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ioneer Limited
(Sydney:INR)
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Rating:47Neutral
Price Target:
AU$0.15
▲(9.29% Upside)
Action:Reiterated
Date:07/04/26
The score is primarily constrained by very weak financial performance (no revenue, ongoing losses, and sustained cash burn), only partly offset by a low-leverage balance sheet and improved free cash flow burn in the latest period. Technical indicators are moderately positive in the near term (price above key short/mid-term averages and positive MACD), but valuation remains unattractive/unclear due to negative earnings and no dividend support.
Positive Factors
Low leverage balance sheet
Very low debt and a growing equity base materially reduce refinancing and solvency risk for a pre-production miner. This financial flexibility supports continued permitting, engineering and near-term project financing discussions without immediate pressure to sell assets or accept punitive financing terms.
Negative Factors
Pre-revenue operations
The company remains pre-revenue and loss-making, meaning its value depends entirely on future project delivery. Until commercial production and binding sales exist, there's execution risk on permitting, construction and commissioning; failure or delays would impair returns and require further capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage balance sheet
Very low debt and a growing equity base materially reduce refinancing and solvency risk for a pre-production miner. This financial flexibility supports continued permitting, engineering and near-term project financing discussions without immediate pressure to sell assets or accept punitive financing terms.
Read all positive factors
ioneer Limited (INR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$476.57M
Dividend YieldN/A
Average Volume (3M)6.29M
Price to Earnings (P/E)―
Beta (1Y)1.32
Revenue GrowthN/A
EPS Growth5.36%
CountryAU
Employees3
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-2.00
Shares Outstanding3,074,634,000
10 Day Avg. Volume5,640,890
30 Day Avg. Volume6,289,984
Financial Highlights & Ratios
PEG Ratio2.41
Price to Book (P/B)1.29
Price to Sales (P/S)0.00
P/FCF Ratio-104.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.48Price Target Upside242.86% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)N/A
ioneer Limited Business Overview & Revenue Model
Company Description
Operating within North America, ioneer Ltd focuses on the exploration and development of mineral resources. Its most significant asset is the Rhyolite Ridge lithium-boron project, situated in Nevada, United States. The entity, previously known as ...
How the Company Makes Money
ioneer Limited does not have publicly available information indicating sustained operating revenue from producing and selling minerals; its business model is primarily pre-production project development. If and when its Rhyolite Ridge project ente...
ioneer Limited Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
62
Positive
Cash Flow
24
Negative
| Breakdown | Dec 2025 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -366.34K | -277.00K | -260.00K | -51.34K | -165.02K |
| EBITDA | -8.67M | -10.04M | -9.08M | -9.60M | -11.80M |
| Net Income | -8.42M | -9.55M | -7.83M | -6.39M | -8.50M |
Balance Sheet | |||||
| Total Assets | 232.70M | 233.54M | 224.47M | 205.84M | 212.62M |
| Cash, Cash Equivalents and Short-Term Investments | 17.88M | 25.06M | 35.72M | 52.59M | 93.90M |
| Total Debt | 335.23K | 373.00K | 1.28M | 211.50K | 255.00K |
| Total Liabilities | 2.33M | 3.24M | 6.25M | 8.90M | 9.52M |
| Stockholders Equity | 230.37M | 230.30M | 218.22M | 196.94M | 203.10M |
Cash Flow | |||||
| Free Cash Flow | -2.87M | -6.80M | -43.84M | -40.03M | -35.35M |
| Operating Cash Flow | -2.86M | -6.80M | -7.20M | -6.52M | -10.33M |
| Investing Cash Flow | -6.87M | -13.83M | -35.38M | -32.47M | -25.02M |
| Financing Cash Flow | 2.05M | 10.20M | 25.49M | -225.00K | 75.39M |
ioneer Limited Technical Analysis
Positive
0.14
Price Trends
0.14
Positive
0.14
Positive
0.16
Negative
Market Momentum
<0.01
Negative
56.15
Neutral
45.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:INR, the sentiment is Positive. The current price of 0.14 is below the 20-day moving average (MA) of 0.14, below the 50-day MA of 0.14, and below the 200-day MA of 0.16, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 56.15 is Neutral, neither overbought nor oversold. The STOCH value of 45.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:INR.
ioneer Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
57 Neutral | AU$461.51M | -41.67 | -4.22% | ― | ― | 56.94% | |
55 Neutral | AU$690.26M | 0.57 | 154.06% | ― | ― | ― | |
47 Neutral | AU$476.57M | -0.05 | -3.90% | ― | ― | 5.36% | |
47 Neutral | AU$938.67M | -25.71 | -10.17% | ― | -100.00% | 59.85% | |
42 Neutral | AU$105.12M | -3.13 | -19.15% | ― | ― | 17.32% | |
41 Neutral | AU$17.51M | -0.72 | -107.26% | ― | ― | 71.99% |
* Basic Materials Sector Average
AU:INR
ioneer Limited
0.16
0.06
59.79%
AU:CXO
Core Lithium Ltd
0.29
0.18
163.64%
AU:LKE
Lake Resources N.L.
0.05
0.02
48.39%
AU:NMT
Neometals Ltd
0.02
-0.05
-72.60%
AU:EUR
European Lithium
0.40
0.33
447.95%
AU:GLN
Galan Lithium Limited
0.37
0.24
192.00%
ioneer Limited Corporate Events
Ioneer performance rights lapse after vesting conditions unmet
Jul 3, 2026
Ioneer Ltd has notified the market that 2,094,695 performance rights, trading under the ASX code INRAS, have ceased. The securities lapsed because the conditions attached to these performance rights were not met or became incapable of being satisf...
Ioneer Wins U.S. Army Lease for Boron Plant at Utah Depot
Jun 25, 2026
Ioneer has received a conditional award from the U.S. Army for a long-term land lease at the Tooele Army Depot in Utah to develop a boron processing facility, making it one of only four firms selected in a new defense-focused critical minerals ini...
Ioneer Lines Up Korean Partners to Advance Rhyolite Ridge Lithium-Boron Project
Jun 22, 2026
Ioneer has secured strategic non-binding letters of intent from Korea’s state-backed infrastructure investor KIND and Hyundai Engineering to support development of the Rhyolite Ridge lithium-boron project, a unique North American deposit wit...
Ioneer Issues 666,657 New Unquoted Performance Rights
Jun 9, 2026
Ioneer Ltd has notified the market of the issue of 666,657 unquoted performance rights, recorded under the ASX security code INRAS, with an issue date of June 10, 2026. The new grant of performance rights forms part of the company’s broader ...
Ioneer Shareholders Back All Resolutions at 2026 AGM, Affirming Board and Capital Plans
May 21, 2026
Ioneer Limited reported that all resolutions presented at its 2026 Annual General Meeting were passed by shareholders on a poll, including adoption of the remuneration report and the re-election of directors. Several resolutions approving the issu...
Ioneer Reaffirms Rhyolite Ridge Assumptions and Flags Risks at 2026 AGM
May 21, 2026
Ioneer Limited used its 2026 Annual General Meeting to present an updated overview of its lithium and boron business, reiterating the importance of its Rhyolite Ridge project and the assumptions underpinning its mineral resource, ore reserve and p...
Ioneer Nears Key Funding Milestone for U.S. Rhyolite Ridge Lithium-Boron Project
May 21, 2026
Ioneer’s executive chair told shareholders the company is nearing a final investment decision on its shovel-ready Rhyolite Ridge Lithium-Boron Project, citing strong interest from private sector partners, the U.S. Government and allied tradi...
Ioneer Corrects Cash Position and Bolsters Funding for Rhyolite Ridge Development
Apr 30, 2026
Ioneer Ltd has corrected its reported cash position, stating it held US$61.68 million in cash and equivalents as of 31 March 2026, with roughly two-thirds in U.S. dollars and the remainder in Australian dollars. The company also highlighted that i...
Ioneer Secures Funding and Legal Win as Rhyolite Ridge Nears Key Partnering Milestone
Apr 30, 2026
Ioneer strengthened its balance sheet in the March 2026 quarter by completing a US$50 million equity placement, supported by new and existing institutional investors, to accelerate development of its fully permitted, shovel-ready Rhyolite Ridge pr...
Ioneer Secures US$50m, Wins Key Court Ruling for Rhyolite Ridge
Apr 30, 2026
Ioneer has strengthened its balance sheet with an equity placement of about US$50 million, backed by new and existing institutional investors, to accelerate development of its fully permitted, shovel-ready Rhyolite Ridge lithium-boron project. Pro...
Ioneer Sets Fully Virtual 2026 AGM, Promotes Digital Shareholder Engagement
Apr 20, 2026
Ioneer Limited has invited shareholders to its 2026 Annual General Meeting, which will be held on 21 May 2026 at 10:00 am AEST as a fully virtual event via the Lumi AGM platform. Shareholders are encouraged to review meeting materials online, part...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.