Ionic Rare Earths Ltd

Ionic Rare Earths Limited (ASX: IXR) is an Australian-based critical minerals company pioneering a Western rare earth supply chain through its unique three-pillar strategy: magnet recycling, downstream refining, and mine development. The company is advancing one of the only non-Chinese sources of separated magnet rare earth oxides (REOs) through its 100%-owned UK subsidiary Ionic Technologies, which operates the sole Western facility producing high-purity dysprosium, terbium, and neodymium-praseodymium oxides today. 

Complementing this, IonicRE holds a 60% interest in the Makuutu Heavy Rare Earths Project in Uganda—a development-ready ionic adsorption clay deposit with a 35-year mine life—and a 50% stake in the Viridion joint venture in Brazil, targeting downstream refining capacity. 

Listed on the ASX with a market capitalization of A$97 million (September 2025), the company is backed by a management team with deep expertise in hydrometallurgy, international project development, and critical minerals supply chains. IonicRE's vision is to establish a vertically integrated, China-independent rare earth supply chain supporting Western defense and industrial demand.

Ionic Rare Earths offers a compelling investment opportunity as the only Western company with operational capability to produce separated heavy rare earth oxides from recycled magnets, addressing a critical supply chain vulnerability. China controls 99% of separated dysprosium and terbium supply, creating strategic urgency following recent export restrictions on seven rare earth elements. 

Ionic Technologies' Belfast demonstration plant has validated patented technology delivering >99.5% purity REOs, with a feasibility study completed in November 2024 demonstrating exceptional economics: 43.6% IRR, US$502 million NPV, and 2.4-year payback on £85 million CAPEX for a 400 tpa commercial facility. 

The Makuutu project adds long-term scale, with a feasibility study showing 32.7% IRR and US$406 million pre-tax NPV on US$120.8 million initial capital. With an estimated 71% magnet plus heavy REO basket grade, Makuutu ranks among the highest-value rare earth deposits globally. The company's first-mover advantage in recycling, combined with near-term mine supply, positions it to capture premium pricing in a market facing structural deficits, while its ESG credentials—including 60% lower CO₂ footprint than mining—enhance its competitive positioning.

Ionic Rare Earths is led by a seasoned management team with specialized expertise in rare earth processing, international project development, and corporate finance. Executive Chairman Brett Lynch brings over 30 years of experience advancing mining and mining-related businesses across Australia, Asia, and North America, with a proven track record in shareholder value creation. Managing Director and CEO Tim Harrison contributes more than 20 years of technical leadership in mineral processing and hydrometallurgy, having successfully advanced multiple commodities across three continents. 

Chief Financial Officer Warren Tregurtha provides 15 years of corporate finance and private equity experience across mining, oil and gas, and agriculture sectors. Commercial Director Claire Blanchelande leverages her commodities trading expertise to design efficient supply chain solutions and drive profitability. Lead – US Operations Patrick Brindle offers 25 years of corporate development experience in critical minerals and battery materials. 

The team is further strengthened by Non-Executive Directors Max McGarvie (45 years global mining experience) and Sufian Ahmad (resource sector corporate advisory), plus Company Secretary Mark Licciardo (40 years ASX governance experience). This leadership collective possesses the technical, commercial, and financial acumen required to execute the company's complex multi-jurisdictional strategy.

Ionic Rare Earths is executing a phased growth plan prioritizing near-term cash flow from recycling while advancing long-term mine supply and refining capacity. The company is progressing its Belfast commercial recycling plant through final grant approval stages with the UK Government's Automotive Transformation Fund, targeting construction completion by late 2027. 

This modular 400 tpa facility will supply 111 tonnes per annum of dysprosium and 39 tpa of terbium by 2032, representing 17% and 24% of North American defense demand respectively. Simultaneously, the Viridion joint venture is developing Brazil's first rare earth refining and recycling complex, having secured a land grant in Poços de Caldas and advancing BNDES funding applications. 

The Makuutu project, permitted with mining license LML00334 awarded in January 2024, is advancing toward final investment decision with a demonstration plant producing mixed rare earth carbonate for offtake negotiations since March 2024. Strategic partnerships with OEMs provide feedstock security and offtake pathways, while the company's patented technology enables hyperscaling across the US, Europe, and Asia. This multi-asset approach de-risks execution while creating multiple value realization pathways, positioning IonicRE to become the Western benchmark for sustainable rare earth supply.

As of July 2025, Ionic Rare Earths maintains a lean capital structure with A$2.8 million cash, reflecting its focus on capital efficiency while advancing three strategic pillars. The company benefits from substantially lower capital intensity than traditional mining, with the Belfast recycling plant requiring £85 million (US$110 million) initial CAPEX compared to typical rare earth mine-refinery complexes exceeding US$1 billion. 

The feasibility study demonstrates exceptional returns: 43.6% post-tax IRR, US$502 million NPV at 7.5% discount rate, and 2.4-year payback, generating US$1.78 billion lifetime EBITDA over 20 years. Operating costs are highly competitive at US$27.68/kg REO, driven by feedstock grades of ~300,000 ppm magnet REOs versus ~500 ppm in conventional ores. 

The Makuutu project requires US$120.8 million pre-production capital for Stage 1, delivering 32.7% post-tax IRR and US$885 million after-tax NPV over 35 years. IonicRE is pursuing diversified funding through UK government grants (up to 40% of Belfast CAPEX), strategic OEM partnerships, project debt, and potential asset-level investment. With minimal working capital requirements in recycling and strong stakeholder support from UK, US, and Brazilian governments, the company is positioned to fund growth while minimizing shareholder dilution.

Ionic Rare Earths Limited stands at the forefront of Western rare earth supply chain independence, possessing the only operational technology capable of producing separated heavy rare earth oxides outside China. With a demonstration plant already producing dysprosium and terbium, a feasibility study validating commercial-scale economics, and multiple government funding pathways secured, the company has de-risked its near-term recycling expansion while building optionality through the Makuutu mine and Viridion refining joint venture. 

The strategic imperative has never been greater, with China's export restrictions creating urgent defense and industrial demand for secure REO supply. IonicRE's patented technology, first-mover advantage, and integrated three-pillar strategy position it to capture substantial value in a market facing structural deficits. 

For investors seeking exposure to critical minerals with near-term production, exceptional growth potential, and genuine China-independence, Ionic Rare Earths presents a unique, de-risked opportunity to participate in building the Western world's rare earth supply chain foundation.