Ionic Rare Earths’ [ASX:IXR] share price rose almost 3% this morning.
The rare earths cultivator reviewed its 2022 calendar year in an announcement detailing operations and achievements across its Ugandan Makuutu Rare Earths Project and new Belfast-run subsidiary, Ionic Technologies.
Ionic has had a tumultuous time lately, having dropped more than 17% in the year so far, and nearly 10% in the last month alone.
By comparison, Encounter Resources [ASX:ENR] has risen 16% year-to-date, and solvent extractor Alpha HPA [ASX:A4N], no doubt boosted by the great EV battery metals boom, has risen 22%.
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Ionic reflects on 2022 and sketches 2023 plans
IXR is focused on ramping up activities for its Makuutu Rare Earths Project, which it co-owns through Rwenzori Rare Metals.
The company hopes to accelerate and scale-up technology ahead of the commercialisation target for magnet recycling through Ionic Technologies (formerly Seren Technologies).
Ionic’s board dubbed 2022 a significant year for growth, paritcularly as Makuutu approaches the award of its Uganda Mining Licence Application (MLA), to be bestowed in early 2023.
The project is also bolstered by a major resource base upgrade and has already earned Environmental and Social Impact Assessment (ESIA) approval.
Ionic has also worked to define potential landscaping and core strategeies for its magent recyling facility, which will be used to separate and refine heavy rare earth oxides (REO) sourced from Makuutu.
The company believes this will create product for growing demand from Western end-users and governments, which look for a sustainable supply method in support of alternative net-zero carbon technology.
The company’s subsidiary partner, Rwenzori Rare Metals, have also achieved an ESG rating of ‘BB’ for its maiden Digbee project.
IXR’s Downstream Refinery Study is nearly complete, and with engineering activities coming to an end, the study is expected to conclude in Q1 2023.
Ionic’s $30 million placement completed in April is expected to accelerate the development of Makuutu, acquire and establish magnet recycling in Belfast, and support collaborations with potential partners interested in unique magnet and heavy REOs found at Makuutu.
Tim Harrison, Managing Director of IXR, commented:
‘I am very proud of the Company’s achievements on reaching a number of significant milestones in 2022. These achievements position IonicRE to be an early mover and to significantly add value and capacity in developing the supply chain of critical magnet and heavy rare earth elements for use across key applications to enable the delivery of net zero carbon technologies.
‘We look forward to commissioning the Ionic Technologies magnet recycling demonstration plant in late Q1 2023, and first recycled magnet REOs produced at scale by the end of Q2 2023. With the production of these magnet REOs, we will be able to further collaborate in the sustainable, secure and traceable supply chain that in turn enables the making of metals, alloys and magnets for potential partners in the EV and wind turbine sectors.’
Ionic reported strong cash reserves of more than $20 million as of 30 September, allowing for the delivery of work streams across the mining, refining, and recycling programs as the company moves into 2023.
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