Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Non-Executive independent Director Sufian Ahmad was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • May 20
Forecast breakeven date pushed back to 2028 The analyst covering Ionic Rare Earths previously expected the company to break even in 2026. New forecast suggests losses will reduce by 6.1% per year to 2027. The company is expected to make a profit of AU$38.5m in 2028. Average annual earnings growth of 106% is required to achieve expected profit on schedule. Announcement • Oct 17
Ionic Rare Earths Limited has completed a Follow-on Equity Offering in the amount of AUD 9.525 million. Ionic Rare Earths Limited has completed a Follow-on Equity Offering in the amount of AUD 9.525 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 595,312,500
Price\Range: AUD 0.016
Discount Per Security: AUD 0.00016
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Oct 03
Ionic Rare Earths Limited, Annual General Meeting, Nov 28, 2025 Ionic Rare Earths Limited, Annual General Meeting, Nov 28, 2025. Location: at baker mckenzie, level 19, 181 william street, melbourne vic 3000 Australia Announcement • Sep 19
Ionic Rare Earths Limited has filed a Follow-on Equity Offering in the amount of AUD 0.116105 million. Ionic Rare Earths Limited has filed a Follow-on Equity Offering in the amount of AUD 0.116105 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 7,256,537
Price\Range: AUD 0.016
Transaction Features: Subsequent Direct Listing Announcement • Apr 11
Ionic Rare Earths Limited Announces Shovel-Ready Project Offers Fast-Track to Ex-China Supply Ionic Rare Earths Limited is advancing discussions on the development of its Makuutu Heavy Rare Earth Project as China's latest rare earth export restrictions increase focus on the necessity of a Western supply chain. Located in Uganda, IonicRE's Makuutu Rare Earths Project ranks amongst the world's largest and most advanced ionic adsorption clay (IAC) deposits. Added to the Mineral Security Partnership (MSP) in 2023, Makuutu is considered a globally strategic resource for the near term, offering a low capital development and facilitating long-term supply of magnet and heavy rare earth oxides (REO's). The Makuutu deposit comprises nine licences covering around 300 square kilometres, located 120 km east of Kampala. The defined mineralisation stretches 37 km long and is situated near high-quality infrastructure. A mining licence was awarded in January 2024 for the central Makuutu tenement, representing the first large-scale mining licence issued in Uganda under the 2022 Mining Act. First production of Mixed Rare Earth Carbonate (MREC) was achieved during the March quarter 2024 at the Makuutu Demonstration Plant, fostering engagement with potential offtakers and strategic partners. Makuutu's membership of the MSP highlights the strategic importance of the project as a new source of magnet and heavy rare earth elements. IonicRE has continued several financing discussions with MSP partners. Makuutu is being developed by Rwenzori Rare Metals Limited ("RRM"), a Ugandan private company which owns 100% of the Makuutu Project. These add to previous export controls on antimony, gallium and germanium and the technology used to make rare earth magnets. Importantly, the Makuutu MREC product basket announced in IonicRE's Definitive Feasibility Study released in March 2023 demonstrated a basket rich in medium and heavy REOs, notably able to help offset the elements targeted in the control restrictions. Ionic Technologies International Limited ("Ionic Technologies"), a 100% owned UK subsidiary, has developed processes for the separation and recovery of rare earth elements (REE) from mining ore concentrates and recycled permanent magnets. Ionic Technologies is focusing on the commercialisation of the technology to achieve near complete extraction from end of life /spent magnets and waste (swarf) to high value, separated and traceable magnet rare earth products with grades exceeding 99.5% rare earth oxide (REO). In June 2023, Ionic Technologies announced initial production of high purity magnet REOs from its newly commissioned Demonstration Plant and moved to continuous production in March 2024, providing a first mover advantage in the industrial elemental extraction of REEs from recycling. The business also benefited from support from the UK Government to develop magnet demagnetisation and comminution processes in partnership with Materials Processing Institute (MPI) and Swansea University. In November 2024, IonicRE released a Feasibility Study showing the strong potential for a profitable and unique commercial REO manufacturing facility in Belfast, UK, recycling pre-consumer rare earth magnet scrap and end-of-life magnets, delivering sovereign capability to the UK and supporting regional investment in Northern Ireland. The Makuutu Rare Earth's Project in Uganda, 60% owned by IonicRE, moving to 94% ownership) is well-supported by existing tier-one infrastructure and is on track to become a long-life, low Capex, scalable and sustainable supplier of high-value magnet and heavy REO. IonicRE has also executed a transformational 50/50 joint venture refinery and magnet recycling facility in Brazil with Viridis Mining and Minerals Limited to separate high value magnet and heavy rare earths from the Colossus Project's full spectrum of REOs. This integrated strategy completes the circular economy of sustainable and traceable magnet and heavy rare earth products from the Colossus Project's full range of REOs. This integrated strategies completes the circular economy of sustainable, sustainable and traceable magnet and traceable magnet and Heavy rare earth products. The Makuutu rare earth products is well-life products is well-life, low Capex. Announcement • Jan 21
Ionic Rare Earths Limited Announces Resignation of Nitin Tyagi as Non-Executive Director Ionic Rare Earths Limited announced that Mr. Nitin Tyagi has resigned as a Non-Executive Director of the Company, effective 20 January 2025. Mr. Tyagi has decided to step down from his position to take up a new full-time role with global technology company, Amazon Web Services, and due to company policies, this new role precludes him from serving on the board of a for profit organisation. Mr. Tyagi has been a Non-Executive Director since 1 July 2023. Announcement • Dec 18
Ionic Rare Earths Limited has completed a Follow-on Equity Offering in the amount of AUD 0.765659 million. Ionic Rare Earths Limited has completed a Follow-on Equity Offering in the amount of AUD 0.765659 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 109,379,876
Price\Range: AUD 0.007
Security Features: Attached Options Announcement • Oct 28
Ionic Rare Earths Limited, Annual General Meeting, Nov 27, 2024 Ionic Rare Earths Limited, Annual General Meeting, Nov 27, 2024. Location: baker mckenzie, level 19, 181 william street, vic 3000, australia, melbourne Australia New Risk • Sep 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (44% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (23% increase in shares outstanding). Significant insider selling over the past 3 months (€232k sold). Revenue is less than US$5m (AU$3.3m revenue, or US$2.3m). Market cap is less than US$100m (€24.1m market cap, or US$26.9m). Announcement • Apr 26
Ionic Rare Earths Limited has completed a Follow-on Equity Offering in the amount of AUD 5.5 million. Ionic Rare Earths Limited has completed a Follow-on Equity Offering in the amount of AUD 5.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 38,461,539
Price\Range: AUD 0.013
Discount Per Security: AUD 0.00078
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 384,615,384
Price\Range: AUD 0.013
Discount Per Security: AUD 0.00078
Transaction Features: Subsequent Direct Listing Announcement • Apr 25
Ionic Rare Earths Limited has filed a Follow-on Equity Offering in the amount of AUD 5.5 million. Ionic Rare Earths Limited has filed a Follow-on Equity Offering in the amount of AUD 5.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 38,461,539
Price\Range: AUD 0.013
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 384,615,384
Price\Range: AUD 0.013
Transaction Features: Subsequent Direct Listing Announcement • Feb 13
Ionic Rare Earths Limited, Annual General Meeting, Mar 13, 2024 Ionic Rare Earths Limited, Annual General Meeting, Mar 13, 2024, at 11:00 AUS Eastern Standard Time. Location: K&L Gates Level 25 South Tower, 525 Collins Street, Melbourne VIC 3000, Australia Melbourne Australia Agenda: To Approval to issue Consideration Shares; to Approval to issue Tranche 1 Performance Rights; to Approval to issue Tranche 2 Performance Rights; to Ratification of prior issue - November Placement Shares; to Ratification of prior issue - Joint Lead Manager Options – Canaccord; to Ratification of prior issue - Joint Lead Manager Options MST Financial; to Approval to issue Shares to Mr. Sufian Ahmad; and to consider other matters if any. Announcement • Jan 29
Ionic Rare Earths Limited has completed a Follow-on Equity Offering. Ionic Rare Earths Limited has completed a Follow-on Equity Offering.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 83,333,333
Price\Range: AUD 0.018
Security Name: Shares
Security Type: Common Stock
Securities Offered: 27,777,777
Transaction Features: Subsequent Direct Listing Announcement • Dec 11
Ionic Rare Earths Limited (ASX:IXR) entered into a share purchase agreement to acquire 34% stake in Makuutu Rare Earth Project from Rwenzori Rare Metals Limited. Ionic Rare Earths Limited (ASX:IXR) entered into a share purchase agreement to acquire 34% stake in Makuutu Rare Earth Project from Rwenzori Rare Metals Limited on December 11, 2023. IonicRE will issue 425 million shares to REEA at completion. Completion under the SPA is subject to a number of reasonably standard conditions precedent for a transaction of this nature including Ionic Rare Earths Limited obtaining approval from its shareholders to issue the consideration Shares and consideration rights and obtaining necessary regulatory approvals in respect of the Transaction including from the Financial Surveillance Department of the South African Reserve Bank and the Minister of Energy and Mineral Development in Uganda. Transaction is expected to close in Q1 2024. Breakeven Date Change • Dec 10
Forecast to breakeven in 2026 The 2 analysts covering Ionic Rare Earths expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$25.9m in 2026. Average annual earnings growth of 52% is required to achieve expected profit on schedule. Board Change • Dec 01
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director Max McGarvie was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 27
Ionic Rare Earths Limited, Annual General Meeting, Nov 28, 2023 Ionic Rare Earths Limited, Annual General Meeting, Nov 28, 2023, at 10:00 W. Australia Standard Time. Location: The Park Business Centre 45 Ventnor Avenue Perth Western Australia Australia Breakeven Date Change • Oct 02
No longer forecast to breakeven The analyst covering Ionic Rare Earths no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of AU$6.22m in 2026. New forecast suggests the company will make a loss of AU$1.56m in 2026. New Risk • Sep 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$16m free cash flow). Shares are highly illiquid. Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. Revenue is less than US$1m (AU$330k revenue, or US$212k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$10m net loss in 3 years). Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Market cap is less than US$100m (€59.5m market cap, or US$63.4m). Board Change • Aug 15
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). MD & Director Tim Harrison is the most experienced director on the board, commencing their role in 2020. Independent Non-Executive Director Max McGarvie was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. 
