Michael Scialla

John Freeman

Paul Diamond

Scott Hanold

Kalei Akamine

Bertrand Donnes

Noah Hungness

Timothy Rezvan

Tim Rezvan

Kalei Akamai

Kaleinoheaokealaula Akamine

Michael Shaula

- The Rhyolite Ridge Lithium-Boron Project is advancing towards a Final Investment Decision (FID) and is seeking a strategic partner, with the process, initiated on **July 3, 2024**, now expected to conclude in early **2026** due to market volatility.  **[0001896084_2218766_1]** **[0001896084_2218766_5]** 
- Key project milestones include receiving a favorable Record of Decision from the Bureau of Land Management in **October 2024** and securing an upgraded **$986 million** loan from the U.S. Department of Energy.  **[0001896084_2218766_1]** **[0001896084_2218766_4]** 
- Updated project economics show a Net Present Value (NPV) of **$2.3 billion** and an Internal Rate of Return (IRR) of **23.2%**, with an all-in sustaining cash cost of **$4,628 per tonne** of lithium carbonate.  **[0001896084_2218766_3]** 
- Leach optimization has significantly improved project economics, increasing annual EBITDA from **$319 million** to **$417 million** and annual revenues from approximately **$500 million** to **$600 million**, without additional capital expenditures.  **[0001896084_2218766_6]** 
- The project is fully permitted, **70%** engineered, and has offtake agreements with companies including **Ford Motor Company**. First production is anticipated by the end of **2028** or early **2029**, following an FID in early **2026**.  **[0001896084_2218766_4]** **[0001896084_2218766_7]**

Ioneer Provides Rhyolite Ridge Project Update and Strategic Partnering Process Extension

INFINITY NATURAL RESOURCES (INR)