Ioneer has initiated the formal strategic partnering process to identify an equity partner to expedite the development and production commencement of its Rhyolite Ridge lithium-boron project in the US state of Nevada.

The decision follows the completion of significant milestones, including an ore reserve upgrade and updated project economics.

Goldman Sachs is providing financial advisory services to assist Ioneer throughout this process, which is anticipated to last a minimum of four months.

The Rhyolite Ridge project stands out in the global lithium and boron markets owing to its unique lithium-boron deposit. It facilitates the production of high-purity chemicals directly at the mine site.

The project has dual revenue streams, with lithium accounting for 75% and boron for the remaining 25%.

It also features strong project economics, with all-in sustaining costs projected to be in the lowest quartile of the global lithium cost curve.

Rhyolite Ridge also benefits from being a permitted, large mineral resource and ore reserve.

The project has garnered substantial support from both public and private sectors and is considered shovel-ready with a Class 2 capital cost estimate and 70% of engineering completed.

Adding to its financial readiness, Ioneer has secured a $996m loan from the US Department of Energy Loan Programs Office. The loan includes capitalised interest during construction of $28m and conditions to the first draw.

This financial backing is complemented by existing lithium and boron offtake agreements with partners, positioning the project for expansion.

In June 2025, Ioneer received firm commitments to raise $16m through a placement of new shares to advance the Rhyolite Ridge project.