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United Kingdom
Ionic Rare Earths
An ASX-listed company whose Belfast subsidiary, Ionic Technologies, recycles NdFeB magnet scrap into separated neodymium, praseodymium, dysprosium and terbium oxides at demonstration scale, with a 400 t a year commercial plant and a proposed Missouri joint venture both before an investment decision.
Points to check
Facts from the sources on this page that a reader should weigh before relying on the company's own figures.
- No final investment decision has been taken on the Belfast commercial plant; the company's target of FID by the end of the September 2026 quarter passed without an FID announcement, and pre-FID packages are now expected in Q4 2026 subject to funding.
- The GBP 12M DRIVE35 grant is an Offer in Principle subject to due diligence; the balance of the GBP 85M capital cost has not been secured.
- The FY2026 accounts disclose a material uncertainty on going concern; cash was A$3.48M at 30 June 2026 (0.71 quarters of runway) before an A$8.0M placement in August 2026.
- The US Strategic Metals joint venture is a non-binding term sheet with no published capacity, FID or start date.
- No binding feedstock or offtake agreements for the 400 t/yr plant have been announced; feedstock arrangements are MoUs, Advanced Magnet Lab sale volumes are undisclosed, and the Ford work is described as a testing project.
At a glance
- Founded
- 2016 — Ionic Technologies was founded in 2016 as SerenTech to commercialize ionic-liquid research by Prof. Peter Nockemann at Queen's University Belfast, and was acquired in 2022 by ASX-listed Ionic Rare Earths. The founding date of the listed parent was not verified in sources opened for this profile. The parent completed a 1-for-30 share consolidation on 5 December 2025.
- Headquarters
- Melbourne, Victoria, Australia (ASX-listed parent; registered office 525 Collins Street); operating subsidiary Ionic Technologies in Belfast, Northern Ireland, UK
- Ownership
- Public. ASX: IXR (primary); OTCQB: IXRRF (quoted from January 2026). About 226.0M shares on issue at 5 May 2026, plus about 30.8M placement shares from August 2026. US-based Argentem Creek Partners is a named strategic investor (A$3M in the December 2025 quarter placement; A$2M in the August 2026 placement); its percentage holding and substantial holders were not found in sources opened.
- Stage
- US Strategic Metals + Ionic RE (JV): Early stage. A non-binding term sheet with definitive agreements targeted by end-2026; no capacity, funding or plant published.
- Ionic Technologies (Belfast): Developing. A grant-funded demonstration plant has separated oxides from magnet scrap since 2023-24, with first small sales in June 2026; the commercial plant missed its September 2026 investment decision target.
- Listing
- ASX: IXR · OTC: IXRRF
Listed through its parent or partner. US Strategic Metals is private; Ionic Rare Earths is listed.
ASX: IXR · OTC: IXRRF
Listed through its parent or partner. Wholly owned by Ionic Rare Earths. - Revenue
- Not publicly disclosed. This company does not publish revenue and no named third party has published an estimate of it.
Capacity
Each date below links to the document the figure came from. A capacity figure with no source is not on this page.
| What | Figure | Status | As of |
|---|---|---|---|
| Belfast demonstration plant, separated magnet REO (Nd, Pr, Dy, Tb oxides) | 10 t/yr REO (stated capacity) | Pilot scale | Jul 2026 |
| Belfast demonstration plant, upgraded heavy rare earth separation circuit | about 2 t/yr separated Dy and Tb (design); about 4 t mixed REO accumulated for Q4 2026 campaigns | Commissioned | Oct 2026 |
| Demonstration plant output supplied to the Ford UK / LCM / GKN e-motor magnet program (actual) | 120 kg Nd2O3 (99.87%), 10 kg Dy2O3 (99.56%), 8 kg Tb4O7 (99.75%), all from 100% recycled feed | Historical | May 2026 |
| Belfast commercial plant, input (end-of-life magnets, swarf, pre-consumer magnet waste) | 1,200 t/yr (feasibility study design) | Announced | Nov 2024 |
| Belfast commercial plant, separated magnet REO output | 400 t/yr REO at 99.5%+ purity (feasibility study design): 262 t/yr Nd2O3, 89 t/yr Pr6O11, 37 t/yr Dy2O3, 13 t/yr Tb4O7 (or 350 t/yr NdPr oxide in place of separate Nd and Pr) | Announced | Nov 2024 |
| USSM-Ionic JV, Missouri | no capacity published | Announced | Sep 2026 |
| Makuutu Stage 1, ore throughput and REO contained in mixed carbonate (MREC) | 5.0 Mt/yr ROM ore; average about 1,156-1,160 t/yr REO-equivalent (life-of-mine total 40,090 t REO in highlights, 40,448 t in body); 35-year life (DFS study figures, 100% basis) | Announced | Mar 2023 |
| Viridion CRITR refinery and recycling facility, Brazil | no capacity published | Announced | Jul 2026 |
Narrative
Ionic Rare Earths is listed on the ASX (IXR) and quoted on the OTCQB (IXRRF). In 2022 it acquired Ionic Technologies, a Queen's University Belfast spin-out founded in 2016 as SerenTech, which recycles NdFeB magnets and magnet manufacturing waste into separated rare earth oxides. Its Belfast demonstration plant, with a stated capacity of 10 t a year of separated oxides, began initial production in June 2023. In May 2026 it supplied 120 kg of neodymium oxide, 10 kg of dysprosium oxide and 8 kg of terbium oxide, all from recycled feed, for a Ford UK test in which Less Common Metals made the alloy and GKN made the magnets; Ford described the work as a testing project, and no Ford supply agreement has been disclosed. In May 2026 the company also signed two binding sale agreements with Florida-based Advanced Magnet Lab for NdPr oxide and dysprosium oxide and delivered a first batch in June 2026; volumes were not disclosed. A November 2024 feasibility study set out a commercial plant at Queen's Island, Belfast, designed to take 1,200 t a year of magnets and swarf and produce 400 t a year of separated oxides, at a capital cost of £85 million. The UK government issued a £12 million DRIVE35 capital grant offer in principle in January 2026, subject to due diligence; the rest of the funding has not been secured. Tenova Advanced Technologies began front-end engineering design in June 2026, and a planning application was lodged with Belfast City Council on September 19, 2026. The company had targeted a final investment decision by the end of September 2026; none has been announced, and construction is now targeted for the third quarter of 2027. In the United States, Ionic's US subsidiary signed a non-binding term sheet on September 3, 2026, with privately held US Strategic Metals for a 50-50 joint venture to recycle NdFeB and SmCo magnets near Fredericktown, Missouri, with intended initial funding of US$100 million, of which US$95 million would come from US Strategic Metals; no capacity or start date has been published, and definitive agreements are targeted by the end of 2026. The company also owns 60% of the Makuutu ionic clay rare earth project in Uganda, which has a granted mining license and a March 2023 feasibility study but no investment decision and has been under strategic review since July 2026, and 50% of the Viridion joint venture planning a refinery and recycling center in Poços de Caldas, Brazil, which has not secured funding. Cash was A$3.48 million at June 30, 2026, before an A$8.0 million share placement in August 2026.
Where public sources disagree
- Belfast commercial plant capital cost: GBP 85M in the Nov 2024 feasibility study and in ASX releases through Jul 2026 vs GBP 89M in Irish News and Business Eye coverage of the planning application (28 Sep 2026).
- USSM Missouri site area: 1,800 acres (728.4 ha) in the IonicRE ASX release of 3 Sep 2026 vs 1,750 acres in Recycling Product News (8 Sep 2026).
- USSM JV equity: the ASX release (3 Sep 2026) says US$5M equity split equally between the partners; Mining Weekly (3 Sep 2026) says each partner contributes US$5M.
- Demonstration plant start: the Nov 2024 feasibility study says initial production June 2023 and continuous production from March 2024; the May 2026 investor presentation says operational since January 2024.
- Makuutu mining license LML00334: granted December 2023 per the Dec 2025 quarterly vs approved January 2024 per the May 2026 investor presentation.
- OTC symbol: the Mar 2026 quarterly highlights cite OTC:IXRRF while its body text says trading began under IXRFF on 21 Jan 2026; the Dec 2025 quarterly gives IXRRF.
- Grant department name: IonicRE releases name the Department for Business and Trade (DBT); Business Eye (28 Sep 2026) names a 'Department for Business, Innovation, Science and Trade (BIST)'.
Latest reports
| Period | Published | Report |
|---|---|---|
| Q4 FY26 (quarter to 30 Jun 2026) | 2026-07-31 | Quarterly Activities Report |
| Q3 FY26 (quarter to 31 Mar 2026) | 2026-04-24 | Quarterly Activities Report |
| Q2 FY26 (quarter to 31 Dec 2025) | 2026-01-29 | Quarterly Activities Report |
| FY25 (year to 30 Jun 2025) | 2025 Annual Report (republished copy) |
Across these reports
Ionic's cash rose to A$12.41m at December 2025 after financing, then fell to A$3.48m by June 2026, while the Belfast demonstration plant produced kilogram quantities of Nd, Dy and Tb oxides and the £85m, 400 t/yr commercial plant secured a £12m UK grant offer. The US Strategic Metals relationship moved from a November 2025 MoU to a non-binding 50/50 JV term sheet for a US$100m Missouri plant in September 2026.
| Measure | What the reports show |
|---|---|
| Cash | A$0.60m (30 Jun 2025) → A$1.91m (30 Sep 2025) → A$12.41m (31 Dec 2025) → A$8.55m (31 Mar 2026) → A$3.48m (30 Jun 2026); June-quarter operating cash outflow A$4.92m. |
| Belfast demonstration plant output | 10 t/yr REO demonstration capacity; June 2026 quarter output of 120 kg neodymium oxide (99.87%), 10 kg dysprosium oxide (99.56%) and 8 kg terbium oxide (99.75%); receipts from customers were A$103k for the six months to 31 Dec 2025. |
| Belfast commercial plant funding | 400 t/yr separated magnet REO plant costing £85m; offer in principle of a £12m (about A$23m) UK capital grant received 27 Jan 2026 (DRIVE35), with the remaining equity still being sought. |
| US Strategic Metals JV (Missouri magnet recycling) | Non-binding MoU (November 2025) → non-binding 50/50 JV term sheet (2-3 Sep 2026) for a US$100m project at USSM's permitted site near Fredericktown, Missouri: USSM to fund US$95m of construction and each party half of US$5m for FEED and demonstration-scale recycling. |
Stated dates
| Target | First stated | Now | Status |
|---|---|---|---|
| Belfast commercial plant construction and first production | Construction completed in 2027, supply potentially from late 2027, subject to financing and approvals (FY25 annual report) | No later restatement found; FID not yet taken | not yet due |
| Belfast commercial plant planning application and FID | Planning application Q3 2026; FID by end of the September 2026 quarter (quarterly 2026-07-31) | Pending as of 25 Sep 2026; no announcement found | not yet due |
| Belfast commercial plant FEED start | Q1 2026 (quarterly 2026-01-29) | Not confirmed in later reports found | not yet due |
| Definitive agreements for the USSM-Ionic Missouri JV | End of 2026 (term sheet, Sep 2026) | End of 2026 | not yet due |
Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.
Sources
- June 2026 quarterly activities report — Ionic Rare Earths (ASX) (2026-07-31)
- USSM JV term sheet — Ionic Rare Earths (ASX) (2026-09-03)
- Belfast planning application, FID and construction timing — Mining Technology (2026-10-14)
- Belfast feasibility study — Ionic Rare Earths (ASX) (2024-11-18)
- DRIVE35 GBP 12M Offer in Principle — Ionic Rare Earths (ASX) (2026-01-27)
- FEED starts; permitting — Ionic Rare Earths (ASX) (2026-07-13)
- Ford / LCM / GKN recycled REO supply chain — Ionic Rare Earths (ASX) (2026-05-11)
- A$8.0M placement — Ionic Rare Earths (ASX) (2026-08-05)
- 2026 Annual Report — Listcorp (ASX filing) (2026-09-17)
- March 2026 quarterly activities report — Ionic Rare Earths (ASX) (2026-04-24)
- December 2025 quarterly activities report — investorpa.com (ASX PDF) (2026-01-29)
- Investor presentation May 2026 — Ionic Rare Earths (via OTC Markets) (2026-05-28)
- AML binding sale agreements — Mining Weekly (2026-05-26)
- Ministerial visit; 400 t/yr plant; Viridion — Ionic Rare Earths (ASX) (2026-07-07)
- Makuutu strategic review — Kalkine (2026-07-31)
- Makuutu Stage 1 DFS — Ionic Rare Earths (ASX) (2023-03-20)
- Planning application GBP 89M, jobs, company history — The Irish News (2026-09-28)
- Planning application site details — Business Eye (2026-09-28)
- AIM admission application — Listcorp (ASX announcement) (2026-10-01)
- USSM JV coverage — Recycling Product News (2026-09-08)
- USSM JV coverage — Mining Weekly (2026-09-03)
- Belfast FID target and Ford validation interview — Crux Investor (2026-06-22)
- 1-for-30 share consolidation — Discovery Alert (2025-11)
How this page is sourced
Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.
What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.
Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.
Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.
Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.
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