Iondrive (ION) Investor update summary

Strategic focus and technology platform

• Proprietary platform uses Deep Eutectic Solvent chemistry for selective extraction and high single-pass leach recoveries: 96.5% for Nd, 96.5–97.3% for Pr, and 93.5–93.6% for Dy from U.S. commercial magnet feedstock.

• Focused on rare earths extraction from e-waste, solar, and battery materials, enabling a circular domestic supply chain in the U.S.

• IP developed in-house, with patents in process to protect unique capabilities, especially in iron rejection.

Updated techno-economic assessment (TEA) and financials

• Updated TEA for a single module shows a post-tax NPV10 of US$243m (AUD 243 million), annual EBITDA of US$62.1m, and a 51% margin, based on 2,402 tpa feed and ~630 tpa oxide output.

• Modelled recoveries are ~89%, below independently validated results, with a development capex of US$11.9m and payback of 0.24 years.

• Economics are driven by higher feedstock head grade (30.66% REO) and richer dysprosium content, not improved recovery rates.

• Dysprosium, though under 5% of mass, accounts for nearly half of annual revenue due to high benchmark pricing.

• Project remains robust across all modelled pricing scenarios, with NPV10 ranging from US$40m to US$298m.

U.S. market opportunity and supply chain

• U.S. faces a rare earth oxide supply deficit of 13,000 tons by 2028, with 60,000-80,000 tons of magnets in circulation by 2030.

• Targeting 2,400 tons/year of end-of-life magnet feedstock, leveraging economic incentives for aggregators.

• Aggregators now have economic incentive to recover magnets, creating a new secondary market.

• Strong relationships with potential customers and suppliers, with ongoing feedstock qualification campaigns.