Ionic Rare Earths (IXR) Flash Note Makuutu Licence Signed 25012024
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. Since ACF’s IXR Initiation note published on 05 Dec 2023 IXR’s ownership in the Makuutu project has increased to 94% up 34pp from 60%. IXR has also been awarded the first ever large-scale mining licence by the government of Uganda on 18 Jan 2024. IXR has also appointed a new Executive Chairman this week. REEs are used in permanent magnets – key components of clean energy applications. IXR’s flagship Makuutu Rare Earths project contributes to de-risking global supply chains and has ionic adsorption clay-hosted geology - similar to that found inSouthern China, dominant global supplier of Heavy Rare Earths.
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