Iondrive (ION) H2 2026 earnings summary

Executive summary

• FY26 marked a shift from laboratory development toward commercial execution of the IONSolv metal-extraction platform, with independent testing on commercial feedstocks and a first commercial-scale techno-economic assessment completed.

• The platform is being expanded across rare-earth magnets, e-waste, solar panels, battery black mass and primary concentrates; South Korean exploration assets were divested to focus resources on technology commercialisation.

Financial highlights

• FY26 total loss after tax was A$7.020m, versus A$4.620m in FY25; continuing-operations loss was A$7.191m, versus A$4.443m.

• Operating cash outflow was A$3.303m, compared with A$3.982m in FY25; year-end cash was A$6.969m, up from A$5.868m.

• Total assets were A$9.635m and total liabilities A$3.436m at 30 June 2026; net assets were A$6.199m, down from A$7.452m.

• Total share-based payment expense rose to A$1.510m from A$1.086m, including A$829,653 for options and A$671,644 for performance rights.

Outlook and guidance

• Pilot wet commissioning in Australia is scheduled for Q4 CY2026; the redesigned skid-mounted plant is intended to handle e-waste, battery black mass and solar cells.

• A five-tonne North American rare-earth production campaign is targeting ~1.4 tonnes of mixed rare-earth oxide in Q4 CY2026 to support customer qualification and refining programs.

• Priorities include completing engineering definition, progressing FEED and a final investment decision, and advancing the first commercial module in Oklahoma.

• Oklahoma identified performance-based incentives estimated at US$5.2m for the first module, with potential to scale across three modules for up to US$15m; final investment decision and subsequent deployment steps remain ahead.