Ionic Rare Earths


Primary ticker: ASX:IXR
Stage of development: Exploration, Development
Primary minerals: Rare Earths
Project to promote: Makuutu Project
Project location: Uganda

Ionic Rare Earths Limited (IonicRE) is focused on developing its flagship Makuutu Rare Earths project (Makuutu) in Uganda into a significant, long-life, low-cost supplier of high-value magnet and heavy rare earths. Makuutu is an advanced-stage, ionic adsorption clay-hosted project highlighted by near-surface mineralization, significant exploration upside, proven ionic metallurgical characteristics and access to Tier 1 infrastructure. IonicTech is the company’s 100% owned magnet recycling subsidiary based in Belfast UK, and will begin demonstration plant processing of recycled magnets in H1 2023 via a patented hydrometallurgical process.


Cash: AUD11M (30 June 2023)
Debt: NIL


Major shareholders:

BNP Paribas Pty Ltd <DRP> – 4.87%

Mr Bilal Ahmad – 4.35%

Citicorp Nominees Pty Limited – 3.12%

Mr Sufian Ahmad – 2.87%

JGM Property Investments Pty Ltd – 2.7%

Management Ownership – 8.6%

Management Profile

Tim Harrison – Managing Director


Tim Harrison is the Managing Director of Ionic Rare Earths Limited. Tim has been driving development and value creation at IonicRE since he initially joined as Makuutu Rare Earths Project Manager in February 2020, was later appointed CEO in June 2020, and finally appointed MD in December 2020. 


Tim has over 20 years of experience and an extensive and successful track record in the fields of both mineral processing and hydrometallurgy, that has involved roles in the full life cycle of project development to operations. Tim holds a Bachelor of Chemical Engineering degree from Adelaide University.

What is your rationale for taking part in 121 Mining Investment?

We are looking for cornerstone and strategic institutional investment to support the next phase of development (Demonstration Plant) to advance Makuutu to FID in 2024.IonicTech is the Company’s 100% owned magnet recycling subsidiary based in Belfast UK, and will begin demonstration. 

What recent news would you like to highlight to investors attending?

19 September 2023 – DRA Global Appointed to Progress Makuutu Development 


12 September 2023 – Ionic, Ford and LCM Execute Landmark Recycling Partnership


11 September 2023 – Ministerial Support for Makuutu Mining Licence Application 


5 September 2023 – Makuutu Rare Earths Project MLA Status Update


4 September 2023 – Makuutu Rare Earths Project Phase 5 Drill Results

What do you think makes your company such a compelling investment?

As an ionic adsorption clay (IAC), Makuutu is rare and considered a highly sought after ‘holy grail of rare earth mineralisation’. 
The dominance of the Chinese rare earth industry is underpinned by their ability to produce vast quantities of CREO/HREOs from ionic adsorption clays. IACs have a lower capital hurdle and higher pay ability product which make IACs more valuable sources of REOs with Chinese IAC’s being heavily overmined over the past 30 years, the Chinese have diminished reserves and were forced to implement quotas to prioritise internal supply. 
As a long life asset, Makuutu stands to benefit greatly given its low-cost, long-life, and high-margin CREO/HREO product attributes.

What are the top 3 key investor takeaways?

– The Basket; High content of critical and heavy rare earths required to enable transition to carbon neutrality. 
– Low capital development; Scalable modular approach means that we can expand the operation from initial capital investment using free cash flows from the project.
– Long life; 27 years defined but scope to increase this to be much greater with additional exploration upside pending.