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Equity Bottom-Up

<ul><li>Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK).</li><li>We have excluded Belfast recycling from our valuation at this stage.</li><li>IXR is currently ahead of its most recently published schedule.</li></ul>

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.

Ionic Rare Earths (IXR) Post-Results 1H24  21032024

<ul><li>Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK).</li><li>We have excluded Belfast recycling from our valuation at this stage.</li><li>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%.</li></ul>

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%.

Ionic Rare Earths (IXR) Flash Note Makuutu Licence Signed 25012024

<ul>
<li>Ionic Tech begins REO recycled magnet production at Belfast facility; </li>
<li>IXR’s flagshipMakuutu Rare Earths project is significant given its ionic adsorption clayhostedgeology</li>
<li>In Sep22 IXR received a £1.72m grant from the UK government todevelop its demonstration magnet recycling plant in Belfast, UK.</li>
</ul>


Ionic Tech begins REO recycled magnet production at Belfast facility; 
IXR’s flagshipMakuutu Rare Earths project is significant given its ionic adsorption clayhostedgeology
In Sep22 IXR received a £1.72m grant from the UK government todevelop its demonstration magnet recycling plant in Belfast, UK.


Ionic Rare Earths Ltd (IXR) Core Investment Case UPDATE 15082023

Australia

Ionic Rare Earths Limited operates as a mineral exploration company. The Company extract gold and copper. Ionic Rare Earths serves customers in Australia.

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Ionic Rare Earths (IXR AU)

Ionic Rare Earths (IXR) Post-Results 1H24 21032024

Ionic Rare Earths Ltd (ASX:IXR) is a rare earths mining explorer (Uganda) and REO magnet recycling company (Belfast, UK). We have excluded Belfast...

ACF Equity Research

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...

ACF Equity Research

Ionic Rare Earths Ltd (IXR) Core Investment Case UPDATE 15082023

Ionic Rare Earths Ltd is a rare earths mining explorer (Uganda) andREO magnet recycling company (Belfast, UK). Rare earth elements primaryuse is in...

ACF Equity Research

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