Good morning everyone, and welcome to the Iondrive Limited investor webinar. I'm Jane Morgan, Investor and Media Relations Manager, and today I am joined by our CEO, Dr. Grant Caffery, and our Chief Strategy and Commercial Officer, Lewis Utting. Today we're going to be running through the investor presentation, which was lodged earlier this week on the ASX, followed by a Q&A session. To ask a question throughout today's webinar, please use the Q&A function, which can be found at the bottom of your screen. Grant, I might hand to you. No worries. Thanks, Jane. Nice to meet everybody, and it's great to be here. Because I've only been in the role for five weeks, I thought I'd give you a quick intro to myself before we run through the slide deck. Grant Caffery, have been with Iondrive now for a little over a month. Before that, spent most of my career in BHP in multiple different roles, but ended there in 2023 as head of innovation globally. Then this opportunity came along and I'm very excited to be here. I'll just quickly hand over to Lewis. Lewis Utting. Happy to hand the CEO reins to Grant after eight months in the role and really enjoyed putting a few things together, and it's great to have him here. I've been with Iondrive since November 2024. Prior to that, I was with a public company called SciDev, which I kind of recapitalized and grew and props. Then I spent my formative years at BASF, so a large German chemical company in various different roles around the world. We may as well kick off. Really, what we have at Iondrive is really a platform technology that we see that can extract many different critical minerals. Currently, and this is what we'll talk about through today, is really we're focused on rare earths. If I was to say what are the key takeaways that there is, it's really around we have been working on rare earths now for about 12 months. It is an independently validated platform through our test work that's been done by an independent laboratory. We've established the economics, which we'll talk through today. I'm sure that there'll be questions about. Then the exciting thing for me is there is a lot of strategic alignment around what we're developing and what the world needs, and how the geopolitics is playing out. Ultimately, we hope to be first in really closing that circular feedstock and loop in the U.S., particularly around our magnet supply. Next slide. This is really the heart of the conversation. You will see that we've updated the techno-economics of the rare earth modules in the U.S., and that came out on Monday. It's a significant increase in what our previous TEA was. I think the TEA was released almost a year ago now. There is a significant increase in the financials, going from I think AUD 7 million of NPV up to the AUD 243 million that we're stating here. That's largely driven by three things. The first thing is essentially an increase in feed grade. The initial TEA was assuming a 1% rare earth in feedstock. We've been able to look at what's happening in the market and have increased the feedstock significantly to about 30% rare earths in feedstock, which then gives you essentially 30x more revenue approximately per ton of material processed. The other thing was we were very conservative in our dysprosium recovery that we were saying we'd achieve throughout our process. We've since had those recovery test work completed and shown instead of 30% recovery, we're capable of getting up to 90% leach recovery. That's a significant driver. Then, of course, dysprosium price has gone up since then as well. Really, improved head grade, improved recovery of dysprosium, and then the dysprosium price as well. Next slide. I think we're all quite familiar with the midstream processing challenge that Western countries have, particularly when it comes to taking ore. We can take it to a concentrate, but typically taking it to the metal doesn't really happen in a lot of Western countries. The opportunity that we're looking at, and we're focused on is intercepting that product flow, when we're talking about the end of life magnets and recovering the rare earths from them. We believe that there's a total addressable pool across our three platforms of somewhere around AUD 20 billion by 2030. The U.S., as an example, has a mixed rare earth oxide supply deficit in 2028 of 13,000 tons. That's the bit that we're going to tap into. We've got Xi and Trump are meeting again, I think it's the 24th of September for the 12-month sort of anniversary on, hey, what are we going to do? It's actually we are absolutely right place, right time. As Grant mentioned, we've been doing this for 12 months now, so we're not Johnny-come-latelys to a theme, if you like. Next slide. We've got, the rare earth recovery that we did or that we looked at, if you see the photo there in the presentation, as Grant mentioned, that's shredded e-waste, and that was really the genesis of the technology. Fortunately, we've got people in our business that have done a lot of this before. Hugo Schumann, who is the CEO of one of the largest e-waste recyclers globally for the North American business, we had a conversation and I was fortunate enough to spend time with his team in Colt Recycling. Through a series of discussions with e-waste, we looked at having a look at gold, but then we realized, well, that market is very well-served in that they receive 92%-98% payables generally in that market. What we found was that the end-of-life magnets, they end up going out with the scrap steel, and they are lost effectively in the e-waste space. That was where we started with this. That photo is basically a 1% or 0.8%-1% sort of head grade material of e-waste scrap. It is basically shredded hard drives. We were able to get really, really good iron rejection from that sample. It was a 250-kg sample that we did the work on. The DY work came back beautifully. The NDPR was good as well. So, it is kind of reassuring for us that we could get such good recoveries from such low-grade material with a blend of iron speciation, if you like, or iron types in stainless steel, as well as the iron that is contained in the magnet, which is generally around that 70%. Next slide, please, Jane. When we talk about securing that U.S. critical minerals sort of supply chain, if we think of, Grant puts it really elegantly in that the first thing is you have got to nail down the best grade mine in the world, and that is where you start. That underpins all the economics. So for us, it is about pinning down that high-grade end-of-life magnet feedstock. To give you a bit, paint a bit of a picture for investors, the DOE published a really good report in February 2022 that kind of spells out some really good numbers. One of those is if you think about the entirety of the magnets in circulation in the U.S. today, it is around 60,000 tons. They last about 6-10 years. In 2030, it is around 80,000 tons. They use those grade numbers that we talked about before. It is around that 30%. That is 30% as an elemental basis, so the oxide is a little bit more than that generally. So our assumptions of 30.6% were kind of in line with what you would expect, what is documented in the public domain by the DOE. I should say our ambitions, I think, are fairly modest in that if we view that there is 60,000 tons in circulation, rolls off every 6-10 years, we need 2,400 tons of that material a year. The discussions we are having with the people that acquire that material previously did not have economic incentive to source the rotors, if you like, out of a motor. They would take the copper component, they would take the steel. They would get payables. They would be able to sell those. There really was not a secondary market for magnets. Now there is some economic incentive around it. We believe those aggregators, they exist and there is obviously a lot of material on the ground currently as well. One of the things that I'm really excited about is currently, we are looking to qualify our feedstock at scale into our customers' planets. On that last slide, one thing that I like to say is technology can be successful or not, but if you don't have all the commercial wrappers around the technology, then it's guaranteed to fail. We are not only focused in on, okay, let's get our engineering right, but also let's make sure that we've got the feedstock, which Lewis has spoken about, but then also let's make sure that we're working closely with our customers to ensure that we're giving them product that they need. This is really talking through that. We have developed. We are currently doing a 5-ton campaign with a laboratory out of Canada to produce 1.5 tons of product that we then will look to send to our potential customers so that they can qualify our product in their processes. That's currently underway. We're looking to have that completed by December this year, which then sets us up nicely for the relationships with our customers. As I said earlier on the second slide, dysprosium recovery has been a significant improvement across our original assumptions. You can see that dysprosium is an extremely important part of our revenue. Currently, it only sits at around 4%-5% of the product mass, but then it's ending up taking up 50% of the revenue. That's largely because dysprosium is one of the heavy rare earths. It's important, it's difficult to get, and so the price is decoupled from the NDPR price. It's a significant part of our revenue. One of the things that we've done through our TEAs, we've looked at different pricing assumptions. I think, with the disconnect between China and the U.S. or North America at the moment, there are different ways that you can look at what the price of our feedstock is, and then also what the price of our product is. What you see here is essentially various scenarios across pricing scenarios. Even on our downside risk perspective, we still see that the NPV is positive across all of the scenarios that we have built into that TEA. We can go to the next slide, Jane. Yeah. We've obviously spoken about Oklahoma as a place we want to do business now. I think it's probably a good opportunity for me to talk about the team and that we're really lucky to have a guy, Kevin Hobbie, as our Vice President of North America. Kevin built the first battery recycling facility that went all the way to PCAM in North America, and he did that with mostly non-diluted funding. It's great to have. He did it in Oklahoma. It's great to have Kevin on board with his networks and his experience and the credibility that he has with the Department of Commerce there and elsewhere in the region allowed us to get some support, a letter of support from the Oklahoma Department of Commerce for our first module and our first three modules, in fact. That's a really good start for us. Next slide, please, Jane. The way to think about Oklahoma is, Governor Stitt speaks very candidly about wanting to make sure that Oklahoma does not suffer the same fate at the end of the oil and gas cycle as West Virginia did at the end of the coal cycle. As a result of that, there is a lot of state-based incentives, but they have had more capital deployed in critical minerals in Oklahoma than any other state. There are also some other interesting pieces around why Oklahoma, but I think for us, being able to manage the capital stack through that state letter of support with those incentive packages. There are also the discretionary programs that we are, from various different sources that we are looking at that are quite attractive to us. There is good precedent for that in this sector with USA Rare Earth being the recipient of that in Stillwater, Oklahoma. Then if we consider some of the other local packages, you have got other state, municipal-based incentives and First Nation-based incentives. There are a lot of reasons to do business in Oklahoma. Then obviously, in the U.S., we have all seen the macro and how that is playing out and where the funding is running out. It is a really exciting place to be. I think we have got. It is not in the slide, but next slide, please, Jane. One of the other things about Oklahoma really quickly is that, if you are going to do serious business in the United States, be it oil, gas, mining, anything, if you are moving stuff, you need a rail head. Really important. If that goes to your factory, that is really beneficial. If you are touching things twice, you can lose AUD 0.20 a pound just unloading and loading a truck. I think, for us, making sure we do not have that, we have got those efficiencies, is a good thing, and Oklahoma gives us that. The other thing that is good, the other two pieces that are really good, natural gas is really cheap in Oklahoma for obvious reasons, so close to the basin. Then the planning and permitting. There is no state-based EPA in Oklahoma. It is straight, so you do not have those sort of red tape delays that you might have in other states in the U.S. I think the catalysts that we can look forward to, we have delivered our updated TEA. Grant spoke about the feedstock qualification for our customers and, that is 5 tons. That is a 5-ton campaign, so it is not insignificant. The reason it is that size is our customers need large volumes of material in order to qualify it through their full-scale process. We are talking about taking our feed on engineering. There are customer offtakes. There are other funding incentives that we think will happen. We are looking to take FID on our first commercial module in early to mid next year, which sort of takes us in line to run at, be able to produce mixed rare earth oxide in 2028. The other piece to think about is, we are obviously, we are talking to customers, we are talking to suppliers, and we are talking to funding, and that is trying to build that ecosystem and a business, is where our focus is for the next short period. Next slide. Grant? Yeah. What we have achieved so far is, it has been a busy year, I think. From the start of the year up until now, we have really moved and focused on this, the opportunity that is the rare earths opportunity in the U.S. There is obviously, we have got some optionality, whether it is removing deleterious elements from a sort of cobalt concentrate, whether it is recovering silver from solar panels, and whether it is some other battery stuff. There are lots of things that we have started and that we will execute on. But for right now, I think the focus is wholly and solely on the rare earth piece for the immediate period. Next slide. Some of our listed peers are not insignificant. You can Google them and have a look at them. I am not sure. I think there is a Taylor Collison Research report, maybe an update that will come out and that will have some other peers in there, which would make for interesting reading. But I guess the takeaway when you look at them is, what is the feedstock? What are they actually producing, and who are their customers? Then second to that, what is the capital requirement that they have via us? For us, that is really exciting because we have a very simple plan and what we think is going to be a simple business, but quite a good one for shareholders. We have got a really supportive. Obviously, the share price has moved a bit recently, but we have got a great supportive shareholder base. Strata, that is obviously Michael McNeilly, who is our Non-Executive Chair. Ilwella have been there for the journey. They are great. It is great to have the support of both Terra and Regal as well, who are really engaged with the business, in that as all the shareholders are. That is a good. I think we have got a really strong register, and it is good to see some retail sort of move in and sharing it as well. Next slide. I talked about our team. It is very different to what it was, say even 12, 18 months ago. But we have got Duncan Turner joined. We have got obviously Grant and Kevin, which just add so much horsepower to the team. Then Hugo and Michael were a big part of getting, I guess, this rare earth push 12 months ago. So, we should be really grateful for their efforts as well as Cisco and Adam Slater. Duncan helped solve a few technical challenges on the way as well, so it was really good to have his support. Next slide. Gentlemen, I apologize. That is me. My computer is having an absolute meltdown. Was there another slide there that we wanted to just cover off? Okay, I think we can potentially jump into some Q&A now. I apologize, that was me having a little bit of meltdown. Again, thank you for the update, gentlemen. I encourage everyone to use the Q&A function, which can be found at the bottom of your screen if you do have questions for the company. So, I will jump into the first one. Grant, I am going to head to you for this. What is the biggest takeaway from the updated TEA? Thanks, Jane. We covered this to some extent in the presentation. But for me, there's a couple of takeaways from the TEA. One is, we've been able to identify different feedstock, which actually has a significant impact on the value. Then what that does, particularly because we're able to get a better grade material, it makes the economics extremely robust. We have not been able to identify opportunities that break the valuations. Which coming from my background, not surprising. You get the best high-quality feed, then that makes your process robust to downside. For me, that's the biggest takeaway. Grant, I'm going to stick with you for this one again. Why have the economics changed so materially? Yeah. If you look at the TEA, essentially the big driver has been grade and dysprosium. Grade has meant that you're at 30% rare earths in feedstock, which is AUD 60,000 per ton of feedstock or revenue that you can actually extract from the feed material. That's a significant impact. Then dysprosium has driven that. Then the nice thing is there has been little change in CapEx and OpEx. Because you're going with higher grade, it's all just being recovered through revenue, with limited impact on OpEx and CapEx. Wonderful. Okay. This one, Lewis, I'm going to hand to you for this. How representative is the 30.66% REO feedstock grade? I think I'd say it's very representative. There is variability depending on where you're sourcing from and the quality of your sourcing and aggregation partner. The way we're structuring those agreements, our aggregation partners, or partner at this stage is very much they're incentivized. The higher the grade, the better they get paid. It's just that economic stimulation or incentivization that needs to be there. That will ensure we get good grade. Back again, I go to that DOE paper from February 2022, which is the basis for all the government funding in the U.S., and the number they use is a 30% elemental grade. Which is actually about a 37% oxide content. I'm pretty comfortable with We're very comfortable with that. I'm going to stick with you, Lewis, for this one. Why is dysprosium so important to the value of the feedstock? It's 10x, 20x more valuable per kilo. It demagnetizes. I think its Curie temperature's like 450 or something. If you want magnets that aren't fridge magnets that need to go into motors and drive things, and they run at more than 100 degrees, which is the demag temperature of dysprosium and neodymium. Neodymium and praseodymium, sorry. They need dysprosium and terbium to run at those high temperatures. Typically, I guess the challenge is, and I've probably said this before, but say if you take the view that there's 17 rare earths, electrochemically they're very similar. The challenge is separating them, and it's getting rid of the 13 that you don't want. Then splitting those heavies and lights is an easier exercise for us. But for conventional technology, it can be challenging because they are The heavy rare earth piece, if you think of monazite, bastnäsite, and some other key virgin materials, it's pretty easy to find the lights. But finding good quality of the heavy material without a lot of other crap in it is a challenge. Thank you. Sorry, bear with me. There's quite a few coming through. Grant, I'm going to hand to you for this one. What is the hardest technical step that's still yet to be proven? No worries. Thanks, Jane. I guess, for me, there's two things that are the biggest risks. One is demonstrating that the iron rejection holds at the larger scale. When we do the 5-ton trial, ensuring that, A, we still get the iron rejection that we have been able to get. But then also, because iron's a problem child across multiple hydromet steps, is ensuring that that doesn't adversely impact our recoveries as well. Iron rejection and the impact on recovery. The other one is being able to demonstrate that the whole flow sheet hangs together in a closed loop at that scale as well. Thank you, Grant. Another one I'm going to hand to you. What does the 5-ton campaign need to demonstrate? I guess those two technical risks to start with are from a technical perspective, but then also being able to demonstrate that the product quality is sufficient for customers to qualify as well. Those two technical risks and product quality. Thank you. Few actual questions coming here just on IP. Potentially, an opportunity just to talk about the actual technology itself and how it works, but also on the IP. Sure. In terms of the technology and how it works, you can think of it as being like with Deep Eutectic Solvent, which is essentially the platform that we're working through. You essentially combine two components, largely two components together, which then allow you to essentially design the conditions so that you can be very selective in what you take out, in what elements you take out. We can design things so that it targets rare earths, or it targets nickel, cobalt, and the likes. That's the one piece, which is the Deep Eutectic Solvent. The other piece is then how do you then precondition some of the feedstocks so that you expose the elements that you want, so that design a keyhole, if you'd like to think of it that way, can take it. We can tune our flow sheets based on what elements we're trying to target. That's the technology. In terms of IP, for rare earths, our technology's been developed completely in-house. We are going through a patenting process now, where we've identified where we have unique capability, and we're actually going through and putting those patents together now. Because we want to keep things confidential until we've patented. We've identified several areas, and I'm sure that people will pick up on, because iron rejection is important, I'm sure that people will pick up on the sorts of areas that we're looking at. Wonderful. Sorry again, bear with me. There's lots of questions coming through. Next one. How will Iondrive secure enough feedstock and customers for module one? Lewis, I might hand to you for this one. I think it's just those economic incentives, right? We pay for the feedstock. We incentivize the aggregators that are currently aggregating those items that have those end-of-life magnets in them. One of the discussions we're having, as an example, is where the entity that would supply us with magnets, it wants to buy the iron back from us. So it's kind of that circular theme the whole way through. Early in the presentation, I also talked about the 2028 gap, which is that 13 KT. If we have a look at, say, the key players in North America, Vulcan Elements, USA Rare Earth, MP, Phoenix Tailings, all of those guys. Everyone's in need of the material, and there's no sign of it being able to be supplied domestically. Although, that changes quickly because of those economic incentives, but that's why we're moving at the pace we're moving at, and our capital efficiency allows us to do that. Yeah, absolutely. Lewis, again, lots of questions coming through just on site selection for Oklahoma, but then also furthermore, explaining sort of the modularity of the plant and sort of lead times. Are we looking for different locations? A little bit more, I think, on sort of how it's going to expand. Yeah, I think, so we're looking, currently reviewing several options that have been presented to us in Oklahoma. Some of those appear to be on very favorable commercial terms. We have, as you would expect, it's a modular process, a first of a kind. The first one will probably be a bit bigger than the next modules, as Grant and I have spoken about. I think, we'd look to take, if we take a view that we're going to take FID, so early, mid next year, with a nine-month construction period. That's kind of what we're thinking. The stuff ships in scale. It'll be manufactured in the U.S. Our partners that we're working with are looking to upskill or increase their capacity to support us, and that means being located in the U.S., so. Further to that again then, how quickly can multiple sites then be scaled from there? I think if you take FID on one, what do we do, Grant? We take FID on one and we roll into the next one. Where there's customer pull and we can get the supply, I think it's pretty straightforward. Wonderful. Sorry, just going through the lots of questions that have come through. I think we might have potentially covered. Actually there's one here just on how do you look at potential funding options? Share price had a bit of a run of late. What other options are available? Do you want to raise capital? The answer to raising capital, a quick answer to that is no. The amount of non-dilutive funding opportunities that are available to us are significant and some of our customers have been the beneficiaries, or potential customers have been the beneficiaries of that. So, it's about leveraging those relationships to see, what's a quid pro quo arrangement where we can maybe look at things like prepayments. We've obviously got a bunch of grants that are yet to come in. I think, in addition to the Oklahoma funding package at the federal level, I believe we've got, it's in this deck somewhere, but we've got 62.7 million US dollars worth of funding opportunities that we've got that are live opportunities. Kevin's been nothing short of exceptional in pulling some of that stuff together, and I think it was last week he was at the Defense Industrial Base Consortium talking to all the government entities that were all congregated in Philadelphia. There's things that are falling out of that. Yeah, our funding, I love doing business in the U.S. because of funding options, whether they're debt. There's lots of things to look at other than equity. Can I just jump in quickly too on that? The beautiful thing about our technology, because it is selective, means that our CapEx is low, just from a technical perspective. Plus then, because we're actually chasing material, we have got high-grade material, which then means, per day, we process 1 cu m, which sits in a corner in your living room, and that's how much material we need. Which then just brings our CapEx down, which then means that non-dilutive funding is a very attractive option anyway to source costs for our ambitions. Yeah, wonderful. Gentlemen, I think that we've kind of answered a lot of the questions and slightly running out of time. I think final thing is, what are the key milestones that investors should be looking for next? Grant, maybe I'll hand to you first up, and Lewis, you can jump in. Yeah. For me, and I alluded to this at the start of the conversation, it's like the technology's fascinating, but unless you've got the technical wrappers around it, or sorry, the commercial wrappers around it's not going to go anywhere. Really, we are running hard on those commercial aspects and looking at where are we securing feedstock. We're looking at customer offtake, we are looking at non-dilutive funding, and then ultimately, going back to the technology, it's all about making sure that 5 ton campaign is completed in December and then we roll into feed straight after that. We're hoping, or we're not hoping, hope is for, b ut we will deliver in all of those aspects. Yeah. The only thing I'd add is, yeah, look, we've got a fabulous team that can execute on those things and the caliber of the board, the caliber of the ExCo is, yeah, it's a really great place to be, so watch this space. Wonderful. I can see a few more sort of technical questions that are coming through. We have run out of time, unfortunately, and if you do have any further questions for the company, I would encourage you to reach out via the contact details on the bottom of our ASX releases. But I want to thank you all for your time, and thank you, gentlemen, for the update. No worries. Thank you. Thank you.