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Ionic Rare Earths


ASX-listed rare earths exploration company with a project based in Makuutu, Uganda


  • Study demonstrates Makuutu a sustainable, long life and low capital development cost project; Post tax NPV8 of US$321m  with upfront capex of US$89m.

  • Aims to produce at least 2,000 tonnes of rare earth oxide equivalent annually, with over 45% heavy rare earths and greater than 50% critical rare earths. 15 year mine life but only covers 84.5mnt of 315mnt resource.

  • Geology is like ionic clay-type deposits in Southern China, and mineralization beings at surface, the deposit is therefore shallow and easily minable.

  • Five licenses covering 242 square kilometer, significant upside as only 25% of the area is drilled.

  • Retention license 00234 approved, awaiting results on exploration license 03573, it would increase the size of the Makuutu tenement to around 300,000 hectares.

  • Strong ESG framework, from adjusting to Uganda’s 3rd National Development plan to reducing carbon footprint using renewable energy, community development programs.

  • 3rd largest Scandium resource reported comprising of 9,450 tonnes + with current price between US$1000 to US4000 per kg in opaque market.

  • Plan to produce 20-25 tpa, and progressively ramping up to 90-100 tpa in next 10 years.

  • Non binding MOU signed with Chinalco subsidiary China Rare Earths Jiangsu. Chinalco is the world’s largest rare earth miner

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