Ionic Rare Earths (IXR) H2 2024 earnings summary

Executive summary

• Achieved demonstration-scale production at both the Belfast magnet recycling plant (UK) and the Makuutu Heavy Rare Earth Project (Uganda), marking a transition from development to production phase.

• Secured a large-scale mining licence for Makuutu, the first under Uganda's new Mining Act, and increased indicated resource tonnage by 28%.

• Entered a joint venture in Brazil to establish a rare earth refinery and recycling facility, expanding global footprint.

• Raised $14.7 million through placements and a share purchase plan to support growth and maintain liquidity.

Financial highlights

• Reported a net loss after tax of $21.2 million for FY2024, compared to a $8.5 million loss in FY2023.

• Revenue primarily from government grants and R&D income, totaling $2.2 million.

• Cash and cash equivalents at year-end were $2.0 million, down from $11.1 million the previous year.

• Net cash outflows from operating activities were $23.2 million, up from $11.7 million in FY2023.

• Equity increased to $36.5 million from $43.7 million, reflecting capital raises and accumulated losses.

Outlook and guidance

• Focused on cost reduction and capital preservation amid challenging rare earth market conditions.

• Plans to scale operations and advance key projects, with commercial production at Makuutu targeted for 2026.

• Ongoing feasibility studies for commercial magnet recycling in Belfast and expansion into new markets.