Ionic Rare Earths (IXR) Q1 2026 TU earnings summary

Executive summary

• Advanced global rare earth expansion strategy across UK/Europe, North and South America, and Asia, focusing on supply chain security amid China's export controls.

• Secured UK government backing for the 'CirculaREEconomy' partnership, with £11M funding to develop a UK-based rare earth permanent magnet supply chain.

• Increased production of critical heavy rare earths (dysprosium and terbium oxides) in response to urgent Western supply requests.

• First revenue generated from tolled material and sales of dysprosium oxide to Western customers.

• Progressed development of the Makuutu Heavy Rare Earths Project in Uganda and the Viridion joint venture in Brazil.

Financial highlights

• Net loss for the fiscal year was $11,341,449, an improvement from the previous year's net loss of $21,200,915.

• Rights issue and placement raised $15.6 million, including a $3 million strategic investment from Argentem Creek Partners.

• Receipts from customers totaled $103,000 for the quarter.

• Net cash used in operating activities was $2.8 million for the quarter.

• Cash and cash equivalents at quarter end were $1.9 million.

Outlook and guidance

• Plans to advance the Belfast commercial REO manufacturing facility, pending grant outcomes.

• Continued expansion of magnet recycling technology to Brazil and the US, with potential for multiple global plants.

• Ongoing discussions with project partners, investors, and offtakers to secure Western supply chains.

• Makuutu Project positioned as a strategic asset amid tightening Chinese export controls.