Ionic Rare Earths Limited (ASX:IXR) Completes Placement

Perth, Australia, Jan 29, 2024 - (ABN Newswire) - Ionic Rare Earths Limited (ASX:IXR) (OTCMKTS:IXRRF) is pleased to announce it has received firm commitments to raise approximately $2 million by way of a share placement at $0.018 ("Placement"). This includes a commitment from incoming Executive Chairman, Mr Brett Lynch to subscribe for approximately $1.5 million worth of fully paid ordinary shares ("Shares"), subject to the receipt of shareholder approval.

Placement Details

The Company has appointed Mr Brett Lynch as Executive Chairman, as announced 24 January 2024.

As part of the terms for his engagement, Mr. Lynch, a director of the Company, will subscribe for 83,333,333 Shares at $0.018 (approximately $1.5 million) under the Placement, subject to receiving approval at a General Meeting of Shareholders.

The Company has also received binding commitments from existing sophisticated investors to raise $500,000 through the issue of 27,777,777 Shares at an issue price of $0.018 per Share, representing the last sales price on 23 January 2024. Shares issued under the Placement (excluding those to be issued to Mr Lynch) will be issued utilising the Company's existing placement capacity and are expected to be issued on or about Wednesday 31 January 2024. The Shares issued under the Placement will rank equally with IonicRE's existing Shares quoted on the ASX.

Use of Funds

It is the intention of the Company to use the funds raised under the Placement to provide working capital, advance the demonstration plant activities at both the magnet recycling facility in Belfast, Northern Ireland and the Makuutu rare earths project in Uganda.

About Ionic Rare Earths Limited:

Ionic Rare Earths Limited (ASX:IXR) (OTCMKTS:IXRRF) is focused on developing its flagship Makuutu Rare Earths Project in Uganda into a significant long life, low-cost, supplier of high-value critical and heavy rare earths.

Makuutu is an advanced-stage, ionic adsorption clay-hosted project highlighted by near-surface mineralisation, significant exploration upside, excellent metallurgical characteristics and access to tier-one infrastructure.

The ionic adsorption clay-hosted geology at Makuutu is similar to major rare earths projects in Southern China, which are responsible for the majority of global supply of low cost heavy and critical rare earths, specifically the high value magnet metals (Dysprosium and Terbium) Heavy Rare Earths (>98% originating from ionic clays). Metallurgical testing at Makuutu has returned excellent recovery rates, which provide multiple avenues for a simple process route.

Makuutu is well-supported by tier-one existing infrastructure which includes access to major highways, roads, power, water and a professional workforce.

Rare Earths will play a critical role in the future of clean energy. Rare Earths are a key ingredient in the permanent magnets found in wind turbines and electric vehicles.

IonicRE is led by an experienced and proven team, who have the capabilities to deliver Makuutu into production and realise value for all stakeholders.

Contact:

For Australian Media
Nigel Kassulke
Teneo
E: [e-mail]
T: [phone]

For Investor Relations
Peter Taylor
NWR Communications
E: [e-mail]
T: [phone]

For UK Media
Tim Blythe
BlytheRay
E: [e-mail]
T: + (0) 20 7138 3553

For NI Media
Katie Doran
Lanyon Group
E: [e-mail]
T: [phone]

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