Ioneer announced the closing of a $996-million loan from the US Department of Energy (DOE) Loan Programs Office (LPO) under the Advanced Technology Vehicles Manufacturing (ATVM) program to support the development of an on-site processing facility at the Rhyolite Ridge Lithium-Boron Project in Esmeralda County, Nevada.

The investment, part of the LPO’s efforts to strengthen the nation’s critical mineral supply chain, will create hundreds of rural jobs, support American manufacturers and help rebalance the global supply of lithium and boron production and processing currently dominated by China and Turkey, respectively. The $996-million loan ($968-million principal and $28 million in capitalized interest) is a $268-million increase in loan principal from the January 2023 conditional loan commitment.

Once operational, Rhyolite Ridge will quadruple the nation’s current domestic lithium supply, power an estimated 370,000 electric vehicles per year, create an estimated 500 jobs during construction and 350 high paying jobs during its decades in operation and become the first new lithium mine in the United States in almost sixty years and first new boron mine in close to a century.

The project will generate dual revenue from lithium and boron produced directly at the mine site and contribute to establishing a sustainable lithium loop in Nevada, ensuring the recycling and reuse of the critical minerals.

Due to the deposit’s unique hard rock minerology, Ioneer will limit its operational footprint by avoiding the use of evaporation ponds and eliminate half of all water use compared to brine operations of similar size. The project will curtail its carbon footprint as its steam-powered facility will operate independently from the Nevada energy grid. The state-of-the-art processing facility will recycle half of all the water used. Its on-site location will reduce the need to transport materials across oceans, saving time and reducing costs, and kickstart wholistic supply chain investment in mineral production and processing in the United States.

The loan marks the conclusion of eight years of focused work across environmental, permitting, geology, and engineering. Ioneer engaged with DOE LPO for more than three years and transaction timing was primarily driven by receipt of a positive Record of Decision from the Department of Interior, which Ioneer received in October 2024.