Ionic Rare Earths Limited June Quarterly Activities Report

Perth, Australia (ABN Newswire) - Ionic Rare Earths Limited (ASX:IXR) (OTCMKTS:IXRRF) is pleased to provide its Quarterly Report for the period ending 30 June 2023.

This report includes development activities at its 60% owned Makuutu Rare Earths Project ("Makuutu" or "the Project") in Uganda, operated through local entity Rwenzori Rare Metals Limited ("RRM"), and at the Company's 100% owned magnet recycling subsidiary in the UK, Ionic Technologies International Limited ("Ionic Technologies").

Significantly, the June quarter culminated in the achievement of several milestones across both Makuutu and Ionic Technologies, accelerating IonicRE to fulfil its strategic objective to support western economies secure critical rare elements of magnet and heavy rare earth oxides for the new economy. IonicRE's innovative technology and patented processes will accelerate mining, refining and recycling of these elements critical for energy transition, advanced manufacturing, and defence programs.

HIGHLIGHTS

CORPORATE CAPABILITY GROWS

- EV supply chain experience added to Board to progress supply chain engagement;

- Experienced African mining executive appointed to the position of Chief Operating Officer to accelerate growth at Makuutu; and

- Engagement continues with governments stakeholders and potential strategic partners interested in the unique appeal of the Makuutu basket of magnet and heavy rare earths as well as separated magnet rare earth oxides (REO) from Ionic Technologies to feed new emerging supply chains;

MAKUUTU RARE EARTHS PROJECT, UGANDA

- IonicRE's ownership moves to 60%;

- Phase 5 drilling program at Makuutu approved and commenced across three of the Company's six tenements during the quarter;

o Seventy-six (76) rotary air blast (RAB) holes were drilled, with 1,663 metres of core logged, sampled and received in Perth for analysis across EL00147, EL00247 and RL00007;

o Infill diamond drilling at RL00007 approved with 4,380 metres planned to increase classification of Inferred Resources to Indicated Resources in support of next Mining Licence Application (MLA);

- Demonstration plant approved and construction commenced at the Makuutu Mine Site to validate test work and maximise Stage One DFS results; and

- Strong community engagement continues in support for the Makuutu Rare Earths Project, on track to become Uganda's flagship mine;

IONIC TECHNOLOGIES, BELFAST, UK (100% IONICRE)

- First production of separated and refined high purity magnet rare earth oxides (REO) from spent magnets achieved from Belfast Demonstration Plant;

- Significant inventory of NdFeB permanent magnets now on hand, sourced globally from wind turbines, MRI's, EV motors and other applications, plus supply chain partner swarf from metal and magnet manufacturing to provide feedstock for the Demonstration Plant trials; and

- Belfast facility welcomes substantial increase in visits from key supply chain / end users, potential strategic partners with near term potential for further roll out of the technology to address sovereign security on magnet REO production.

*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/ZTS1Z2B2

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.

Source:
Ionic Rare Earths Limited

Contact:

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