Ionic Rare Earths (IXR) Emerging Growth Conference 92 summary

Strategic initiatives and business overview

• Commercializing magnet recycling technology in the UK, with expansion plans for the US and Brazil.

• Operating a demonstration plant in Belfast, producing separated magnet rare earths for over two years.

• Joint venture in Brazil aims to deploy recycling technology and develop a refinery for ionic adsorption clay feedstock.

• Makuutu project in Uganda is development-ready, with 45% heavy rare earths in its resource basket.

• Building and validating supply chains with partners in the UK, Germany, Korea, and the US.

Financials and project economics

• Market capitalization is approximately AUD 65 million.

• Feasibility study targets a 400 tpa commercial plant in Belfast, with GBP 85 million capex and 2.4-year payback.

• Received GBP 12 million UK government grant for the Belfast plant, with additional support expected.

• Closing out project financing is anticipated in Q3 2024.

Market trends and supply chain dynamics

• Geopolitical tensions and global trends are driving demand for heavy rare earths, especially for EVs and renewables.

• Western prices for dysprosium and terbium are significantly higher than Chinese prices; yttrium has surged 145x.

• US government has invested $13 billion in the mine-to-magnets supply chain, with $3.5 billion in catalytic capital.

• Estimated 20,000 tpa of NdFeB swarf will be generated in the US, which can be recycled using proprietary technology.