Ionic Rare Earths Limited (IXRRF) March Quarterly Activities Report

The Board of Ionic Rare Earths Limited (ASX:IXR) (OTCMKTS:IXRRF) is pleased to provide its Quarterly Activities Report for the period ending 31 March 2024.

HIGHLIGHTS

IONIC TECHNOLOGIES, BELFAST (100% IONICRE)

- Commencement of Magnet Rare Earth Oxide Production at Belfast Demonstration Facility with continuous operation;

- Strong progression towards Commercial Partnerships with Demonstration Plant production schedule now full through to Q3 2025;

- Production of high purity Terbium Oxide boosting collaboration with LCM and Ford;

- First ASX Rare Earth Oxide Producer from recycled wind turbines;

MAKUUTU HEAVY RARE EARTHS PROJECT, UGANDA (60% IONICRE)

- First Mixed Rare Earth Carbonate (MREC) produced at Makuutu Demonstration Plant;

- Large Scale Mining Licence (LML) 00334 awarded by the Ugandan Minister of Energy and Mineral Development for Makuutu Heavy Rare Earths Project;

- Award of LML brings on further supply chain and off-taker engagement;

- Strategic increase in ownership of the Makuutu Rare Earths Project, with IonicRE shareholders approving terms to move to 94% interest;

- Makuutu Exploration Target was upgraded with a 40% increased announced;

- Phase 5 infill and extensional drilling on Retention Licence (RL) 00007 returned clay bearing rare earth assays above MRE cut-off on 125 of 128 holes drilled; and

CORPORATE

- Mr Brett Lynch appointed as Executive Chairman to oversee strategic direction.

This report includes development activities at the Company's 100% owned magnet recycling subsidiary in the UK, Ionic Technologies International Limited ("Ionic Technologies") and at the 60% owned Makuutu Heavy Rare Earths Project ("Makuutu" or "the Project") in Uganda.

*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/SE742O3N

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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