In addition, the company has entered into a subscription agreement with Sibanye-Stillwater for a strategic placement of $70 million of ioneer ordinary shares. Proceeds from the placement will be used toward ioneer’s development capital requirement, medium term working capital needs and to progress long-lead items to minimize time to production, James Calaway, executive chairman of ioneer, explained.

“With a strong strategic partner in place, we can now look to finalize the debt financing for the project and move toward construction,” Calaway said. “Our partnership with Sibanye-Stillwater will allow ioneer to unlock the tremendous, long-term value of Rhyolite Ridge.”

“This is Sibanye-Stillwater’s second lithium transaction and third transaction in the battery metals sector, which will be essential for the transition to a cleaner future,” Sibanye-Stillwater CEO Neal Froneman said. “Rhyolite Ridge is a worldclass lithium project and we recognize its strategic value, with the potential to become the largest lithium mine in the U.S.” ioneer will be the operator of the project and enter into a management services agreement with the joint venture company and will be responsible for the development and subsequent operation of the project.