Updated Makuutu Exploration Target, Planning Phase 5 Drill Program

The Board of Ionic Rare Earths Limited (“IonicRE” or “The Company”) (ASX: IXR) is pleased to advise the updated Exploration Target and the associated planning of the Phase 5 exploration program at its 51% owned Makuutu Rare Earths Project (“Makuutu”).

• Exploration Target range estimated from previously RAB drilled areas, indicating potential for Makuutu to double in resource tonnage long term
• Phase 5 exploration program to target areas for further resource growth and to confirm extent of mineralisation across targets already identified
• Programs to evaluate areas with known REE mineralisation and untested geophysical anomaly target areas
• Program commenced with drilling anticipated by Q4 CY2022

Following the recent update to the Makuutu Mineral Resource Estimate (MRE)¹ to 532 million tonnes at 640ppm Total Rare Earth Oxide (TREO), above a cut-off grade of 200 parts per million (ppm) TREO minus CeO₂ (TREO-CeO₂), a review has been conducted to establish further exploration potential at Makuutu and plan the work programs to be conducted over the next 12 months.

The revised Exploration Target, which is additional to the 3 May 2022 MRE, range for additional potential mineralisation at Makuutu has been estimated at;

216 – 535 million tonnes grading 400 – 600 ppm TREO*

*This Exploration Target is conceptual in nature but is based on reasonable grounds and assumptions. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Ionic Rare Earths Managing Director Mr. Tim Harrison commented:

“The long-term exploration potential is immense. This updated exploration target, which factors in the successful Phase 3 RAB drilling assay results from July 2021, confirms the massive potential of EL00147, having identified immediate extensions to the resource estimate beyond previous radiometric targeting. Additionally, the new tenement at EL00257 would provide additional upside beyond this target.”

Exploration Program – Phase 5

The exploration program comprises several stages summarised as follows.

1. Previous RAB drilling tested areas – Exploration Target

The 2021 Phase 3 Rotary Air Blast (RAB) reconnaissance drilling campaign over multiple targets in the Makuutu area identified clay hosted REE mineralisation within, and outside, the sedimentary basin that contains the Makuutu resource^2,3.

The success of that program has allowed a revision of the Exploration Target. The revised Exploration Target is separated into target areas within the sedimentary basin, and those outside the basin with clay hosted REE mineralisation derived from a mixture of rock types including granite, granodiorite and some mafic rocks.

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