10 Best Long Term ASX Stocks to Buy Now

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9) ioneer Ltd (NASDAQ:IONR)

Number of Hedge Fund Holders: N/A

ioneer Ltd (NASDAQ:IONR) is a mineral exploration company. Its focus is on the Rhyolite Ridge Lithium-Boron Project located in Nevada, USA. Notably, the group has a business presence in Australia and North America. The company received its federal permit for the project from the Bureau of Land Management. This is the first US lithium project approved by the Biden Administration as part of its efforts to ramp up domestic critical mineral production.

In another positive development, ioneer Ltd (NASDAQ:IONR) announced that it has closed a $996 million loan from the US Department of Energy (DOE) Loan Programs Office (LPO) under the Advanced Technology Vehicles Manufacturing (ATVM) program to aid the development of an on-site processing facility at the Rhyolite Ridge Lithium-Boron Project in Esmeralda County, Nevada. The company further highlighted that this investment supports American manufacturers and helps in rebalancing the global supply of lithium and boron production and processing, which is being dominated by China and Turkey, respectively. After it becomes operational, ioneer Ltd (NASDAQ:IONR) believes that it will quadruple the nation’s current domestic lithium supply and help power an estimated 370,000 EVs per year.

Furthermore, the project is expected to garner dual revenue from lithium and boron produced directly at the mine site and contribute to establishing a sustainable lithium loop in Nevada, assuring the recycling and reusing of critical minerals. The one-year consensus price for ioneer Ltd (NASDAQ:IONR)’s stock is $7.49.

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