IONEER LIMITED (INR)
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09/07/2026

1

Speculative Buy

$0.40

263.64%

The non-binding letters of intent between the Korean Overseas Infrastructure & Urban Development Corporation (KIND), Hyundai Engineering Co. and ioneer have now become Memoranda of Understanding.

The statements from the companies focus on economic partnerships between the Republic of Korea and the United States, critical minerals supply chains and the Rhyolite Ridge project.

The engagement remains non-binding but Bell Potter considers the calibre of the commentary a strong endorsement of the project development pathway.

Commentary posits the project is a strategically important US-located source of lithium and boron supply. Speculative Buy rating and $0.40 target.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.44 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 9.78 cents.

25/06/2026

1

Speculative Buy

$0.50

354.55%

Canaccord Genuity maintains a Speculative Buy rating for ioneer with a $0.50 price target following strategic non-binding Letters of Intent signed with South Korean groups.

The newly formed partnership alongside Korea Overseas Infrastructure and Urban Development Corporation and Hyundai Engineering Co Ltd aims to finalise a formal memorandum of understanding by July 2026.

The analyst notes the collaborative involvement of well-capitalized Korean state-backed players significantly de-risks development pathways for the construction-ready Rhyolite Ridge Lithium-Boron Project in Nevada.

Ongoing advanced engineering works stand 70% complete, with a final investment decision targeted during the second half of 2026, ahead of scheduled commercial chemical production in 2029.

Canaccord Genuity adds secured long-term product offtake arrangements with international players like Ford and Toyota bolster strategic corporate funding options to cover a remaining US$670m development capital gap.