Ionic Rare Earths Limited Stock Market Press Releases and Company Profile
Makuutu Land Access Verification Completed
Makuutu Land Access Verification Completed

Perth, Nov 29, 2023 AEST (ABN Newswire) - Ionic Rare Earths Limited (googlechartASX:IXR) (googlechartIXRRF:OTCMKTS) is pleased to provide a further update on progress in securing land access agreements and the verification process for the Mining Licence Application (MLA) for the Stage One development of the Makuutu Rare Earths Project ("Makuutu") over Retention Licence (RL) 1693 (application TN03834), through local Ugandan operating entity Rwenzori Rare Metals Limited ("RRM").

The Ugandan government approved RRM's proposed process to secure land access agreements on 15th September 2023. Land access agreements have now been secured for 95% of the MLA.

As noted in earlier announcements, the Makuutu Heavy Rare Earths Project has the Government's full support and is set to become Uganda's flagship mine (refer also to IXR ASX release on the 11th of September 2023 for more detail).

Last week, RRM hosted a delegation from the Directorate of Geological Survey and Mines (DGSM) to conduct physical verification and stakeholder engagement activities. The Delegation undertook a three-day process on behalf of the Permanent Secretary of the Ministry of Energy and Mineral Development (MEMD) to verify the process undertaken and results achieved by RRM in securing Land Access agreements as part of the Mining Licence application process.

Key observations of the visit by the DGSM conveyed to the Company indicated that across the three districts, local stakeholders confirmed satisfaction with project engagement and emphasised that RRM should be granted a mining licence.

On conclusion, the DGSM lead confirmed that an excellent land acquisition and community engagement process had been undertaken. The DGSM also noted that RRM has a social licence to operate in the project area based on the goodwill noted over the three days and the continued support for the Project by the community.

The company is now engaging with the DGSM and MEMD on the formal award, and the gazetting of the formal award of the Stage 1 mining licence over TN03834.

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About Ionic Rare Earths Limited

Ionic Rare Earths ASX:IXRIonic 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.

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Contact

For Investor Relations
Peter Taylor
NWR Communications
E: peter@nwrcommunications.com.au
T: +61 (0) 412 036 231

For UK Media
Tim Blythe
BlytheRay
E: Tim.Blythe@BlytheRay.com
T: + (0) 20 7138 3553



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