IONEER LIMITED (INR)
Share Price Analysis and Chart

04/08/2025

1

Speculative Buy

$0.19

46.15%

ioneer's June quarter update offered few new developments, according to Ord Minnett, with the focus on a 308% lift in ore reserves to 247mt and an updated Rhyolite Ridge economic study.

Cash of US$25m gives 5.1 quarters of funding. Strong interest is anticipated due to the asset’s quality.

A short-term catalyst is the release of an enhanced mine plan, which may lift throughput and lower sulphuric acid use, potentially increasing the broker's net asset value (NAV) metric by circa 20% to 25cps.

A gravity separation step could enhance lithium recoveries in later streams, note the analysts, improving long-term value for strategic partners.

Ord Minnett maintains its 19c target and Speculative Buy rating.

FORECAST
Ord Minnett forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -0.46 cents.
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.46 cents.

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05/03/2025

5

Underweight

$0.10

-23.08%

Wilsons' notes Sibanye Stillwater ((SSW)) has backed out of its conditional commitment in 2021 for a 50% interest in Ioneer's Rhyolite Ridge project for US$490m, citing it doesn't meet investment hurdle rates.

The broker believes it won't affect Ioneer's ability to draw down on the recently upsized Department of Energy loan but acknowledges the news creates uncertainty on the funding path.

The analyst expects shares to struggle until there is more clarity. Target price of 10c and Underweight rating retained.

FORECAST
Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -0.46 cents.
Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.31 cents.