Ionic Rare Earths Limited

Ionic Rare Earths Limited (ASX code: IXR): developing a sustainable and traceable magnet and heavy rare earth supply for a transition to a low carbon economy

[Ionic Rare Earths Limited @IONIC_RE]

@IONIC_RE is joining forces with @ussmetals at its site in Missouri to build US independence in the rare earths key to defense, space & technology, as highlighted by @FoxNews
https://t.co/zy85gsLPYk

Reporting by @ChadMiraFOX2

[Ionic Rare Earths Limited @IONIC_RE]

@IONIC_RE Executive Chairman Brett Lynch discusses how IXR's tie-up with @ussmetals is a 'win-win' deal for both companies in the race to secure US independence in rare earths:
https://t.co/WCBieM3oIb

[Ionic Rare Earths Limited @IONIC_RE]

@nukeadvocate Recycling all the way ♻️ 🧲 💡

[Ionic Rare Earths Limited @IONIC_RE]

ASX announcement: @IONIC_RE to seek admission to trading on LSE's AIM market, in boost for UK commercial magnet recycling facility and expansion strategy in UK, Europe and globally

Read more: https://t.co/dNV0extx4h

[⚗️ NdPr DyTb | Rare Earths ⛏️⚗️🔥🔬🧲 Analyst ⭐ @roblun1]

Fredericktown: from Superfund site to rare-earth recycling hub (3 Oct 2026)

🚨🇺🇸 A lead-contaminated Superfund site in Missouri just made local TV as America's future rare-earth recycling hub, and the technology at the centre of it comes from Ionic Technologies in Belfast.

🦊FOX 2 St. Louis went to the gate at Fredericktown this week. Here's what they found, what USSM's Mike Hollomon has been saying, and what the ASX filings actually commit to. 🧵

📺 What FOX 2 Reported

FOX 2 St. Louis (1 Oct 2026) filmed outside the old Madison Mine near Fredericktown, "Active Mine Construction Site" signs on the fence, and reported that Clayton-based US Strategic Metals is teaming up with Ionic Rare Earths to deploy technology designed to recycle rare earth magnets, as part of a "one-of-a-kind, multi-metallic processing hub" with the potential to create 6,000 jobs. 🏗️

🗣️ USSM Chief Commercial Officer Mike Hollomon: "For space, for defense, for technology. And so we're planning to be one of the major sources of these metals for the United States."

🗣️ "It is a situation where we're literally in a cold war right now, and we are being threatened with not having these metals regularly."

More on Mike Holloman Podcast👇
https://t.co/YwigO6fq1x

People in town told FOX 2 off camera the jobs are promising, but some remain wary of building on the old mining site. Fair enough, so here's the history.

☣️ From Superfund Site to Processing Campus

🏭⛏️The Madison County Mines site went onto the EPA's National Priorities List in 2003 after two centuries of lead mining left tailings eroding into soils, creeks and groundwater. Operable Unit 2 is the Madison Mine complex itself, just southeast of Fredericktown, formerly owned by Anschutz Mining.

📅The tract changed hands in 2018, and in February 2019 the new owner, Missouri Mining Investments LLC, signed an Administrative Settlement Agreement and Order on Consent with EPA to consolidate and cap the mine waste as a time-critical removal action, work that began in 2020 and was scheduled to finish in 2025. That's the "administrative order of consent" Hollomon referred to on air. 🧹

🎥 USSM, Missouri facility (👇 drone tour)
https://t.co/F8nZzliF6z

📍 Fredericktown, MO: 11,000 tonnes/year cobalt production starting Q2 2026

🔋 Critical for defense, EVs & renewable energy supply chains

🌍 Building ex-China rare earth processing capacity

⛏️USSM says it acquired the Madison Mine (worked from 1844 to 1961) in 2018 and has turned the ~1,750-acre property into a fully permitted multi-metallic campus for alloy-grade cobalt, nickel metal, copper cathode, lithium carbonate, antimony sulfide, and now rare earths. Adding magnet recycling puts separated rare earth oxide production inside an operating campus rather than on a greenfield site.

🎙️ What Hollomon Told KMOX

On KMOX's Total Information AM (29–30 Sep), Hollomon described the plan as a copy of Belfast:

"since we have a permanent site on private land with everything we need to do that process in the United States, we're going to do a copy-paste of that technology and bring it to Missouri."

The recycling plant would sit inside an existing 50,000 sq ft building on a campus USSM intends to run as many as 18 strategic metals through. He put the magnet plant at 50–60 jobs, opening in late 2027 or early 2028. 🧲

🗣️ "We've off-shored so much of our metal processing, mining, recycling and we just don't have access to these metals. Our supply chain is extremely vulnerable."

Hollomon isn't new to this argument, he testified to the House Foreign Affairs Subcommittee on Oversight and Intelligence on economic security zones in July 2026.

📄 What the Filings Say

📌 IXR ASX release, 3 Sep 2026: Ionic Rare Earths USA and USSM signed a joint venture term sheet that supersedes the November 2025 MOU, a proposed 50:50 JV, with US$100 million intended for the initial NdFeB and SmCo magnet recycling facilities: US$95 million from USSM plus a US$5 million equity contribution split equally, which funds Front End Engineering Design and demonstration-scale recycling.

📌 Ionic Technologies contributes a non-exclusive licence covering magnets, magnet scrap and other heavy rare earth compounds. Ionic USA chairs the Technical Operations Committee , technical, operational and commercial matters including feedstock procurement. Board: three USSM, two Ionic.

📌 Beyond NdPr, Dy, Tb and Sm, the JV is to evaluate recycling Eu, Gd, Ho, Er, Tm, Yb, Lu and Y.

⚖️ Reading It Carefully

🔹 6,000 jobs is the potential of the whole multi-metallic campus as described to FOX 2. The magnet recycling plant itself is 50–60 jobs, per Hollomon on KMOX.

🔹 "Late 2027 / early 2028" is a company target. Definitive agreements come first (end-2026), then the US$5 million FEED and demonstration phase, then construction.

🔹 FOX 2's "university in Ireland": Ionic Technologies' chemistry has its roots at Queen's University Belfast, Northern Ireland, and QUB remains a research partner.

🔹 KMOX wrote that the magnets would be "supplied from" Ionic Rare Earths. It's the technology that comes from Ionic; feedstock procurement sits with the JV's technical committee, which Ionic USA chairs.

🔹 EPA's September 2025 plan still lists the OU2 capping as scheduled for 2025 and a PRP-led remedial investigation as being initiated, Superfund oversight continues alongside the redevelopment.
👀 Bottom Line

🏭🏗️🧲⚗️For Ionic Rare Earths this is the capital-light route to a US plant: US$2.5 million in, technology licensed from Belfast, half of a US$100 million facility on a permitted site, with a partner putting up US$95 million.

🇺🇸For Fredericktown, a lead Superfund site becoming a strategic-metals campus is exactly the reuse the 2019 EPA settlement was written to enable, and local TV is now telling that story to the people who live next to it.

🔥The next thing that matters isn't a news segment; it's the definitive agreements due by the end of 2026.

@ussmetals @IONIC_RE
#RareEarths #IXR #IonicRareEarths #IonicTechnologies #USSM #Missouri #Fredericktown #MagnetRecycling #NdFeB #SmCo #NdPr #Dysprosium #Terbium #Samarium #CriticalMinerals #Superfund #Reshoring #SupplyChain #CircularEconomy #Belfast #MineToMagnet

[Whiddon3 @WhiddonWarrior]

@IONIC_RE @IONICTECH_UK to the rescue!

[Proactive @proactive_x]

$IXR Ionic Rare Earths targets AIM listing as Belfast magnet recycling strategy gathers pace https://t.co/9nbqTsmjEX @ionic_re #IXR #IXRRF #ASX #ASXNews

[⚗️ NdPr DyTb | Rare Earths ⛏️⚗️🔥🔬🧲 Analyst ⭐ @roblun1]

🚨🇺🇸 Missouri could become a major new hub for rare-earth magnet recycling, and Ionic Rare Earths’ Belfast technology is central to the plan.

US Strategic Metals and Ionic Rare Earths USA, a wholly owned subsidiary of IXR, are proposing a 50:50 joint venture to develop what they intend to be America’s first integrated rare-earth permanent-magnet recycling facility near Fredericktown, Missouri. 🧲♻️

🇺🇸USSM Chief Commercial Officer Mike Hollomon discussing the proposed Fredericktown facility, Ionic’s Belfast technology, targeted products, jobs and commissioning window.

🏭The plant would be housed inside an existing 50,000-square-foot building at USSM’s permitted critical-metals campus, where the company plans to process as many as 18 strategic metals.

🇬🇧 Ionic brings the technology:

Ionic Technologies’ patented hydrometallurgical process, developed and demonstrated in Belfast, Northern Ireland, is designed to recover high-purity individual rare-earth oxides from end-of-life magnets and manufacturing scrap.

🇺🇸 USSM brings the site and capital:

USSM would contribute US$95 million towards construction, while the partners would jointly fund an initial US$5 million engineering and demonstration program.

Target feedstocks include:

🔹 End-of-life and production-scrap NdFeB magnets
🔹 Samarium-cobalt magnets and manufacturing waste
🔹 Magnet swarf and other rare-earth-rich secondary materials

Potential recovered products include:

⚛️ Neodymium and praseodymium
🔥 Dysprosium and terbium
🛡️ Samarium
🎯 Yttrium and other strategic rare earths

Hollomon said the facility could create 50–60 jobs and is expected to open in late 2027 or early 2028.

This is the real strategic prize: retaining valuable magnet materials inside the United States and transforming domestic waste into separated rare-earth oxides that can re-enter Western supply chains. 🔄🏭

For Ionic Rare Earths, Missouri could provide a highly capital-efficient pathway to commercialise its separation IP at US scale, linking Belfast’s technology platform with US feedstock, infrastructure and demand.

⚠️ Important context: the 50:50 joint venture remains based on a non-binding term sheet. Definitive agreements, engineering, feedstock contracts, commercial capacity and final construction commitments must still be secured.

But the strategic model is compelling:

🇬🇧 Belfast technology + 🇺🇸 Missouri infrastructure + ♻️ American magnet waste = a new domestic rare-earth supply chain.

🎧🔗
https://t.co/NibN1pyLVZ

@IONIC_RE @IONICTECH_UK @ussmetals #NdPr #DyTb #Yttrium #Dysprosium #terbium #strategicrareearths #MAIL #REO
#IonicRareEarths #IonicTechnologies #RareEarths #MagnetRecycling #CriticalMinerals #NdFeB #CircularEconomy #SupplyChain #Missouri #IXR

[Ionic Rare Earths Limited @IONIC_RE]

@IONIC_RE shareholders are invited to our Annual General Meeting, from 11am AEDT on Friday, November 13 at Baker McKenzie, Level 19, 181 William St, Melbourne.
Read more: https://t.co/wjeJz0afiu

[🇦🇺Craig Tindale @ctindale]

Brilliantly communicated 30 min video on rare earths that everybody on earth should watch

https://t.co/vFlF5zeupW

[Ionic Rare Earths Limited @IONIC_RE]

@IONIC_RE welcomes experienced international financial markets executive James (Jim) Rutherford to the Board, strengthening the Board prior to finalisation of capital funding for a commercial magnet recycling plant in Belfast, UK and supporting the Company's global expansion.

Read more: https://t.co/CYbhWiYOwA

[Ionic Rare Earths Limited @IONIC_RE]

@Autist_Maximus @ussmetals ASX: IXR
OTC: IXRRF

[Ionic Rare Earths Limited @IONIC_RE]

IonicRE is joining forces with @ussmetals to deliver America the rare earths it needs for defense, renewables and advanced manufacturing. Based on magnet recycling, our planned Missouri facility will help secure US leadership in critical minerals & energy.

[Small Caps @SmallCapsASX]

Ionic Rare Earths and US Strategic Metals form 50/50 magnet recycling JV in Missouri with $100m to build NdFeB/SmCo facilities, boosting US supply security.

https://t.co/mpg9qvrEiG

#ASX #SmallCaps #IXR

[Ionic Rare Earths Limited @IONIC_RE]

@IONIC_RE is joining forces with @ussmetals to deliver America the rare earths it needs for defense, renewables and advanced manufacturing. Based on magnet recycling, our planned Missouri facility will help secure US leadership in critical minerals & energy: https://t.co/ZcLzAardnO

[Ionic Rare Earths Limited @IONIC_RE]

We’re technology readiness level 8 out of 9 & on the verge of being a 9. This technology is robust, it’s been through due diligence, and we're now in the final stages of building the capital stack to deploy it" - latest from $IXR MD @timhorizonmet at https://t.co/3L6TQKVASU

[Zacks SCR @ZacksSmallCap]

$IXRRF @IONIC_RE: Initiation of Coverage on an Innovative Critical Minerals Company Engaged in the Recycling and Production of Rare Earth Oxides https://t.co/JFc6AOBQ1v

[⚗️ NdPr DyTb | Rare Earths ⛏️⚗️🔥🔬🧲 Analyst ⭐ @roblun1]

Wall Street just put a number on Ionic Rare Earths and it’s 5x the current price.

Zacks Small-Cap Research initiates coverage of $IXR (OTCQB: IXRRF) with a US$1.00 valuation against a US$0.20 share price. 📊🧵👇

Analyst Tom Kerr’s initiation (August 18) is built on deliberately conservative ground and that’s what makes it interesting.

Zacks took Ionic’s November 2024 DFS for the Belfast commercial plant (post-tax NPV US$502M, 43.6% IRR, 2.4-year payback) and stress-tested it: they replaced the DFS’s 7.5% discount rate with a much harsher 12.5%, cutting the Belfast project value roughly in half to ~US$251M.

They assigned ZERO value to Makuutu, despite its strategic review drawing strong inbound Western interest and ZERO to the Viridion JV in Brazil.

Belfast alone, at half its DFS value, still gets them to US$1.00 per share. A separate 10-year DCF at a brutal 15% discount rate lands at US$1.00–1.50. 💰

And here’s the kicker Zacks flags themselves: the valuation runs on the 2024 DFS price deck, but rare earth prices are now 50–100% ABOVE those assumptions after China’s export controls sent heavies vertical.

Their words, the DFS figures “may be a floor case rather than a base case.” 📈
The report also nails the thesis I’ve been posting about for months.

Zacks calls Ionic the only company outside China recycling and separating all four critical magnet rare earth oxides at scale, NdPr, Dy AND Tb at >99.5% purity, running continuously in Belfast since January 2024, validated by the Ford motor demonstration with LCM and GKN, and supplying Advanced Magnet Lab for US defense. 🧲

On feedstock, Zacks quantifies the swarf wave coming: ~50 ktpa of announced US magnet manufacturing capacity implies 15–37 ktpa of NdFeB swarf (base case ~20 ktpa), against just 4 ktpa of announced US recycling capacity, only half of it genuinely long-loop capable.

Short-loop hydrogen routes can’t handle heterogeneous swarf; Ionic’s long-loop hydrometallurgy can. Their co-location model, ~US$100M modular plants sited next to US magnet makers, is built for exactly this gap. 🏭

The catalysts are near-term and dated: FID on the £85M Belfast commercial plant targeted by September 2026 (£12M UK grant already offered, FEED underway with Tenova),

⚗️400 tpa of separated REOs

350t NdPr,
37t Dy₂O₃,
13t Tb₄O₇

💰worth ~US$105M a year at full production, first production targeted Q2 2028.

Zacks models revenue jumping from ~$2M to $28M in FY2028 and $98M in FY2029 as Belfast ramps. ⏱️

Full transparency: this is Zacks’ sponsored small-cap coverage (as all Zacks SCR is) and the report is upfront about risks, funding, dilution, feedstock contracts still at MOU stage, ramp-up execution.

Weigh it accordingly. But the method matters: they discounted everything, valued only Belfast, ignored two entire platforms, and still printed 5x. 🔍

When the bear-case math on one plant is worth five times your market cap, the market isn’t pricing a company, it’s pricing a rounding error.

Full report: https://t.co/cN9W9zgE8W

@IONIC_RE @IONICTECH_UK
#RareEarths #CriticalMinerals #IXR #IXRRF #NdPr #Dysprosium #Terbium #MagnetRecycling #CircularEconomy #SupplyChain $IXR

[Ionic Rare Earths Limited @IONIC_RE]

@IONIC_RE has completed a successful $8 million placement to domestic and international institutional investors, including US-based Argentem Creek Partners, as it advances its global magnet recycling commercialisation drive. Read more: https://t.co/OF7WFfPhPf

[Ionic Rare Earths Limited @IONIC_RE]

@IONIC_RE advanced development of a commercial magnet recycling plant in Belfast, UK during the June quarter, including exploring a dual listing on London's AIM market, as well as entering the US defence sector. Read more: https://t.co/3hZCEo0Mqx

[Ionic Rare Earths Limited @IONIC_RE]

@IONIC_RE has launched a strategic review of its Makuutu Heavy Rare Earths Project in Uganda, amid increasing Western demand for new sources of ex-China medium and heavy rare earths.

Read more: https://t.co/jpENYL4q9H