Ionic Rare Earths (ASX: $IXR) Placement Announcement

Ionic Rare Earths Limited (ASX: $IXR) has successfully secured firm commitments to raise $5.5 million through a share placement, with approximately 423 million shares issued at $0.013 per share. The placement includes participation of $0.5 million from Ionic Rare Earths' Executive Chairman, Mr. Brett Lynch, in addition to his recent $1.5 million investment upon joining the Company in January 2024. The funds raised will be allocated towards advancing Ionic Technologies' magnet recycling technology, enhancing its Magnet Recycling Demonstration Plant, and completing a Feasibility Study for a full-scale plant, expected in mid-2024. Additionally, the funds will support the ongoing offtake and financing discussions at the Makuutu Ionic Adsorption Rare Earths Project, where the demonstration plant is producing mixed rare earth carbonate (MREC) for evaluation by potential partners to advance offtake negotiations.

Executive Commentary on Placement

Managing Director Tim Harrison expressed, 'We have received such a significant amount of interest from various magnet manufacturers, alloy makers, and OEM's who are interested in utilizing our world-class magnet rare-earth recycling technology for access to secure, sustainable, and traceable rare earth supply. Demand at our operational demonstration plant in Belfast is now full for the next 18 months with potential partner trials advancing to plan. Further, our upstream project, the Makuutu Rare Earth Project, is also advancing well with several offtake negotiations with partners who will be evaluating our MREC being produced at the Makuutu demonstration plant. We are on the verge of a tangible increase in shareholder value. We greatly appreciate the support of existing shareholders with funding this placement.'

Summary of Ionic Rare Earths' Placement Announcement

Ionic Rare Earths Limited (ASX: $IXR) has successfully raised $5.5 million through a share placement, with the participation of the Executive Chairman, Mr. Brett Lynch. The funds raised will be utilized to advance Ionic Technologies' magnet recycling technology, enhance its Magnet Recycling Demonstration Plant, and complete a Feasibility Study for a full-scale plant. Additionally, the funds will support ongoing offtake and financing discussions at the Makuutu Ionic Adsorption Rare Earths Project. The Company's Managing Director, Tim Harrison, highlighted the significant interest from various industry players in their magnet rare-earth recycling technology and the progress of offtake negotiations at the Makuutu Rare Earth Project. The successful placement and allocation of funds indicate a positive trajectory for Ionic Rare Earths' strategic initiatives and shareholder value.