ioneer Ltd
IONR, GSCCF · Mining & Quarrying of Nonmetallic Minerals (No Fuels) · EDGAR filings ↗
Grade
C62Well-funded but pre-revenue lithium-boron developer with a permitted, fully-approved flagship project and no operating history.
Strengths
- Long cash runway (90th pct) and strong current/quick ratio (~8.5, ~88th pct) for a dev-stage miner
- $996M DOE loan closed and Record of Decision received, de-risking permitting
- Greatly expanded reserves/resource and improving project economics
Risks
- No revenue and continuing operating losses; needs ~$1.68B+ capex with funding gap after Sibanye exited the JV
- Debt-to-equity at 100th pct and negative interest coverage/ROIC signal financing dependence
- Binary outcome hinges on FID, commodity prices and additional equity/debt/strategic partner
Notable findings
- No interest coverageInterest coverage -392.15 (cannot cover interest)
- High leverageHigh leverage (debt/equity 4.32)
- Cash burnNegative free cash flow (-6.8M)
Key metrics
Return on equity
-4.1%
Return on assets
-4.1%
ROIC
-0.7%
Debt / equity
4.3×
Interest coverage
-392.2×
Current ratio
8.5×
Free cash flow
-$7M
Tangible book value
$230M
Cash & investments
$25M
Cash runway
15q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-29 | 2025-12-31 | 0001140361-26-017853 ↗ |
| 20-F | 2025-10-22 | 2025-06-30 | 0001140361-25-038934 ↗ |
| 20-F | 2024-10-22 | 2024-06-30 | 0001140361-24-043898 ↗ |
| 20-F | 2023-10-27 | 2023-06-30 | 0001140361-23-049907 ↗ |
| 20-F | 2022-10-21 | 2022-06-30 | 0001140361-22-037990 ↗ |