Stock Markets

Ioneer’s Rhyolite Ridge Lithium-Boron Project Receives Final Permit Approval from U.S. Federal Government; Construction Planned for 2025

Published

3 months ago

October 25, 2024

Project will quadruple U.S. lithium output, create hundreds of high paying jobs in rural Nevada

SYDNEY–(BUSINESS WIRE)–Ioneer Ltd (Ioneer) (ASX: INR, NASDAQ: IONR) received its federal permit for the Rhyolite Ridge Lithium-Boron Project from the Bureau of Land Management. With the positive decision, Rhyolite Ridge becomes the first U.S. lithium project approved by the Biden Administration as part of its efforts to accelerate domestic critical mineral production and advances the Esmeralda County, Nevada investment toward construction in 2025 and first production in 2028.

Rhyolite Ridge will supply the batteries for more than 370,000 American-made electric vehicles annually and process crucial battery materials on-site in the United States. The project will create an estimated 500 jobs during construction and 350 high paying jobs during its decades in operation.

For more than six years, we have worked closely with state, federal and tribal governments, as well as the Fish Lake Valley community, to ensure the sound and sustainable development of our Rhyolite Ridge Lithium-Boron Project. We value our relationships with these stakeholders and appreciate their openness to engage, discuss concerns and develop solutions. Without that open and honest dialogue, such an outcome could never have been possible, said Ioneer Managing Director Bernard Rowe. This permit gives us a license to commence construction in 2025 and begin our work in creating hundreds of good-paying rural jobs, generating millions in tax revenue for Esmeralda County, and bolstering the domestic production of critical minerals.

I can say with absolute confidence there are few deposits in the world as impactful as Rhyolite Ridge. Today’s approval of Ioneer’s federal permit is the culmination of countless hours of work and a testament to our remarkable team’s dedication to developing and building one of the most sustainable mining projects in the country, said Ioneer Executive Chairman James Calaway. We are pleased by what we have achieved working with the Biden Administration, and by the bi-partisan support we have received at the federal, state and local levels.

The formal Record of Decision (ROD) follows the issuance last month of the final Environmental Impact Statement (EIS)1 by the BLM, which incorporated public feedback received during the April-June open comment period, and concludes the rigorous and comprehensive formal federal permitting process, which began in early 2020. Ioneer’s pre-permitting work began in early 2019 and, in December 2022, the company formally entered the final stages of the National Environmental Policy Act (NEPA) review, as required by all projects on federal lands.

Ioneer enacted major changes to the project throughout the permitting process resulting in a stronger, more sustainable project that incorporates the needs and concerns of all stakeholders. They include:

Major modification to the location of the western wall of the quarry to avoid Tiehm’s buckwheat, an endangered species adjacent to the project designated in December 2022,
Relocation of all possible infrastructure and related disturbance to areas outside of critical habitat identified because of its potential to support pollinators for Tiehm’s buckwheat,
Relocation of overburden storage facilities to avoid culturally sensitive sites and other important mitigation measures based on input from tribal site visits and consultation,
Commitments to water conservation,2 and
Commitments to dust, noise and light monitoring as well as mitigation and minimization of impact for the community and nature.

As part of the final EIS, the U.S. Fish and Wildlife Service, which oversees the administration of the Endangered Species Act (ESA), also formally released the ESA Section 7 Biological Opinion concluding Rhyolite Ridge will not jeopardize Tiehm’s buckwheat or adversely modify its critical habitat.

Rhyolite Ridge’s commitment to sustainability extends to its processing facility, for which 70% of engineering is complete, to recycle half of all the water used. As Ioneer’s facility comes online, the company will evaluate and continue to deploy new technologies to further reduce water consumption.

Due to the deposit’s unique minerology, Ioneer will limit its operational footprint by avoiding the use of evaporation ponds and curtail its carbon footprint as its steam-powered facility will operate independently from the Nevada energy grid.

With the project formally approved by the federal government, Ioneer expects to issue updated reserve figures and estimated project costs by December 2024 and advance toward a Final Investment Decision with its financing partners.

Estimated Project Timeline

Ioneer’s estimated timing for the Rhyolite Ridge Lithium-Boron Project is as follows:

Milestone	Targeted timing	Note
Anticipated Final Investment Decision	1Q 2025	Based on current management estimates and accounting for the Sibanye-Stillwater agreement, U.S. Department of Energy Loan Programs Office conditional loan and any other required funding close.
Construction	36 months	Includes supply of long-lead items and construction. Subject to lead times and when orders are placed.
Anticipated Commercial Production and Delivery to Partners	2028	Produce and process high-grade lithium and boron on-site at Rhyolite Ridge.

As of October 2024, and subject to change.

This ASX release has been authorised by Ioneer Managing Director, Bernard Rowe.

About Ioneer

Ioneer Ltd is an emerging lithium“boron producer and the 100% owner of the Rhyolite Ridge Lithium-Boron Project located in Nevada, USA. Rhyolite Ridge is the only known lithium-boron deposit in North America and one of only two known such deposits in the world. Once operational, the low-cost, world-class project is expected to power upward of 50 million electric vehicles and will instantly become a globally significant source of critical materials vital to the clean energy transition.

In September 2021, Ioneer entered into an agreement with Sibanye-Stillwater where, following the satisfaction of conditions precedent, Sibanye-Stillwater will acquire a 50% interest in the Project, with Ioneer maintaining a 50% interest and retaining the operational management responsibility for the joint venture. In January 2023, Ioneer received a conditional commitment from the U.S. Department of Energy Loan Programs Office for up to $700 million of debt financing.

Ioneer signed separate offtake agreements with Ford Motor Company (NYSE:) and PPES (joint venture between Toyota (NYSE:) and Panasonic (OTC:)) in 2022 and Korea’s EcoPro Innovation in 2021.

To learn more about Ioneer, visit www.Ioneer.com/investors.

Important notice and disclaimer

Forward-looking statements

This announcement contains certain forward-looking statements and comments about future events, including Ioneer’s expectations about the Project and the performance of its businesses. Forward looking statements can generally be identified by the use of forward-looking words such as ˜expect’, ˜anticipate’, ˜likely’, ˜intend’, ˜should’, ˜could’, ˜may’, ˜predict’, ˜plan’, ˜propose’, ˜will’, ˜believe’, ˜forecast’, ˜estimate’, ˜target’ and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance on, the Conditional Commitment, financing plans, future earnings or financial position or performance are also forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. Forward-looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. Forward looking statements involve known and unknown risks, uncertainty and other factors which can cause Ioneer’s actual results to differ materially from the plans, objectives, expectations, estimates, and intentions expressed in such forward-looking statements and many of these factors are outside the control of Ioneer. Such risks include, among others, uncertainties related to the finalisation, execution, and funding of the DOE financing, including our ability to successfully negotiate definitive agreements and to satisfy any funding conditions, as well as other uncertainties and risk factors set out in filings made from time to time with the U.S. Securities and Exchange Commission and the Australian Securities Exchange. As such, undue reliance should not be placed on any forward-looking statement. Past performance is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast financial information or other forecast. Nothing contained in this announcement, nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Ioneer.

Except as required by law or the ASX Listing Rules, Ioneer assumes no obligation to provide any additional or updated information or to update any forward-looking statements, whether as a result of new information, future events or results, or otherwise.

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1 Ioneer’s Rhyolite Ridge Project Clears Major U.S. Federal Permitting Step, Advances Toward Construction https://www.businesswire.com/news/home/20240919943952/en/Ioneer%25E2%2580%2599s-Rhyolite-Ridge-Project-Clears-Major-U.S.-Federal-Permitting-Step-Advances-Toward-Construction

2 Water Use at Rhyolite Ridge https://www.ioneer.com/wp-content/uploads/2024/07/Ioneer-Water-Fact-Sheet_Final-1-1.pdf

View source version on businesswire.com: https://www.businesswire.com/news/home/20241023742388/en/

United States Investor Relations
Chad Yeftich
E: ir@ioneer.com

Media Relations (USA)
Daniel Francis, FGS Global
E: daniel.francis@fgsglobal.com

Australia Investor Relations
Ian Bucknell
E: ir@ioneer.com

Media Relations (Australia)
Peter Taylor, NWR Communications
peter@nwrcommunications.com.au

Source: Ioneer Ltd

Stock Markets

Trump to withdraw from Paris climate agreement, White House says

Published

1 hour ago

January 21, 2025

By Valerie Volcovici and Jasper Ward

WASHINGTON (Reuters) -President Donald Trump will once again withdraw the United States from the Paris climate deal, the White House said on Monday, removing the world’s biggest historic emitter from global efforts to fight climate change for the second time in a decade.

The decision would place the United States alongside Iran, Libya and Yemen as the only countries in the world outside the 2015 pact, in which governments agreed to limit global warming to 1.5 degrees Celsius above pre-industrial levels to avoid the worst impacts of climate change.

The announcement, in a document from the White House, reflects Trump’s skepticism about global warming, which he has called a hoax, and fits in with his broader agenda to unfetter U.S. oil and gas drillers from regulation so they can maximize output.

The United States is already the world’s top producer of oil and thanks to a years-long drilling boom in Texas, New Mexico and elsewhere fueled by fracking technology and strong global prices since Russia’s invasion of Ukraine.

Trump also withdrew the U.S. from the Paris deal during his first term in office, though the process took years and was immediately reversed by the Biden presidency in 2021. The withdrawal this time around is likely to take less time – as little as a year – because Trump will not be bound by the deal’s initial three-year commitment.

This time could also be more damaging to global climate efforts, said Paul Watkinson, a former climate negotiator and senior policy advisor for France.

The U.S. is currently the world’s second-biggest greenhouse gas emitter behind China and its departure undermines global ambition to slash those emissions.

“It will be harder this time because we are in the thick of implementation, up against real choices,” Watkinson said.

The world is now on pace for global warming of more than 3 C by the end of the century, according to a recent United Nations report, a level scientists warn would trigger cascading impacts like sea level rise, heat waves, and devastating storms.

Nations have already been struggling to make steep cuts to emissions required to lower the projected temperature increase, as wars, political tensions and tight government budgets push climate change down the list of priorities.

Trump’s approach cuts a stark contrast to that of former President Joe Biden, who wanted the United States to lead global climate efforts and sought to encourage a transition away from oil and gas using a combination of subsidies and regulations.

Trump has said he intends to unwind those subsidies and regulations to shore up the nation’s budget and grow the economy, but has insisted he can do that while also ensuring clean air and water in the United States.

Li Shuo, an expert in climate diplomacy at the Asia Society Policy Institute, said the U.S. withdrawal risks undermining America’s ability to compete with China in key clean energy markets like solar power and electric vehicles.

“China stands to win, and the U.S. risks lagging further behind,” he said.

Stock Markets

CUBI FINAL DEADLINE: ROSEN, A LEADING NATIONAL FIRM, Encourages Customers Bancorp, Inc. Investors to Secure Counsel Before Important January 31 Deadline in Securities Class Action First Filed by the F

Published

1 hour ago

January 21, 2025

New York, New York–(Newsfile Corp. – January 20, 2025) – WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Customers Bancorp, Inc. (NYSE: NYSE:) between March 1, 2024 and August 8, 2024, both dates inclusive (the “Class Period”), of the January 31, 2025 lead plaintiff deadline in the securities class action first filed by the Firm.

SO WHAT: If you purchased Customers Bancorp securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Customers Bancorp class action, go to https://rosenlegal.com/submit-form/?case_id=28067 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 31, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action (WA:) Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Customers Bancorp had inadequate anti-money laundering practices; (2) as a result, it was not in compliance with its legal obligations, which subjected it to heightened regulatory risk; and (3) as a result, defendants’ statements about Customers Bancorp’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Customers Bancorp class action, go to https://rosenlegal.com/submit-form/?case_id=28067 call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook (NASDAQ:): https://www.facebook.com/rosenlawfirm.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237660

Stock Markets

Donald Trump sworn in as 47th US president

Published

1 hour ago

January 21, 2025

Investing.com — Donald Trump has been inaugurated as the 47th president of the United States. The swearing-in ceremony was conducted by Chief Justice John Roberts. Alongside him, JD Vance took the oath of vice presidency, administered by Justice Brett Kavanaugh.

In his inauguration speech, President Trump promised the beginning of a golden era for America. He is set to initiate a series of executive actions, as per incoming White House officials.

These potentially include the commencement of a process to terminate birthright citizenship and the declaration of a national emergency on the US-Mexico border. It is also anticipated that Trump will grant pardons to some individuals involved in the January 6 riots on his first day in office.

“We will tariff and tax foreign countries to enrich our citizens,” Trump said during his address. “For this purpose, we are establishing the External Revenue Service to collect all tariffs, duties and revenues.”

The inauguration event was attended by a host of political leaders, former presidents, and influential billionaires. Among the notable guests were Elon Musk and Jeff Bezos. Country music artist Carrie Underwood was also present, performing the song “America the Beautiful.”

Before the transition of power, former President Joe Biden granted pardons to several individuals. These included Gen. Mark Milley, Dr. Anthony Fauci, and members of Congress who were part of the committee investigating the events of January 6.

Preemptive pardons were also issued for Biden’s siblings, James and Frank, his sister Valerie, and their respective spouses.