Ioneer Ltd has provided an extensive update on its Rhyolite Ridge Project, highlighting a significant expansion in the project's scope and economics. The company's revised figures now show an ore reserve increase from 60 million tonnes to 247 million tonnes, supporting a mine life of an estimated 95 years. The detailed release emphasizes the dual production approach; the project not only produces lithium carbonate but also boric acid, with annual production estimates ranging from 18,800 to 21,200 tonnes for lithium and between 60,400 and 116,400 tonnes for boric acid. Such a dual stream offers resilience during commodity price downturns, bolstered by a competitive cost structure that places the project in the bottom quartile globally with operating expenses of approximately US$5,745 per tonne of lithium carbonate equivalent. The updated economic metrics reinforce the project's financial potential. Current evaluations estimate an unlevered net present value (NPV) of US$1,367 million and a levered NPV of US$1,469 million, with average annual revenues between US$497 million and US$619 million, and annual EBITDA figures from US$319 million to US$406 million. Critical technical indicators also include an estimated unlevered internal rate of return (IRR) of 14.5%, levered IRR of 18.3%, and a payback period of around eight years from operations. This data is supported by detailed engineering work—with over 70% of the design completed—and rigorous feasibility studies, ensuring that the project remains technically de-risked, permitted, and shovel-ready. The announcement outlines considerable progress on financing and strategic partnering fronts. Ioneer Ltd has secured a US$996 million low-cost debt facility from the U.S. Department of Energy, a move that not only mitigates financial risk but also underlines government support for U.S. critical mineral production. Additionally, the company has engaged Goldman Sachs to help coordinate a strategic partnering process seeking equity investors to complement the existing debt. Binding off-take agreements with major industry names further enhance the project's market credibility and position it advantageously for future growth. Market sentiment from the update is mixed. On the bullish side, the quadrupling of the ore reserve, extended mine life, robust project economics, and secured low-cost government funding signal strong potential for long-term shareholder value. The dual revenue model and low production costs offer additional stability against commodity price fluctuations. Conversely, bearish concerns center on the inherent risks of speculative securities, as forward-looking statements acknowledge potential uncertainties in market demand, construction timelines, and reliance on future equity financing. Price volatility in the lithium market and any delays in execution could also impact the project's anticipated performance. Overall, the release paints a picture of a technically sound, financially attractive, and strategically positioned project, while also urging caution due to customary market and execution risks inherent in large-scale mining developments.