The most recent Investor Presentation from Ioneer was Feb 2022. They seem further ahead (in public announcements) in terms of securing financing and offtake agreements, but they are not anticipating the federal Record of Decision until late this year. 

I expect that LAC is much closer to securing both financing and offtake agreements than they are prepared to announce prior to Judge Du's decision. The fact that they received their RoD in Jan 2021 speaks to how far ahead they are of Ioneer, except of course if there is absolutely no challenge to Ioneer's RoD. 

These two projects are around the same maturity in my view. Which one takes off first depends primarily on federal permitting. 

On a related note, I find it interesting that OEMs/JVs are entering into and publically announcing offtake agreements before shovels are in the ground. Tesla got embarrassed by Piedmont in my opinion, saying something about Tesla's judgement in assessing potential suppliers. I guess it's relatively low risk because the buyers presumably won't be out any money if the project is late, and maybe they figure a shotgun approach is the least risky. 

Ioneer Corporate Presentation Feb 2022