Flexi Says: The compound name is Lithium iodide and it is an ionic compound. A binary ionic compound is a compound composed of a monatomic metal cation and a monatomic nonmetal anion. The metal part of the compound is named as the element. The non-metallic part of the compound is named by dropping the end of the element and adding –ide. For binary compounds, it is not necessary to indicate the number of ions in the compound.