How Does Ionic Rare Earths' Mining Licence Grow the Business?

Ionic Rare Earths: Pioneering the Future of Rare Earth Mining in Uganda

Melbourne, January 18, 2024 – Ionic Rare Earths Limited (ASX: IXR), a forerunner in the rare earth mining industry, has achieved a significant milestone with the Ugandan government's recent authorization of the Large Scale Mining Licence (LML) for the Makuutu Heavy Rare Earths Project. This development marks a pivotal moment not only for the company but also for Uganda's mining sector.

A Landmark Achievement: Uganda's First Large Scale Mining Licence

On January 17, 2024, a historic event took place in Kampala. The Ugandan Minister of Energy and Mineral Development, Honourable Dr Ruth Nankabirwa Ssentamu, officially signed LML 00334, thereby granting IonicRE the first large-scale mining licence under Uganda's Mining Act of 2022. This event, symbolizing the Ugandan government's commitment to long-term investment security in flagship projects, was attended by key figures including Mr Patience Singo, Country Manager of Rwenzori, and Mr Warren Tregurtha, CEO of Rwenzori.

IonicRE's Stake in Rwenzori and the Makuutu Project

IonicRE, in a decisive move to strengthen its hold in the rare earth sector, increased its stake in Rwenzori Rare Metals Limited, the owner of the Makuutu Project, from 60% to 94% in December 2023. Discussions are ongoing to acquire the remaining 6% ownership, further cementing IonicRE's position in the project.

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The Makuutu Project: A Gateway to Rare Earth Supply Diversification

The Makuutu Project, distinguished as the most advanced Ionic adsorption clay project currently under development, is set to commence first production of Mixed Rare Earth Carbonate in the first quarter of 2024. The project aims for a Final Investment Decision later in 2024 and anticipates delivering its first product to customers by early 2026.

Demonstration Plant Progress

The ongoing development of the Demonstration Plant at Makuutu is crucial for de-risking the project's commercialization. This plant plays a significant role in producing value-added, mixed rare earth carbonate for partner qualification and validation.

IonicRE's Strategic Vision: Mining, Refining, and Recycling

Ionic Rare Earths Limited, aspiring to be a miner, refiner, and recycler of sustainable and traceable magnet and heavy rare earths, is focusing on developing net-zero carbon technologies. Their approach integrates mining at Makuutu, technological advancements through Ionic Technologies International Limited, and plans for a rare earth refinery.

Ionic Technologies International Limited

Acquired in 2022, this 100% owned subsidiary of IonicRE has been instrumental in developing processes for the separation and recovery of rare earth elements from ore concentrates and recycled magnets. The technology aims for near-complete extraction and high-value production, contributing to early-stage alternative supply chains.

Makuutu's Role in Global Supply Chains

Makuutu, positioned as one of the world's largest and most advanced development-ready heavy rare earth element assets, is poised to supply new, decoupled supply chains, distinct from existing sources committed to China.

Environmental and Social Responsibility

IonicRE's adherence to the UN Global Compact principles reflects its commitment to responsible business practices. The company's strategy aligns with providing essential materials for electric vehicles, offshore wind turbines, communication technologies, and defense initiatives.

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