Ionic Rare Earths Quarterly Report For The Period Ending 31 December 2021

Ionic Rare Earths Limited (ASX: IXR) (“IonicRE” or “the Company”) is pleased to provide its Quarterly Report for the period ending 31December2021,including exploration activities at its 51% owned Makuutu Rare Earths Project (“Makuutu”) in Uganda.

HIGHLIGHTS

• Completion of Phase 4 Drill Program
  • Major milestone reached with infill and extension drill program completed ahead of schedule
  • 8,220 metres of drilling completed (432 holes), targeting a material increase in Measured and Indicated resource at Makuutu
  • Assay results returned for Tranches 2, 3 and 4, with 176 drill holes remaining with results expected near term
• Exploration License EL00257 awarded, increasing Makuutu Rare Earth Project tenement area to approximately 300 square kilometres
• Makuutu Rare Earth Project continues to progress on schedule, with the Environmental and Social Impact Assessment (ESIA) submitted in December
• Binding Term Sheet signed for strategic acquisition of Seren Technologies Limited, a UK private company that has developed Rare Earth Element (REE) separation and refining technology using ionic liquids, with potential for near term magnet recycling

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