Emerging lithium/boron supplier ioneer has begun trading on the Nasdaq under an American Depositary Receipt (ADR) listing, in addition to its existing primary listing on the Australian exchange.
The ADRs began trading on the Nasdaq on Thursday under the symbol IONR.
“We believe making it easier for North American capital market participants to invest in ioneer is consistent with our ambition to produce materials necessary to develop electric vehicle (EV) and renewable energy supply chain infrastructure in North America,” said executive chairperson James Calaway.
ioneer owns the Rhyolite Ridge lithium/boron project, in which South Africa-based Sibanye-Stillwater last year agreed to buy a 50% stake for $490-million. Rhyolite Ridge is set to come onstream in 2025 and will produce enough lithium materials for about 400 000 EVs each year.
ioneer notes that it has undertaken significant work in recent years to further establish and bolster its team in the US. This includes appointing two additional US-based members and several senior hires in Nevada. Most of the team, half of the board, and close to a quarter of the company’s shareholder base is US-based.
MD Bernard Rowe said he believed a secondary listing would be greatly beneficial to the company. “There is a growing desire among North American investors to take part in the clean energy supply chain. We are pleased ioneer will gain greater visibility through a leading North American capital market trading platform that is suited for future-facing companies like ours.”