www.ioneer.com

INVESTOR PRESENTATION

ASX:INR

1

June, 2020

www.ioneer.com 2

This presentation has been prepared as a summary only and does not contain all information about ioneer Ltd’s (ioneer or the Company) assets and liabilities, financial position and performance, profits and losses, prospects, and the rights and liabilities attaching to ioneer’ssecurities. The securities issued by ioneer are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the shares or that there will be an increase in the value of the shares in the future.

ioneer does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this presentation. Recipients of this presentation should carefully consider whether the securities issued by ioneer are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position. Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company's securities.

Forward Looking Statements

Various statements in this presentation constitute statements relating to intentions, future acts and events which are generally classified as “forward looking statements”. These forward looking statements are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other important factors (many of which are beyond the Company’s control) that could cause those future acts, events and circumstances to differ materially from what is presented or implicitly portrayed in this presentation.

For example, future reserves described in this presentation may be based, in part, on market prices that may vary significantly from current levels. These variations may materially affect the timing or feasibility of particular developments.

Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “potential” and similar expressions are intended to identify forward-looking statements.

ioneer cautions security holders and prospective security holders to not place undue reliance on these forward-looking statements, which reflect the view of ioneer only as of the date of this presentation.

The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. Except as required by applicable regulations or by law, ioneerdoes not undertake any obligation to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance.

Competent Persons Statement

In respect of Mineral 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 “Rhyolite Ridge Ore Reserve Increased 280% to 60 million tonnes” dated 30 April 2020 and released on ASX. Further information regarding the Mineral Resource 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.

No offer of securities

Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell ioneer securities in any jurisdiction or be treated or relied upon as a recommendation or advice by ioneer.

Reliance on third party information

The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by ioneer.

Lithium Carbonate Equivalent

The formula used for the Lithium Carbonate Equivalent (LCE) values quoted in this presentation is: LCE = (lithium carbonate tonnes produced + lithium hydroxide tonnes produced * 0.880

Note

All $’s in this presentation are US$’s except where otherwise noted.

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COMPELLING PROJECT ECONOMICS CONFIRMED BY COMPREHENSIVE DFS

WELL-DEFINED AND RELIABLE OPERATING COST

ALL-IN SUSTAINED CASH COST AT THE BOTTOM OF THE GLOBAL COST CURVE

LONG-LIFE RESOURCE WITH VERIFIED EXPANSION POTENTIAL

U.S. ADVANTAGE AND LOW-RISK, MINING-FRIENDLY LOCATION IN NEVADA

CLEAR PATH TO COMPLETION WITH THOROUGHLY VETTED CAPITAL ESTIMATES

SUSTAINABLE PROJECT

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ALAN DAVIES

Non-executive Director

FORMER: Chief Executive, Energy & Minerals of Rio Tinto

PATRICK ELLIOTT

Non-executive Director

FORMER: Executive Chair of Variscan Mines Limited

BERNARD ROWE

Managing Director

IONEER:Managing Director since August 2007

JOHN HOFMEISTER

Non-executive Director

FORMER: President of Shell Oil Company (U.S.A.)

JAMES D. CALAWAYNon-executive Chairman

FORMER: Non-exec chairman of Orocobre Ltd

JULIAN BABARCZY

Non-executive Director

FORMER: Head of Australian Equities, Regal Funds Management

www.ioneer.com

Capital Structure (As at 7 May 2020)

Share price

Shareholders

Insider Ownership 7.21%

Top 20 Ownership 52.6%

Centaurus 9.2%

Institutional holders 25.16%

SHARES OUTSTANDING 1.68B

PERFORMANCE RIGHTS AND OPTIONS OUTSTANDING

52m

CASH BALANCE (31/03/20) A$53m

SHARE PRICE ASX A$0.12

MARKET CAPITALISATION A$202m

52 WEEK SHARE PRICE RANGE (CLOSE)

A$0.07 - A$0.27

5Source: Company Data, FactSet, Ipreo and CapIQ

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

$0.30

7 May 2019 - 7 May 2020

www.ioneer.com 6Note: Chart inputs are ioneer estimates derived from industry research.

LITHIUM• Essential to all types of EV batteries • Conversion of green energy to base load power• Strong demand growth predicted to beyond 2040• Listed as a critical material by US Government• Very limited production in US – world’s 2nd largest

vehicle fleet

BORON• Important material for clean technologies and

sustainability• Over 300 applications including advanced glass,

permanent magnets for EVs and wind turbines• Stable pricing and demand growth• Produced in only a few locations globally

Lithium demand to grow at >20% CAGR to 2028 Boron demand to grow at ~4% CAGR to 2028

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• Broad range of essential uses mitigates reliance on single sector

• USA and China housing markets important drivers of demand

• Increasing demand from agriculture, solar, specialty glass and permanent magnets

• Total global market $2.3B per annum (2018)

• 4.5Mtpa of boron products (borates)(2.1Mtpa of boric oxide - B2O3)

• Including 1.2Mtpa boric acid worth $0.7B(0.7Mtpa of boric oxide - B2O3)

• Duopoly:

o Eti (Turkey) ~50% of refined borate market

o Rio (California) ~30% of refined borate market

• Customers value consistent quality and reliable supply

• 72% of worlds known Reserves are in Turkey

8%5%

11%

12%

12%16%

17%

19%

Global Borates Demand by End Use

Other

Textile Fiber Glass

Industrial /Chemical

LCD / TFTBorosilicate Glass

Insulation

Agriculture

7

Frits / Ceramics

Notes: Borates demand includes refined chemicals (~80% of demand) such as boric acid and raw mineral products (~20% of demand). Chart inputs are ioneer estimates derived from industry research.

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8

EVs more expensive to own

and purchase

EVs less expensive to own, more expensive to purchase

Total cost of ownership parity

EVs less expensive to own and purchase

Purchase price parity

Early AdoptionEnvironmental and social reasons spur slow but steady adoption

Rational SwitchingLower fuel and maintenance costs help justify higher purchase price, accelerating adoption by commercial users in particular

Budget SwitchingLower purchase price encourages mass adoption by budget-conscious individuals

Comparison to internal combustion

vehicles

• Lithium-ion battery cost reduction is an important catalyst for mass adoption of EVs

• Lithium pricing required at levels to incentivise rapid growth of lithium supply from 2023

• Consistent lithium specifications increasingly important for battery cathodes

• Automakers moving to ensure lithium supply

Rhyolite Ridge Begins Production

www.ioneer.com

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040

Total Demand Total Supply

9Source: Benchmark Mineral Intelligence 2020

Rhyolite Ridge Begins Production

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US demand:

• Seven US megafactoriesin the pipeline to 2024, three are already operational

• Benchmark Minerals estimates that by 2024, these megafactorieswill be producing 125GWh of cells requiring ~107,000 tonnes of lithium chemicals (LCE)

LG CHEM/GM LORDSTOWNOhio

10GWh

LG CHEMMichigan

15GWh

IM3New York15GWh

With the addition of the LG Chem-GM Megafactory in Ohio, the USA now has 7 battery megafactories in the pipeline across 6 different states. Farasis Energy is yet to confirm the location of its US megafactory

U.S. Megafactories 2020-2024

TESLA, GIGAFATORY 1Nevada60GWh

AESCTennessee5GWh

SKI, COMMERCEGeorgia10GWh

Farasis, TBC10GWh

Source: Benchmark Minerals Intelligence

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Stage One: Mining

Nickel 8% 0% 31%

Cobalt 0% 0% 1%

Graphite* 1% 0% 65%

Lithium 0% 1% 0%

Manganese 0% 0% 0%

Stage Two: Chemical Processing / Refining

Nickel 13% 1% 65%

Cobalt 17% 0% 82%

Graphite* 0% 0% 100%

Lithium 0% 4% 59%

Manganese 7% 0% 93%Stage Three: Cathode or Anode Production

Cathode 8% 0% 61%

Anode* 0% 0% 83%

Stage Four: Lithium ion battery cell manufacturing

Cells 6% 10% 73%

Source: Benchmark Minerals Intelligence*Flake Graphite Feedstock, All Anode Nature & Synthetic

Min

ing

Ch

emical P

rocessin

g

Global share of production (%) in 2019

Cat

ho

de

Pro

du

ctio

nC

ell Man

ufactu

ring

Ap

plic

atio

n

U.S Lithium consumption from EV’s set to increase ~8.2x over five years

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• Rhyolite Ridge’s location in Nevada is another key difference that sets the project apart

• Nevada is a first rate, low risk, mining friendly jurisdiction with a long history of mining

• Well-established infrastructure and labour force

• Proximity to the Pacific coast strategically positions the Project for entrance into major U.S. and Asian end markets

• Potential customers include Tesla, whose Gigafactory is located ~200 miles away

• In 2019, U.S. total demand from lithium ion batteries was 42,000 tonnes of LCE

• By 2024 demand is estimated to be ~107,000 tonnes of LCE from the current announced production

• U.S total demand is estimated to be 344,000 tonnes of LCE to meet the current plans of U.S auto OEM’s by 2025.

Source: Benchmark Minerals Intelligence

www.ioneer.comThe DFS base case lithium carbonate equivalent (LCE) prices averaged ~US$13,000/tonne and boric acid prices averaged US$710/tonne.All annual figures are on an average year basis over 25.24 years 13

Annual Revenue

US$422MAnnual EBITDA

US$288M

Annual After-tax Cashflow

US$193M

After-tax NPV (8% real):

~US$1.27B

Unlevered After Tax IRR

~21%

Estimated Capex

US$785M

www.ioneer.comSource: Roskill for all producing lithium brine and mineral operations shown on this cost curve, except for ioneer estimate sourced from the Rhyolite Ridge DFS. Costs as shown are all-in sustaining costs. The Rhyolite Ridge all-in sustaining costs were based on the same methodology as the Roskill cost estimates.(Cost includes Conversion Cost to Li2CO3, Royalties, Freight CFR China, Assumes spot FX for RMB, AUD, ARS, CLP)

14

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

0 50 100 150 200 250 300 350 400

US$

LC

E

1,000 Metric Tonnes

2019 LCE Cost Curve (US$/metric tonne) Global Producers

ioneer Brine Mineral

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Annual Mining:

2.53M Tonnes

Annual Lithium Hydroxide:

22,000 Tonnes

Years 4-26

Annual Boric Acid:

174,400 Tonnes

Years 1-26

Annual Lithium Carbonate Equivalent:

32,000 Tonnes

Years 1-26

Figures are in metric tonnesFigures calculated over average LOMLithium Hydroxide production replaces Lithium Carbonate after year 4Total LCE of 32,000 tpa is based on annual LOM Revenue of $422 million divided by LCE realised price of $13,200/tonne

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Initial Minelife:

26 Years

Ore Mined

63.8Mt

Large Ore Reserve1:

60.0Mt

Large Mineral Resource1:

146.5Mt

1 For Mineral Resources and Ore Reserve referred to in this presentation, see Company announcement titled “Rhyolite Ridge Ore Reserve Increased 280% to 60 million tonnes” dated 30 April 2020, for further information. Mineral Resource estimates include Ore Reserves.2 Mineral Resource of 146.5Mt less Ore Mined 63.8Mt equals the remaining Mineral Resource post the initial mine

Mine Life Extension:

82.7Mt Remaining Resource2

+Extension to

Resource

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ioneer market study conducted as part of DFS.Source: Bloomberg

31.5%

28.1%

24.9%

20.0%

15.9%14.6% 14.5%

12.8%

7.6%

Met Coal Oil Natural Gas Nickel Lithium¹ Copper Zinc Aluminum Boron

Historical Price Volatility | 5 Years

www.ioneer.com 18LCE revenue is higher than the assumed lithium price due to conversion of LiOH to LCE by approximately 10%The additional cost variance is due to state tax differentials at different lithium revenue levels

$8,961 $8,735

Total Revenue in US$/tonne LCE

LCE Revenue Boric Acid Revenue Product Cost $/t LCE (ex Co-Product)

$23,135

$18,659

$9,924 Margin

$14,173 Margin

Assumed Lithium Price of $15,000/t Assumed Lithium Price of $11,000/t Product Cost $/t LCE (ex Co-Product)

$8,861

ALL IN SUSTAINING CASH COST US$2,510

• The columns in blue represent total revenue produced from 1 tonne of LCE and ~9 tonnes of boric acid

• The column in green represents the total cost to produce 1 tonne of LCE and ~9 tonnes of boric acid

www.ioneer.comSource: Roskill for all producing lithium brine and mineral operations shown on this cost curve, except for ioneer estimate sourced from the Rhyolite Ridge DFS. Costs as shown are all-in sustaining costs. The Rhyolite Ridge all-in sustaining costs were based on the same methodology as the Roskill cost estimates.(Cost includes Conversion Cost to Li2CO3, Royalties, Freight CFR China, Assumes spot FX for RMB, AUD, ARS, CLP)

19

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

0 50 100 150 200 250 300 350 400

US$

LC

E

1,000 Metric Tonnes

2019 LCE Cost Curve (US$/metric tonne) Global Producers

ioneer Brine Mineral

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Rendered Engineering Model

Ore Handling/ Sizing and Storage

Reagents

Boric Acid Circuit

Sulphur Supply

Plant Utilities

Power Plant

SulphuricAcid Plant

Lithium Carbonate Circuit

Vat Leach PlantEvaporation/ Crystallization

Lithium Hydroxide Circuit (Year Four)

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Low emissions

Low water usage

Small mine footprint

Energy-efficient equipment

Commitment to sustainability

Zero C02 power co-generated at site, low greenhouse gas emissions.

Project design implements best-in-class water utilization while recycling the majority of water usage.

No evaporation ponds or tailings dams.

Low Greenhouse Gas emissions: 0.19 tons CO2e per ton Li2Co3 produced.

All baseline studies (14) for EIS completed over 2 years. Funding 5-year growth study at University of Nevada (UNR) for the successful propagation of Tiehm’s buckwheat.

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• Complete DFS

• Execution Engineering Services (EES) begin

• Finalize permitting submissions for project

• Complete financing plan

• Award long lead items

• Major contracts in negotiation

• Complete financing

• Full notice to proceed

• Site mobilization

• Release equipment fabrication

• Engineering Complete

• Begin concrete construction

• Steel and tank erection begin

Q2 2020 Q3 2020 Q2 2021 Q3 2021 Q2 2023

• Mechanical completion

• Commission plant

• Permanent power available

• First product shipment

Near-Term Timeline

Note: All dates and times are indicative and subject to change.

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$35

$16

$17

$28

$33

$18

$10

$17

$12

$599

$695

$785

575

600

625

650

675

700

725

750

775

800

Mill

ion

s U

S$

PFS Estimate

Power Generation

Impurity Removal 1

Mine Equipment & Sulphur

Trailers

Sales Tax & Commissioning

DFS Estimate

+ New Scope

EVP/CRZ Pkg

Increase

VAT & Tank

Lining

Spent Ore

Storage Facility

Freight, etc.

GrowthDFS Final Estimate

NEW SCOPE

GROWTH

www.ioneer.com 241 See Company announcement titled “Outstanding Results from Rhyolite Ridge Pre-Feasibility” dated 23 October 2018, for further information.

Total Annual Improvement:

US$30MTo the Bottom Line

Operating Cost Per Tonne Decreased:

US$8

Annual Savings Approximately:

US$20M

Lithium Carbonate Recovery Increased

From:

82%-85%

Savings Approximately:

US$10M

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Ample funding in place through at least 2021, ensuring Project timeline

DFS completion allows informed acceleration of strategic funding process

Strong financial position and completion of DFS enables ioneer to manage through the global COVID-19 environment

ioneer remains committed to achieving fair valuation for the Project which will maximize value to shareholders

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Bernard Rowe

ioneer Ltd

Jane Munday / Megan MooreFTI Consulting

Grace Altman

FTI Consulting

Managing Director Investor & Media Relations (Australia)

Investor & Media Relations (USA)

T: +61 419 447 280 T: +61 488 400 248 /+ 61 434 225 643

T: +1 917 208 9352

E: browe@ioneer.com E: jane.munday@fticonsulting.com / megan.moore@fticonsulting.com

E: grace.altman@fticonsulting.com

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• The Roskill forecast shows lithium pricing at the bottom of the cycle with improved pricing forecast for 2023 to meet first production from Rhyolite Ridge

• Benchmark Minerals Intelligence forecasts a similar price recovery

• Current Benchmark price for battery grade lithium hydroxide is $11,000 (FOB N.America)

Roskill: Annual price forecast for BG Lithium Hydroxide

Source: Roskill Lithium outlook to 2028

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