ioneer Ltd
- Open
- 3.22
- Day high
- 3.37
- Day low
- 3.22
- Prev close
- 3.22
- Volume
- 86K
- Mkt cap
- $249M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.1
- P/S
- —
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$118K over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions reducing (13F)
ioneer Ltd (IONR) is a Basic Materials company listed on NASDAQ. The stock is up 3% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
ioneer Ltd (IONR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IONR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Mar 18, 2026 | — | $-0.07 | — | — | — |
| Feb 19, 2025 | $-0.04 | $-0.00 | +99.9% | — | — |
| Sep 18, 2024 | $-0.04 | $-0.04 | +0.0% | — | — |
| Jun 30, 2023 | — | $-0.01 | — | — | — |
| Jun 30, 2022 | — | $-0.06 | — | — | — |
| Jun 30, 2021 | — | $-0.06 | — | — | — |
| Mar 9, 2021 | — | $-0.11 | — | — | — |
| Jun 30, 2020 | — | $-0.03 | — | — | — |
| Jun 30, 2014 | — | $-0.00 | — | $29 | — |
IONR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 7, 2026 | Yeftich Chadofficer: VP Corp Dev & External Affairs | Sell | 706,781 | $0.11 |
| Jul 7, 2026 | Coon Kenneth Dofficer: Vice President Human Resources | Sell | 113,899 | $0.11 |
| Jul 7, 2026 | Weaver Matthewofficer: SVP of Engineering Operations | Sell | 251,293 | $0.11 |
| Jul 6, 2026 | Nagai Yoshioofficer: VP Comm. Sales & Marketing | Grant | 159,982 | — |
| Jul 6, 2026 | Weaver Matthewofficer: SVP of Engineering Operations | Grant | 391,277 | — |
| Jul 6, 2026 | Yeftich Chadofficer: VP Corp Dev & External Affairs | Grant | 203,751 | — |
| Jul 6, 2026 | Coon Kenneth Dofficer: Vice President Human Resources | Grant | 150,926 | — |
| Mar 25, 2026 | Woodall Timothy Roydirector | Buy | 200,000 | $0.11 |
Source: IONR SEC Form 4 filings, latest Jul 7, 2026. For informational purposes only — not investment advice.
See the full IONR insider & 13F page →ioneer Ltd company profile
Overview
ioneer Ltd (NASDAQ:IONR) is an Australian mineral exploration and development company incorporated in 2001 and headquartered in North Sydney, Australia. Originally founded as Global Geoscience Limited, the company rebranded to ioneer Ltd in November 2018 to reflect its focus on lithium and boron development. The company went public on the NASDAQ in June 2022, positioning itself as a key player in the critical minerals sector essential for the global energy transition. ioneer is currently in the pre-production phase, developing its flagship Rhyolite Ridge project in Nevada while working to secure the necessary permits and financing for commercial operations.
Business
ioneer operates in the critical minerals mining sector, specifically focusing on lithium and boron extraction. The company's primary asset is the Rhyolite Ridge lithium-boron project, located in Nevada, United States, which ioneer owns 100%. Lithium is a lightweight metal that has become increasingly valuable due to its essential role in rechargeable batteries, particularly lithium-ion batteries used in electric vehicles, smartphones, laptops, and grid-scale energy storage systems. As the world transitions toward renewable energy and electric transportation, lithium demand has surged dramatically, making it one of the most sought-after commodities in the clean energy supply chain. Boron is a chemical element with diverse industrial applications, including glass manufacturing, ceramics, agriculture (as fertilizer), and specialty chemicals. Boron compounds are used in everything from fiberglass insulation to high-strength materials for aerospace applications. The global boron market is more niche than lithium but represents a steady, established demand base. The Rhyolite Ridge project is unique because it contains both lithium and boron in the same deposit, which is relatively rare geologically. This dual-mineral approach provides ioneer with potential revenue diversification and operational efficiencies, as both minerals can be extracted and processed from the same mining operation. The project is currently in the development phase, meaning ioneer has identified and quantified the mineral resources but has not yet commenced commercial production.
Revenue model
ioneer's business model is based on mineral extraction and sales once the Rhyolite Ridge project becomes operational. The company will generate revenue by mining lithium and boron ore, processing it into marketable products, and selling these materials to industrial customers. For lithium, the primary customers will likely include battery manufacturers, chemical companies that produce lithium compounds, and potentially electric vehicle manufacturers seeking to secure their supply chains. Lithium is typically sold as lithium carbonate or lithium hydroxide, with pricing linked to global commodity markets and long-term supply contracts. For boron, customers include glass manufacturers, ceramic producers, agricultural companies (for fertilizers), and specialty chemical manufacturers. Boron markets tend to be more stable than lithium, with established players and longer-term contracts. Currently, ioneer generates no revenue as it remains in the pre-production development phase. The company is funded through equity raises and is burning cash to advance permitting, engineering studies, and project development activities. Several factors will significantly impact ioneer's future margins: Commodity price volatility represents the primary risk, as both lithium and boron prices fluctuate based on global supply and demand dynamics. Operational efficiency in extraction and processing will determine unit costs. Regulatory compliance costs in Nevada and federal jurisdictions will affect operating expenses. Transportation costs to deliver products to customers will impact margins. Competition from other lithium producers, particularly lower-cost brine operations in South America, could pressure pricing. Technological advances in battery chemistry that reduce lithium requirements, or alternative energy storage technologies, could affect long-term demand.
Competitive moat
ioneer's competitive positioning is moderate but faces significant challenges. The company's primary potential moat lies in its unique dual-mineral deposit containing both lithium and boron, which provides operational efficiencies and revenue diversification that pure-play lithium projects lack. The Nevada location offers geopolitical stability and proximity to North American markets, which is increasingly valuable as companies seek to diversify supply chains away from China-dominated lithium processing. However, ioneer's moat is relatively weak compared to established mining companies. The company faces intense competition from large-scale brine operations in South America's lithium triangle (Chile, Argentina, Bolivia), which typically have lower production costs than hard-rock mining operations like Rhyolite Ridge. Established lithium producers with existing operations, customer relationships, and cash flows have significant advantages in securing offtake agreements and financing. The regulatory environment presents both protection and risk - while Nevada's stable jurisdiction provides certainty, the lengthy permitting process creates execution risk and delays that competitors with existing operations don't face. Capital intensity of mining operations creates barriers to entry but also means ioneer must execute flawlessly on a single large project, unlike diversified miners with multiple revenue streams. Potential disruption could come from battery technology advances that reduce lithium requirements, lithium recycling becoming more economically viable, or alternative energy storage technologies gaining market share. Additionally, if lithium prices collapse due to oversupply from new mines coming online globally, ioneer's project economics could become unviable before production begins.
Risks & safety
ioneer's margin of safety is moderate in the near term but deteriorating over time due to ongoing cash burn without revenue generation. • Liquidity position: Strong current ratio of 4.7x with $21.6 million in cash and short-term investments as of Q2 2025, providing near-term operational funding • Debt levels: Minimal debt with debt-to-equity ratio of 0.006, indicating low financial leverage risk • Cash burn: Negative free cash flow of $6.9 million in Q2 2025, indicating ongoing cash consumption for development activities • Solvency timeline: At current burn rates, existing cash provides approximately 12-18 months of runway before additional financing is required • Valuation metrics: Price-to-book ratio of 1.09 suggests reasonable valuation relative to asset base, though assets are primarily undeveloped mineral properties • Revenue generation: Zero revenue since inception creates execution risk, as the company must successfully transition from development to production • Capital requirements: Significant additional capital will be required to fund construction and development of the Rhyolite Ridge project, likely requiring dilutive equity raises or debt financing
Recent development
Based on the available financial data, ioneer has been primarily focused on advancing the Rhyolite Ridge project through the development phase over the past several years. The company has maintained a consistent cash burn rate of approximately $6-8 million annually while working to advance permitting, engineering studies, and project development activities. The company's cash position has declined from $94 million at IPO in 2022 to approximately $21.6 million as of Q2 2025, reflecting the ongoing investment in project development. This cash consumption pattern indicates ioneer has been actively progressing feasibility studies, environmental assessments, and regulatory approvals necessary for the Rhyolite Ridge project. The company's asset base has remained relatively stable at around $220 million, suggesting that development expenditures are being capitalized as part of the mineral property value rather than expensed immediately. This approach is typical for mining companies in the pre-production phase, where development costs are treated as capital investments in the future mining operation. ioneer's operational focus appears to be on de-risking the Rhyolite Ridge project through comprehensive engineering and environmental studies, while simultaneously working to secure the necessary permits for commercial operations. The company's ability to maintain minimal debt levels while funding development activities demonstrates disciplined capital management during this critical pre-production phase.
IONR company profile · for informational purposes only — not investment advice.
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