Ioneer rallies on upgraded assessment of Nevada lithium-boron project

[Lithium abstract concept]
Olemedia/E+ via Getty Images

Ioneer (NASDAQ:IONR [https://seekingalpha.com/symbol/IONR]) +17.2% in Friday's trading as investors jump into the stock after the Australia-based minerals producer upgraded the economics [https://www.miningweekly.com/article/ioneer-lifts-rhyolite-ridge-economics-on-leach-optimisation-higher-throughput-2025-09-03] of its Rhyolite Ridge lithium-boron project in Nevada.

Ioneer's (NASDAQ:IONR [https://seekingalpha.com/symbol/IONR]) updated mine plan showed a 38% increase in the unlevered life-of-mine net present value to A$1.89B, while the unlevered internal rate of return rose to 16.8%, while lithium hydroxide production in years 3-25 jumped 20% to 25.5K tons and boric acid output added 9% to 126.7K tons.

All-in sustaining cash costs for lithium carbonate equivalent are estimated at $5,626/ton, positioning Rhyolite Ridge in the lowest cost quartile for lithium production globally, the company said.

Ord Minnett analyst Patrick Wilson, who rates Ioneer (IONR [https://seekingalpha.com/symbol/IONR]) a Speculative Buy, said the Rhyolite Ridge project may have become more attractive to investors keen to join its development due to the updated economics, which included 17% and 9% increases in production rates for lithium and boron, respectively.

Rhyolite Ridge's new valuation rises by 42% to US$1.28B, and "most importantly, pre-production capex of US$1.7 billion remains unchanged, and does not exacerbate the challenging funding task facing the project," Wilson wrote. "We consider the improved economics should add further appeal to strategic parties interested in acquiring a stake."

MORE ON IONEER

* Ioneer: Material Improvement In Project Economics Transcript [https://seekingalpha.com/article/4819286-ioneer-ltd-special-call]
* Ioneer: Sodium-Ion Overhangs Lithium Market (Rating Downgrade) [https://seekingalpha.com/article/4791376-ioneer-sodium-ion-overhangs-lithium-market-rating-downgrade]
* Ioneer: Slow And Steady Progress At Rhyolite Ridge [https://seekingalpha.com/article/4756419-ioneer-slow-and-steady-progress-at-rhyolite-ridge]