Ionic Rare Earths (IXR) Q4 2026 earnings summary

Executive summary

• Advanced commercialisation of rare earth magnet recycling, with key progress in the UK, US, and Brazil.

• Secured a £12 million UK government grant for a Belfast recycling facility and led a £11 million UK supply chain project.

• Entered US defence sector via supply agreements and partnerships, and advanced plans for a US recycling facility.

• Brazilian JV Viridion progressed land acquisition, design, and funding for South America's first rare earth hub.

• Strategic review launched for the Makuutu Heavy Rare Earths Project in Uganda.

Financial highlights

• Group loss after tax: $14.9 million (2025: $11.3 million loss).

• Revenue: $1.73 million (2025: $2.16 million), mainly from grants and R&D rebates.

• Cash and cash equivalents at year-end: $3.48 million (2025: $0.60 million).

• Net assets: $33.4 million (2025: $29.6 million).

• Equity raised: $19.3 million, including $15.6 million from a rights issue and placement.

Outlook and guidance

• Focus on commercialising magnet recycling in the UK and expanding into the US and Brazil.

• Ongoing strategic review of Makuutu to optimise value and development options.

• Additional funding required for planned activities; recent $8 million placement post year-end.