Ionic Rare Earths Limited (IXRRF) Makuutu Earn-In Final Milestone Fee

The Board of Ionic Rare Earths Limited (ASX:IXR) (OTCMKTS:IXRRF) advised that per the earn-in agreement signed for the Makuutu Heavy Rare Earth Project ("Makuutu" or "the Project") (ASX 5th July 2019), the final milestone fee payment is due on award of the conversion of existing licences to a mining licence to Rare Earth Elements Africa Pty Ltd ("REEA"). The formal signing of the large-scale Mining Licence (LML00334) over the central Makuutu tenement (previously Retention Licence 1693) was announced 18th January 2024.

The final milestone fee of US$375,000 has been settled via script issued using a 30-day volume weighted average price ("VWAP") of $0.0221 recorded close of trading 9th February 2024 and an exchange rate of 0.6524 USD to AUD resulting in a total consideration of 26,017,409 shares in IXR issued to REEA. This now satisfies all hurdles of the Makuutu earn-in agreement.

Tim Harrison
Ionic Rare Earths Limited
E: investors@ionicre.com
T: +61 (3) 9776 3434

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

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