# INR - Ioneer Limited



## springhill (20 July 2012)

MC - $9m
SP - 6.3c
Shares - 148m
Options - 27m
Cash - $1.2m

*Major shareholders*
Osisko Mining Corporation  9.9%
ABN AMRO Clearing Sydney Nominees  5.3%
Peter Nicholson  3.9%

*Rob Reynolds, chairman*
Mining/exploration finance and management 
Alacer Gold, Exeter, Delta Gold
*Bernard Rowe, managing director*
20 years exploration and corporate experience
Ashton, Drake, Tri Origin
*Peter Nicholson, technical director*
30 years exploration and management experience
Geopeko, Eupene, Savage
*Pat Elliott, director*
Corporate finance 
and management
Morgan Grenfell, Crossland Uranium, MIL Resources, Argonaut Resources

*Agreement with Osisko*
● Osisko may earn an initial 45% interest in five gold projects in Nevada by spending a total of US$8million over 4 years.
● Global will manage and operate during this phase.
● Upon completion of the earn-in, Osisko must select which projects it wishes to continue funding.
● Osisko to sole-fund projects it selects through to completion of bankable feasibility study and in doing so will increase to 70%.
● Projects not selected by Osisko will be returned to Global and Osisko will have no ownership interest nor any other rights.   
● Global and Osisko will assess other gold opportunities in Nevada.
● $2M budget for 2012 (minimum commitment) including $1M for drilling on four projects.

*Lone Mountain, Nevada*
• 38 km² property covering highly prospective “window”
• Located between Carlin and Jerritt Canyon gold deposits
• Excellent potential for large Carlin-style system
• New detailed gravity survey completed
• Drill ready targets
• GSC has option to acquire 100% interest from owner
• Osisko funding exploration

*Excelsior, Nevada*
• Under-explored gold zone
• Walker Lane in southern Nevada
• Drill intercepts over 2.2km of strike
• Multiple zones of shallow, oxidised gold
• Part of a much larger mineralised zone
• Gold mineralisation identified over 10km long zone
• GSC earning 70% by spending US$3M over 4 years and cash payments of $100K.  
• Over $600,000 spent to date

*Sara Sara, Peru*
• Large porphyry lithocap
• >15 sq km of advanced argillic alteration
• IP anomaly
• Cu-Mo, Ag-Re mineralisation
• 70 sq km, mostly covered

*2012 work program*
• $2.5M exploration budget for 2012, fully funded
• Drilling a minimum of 4 projects
• $2M Nevada budget funded by Osisko
• May 2012 – drilling Sara Sara high-grade silver 
• June/July 2012 – drilling Lone Mt and Excelsior gold
• Aug/Sept - drilling Bartlett gold/copper


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## greggles (22 August 2018)

Global Geoscience has bounced off support at 25c and is currently trading at 31c.

GSC is a potential producer of lithium-boron and is currently developing the Rhyolite Ridge project in Nevada, USA. Further details regarding the company's operations can be found in the Diggers and Dealers Presentation released by the company on 6 August 2018.

The PFS for Rhyolite Ridge is due this quarter, so some of the more recent interest in the company could be because of that.

The chart shows a nice uptrend has been forming over the last week and a half so GSC has been added to my watchlist.


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## barney (23 August 2018)

Recently raised $50 million in over subscribed cap raise so now have $80 million on the books …. 

Market cap around $500 million

DFS and Financing expected to be finalised by end FY19 … Construction into 2020-2021


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## greggles (23 August 2018)

barney said:


> Recently raised $50 million in over subscribed cap raise so now have $80 million on the books ….
> 
> Market cap around $500 million
> 
> DFS and Financing expected to be finalised by end FY19 … Construction into 2020-2021




GSC up another 7.81% today. Good volume again of 5.5 million shares. The uptrend is still intact. Clearly someone is interested in getting on board, although the lack of recent announcements make me wonder why all this activity is happening now. You'd think the ASX would have sent them a "please explain" by now.


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## System (6 November 2018)

On November 6th, 2018, Global Geoscience Limited (GSC) changed its name and ASX code to Ioneer Limited (INR).


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## Trav. (29 April 2019)

May Competition Stock Pick - No rhyme or reason behind this one. Daily scan flagged it and in the Lithium zone so who really knows. Daily Chart below


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## peter2 (30 September 2019)

Significant BO of large base pattern. My pick for Oct19 but this could be a start of something larger and longer than a month.


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## peter2 (28 October 2019)

After breaking out, price fell a little but it did make a higher low and broke out again. 
DFS is not due until Q1 2020. My pick for Nov19 mthly comp.


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## Knobby22 (30 October 2019)

Why did it rise?


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## Country Lad (30 October 2019)

Knobby22 said:


> Why did it rise?




Probably the followers of livewire.  Their article included the following about INR on 21 Oct, the day the price rises started.  Could be that the red cordial brigade at Hot Copper and other such places did their thing and talked it up wherever they could.

*This theme is a key driver for another of our preferred exposures, being Nevada lithium-boron project developer Ioneer Limited (INR). Ioneer is currently completing a Definitive Feasibility Study on its Rhyolite Ridge project, aiming to bring into production an initial 20ktpa of lithium carbonate or hydroxide (as well as a large boron production stream). This would make Rhyolite Ridge the USA’s largest indigenous source of lithium units. Ioneer has a unique orebody, it’s not a hard rock or a brine deposit, instead, it’s a sedimentary hosted deposit that has proven to have very high recoveries of lithium and boron, and at very low cost. A domestic and low-cost source of lithium from a generational style asset such as Ioneer would appear very valuable (as would its boron production at a time when the largest USA based boron mine is nearing its end of life). The Company has openly stated it is in partnering discussions with off-takers and/or industry players, and we think any of these, if finalised, could lead to a much higher share price.*


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## Boggo (31 October 2019)

INR popped up in my weekly scan, coming off a nice base too.

(click to expand)


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## peter2 (27 November 2019)

Since the pop, price has drifted lower. The recent cap raising at 0.20/share has also caused more selling. Price is now at 0.20. The company now has more money to complete the DFS and make a start on the initial engineering requirements. 

My selection for the Dec19 monthly comp since the price is now at the SPP price.


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## Miner (27 November 2019)

peter2 said:


> Since the pop, price has drifted lower. The recent cap raising at 0.20/share has also caused more selling. Price is now at 0.20. The company now has more money to complete the DFS and make a start on the initial engineering requirements.
> 
> My selection for the Dec19 monthly comp since the price is now at the SPP price.



Pete
It looks like the SPP was limited to SI and Institutions.
So interested shareholders not on SI category can buy the shares lesser prices than 22.5 cents if act fast?
https://www.asx.com.au/asxpdf/20191121/pdf/44bsk99w5kj7jw.pdf


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## Stiffwood (30 December 2019)

INR returned ~ 18.75% in 2019 with a high of $0.27. Once the current share placement dust settles ( @ $0.20 ) I then hope that it can take out the 2019 high and have a sneak peak at ATH $0.525


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## Chronos-Plutus (23 May 2020)

Just bought into INR the other day @ ~12 cents, and I will pick up more over the coming months:

- large resource 146.5 Mt
- Long-life mine ~26 years with ore reserves ~60Mt
- Experienced leadership team
- Decent financials from DFS with NPV~US$1.27B and forecast EBITDA ~$US288M
- Project timing milestones to be in-sync with global economic recovery
(https://www.asx.com.au/asxpdf/20200430/pdf/44hcwgvfq4pfst.pdf)

Stock has been trending down for most of the last year, a reversal of trend is possible based on stock fundementals, positive news flow and announcements that coincide with project milestones and targets:


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## The Triangle (23 May 2020)

Ioneer looks interesting.  I like how all their presentations are 'post tax' - as opposed to the common model of 'pre-tax' which we see with WA miners.  Position on cost curve - if true - is what makes this investment worthy.  Location is good,  they have adequate cash at the moment to plod along for another year, but they really need financing sorted out and I believe any mining company needing capital in the next 6 months is going to struggle unless it comes in the form of government funding.   Throw in corona, the state of the US, economic havok and I'm happy to sit on the outside for now.


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## Chronos-Plutus (23 May 2020)

The Triangle said:


> Ioneer looks interesting.  I like how all their presentations are 'post tax' - as opposed to the common model of 'pre-tax' which we see with WA miners.  Position on cost curve - if true - is what makes this investment worthy.  Location is good,  they have adequate cash at the moment to plod along for another year, but they really need financing sorted out and I believe any mining company needing capital in the next 6 months is going to struggle unless it comes in the form of government funding.   Throw in corona, the state of the US, economic havok and I'm happy to sit on the outside for now.




True; Capex for the project is ~US$735M which is quite significant. Possibly a combination of project finance that involves:

- Equity capital raising; share purchase plans and placements
- Debt capital raising; structured corporate bonds
- Direct High-Net-Worth private investor arrangements
- Federal and State government loans/initiatives/support

Hard work, but not impossible.


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## Chronos-Plutus (23 May 2020)

Chronos-Plutus said:


> True; Capex for the project is ~US$735M which is quite significant. Possibly a combination of project finance that involves:
> 
> - Equity capital raising; share purchase plans and placements
> - Debt capital raising; structured corporate bonds
> ...



I should correct the project Capex in the comment above; it is ~US$785M. Also that some of the project finance will likely be sought from strategic partners.

The resource is globally significant being the only lithium-boron deposit in North America and one of only two in the world. The project will create a great positive economic impact generally across the USA over multiple decades. (https://www.asx.com.au/asxpdf/20200512/pdf/44hrbkwhrm6x8t.pdf)


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## Dona Ferentes (23 May 2020)

Orecobre - lithium /boron
Rhyolite Ridge - lithium boron project
American Pacific Borate & Lithium (ABR)
PKK Group - Boron Nitride Nanotubes (BNNT)
*
Boron: Making Modern Life Possible*
_https://www.visualcapitalist.com/bo...&utm_medium=social&utm_campaign=SocialWarfare

that was 2017...._


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## Chronos-Plutus (23 May 2020)

Dona Ferentes said:


> Orecobre - lithium /boron
> Rhyolite Ridge - lithium boron project
> American Pacific Borate & Lithium (ABR)
> PKK Group - Boron Nitride Nanotubes (BNNT)
> ...




And Ioneer just signed boric acid distribution and sales agreements (https://www.asx.com.au/asxpdf/20200521/pdf/44j05mzb4sy4cd.pdf)


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## Dona Ferentes (23 June 2020)

The company has come out with a bit of a clarification in response to story in the AFR

 Ioneer wishes to provide _"more clarity around the process and the current status of the discussions with potential strategic partners. As disclosed in the Company’s DFS, published 30 April 2020, ioneer intends to fund its Rhyolite Ridge Lithium-Boron Project with *various sources of capital including strategic partnering, debt and equity.* It is currently in advanced discussions with a wide range of strategic players who could become part of its funding solution.  _
_These discussions are progressing well, despite the current conditions, which is a strong reflection of the significant value that ioneer is positioned to deliver over the life of the Project.  _
_However, ioneer reiterates that this process is ongoing, and while discussions are advanced, a formal strategic partnering process has not commenced as reported."_

While  _StreetTalk _said INR had 







> ...formalised the data room and diligence materials for a handful of interested parties which have already been whittled down from a longer list. Goldman is running the process out of its New York office and is understood to have approached Asian manufacturers keen to gain a foothold in the United States such as LG and Panasonic, as well as global chemical companies, ESG companies, and financial investors.
> 
> Ioneer unveiled a definitive feasibility study for its Rhyolite Ridge project to the market in April, which revealed a total capital expenditure of $US785 million ($1.15 billion) was required to complete the project, including an 8 per cent contingency. Enter the need for a strategic partner.




- does it matter? Market isn't reacting one way or the other yet. The devil is always in the detail, and (close to) a Billion Dollars is a big bite for a company with M/C under $200mill.


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## greggles (26 November 2020)

INR has been doing very well since the end of September, when it announced both its partnership with Caterpillar and its September 2020 Quarterly financial results and Activity Report.

 The financials revealed expected continuing losses while the Activities Report detailed the progress the company has made with its Rhyolite Ridge Lithium-Boron Project in Nevada, USA. Here are the highlights:







Construction is due to commence next year and based on the April DFS it looks to be a low cost, long life project that is finally coming to fruition after substantial development.

The bet with INR appears to be the Lithium price. If it increases the low cost nature of the project will substantially increase the value of the Rhyolite Ridge Project to the company.

After doing some research it appears that the consensus is that the current lithium oversupply will be exhausted by mid-2021 and demand (and the spot price) will then pick up as supply thins out. If so, that will work in INR's favour and is definitely something to keep an eye on.


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## Dona Ferentes (30 June 2021)

Ioneer signed a binding offtake agreement with the  Korean EcoPro Innovation Co for three years for lithium carbonate from  Ioneer's *lithium boron* project in Nevada. 

The agreement covers 7000 tonnes a year, 2000 of  which is firm and 5000 of which is optional. The price is determined  quarterly and denominated in US dollars. EcoPro will convert the lithium  carbonate into lithium hydroxide at its cathode plant.


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## Miner (17 September 2021)

Incidentally this thread started with a capital raise of 6.3 cents and the holders are ten baggers.
However for the context, I am wondering why market punished the capital raise ?
Yes, it has diluted the shareholding but it also invited fund a and a cornerstone partner giving confidence on the company's growth.
Could our INR specialists please sharevyour thoughts?
DNH.


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## Captain_Chaza (29 December 2021)

The INR chart looks impressive too so in she goes for my 2022 year competition
Triple Tops are almost unheard of on the Global Exchanges
 AND
The Good just get Gooder and  is in Lithium to boot
How can I lose?


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## Miner (30 December 2021)

I should have posted some key announcements for those not following INR 








			https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02468886-2A1347180?access_token=83ff96335c2d45a094df02a206a39ff4
		




			https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02460063-2A1342498?access_token=83ff96335c2d45a094df02a206a39ff4
		

The directors have continued to accept performance rights against cash for their fees, suggesting the insiders have faith and are committed to putting money on the future of this company.
Disclaimer - have a small investment in INR and have performed better than some of the others in my super portfolio so far. Thanks to @peter2 @greggles, @Dona Ferentes, and other posters for their thoughtful postings,  motivating me though it was my laggard action to break my slumber.


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## Dona Ferentes (30 December 2021)

as always, getting the money in the door is hard. Latest Ann might ease the pain?

• _ioneer has been invited into the due diligence process for the U.S. Department of Energy’s Advanced Technology Vehicles Manufacturing Loan Program  
• ioneer continues to advance the Rhyolite Ridge Lithium-Boron Project which includes a Definitive Feasibility Study (Fluor), full simulation pilot plant (Kemetco Research) and binding offtake contracts  
• ioneer has applied for a *DOE loan to support *the *US$490 million* strategic investment by Sibanye Stillwater in the Rhyolite Ridge Project, which is expected to produce 22ktpa lithium carbonate/hydroxide and 174ktpa boric acid – making it the largest lithium and second largest boric acid producer in America   _


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## Miner (3 February 2022)

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02482885-2A1354599?access_token=83ff96335c2d45a094df02a206a39ff4
		

With the announcement even Lithium is current hype but INR dropped.
Was it because the plant construction is in 2023 and a possible CR to support ?
Do hold
However Simple Wallet Street has published two things: Future growth being negative but price projection is positive


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## Ann (30 March 2022)

I feel if *INR *can claw above the 200dsma it might well have a bit of upside.


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## Boggo (26 July 2022)

My pick for August comp. Going in the right direction so far.

(click to expand)


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## Dona Ferentes (1 August 2022)

_ioneer Signs Binding Lithium Offtake Agreement with Prime Planet Energy & Solutions _

Highlights:
• Lithium from ioneer’s Rhyolite Ridge project in Nevada will be supplied directly to Prime Planet Energy & Solutions, Inc.
• In support of end-to-end U.S. Electrified Vehicle supply chain and delivering on ioneer’s initiatives, lithium supplied by ioneer will be produced, refined and incorporated into lithium-ion batteries by PPES, which will promote electrification in the U.S. Market
• The 5-year binding Agreement is for a total of 4,000 tonnes per annum of lithium carbonate from ioneer’s Rhyolite Ridge Lithium-Boron operation in Nevada and represents approximately 19% of annual output in the first 5 years of production 
• Prime Planet Energy & Solutions is a joint venture battery company between Toyota Motor Corporation and Panasonic Corporation

*... *_and now comes the hard part. . Traders have reacted, up a few percent, but early days._

*



*


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## barney (1 August 2022)

Boggo said:


> My pick for August comp. Going in the right direction so far.




Off topic but how is your "ticker" going @Boggo ?  You had a bit of trouble post vax. Hope it has rectified or at least improved


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## Boggo (1 August 2022)

barney said:


> Off topic but how is your "ticker" going @Boggo ?  You had a bit of trouble post vax. Hope it has rectified or at least improved



All been stable for a while now @barney Thank You.


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