Why is Ionic Rare Earths receiving an update on Makuutu MLA status? Ionic Rare Earths Limited

Why is Ionic Rare Earths receiving an update on Makuutu MLA status?

Ionic Rare Earths Limited has received an important update from the Ugandan government regarding its updated Mining and Minerals (Licencing) Regulations 2023. This update was necessary for granting the Mining Licence Application (MLA) of the Makuutu Heavy Rare Earths Project, which belongs to IonicRE. With this milestone achieved, the company can now finalize its MLA fee payment, which is the last requirement in Uganda and clears the path to expedite the Mining Licence award at Makuutu.

What does this mean for Ionic Rare Earths?

According to Tim Harrison, Managing Director at IonicRE, the approval of updated mining regulations is "an important milestone for the Ugandan mining industry," and the fee payment will pave the way for the company to secure the mining licence at Makuutu. IonicRE aims to provide a secure, sustainable, and traceable supply of magnet rare earth oxides, which are critical for the energy transition, advanced manufacturing, and defense. Mr. Harrison expressed his confidence in leveraging the Makuutu project, along with the Belfast recycling facility, to accelerate the mining, refining, and recycling of heavy rare earths.

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What other progress has IonicRE made?

The company recently announced progress on the demonstration plant and Phase 5 drill program for Makuutu. The program has completed 79 holes, with 1,618 meters focused on upgrading the confidence of the existing Mineral Resource Estimate. IonicRE is preparing for a review of the Stage 1 DFS at the Makuutu Heavy Rare Earths project through its local operating entity Rwenzori before moving on to the next phase of development.

What is the fee payment required for the MLA?

The fee payment required for the MLA is 20 million Ugandan shillings, equivalent to approximately US$5,400. Mr. Harrison described the time and diligence taken by the Ugandan government to legislate new mining regulations as a positive sign and indicative of the government's intent to secure the right balance between economic growth and sustainable mining practices.

Who has IonicRE been in contact with to achieve this update?

IonicRE has been in dialogue with representatives of the Ugandan Ministry of Energy and Mineral Development (MEMD) and other branches of the Ugandan government through Rwenzori Rare Metals Limited.

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