MST Financial Services Publish Research on Ionic Rare Earths

MST Financial Services highlighted 3 milestone achievements from Ionic Rare Earths (ASX:IXR) in Q4 FY23: first production of high purity magnet rare earth oxides at the Belfast Plant, the start of building the Makuutu Demonstration Plant, and a US$2 million acquisition of a Brazilian clay deposit adjacent of Meteoric's resource.

Additionally, MST Financial Services stated that Ionic Rare Earths' flagship Makuutu Rare Earths Project in Uganda is "well positioned to produce high-value heavy rare earths as a long-life, low-cost asset," and that the company has a "healthy cash position of A$11.1m and a reduced quarterly cash burn of A$3.4m, down from the previous ~A$5m".

MST Financial Services' valuation on Ionic Rare Earths (ASX:IXR) remains at A$0.10/share, fully diluted.

Figure 4: Makuutu project location, 120 km east of Kampala, Uganda.investingnews.com.au

The 60 percent owned Makuutu project is located 120 kilometers away from Uganda’s capital city of Kampala and is considered the third-largest scandium resource globally, with the potential to produce many other in-demand REEs. In July 2023, the company reported that earthworks were completed at the Makuutu Demonstration Plant technical facility, and building has commenced on the technical facility.

Click here for the full article from MST Financial Services.

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