Ionic Rare Earths (IXR) Flash Note AUD5.5m Placement 16052024
Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK). We have excluded Belfast recycling from our valuation at this stage. IXR is currently ahead of its most recently published schedule. Catalysts since ACF’s IXR Update note published on 06 Feb 2024 include IXR’s A$5.5m placement (funds will be used to support Makuutu and advance Ionic Technologies’ Belfast magnet recycling plant) and a 50:50 JV with Viridis Mining and Minerals Ltd. (ASX:VMM) for a refinery and magnet recycling facility in Brazil (potential high-grade IAC deposit). IXR’s flagship Makuutu REE project contains 71% magnet and HREs and contributes to de-risking of global supply chains. IXR’s Belfast demo plant contributes to a circular economy and a vertically integrated model.
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