Ionic Rare Earths (IXR) H1 2026 earnings summary

Executive summary

• Advanced rare earth magnet recycling and supply chain initiatives in the UK, US, Uganda, and Brazil, including major funding wins and strategic partnerships.

• Secured £11m UK government-backed funding for the CirculaREEconomy project and received an offer in principle for a £12m capital grant for the Belfast facility post-period.

• Expanded US presence via MOU with US Strategic Metals for Missouri-based recycling and advanced a 50/50 Brazilian JV (Viridion) for South America's first rare earth refining hub.

• Makuutu Heavy Rare Earths Project in Uganda progressed with new mining and exploration licenses and first production at the demonstration plant.

Financial highlights

• Net loss after tax for the half-year was $6.24m, an improvement from $6.65m loss in the prior year.

• Revenue for the period was $769k, up from $703k year-over-year, with first sales of dysprosium oxide.

• Cash and cash equivalents at period end were $12.4m, up from $595k at June 2025, driven by successful capital raisings.

• Total equity increased to $42.0m from $29.6m at June 2025.

• Basic and diluted loss per share improved to (3.08) cents from (4.06) cents year-over-year.

Outlook and guidance

• Belfast facility development advancing, with FEED work expected to commence in Q1 2026 and funding discussions ongoing.

• Viridion JV in Brazil expects to commence operations in H2 2026, pending financing and regulatory approvals.

• Makuutu project positioned as a strategic alternative supply for heavy rare earths amid tightening Chinese export controls.

• Ongoing engagement with strategic investors and offtake partners across all regions.