Ionic Rare Earths Quarterly Report For The Period Ending 30 September 2022

Ionic Rare Earths Limited (ASX:IXR) (“IonicRE” or “the Company”), is pleased to provide its Quarterly Report for the period ending 30 September 2022. This report includes development activities at its 51% owned Makuutu Rare Earths Project (“Makuutu” or “the Project”) in Uganda and the magnet recycling subsidiary in the UK, Ionic Technologies (“IonicTech”).

• Mining Lease Application (MLA) process commenced at Makuutu Rare Earth Project for RL 1693
• Environmental and Social Impact Assessment (ESIA) public hearings were held in Uganda with over 3,800 registered attendees demonstrating strong Governmental and local stakeholder support
• Ugandan Minister for Energy and Mineral Development affirms support for Makuutu
• Ionic Technologies, received a UK Government Grant of £1.72 million (A$2.9 million) from the Advanced Propulsion Centre (APC) to accelerate development of a demonstration scale magnet recycling facility in Belfast, UK
• IonicRE accepted to the United Nations Global Compact – the world’s largest sustainability initiative

Makuutu Rare Earths Project

Makuutu is operated by Rwenzori Rare Metals Limited (“RRM”), a Ugandan company which is 51% owned by IonicRE, with the Company moving to 60% ownership on the completion of a Feasibility Study supporting the Mining Lease Application (MLA) expected to be submitted to the Ugandan government shortly.

Makuutu is one of the world’s largest ionic adsorption clay (IAC) hosted Rare Earth Element (REE) deposits comprises of six licenses (Table 1) covering approximately 300 km2, located 120 km east of Kampala in Uganda. The deposit stretches 37km, situated near high quality infrastructure.

During the quarter, IonicRE announced the initiation of the MLA process in Uganda. The MLA will focus on the Makuutu Central Zone (MCZ), located within Retention Licence (RL) 1693, and will provide the basis for initial mining and processing at Makuutu.

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