Ionic Rare Earths (IXR) Q1 2027 TU earnings summary

Executive summary

• Belfast commercial magnet-recycling project advanced through planning submission, FEED, facility upgrades and funding due diligence; funding package remains key to reaching FID.

• A strategic review of Makuutu is assessing alternatives to accelerate development and unlock value amid Western interest in independent medium and heavy rare earth supply.

• An $8m placement and proposed US and Brazil ventures support international expansion, while cash at quarter-end was A$5.074m.

Financial highlights

• FY2026 net loss was A$14.914m, versus A$11.341m in FY2025.

• Quarterly operating cash outflow was A$4.018m; investing outflow A$1.335m; financing inflow A$6.972m.

• Quarter-end cash and cash equivalents were A$5.074m, compared with A$3.481m at the start of the quarter.

Outlook and guidance

• Belfast planning determination is expected in Q1 2027; basic engineering is expected to finish by Q2 2027, with construction activities targeted to start Q3 2027.

• Funding for the Belfast commercial plant is targeted for completion in Q4 2026; pre-FID package awards are targeted in Q4, subject to funding and due diligence.

• AIM admission is targeted for Q4 2026, subject to customary regulatory approvals.

• FY2027 priorities include advancing Belfast, expanding technology deployment in Brazil and the US, and progressing Makuutu financing and offtake discussions.