Ionic Rare Earths (IXR) Q4 2026 TU earnings summary

Executive summary

• Achieved a Western world first by demonstrating a fully circular supply chain for recycled rare earth permanent magnets for Ford EV motors, meeting OEM standards and performance requirements.

• Expanded US and UK collaborations, including supplying magnet REOs to Advanced Magnet Lab for US defense applications and signing a joint development agreement with Nth Cycle to enhance rare earth refining and recycling.

• Advanced commercialisation of Belfast magnet recycling facility, with FEED study underway and planning progressing for a 400 tpa plant, supported by UK government funding initiatives.

• Progressed Viridion JV in Brazil, advancing design and permitting for South America's first rare earth refining and recycling hub, with significant funding shortlisted.

• Makuutu Heavy Rare Earths Project in Uganda remains strategic, with ongoing engagement with offtakers and financiers amid global supply chain shifts.

Financial highlights

• Net cash used in operating activities for the quarter was A$4.9 million, with a year-to-date outflow of A$15.1 million.

• Cash and cash equivalents at quarter end were A$3.5 million, down from A$8.5 million in the previous quarter.

• Received A$15.5 million from equity issues and A$2.2 million from convertible debt securities during the year.

• Government grants and tax incentives contributed A$218,000 for the quarter and A$1.3 million year-to-date.

• Payments to related parties totaled A$257,000 for the quarter.

Outlook and guidance

• Targeting Final Investment Decision (FID) for the Belfast commercial plant by end of September quarter, contingent on securing funding.

• Plans to expand magnet recycling technology to Brazil and the US, with potential for multiple global plants.

• Makuutu project development to continue, with focus on unlocking value and advancing discussions with financiers and offtakers.

• Exploring a dual listing on London’s AIM market to broaden investor base and support capital strategy.