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6-K 1 ef20043857_6k.htm 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 6-K


REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934

For the month of February 2025

Commission File Number: 001-41412

ioneer Ltd
(Translation of registrant’s name into English)


Suite 16.01, 213 Miller Street
North Sydney, NSW, 2060, Australia
(Address of principal executive offices)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 
Form 20-F ☒    Form 40-F ☐


EXHIBIT INDEX
The following exhibits are filed as part of this Form 6-K:

Exhibit
  
Description
     
 
Interim Financial Statements


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
ioneer Ltd
 
(registrant)
   
Date: February 19, 2025
By:  /s/ Ian Bucknell          
 
Name: Ian Bucknell
 
Title:   Chief Financial Officer & Company Secretary


EX-99.1 2 ef20043857_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1




ioneer Limited
  
Contents
  
31 December 2024
  
   
Interim condensed consolidated statement of profit or loss and other comprehensive income
 2
Interim condensed consolidated statement of financial position
 3
Interim condensed consolidated statement of changes in equity
 4
Interim condensed consolidated statement of cash flows
 5
Notes to the interim condensed consolidated financial statements
 6

1
ioneer Limited
Interim condensed consolidated statement of profit or loss and other comprehensive income
For the period ended 31 December 2024
   
Note
    
31 Dec 2024
    
31 Dec 2023
  
         
$'000
    
$'000
  
                   
Revenue
                  
Finance income
   6
      
552
      
913
  
                       
Expenses
                      
Employee benefits expense
  
4
      
(3,387
)
    
(1,640
)
Exploration expenditure written off
  
10
      
(37
)
    
(31
)
Other expenses
  
5
      
(1,841
)
    
(1,984
)
Finance costs
  
6
      
(6
)
    
(5
)
                       
Loss before income tax expense
          
(4,719
)
    
(2,747
)
                       
Income tax expense
          
-
      
-
  
                       
Loss after income tax expense for the period attributable to the owners of ioneer Limited
          
(4,719
)
    
(2,747
)
                       
Other comprehensive income
                      
                       
Items that may be reclassified subsequently to profit or loss
                      
Foreign currency translation
          
(880
)
    
159
  
                       
Other comprehensive (loss)/income for the period, net of tax
          
(880
)
    
159
  
                       
Total comprehensive loss for the period attributable to the owners of ioneer Limited
          
(5,599
)
    
(2,588
)
                       
         
Cents
    
Cents
  
                       
Basic earnings per share
          
(0.20
 )    
(0.13
 )
Diluted earnings per share
          
(0.20
 )    
(0.13
 )

The above interim condensed consolidated statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes
2
ioneer Limited
Interim condensed consolidated statement of financial position
As at 31 December 2024

    Note
    
31 Dec 2024
    
30 Jun 2024
  
         
$'000
    
$'000
  
                   
Assets
                  
                   
Current assets
                  
Cash and cash equivalents
  
7
      
21,552
      
35,715
  
Receivables
  
8
      
590
      
343
  
Total current assets
          
22,142
      
36,058
  
                       
Non-current assets
                      
Receivables
          
274
      
276
  
Property, plant and equipment
  
9
      
348
      
406
  
Right-of-use assets
          
102
      
71
  
Exploration assets
  
10
      
198,282
      
187,664
  
Total non-current assets
          
199,006
      
188,417
  
                       
Total assets
          
221,148
      
224,475
  
                       
Liabilities
                      
                       
Current liabilities
                      
Payables
  
11
      
3,057
      
4,543
  
Provisions
  
12
      
364
      
428
  
Borrowings
  
13
      
1,200
      
1,200
  
Lease liabilities
          
91
      
41
  
Total current liabilities
          
4,712
      
6,212
  
                       
Non-current liabilities
                      
Lease liabilities
          
29
      
42
  
Total non-current liabilities
          
29
      
42
  
                       
Total liabilities
          
4,741
      
6,254
  
                       
Net assets
          
216,407
      
218,221
  
                       
Equity
                      
Issued capital
  
14
      
286,857
      
281,671
  
Reserves
          
(5,379
)
    
(3,098
)
Accumulated losses
          
(65,071
)
    
(60,352
)
                       
Total equity
          
216,407
      
218,221
  

The above interim condensed consolidated statement of financial position should be read in conjunction with the accompanying
notes
3
ioneer Limited
Interim condensed consolidated statement of changes in equity
For the period ended 31 December 2024

   
Issued capital
    
Foreign currency
translation
reserve
    
Equity
compensation
reserve
    
Accumulated
losses
    
Total equity
  
   
$'000
    
$'000
    
$'000
    
$'000
    
$'000
  
                               
Balance at 1 July 2023
    
255,364
      
(12,716
)
    
7,278
      
(52,527
)
    
197,399
  
                                         
Loss after income tax expense for the period
    
-
      
-
      
-
      
(2,747
)
    
(2,747
)
Foreign currency translation
    
-
      
159
      
-
      
-
      
159
  
                                         
Total comprehensive income for the period
    
-
      
159
      
-
      
(2,747
)
    
(2,588
)
                                         
Fair value of performance rights exercised
    
1,732
      
-
      
(1,732
)
    
-
      
-
  
Share based payments expensed/capitalised
    
-
      
-
      
1,494
      
-
      
1,494
  
Fair value of unlisted options exercised
    
84
      
-
      
(84
)
    
-
      
-
  
Share issue costs
    
(11
)
    
-
      
-
      
-
      
(11
)
                                         
Balance at 31 December 2023
    
257,169
      
(12,557
)
    
6,956
      
(55,274
)
    
196,294
  

   
Issued capital
    
Foreign currency
translation
reserve
    
Equity
compensation
reserve
    
Accumulated
losses
    
Total equity
  
   
$'000
    
$'000
    
$'000
    
$'000
    
$'000
  
                               
Balance at 1 July 2024
    
281,671
      
(12,761
)
    
9,663
      
(60,352
)
    
218,221
  
                                         
Loss after income tax expense for the period
    
-
      
-
      
-
      
(4,719
)
    
(4,719
)
Foreign currency translation
    
-
      
(880
)
    
-
      
-
      
(880
)
                                         
Total comprehensive income for the period
    
-
      
(880
)
    
-
      
(4,719
)
    
(5,599
)
                                         
Fair value of performance rights exercised
    
5,186
      
-
      
-
      
-
      
5,186
  
Share based payments expensed/capitalised
    
-
      
-
      
(1,401
)
    
-
      
(1,401
)
                                         
Balance at 31 December 2024
    
286,857
      
(13,641
)
    
8,262
      
(65,071
)
    
216,407
  

The above interim condensed consolidated statement of changes in equity should be read in conjunction with the accompanying
notes
4
ioneer Limited
Interim condensed consolidated statement of cash flows
For the period ended 31 December 2024

 
Note
  
31 Dec 2024
    
31 Dec 2023
  
     
$'000
    
$'000
  
               
Cash flows from operating activities
 
   
 
Payments to suppliers and employees
      
(4,038
)
    
(4,554
)
                   
Net cash used in operating activities
      
(4,038
)
    
(4,554
)
                   
Cash flows from investing activities
                  
Payments for property, plant and equipment
      
-
      
(3
)
Payments for exploration and evaluation
      
(9,801
)
    
(21,256
)
Interest received
      
500
      
883
  
 
               
Net cash used in investing activities
      
(9,301
)
    
(20,376
)
                   
Cash flows from financing activities
                  
Proceeds from exercise of options
      
-
      
84
  
Share issue transaction costs
      
-
      
(11
)
Repayment of leases
      
(70
)
    
(65
)
                   
Net cash from/(used in) financing activities
      
(70
)
    
8
  
                   
Net decrease in cash and cash equivalents
      
(13,409
)
    
(24,922
)
Cash and cash equivalents at the beginning of the financial period
      
35,715
      
52,709
  
Effects of exchange rate changes on cash and cash equivalents
      
(754
)
    
202
  
                   
Cash and cash equivalents at the end of the financial period
7
    
21,552
      
27,989
  

The above interim condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes
5
ioneer Limited
Notes to the interim condensed consolidated financial statements
31 December 2024
Note 1. Corporate information

The interim condensed consolidated financial statements of ioneer Ltd and its subsidiaries (collectively the “Group” or the “Company”) for the six months ended 31 December 2024 were authorised for issue in accordance with a resolution of the directors on 19 February 2025.

ioneer Ltd is a for profit company limited by shares and incorporated in Australia whose shares are publicly traded on the Australian Securities Exchange (“ASX”) under the ticker code “INR”. The registered office of the Company is suite 16.01, 213 Miller Street, North Sydney, NSW 2060 Australia.

Note 2. Basis of preparation

These general purpose financial statements for the interim half-year reporting period ended 31 December 2024 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'.

The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. The Directors consider that there are no material uncertainties that may cast significant doubt over this assumption. They have formed a judgement that there is reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months from the end of the reporting period.

These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2024 and any public announcements made by the Company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The consolidated financial statements are presented in USD, except where otherwise indicated.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated.

New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Company.

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 30 June 2024. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

Note 3. Operating segments

Description of segments
The Group operates predominantly as a mineral exploration and development company. The operating segments are based on the reports reviewed by the Managing Director for assessing performance and determining the allocation of resources and strategic decision making within the Group. The following summary describes the operations in each of the Groups reportable segments:

North America
Represents activity in the US, primarily in relation to Rhyolite Ridge and the Reno office.
Australia
Represents head office expenditure, exchange gains and losses and corporate assets (predominantly cash).

6
ioneer Limited
Notes to the interim condensed consolidated financial statements
31 December 2024
The following table presents segment information for the six months ended 31 December 2024 and 2023, respectively:

Note 3. Operating segments (continued)

Segment information
  
North America
    
North America
    
Australia
    
Australia
    
Total
    
Total
  
(US$'000)
  
31 Dec 2024
    
31 Dec 2023
    
31 Dec 2024
    
31 Dec 2023
    
31 Dec 2024
    
31 Dec 2023
  
                                     
                                     
Exploration and evaluation expenditure
                                    
Exploration and evaluation expenditure - non-core
    
(37
)
    
(31
)
    
-
      
-
      
(37
)
    
(31
)
Other expenses
    
(1,040
)
    
(1,212
)
    
(801
)
    
(772
)
    
(1,841
)
    
(1,984
)
Reportable segment profit/(loss)
    
(1,077
)
    
(1,243
)
    
(801
)
    
(772
)
    
(1,878
)
    
(2,015
)
                                                 
Employee benefits and other expenses
    
(1,532
)
    
(973
)
    
(1,855
)
    
(667
)
    
(3,387
)
    
(1,640
)
Net financing (expense)/income
    
305
      
124
      
241
      
784
      
546
      
908
  
                                                 
Net loss before income tax
    
(2,304
)
    
(2,092
)
    
(2,415
)
    
(655
)
    
(4,719
)
    
(2,747
)

   
31 Dec 2024
    
31 Dec 2023
    
31 Dec 2024
    
31 Dec 2023
    
31 Dec 2024
    
31 Dec 2023
  
   
$'000
    
$'000
    
$'000
    
$'000
    
$'000
    
$'000
  
                                     
Segment assets
                                    
Exploration and evaluation assets
    
198,282
      
172,185
      
-
      
-
      
198,282
      
172,185
  
Other assets
    
12,698
      
7,626
      
10,168
      
21,881
      
22,866
      
29,507
  
Total assets
    
210,980
      
179,811
      
10,168
      
21,881
      
221,148
      
201,692
  
                                                 
Segment liabilities
                                                
Payables
    
2,978
      
4,681
      
170
      
320
      
3,148
      
5,001
  
Provisions
    
98
      
100
      
266
      
237
      
364
      
337
  
Borrowings
    
1,200
      
-
      
-
      
-
      
1,200
      
-
  
Total current liabilities
    
4,276
      
4,781
      
436
      
557
      
4,712
      
5,338
  
                                                 
Payables
    
29
      
60
      
-
      
-
      
29
      
60
  
Total non-current liabilities
    
29
      
60
      
-
      
-
      
29
      
60
  
                                                 
Total liabilities
    
4,305
      
4,841
      
436
      
557
      
4,741
      
5,398
  
Net assets
    
206,675
      
174,970
      
9,732
      
21,324
      
216,407
      
196,294
  

Note 4. Employee benefits expense

   
Half year ended
31 Dec 2024
    
Half year ended
31 Dec 2023
  
   
$'000
    
$'000
  
             
Directors fees
    
361
      
348
  
Employee benefits expense
    
1,190
      
1,378
  
Share-based payments
    
1,836
      
(86
)
                 
     
3,387
      
1,640
  

7
ioneer Limited
Notes to the interim condensed consolidated financial statements
31 December 2024
Note 5. Other expenses

   
Half year ended
31 Dec 2024
    
Half year ended
31 Dec 2023
  
   
$'000
    
$'000
  
             
General and administrative expenses
    
968
      
654
  
Consulting and professional costs
    
742
      
1,205
  
Depreciation and amortisation
    
131
      
125
  
                 
     
1,841
      
1,984
  

Note 6. Net finance income

   
Half year ended
31 Dec 2024
    
Half year ended
31 Dec 2023
  
   
$'000
    
$'000
  
             
Interest income
    
426
      
848
  
Net foreign exchange gain
    
126
      
65
  
                 
Finance income
    
552
      
913
  
                 
Bank charges
    
(5
 )    
(4
 )
Lease interest
    
(1
 )    
(1
 )
                 
Finance costs
    
(6
 )    
(5
)
                 
Net finance income
    
546
      
908
  

Note 7. Current assets - cash and cash equivalents

   
31 Dec 2024
    
30 Jun 2024
  
   
$'000
    
$'000
  
             
Cash at bank
    
10,085
      
19,205
  
Short term deposit
    
11,467
      
16,510
  
                 
     
21,552
      
35,715
  

Cash and short-term deposits in the statement of financial position comprise cash at bank and on hand and short-term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.

Note 8. Current assets - receivables

   
31 Dec 2024
    
30 Jun 2024
  
   
$'000
    
$'000
  
             
Other debtors
    
148
      
195
  
Prepayments
    
442
      
148
  
                 
     
590
      
343
  

8
ioneer Limited
Notes to the interim condensed consolidated financial statements
31 December 2024
 Note 9. Non-current assets - property, plant and equipment

   
31 Dec
2024
    
30 Jun
2024
  
   
$'000
    
$'000
  
             
Plant and equipment - at cost
    
606
      
606
  
Less: Accumulated depreciation
    
(258
)
    
(200
)
                 
     
348
      
406
  

Reconciliations
Reconciliations of the written down values at the beginning and end of the current financial period are set out below:

   
$'000
  
       
Balance at 1 July 2024
    
406
  
Depreciation expense
    
(58
)
         
Balance at 31 December 2024
    
348
  

Note 10. Non-current assets - exploration and evaluation

   
31 Dec 2024
    
30 Jun 2024
  
   
$'000
    
$'000
  
             
Exploration assets
    
198,282
      
187,664
  

Reconciliations
Reconciliations of the written down values at the beginning and end of the current financial period are set out below:

   
31 Dec 2024
  
   
$'000
  
       
Opening balance at 1 July 2024
    
187,664
  
Additions - Rhyolite Ridge
    
10,546
  
Exploration expenditure - non-core
    
109
  
Exploration expenditure - written off
    
(37
)
         
Balance at 31 December 2024
    
198,282
  

Note 11. Current liabilities - payables

   
31 Dec 2024
    
30 Jun 2024
  
   
$'000
    
$'000
  
             
Trade payables
    
2,919
      
4,056
  
Accrued expenses
    
138
      
487
  
                 
     
3,057
      
4,543
  

Refer to note 16 for further information on financial risk management.

9
ioneer Limited
Notes to the interim condensed consolidated financial statements
31 December 2024
Note 12. Current liabilities - provisions

   
31 Dec 2024
    
30 Jun 2024
  
   
$'000
    
$'000
  
             
Provision for employee benefits
    
364
      
428
  

Note 13. Current liabilities - borrowings

   
31 Dec 2024
    
30 Jun 2024
  
   
$'000
    
$'000
  
             
Other current debt
    
1,200
      
1,200
  

Current debt is comprised of an unsecured loan from Sibanye Stillwater Limited. The loan will mature and be repaid in full 30 days following the termination of the strategic partnership unit purchase agreement (an agreement with Sibanye Stillwater Limited to make an equity investment of $490 million for a 50% share of the Rhyolite Ridge Project as announced on 16 September 2021) by either party, or alternatively, will be deducted from the initial capital commitment ($490 million) under the unit purchase agreement at closing (that is when all conditions precedent to the agreement are met and a final investment decision taken with Sibanye-Stillwater to develop the Rhyolite Ridge Project) . The interest rate is 0% to maturity date. If unpaid by maturity date, then the interest will be accrued at the Secured Overnight Financing Rate (SOFR) plus 8% per annum. The SOFR is the cost of borrowing cash overnight collateralised by Treasury securities.

Note 14. Equity - issued capital

   
31 Dec 2024
    
30 Jun 2024
    
31 Dec 2024
    
30 Jun 2024
  
   
Shares
    
Shares
    
$'000
    
$'000
  
                         
Ordinary shares - fully paid
    
2,355,671,516
      
2,325,614,708
      
286,857
      
281,671
  

   
Half year ended
31 Dec 2024
Number
    
Year ended
30 Jun 2024
Number
    
Half year ended
31 Dec 2024
$'000
    
Year ended
30 Jun 2024
$'000
  
                         
Reconciliation of movement:
                        
Balance at the beginning of the period
    
2,325,614,708
      
2,098,818,267
      
281,671
      
255,364
  
Exercise of unlisted options
    
-
      
357,710
      
-
      
54
  
Performance rights vested
    
30,057,808
      
12,836,169
      
5,186
      
1,892
  
Share issue costs from vesting of performance rights
    
-
      
-
      
-
      
(12
)
Capital raise
    
-
      
213,602,562
      
-
      
25,141
  
Share issue costs from capital raise
    
-
      
-
      
-
      
(768
)
                                 
Balance at the end of the financial period
    
2,355,672,516
      
2,325,614,708
      
286,857
      
281,671
  

Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorised capital.

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

Share buy-back
There is no current on-market share buy-back.

Note 15. Equity - dividends

There were no dividends paid, recommended or declared during the current or previous financial period.

10
ioneer Limited
Notes to the interim condensed consolidated financial statements
31 December 2024
Note 16. Financial risk management

Framework
The Group is involved in activities that expose it to a variety of financial risks including:
     a)   Credit risk
     b)   Liquidity risk
     c)   Capital management risk
     d)   Market risk related to commodity pricing, interest rates and currency fluctuations.

The Board of Directors has overall responsibility for the establishment and oversight of the financial risk management framework of the Group. Management is responsible for monitoring the financial risks.

The objective of the financial risk management strategy is to minimise the impact of volatility in financial markets on the financial performance, cash flows and shareholder returns. This requires the identification and analysis of relevant financial risks and possible impact on the achievement of the Group’s objectives.

The Group does not undertake any hedging activities.

Fair value measurement
All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, based on the lowest level input that is significant to the fair value measurement, as follows:

●
Level 1 – Quoted market prices in an active market (that are unadjusted) for identical assets or liabilities.
●
Level 2 – Valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable).
●
Level 3 – Valuation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable).

The carrying amounts of the Group’s financial assets and liabilities are a reasonable approximation of their fair values. During the 6 months ended 31 December 2024, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements. (31 December 2023: Nil)

The fair value of the options granted is determined by using the Black & Scholes option pricing model and the fair value of performance-based performance rights is determined by using the Monte Carlo model.

Note 17. Contingent assets/liabilities

The Company entered an option agreement to purchase Rhyolite Ridge from Boundary Peak Minerals LLC on 3 June 2016. The Company has made 4 progress payments to Boundary Peak under the agreement. A final payment will fall due following the board of directors making a ‘decision to mine’ the Rhyolite Ridge property. Once this decision is made, the Company is required under the terms of the contract to either:

●
Pay Boundary Peak LLC USD $3 million, or
●
Issue shares (or a mix of both shares and cash) to Boundary Peak LLC, to the equivalent of USD $3 million at a fixed exchange rate of USD $0.75 = AUD $1.00.

At the date of this report the decision to mine has not yet been made by the Company.

There are no other known contingent liabilities as at 31 December 2024.

11
ioneer Limited
Notes to the interim condensed consolidated financial statements
31 December 2024
Note 18. Events after the reporting period

After the end of the financial period, on 20 January 2025, ioneer announced the signing of a US$996 million loan from the U.S. Department of Energy (DOE) Loan Programs Office (LPO) under the Advanced Technology Vehicles Manufacturing (ATVM) program to support the development of an on-site processing facility at the Rhyolite Ridge Lithium-Boron Project in Esmeralda County, Nevada.

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