About
Ionic Rare Earths Limited (ASX: IXR) is an Australian critical minerals company developing the Makuutu Heavy Rare Earths Project in eastern Uganda — one of the world's largest ionic adsorption clay (IAC) REE deposits outside of China. Makuutu covers approximately 300 km² (nine tenements) in the Busoga region, 120 km east of Kampala, and hosts a total Mineral Resource Estimate of 532 million tonnes at 640 ppm total rare earth oxide (TREO). Ionic Rare Earths (IonicRE) holds a 60% interest in Rwenzori Rare Metals Limited (RRM), the Ugandan private company that owns 100% of the project; IonicRE is working to increase this to 94% via a signed conditional share purchase agreement. In January 2024, RRM was awarded Uganda's first ever large-scale mining licence (LML00334) under the Mining and Minerals Act 2022 — a landmark milestone for Uganda's mining sector. Stage 1 of the Definitive Feasibility Study (DFS) delivered positive economics: US$120.8 million pre-production capital, 32.7% post-tax IRR, and a US$885 million after-tax NPV over a 35-year mine life. Makuutu's REE basket is strategically significant: it contains a near-perfect split of magnet rare earths neodymium (Nd), praseodymium (Pr), dysprosium (Dy), and terbium (Tb), as well as scandium — all critical for EV motors, offshore wind turbines, and defence systems. Over 98% of the world's medium and heavy REEs originate from China; China's April 2025 export restrictions on dysprosium, terbium, gadolinium, and other heavy REEs have further elevated the strategic value of Makuutu. The Makuutu project has been added to the US-led Mineral Security Partnership (MSP). IonicRE's demonstration plant has been producing Mixed Rare Earth Carbonate (MREC) on-site since Q1 2024, supporting offtake negotiations with potential partners. Full-scale production is targeted for 2026. IonicRE also holds Ionic Technologies (Belfast, UK) — the only Western company with operational capability to produce separated heavy rare earth oxides from recycled magnets. MD: Tim Harrison.
Related Companies