September Quarterly Activities Report
Perth, Oct 31, 2023 AEST (ABN Newswire) - Ionic Rare Earths Limited (ASX:IXR) (IXRRF:OTCMKTS) is pleased to provide its Quarterly Report for the period ending 30 September 2023.
This report includes development activities at the Makuutu Rare Earths Project ("Makuutu" or "the Project") in Uganda, and at the Company's 100% owned magnet recycling subsidiary in the UK, Ionic Technologies International Limited ("Ionic Technologies").
Significantly, the September quarter culminated in the achievement of several significant milestones across both Makuutu and Ionic Technologies, accelerating IonicRE to fulfil its strategic objective to support western economies secure critical rare elements of magnet and heavy rare earth oxides for the new economy. IonicRE's innovative technology and patented processes will accelerate mining, refining and recycling of these elements critical for energy transition, advanced manufacturing, and defence programs.
Makuutu Rare Earths Project (60% IonicRE)
Makuutu currently ranks amongst the world's largest and most advanced ionic adsorption clay (IAC) deposits, and as such, a globally strategic resource for near term, low capital development and longterm security of magnet and heavy rare earth oxide (HREO) supply. Makuutu comprises six licences covering approximately 300 km2 located 120 km east of Kampala in Uganda. The deposit stretching 37km end to end, is situated near existing infrastructure and has the potential to provide western customers with a strategic alternative supply of heavy rare earths to support the growth of advanced manufacturing and industries critical to achieve net-zero carbon initiatives for 50 years and beyond.
Makuutu is being developed by Rwenzori Rare Metals Limited ("RRM"), a Ugandan private company which owns 100% of the Makuutu Project. IonicRE is a 60% owner of RRM with the first right over the remaining 40%. The Company continues discussions with partners on a transaction to increase ownership.
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About Ionic Rare Earths Limited
Ionic Rare Earths Limited (ASX:IXR) (OTCMKTS:IXRRF) is focused on developing its flagship Makuutu Rare Earths Project in Uganda into a significant long life, low-cost, supplier of high-value critical and heavy rare earths.
Makuutu is an advanced-stage, ionic adsorption clay-hosted project highlighted by near-surface mineralisation, significant exploration upside, excellent metallurgical characteristics and access to tier-one infrastructure.
The ionic adsorption clay-hosted geology at Makuutu is similar to major rare earths projects in Southern China, which are responsible for the majority of global supply of low cost heavy and critical rare earths, specifically the high value magnet metals (Dysprosium and Terbium) Heavy Rare Earths (>98% originating from ionic clays). Metallurgical testing at Makuutu has returned excellent recovery rates, which provide multiple avenues for a simple process route.
Makuutu is well-supported by tier-one existing infrastructure which includes access to major highways, roads, power, water and a professional workforce.
Rare Earths will play a critical role in the future of clean energy. Rare Earths are a key ingredient in the permanent magnets found in wind turbines and electric vehicles.
IonicRE is led by an experienced and proven team, who have the capabilities to deliver Makuutu into production and realise value for all stakeholders.