Ionic Rare Earths Limited (IXR) is a Western producer of recycled, separated magnet rare earth oxides (>99.5% purity) using patented, feedstock-agnostic, low-carbon, low-capex technology. It operates a demonstration plant in Belfast and plans a 400 tpa commercial plant with strong UK government support, alongside the Makuutu rare earth project in Uganda and a capital-light Viridion JV in Brazil. IXR pursues strategic partnerships across the UK, US, South Korea and Brazil.
Ionic Rare Earths Limited (ASX:IXR)
IXR1
Lead Manager
Contact - Kirwan Mactaggart
0448 237 054
kirwan@liquidity.com.au
Offer Price
A$0.260
per share
Offer Size
A$8,000,000
Offer Details
Issue Price (Per Share)
A$0.260
Discount
36.59%
Offer Size
A$8,000,000
Shares Available
30,769,230
-
A$8m placement.
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Offer Price: A$0.26 per share.
Discount
-
Discount to last close price of A$0.310/sh: 16.1%.
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Discount to 5 trading day VWAP of A$0.306/sh: 15.1%.
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Discount to 15 trading day VWAP of A$0.334/sh: 22.1%.
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IXR commenced a process to seek dual listing on AIM.
Documents & Downloads
Company Overview
Ionic Rare Earths Limited (IXR) is an emerging rare earths company focused on magnet recycling and primary supply. It operates patented technology to recover high-purity magnet rare earth oxides from waste streams, with a modular, low-carbon, low-capital processing platform anchored in Belfast, UK. IXR is advancing a 400 tpa Belfast commercial plant, the Makuutu ionic-adsorption clay project in Uganda, and a Brazil refinery JV, supported by strategic partnerships across Asia, Europe and the US.
Investment Highlights
- Only current Western producer of recycled, separated magnet Rare Earth Oxides (REOs) >99.5% purity.
- Patented, proven, feedstock agnostic technology.
- Carbon efficient & low capital intensity compared to peers. Belfast, UK – demonstration plant operational since Jan 24 and planned commercial scale plant.
- Modular design – platform to hyperscale globally.
Planned Belfast Commercial Plant
- Belfast – port infrastructure, access to UK & European markets, renewable hub.
- Strong UK government support – GBP12 offer in principle grant to support delivery of Belfast Commercial Plant.
- 400tpa separated REP capacity.
- Feasibility Study – Nov 24
- Post tax NPV7.5 US$502m & IRR 43.6%.
- Capex GBP85m with 2.4yr payback period.
- US$1.8bn lifetime EBITDA & US$27.68/kg REO opex.
- Construction expected to be completed in 2028.
Further Information
Viridion Joint Venture with Viridis Mining (ASX:VMM)
- Plans to build and operate rare earth refinery and magnet recycling facility in Brazil under capital light platform.
Makuutu Rare Earth Project, Uganda (60%)
- Large scale, fully permitted, shovel ready Ionic-Adsorption Clay (IAC) with 45% Heavy Rare Earth Oxide basket.
- Pre-tax NPV – US$406.0m & post-tax IRR 32.7% and US$120.8m pre-production capex.
- Strategic review – evaluate opportunities to enhance value creation and accelerate development considering potential strategic, structural and funding alternatives.
Strategic partnerships
- JS Link MoU (South Korea) – collaboration on rare earth permanent magnet recycling & supply in South Korea.
- EMR MoU – creation of a circulation supply chain for rare earth magnets in the UK.
- USSM MoU – magnet recycling at USSM’s permitted site in Missouri US.
Use of Funds
Use of Funds
Amount (A$m)
Commercial Plant & Demonstration Plant
5.0
Corporate and working capital
1.4
Makuutu Rare Earth Project
0.8
US Expansion
0.5
Viridion Joint Venture
0.3
Total
8.0
Disclaimer
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