Ionic Rare Earths (ASX: IXR) has reported significant advancements in its magnet recycling and heavy rare earths projects during the March 2025 quarter, driven by heightened demand for ex-China rare earth sources. The company’s activities span across the UK, Uganda, and Brazil, focusing on sustainable and secure supply chains.
Ionic Technologies, IXR’s UK-based subsidiary, achieved a major milestone with a peer-reviewed Life Cycle Analysis (LCA) confirming up to 61% lower CO2 emissions from its magnet recycling process compared to traditional Rare Earth Oxide (REO) supply chains. This has led to the launch of MagNetZero, a collaborative platform aimed at quantifying and controlling embedded carbon within magnet supply chains. A Memorandum of Understanding (MOU) was also signed with South Korea’s DNA Link to collaborate on recycling initiatives, feeding a Korean magnet plant and solidifying its international expansion strategy. Discussions with UK government stakeholders continue to support capital requirements for the Belfast magnet recycling facility, targeting a final investment decision in 2025 and first production in early 2027.
The Makuutu Heavy Rare Earths Project in Uganda remains a strategic asset, especially given China’s export controls on medium and heavy rare earths. Makuutu’s MREC product basket contains approximately 45% medium and heavy rare earths. Discussions are ongoing with members of the Mineral Security Partnership (MSP) and potential off-takers to accelerate the project’s development. The company has also submitted the next Mining Licence Application.
In Brazil, the Viridion Joint Venture continues to explore sites for pilot plants focused on REO refining and magnet recycling near Viridis operations. Talks with Minas Gerais authorities are progressing. These actions align with Brazil’s aim to become a global leader in rare earth production.
IXR’s Half Year Financial Report revealed a net loss of $4,758,991, a significant reduction from the previous year’s $15,159,289. The company ended the quarter with A$1.464 million in cash and cash equivalents and is pursuing project funding, including trade partnerships and potential placements.