Ionic Rare Earths (IXR) Q3 2026 TU earnings summary

Executive summary

• Secured a £12 million UK government grant offer to support a commercial rare earth magnet recycling facility in Belfast, targeting 400 metric tonnes per annum of high-purity separated magnet REOs.

• Belfast facility and Uganda's Makuutu project recognized as 'Strategically Important Projects' by FORGE, enhancing global significance and investment potential.

• Continued progress on the Viridion joint venture in Brazil, advancing South America's first rare earth refining and recycling hub.

• Upgraded presence in US financial markets with shares approved for trading on OTCQB under ticker IXRRF.

• Appointed new strategic advisors to drive international expansion.

Financial highlights

• Group net loss for the half year was $6.2 million, compared to $6.6 million in the previous period.

• Cash and cash equivalents at quarter end were $8.5 million, down from $12.4 million in the previous quarter.

• Net cash used in operating activities for the quarter was $3.54 million.

• Payments to related parties totaled $444,000 for the quarter.

Outlook and guidance

• Plans to advance the Belfast facility pending funding, aiming to establish a Western supply chain for rare earth products.

• Expansion of technology to Brazil and the US, with potential for multiple recycling plants globally.

• Continued engagement with project financiers and off-takers for the Makuutu project amid tightening Chinese export controls.