Ionic Rare Earths (IXR) Emerging Growth Conference 88 summary

Strategic vision and technology

• Aims to create a resilient, fully integrated Western rare earth supply chain, starting with magnet recycling as the fastest and most secure source for Western magnet rare earths.

• Developed proprietary rare earth separation and refining technology through its UK-based subsidiary, now applied to magnet recycling.

• Produces separated neodymium, praseodymium, dysprosium, terbium, and other high-purity rare earth oxides at its Belfast facility.

• Technology has advanced from lab scale to pilot and demonstration scale, with commercial plant targeted for late 2027.

• Demonstrated robust project economics, with the Belfast plant showing an NPV over £500 million and a payback period of just over two years.

Expansion and partnerships

• Scaling recycling technology across the UK, US, and Brazil, including a 50/50 joint venture in Brazil and a new MOU for a US joint venture in Missouri.

• US expansion includes evaluating multiple sites and establishing a subsidiary, with rapid progress and strong stakeholder support.

• Strategic partnerships with Less Common Metals, German magnet manufacturers, and automotive companies like Ford and Bentley to validate and deliver products.

• Viridian joint venture in Brazil leverages technology for refining and recycling, supported by government funding and land grants.

Supply chain and market positioning

• Recycling platform enables rapid supply of separated rare earths, with plans to bring the Makuutu project online within two to three years for heavy rare earths.

• Makuutu project in Uganda is highly strategic, containing 45% heavy rare earths, far exceeding other major projects, and is fully permitted for near-term development.

• Heavy rare earths like dysprosium, terbium, and yttrium have seen dramatic price increases, making Makuutu’s basket highly valuable.

• US defense and advanced manufacturing sectors are key targets, with one recycling plant able to meet estimated annual defense demand.