actual results may differ from these
estimates.
Estimates and underlying assumptions are reviewed
regularly and revisions to accounting estimates are
reviewed in the period in which the estimate is revised. The
most significant estimates and assumptions are based on
historical knowledge and various other factors that are
believed to be reasonable in the circumstance. Actual
results may differ from these estimates.
Annual Report 2024
55
Notes to the consolidated financial statement
continued
Reserve estimates
Reserves are estimates of the amount of product that can
be economically and legally extracted, processed and sold
from the Group's properties under current and foreseeable
economic conditions. The Group determines and reports
reserves under the standards incorporated in the
Australian Code for Reporting Exploration Results, Mineral
Resources and Ore Reserves, 2012 edition (the JORC
code).
The determination of ore reserves includes estimates and
assumptions about a range of geological, technical and
economic factors including quantities, grades, production
techniques, recovery rates, commodity prices and
exchange rates. Changes in ore reserves impact the
assessment of recoverability of exploration and evaluation
assets.
Estimating the quantity and/or grade of reserves requires
the size, shape and depth of ore to be determined by
analysing geological data. This process may require
complex and difficult judgements to interpret the data,
Additional information about the Group's Reserves and
Resources is set out in the 'Other Information' section.
Exploration and evaluation assets
The Group's policy for exploration and evaluation
expenditure is set out in Note 12. The application of this
policy requires certain judgements, estimates and
assumptions as to the future events and circumstances, in
particular the assessment of whether economic quantities
of reserves will be found. Any such estimates and
assumptions may change as new information becomes
available. If, after capitalisation of expenditure under the
policy, it is concluded that the capitalised expenditure will
not be recovered by future exploitation or sale, then the
relevant amount will be written off in the statement of
profit and loss. Changes in assumptions may result in a
material adjustment to the carrying amount of exploration
and evaluation assets.
Share-based payment transactions
The
Group
measure
the
cost
of
equity-settled
transactions with employees by reference to the fair value
of the equity investments at the date on which they are
granted.
1.7. Foreign currency transactions and
balances
Functional and presentation currency
The functional currency of each of the Group's entities is
measured using the currency of the primary economic
environment in which that entity operates.
The functional currency of the entities in the Group is
predominately US Dollars, with the exception of Ioneer Ltd
which has a functional currency of Australian Dollars.
Transactions and balances
Foreign currency transactions are translated at the foreign
exchange rate at the date of transaction. Monetary assets
and liabilities denominated in a foreign currency at the end
of the reporting period are translated at the year-end
exchange rate. Exchange differences arising on the
translation of monetary items are recognised in the
statement of profit and loss.
Non-monetary items measured at historical cost continue
to be carried at the exchange rate at the date of
transaction.
Exchange
differences
arising
on
the
translation of non-monetary items are recognised directly
in other comprehensive income to the extent that the
underlying
gain
or
loss
is
recognised
in
other
comprehensive
income;
otherwise,
the
exchange
difference is recognised in the profit and loss.
Presentation of foreign exchange gains or losses in the
statement of profit or loss
The Group presents its foreign exchange gains and losses
within net financing income/(costs) in the statement of
profit and loss.
Borrowings
Loans and borrowings are initially recognised at the fair
value of the consideration received, net of transaction
costs. They are subsequently measured at amortised cost
using the effective interest method.
Finance costs
Finance costs attributable to qualifying assets are
capitalised as part of the asset. All other finance costs are
expensed in the period in which they are incurred
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56
2.1. Operating Segments
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and
incur expenses; including revenues and expenses that relate to transactions with any of the Group's other components. An
operating segment's operating results are reviewed regularly by the Chief Operating Decision Maker (CODM) to make
decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial
information is available. The Management Director is considered to be the CODM and is empowered by the Board to allocate
resources and assess the performance of the Group.
Segment results that are reported to the CODM include items directly attributable to a segment as well as those that can be
allocated on a reasonable basis.
Description of segments
The Company operates predominantly as a mineral exploration and development company. The operating segments are
based on the reports reviewed by the Managing Director for assessing performance and determining the allocation of
resources and strategic decision making within the Group.
North America
Represents activity in the US primarily in relation to Rhyolite Ridge and the Reno office.
Australia
Represents head office expenditure, including ASX listing costs, employee benefits, exchange
gains and losses and corporate assets (predominantly cash).
North
America
North
America
Australia
Australia
Total
Total
Segment information
30-Jun-24
30-Jun-23
30-Jun-24
30-Jun-23
30-Jun-24
30-Jun-23
(US$’000)
Exploration and evaluation
expenditure
Exploration and evaluation
expenditure - non-core
(31)
(45)
-
-
(31)
(45)
Other expenses
(2,383)
(1,356)
(1,467)
(2,328)
(3,850)
(3,684)
Reportable segment profit / loss
(2,414)
(1,401)
(1,467)
(2,328)
(3,881)
(3,729)
Employee benefits and other
expenses
(2,407)
(2,043)
(2,937)
(3,924)
(5,344)
(5,967)
Net financing (expense) /
income
(1,802)
(25)
3,202
3,330
1,400
3,305
Net loss before income tax
(6,623)
(3,469)
(1,202)
(2,922)
(7,825)
(6,391)
Annual Report 2024
57
Notes to the consolidated financial statement
continued
Exploration and evaluation
assets
187,664
152,226
-
-
187,664
152,226
Other assets
8,576
5,258
28,235
48,835
36,811
54,093
Total assets
196,240
157,484
28,235
48,835
224,475
206,319
Payables
4,442
7,547
142
927
4,584
8,474
Provisions
177
167
251
201
428
368
Borrowings
1,200
-
-
-
1,200
-
Total current liabilities
5,819
7,714
393
1,128
6,212
8,842
Payables
(8)
77
50
-
42
78
Total non-current liabilities
(8)
77
60
-
42
78
Total liabilities
5,811
7,791
443
1,128
6,254
8,920
Net assets
190,429
149,693
27,792
47,707
218,221
197,399
Major customers
This Company has no major customers and nil revenues (2023: nil)
Note 3. Expenses
.
30-Jun-24
30-Jun-23
Impairment
$'000
$'000
Exploration expenditure written off
(31)
(45)
(31)
(45)
Other expenses
30-Jun-24
30-Jun-23
General and administration expenses
1,668
2,751
Consulting and professional costs
1,922
881
Depreciation and amortisation
260
52
Total other expenses
3,850
3,684
.
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58
30-Jun-24
30-Jun-23
$'000
$'000
Interest income from external parties
1,293
1,484
Other revenue
-
26
Net foreign exchange gain
57
1,811
Finance income
1,350
3,321
Bank charges
(9)
(6)
Lease interest
(2)
(10)
Finance costs
(11)
(16)
Net finance income
1,400
3,305
Note 5. Income tax benefit
30-Jun-24
30-Jun-23
$'000
$'000
Numerical reconciliation of income tax benefit and tax at the statutory rate
Loss before income tax expense
(7,825)
(6,391)
Tax at the statutory tax rate of 30%
(2,348)
(1,917)
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Difference in tax rates
232
224
Non-deductible expenses
746
1,113
Foreign exchange and other translation adjustments
(130)
(586)
Additional tax-deductible expenditure
(7)
(166)
Unrecognised tax losses relating to current year
1,507
1,181
Adjustment for prior years
-
151
Income tax benefit
-
-
No provision for income tax is considered necessary in respect of the Company for the year ended 30 June 2024. No
recognition has been given to any future income tax benefit which may arise from operating losses not claimed for tax
purposes (2023: nil). The Group has estimated tax loss positions across the Group as follows:
30-Jun-2024 30-Jun-2023
$'000
$'000
Deferred tax relates to the following:
Foreign exchange gain/loss
(1,368)
(1,238)
Losses available for offsetting against future taxable income
1,368
1,238
Net deferred tax asset
-
-
Annual Report 2024
59
Notes to the consolidated financial statement
continued
The Group has tax losses for which no deferred tax assets has been recognised on the Statement of Financial Position that
amounted to $34.9 million (2023: $29.2 million).
30-Jun-24
30-Jun-23
$'000
$'000
Total tax losses
45,017
39,501
Deferred tax recognised
(4,560)
(4,126)
40,457
35,375
Jurisdiction
Revenue Losses
Australia
$'000
USA
$'000
Canada
$'000
Total
$’000
Balance at the beginning of the period
12,591
17,804
188
30,583
Movement during the period
(200)
5,283
-
5,083
Balance at the end of the period
12,390
23,087
188
35,666
Jurisdiction
Capital Losses
Non-recognised tax losses - capital
Australia
$'000
USA
$'000
Canada
$'000
Total
$'000
Balance at the beginning of the period
4,792
-
-
4,792
Movement during the period
-
-
-
-
Total capital tax losses not recognised
4,792
-
-
4,792
Total revenue and capital tax losses not recognised
17,182
23,087
188
40,457
These amounts will only be obtained if:
•
the Company and Controlled Entities derive future assessable income of a nature and of an amount
sufficient to enable the benefit from the deductions for the losses to be realised.
•
the Company and Controlled Entities continue to comply with the conditions for deductibility imposed by
the law, and
•
no changes in tax legislation adversely affect the Company and Controlled Entities in realising the benefit
from the deductions for the losses, i.e. current tax legislation permits carried forward tax losses to be carried
forward indefinitely.
•
the accumulated tax losses in Australia may be carried forward and offset against taxable income in the
future for an indefinite period, subject to meeting Australian tax rules around continuity of ownership or
business continuity test.
•
The accumulated tax losses in the USA can be carried forward and used to offset future taxable income for
a period of 20 years from the year in which the losses were incurred and losses will start to expire from the
year 2027 onwards.
Ioneer Ltd is not part of an Australian tax-consolidated group. Current and deferred tax amounts (if any) are measured as a
stand-alone taxpayer. There are no tax funding arrangements or tax sharing agreements in place.
The Group has additional tax value embedded in the Rhyolite Ridge exploration asset. Future deductibility is expected
against anticipated assessable income from the Project once in production.
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60
Note 6. Current assets - cash and cash equivalents
30-Jun-24
30-Jun-23
$'000
$'000
Cash at bank
19,205
16,238
Short term deposits
16,510
36,471
35,715
52,709
30-Jun-24
30-Jun-23
Cash flow reconciliation
$'000
$'000
Reconciliation of net cash outflow from operating activities to operating loss after tax
Loss for the period
(7,825)
(6,391)
Adjustments to reconcile profit to net cash flows
Depreciation
118
52
Exploration expenditure written-off
31
45
Share-based payments
1,633
1,378
Net foreign exchange differences - unrealised
(96)
(1,811)
Interest income
(1,293)
(1,484)
Interest expense
11
9
(Increase)/decrease in trade and other receivables
(50)
(96)
(Decrease)/increase in provisions and employee benefits
(60)
(130)
Increase/(decrease) in accounts payables
344
350
Interest paid
(11)
(9)
Net cash flow from operating activities
(7,198)
(8,069)
Cash and short-term deposits in the statement of financial position comprise cash at bank and on hand and short term highly
liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to
an insignificant risk of changes in value.
Note 7. Current assets - receivables
30-Jun-24
30-Jun-23
$'000
$'000
Other debtors
195
246
Prepayments
129
107
Total current receivables
324
353
Receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest
rate method less provision for impairment. Impairment losses, if any, are recognised in the profit and loss.
Annual Report 2024
61
Notes to the consolidated financial statement
continued
Note 8. Current assets - other
30-Jun-24
30-Jun-23
$'000
$'000
Prepayments
19
-
Note 9. Non-current assets - receivables
30-Jun-24
30-Jun-23
$'000
$'000
Other debtors
276
307
Non-current other debtors represent security deposits.
Note 10. Non-current assets - property, plant and equipment
30-Jun-24
30-Jun-23
$'000
$'000
Plant and equipment - at cost
606
629
Less: Accumulated depreciation
(200)
(107)
Total plant and equipment
406
522
30-Jun-24
30-Jun-23
Reconciliation of the movement
$'000
$'000
Opening balance
522
-
Additions
2
601
Disposals
-
(27)
Depreciation expense
(118)
(52)
Closing balance
406
522
Plant and equipment assets are stated at cost less accumulated depreciation and any impairment in value. Depreciation is
calculated on a straight-line basis over the useful life of the asset being between 1-4 years.
An item of plant and equipment is derecognised upon disposal. Any gain or loss arising on derecognition of the asset
(calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the
statement of profit and loss in the period the item is derecognised.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial
year end adjusted prospectively, if appropriate. At each reporting date, the Group assesses whether there is any indication
that an asset may be impaired. Where an indicator of impairment exists, the Group makes a formal estimate of the
recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered
impaired and is written down to its recoverable amount. Recoverable amount is the greater of fair value less costs to sell and
value in use.
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62
Note 11. Non-current assets - right-of-use assets
30-Jun-24
30-Jun-23
$'000
$'000
Plant and equipment - right-of-use
368
356
Less: Accumulated depreciation
(297)
(154)
Total right-of-use assets
71
202
30-Jun-24
30-Jun-23
Reconciliation of the movement
$'000
$'000
Opening balance
202
245
Additions
11
161
Depreciation expense
(142)
(206)
Foreign exchange translation difference
-
2
Closing balance
71
202
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is
available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and
adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities
recognised, initial direct costs incurred, and lease payments made at or before commencement date less any less incentives
received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the
recognised right-of-use assets are depreciated on a straight-line basis over the shorter of their estimated useful life and the
lease term. Right-of-use assets are subject to impairment. The current lease terms range between 1-4 years (2023: 1-4
years).
Note 12. Non-current assets - exploration and evaluation
Exploration and evaluation expenditure incurred by or on behalf of the Group is accumulated separately for each area of
interest. Such expenditure comprises net direct costs and an appropriate portion of related overhead expenditure but does
not include general overheads or administrative expenditure not having a specific connection with a particular area of
interest.
Exploration and evaluation costs in relation to separate areas of interest for which rights of tenure are current are brought
to account in the year in which they are incurred and carried forward provided that:
●
such costs are expected to be recouped through successful development and exploitation of the area, or alternatively
through its sale; or
●
exploration and/or evaluation activities in the area have not yet reached a stage which permits a reasonable
assessment of the existence or otherwise of economically recoverable reserves.
The types of costs recognised as exploration and evaluation assets include costs to acquire the legal rights to explore in the
specific area and costs incurred in respect of the search for mineral resources, determination of technical feasibility and the
assessment of commercial viability of an identified resource, in accordance with AASB 6.
A Final Investment Decision (FID) to develop the Project is expected to be made after considering the following key factors:
required permits are in place, engineering has reached construction ready status, adequate offtake agreements have been
signed to underwrite any debt requirements, and the Project is funded through a mix of equity and debt. In order for FID and
to attract funding, the Project will need to demonstrate technical feasibility and commercial viability.
Annual Report 2024
63
Notes to the consolidated financial statement
continued
Once FID has been taken, all past and future exploration and evaluation assets in respect of the area of interest are tested
for impairment and transferred to the costs of development. To date, no development decision has been made.
The Directors assess at each reporting date whether there is an indication that an asset has been impaired and for
exploration and evaluation costs carried forward whether the above carry forward criteria are met. No indicators of
impairment have been identified as at 30 June 2024.
When the above criteria do not apply or when the Directors assess that the carrying value may exceed the recoverable
amount, the accumulated costs in respect of areas of interest are written off in the Statement of profit and loss and other
comprehensive income.
30-Jun-24
30-Jun-23
$'000
$'000
Exploration assets
187,664
152,226
30-Jun-24
30-Jun-23
Reconciliation of movement
$'000
$'000
Opening balance
152,226
118,487
Additions - Rhyolite Rydge
35,398
33,579
Exploration expenditure - noncore
71
205
Exploration expenditure - written off
(31)
(45)
Carrying amount at the end of the financial year
187,664
152,226
The above amounts represent costs of areas of interest carried forward as an asset in accordance with the accounting policy
described above. The ultimate recoupment of exploration and evaluation expenditure in respect of an area of interest carried
forward is dependent upon the discovery of commercially viable reserves and the successful development and exploitation
of the respective areas or alternatively sale of the underlying areas of interest for at least their carrying value. Amortisation,
in respect of the relevant area of interest, is not charged until a mining operation has commenced.
Exploration and evaluation costs carried forward relate primarily to the Rhyolite Ridge Lithium-Boron Project in Nevada, USA.
Exploration and evaluation expenditure on all other tenements owned by the Company have been fully impaired where
applicable.
Note 13. Current liabilities - payables
30-Jun-24
30-Jun-23
$'000
$'000
Trade payables
4,056
6,805
Accrued expenses
487
1,535
Total current payables
4,543
8,340
All financial liabilities are recognised initially at fair value net of directly attributable transaction costs.
After initial measurement, financial liabilities are subsequently measured at amortised cost. Current payables, other than
lease liabilities, due to their short-term nature, are measured at amortised cost and are not discounted.
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64
The current payables, other than lease liabilities, are unsecured and are non-interest bearing generally on 30-60 day terms.
The carrying amounts approximate fair value.
Note 14. Current liabilities - lease liabilities
30-Jun-24
30-Jun-23
$'000
$'000
Lease liability
41
134
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease
payments to be made over the lease term. The lease payment includes fixed payments (including in-substance fixed
payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase
option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term
reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate
are recognised as expense in the period on which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease
commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the
amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In
addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in lease term, a change in
the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.
Note 15. Current liabilities - provisions
30-Jun-24
30-Jun-23
$'000
$'000
Provision for employee benefits
428
368
Provisions are made for the Group's liability for employee benefits arising from services rendered by employees to the end of
the reporting period. Employee benefits that are expected to be settled within one year have been measured at the amounts
expected to be paid when the liability is settled. Employees benefits payable later than one year have been measured at the
present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration
is given to employee wage increases and the probability that the employee may satisfy vesting requirements. Those cash
flows are discounted using market yields on high quality corporate bonds with terms to maturity that match the expected
timing of cash flows.
Annual Report 2024
65
Notes to the consolidated financial statement
continued
Note 16. Current liabilities - borrowings
30-Jun-24
30-Jun-23
$'000
$'000
Other current debt
1,200
-
Current debt is comprised of an unsecured loan from Sibanye Stillwater Limited. The loan will mature and be repaid in full 30
days following the termination of the strategic partnership unit purchase agreement (an agreement with Sibanye Stillwater
Limited to make an equity investment of $490 million for a 50% share of the Rhyolite Ridge Project as announced on 16
September 2021) by either party, or alternatively, will be deducted from the initial capital commitment ($490 million) under
the unit purchase agreement at closing (that is when all conditions precedent to the agreement are met and a final
investment decision taken with Sibanye-Stillwater to develop the Rhyolite Ridge Project) . The interest rate is 0% to maturity
date. If unpaid by maturity date, then the interest will be accrued at the Secured Overnight Financing Rate (SOFR) plus 8%
per annum. The SOFR is the cost of borrowing cash overnight collateralised by Treasury securities.
Note 17. Non-current liabilities - lease liabilities
30-Jun-24
30-Jun-23
$'000
$'000
Lease liability
42
78
Note 18. Equity - issued capital
30-Jun-24
30-Jun-23
30-Jun-24
30-Jun-23
Shares
Shares
$'000
$'000
Ordinary shares - fully paid
2,325,614,708 2,098,818,267
281,671
255,364
Movements in ordinary share capital
Details
Shares
$'000
Balance at 30 June 2022
2,091,299,420
254,273
Performance rights vested 1
7,518,847
1,103
Share issue costs
-
(12)
Balance at year ended 30 June 2023
2,098,818,267
255,364
Performance rights vested 1
12,836,169
1,892
Share issue costs from vesting of performance rights
-
(12)
Capital raise
213,602,562
25,141
Share issue costs from capital raise
-
(768)
Options exercised
357,710
54
Balance at year ended 30 June 2024
2,325,614,708
281,671
(1) Ordinary shares issued to employees upon vesting of performance rights
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66
Note 18. Equity - issued capital (continued)
Ordinary shares are classified as equity. There are no restrictions on voting rights. On a show of hands every member present
or by proxy shall have one vote and upon a poll each share shall have one vote. Where a member holds shares, which are not
fully paid, the number of votes to which that member is entitled on a poll in respect of those part paid shares shall be fraction
of one vote which the amount paid up bears to the total issued price thereof. They have the right to receive dividends as
declared and, in the event of winding up of the Company, to participate in the proceeds from the sale of all surplus assets in
proportion to the number of and amounts paid up on shares held.
Incremental costs directly attributable to the issue of new shares, options or rights are shown in equity as a deduction from
the proceeds.
Management controls the capital of the Group in order to maintain a sustainable debt to equity ratio, generate long-term
shareholder value and that the Group can fund its operations and continue as a going concern.
The Group is not subject to any externally imposed capital requirements.
During the year ended 30 June 2024, the Company issued 12,836,169 shares as a consequence of Performance Rights
vesting under the Equity Incentive Plan, 357,710 shares as a result of options exercised, and 213,602,562 shares as a
consequence of a capital raise.
During the year ended 30 June 2023, the Company issued 7,518,847 shares as a consequence of Performance Rights vesting
under the Equity Incentive Plan.
Share schemes
The Company has two share schemes in operation:
●
The Share Option Plan; and
●
The Equity Incentive Plan.
Under these plans, ordinary shares have been granted to senior executives, directors and employees and a number of
consultants. Further details about the operation of these plans are set out in note 26, Share-based payments. The Equity
Incentive Plan is capable of issuing both options and performance rights. The pre-existing Share Option Plan will be phased
out as existing options are issued or expire. The movement in options and performance rights issued under these plans is set
out in the following tables.
Share options
Movement in options on issue for the year ended 30 June 2024
Grant
date
Vesting
date
Expiry date
FV per
option
at grant
date
A$
Exercise
price
A$
Opening
balance
Exercised
Expired
Closing
balance
NEDs (1)
09-Nov-
18
09-Nov-
19
09-Nov-23
0.126
0.242
715,420
(357,710)
(357,710)
-
Ex-NEDs (2)
09-Nov-
18
09-Nov-
19
09-Nov-23
0.126
0.242
715,420
-
(715,420)
-
NEDs (1)
14-Nov-19
14-Nov-
20
14-Nov-24
0.138
0.243
653,594
-
-
653,594
Ex-NEDs (2)
14-Nov-19
14-Nov-
20
14-Nov-24
0.138
0.243
653,594
-
-
653,594
NEDs (1)
16-Nov-
20
16-Nov-21
16-Nov-25
0.138
0.185
652,646
-
-
652,646
Ex-NEDs (2)
16-Nov-
20
16-Nov-21
16-Nov-25
0.138
0.185
978,969
-
-
978.969
Movement for the year ended 30 June 2024
4,369,643
(357,710)
(1,073,130)
2,939,803
Annual Report 2024
67
Notes to the consolidated financial statement
continued
ϲϰ
Grant date
Vesting
date
Expiry date
FV per
option at
grant date
A$
Exercise
price
A$
Opening
balance
Transferred
Closing
balance
NEDs (1)
09-Nov-18
09-Nov-19
09-Nov-23
0.126
0.242
715,420
-
715,420
Ex-NEDs (2)
09-Nov-18
09-Nov-19
09-Nov-23
0.126
0.242
715,420
-
714,420
NEDs (1)
14-Nov-19
14-Nov-20
14-Nov-24
0.138
0.243
653,594
-
653,594
Ex-NEDs (2)
14-Nov-19
14-Nov-20
14-Nov-24
0.138
0.243
653,594
-
653,594
NEDs (1)
16-Nov-20
16-Nov-21
16-Nov-25
0.138
0.185
978,969
(326,323)
652,646
Ex-NEDs (2)
16-Nov-20
16-Nov-21
16-Nov-25
0.138
0.185
652,646
326,323
978.969
Movement for the year ended 30 June 2023
4,369,643
-
4,369,643
(1)
NEDs refers to Non-executive directors.
(2) Ex-NEDs refer to former Non-executive directors.
(3) No options were issued or transferred during the year ended 30 June 2024.
(4) No options were issued, exercised or expired during the year ended 30 June 2023.
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68
Performance rights
Movement in performance rights on issue for the year ended 30 June 2024
Grant
date
Vesting
date
Fair value
per right
at grant
date
A$
Opening
balance
No.
Issued
No.
Exercised
No.
Forfeited
No.
Closing
balance
No.
2020 LTI perf. based - KMP
6-Nov-20
1-Jul-23
0.1665
2,016,774
-
(705,871)
(1,310,903)
-
2020 LTI time based - KMP
6-Nov-20
1-Jul-23
0.1950
1,344,516
-
(1,344,516)
-
-
2020 LTI perf. based – staff
1-Jul-20
1-Jul-23
0.1370
1,527,255
-
(534,541)
(992,714)
-
2020 LTI time based - staff
1-Jul-20
1-Jul-23
0.1250
2,170,190
-
(2,170,190)
-
-
2020 LTI perf. based - KMP
1-Jul-20
1-Jul-23
0.1370
3,642,025
-
(1,274,711)
(2,367,314)
-
2020 LTI time based - KMP
1-Jul-20
1-Jul-23
0.1250
2,428,016
-
(2,428,016)
-
-
Retention on employment
– staff
30-Sep-
20
30-Sep-
23
0.1200
226,129
-
(226,129)
-
-
Retention on employment
– directors
1-Feb-21
1-Feb-24
0.3300
600,000
-
(600,000)
-
-
2021 LTI perf. based - KMP
1-Jul-21
1-Jul-24
0.3710
1,458,852
-
-
-
1,458,852
2021 LTI time based - KMP
1-Jul-21
1-Jul-24
0.3300
972,569
-
-
-
972,569
Retention on employment
– staff
1-Jul-21
1-Jul-24
0.3300
679,146
-
-
-
679,146
2021 LTI perf. based – staff
26-Aug-21
1-Jul-24
0.4570
605,125
-
-
(27,948)
577,177
2021 LTI time based – staff
26-Aug-21
1-Jul-24
0.5100
1,028,040
-
-
(83,845)
944,195
2021 LTI perf. based – KMP
5-Nov-21
1-Jul-24
0.7240
1,567,975
-
-
-
1,567,975
2021 LTI time based – KMP
5-Nov-21
1-Jul-24
0.7900
1,045,316
-
-
-
1,045,316
2021 LTI time based –
directors
5-Nov-21
05-Nov-
22
0.7900
-
-
-
-
-
Retention on employment
- staff
16-Nov-21
16-Nov-24
0.7050
115,000
-
-
-
115,000
2022 LTI perf. based – KMP
1-Jul-22
1-Jul-25
0.4528
1,392,806
-
-
-
1,392,806
2022 LTI time based – KMP
1-Jul-22
1-Jul-25
0.4250
928,538
-
-
-
928,538
Retention on employment
– staff
1-Jul-22
1-Jul-25
0.4250
35,000
-
-
-
35,000
2022 cash bonus
conversion – KMP
1-Jul-22
1-Jul-23
0.4250
1,207,370
-
(1,207,370)
-
-
2022 cash bonus
conversion – staff
1-Jul-22
1-Jul-23
0.4250
929,307
-
(929,307)
-
-
2022 LTI time based – staff
22-Aug-
22
1-Jul-25
0.6800
200,000
-
-
-
200,000
Retention on employment
– directors
25-Aug-
22
25-Aug-
25
0.6600
200,000
-
-
-
200,000
2022 LTI perf. based – staff
1-Sep-22
1-Jul-25
0.6128
59,905
-
-
-
59,905
2022 LTI time based – staff
1-Sep-22
1-Jul-25
0.6500
179,715
-
-
-
179,715
2022 LTI perf. based – KMP
5-Sep-22
1-Jul-25
0.6448
306,987
-
-
-
306,987
2022 LTI time based – KMP
5-Sep-22
1-Jul-25
0.6150
204,658
-
-
-
204,658
2022 LTI perf. based – staff
5-Sep-22
1-Jul-25
0.5780
681,095
-
-
(29,455)
651,640
2022 LTI time based – staff
5-Sep-22
1-Jul-25
0.6150
1,050,312
-
-
(88,364)
961,948
2022 LTI perf. based – KMP
4-Nov-22
1-Jul-25
0.5245
1,249,442
-
-
-
1,249,442
2022 LTI time based – KMP
4-Nov-22
1-Jul-25
0.5700
832,962
-
-
-
832,962
PRs in lieu of directors fees
4-Nov-22
4-Nov-23
0.5700
385,824
-
(385,824)
-
-
Retention on employment
- staff
1-Jan-23
1-Jan-26
0.5700
200,000
-
-
-
200,000
2023 STI time based – staff
1-Jul-23
1-Jul-24
-
548,268
-
-
548,268
2023 STI perf. based - KMP
1-Jul-23
1-Jul-24
-
3,810,642
-
-
3,810,642
2023 STI time based – KMP
3-Nov-23
1-Jul-24
-
2,910,454
-
-
2,910,454
Retention on employment
– directors
3-Nov-23
2-Novl-24
-
1,361,955
-
-
1,361,955
2023 LTI time based – staff
12-Sep-23
1-Jul-26
-
2,249,082
-
-
2,249,082
2023 LTI perf. based – staff
12-Sep-23
1-Jul-26
-
1,361,291
-
-
1,361,291
2023 LTI time based – KMP
12-Sep-23
1-Jul-26
-
1,533,520
-
-
1,533,520
2023 LTI perf. based – KMP
12-Sep-23
1-Jul-26
-
2,300,279
-
-
2,300,279
Retention on employment
– staff
1-Oct-23
30-Sep-
26
-
225,000
-
-
225,000
2023 LTI time based – KMP
12-Sep-23
1-Jul-26
-
1,127,137
-
-
1,127,137
2023 LTI perf. based - KMP
12-Sep-23
1-Jul-26
-
1,690,704
-
-
1,690,704
2023 MD Awards – KMP
1-Oct-23
3-Oct-23
-
280,000
(280,000)
-
-
2023 cash bonus
conversion – staff
29-Sep-
23
1-Oct-23
-
749,694
(749,694)
-
-
Movement for the year ended 30 June 2024
31,470,849
20,148,026
(12,836,169)
(4,900,543)
33,882,163
Annual Report 2024
69
Notes to the consolidated financial statement
continued
Movement in performance rights on issue for the year ended 30 June 2023
Grant
date
Vesting
date
Fair value
per right
at grant
date
A$
Opening
balance
No.
Issued
No.
Exercised
No.
Forfeited
No.
Closing
balance
No.
2019 LTI perf. based - KMP
6-Nov-20
1-Jul-22
0.1695
1,659,763
-
(547,722)
(1,112.041)
-
2019 LTI time based – KMP
6-Nov-20
1-Jul-22
0.1950
1,106,509
-
(1,106,509)
-
-
2019 LTI perf. based – KMP
1-Jul-20
1-Jul-22
0.1400
1,676,363
-
(553,200)
(1,123,163)
-
LTI - KMP
8-Aug-19
1-Jul-22
0.1750
1,125,434
-
(1,125,434)
-
-
Sign on perf. rights – KMP
1-Jul-19
1-Jul-22
0.1352
956,145
-
(956,145)
-
-
Retention on employment
– staff
1-Jul-19
1-Jul-22
0.1352
169,457
-
(169,457)
-
-
Retention on employment
– staff
15-Jul-19
15-Jul-22
0.1850
256,156
-
(256,156)
-
-
Retention on employment
- KMP
1-Aug-19
1-Aug-22
0.1862
741,120
-
(741,120)
-
-
Special award
30-Jun-20
30-Jun-23
0.1300
280,000
-
(280,000)
-
-
Special award
30-Jun-20
30-Jun-23
0.1300
200,000
-
(200,000)
-
-
2020 LTI perf. based - KMP
6-Nov-20
1-Jul-23
0.1665
2,016,774
-
-
-
2,016,774
2020 LTI time based - KMP
6-Nov-20
1-Jul-23
0.1950
1,344,516
-
-
-
1,344,516
2020 LTI perf. based – staff
1-Jul-20
1-Jul-23
0.1370
1,527,255
-
-
-
1,527,255
2020 LTI time based - staff
1-Jul-20
1-Jul-23
0.1250
2,170,190
-
-
-
2,170,190
2020 LTI perf. based - KMP
1-Jul-20
1-Jul-23
0.1370
3,642,025
-
-
-
3,642,025
2020 LTI time based - KMP
1-Jul-20
1-Jul-23
0.1250
2,428,016
-
-
-
2,428,016
Retention on employment
– staff
30-Sep-
20
30-Sep-
23
0.1200
226,129
-
-
-
226,129
Retention on employment
– directors
1-Feb-21
1-Feb-24
0.3300
600,000
-
-
-
600,000
2021 LTI perf. based - KMP
1-Jul-21
1-Jul-24
0.3710
1,458,852
-
-
-
1,458,852
2021 LTI time based - KMP
1-Jul-21
1-Jul-24
0.3300
972,569
-
-
-
972,569
Retention on employment
– staff
1-Jul-21
1-Jul-24
0.3300
679,146
-
-
-
679,146
2021 cash bonus
conversion – KMP
1-Jul-21
1-Jul-22
0.3300
909,173
-
(909,173)
-
-
2021 cash bonus
conversion – staff
1-Jul-21
1-Jul-22
0.3300
469,740
-
(469,740)
-
-
2021 LTI perf. based – staff
26-Aug-21
1-Jul-24
0.4570
605,125
-
-
-
605,125
2021 LTI time based – staff
26-Aug-21
1-Jul-24
0.5100
1,028,040
-
-
-
1,028,040
2021 LTI perf. based – KMP
5-Nov-21
1-Jul-24
0.7240
1,567,975
-
-
-
1,567,975
2021 LTI time based – KMP
5-Nov-21
1-Jul-24
0.7900
1,045,316
-
-
-
1,045,316
2021 LTI time based –
directors
5-Nov-21
5-Nov-22
0.7900
250,598
-
(204,191)
(46,607)
-
Retention on employment
- staff
16-Nov-21
16-Nov-24
0.7050
115,000
-
-
-
115,000
2022 LTI perf. based – KMP
1-Jul-22
1-Jul-25
0.4528
-
1,392,806
-
-
1,392,806
2022 LTI time based – KMP
1-Jul-22
1-Jul-25
0.4250
-
928,538
-
-
928,538
Retention on employment
– staff
1-Jul-22
1-Jul-25
0.4250
-
157,000
-
(122,000)
35,000
2022 cash bonus
conversion – KMP
1-Jul-22
1-Jul-23
0.4250
-
1,207,370
-
-
1,207,370
2022 cash bonus
conversion – staff
1-Jul-22
1-Jul-23
0.4250
-
929,307
-
-
929,307
2022 LTI time based – staff
22-Aug-
22
1-Jul-25
0.6800
-
200,000
-
-
200,000
Retention on employment
– directors
25-Aug-
22
25-Aug-
25
0.6600
-
200,000
-
-
200,000
2022 LTI perf. based – staff
1-Sep-22
1-Jul-25
0.6128
-
59,905
-
-
59,905
2022 LTI time based – staff
1-Sep-22
1-Jul-25
0.6500
-
179,715
-
-
179,715
2022 LTI perf. based – KMP
5-Sep-22
1-Jul-25
0.6448
-
306,987
-
-
306,987
2022 LTI time based – KMP
5-Sep-22
1-Jul-25
0.6150
-
204,658
-
-
204,658
2022 LTI perf. based – staff
5-Sep-22
1-Jul-25
0.5780
-
681,095
-
-
681,095
2022 LTI time based – staff
5-Sep-22
1-Jul-25
0.6150
-
1,050,312
-
-
1,050,312
2022 LTI perf. based – KMP
4-Nov-22
1-Jul-25
0.5245
-
1,249,442
-
-
1,249,442
2022 LTI time based – KMP
4-Nov-22
1-Jul-25
0.5700
-
832,962
-
-
832,962
PRs in lieu of directors fees
4-Nov-22
4-Nov-23
0.5700
-
385,824
-
-
385,824
Retention on employment
- staff
1-Jan-23
1-Jan-26
0.5700
-
200,000
-
-
200,000
Movement for the year ended 30 June 2023
31,227,386
10,165,921
(7.518,947)
(2,403,611)
31,470,849
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70
Note 19. Equity - reserves
30-Jun-24
30-Jun-23
$'000
$'000
Foreign currency translation reserve
(12,761)
(12,716)
Equity compensation reserve
9,663
7,278
Total reserves
(3,098)
(5,438)
The equity compensation reserve is used to recognise the value of equity-settled share-based payments provided to
employees, directors and consultants. The fair value of such compensation is measured using generally accepted valuation
methodologies for pricing financial instruments, and incorporates all factors and assumptions that knowledgeable, willing
market participants would consider in setting the price. The fair value of instruments granted is recognised as an expense or
capitalised if appropriate over the vesting period with a corresponding increase in equity.
The foreign currency translation reserve comprises all foreign exchange differences arising from the following:
●
The translation of the financial statements of foreign operations where the functional currency is different to functional
currency of the parent entity; and
●
Exchange differences arise on the translation of monetary items which form part of the net investment in the foreign
operation.
Movements in reserves
Movements in each class of reserve during the current and previous financial year are set out below:
Equity
compensation
reserve
Foreign
currency
translation
reserve
Total
reserves
$'000
$'000
$'000
Balance at 1 July 2022
5,755
(10,193)
(4,438)
Share based payment expensed/capitalised
2,626
-
2,626
Fair value of performance rights vested
(1,103)
-
(1,103)
Foreign currency translation differences for foreign operations
-
(2,523)
(2,523)
Balance at 30 June 2023
7,278
(12,716)
(5,438)
Share based payment expensed/capitalised
4,277
-
4,277
Fair value of performance rights vested
(1,892)
-
(1,892)
Foreign currency translation differences for foreign operations
-
(45)
(45)
Balance at 30 June 2024
9,663
(12,761)
(3,098)
.
Annual Report 2024
71
Notes to the consolidated financial statement
continued
Note 20. Equity - accumulated losses
30-Jun-24
30-Jun-23
$'000
$'000
Accumulated losses at the beginning of the financial year
(52,527)
(46,136)
Loss after income tax expense for the year
(7,825)
(6,391)
Accumulated losses at the end of the financial year
(60,352)
(52,527)
.
Note 21. Equity - dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Note 22. Financial instruments
22.1. Classification and measurement
The carrying values of financial assets and liabilities of the Group approximate their value.
The Group measures and recognises in the statement of financial position on a recurring basis certain assets and liabilities
at fair value in accordance with AASB 13 Fair value measurement. The fair value must be estimated for recognition and
measurement or for disclosure purposes in accordance with the following hierarchy:
Level 1:
Quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2:
Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly (as prices) or indirectly (derived from prices); and
Level 3:
Inputs for the assets or liabilities which are not based on observable market data (unobservable inputs).
The Group has no financial assets where the carrying amount exceeds net fair values at balance date. The Group's
receivables at balance date are detailed in Section X of this report.
22.2. Financial risk management
Framework
The Group is involved in activities that expose it to a variety of financial risks, including:
a)
Credit risk
b)
Liquidity risk
c)
Capital management risk
d)
Market risk related to commodity pricing, interest rates and currency fluctuations.
The Board of Directors has overall responsibility for the establishment and oversight of the financial risk management
framework of the group. Management is responsible for monitoring the financial risks.
The objective of the financial risk management strategy is to minimise the impact of volatility in financial markets on the
financial performance, cash flows and shareholder returns. This requires the identification and analysis of relevant financial
risks and possible impact on the achievement of the Group's objectives.
The Group does not undertake any hedging activities.
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72
a) Credit risk
Credit risk is the risk of sustaining a financial loss as a result of the default by a counterparty to make full and timely payments
on transactions which have been executed, after allowing for set-offs which are legally enforceable.
Credit risk arises from investments in cash and cash equivalents with banks and credit exposure to customers and/or
suppliers. Receivables and cash and cash equivalents represent the Group's maximum exposure to credit risk.
There are no trade receivables past due or impaired at the end of the reporting period (2023: nil).
b) Liquidity risk
Liquidity risk is the risk that the Group will not have sufficient liquidity to meet its financial obligations as they fall due.
The Group manages liquidity by continually monitoring forecast and actual cash flows and matching maturity profiles of
financial assets and liabilities. Short-term and long-term cash flow projections are prepared periodically and submitted to
the Board.
Below is a table representing the Group's undiscounted contractual cash flows:
Note
Less than 1
year
1-2 years
2-5 years
More than 5
years
Total
Contractual cash flows
'000
'000
'000
'000
'000
Consolidated - 2024
Payables
13
4,614
-
-
-
4,614
Lease liabilities
14
41
29
13
-
83
Borrowings
16
1,200
-
-
-
1,200
5,855
29
13
-
5,897
Consolidated - 2023
Payables
13
8,340
-
-
-
8,340
Lease liabilities
14
138
38
43
-
219
8,478
38
43
-
8,559
c) Capital management risk
The overriding objective of the Group's capital management strategy is to increase shareholder return whilst maintaining the
flexibility to pursue strategic initiatives within a prudent capital structure.
The primary objective of the capital management policy is to ensure the Group maintains a strong credit profile and
appropriate capital ratios to support the development of the Company's assets.
The Company manages its capital structure and makes adjustments to it in light of economic conditions.
d) Market risk
The method and assumptions remain consistent with prior periods.
Foreign exchange risk
Foreign exchange risk arises from the commercial transactions and valuations of assets and liabilities that are denominated
in a currency that is not the entity's functional currency.
Annual Report 2024
73
Notes to the consolidated financial statement
continued
The Group has monetary items, including financial assets, denominated in currencies other than the functional currency of
the entity. These are primarily US$ cash and intercompany loan balances in the holding company, which has a A$ functional
currency. These items are restated to A$ equivalent at each period end, and the associated gain or loss is taken to the income
statement. The US$ equivalent of these FX balances is reported in the group income statement as the functional currency
financial statements are translated to US$ reporting currency for group reporting purposes.
The Group operates in a predominately US$ environment. The majority of the Group's financial position is managed and
reported in US$. There is a foreign exchange exposure where the Group holds financial assets and liabilities in A$. These
positions are summarised in the table below:
Exchange rates applied during the year
Average rate
for the year
ended
30-Jun-24
Spot rate at
30-Jun-24
AUD/USD
0.6557
0.6674
Financial instruments denominated in Australian dollars
30-Jun-24
$'000
30-Jun-23
$'000
Financial assets
Cash
11,513
11,988
Trade and other receivables
105
103
Financial liabilities
-
-
Trade and other payables
(120)
(857)
Provisions
(251)
(201)
Net financial instruments
11,247
11,033
10% increase
in the
AUD:USD
foreign
exchange
rate
10%
decrease in
AUD:USD
foreign
exchange
rate
10% increase
in the
AUD:USD
foreign
exchange
rate
10%
decrease in
AUD:USD
foreign
exchange
rate
Foreign exchange rate sensitivity
2024
2024
2023
2023
Impact to A$ balance:
Financial assets
-
-
-
-
Cash
1,151,297
(1,151,297)
1,199,000
(1,199,000)
Trade and other receivables
10,492
(10,492)
10,000
(10,000)
Financial liabilities
-
-
-
-
Trade and other payables
11,981
(11,981)
86,000
(86,000)
Provision
25,081
(25,081)
20,000
(20,000)
There is no impact to the current year loss on the above scenarios as the impact is taken to the foreign currency translation
reserve.
Interest rate risk
The Company's exposure to interest rate risk, which is the risk that a financial instrument's value will fluctuate as a result of
reasonable possible changes in the market interest rates, arise in relation to the Company's bank balance.
The Company does not engage in any hedging or derivative transactions to manage interest rate risk.
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74
An increase of interest rates of 1% would result in $308,000 (30 June 2023: $687,000) decrease in the current year loss and
an increase in interest income related to cash deposits. A decrease of interest rates of 1% would result in $308,000 (30 June
2023: $687,000) increase in the current year loss and a decrease in interest income related to cash deposits.
Commodity price risk
The Company is exposed to future commodity price risk. This risk arises from its activities directed at exploration and
development of mineral commodities. If commodity prices fall, the share price for companies exploring for these commodities
may be affected. The Company does not hedge its exposures.
Note 23. Employee benefits expensed
30-Jun-24
30-Jun-23
$'000
$'000
Non-executive Director fees
410
401
Executive Director fees
311
516
Employee benefits expense
2,990
3,674
Share-based payments
1,633
1,376
Total employee benefits expensed
5,344
5,967
Note 24. Key management personnel disclosures
Compensation
The aggregate compensation made to directors and other members of key management personnel of the company is set out
below:
30-Jun-24
30-Jun-23
$'000
$'000
Salary and short-term incentives
3,734
3,709
Post-employment benefits
121
101
Share-based payments
1,884
1,501
Total key management personnel compensation
5,739
5,311
Transactions with directors and KMP
With the exception of the disclosures within this note, no director or executive has entered into any material contracts with
the Group since the end of the previous financial year and there were no material contracts involving director or executive
interests existing at year end.
The Company has entered into indemnity deeds to indemnify executives and directors of the Company against certain
liabilities incurred in the course of performing their duties.
Annual Report 2024
75
Notes to the consolidated financial statement
continued
Note 25. Earnings per share
30-Jun-24
30-Jun-23
Earnings used in calculating earnings per share
$'000
$'000
Loss after income tax attributable to the owners of ioneer Limited
(7,825)
(6,391)
Weighted average number of ordinary shares used as the denominator
Number
Number
Issued ordinary shares - opening balance
2,098,818,267
2,091,299,420
Effect of shares issued
46,244,015
6,894,635
Weighted average number of ordinary shares
2,145,062,282
2,098,194,055
30-Jun-24
30-Jun-23
Weighted average number of shares (diluted)
$'000
$'000
Weighted average number of ordinary shares at 30 June for basic EPS
2,145,062,282
2,098,194,055
Effect of dilution from options and rights on issue
-
-
Weighted average number of ordinary shares adjusted for effect of dilution
2,145,062,282
2,098,194,055
The options and performance rights are anti-dilutive and have been excluded from the diluted EPS calculation below:
30-Jun-24
30-Jun-23
Cents
Cents
Basic loss per share attributable to the ordinary equity holders of the company
(0.31)
(0.30)
Diluted loss per share attributable to the ordinary equity holders of the company
(0.31)
(0.30)
Basic EPS is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted
average number of ordinary shares outstanding during the year.
Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average
number of shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on
conversion of all the dilutive potential ordinary shares into ordinary shares. The effect of the dilution from options and rights
on issue in the financial year would be X (2023: 35,840,492). The impact of the potential ordinary shares is treated as dilutive
only when their conversion to ordinary shares would decrease EPS.
Note 26. Share-based payments
Share-based compensation is provided to employees via rights or options to acquire shares in the Company. As described in
note X Share capital, the Company has two share schemes in operation. Under these plans, options or performance rights
which may be converted into ordinary shares have been granted to non-executive directors, senior executives, employees
and a number of consultants.
The cost of these equity-settled transactions is determined by reference to the fair value at the date at which they are
granted. The fair value of the options granted is determined by using the Black & Scholes option pricing model. The fair value
of the performance rights granted with time-based hurdles is determined using the 10-day VWAP of the Company's fully paid
share capital, up to and including the date the performance rights are granted. For the performance-based performance
rights, the fair value is determined by using a Monte Carlo model for the valuation of the performance rights subject to the
relative performance hurdle and for those rights subject to the business objectives, the valuation is equal to the value of the
share price at grant date, multiplied by the number of shares anticipated to vest.
The cumulative expense recognised for equity-settled transactions at each reporting date reflects:
ioneer
76
i.
the extent to which the vesting period has expired, and
ii.
the number of awards that, in the opinion of the directors of the Company, will ultimately vest.
This opinion is formed based on the best available information at balance date. Where an equity-settled award is cancelled,
the estimate is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is
recognised immediately.
Each plan is described in more detail below.
Equity Incentive Plan - established at the 2018 AGM
An Equity Incentive Plan was established following the AGM held on 31 October 2018. The purpose of the new Equity Incentive
Plan ("the Plan") is to provide eligible persons the opportunity to participate in the growth and profits of the Company, and
to attract, motivate and retain their services to promote the Company's long-term success.
Under the terms of the Plan, the Board may at its discretion invite eligible persons to participate in a grant of awards. An award
may be either an option or performance right, to acquire a share in the capital of the Company in accordance with the Plan
rules.
Options and rights issued under the terms and conditions and of the Plan are as follows:
Annual Report 2024
77
Notes to the consolidated financial statement
continued
Type
Key terms
Expiry date
Options
Non-Executive
Directors
The options were issued at an exercise price equal to VWAP for the Company's
shares over the 10 trading days immediately before the date of the AGM. The
options vest after 12 months and expire 60 months from the date of issue.
Tranche 1:
9 Nov 23
Tranche 2:
14 Nov 24
Performance rights -
time based
Retention on
Employment
•
Agreements with early recruits including vesting in equal instalments after
12, 24 and 36 months. However, since mid-2019 a standard approach of
vesting after 3 years has been implemented.
•
Conditional on the achievement of continuing employment
N/A
Deferred STI
•
12 month vesting period from 1 July the tear following the relevant STI period
•
Conditional on the achievement of continuing employment
LTI grants
•
36 month vesting period from 1 July of relevant period
•
Conditional on the achievement of continuing employment
Performance rights -
performance based
LTI grants
•
36 month vesting period from 1 July of relevant period
•
The Board will employ discretion in assessing Project results and
determining vesting of performance units; below, at or above targets:
HSE: Top quartile HSE & Community performance (compared to North
American Mining Projects)
Construction: Construction delivery compared to schedule at FID
Ops Readiness: Operational and business readiness on track (recruiting,
systems, training etc.)
Cost Control: Project spend within margin established at FID
Share price: INR shareholder return compared to competitors
•
Unlike producing organisations with established operations that typically
aim to deliver performance conditions tied to anticipated revenues,
production levels and growth objectives, Ioneer has a single pre-production
project with less certainty or control over key deliverables. Providing the
Board with the discretion to assess the extent of delivery, the
importance/value of the various targets delivered (or not) allows the ability
to balance shareholder expectations and KMP reward, motivation and
retention.
•
The Board will employ discretion in assessing Project results and
determining the vesting of performance units; below, at or above targets (up
to 200%).
N/A
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78
Key features include:
●
The Board may at its discretion make invitations to or grant awards to eligible persons.
●
Award means an option or a performance right to acquire a Share in the capital of the Company.
●
Eligible Persons include executive directors or executive officers of the Group, employees, contractors or consultants
of the Group or any other persons.
●
A participant may not sell or assign awards.
●
Within 30 days after the vesting date in respect of a vested performance right, the Company must either allocate shares
or procure payment to the participant of a cash amount equal to the market price of the shares which would have
otherwise been allocated.
●
At any time during the exercise period, a participant may exercise any or all of their vested options by paying the exercise
price.
Whilst there are a number of options and performance rights remaining on issue under the terms and conditions of previous
schemes, no further options or rights will be issued under these pre-existing schemes which are described below.
Share Option Plan
The Group established a Share Option Plan in 2010 (and reconfirmed it at the 2016 AGM) to assist in the attraction, retention
and motivation of KMP and in the retention of key consultants. Key features include:
●
Full or part time employee or consultants of the Group are eligible to participate.
●
Options issued pursuant to the plan will be issued free of charge.
●
Options are time based and there are no performance conditions.
●
Options cannot be transferred and are not quoted on the ASX.
●
Options expire if not exercised 90 days after a participant resigns from the company.
●
The exercise of the options, at grant date, shall be as the directors in their absolute discretion determine, provided the
exercise price shall not be less than the weighted average of the last sale price of the Company's shares on ASX at the
close of business on each of the 5 business days immediately preceding the date on which the directors resolve to grant
the options.
●
The directors may limit the total number of options which may be exercised under the plan in any year.
A summary of options and performance rights on issue is set out in Note 18.
Note 27. Parent entity disclosures
30-Jun-24
30-Jun-23
Result for the parent entity
$'000
$'000
Loss for the period
(1,202)
(2,921)
Total comprehensive loss for the period
(1,202)
(2,921)
Financial position of the parent entity
Current assets
248,796
222,044
Non-current assets
-
-
Total assets
248,796
222,044
Annual Report 2024
79
Notes to the consolidated financial statement
continued
30-Jun-24
30-Jun-23
$'000
$'000
Current liabilities
442
1,138
Non-current liabilities
-
-
Total liabilities
442
1,138
Net assets
248,354
220,906
Contributed equity
281,671
255,364
Reserves
(11,835)
(14,176)
Accumulated losses
(21,482)
(20,282)
Total equity
248,354
220,906
Parent entity contingencies and disclosures
Commitments of the Company as at reporting date are disclosed in Note 29 to the financial statements.
Parent entity guarantees in respect of debts of its subsidiaries
No guarantees have been entered into by the Company in relation to the debts of its subsidiaries.
Note 28. Controlled entities
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in note 1:
Ownership interest
Principal place of business /
30-Jun-24 30-Jun-2023
Controlled entities of Ioneer Limited
Country of incorporation
%
%
Ioneer USA Corporation
USA
100.00%
100.00%
Ioneer Minerals Corporation
USA
100.00%
100.00%
Ioneer Holdings USA Inc.
USA
100.00%
100.00%
Ioneer Holdings Nevada Inc.
USA
100.00%
100.00%
Gerlach Gold LLC
USA
100.00%
100.00%
Paradigm AZ LLC
USA
100.00%
100.00%
Ioneer Rhyolite Ridge Holdings LLC
USA
100.00%
100.00%
Ioneer Rhyolite Ridge Midco LLC
USA
100.00%
100.00%
Ioneer Rhyolite Ridge LLC
USA
100.00%
100.00%
Ioneer SLP LLC
USA
100.00%
100.00%
Ioneer Canada ULC
Canada
100.00%
100.00%
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80
30-Jun-24
30-Jun-23
$'000
$'000
Payable within one year
Water rights
498
518
Non-cancellable lease commitments
267
252
Exploration and evaluation expenditure commitments
216
170
981
940
Payable after one year but not later than five years
Water rights
953
1,370
Non-cancellable lease commitments
54
71
Exploration and evaluation expenditure commitments
432
432
1,439
1,873
Payable later than five years
Water rights
-
-
Non-cancellable lease commitments
-
-
Exploration and evaluation expenditure commitments
-
-
-
-
Total commitments
2,419
2,813
Water rights
The Company has secured water rights via exclusive options to enter into long-term leases. In addition, there is an option to
purchase these water rights and associated land at any time at the Company's sole election. This is a discretionary purchase
and is excluded from the commitments disclosed above.
Non-cancellable lease commitments
Included within non-cancellable lease commitments is the lease of a neighbouring property to the Rhyolite Ridge Lithium-
Boron Project. The Company has entered an option agreement to purchase this property. The cost of this discretionary
purchase is excluded from the commitments disclosed above.
Exploration licence expenditure requirements
In order to maintain the Company's tenements in good standing with various mines departments and comply with the
underlying option agreements, the Company will be required to pay annual claim maintenance fees. It is likely that the
granting of new licenses and changes in license areas at renewal or expiry will change the expenditure commitment to the
Company from time to time.
Note 30. Contingent assets/liabilities
Settlement of Rhyolite Ridge
The Company has entered an option agreement to purchase Rhyolite Ridge from Boundary Peak Minerals LLC on 3 June 2016.
The Company has made 4 progress payments to Boundary Peak under the agreement. A final payment will fall due following
Board making a 'decision to mine' the Rhyolite Ridge property. Once this decision is made, the Company is required under the
terms of the contract to either:
●
Pay Boundary Peak LLC US$3 million, or
●
Issue shares (or a mix of both shares and cash) to Boundary Peak LLC, to the equivalent of US$3 million at a fixed
exchange rate of USD$0.75 = AUD$1.00.
Annual Report 2024
81
Notes to the consolidated financial statement
continued
As at the date of this report, the decision to mine has not yet been made by the Company.
There are no other known contingent liabilities as at 30 June 2024.
Note 31. Remuneration of auditors
During the financial year, the following fees were paid or payable for services provided by Ernst & Young, the auditor of the
Company:
2024
2023
$
$
Audit services - Ernst & Young
Audit or review of the financial statements
211,400
148,363
Other services - Ernst & Young
Other assurance services
-
17,811
Non-audit services
-
561
-
18,372
Total audit services
211,400
166,735
Note 32. Related party transactions
Non-key management personnel disclosures
The Group has a related party relationship with its controlled entities, refer to note 28. The Company and its controlled
entities engage in a variety of related party transactions in the ordinary course of business. These transactions are
conducted on normal terms and conditions.
Key management personnel disclosures
Disclosures relating to key management personnel are set out in note 24 and the remuneration report included in the
directors' report.
Note 33. Events after the reporting period
In the period since 30 June 2024 and up to the date of this report, there has not been any other item, transaction or event of
a material and unusual nature likely in the opinion of directors, to substantially affect the operations of the Group, the results
of those operations or the state of affairs of the Group in subsequent financial years.
ioneer
82
Annual Report 2024
83
Body
corporates
Body
corporates
Tax residency
Tax residency
Entity name
Entity type
Place formed or
incorporated
% of share
capital held
Australian or
foreign
Foreign
jurisdiction
Ioneer Limited
Body corporate
Australia
N/A
Australian
N/A
Ioneer Canada ULC
Body corporate
Canada
100%
Australian
N/A
Ioneer Holdings USA Inc.
Body corporate
USA
100%
Foreign
USA
Ioneer Holdings Nevada Inc.
Body corporate
USA
100%
Foreign
USA
Ioneer USA Corporation
Body corporate
USA
100%
Foreign
USA
Gerlach Gold LLC
Body corporate
USA
100%
Foreign
USA
Ioneer Rhyolite Ridge Holdings LLC
Body corporate
USA
100%
Foreign
USA
Ioneer Rhyolite Ridge Midco LLC
Body corporate
USA
100%
Foreign
USA
Ioneer Rhyolite Ridge LLC
Body corporate
USA
100%
Foreign
USA
Ioneer SLP LLC
Body corporate
USA
100%
Foreign
USA
Ioneer Minerals Corporation
Body corporate
USA
100%
Foreign
USA
Paradigm AZ LLC
Body corporate
USA
100%
Foreign
USA
Consolidated entity disclosure statement
ioneer
84
Directors’ declaration
In the directors' opinion:
●
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the
Corporations Regulations 2001 and other mandatory professional reporting requirements;
●
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board as described in note 1 to the financial statements;
●
the attached financial statements and notes give a true and fair view of the company's financial position as at 30 June
2024 and of its performance for the financial year ended on that date;
●
there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due
and payable; and
●
the consolidated entity disclosure statement required by section 295(3A) of the Corporations Act is true and correct.
The directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the directors
James D Calaway
Executive Chairman
18 September 2024
Annual Report 2024
85
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Ernst & Young
200 George Street
Sydney NSW 2000 Australia
GPO Box 2646 Sydney NSW 2001
Tel: +61 2 9248 5555
Fax: +61 2 9248 5959
ey.com/au
Independent auditor’s report to the members of Ioneer Ltd
Report on the audit of the financial report
Opinion
We have audited the financial report of Ioneer Ltd (the Company) and its subsidiaries (collectively the
Group), which comprises the consolidated statement of financial position as at 30 June 2024, the
consolidated statement of profit and loss and other comprehensive income, consolidated statement of
changes in equity and consolidated statement of cash flows for the year then ended, notes to the
financial statements, including material accounting policy information, the consolidated entity
disclosure statement and the directors’ declaration.
In our opinion, the accompanying financial report of the Company is in accordance with the
Corporations Act 2001, including:
a.
Giving a true and fair view of the Company’s financial position as at 30 June 2024 and of its
financial performance for the year ended on that date; and
b.
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the financial
report section of our report. We are independent of the Company in accordance with the auditor
independence requirements of the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional
Accountants (including Independence Standards) (the Code) that are relevant to our audit of the
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with
the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independent auditor’s report
Independent auditor’s report
continued
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86
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial report of the current year. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide
a separate opinion on these matters. For each matter below, our description of how our audit
addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the
financial report section of our report, including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond to our assessment of the risks of
material misstatement of the financial report. The results of our audit procedures, including the
procedures performed to address the matters below, provide the basis for our audit opinion on the
accompanying financial report.
Carrying value of capitalised exploration and evaluation expenditure
Why significant
How our audit addressed the key audit matter
At 30 June 2024 the Group recorded capitalised
exploration and evaluation (E&E) assets of
US$187.7 million as disclosed in Note 12. The
carrying value of this asset is assessed for
impairment when facts and circumstances
indicate that it may exceed its recoverable
amount.
The determination as to whether there are any
indicators that require the Group’s E&E assets to
be assessed for impairment involves judgment,
including:
•
Whether the Group’s exploration licenses
are current;
•
The Group’s ability and intention to continue
to evaluate and develop the Rhyolite Ridge
project; and
•
Whether the results of the Group’s
exploration and evaluation work to date are
sufficiently progressed for a decision to be
made as to the commercial viability or
otherwise of the project.
Given the value of the asset and the judgmental
nature of impairment indicator assessments
associated with E&E assets, we considered this
to be a key audit matter.
Our audit procedures included the following:
•
Assessed the Group’s right to explore in the
relevant exploration area, which included
obtaining relevant documentation such as
license agreements;
•
Evaluated the Group’s ability and intention
to carry out significant exploration and
evaluation activity in the relevant
exploration area which included assessment
of the Group’s budgets, planned spend and
discussions with senior management and
Directors as to the intentions and strategy
of the Group;
•
Assessed whether any evidence existed that
would indicate that the carrying value of
capitalised exploration and evaluation
expenditure is unlikely to be recovered
through development or sale and
understanding whether any contradictory
events or conditions were identified;
•
Assessed the adequacy of disclosures
included within the notes to the financial
report including those made with respect to
judgments and estimates.
Annual Report 2024
87
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Information other than the financial report and auditor’s report thereon
The directors are responsible for the other information. The other information comprises the
information included in the Company’s 2024 annual report, but does not include the financial report
and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not
express any form of assurance conclusion thereon, with the exception of the Remuneration Report
and our related assurance opinion.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the financial report
The directors of the Company are responsible for the preparation of:
►
The financial report (other than the consolidated entity disclosure statement) that gives a true
and fair view in accordance with Australian Accounting Standards and the Corporations Act
2001; and
►
The consolidated entity disclosure statement that is true and correct in accordance with the
Corporations Act 2001; and
for such internal control as the directors determine is necessary to enable the preparation of:
►
The financial report (other than the consolidated entity disclosure statement) that gives a true
and fair view and is free from material misstatement, whether due to fraud or error; and
►
The consolidated entity disclosure statement that is true and correct and is free of misstatement,
whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters relating to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
Independent auditor’s report
continued
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88
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional
judgment and maintain professional scepticism throughout the audit. We also:
►
Identify and assess the risks of material misstatement of the financial report, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
►
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s internal control.
►
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
►
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company’s ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial report or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company to cease to continue as a going concern.
►
Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and events
in a manner that achieves fair presentation.
We communicate with the directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, actions
taken to eliminate threats or safeguards applied.
From the matters communicated to the directors, we determine those matters that were of most
significance in the audit of the financial report of the current year and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Annual Report 2024
89
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Report on the audit of the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included within the directors’ report for the year ended 30
June 2024.
In our opinion, the Remuneration Report of Ioneer Ltd for the year ended 30 June 2024, complies
with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our
responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in
accordance with Australian Auditing Standards.
Ernst & Young
Scott Nichols
Partner
Sydney
18 September 2024
ioneer
90
Summarised below are the current Mineral Resources and Ore Reserves for the South Basin at Ioneer’s 100%-owned Rhyolite
Ridge Lithium-Boron Project in Nevada, USA.
Following completion of the DFS program in April 2020, Ioneer released the lithium-boron (searlesite) Mineral Resource & Ore
Reserve Estimates. The Mineral Resource Estimate was updated and released in April 2024. A summary of the Mineral
Resource & Ore Reserve Estimates is tabulated below.
Summary of Mineral Resource & Ore Reserve Estimates Rhyolite Ridge Lithium-Boron Project
Metric
Tonnes
Li
Grade
B
Grade
Equivalent Grade
Equivalent
Contained Tonnes
(Mt)
(ppm)
(ppm)
Li2CO3
%
H2BO3
%
Li2CO3
kt
H2BO3
kt
Mineral Resource
Stream 1 (>5,000 ppm B)
Measured Resource
43.2
1,755
14,657
0.9
8.4
403
3,619
Indicated Resource
Inferred Resource
Total Stream 1
74.2
1,599
12,183
0.9
7.0
632
5,171
35.6
1,581
12,144
0.8
6.9
300
2,473
153.0
1,639
12,872
0.9
7.4
1,335
11,262
Mineral Resource
Stream 2 (>1,090 ppm Li, no B COG, low
clay)
Measured Resource
17.2
1,509
1,566
0.8
0.9
138
154
Indicated Resource
79.3
1,500
1,560
0.8
0.9
633
707
Inferred Resource
46.1
1,737
1,139
0.9
0.7
426
300
Total Stream 2
142.5
1,578
1,425
0.8
0.8
1,197
1,161
Mineral Resource
Stream 3 (>1,090 ppm Li, no B COG, high
clay)
Measured Resource
Indicated Resource
Inferred Resource
14.8
2,454
1,733
1.3
1.0
193
146
29.5
2,420
1,228
1.3
0.7
380
207
11.6
2,388
605
1.3
0.4
148
40
Total Stream 3
55.9
2,422
1,232
1.3
0.7
720
394
Total Mineral Resource (Streams 1, 2 and
3)
351.4
1,739
6,379
0.9
3.7
3,251
12,817
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
Note: Totals may not add due to rounding. Mineral Resources reported on a dry in-situ basis. Mineral Resources are reported inclusive of Ore
Reserves.
WSP USA Inc. estimated the Ore Reserve estimates for the Rhyolite Ridge Definitive Feasibility Study (‘DFS’) completed in
April 2020. The statement of estimates of Mineral Resources completed in April 2024, was compiled by Independent Mining
Consultants, Inc.
The 2024 Mineral Resource is estimated to contain:
•
351.4mt at 1,739ppm lithium (equivalent to 0.9% lithium carbonate) and 6,379ppm boron (equivalent to 3.7% boric
acid)
•
3.3mt of equivalent lithium carbonate and 12.8mt of equivalent boric acid.
Mineral Resources are reported in accordance with the Australasian Code of Reporting of Exploration Results, Mineral
Resources and Ore Reserves (The Joint Reserves Committee Code – JORC 2012 Edition).
Mineral resource and ore reserves
Annual Report 2024
91
Other Information
In December 2022, the United States Fish and Wildlife Service (USFWS) listed Tiehm’s buckwheat as an endangered species
under the Endangered Species Act (ESA) and has designated critical habitat by way of applying a 500 m radius around several
distinct plant populations that occur on the Project site. ioneer is committed to the protection and conservation of the
Tiehm’s buckwheat. The Project’s Mine Plan of Operations submitted to the BLM in July 2022 and currently under NEPA review
has no direct impact on Tiehm’s buckwheat and includes measures to minimise and mitigate for indirect impacts within the
designated critical habitat areas identified.
The mineral resource pit shell used to constrain the April 2024 mineral resource estimate was not adjusted to account for
any impacts from avoidance of Tiehm’s buckwheat or minimisation of disturbance within the designated critical habitat.
Environmental and permitting assumptions and factors have not been taken into consideration during modifying factors
studies for the Project. The tonnes and grade within the avoidance polygons have not been removed from the Mineral
Resources for the April 2024 estimate. Environmental and permitting assumptions and factors may be taken into
consideration during future modifying factors studies for the Project. These permitting assumptions and factors may result
in potential changes to the Mineral Resource footprint in the future.
The 2020 Ore Reserve is estimated to contain:
•
60.0mt at 1,800ppm lithium (equivalent to 1.0% lithium carbonate) and 15,400ppm boron (equivalent to 8.8% boric
acid)
•
Containing 0.6mt of equivalent lithium carbonate and 5.3mt of equivalent boric acid.
The Ore Reserves referenced have not been updated from the April 2020 Ore Reserves estimate. The Ore Reserves are based
exclusively on HiB-Li mineralisation. The Mineral Resources are reported inclusive of the Ore Reserves.
Approximately half of the Ore Reserves is classified as Proved, the highest confidence category, within lithium and boron
grades in Proved Reserve being higher than those in the Probable Reserve.
The 60mt Ore Reserve provides the foundation for a very long mine life at the Rhyolite Ridge Project, with clear potential for
expansion and extension further underpinned by the 351mt Mineral Resource.
The lithium-boron mineralisation remains open, particularly to the south where it continues to shallow and is generally higher
in grade, and we expect further increases to Resources and Reserves with additional drilling.
.
ioneer
92
B
Boron
Carbonate minerals
Calcite and dolomite
DFS
Definitive Feasibility Study
H2BO3
Boric acid
GSC
Global Geoscience Limited
INR
Ioneer Limited
K-feldspar
Potassium feldspar
km
Kilometre
kt
Kilotonne
K2SO4
Potassium sulphate
Li
Lithium
Li2BO3
Lithium carbonate
LCE
Lithium carbonate equivalent
mt
Million tonnes
Mt
Metric tonnes
PFS
Pre-Feasibility Study
ppm
parts per million
Searlesite
Sodium borosilicate mineral
Sepiolite
Magnesium silicate
BLM
Bureau of Land Management
FWS
US Fish and Wildlife Service
ROD
Record of Decision
FID
Final Investment Decision
Glossary and abbreviations
Annual Report 2024
93
Project
Country
Tenement ID
Tenement Name
Area (km2)
Interest at
30 June
2024
Interest at
end of
quarter
Note
Rhyolite Ridge
USA
NMC118666
NLB claims (160)
13.00
100%
100%
No change
Rhyolite Ridge
USA
NMC1117360
SLB claims (199)
16.50
100%
100%
No change
Rhyolite Ridge
USA
NMC1171536
SLM claims (122)
9.70
100%
100%
No change
Rhyolite Ridge
USA
NMC1179516
RR claims (65)
5.40
100%
100%
No change
Rhyolite Ridge
USA
NMC1129523
BH claims (81)
7.00
-
-
No change
Rhyolite Ridge
USA
105272779
RMS claims (23)
0.50
100%
100%
No change
Rhyolite Ridge
USA
105272053
PR claims (11)
0.92
100%
100%
No change
SM
USA
NMC1166813
SM claims (96)
7.70
100%
100%
No change
GD
USA
NMC1166909
GD claims (13)
1.10
100%
100%
No change
CLD
USA
NMC1167799
CLD claims (65)
5.20
100%
100%
No change
Schedule of tenements
ioneer
94
Introduction
Information relating to shareholders at 10 September 2024 (per ASX listing Rule 4.10)
Issued capital
The Company has 2,337,426,302 fully paid shares on issue.
Options and performance rights on issue including holders of more than 20%
The Company has on issue 2,938,803 options and 18,914,945 performance rights.
There are no holders of options or performance rights more than 20%.
There are no listed options or performance rights.
ASX listing
Listed on the Australian Securities Exchange
19 December 2007
ASX Code: INR (previously GSC)
ABN: 76 098 564 606
Nasdaq listing
Listed on the Nasdaq Securities Exchange, under a level two American Depositary Receipt
30 June 2022
Nasdaq Code: IONR
Voting rights
There are no restrictions on voting rights. On a show of hands every member present or by proxy shall have one vote and
upon a poll each share shall have one vote. Where a member holds shares, which are not fully paid, the number of votes to
which that member is entitled on a poll in respect of those part paid shares shall be that fraction of one vote which the amount
paid up bears to the total issued price thereof. Options and performance rights holders have no voting rights until the options
are exercised or performance rights vest.
Shareholder and ASX information
Annual Report 2024
95
Top 20 shareholders as at 10 September 2024
Name
Shares
%
Citicorp Nominees Pty Ltd
571,601,924
24.454%
HSBC Custody Nominees (Australia) Limited
219,270,041
9.381%
Sibanye Battery Metals Pty Ltd
145,862,742
6.240%
J P Morgan Nominees Australia Pty Limited
90,383,452
3.867%
Merrill Lynch (Australia) Nominees Pty Ltd
88,977,948
3.807%
Lithium Investors America LLC
56,268,106
2.407%
BNP Paribas Nominees Pty Ltd (IB AU Noms Retail Client)
38,799,093
1.660%
Mopti Pty Ltd (The Rowe Family A/C)
36,690,902
1.570%
FNL Investments Pty Ltd (Superannuation Plan A/C)
24,000,000
1.027%
Kolley Pty Ltd (Lucas Family A/C)
20,650,000
0.883%
Versatile Money Pty Ltd (Versatile Money A/C)
20,079,068
0.859%
Quality Life Pty Ltd (The Viking Fund A/C)
19,024,590
0.814%
Quality Life Pty Ltd (The Neill Family A/C)
18,250,000
0.781%
BNP Paribas Noms Pty Ltd
16,619,227
0.711%
BNP Paribas Nominees Pty Ltd (Clearstream)
13,230,871
0.566%
Boman Asset Pty Ltd
11,518,356
0.493%
FNL Investments Pty Ltd
11,000,000
0.471%
Howarth Commercial Pty Ltd
10,599,999
0.453%
BNP Paribas Nominees Pty Ltd (HUB24 Custodial Serv Ltd)
10,466,701
0.448%
National Nominees Ltd
9,600,754
0.411%
Total
1,432,893,774
Distribution of shareholders
Holders
Total Units
1-1000
750
506,730
1001-5000
3,297
9,238,859
5001-10,000
1,824
14,651,795
10,001-100,000
4,839
187,781,972
101,000 and over
1,421
2,128,246,946
Total
12,131
2,340,426,302
Unmarketable parcels
Minimum
parcel size
Holders
Minimum $500 parcel at $0.145 per unit
3,448
3,028
Substantial shareholders
The following are substantial shareholder registered as at 10 September 2024
Name
Shares
%
Centaurus
377,352,433
16.226%
Sibanye Battery Metals Pty Ltd
145,862,742
6.272%
Shareholder and ASX information
continued
ioneer
96
On-market buy-back
There is no current on-market buy-back.
Competent Persons Statement
In respect of Minerals 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 "Mineral Resource update delivers high-grade, shallow Shelf Zone,
outside of critical habitat” dated 30 April 2024 and released on ASX. Further information regarding the Mineral Resources
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.
Corporate directory
James D. Calaway
Executive Chair
Bernard Rowe
Managing Director
Stephen Gardiner
Non-Executive Director
Alan Davies
Non-Executive Director
Rose McKinney-James
Non-Executive Director
Magaret R. Walker
Non-Executive Director
.
Company Secretary
Ian Bucknell
Auditor
Ernst & Young
200 George Street
Sydney NSW 2000
Offices
Sydney (Registered Office)
Level 16, 213 Miller Street
North Sydney NSW 2060
Australia
Telephone
+61 (2) 9922-5800
Website
www.ioneer.com
Email
info@ioneer.com
Reno
9460 Double R Blvd.
Suite 200
Reno Nevada 89521
United States of America
Share Registrar
Boardroom Pty Limited
Grosvenor Place
Level 12, 225 George Street
Sydney NSW 2000
Telephone: 1300 737 760
Annual Report 2024
97
98