Ionic Rare Earths (IXR) Investor Update summary

Strategic vision and technology development

• Focused on enabling resilient, integrated Western rare earth supply chains, with a strong emphasis on recycling and magnet recycling through its UK subsidiary, now producing separated rare earth oxides.

• Producing high-purity dysprosium and terbium oxides, with demand surging after Chinese export restrictions, and selling at significant premiums to global customers.

• Technology is modular and scalable, supporting rapid deployment in the UK, US, Brazil, and other regions, with ongoing discussions for further expansion.

• Recycling is positioned as a low-capital, low-risk, and sustainable path to supply chain independence, unlocking rare earths from end-of-life and production waste.

• Demonstrated commercial-scale production and de-risked technology, with plans for a commercial plant in Belfast and strong UK government support.

Commercialization, partnerships, and market positioning

• Feasibility study completed for Belfast plant, targeting 400 tons per annum of separated oxides, with a capital estimate of AUD 85 million and about half expected from UK government grants.

• Circular Economy Initiative in the UK, with AUD 11 million in grant funding, integrates the full rare earth magnet lifecycle, collaborating with major OEMs and supply chain partners.

• Belfast's strategic location supports offshore wind and automotive sectors, with the UK projected to consume 10% of global magnets by 2030-2035.

• Differentiation in recycling technology enables production of high-purity oxides for advanced magnets, with strong relationships across the supply chain.

• Market valuations in North America and Europe suggest significant upside potential as commercialization advances.

International expansion and joint ventures

• Iberian joint venture in Brazil leverages strong government and community support, aiming to build a large, cost-competitive rare earth supply chain.

• Selected for discussions with Brazil’s BNDES and FiNet for funding, with land granted for a refinery pilot plant and magnet recycling facility.

• Collaboration with CIT SENAI in Brazil demonstrates closed-loop recycling, with plans to replicate UK success domestically.

• Makuutu project in Uganda is development-ready, with a large resource and strategic importance for Western supply chains, especially the US.

• US expansion is accelerating, with key appointments, site evaluations, and engagement with state and federal stakeholders.