Ionic Rare Earths Limited (ASX:IXR) June Quarterly Report

(MENAFN- ABN Newswire)

Ionic Rare Earths Limited (ASX:IXR) (OTCMKTS:IXRRF) has continued to advance its magnet recycling and heavy rare earths projects key for the global energy transition, advanced manufacturing, and defence, as highlighted by its Quarterly Activities Report for the period ending 30 June 2024.
During the June quarter 2024, IonicRE made substantial progress across project development and operational capabilities encompassing all its international operations.
At Ionic Technologies in Belfast, the Company advanced optimisation of the magnet recycling demonstration plant, the commercial plant feasibility study, strategic agreements, and hosted several groups with whom the Company is discussing the potential global expansion of the technology.
At Makuutu, work continued processing ionic adsorption clay (IAC) mineralisation at the Company's demonstration plant in Uganda, with mixed rare earth carbonate (MREC) production ramping up. During the quarter, the Company also expanded the Makuutu mineral resource estimate (MRE) significantly, with its Indicated Resource tonnage increasing by 28% and total MRE tonnage rising by 16%.
The Company also announced the formation of a joint venture with Viridis Mining and Minerals Limited (ASX:VMM) to leverage the Company's technology into the Brazilian rare earth market through both magnet recycling and rare earth refining. Brazil is attracting increased attention as a significant potential provider of rare earths to an ex-China supply chain and this agreement positions IonicRE as a leader on the path to REE production and supply.
Additionally, at a corporate level, the Company raised $5.5 million in a share placement to support ongoing work at the operating demonstration plants across Belfast and Makuutu, together with important working capital. The Placement included participation of $0.5 million from Chairman Brett Lynch, further to his $1.5 million investment on joining the Company in January 2024, highlighting the Board's alignment with all shareholders.
*To view the full quarterly report, please visit:
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Tim Harrison Ionic Rare Earths Limited E: ... T: +61 (3) 9776 3434 For Investor Relations Peter Taylor NWR Communications E: ... T: +61 (0) 412 036 231

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