Ionic Rare Earths (IXR) Investor presentation summary

Market opportunity and industry trends

• Global demand for magnet rare earth oxides (REOs) is accelerating, driven by defense, electric vehicles, robotics, green energy, and consumer electronics sectors.

• Western markets face supply constraints and price premiums due to China's dominance and export controls on rare earths.

• Policy-driven investments in the US and UK are fostering domestic supply chains and recycling initiatives.

Business model and operations

• Operates three core business units: Belfast recycling plant (UK), Viridion JV (Brazil), and the Makuutu rare earths project (Uganda).

• Only Western producer of recycled, separated, high-purity magnet REOs (>99.5% purity) using patented, feedstock-agnostic technology.

• Modular, scalable platform enables rapid global expansion, with commercial-scale plant in Belfast targeting 400 tpa by 2028.

Financial and strategic highlights

• Feasibility study for Belfast plant shows post-tax NPV of US$502 million, 43.6% IRR, and 2.4-year payback.

• Secured £12 million UK government grant and strong support through DRIVE35 CirculaREEconomy program.

• Viridion JV in Brazil benefits from government funding and capital-light structure, with US expansion planned.