Ioneer has received firm commitments to raise approximately $16m through a placement of new shares aimed at advancing its Rhyolite Ridge Lithium-Boron Project in Nevada, US.

The funds will be used to move the project through the strategic partnering process and towards a final investment decision (FID).

The placement was met with strong support from both new and existing shareholders.

The company will issue approximately 253 million new fully paid ordinary shares at an offer price of A$0.10 per share, a 13% discount to Ioneer's last close on 10 June 2025.

The placement is set to provide necessary capital for project readiness, environmental and permitting expenses, and other associated costs, as well as for working capital and general corporate purposes.

The new shares issued will rank equally with the existing ordinary shares of Ioneer.

Canaccord Genuity acted as the lead manager and bookrunner, with Stifel Nicolaus Europe and Bridge Street Capital Partners serving as co-lead manager and co-manager, respectively.

Ioneer executive chair James Calaway said: “Rhyolite Ridge continues to demonstrate it is a world-leading lithium project, helping accelerate the electric vehicle transition and securing a cleaner future for our children and grandchildren. This placement represents another step forward towards ensuring this world-class project operates efficiently and sustainably.”

In addition to the placement, Ioneer is offering a share purchase plan (SPP) to eligible shareholders, aiming to raise up to an additional $3.3m at the same price as the placement.

The SPP will offer eligible shareholders the chance to increase their holdings by the maximum permitted amount of A$30,000 per application, without any brokerage, commission or transaction fees.

Ioneer managing director Bernard Rowe said: “Ioneer is pleased to announce the successful completion of the placement with strong engagement from new and existing investors, signalling market confidence [in] the Rhyolite Ridge Project despite significant headwinds in the lithium market.”

This move comes after the announcement in February that South African miner Sibanye-Stillwater would exit the joint venture with Ioneer for the Rhyolite Ridge project following a significant drop in lithium prices.

"Ioneer raises $16m to advance Rhyolite Ridge lithium project towards FID" was originally created and published by Mining Technology, a GlobalData owned brand.

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