ACF Equity Research

ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

Accuracy | Clarity | Foresight

Research from ACF Equity Research, ACF Equity Research

Research from ACF Equity Research

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>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