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Friday 21 June 2024

Ionic Rare Earths (ASX: IXR) accelerates capacity for Belfast Plant, showing strong magnet recycling demand

Ionic Rare Earths Limited (ASX: IXR) is pleased to advise that 100% owned UK subsidiary, Ionic Technologies International Limited (“Ionic Technologies”) continues to receive numerous requests from various magnet REO supply chain participants and potential strategic partners to run both end of-life (EOL) magnet material and swarf and magnet production waste streams trials through our rare earth recycling plant. Given the increasing demand for access to the technology and capacity being developed in Belfast, Northern Ireland, the Company has now filled the demand of the Plant for the next 18 months by running several campaigns as part of demonstrator programs to progress enquiries toward commercial partnerships.

Highlights:

• Demonstration Plant production schedule now full through to Q3 2025, with several supply chain participants, OEMs, and potential strategic partners visiting the Northern Ireland facility to evaluate plant performance and production output firsthand;

• Ionic Technologies evaluating options for increased capacity at Belfast Magnet Recycling Demonstration Plant to cater to the strong demand from rare earth oxide (REO) supply chain participants and clear monetization opportunity; and

• Multiple discussions now advanced regarding potential commercial partnerships which would utilize Ionic’s technology for REO production from recycling.

Commentary:

IonicRE’s Executive Chairman, Mr Brett Lynch commented:

“It is no exaggeration to state that IonicRE is leading the field in the race to develop an ex-China supply of REOs critical to developing net-zero carbon technologies. “Our Belfast plant is now the first producer of recycled separated magnet REOs in the Western world, a huge achievement for all stakeholders. We are now moving rapidly to commercialize rare earth separation, refining, and recycling, with planned commercial-scale production likely within just two years, offering investors direct exposure to heavy rare earths market growth. The European Union has stipulated the need for increased recycling, and with Europe on our doorstep, Ionic Technologies has an enormous opportunity to develop a closed loop system with metal, alloy, and magnet manufacturers plus OEMs that provides the necessary security of supply.”

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