Ionic Rare Earths (IXR) H2 2025 earnings summary

Executive summary

• Transformative year with a strategic focus on magnet recycling technology and global supply chain partnerships, especially through the Ionic Technologies subsidiary in the UK and the Viridion JV in Brazil.

• Major advances include a successful feasibility study for a Belfast commercial REO facility, UK government grants, and expansion into the US and Asia.

• The company is positioned as a leader in sustainable, low-emission rare earth supply chains, with significant government and industry support.

Financial highlights

• Revenue for FY2025 was $2.16 million, down from $4.52 million in FY2024, primarily from government grants and R&D incentives.

• Net loss after tax was $11.34 million, a significant improvement from the $21.2 million loss in FY2024.

• Cash and cash equivalents at year-end were $0.6 million, down from $2.0 million in the prior year.

• Total assets stood at $32.6 million, with net assets of $29.6 million.

• Capital raises included a $1.65 million placement and SPP in November 2024 and $3 million in convertible notes in May 2025.

Outlook and guidance

• Plans to progress commercialisation of magnet recycling in the UK, expand the Viridion JV in Brazil, and advance the Makuutu project in Uganda.

• Ongoing efforts to secure additional funding, including a $7 million rights issue announced post year-end.

• Focus on building a global, sustainable supply chain for rare earths, with further expansion into the US and Asia.