Ionic Rare Earths (IXR) Investor Presentation summary

Strategic vision and market context

• Aims to establish a resilient, fully integrated Western rare earth supply chain, starting with magnet recycling and expanding through mining and refining projects in the UK, Brazil, and Uganda.

• Recycling technology enables production of separated magnet REOs (NdPr, Dy, Tb), providing a rapid, low-risk path to supply chain independence from China.

• China maintains a near-monopoly on heavy rare earth separation and dominates the global REE value chain, prompting Western efforts to secure alternative supply.

• Recent Chinese export restrictions on key rare earths and technology have heightened the urgency for domestic Western supply solutions.

• Ex-China demand for permanent magnet supply is projected to outpace available capacity, creating a significant supply-demand gap by 2028.

Technology, operations, and commercialisation

• Patented recycling technology processes end-of-life magnets and swarf into high-purity (>99.5%) separated REOs, with a demonstration plant operational in Belfast.

• Feasibility study for a 400 tpa commercial plant in Belfast shows strong economics: US$502m NPV, 43.6% IRR, 2.4-year payback, and lifetime EBITDA of US$1.78b.

• Modular process design allows for scalable, parallel operations and rapid deployment to meet future demand.

• Recycling offers higher feedstock grades, lower CAPEX and OPEX, faster development, and a 60% lower CO2 footprint compared to mining.

• Life Cycle Assessment confirms up to 61% CO2 reduction for Dy2O3 and no radionuclide or SO2 emissions.

Global expansion and partnerships

• Plans for recycling plants in the US, Europe, Brazil, and Asia, supported by industry and government partnerships.

• Viridion JV in Brazil secured land and government funding to build a rare earth refining and recycling center, with future expansion to the US.

• First delivery of recycled magnet REOs from Brazil to the UK completed, validating technology and supply chain integration.

• Strategic location in Belfast Harbour provides access to renewable energy infrastructure and talent.

• Peer comparison highlights technology advantages, continuous processing, and low variability risk versus competitors.