en.Wedoany.com Reported - Shares of Australian lithium developer Ioneer (ASX: INR) rose after the company announced that its Rhyolite Ridge lithium-boron project in Nevada has received support from Korea Overseas Infrastructure & Urban Development Corporation and Hyundai Engineering. The project is a key source of battery materials in the US, with a target to begin production by 2029.

The stock surged up to 29% during intraday trading, closing 7.1% higher at A$0.158, reaching its highest level since January, with the company's market capitalization hitting A$461.2 million (approximately US$320 million). Ioneer stated that the two South Korean companies plan to formally collaborate through a memorandum of understanding in July 2026. These agreements build on existing relationships with South Korea, including a supply agreement signed with EcoPro Innovation in 2021.

As Western governments and automakers seek secure supplies of battery minerals outside of China, these partnerships add international support to one of North America's most strategically significant lithium projects. Executive Chairman James Calaway said securing domestic critical minerals is an economic imperative, and the company is one step closer to a final investment decision and construction of this generational asset for US critical mineral production.

Ioneer has been working on the Rhyolite Ridge project since 2016 and brought in Sibanye-Stillwater as a partner in 2019, but the South African miner withdrew from a proposed US$490 million investment for a 50% stake in the project in February 2025. According to Ioneer, Rhyolite Ridge holds the only known lithium-boron reserves on the North American continent and is one of only two such deposits globally. Since 2016, the company has invested over US$220 million in the project and completed more than 70% of detailed engineering. The company aims to make a final investment decision in the second half of 2026.

Once operational, the project is expected to produce 27,800 tonnes of lithium hydroxide and 135,500 tonnes of boric acid annually, with all processing conducted on-site.

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