Makuutu Rare Earth Project Update

The Board of Ionic Rare Earths Limited (“IonicRE” or “The Company”) (ASX: IXR) is pleased to advise on the progress at the Makuutu Rare Earths Project (“Makuutu” or ‘the Project”).

• ESIA public hearings in Uganda successfully completed with over 3,800 registered attendees demonstrating strong Governmental and local stakeholder support
• Minister for Energy and Mineral Development affirms support of the Makuutu Rare Earth Project with members of parliament, the four Districts, Kingdom leaders and local community members through stakeholder initiatives
• Resettlement Action Plan moves into final stages and will support Mine License Application, both to be completed by end October 2022

Makuutu is operated by Rwenzori Rare Metals Limited (“RRM”), a Ugandan company which is 51% owned by IonicRE presently, with the Company moving to 60% ownership on the completion of the Feasibility Study expected to be submitted to the Ugandan government at the end of October 2022.

Environmental and Social Impact Assessment (ESIA) Progress

The detailed ESIA report was submitted to NEMA (National Environmental Management Authority) in December 2021. After a review by government stakeholders and respective authority, a public disclosure process was initiated in May 2022 with stakeholders providing feedback on the ESIA to NEMA.

Two public hearings were completed in early August 2022 in Bugweri and Mayuge Districts with significant turnout from NEMA, Ministry of Energy and Mineral Development (MEMD), government representatives, district leadership, local communities and stakeholders providing strong support for the Project. The total registered attendees at the hearings over the two days amounted to 3,800 persons which indicates a keen interest in the Project by the Ugandan community.

NEMA and MEMD are now working to complete final statutory requirements to evaluate the ESIA and provide a formal decision.

Resettlement Action Plan (RAP) Progress

The process of developing the RAP commenced in January 2022 and has progressed with final studies due to be completed by the end of October 2022. The Resettlement Action Plan (RAP) will present the strategy to acquire land for the entire RL1693 over the life of the Project while ensuring that Project Affected Persons (PAPs), including vulnerable people, are not financially or socially disadvantaged.

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