Iondrive (ION) Q1 2027 TU earnings summary

Executive summary

• Advanced the proposed first U.S. rare earth module through an updated economic evaluation, a five-tonne qualification campaign and diversified funding workstreams.

• Commercial deployment remains dependent on qualifying feedstock and product, completing engineering, securing funding and receiving approvals.

Financial highlights

• Updated single-module model: US$121.8m annual revenue, US$62.1m annual EBITDA and US$243m post-tax NPV at 10% real; estimates are modelled, not actual results.

• Cash was A$5.129m at quarter-end; a lodged FY26 R&D Tax Incentive claim added A$1.0m receivable, and A$0.2m from October option exercises was received subsequently.

• Quarterly operating cash outflow was A$2.195m, including A$1.068m R&D spend; option exercise proceeds were A$355,000 and estimated funding runway was 2.3 quarters.

Outlook and guidance

• Five-tonne campaign targets ~1.4 tonnes of mixed rare earth oxides in Q4 CY2026 for customer qualification and engineering data; actual output depends on feedstock assay and performance.

• Near-term priorities include feedstock and offtake arrangements, product qualification, front-end engineering, Oklahoma site work and progressing funding toward an investment decision.

• Battery recycling pilot runs are targeted for July 2027, subject to bench-scale optimisation and finalising outsourced facility arrangements.