December Quarterly Activities Report
Perth, Jan 31, 2024 AEST (ABN Newswire) - The Board of Ionic Rare Earths Limited (
ASX:IXR) (IXRRF:OTCMKTS) is pleased to provide its Quarterly Activities Report for the period ending 31 December 2023.
This report* includes development activities at the 60% owned Makuutu Heavy 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").
In the December quarter, IonicRE has made substantial advancement in its project development and operational capabilities. As an emergent key player in the global rare earths market, IonicRE has not only solidified its position but also set the stage for significant growth. Significantly, subsequent to the end of the quarter, the Company was awarded a Large-Scale Mining Licence (LML 00334) for the Makuutu Project, and the Company has secured a new Chairman to help bolster and lead the Ionic Board of Directors as the Company moves into the next important growth stage.
The following report* outlines the critical operations, developments, and outlook as the Company moves closer to its goal of becoming an alternative supplier of magnet and heavy rare earths critical for energy transition, advanced manufacturing, and defence.
MAKUUTU HEAVY RARE EARTHS PROJECT (60% IONICRE, MOVING TO 94%)
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 (REO) supply.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/120UVMX9
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.
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