IXR Update Note IonicTech Magnet Recycling 05092024

Ionic Rare Earths Ltd (ASX:IXR) is a magnet (REOs) recycling (Belfast, UK) and REE mining explorer (Uganda) plus a Brazilian REE Refining JV, excluded from our NPV, with Viridis Mining and Metals Limited (VMM). ACF visited IonicTech’s magnet recycling demo plant in July 2024. Since our last IXR Flash Note, we raise our valuation by 16% to A$ 0.109 vs A$ 0.094 previously and put Makuutu in a maintenance period. IXR has a unique position in the REE recycling ecosystem. IonicTech’s patented technology is backed by UK govt (grants £1.72m in 2023 + £2m over 2 yrs) and its Northern Ireland partners (Titanic Quarter and Belfast Harbour) – this suggests a derisked solid growth strategy with high margin potential. The demo plant is strategically loc...