Iondrive (ION) Q3 2026 TU earnings summary

Executive summary

• Entered U.S. market with government registration, enabling access to multiple U.S. grants through a U.S. subsidiary.

• Achieved significant technical progress in silver and rare earth extraction, with recoveries exceeding 95% for silver and over 93% for key rare earths.

• Advanced commercial pathways in solar panel recycling, rare earth recovery from e-waste, battery materials, and primary concentrates.

• Strengthened leadership with new CEO and key U.S. appointments to drive commercial execution.

• Divested South Korean exploration business, reducing annual costs and focusing resources on core technology.

Financial highlights

• Cash balance of $8.0 million at quarter end, with over $2.4 million in expected inflows in the next two quarters from non-dilutive funding.

• Net cash outflows of $0.4 million for the quarter, with $1.2 million spent on R&D and pilot plant construction.

• Received $590,000 from the second tranche of a $4 million share placement.

• Quarterly operating cash outflow was $1.06 million; estimated 7.5 quarters of funding available.

Outlook and guidance

• Focused on U.S. expansion and securing first commercial contracts, leveraging government support for critical mineral supply chains.

• Pilot plant wet commissioning targeted for Q4 2026, with design enhancements to support multi-feedstock processing.

• Ongoing process optimisation and techno-economic assessments to improve scalability and economic returns.