Ionic Rare Earths Limited (IXRRF) September Quarterly Activities Report

Ionic Rare Earths Limited (ASX:IXR) (OTCMKTS:IXRRF) is pleased to provide its Quarterly Report for the period ending 30 September 2023.

This report includes development activities at the Makuutu Rare Earths Project ("Makuutu" or "the Project") in Uganda, and at the Company's 100% owned magnet recycling subsidiary in the UK, Ionic Technologies International Limited ("Ionic Technologies").

Significantly, the September quarter culminated in the achievement of several significant milestones across both Makuutu and Ionic Technologies, accelerating IonicRE to fulfil its strategic objective to support western economies secure critical rare elements of magnet and heavy rare earth oxides for the new economy. IonicRE's innovative technology and patented processes will accelerate mining, refining and recycling of these elements critical for energy transition, advanced manufacturing, and defence programs.

Makuutu Rare Earths Project (60% IonicRE)

Makuutu currently ranks amongst the world's largest and most advanced ionic adsorption clay (IAC) deposits, and as such, a globally strategic resource for near term, low capital development and longterm security of magnet and heavy rare earth oxide (HREO) supply. Makuutu comprises six licences covering approximately 300 km2 located 120 km east of Kampala in Uganda. The deposit stretching 37km end to end, is situated near existing infrastructure and has the potential to provide western customers with a strategic alternative supply of heavy rare earths to support the growth of advanced manufacturing and industries critical to achieve net-zero carbon initiatives for 50 years and beyond.

Makuutu is being developed by Rwenzori Rare Metals Limited ("RRM"), a Ugandan private company which owns 100% of the Makuutu Project. IonicRE is a 60% owner of RRM with the first right over the remaining 40%. The Company continues discussions with partners on a transaction to increase ownership.

*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/8836U6LF

For Australian Media 
Nigel Kassulke
Teneo
E: Nigel.Kassulke@Teneo.com
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For Investor Relations
Peter Taylor
NWR Communications
E: peter@nwrcommunications.com.au
T: +61 (0) 412 036 231

For UK Media
Tim Blythe
BlytheRay
E: Tim.Blythe@BlytheRay.com
T: + (0) 20 7138 3553

For NI Media
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Lanyon Group
E: Katie.Doran@LanyonGroup.com
T: +44 (0) 28 9018 3242

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