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October 30, 2023
Ionic Rare Earths Limited (“IonicRE” or “The Company”) (ASX: IXR) is pleased to provide its Quarterly Report for the period ending 30 September 2023.
HIGHLIGHTS
MAKUUTU RARE EARTHS PROJECT, UGANDA
- Uganda’s Government Minister for Energy and Mineral Development, announced her support for the licensing and development of Makuutu from the stage at Africa Down Under Mining Conference;
- DRA Global appointed to review Makuutu’s Definitive Feasibility Study (DFS), examine opportunities for further cost efficiencies, time savings, and scale, and advise on the Makuutu Demonstration Plant program value optimisation to support the Final Investment Decision (FID);
- Phase 5 Rotary Air Blast (RAB) Tranche 1 and 2 assays on Exploration Licence (EL) 00147, EL00257 and RL00007 confirming clay-hosted rare earth intersections in 69 of 76 drill holes; and
- Phase 5 diamond infill drilling continued at Retention Licence (RL) 00007, aiming to increase resource classification to Indicated Resource, completed post end of the quarter.
IONIC TECHNOLOGIES
- Landmark partnership agreements executed with Ford Technologies Limited (Ford), Less Common Metals Limited (LCM), and British Geological Survey (BGS) to create a UK rare earth supply chain from recycled magnets;
- Support to Ionic Technologies, Ford and LCM partnership via a £1 million UK government grant, with Ionic Technologies announced as the major beneficiary and lead collaborator in the focus on delivering the UK’s first domestic sourcing of separated high purity magnet rare earth oxides (REOs);
- Additional £1 million grant funding awarded to Ionic Technologies, in collaboration with the British Geological Survey, for a feasibility study into the construction and supply side dynamics of a magnet rare earth recycling plant in the UK;
- The funding is part of the UK Government’s circular critical materials supply chains (CLIMATES) program; and
- The move is an important step towards sovereignty for the UK, in developing market leading technology and building a supportive pathway for Ionic Technologies to commercialise the first magnet recycling facility in Belfast to feed escalating supply chain appetite for circular economy magnet REOs.
CORPORATE SUPPLY CHAIN PARTNERSHIPS STRENGTHENED
- Engagement continues with government stakeholders and potential strategic partners interested in the unique appeal of the Makuutu basket of magnet and heavy rare earths as well as separated magnet rare earth oxides (REO) from Ionic Technologies to feed new emerging supply chains.
This report includes development activities at the Makuutu Rare Earths Project (“Makuutu” or “the Project”) in Uganda, and at the Company’s 100% owned magnet recycling subsidiary in the UK, Ionic Technologies International Limited (“Ionic Technologies”).
Significantly, the September quarter culminated in the achievement of several significant milestones across both Makuutu and Ionic Technologies, accelerating IonicRE to fulfil its strategic objective to support western economies secure critical rare elements of magnet and heavy rare earth oxides for the new economy. IonicRE’s innovative technology and patented processes will accelerate mining, refining and recycling of these elements critical for energy transition, advanced manufacturing, and defence programs.
Makuutu Rare Earths Project (60% IonicRE)
Makuutu currently ranks amongst the world’s largest and most advanced ionic adsorption clay (IAC) deposits, and as such, a globally strategic resource for near term, low capital development and long- term security of magnet and heavy rare earth oxide (HREO) supply.
Makuutu comprises six licences (see Figure 1) covering approximately 300 km2 located 120 km east of Kampala in Uganda. The deposit stretching 37km end to end, is situated near existing infrastructure and has the potential to provide western customers with a strategic alternative supply of heavy rare earths to support the growth of advanced manufacturing and industries critical to achieve net-zero carbon initiatives for 50 years and beyond.
Makuutu is being developed by Rwenzori Rare Metals Limited (“RRM”), a Ugandan private company which owns 100% of the Makuutu Project. IonicRE is a 60% owner of RRM with the first right over the remaining 40%. The Company continues discussions with partners on a transaction to increase ownership.
This article includes content from Ionic Rare Earths, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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