Ionic Rare Earths (IXR) Q2 2026 TU earnings summary

Executive summary

• Signed MOU with US Strategic Metals to develop rare earths recycling in Missouri, supporting US-Australia critical minerals partnership and US supply chain resilience.

• Advanced UK operations with Belfast highlighted in the updated UK Critical Minerals Strategy and received an offer in principle for a £12 million grant for a commercial plant.

• Progressed Makuutu Heavy Rare Earths Project in Uganda, a globally strategic resource, with ongoing discussions for offtake and financing amid tightening Chinese export controls.

• Expanded Brazilian joint venture, securing land for a rare earths innovation center and advancing environmental approvals.

• Completed capital consolidation, successful rights issue and placement, and listed on OTCQB in the US.

Financial highlights

• Raised $6.1 million via oversubscribed rights issue and $9.5 million through placement, including $3 million from a US strategic investor.

• Cash and cash equivalents at quarter end were $12.4 million, up from $1.9 million in the previous quarter.

• Net cash used in operating activities for the quarter was $3.87 million.

• Estimated 3.2 quarters of funding available at current expenditure rates.

Outlook and guidance

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

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

• Ongoing efforts to secure Western supply chains and project financing for Makuutu.