Latest news with #BernardRowe
Yahoo
5 days ago
- Business
- Yahoo
Ioneer raises $16m to advance Rhyolite Ridge lithium project towards FID
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. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
05-03-2025
- Business
- Yahoo
Estimate says lithium-boron deposits 45% more than expected at Rhyolite Ridge
LAS VEGAS (KLAS) — A new estimate indicates the Rhyolite Ridge mine site northwest of Las Vegas has 45% more lithium-boron deposits than previously calculated. Ioneer, the Australian company behind the mine project, released the updated estimate less than a week after losing its biggest investor, a South African multinational mining company that dropped out citing low lithium prices. Ioneer is now the 100% owner of the Rhyolite Ridge project. 'Today's updated Resource reinforces the remarkable flexibility of Rhyolite Ridge's unique mineralogy,' Bernard Rowe, Ioneer's managing director, said in a news release. 'It allows Ioneer to match prevailing market conditions and blend our ore to produce a valuable boric acid coproduct, whose market is separate from the Project's primary lithium product.' The mine site is in Esmeralda County, midway between Las Vegas and Reno. The mine was approved in October 2024. In January, the U.S. Department of Energy finalized a $996 million loan for the project Only active lithium mine in US seeks expansion in Nevada's Esmeralda County Analysis of samples from 12 drill holes completed in 2024 led to the 45% increase in the estimate. The analysis was completed by an independent mining consultant 'No other lithium project has this flexibility and economic advantage. In times of low lithium pricing as exists today, the Company can prioritize the high-boron ore (Stream 1) over the low-boron ore (Stream 2) to optimize the relative proportion of total revenue derived from boron,' according to Rowe. Ioneer was not named in a lawsuit filed on Oct. 31, 2024, over the Bureau of Land Management's decision to approve the Rhyolite Ridge mine. A rare wildflower — Tiehm's buckwheat — found only at the site is likely to go extinct if the mine moves forward. 'This lawsuit is about much more than just preventing the extinction of Tiehm's buckwheat,' Patrick Donnelly, Great Basin director at the Center for Biological Diversity, said in a news release. 'The Bureau of Land Management's authorization of the Rhyolite Ridge Mine is a flagrant violation of numerous environmental protection laws, and the integrity of these bedrock conservation laws is at stake. We need lithium for the crucial transition to renewable energy, but the government can't break the law and drive species to extinction to get it.' Tiehm's buckwheat grows on 10 acres that fall completely within the footprint of the boron- and lithium-rich soils of the Silver Peak Range in Esmeralda County. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
