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ioneer commences trading on NASDAQ

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ioneer Ltd, an emerging lithium–boron supplier, has commenced trading on the NASDAQ under an American depositary receipt (ADR) listing. The ADR programme will complement ioneer’s existing primary listing on the ASX Australian Securities Exchange. The ADRs began trading on NASDAQ on 30 June 2022, under the symbol IONR.

The SEC registration and Nasdaq listing process does not include a capital raise. ioneer had a cash balance of approximately AUS$144.2 million as of 31 March 2022.

As a critical mineral in powering electric vehicles (EV), global demand for lithium is rapidly increasing as countries like the US shift resources to drive a successful transition to a clean energy future. The Rhyolite Ridge lithium-boron operation, expected to come onstream in 2025, will become a major domestic supplier of refined lithium and boron products, with enough supply of lithium materials for approximately 400 000 electric vehicles each year.

ioneer Executive Chairman, James Calaway, said: “Rhyolite Ridge is a world-class lithium project and ioneer is ideally positioned to play a major role in the energy transition. We believe making it easier for North American capital market participants to invest in ioneer is consistent with our ambition to produce materials necessary to develop electric vehicle and renewable energy supply chain infrastructure in North America.”

ioneer has undertaken significant work in recent years to further establish its presence and bolster its team in the US. This includes appointing two additional US-based Board members and several senior hires in Nevada. Most of the team, half of the ioneer Board, and close to a quarter of the company’s shareholder base is US-based.

ioneer Managing Director, Bernard Rowe, added: “We believe this secondary listing will be greatly beneficial to the company and its shareholders. There is a growing desire among North American investors to take part in the clean energy supply chain. We are pleased ioneer will gain greater visibility through a leading North American capital market trading platform that is suited for future-forward companies like ours.”

In September 2021, ioneer established a joint venture with international mining company Sibanye-Stillwater Ltd to develop Rhyolite Ridge. Sibanye-Stillwater agreed to contribute AUS$490 million for a 50% interest in the joint venture, with ioneer to maintain a 50% interest and retain operatorship.

ioneer has also entered into a lithium offtake agreement with EcoPro Innovation related to over 30% of its lithium production and memorandums of understanding (MoU) with multiple US-based companies to support development of the US EV supply chain. These include an MoU with Dragonfly Energy, a lithium-ion battery technology company based in Reno, Nevada as announced in December 2020 and an MoU with NexTech Batteries, a lithium-sulfur battery technology company based in Carson City, Nevada as announced in March 2022.

ioneer has also entered into a depositary agreement with The Bank of New York Mellon (BNY Mellon) under which BNY Mellon would act as depositary, custodian and registrar for the ADRs.

Read the article online at: https://www.globalminingreview.com/finance-business/01072022/ioneer-commences-trading-on-nasdaq/

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US mining news Lithium mining news