Ionic Rare Earths (IXR) H2 2025 earnings summary

Executive summary

• Transformative year with a strategic focus on magnet recycling technology and global supply chain partnerships, especially through the Ionic Technologies subsidiary and the Viridion JV in Brazil.

• Major advances in UK, Brazil, and US supply chains, including feasibility studies, government grants, and new commercial partnerships.

• Significant progress in sustainability, with independent studies showing up to 61% lower CO2 emissions for recycled rare earth products.

• Expansion into the US and Asia, with new MOUs and ongoing development of the Makuutu Heavy Rare Earths Project in Uganda.

Financial highlights

• FY25 net loss after tax of $11.3 million, a reduction from $21.2 million in FY24.

• Revenue and other income totaled $2.16 million, down from $4.52 million in FY24, mainly from government grants and R&D incentives.

• Cash and cash equivalents at year-end were $0.6 million, down from $2.0 million in FY24.

• Net assets decreased to $29.6 million from $36.5 million year-over-year.

• Capital raises included $1.65 million placement plus $766,000 SPP in Nov 2024 and $3 million convertible notes in May 2025.

Outlook and guidance

• Plans to progress commercialisation of magnet recycling in the UK, expand the Viridion JV in Brazil, and advance the Makuutu project.

• Ongoing focus on securing additional funding, government grants, and strategic partnerships to support growth.

• Anticipated operational start for Brazil’s CRITR facility in H2 2026 and UK commercial plant construction by 2027, subject to financing.