Melbourne, Australia - The Board of
Ionic Rare Earths Ltd. (ASX:IXR) (OTCMKTS:IXRRF) is pleased to provide its Quarterly Activities Report for the period ending 31 March 2024.
HIGHLIGHTS
IONIC TECHNOLOGIES, BELFAST (100% IONICRE)
- Commencement of Magnet Rare Earth Oxide Production at Belfast Demonstration Facility with continuous operation;
- Strong progression towards Commercial Partnerships with Demonstration Plant production schedule now full through to Q3 2025;
- Production of high purity Terbium Oxide boosting collaboration with LCM and Ford;
- First ASX Rare Earth Oxide Producer from recycled wind turbines;
MAKUUTU HEAVY RARE EARTHS PROJECT, UGANDA (60% IONICRE)
- First Mixed Rare Earth Carbonate (MREC) produced at Makuutu Demonstration Plant;
- Large Scale Mining Licence (LML) 00334 awarded by the Ugandan Minister of Energy and Mineral Development for Makuutu Heavy Rare Earths Project;
- Award of LML brings on further supply chain and off-taker engagement;
- Strategic increase in ownership of the Makuutu Rare Earths Project, with IonicRE shareholders approving terms to move to 94% interest;
- Makuutu Exploration Target was upgraded with a 40% increased announced;
- Phase 5 infill and extensional drilling on Retention Licence (RL) 00007 returned clay bearing rare earth assays above MRE cut-off on 125 of 128 holes drilled; and
CORPORATE
- Mr Brett Lynch appointed as Executive Chairman to oversee strategic direction.
This report includes development activities at the Company's 100% owned magnet recycling subsidiary in the UK, Ionic Technologies International Limited ("Ionic Technologies") and at the 60% owned Makuutu Heavy Rare Earths Project ("Makuutu" or "the Project") in Uganda.
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/SE742O3N
About Ionic Rare Earths Limited:
Ionic Rare Earths Ltd. (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 Ltd.
Contact:
Tim Harrison Ionic Rare Earths Ltd. E: investors@ionicre.com T: +61 (3) 9776 3434 For Investor Relations Peter Taylor NWR Communications E: peter@nwrcommunications.com.au T: +61 (0) 412 036 231
