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IONDRIVE LIMITED · ASX:ION Securing a Circular Domestic Rare Earth Supply Chain in the United States IONSolv selectively recovers and upgrades metals from complex materials into higher-value products. A single, scalable processing platform technology, addressing multiple large feedstock markets with one proprietary approach. THE PLATFORM IONSolv Selective leach → Separation → Solvent Recycle → Product Upgrade APPLIED ACROSS THREE FEEDSTOCKS: 03 Battery materials 01 E-Waste / Rare Earths 02 Solar Investor Presentation · September 2026 One platform. Multiple value-upgrade pathways.
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IONDRIVE LIMITED (ASX:ION) 2 Investment proposition Iondrive’s market capitalisation is approximately A$96m (2 September 2026). The Company has moved from technology validation to an updated technical and economic evaluation of a commercial module, built on commercial U.S. magnet feedstock. 01 Independently validated platform IONSolv is past concept stage. Independent testwork on U.S. commercial magnet feedstock returned single-pass leach recoveries of 96.5% for Nd, 96.5– 97.3% for Pr and 93.5–93.6% for Dy; approximately 95% silver from solar PV; and 89% to approximately 100% on battery metals at bench scale. 02 Established economics An updated evaluation showing approximately 630 tpa of oxide production per module, US$62.1m of annual EBITDA at a 51.0% margin and post-tax NPV₁₀ of US$243m on US$11.9m of development capital — modelled on recoveries of approximately 89%, below the independently validated results. Commercial engagement with U.S. feedstock suppliers and customers continues, subject to definitive agreements. 03 Strategic alignment Western critical-minerals supply chains need DES-class technology. A Letter of Support has been received from the Oklahoma Department of Commerce identifying potential state and local incentives, and U.S. federal funding applications have been submitted. No funding has been awarded or contracted. EU consortium participation continues. 04 Circular feedstock-to-market loop in the U.S. Iondrive seeks to source U.S. e-waste streams for feedstock supply, with scalable pathways that will service the U.S. critical minerals supply chain in a way that is China- independent, using domestic waste metals. IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026
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UPDATED TEA · MODEL v0.7 · 3 SEPTEMBER 2026 US$243m post-tax NPV from a single module Updated technical and economic evaluation of one IONSolv commercial module. Real, ungeared, US$, 10% real discount rate, 30% corporate tax. The base case values recovered oxide at 90% of North American benchmark assessments. IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026 3 POST -TAX NPV₁₀ US$243m Pre-tax US$348m ANNUAL EBITDA US$62m On US$122m of revenue DEVELOPMENT CAPEX US$11.9m Sustaining US$6.0m over ten years OXIDE PRODUCTION ~630 tpa of which ~624 tpa payable Nd, Pr, Dy EBITDA MARGIN 51.0% US$98.59 per kg of product ANNUAL REVENUE US$122m US$193 per kg of product ONE MODULE · FEED TO EARNINGS, PER ANNUM 2,402 tpa MAGNET FEED → 30.66% REO HEAD GRADE → ~89% MODELLED RECOVERY → ~630 tpa OXIDE PRODUCT → US$121.8m REVENUE → US$62.1m EBITDA KEY MODELLING ASSUMPTION The base case assumes a 30.66% REO feedstock head grade and benchmark-derived product pricing. Commercial feedstock grade, availability and realised pricing remain subject to qualification and to commercial arrangements. Source: Iondrive Rare Earths techno-economic model v0.7, 3 September 2026, base case. Real, ungeared, US$; all model integrity checks pass. Deve lopment capex is the installed cost of one module. Post -tax IRR of 379% and payback of 0.24 years are amplified by the low capital estimate and by assumptions of no production ramp, no working capital and full utilisation from first production, and are not comparable with conventional development project studies. No final investment decision has been taken.
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Where the value goes – and where it is lost. Three Western waste streams. Today, most value is LOST to landfill, and the remainder routes through China-dominated refining. IONSolv can potentially intercept and redirect to Western end-use — the opportunity flow. F E E D S T O C K T O D A Y ' S P A T H W A Y P O T E N T I A L R E D I R E C T E D E N D U S E E-waste / REE Battery flow Solar PV flow IONSolv intercept A N N U A L V A L U E L O S T $70–80bn 2026 estimate R O U T E D V I A C H I N A $30–40bn 2026 estimate W E S T E R N R E F I N E D T O D A Y $6–8bn 2026 estimate A D D R E S S A B L E P O O L 2 0 2 6 $12–18bn A D D R E S S A B L E P O O L 2 0 3 0 $22–28bn Sources: UNITAR Global E-waste Monitor 2024; IRENA / IEA-PVPS End-of-Life Solar PV 2016; IEA Recycling of Critical Minerals 2024; IEA Global Critical Minerals Outlook 2024/2025. 2026 figures are ranges extrapolated from 2022-23 source data. China-routing derived by applying IEA refining-share ratios. IONSolv-addressable excludes bulk Cu/Fe/Al outside chemistry scope. The addressable pool is the value the platform could in principle serve; it is not a forecast of Iondrive revenue. OPPORTUNITY FLOW 4IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026 Rare earths are the immediate opportunity; solar and battery materials follow as the platform scales. COMMERCIALISATION SEQUENCE RARE EARTHS NOW 2026–27 · primary pathway SOLAR NEXT 2027–29 BATTERY MATERIALS LATER platform optionality
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THE PROBLEM Different markets. Same bottleneck. Complex feedstocks exist. What's missing is the step that selectively upgrades them into high-value products. That gap is common across e-waste, solar, and battery materials. E-WASTE / RARE EARTHS >90% China share of refining Bottleneck sits downstream with refining and magnet production, not mining. IEA, Critical Minerals Outlook E-WASTE US$62 bn Recoverable value missed annually Only 22.3% formally collected. Complex fractions under- recovered. UNITAR, Global E-waste Monitor BATTERIES 130 ktpa EU black-mass refining capacity Collection alone isn't value. Upgrading black mass is where value is created. Fraunhofer European Battery Recycling Capacity Outlook SOLAR Low Silver/silicon recovery rate today Greater than 90% go to landfill https://www.theguardian.com/environment/2024/oct/23/australia-renewable-energy- solar-waste?utm_source THE VALUE-CHAIN GAP Feedstock is plentiful. The selective upgrading step is what's missing. FEEDSTOCKS E-Waste / Rare Earths Solar Battery Materials MISSING STEP SELECTIVE UPGRADING the step that's missing today HIGH-VALUE PRODUCTS REE oxides Cu / Au / Ag Battery-grade salts Silver, silicon locked behind the upgrading gap WHAT'S MISSING A flexible selective process that moves materials further up the value chain - using the same platform architecture across every vertical. 5 IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026
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THE SOLUTION · IONSolv 6 One selective platform, applied across feedstocks IONSolv uses Deep Eutectic Solvent (“DES”) chemistry developed with the University of Adelaide. Same process architecture; tunable formulation per feedstock. Selective, low-temperature, closed-loop. FEEDSTOCKS IN 01 E-Waste / Rare Earths Nd · Pr · Dy 02 Solar 03 Battery Materials Ag · Si THE IONSolv PROCESS IONSolv 01 Selective leach Tunable DES dissolves target metals; leaves gangue. LOW TEMP · NO ACIDS 02 Separation Metals precipitated as oxides, salts, intermediates. SELECTIVE · HIGH PURITY 03 Solvent recycle DES returned to Step 1; products upgraded to spec. CLOSED LOOP · REUSABLE WHY IT WORKS Simple to explain One platform solving the same upgrading problem across different materials. Simple to scale Modular deployment supports staged pilot, partner, vertical rollout. Simple to monetise Multiple revenue pathways - processing, products, partnerships. INDEPENDENTLY VALIDATED SINGLE-PASS LEACH RESULTS: Nd 96.5%, Pr 96.5–97.3% and Dy 93.5–93.6%. The TEA applies assumed overall flowsheet recoveries of approximately 89%. Cu · Au · Ag · Li · Ni · Co IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026
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VERTICAL 01 · E-WASTE / RARE EARTHS 7 Rare earth recovery from magnet scrap. Independently validated single-pass leach recoveries and updated economics. Independent validation confirms high recovery of both light (Nd, Pr) and heavy (Dy) rare earths from commercial U.S. magnet feedstock. That work supports the updated technical and economic evaluation, which itself applies recovery assumptions below the validated results, in a strategically critical and China-dominated downstream market. NdPr INDEPENDENT TESTWORK 96.5% NdPr single-pass leach recovery on US commercial feedstock ASX Announcement 15 Jun 2026 WHY THIS MARKET? China refines ~80% of global rare earths — including the magnet metals (Nd, Pr, Dy) that drive ~91% of market value (IEA, Critical Minerals Outlook). The economics reflect a high-grade, supply-constrained feedstock paired with a small modular plant. Magnet waste is far richer in rare earths than mined ore and dysprosium is high-value, but the available pool is limited. IONSolv is sized to that pool — capturing the value without the scale or capital intensity of a conventional mine and refinery. COMMERCIAL TIMING Modular rollout targeted to commence late 2027 ION vs CONVENTIONAL RECYCLING ATTRIBUTE CONVENTIONAL IONSolv Process temperature High (1,000°C+) Low temperature Reagents Strong acids Biodegradable DES Selectivity Multi-stage Tunable / selective Capex per module US$50m+ US$11.9m Solvent Single-use waste Closed-loop, reusable U.S. PARTNERS & Agreements – active engagement with potential U.S. suppliers of commercial magnet feedstock. Commercial discussions remain subject to definitive agreements and disclosure. OXIDE PRODUCTION ~630 tpa Per module, updated TEA Updated TEA, 3 Sep 2026 ALL-IN CASH COST US$95/kg All-in cash cost per kg of product Updated TEA, 3 Sep 2026 POST-TAX NPV₁₀ US$243m Per module · US$62.1m EBITDA p.a. Updated TEA, 3 Sep 2026 Dy INDEPENDENT VALIDATION 93.5% Dy single-pass leach recovery on US commercial feedstock, against the prior 32.1% assumption. ASX Announcement 15 Jun 2026 Updated TEA delivered 3 Sep 2026 - 2,402 tpa module Updated TEA, 3 Sep 2026 Fe REJECTION 99.9% Quantified solvent extraction with no measurable co-extraction ASX Announcement 15 Jun 2026 IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026
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VERTICAL 01 · E-WASTE / RARE EARTHS 8 Securing the U.S. Critical Minerals Supply Chain 1) Feedstock Acquisition 2) Advanced Processing 3) Domestic Offtakes 4) Market Integration Domestic Feedstock sourced from U.S. Partners and Suppliers IONSolv applied to produce Mixed Rare Earth Oxide (MREO) Domestic Sale and Buy-Backs for High-Purity Rare Earth Oxides Material return to U.S. Industrial Ecosystem to close the loop Iondrive’s “feedstock-to-market” loop seeks to meet the demands of the U.S. supply chain whilst sourcing from domestic feedstock suppliers, allowing for the conversion of U.S.-sourced e-waste into high-purity oxides that are fed back into the local market and supply. Iondrive Captures the Margin – Targeted offtake structures intended to align throughput and revenue with commissioned capacity, subject to definitive agreements. Acquired at below indicated contained rare earth value Concentrated in the magnet- relevant Nd, Pr and Dy, with 99.9% iron rejection in independent testwork. Sale to U.S. customers at competitive benchmark pricing In-country loop for reduced reliance on foreign imports Establishing a Domestic Circular "Feedstock-to-Market" Loop for Rare Earths IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026
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U.S. FEEDSTOCK STRATEGY Qualifying commercial U.S. feedstock at scale The evaluation assumes feedstock of a defined grade and composition. Confirming that at commercial scale is the central item of work, through the qualification campaign and commercial feedstock discussions. IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026 9 THE QUALIFICATION PATHWAY 01 Source identification Identify and screen U.S. streams of end- of-life NdFeB magnet material: magnet scrap, swarf, hard disk drive and motor assemblies. → 02 Sample assay and testwork Assay representative samples for REO content and oxide split, and run IONSolv recovery testwork on the material. → 03 Commercial-scale campaign Five-tonne North American campaign commissioned August 2026, targeting about 1.4 t of MREO in Q4 CY2026 for customer qualification. → 04 Definitive arrangements Convert commercial feedstock discussions into supply arrangements matched to commissioned processing capacity. Subject to definitive agreements. WHERE THE PROGRAMME STANDS FIVE -TONNE CAMPAIGN Commissioned August 2026 · ~1.4 t MREO targeted Q4 CY2026 COMMERCIAL DISCUSSIONS Advancing Multiple U.S. suppliers · subject to definitive agreements TARGETED FEED RATE ~2,400 tpa Design feed rate of a single module STATUS Feedstock supply arrangements remain subject to definitive agreements and to disclosure. The approximately 2,400 tpa figure is the design feed rate of a single module and the throughput assumed in the updated evaluation. It is not a contracted volume, and no supplier has warranted the 30.66% REO head grade assumed in the evaluation. Feedstock grade and availability at commercial scale remain to be confirmed. Five-tonne campaign as announced August 2026. Commercial feedstock discussions are subject to definitive agreements and to the Company’s continuous disclosure obligations.
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UPDATED TEA · WHAT CHANGED Richer feedstock, not better recovery The change from the November 2025 evaluation is driven principally by the feedstock now being modelled. Modelled dysprosium recovery rose sharply, but the increase in production is mostly grade and composition. IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026 11 NOVEMBER 2025 EVALUATION → UPDATED EVALUATION, SEPTEMBER 2026 NOVEMBER 2025 UPDATED EVALUATION Feedstock throughput, one module 2,000 tpa 2,402 tpa REO head grade ~7.2% implied 30.66% assumed Dysprosium oxide share of contained REO not separately modelled 4.45% Dysprosium recovery 32.1% assumed 88.8% modelled overall flowsheet · 93.5–93.6% validated Payable oxides Nd, Pr, Dy, Ho, Gd Nd, Pr, Dy Payable oxide production ~115 tpa ~624 tpa WHAT DROVE THE CHANGE, IN ORDER OF CONTRIBUTION 01 Feedstock head grade A materially higher assumed head grade, from ~7.2% implied to 30.66% REO. 02 Feedstock composition Updated assay, in particular a much higher dysprosium content at 4.45% of contained REO. 03 Benchmark pricing Updated ex-China Western benchmark price assumptions for NdPr and dysprosium oxide. 04 Validated performance Independent testwork informing the development case, incorporated through element-specific overall flowsheet recovery assumptions 05 Engineering and cost Updated equipment, capital and operating cost estimates dated 31 August 2026. THE POINT The rise in modelled production, from about 115 tpa to about 624 tpa of payable oxide, is principally a function of the richer assumed feedstock rather than of improved recovery. Confirming feedstock grade and availability at commercial scale is accordingly the central item of work. Source: Iondrive Rare Earths techno-economic model v0.7, 3 September 2026, base case. Real, ungeared, US$. All model integrity checks pass. Nove mber 2025 figures are as announced in the Phase 1 evaluation ( ProProcess Engineering and ModelAnswer, November 2025).
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UPDATED TEA · REVENUE MIX Dysprosium: under 5% of mass, half the revenue The revenue mix is why feed composition and the dysprosium price assumption matter as much as they do. All three oxides are valued at 90% of benchmark assessments. IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026 12 SHARE OF ANNUAL REVENUE AGAINST SHARE OF PRODUCT MASS Dy₂O₃ Dysprosium oxide REVENUE 49.5% MASS 4.6% Nd₂O₃ Neodymium oxide REVENUE 41.7% MASS 78.0% Pr₆O₁₁ Praseodymium oxide REVENUE 8.8% MASS 16.4% BY OXIDE, PER ANNUM Dy₂O₃ 29.1 tpa PRODUCTION US$2,070/kg REALISED PRICE US$60.3m Nd₂O₃ 491.3 tpa PRODUCTION US$103.50/kg REALISED PRICE US$50.9m Pr₆O₁₁ 103.4 tpa PRODUCTION US$103.50/kg REALISED PRICE US$10.7m THE DYSPROSIUM ASSUMPTION The base case values dysprosium oxide at a US$2,300/kg ex-China benchmark assumption, realised at 90%. The Chinese domestic assessment carried in the model for comparison is US$191/kg. That separation is a material feature of the base case: a case run wholly against Chinese domestic a ssessments, at 170% of those assessments, returns a post-tax NPV₁₀ of US$200m. Source: Iondrive Rare Earths techno-economic model v0.7, 3 September 2026, base case. Real, ungeared, US$. All model integrity checks pass. Mass shares are of total oxide product. Benchmark price assumptions are management -adopted figures referenced to Platts CIF North America assessments; Chinese domestic assessment per Shanghai Metals Market. No sales price is contracted.
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UPDATED TEA · SENSITIVITY Economic across every pricing case modelled Post-tax NPV₁₀ under each pricing case, and under movements in the principal model variables. These are modelling scenarios against published benchmarks. None represents a contracted price. IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026 13 POST -TAX NPV₁₀ BY PRICING CASE · US$m Flat US$115/kg reference 40 Illustrative floor pricing 80 75% of Platts CIF North America 159 170% of Chinese domestic (SMM) 200 Illustrative floor plus 70% of upside 233 90% of Platts CIF NA · base case 243 100% of Platts CIF North America 298 POST -TAX NPV₁₀ BY VARIABLE · US$m · ±30% DOWN 30% BASE UP 30% Realised product price 130 243 355 Operating cost 316 243 169 Discount rate · 7% / 13% 283 243 210 Development capital 247 243 238 THE POINT No pricing case tested returns a negative net present value, from US$40m at a flat US$115/kg reference through to US$298m at full Platts realisation. The economics are most sensitive to realised product price and to operating cost, and relatively insensitive to development capital. A discrete sensitivity to feedstock head grade has not been run in model v0.7; grade affects both production and throughput-linked cost, and is addressed on the feedstock slide. Source: Iondrive Rare Earths techno-economic model v0.7, 3 September 2026. Real, ungeared, US$. Price decks: Nd₂O₃ and Pr₆O₁₁ US$115/kg and Dy₂O₃ US$2,300/kg, management-adopted figures referenced to Platts CIF North America assessments; Chinese domestic per Shanghai Metals Market; illustrative floor-price assumptions of US$110/kg NdPr oxide and US$575/kg Dy₂O₃. Realisation percentages are modelling assumptions. No sales price is contracted and no case shown represents contracted pricing.
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UNIT ECONOMICS · PHASE 1 → UPDATED TEA 14 The same module, re-modelled on new feedstock Phase 1 TEE (ProProcess Engineering and ModelAnswer, November 2025) modelled a 2,000 tpa design. The updated evaluation, model v0.7 dated 3 September 2026, runs 2,402 tpa on commercial U.S. magnet feedstock at an assumed 30.66% REO head grade. DEVELOPMENT CAPEX US$11.9m Phase 1: US$4.6m · full equipment build POST-TAX NPV₁₀ US$243m Phase 1: US$7m · ten operating years POST-TAX IRR 379% Phase 1: 46% · see basis note opposite PAYBACK 0.24 yrs Phase 1: 2.6 yrs ALL-IN CASH COST US$95/kg Phase 1 breakeven: US$51/kg OXIDE OUTPUT PER MODULE ~630 tpa Phase 1: 115 tpa · ~624 tpa payable Nd, Pr, Dy BASIS OF THE UPDATED CASE Commercial U.S. magnet feedstock at an assumed 30.66% REO head grade, with ~89% recoveries applied. On US$11.9m of capital with no ramp and no working capital, IRR and payback are not comparable with peer studies. Grade and availability remain to be confirmed. MODULAR SCALING ION's strategic ambition remains 20,000+ tpa installed capacity by 2029 (subject to financing), through modules deployed across multiple urban-mining sites close to waste generation. Module 1 is proposed for Oklahoma. IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026
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U.S. EXPANSION & COMMERCIAL ROLLOUT 15 First commercial module, Oklahoma — Letter of Support A non-binding Letter of Support has been received from the Oklahoma Department of Commerce (ODOC) identifying state and local incentive programs of up to US$15m across multiple modules, of which ~US$5.2m is identified for the first module. No incentive has been awarded or contracted; each program remains subject to application and approval. Incentives identified, not awarded (ASX, 29 June 2026) US$15M identified For the proposed development of up to three advanced critical minerals processing modules: • State and local incentive programs with an estimated potential aggregate value of up to US$5.2M per processing module • Estimated incentive values relate only to existing legislated support programs, separate from any additional potential discretionary capital funding assistance U.S. MARKET CONTEXT & STRATEGIC RATIONALE • Establishing a China-independent critical minerals supply chain through Iondrive’s strengthening REE platform • Builds off strong REE recovery results (Nd, Pr, Dy) using U.S. commercial feedstock • Working with U.S. partners to create domestic sources of rare earths using U.S. feedstocks as part of domestic circular “feedstock-to-market” loop • Anchored within Oklahoma’s critical minerals ecosystem, one of the fastest-growing in the U.S., and aligned with the State’s critical minerals objectives KEY US-BASED LEADERSHIP Kevin Hobbie – VP North America Leveraging newly established North American presence on the ground to scale operations and commercial readiness for the U.S. market. FINAL INVESTMENT DECISION (FID): Broader incentive package is designed to support the project as it progresses toward FID, with specific programs to be settled in definitive documentation and subject to each grant program’s statutory, approval, appropriation, and discretionary requirements. STATE AND LOCAL INCENTIVE PROGRAMS (ASX Announcement 23 April 2026) • Property-related Support – assistance during site selection, with property- related concessions and exemptions available to qualifying manufacturing investments • Tax Incentive Support – exemptions and credits available to qualifying manufacturers, property tax, and investment or new-jobs tax credits • Cash Rebates for In-State Investment & Operations – includes payroll- and investment-linked cash rebates returning over the operating life of facility IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026
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U . S . E X P A N S I O N · C A P I T A L 16 The capital behind the U.S. build-out — and Iondrive’s Oklahoma stack Following a multi-state review, Oklahoma ranked among the strongest U.S. jurisdictions across incentives, permitting, operating costs and logistics. Iondrive intends to pursue state and local incentive programmes as potential sources of non-dilutive funding for Module 1, subject to application, award and approval. The final funding mix has not been determined. Federal programmes may provide additional funding options for later modules. IONDRIVE’S OKLAHOMA CAPITAL STACK (THE FUNDING SEQUENCE) 1 · STATE LETTER OF SUPPORT Oklahoma Department of Commerce (ODOC) Letter of Support, identifies estimated non-dilutive incentive value of ~US$5.2M for Module 1, rising to over US$15M across three modules; performance-based, subject to application and approval.¹ 2 · STATE DISCRETIONARY PROGRAMMES Governor’s Quick Action Closing Fund (discretionary deal-closing cash; awards to date of up to US$15M, performance-based with clawbacks) · Quality Jobs payroll rebates ≤ 5% for 10 yrs · investment & new-jobs tax credits · 5-yr property tax exemption.² 3 · LOCAL SUPPORT Tax increment financing (TIF) districts · land & site support · industrial revenue bonds. Precedent: a US$7M TIF-backed city incentive package for USA Rare Earth (2022).² 4 · FEDERAL EXPANSION OPTIONS — LATER MODULES U.S. Department of Energy (DOE) grants · Office of Strategic Capital (OSC) loans · Defense Production Act (DPA) funding. Federal funding may trigger federal environmental review requirements, including NEPA. These programmes are being assessed as potential funding sources for later modules; availability, timing and the final funding mix remain undetermined³. What it means: state and local programmes may support the development of Module 1 toward FID, subject to application, award and approval. The amount and sources of funding required remain to be determined. WHY OKLAHOMA WINS: one of the largest state-incentive environments combined with the highest announced private investment across the peer states shown.⁴ CAPITAL ANNOUNCED BY STATE · GOVERNMENT vs PRIVATE (US$ BILLIONS, 2022 –MID -2026)⁴ States attracting meaningful private capital have generally secured substantial government support. Oklahoma leads the peer set on private capital, with a top-three government layer. 0 3 6 9 Texas* N. Carolina California Tennessee* Nevada Oklahoma Government (federal + state) Private COMMITTED vs DEPLOYED · U.S. GOVERNMENT CAPITAL (INDICATIVE)⁴˙⁵ Large federal commitments are still progressing into deployment — an opening for state-backed projects that can move faster. Announced / LOIs & approved support US$30B+ incl. EXIM critical-minerals LOIs US$14.8B · EXIM Project Vault loan (approved) US$10B Committed / closed US$12B+ Thacker Pass US$2.23B · USA Rare Earth up to US$1.6B · Ioneer US$1.0B Deployed / spent ~US$3B Thacker draws US$867M · MP Materials US$400M · Korea Zinc US$1.4B ¹ ODOC Letter of Support (non-binding; estimates only, subject to application & approval); ION ASX announcement 29 Jun 2026. ² Oklahoma Dept of Commerce Business Incentives & Tax Guide; Oklahoma city & state disclosures. ³ U.S. DOE; U.S. Dept of War (DoD)/OSC announcements. ⁴ Company analysis of U.S. Government, state & company announcements, incl. U.S. State Dept Critical Minerals Ministerial fact sheet (4 Feb 2026); figures approximate. ⁵ Company filings & announcements (Lithium Americas, MP Materials, USA Rare Earth, Korea Zinc, EXIM). *Tennessee reflects allied (Republic of Korea / Korea Zinc) programme capital, partly conditional; Texas shares the USA Rare Earth packa ge with Oklahoma. IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026
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U . S . E X P A N S I O N · O P E R A T I N G E N V I R O N M E N T 17 Why Oklahoma: lower costs, faster permitting, stronger logistics Oklahoma combines lower operating costs, faster and more certain permitting, and stronger logistics than most competing U.S. jurisdictions — advantages that flow directly into module economics and reduce execution risk. CENTRAL U.S. LOGISTICS HUBRAIL, PORTS & LOGISTICS⁴ 4 ice-free river ports on the McClellan–Kerr system (3 public + 1 private), led by Tulsa Port of Catoosa (Foreign Trade Zone #53): year-round barge access to the U.S. Gulf Coast 3,200+ mi of freight rail across three Class I carriers (BNSF, UP, CPKC), plus a central-U.S. trucking radius for feedstock inbound and oxide outbound A&D aerospace & defence is Oklahoma’s 2nd-largest sector — offtake demand anchored by Tinker Air Force Base NdFeB demand nearby: USA Rare Earth's Oklahoma plant (commissioned 2026); MP Materials' Fort Worth plant and planned Northlake campus (TX). Prospective offtake for recycled rare earths.⁵ Commercial outcome: multiple transport modes lower inbound feedstock cost and give product-side flexibility. AMONG THE LOWEST U.S. POWER PRICESPOWER¹ 5.88¢/kWh industrial average power price (Mar 2026), vs 8.58¢ U.S. and 20.06¢ California; PSO's industrial average: 5.95¢ (2024).¹ ~2.9× energy produced vs consumed (2023; gas-led, wind ≈ 42% of in-state generation), de- risking long-term power contracting.¹ Why it matters: energy is a small share of the rare earth module’s operating cost, but low, secure industrial power and gas underpin the more energy-intensive applications of the platform and reduce long-term contracting risk. LOWEST LABOUR COST OF PEER STATESEARNINGS PER EMPLOYEE² Average weekly wage annualised (×52), all industries, US$ thousands (Q4 2025, preliminary). Oklahoma has the lowest labour cost base of the peer critical-minerals states shown.² US$1.29M profit per employee across Oklahoma’s Fortune 500 cohort, No. 1 U.S. state (FY2023 data; six-company, all-energy cohort).⁶ 63.3 72.5 73.3 74.0 80.5 81.6 101.6 -15 10 35 60 85 110 Oklahoma Nevada N. Carolina Tennessee Texas US avg California CODIFIED PERMITTING CERTAINTYPLANNING & PERMITTING³ ✓ No state-level environmental review act (no “mini-NEPA”) ✓ Single agency (DEQ) holds every federal (EPA) programme relevant to industrial facilities ✓ 180-day codified decision clock for minor-source air permits ✓ Minor-source construction may begin at-risk once a complete application is filed Versus Peers: • Texas — fast small-source permits but contested-case hearings add months–years of tail risk. • California — CEQA review and litigation exposure remain for most industrial projects despite mid- 2025 reforms. • Nevada — historically multi-year federal environmental review (NEPA) governs federal-land projects (~80% of the state).³ ¹ U.S. EIA: Electric Power Monthly Table 5.6.A, average industrial retail price, Mar 2026 (OK 5.88¢, US 8.58¢, CA 20.06¢); EIA-861 utility data, 2024 (Public Service Co of Oklahoma industrial, Oct 2025 release); State Energy Data System, 2023. ² U.S. Bureau of Labor Statistics (BLS), Quarterly Census of Employment & Wages, Q4 2025, preliminary (average weekly wage × 52), released 2 Jun 2026. ³ Oklahoma DEQ; OAC Title 252 (252:4 -7-31; 252:100-7-2, EPA-approved SIP); CEQ; Texas Commission on Environmental Quality; California AB 130 / SB 131 (2025). ⁴ Oklahoma DOT; Association of American Railroads (2023); Tulsa Ports; Oklahoma Dept of Aerospace & Aeronautics. ⁵ USA Rare Earth announcement, 26 Mar 2026; MP Materials announcements, Dec 2025 & 26 Feb 2026. ⁶ dofollow.com analysis of For tune 500 2024 rankings (FY2023 financials), Jan 2025; independently verified by Oklahoma Watch, Apr 2025. IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026
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BUSINESS MODEL 18 One platform, three revenue lines, multiple verticals The same IONSolv architecture monetises across processing fees, product sales, and strategic partnerships – based on the same core technology across feedstocks. INPUTS E-Waste / Rare Earths Ferrous shred Solar End-of-life PV modules Battery Li-ion NCM black mass PLATFORM IONSolv 01 Selective leach 02 Separation 03 Solvent recycle REVENUE STREAMS 01 · PROCESSING Tolling Fees Predictable, capacity-utilisation driven. Base load for early commercial modules. 02 · PRODUCT Recovered Metals REE oxides, battery-grade salts, silver, mixed oxides. Highest margin revenue line. 03 · STRATEGIC Partnerships & Licensing Modular deployment, co-location. Includes US Defence/DoE & EU consortium pathways. IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026
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VERTICAL 02 · SOLAR 19 Silver-led economics – now ~95% recovery following process improvements. Solar PV recycling combines a fast-growing wave of end-of-life feedstock combines with high-value silver content with Livium (ASX:LIT) providing commercial grade feedstock to undertake technical and commercial evaluations. INITIAL RESULTS (ASX Announcement 29 April 2026) ~95% Silver recovery in bench-scale testwork - first proof of economic case across the solar pathway. MARKET CONTEXT (IRENA End-of-Life management) 2.4Mt Potential PV waste by 2050 US$15bn Recoverable material value by 2050 TARGET RECOVERY 95% Initial results optimisation underway MINIMUM CAPACITY 2,000 tpa Strategy roadmap entry scale COMMERCIAL TIMING 2028/29 Targeted rollout pathway RECOVERABLE METALS Silver | Silicon | Aluminium | Copper BINDING PARTNER Livium (ASX:LIT) - Binding Term Sheet Australian recycling company. Provides PV module dismantling and feedstock preparation. Potential pathway to commercial supply and co- location. LATEST LIT-SUPPORTED RESULTS Bench-scale silver recoveries achieved ~95% following process improvements (29 April 2026); economic case validated and robust technical foundation for solar panel recycling with Livium feedstock established. Solar techno-economic evaluation (“TEE”) delivery targeted Q1 CY27. IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026
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VERTICAL 03 · BATTERY MATERIALS & INTERMEDIATES 20 Long-dated optionality on the same platform Battery recycling is another vertical for the Company’s commercial focus, which extends the platform thesis with strong lab-trial validation, EU consortium. The ability to efficiently and selectively remove cobalt and nickel has direct applicability to processing of mineral intermediates (ION has a Latitude 66 cobalt agreement). BENCH-SCALE BLACK MASS RESULTS (ASX announcement, 19 February 2025) Li Lithium 89.1% RECOVERY Ni Nickel ~100% RECOVERY Co Cobalt 98.6% RECOVERY Mn Manganese 98.4% RECOVERY STRATEGIC PARTNERS RWTH Aachen University EU consortium · €3.1m total · €2.07m NRW Germany grant. ION is core process partner. Fraunhofer FFB Battery production research institute · co- development on closed-loop recycling chain. Latitude 66 (ASX:LAT) Cobalt project in Finland · DES testing on cobalt deposit feedstock. Livium (ASX:LIT) Australian feedstock supply · battery black mass alongside solar PV. CASE STUDY proven EU operator Established lithium-ion battery recycler operating in Germany since 1995, and a partner in the EU consortium alongside ION, RWTH Aachen and Fraunhofer FFB. Accurec brings commercial pyro/hydromet operating experience to the consortium and is well- positioned to independently validate IONSolv as the next- generation chemistry — benchmarking ION's DES approach against established industrial baselines on real battery feedstocks. POSITIONING ION's near-term commercial focus is rare earths; battery recycling is a large but longer term path to market with strong technical validation, valuable partnerships, but not the FY26-27 thesis. IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026
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EXECUTION PLAN 21 Validate. Deploy. Scale. Three-phase rollout - early work validates the platform, initial modules prove commercial deployment, later stages scale the same architecture across more feedstocks and higher throughput. CY 2025 CY 2026 CY 2027 CY 2028 CY 2029+ 01 02 03 MOMENTUM | 4 of 5 Phase 1 milestones complete | Pilot plant wet commissioning on track for Q4 CY 2026 PHASE 01 Validate CY 2025 – 2026 ✓ Phase 1 TEE delivered - Nov 2025 ✓ 96.5% Nd, 96.5–97.3% Pr, 93.5% Dy - Jun 2026✓ ~95% silver recovery – April 2026 Updated TEA delivered - Sep 2026 Pilot plant wet commissioning - Q4 CY 2026 PHASE 02 Deploy CY 2027 – 2028 First commercial facility - REE from US E-waste Solar TEE delivered - Livium-supported pathway EU consortium battery - commercialisation milestones U.S. feedstock qualification – commercial supply arrangements Module 2 site selection - US REE PHASE 03 Scale CY 2029 onwards 20,000+ tpa - installed across 10 modules >A$100m revenue (10 modules) - board strategy target Multi-vertical revenue mix Western midstream platform - position Strategic partnership - licensing optionality IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026
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NEWSFLOW 22 Catalyst calendar DELIVERED · Updated TEA Model v0.7 dated 3 September 2026. 2,402 tpa feed, ~630 tpa oxide, post-tax NPV₁₀ of US$243m and US$62.1m EBITDA on US$11.9m of development capital. NEXT · U.S. Feedstock Qualification Qualification of commercial U.S. magnet feedstock and progression of supply arrangements toward definitive agreements. DELIVERED · U.S. Five-Tonne Campaign North American commercial-scale campaign commissioned August 2026, targeting ~1.4 t of MREO in Q4 CY2026. NEXT · Module 1 FEED & Engineering Site confirmation and engineering on the first U.S. commercial module in Oklahoma, ahead of FID. NEXT · Customer Qualification & Offtake Qualification of MREO with U.S. customers and development of offtake arrangements, subject to definitive agreements. NEXT · Oklahoma Funding & Incentives ODOC Letter of Support (~US$5.2m identified for Module 1) and US$62.7m of federal grant applications submitted. None awarded. NEXT · FID & First Commercial Module Final investment decision, construction and commissioning of Module 1; customer qualification on campaign material. NEXT · Pilot Plant Wet Commissioning Australian multi-feedstock skid- mounted system, validating IONSolv across all verticals. Wet commissioning Q4 CY2026. “Our ambition is to deliver value across three horizons — creating early revenue, scaling into intermediates, and leading in global recycling — while compounding shareholder value over time.” Dr Grant Caffery, CEO IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026
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MILESTONES ACHIEVED 23 What ION has delivered Moving swiftly and achieving a range of verifiable milestones, including industry partnerships through independently verified commercial-feedstock results to an updated economic case. SEP 2025 U.S. Evaluation Feedstock Binding agreement with a major U.S. e-waste recycler to supply magnet material for evaluation. Commercial supply is subject to definitive agreements. SEP 2025 Livium (ASX:LIT) Term Sheet Feedstock supply across solar PV, battery black mass, REE magnets for technical and economic evaluation. SEP 2025 Latitude 66 (ASX:LAT) Cobalt deposit testwork agreement - Finland. SEP 2026 Updated TEA delivered Per module: 2,402 tpa feed · ~630 tpa oxide · US$11.9m capex · post-tax NPV₁₀ US$243m. APR 2026 ~95% Silver Recovery Solar PV bench-scale testwork. APR 2026 Pilot Plant Redesign Multi-feedstock skid- mounted system in Australia. Wet commissioning Q4 CY26. APR 2026 US Expansion Strengthened the US expansion with appointment of US-based Clean-Tech Executive, Kevin Hobbie. JUN 2026 Oklahoma Letter of Support Non-binding Letter of Support from the Oklahoma Department of Commerce identifying up to ~US$5.2M* of incentives for the first module. Not awarded or contracted. JUN 2026 Independent Single-pass Leach Results Nd 96.5%, Pr 96.5–97.3%, Dy 93.5–93.6% recovery and 99.9% Fe rejection, above the assumptions used in the updated evaluation. APR 2026 ~95% NdPr Single- Pass Leach Recovery Independent evaluation on U.S. commercial feedstock, above the Phase 1 TEE assumption. *estimated aggregate value, with potential to scale to US$15M across additional modules IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026
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MARKET CONTEXT Where Iondrive sits against listed peers Market capitalisation by development stage at 2 September 2026, shown for development-stage context only. These companies differ from Iondrive in product, scale, stage and capital structure. No inference about Iondrive’s value is intended and no price target is expressed or implied. IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026 DEVELOPMENT & DEMONSTRATION PEERS · MARKET CAPITALISATION A$m Ucore Rare Metals TSXV:UCU · Demonstration → construction 478 Metallium (fmr MTM Critical Metals) ASX:MTM · Demonstration 295 American Rare Earths ASX:ARR · Development 195 Iondrive ASX:ION · Validation → evaluation, pre-FID 96 Ionic Rare Earths ASX:IXR · Demonstration 85 WHAT THE MARKET PAYS FOR U.S. PRODUCTION · MARKET CAP A$bn MP Materials NYSE:MP · Production · mine to magnet A$13.6bn USA Rare Earth Nasdaq:USAR · Construction · Stillwater, Oklahoma A$6.1bn Energy Fuels NYSE:UUUU · Production · oxide separation A$5.0bn FROM TEA TO CONSTRUCTION READINESS · MANAGEMENT TARGET 01 Updated TEA delivered COMPLETE 02 Develop and demonstrate CURRENT 03 Stable recovery through flowsheet NEXT 04 FEED and site definition NEXT 05 Final investment decision NEXT 06 Detailed design and construction readiness NEXT Management is targeting progression from development and demonstration into FEED/FID and construction readiness within approximately six months, enabled by IONSolv ’s small modular plant architecture. Subject to technical validation, feedstock and customer qualification, site selection, funding, required approvals, and board approval and FID. Construction timing is not guided. Market capitalisations: MP Materials, USA Rare Earth and Energy Fuels at 2 September 2026; Ionic Rare Earths at 1 September 2 026; Ucore at 21 August 2026; American Rare Earths at 14 August 2026; Metallium at ~1 September 2026 — all screener-derived (stockanalysis.com, Simply Wall St) and indicative only. Iondrive at 2 September 2026. Converted at RBA daily rates of 2 September 2026: AUD/USD 0.7143, AUD/CAD 0.9939. Stage descriptors are Iondrive’s classifica tion. These companies differ from Iondrive in product, scale, stage and capital structure; no inference about Iondrive’s value i s intended and no price target is expressed or implied. 24
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COMPANY SNAPSHOT 25 Iondrive at a glance ASX-listed critical-minerals processing technology company. Commercialising IONSolv (developed by the University of Adelaide) across multiple feedstock verticals. NON-DILUTIVE FUNDING US$62.7m SHARE PRICE A$0.074 2 September 2026 MARKET CAP A$96m 2 September 2026 CASH AT BANK A$6.97m 30 June 2026 DEBT Nil SHARES 1.30bn on issue SUBSTANTIAL SHAREHOLDERS Strata Investment Holdings 12.2% Ilwella Pty Ltd 8.2% Terra Capital 8.0% Regal Funds Management 7.4% applications outstanding IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026
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IONDRIVE TEAM 26 Global experience in mining, technology, and commercialisation Michael McNeilly Chair · BA Econ CEO of Strata Investments Holdings Plc (substantial shareholder of ION). Extensive experience in listed companies; currently NED of ASX-listed Cobre Limited. Dr Duncan Turner NED · PhD (Electrometallurgy) Process and technology specialist. Co-developer of the Albion Process. Senior leadership in battery, precious and base metals; co- inventor on multiple patents. Andrew Sissian NED · CPA, MAcc, BCom Seasoned corporate and capital markets executive. CEO of Procon Telematics (India/US/AU/NZ). Co-founder and NED at Cobre Limited; institutional banking with NAB & Wilsons. Adam Slater NED · BA Three decades of commodities experience. Led CWT Limited's commodities division (Singapore- listed) - 80%+ Group revenue, 50%+ profits. Now focused on venture capital. Hugo Schumann NED · CFA, MBA (INSEAD) Current CEO of USA – Elemental Holding; Founder/CEO of EverMetal. Former CEO of Silver, Hindustan Zinc. Scaled extraction tech to commercial deployment backed by BHP and Freeport. Dr Grant Caffery Chief Executive Officer BEng, MBA, PhD (Metals & Materials Engineering) Experienced executive leader spanning innovation, technology commercialisation and the global resources sector. Most recently Head of Innovation at BHP, leading identification, development and commercial application of transformational technologies. Ray Ridge CFO & Company Secretary · BA(Acc), CA, GIA(cert) Senior financial and commercial professional with 30+ years' experience. CFO experience at four other ASX-listed companies; previously National GM Commercial at WSP Global. IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026 Kevin Hobbie VP North America Senior US battery-recycling executive. Most recently SVP Operations at Green Li- ion - commissioned the Atoka, Oklahoma facility and secured binding WMC offtake through 2030. Leads ION's U.S commercialisation strategy. Lewis Utting Chief Strategy & Commercial Officer BAppSc, GAICD Former MD/CEO of ASX-listed SciDev Ltd, driving rapid growth. Previously BASF Global Business Development & R&D for Mining. With ION since Nov 2024; CEO from Jan 2026 to Aug 2026.
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UPDATED TEA · FEEDSTOCK ASSUMPTION Why the 30.66% REO assumption matters The base case adopts the assay of one commercial U.S. magnet feedstock sample. It is one of the largest single drivers of the modelled economics, and it is a modelling assumption, not a contracted specification. IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026 27 ASSAYED REO CONTENT OF FEEDSTOCK SAMPLES · % w/w Sample A 6.43% Sample B 17.80% Sample C · base case 30.66% Sample D 18.85% The four samples are different commercial magnet-bearing streams with different levels of pre- concentration. The base case adopts Sample C, which sits at the top of the tested range. COMPOSITION OF CONTAINED REO · SAMPLE C Nd₂O₃ Neodymium oxide 74.75% Pr₆O₁₁ Praseodymium oxide 15.87% Dy₂O₃ Dysprosium oxide 4.45% Other REO — no revenue 4.93% Only neodymium, praseodymium and dysprosium oxide carry revenue in the model. Magnet oxides are 95.1% of contained REO, so Sample C assays approximately 29.2% w/w magnet rare earth oxide. WHAT ONE TONNE OF FEED CARRIES, AT THE MODELLED ASSUMPTION 1,000 kg MAGNET FEEDSTOCK → 306.6 kg CONTAINED REO → 291.5 kg CONTAINED Nd, Pr, Dy OXIDE → 259.7 kg RECOVERED AT ~89% NOT CONTRACTED The 30.66% REO head grade is a modelling assumption taken from assay of a commercial magnet feedstock sample. It is not a con tracted specification and no supplier has warranted it. Grade, composition and availability at commercial scale remain subject to the qualification programme and t o commercial supply arrangements. Feedstock cost falls as grade falls, because it is priced on contained metal, but reagent, energy, residue and plant-capacity costs are set by tonnes processed and do not. Source: Iondrive Rare Earths techno-economic model v0.7, 3 September 2026, base case. Real, ungeared, US$. All model integrity checks pass. Samp le assays are Iondrive testwork on commercial magnet feedstock streams. A discrete sensitivity to feedstock head grade has not been run in model v0.7.
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UPDATED TEA · RECOVERY BASIS Modelled recoveries sit below validated testwork Independent laboratory testwork on U.S. commercial magnet feedstock returned single-pass recoveries of 93.5% to 97.3%. The economic model applies approximately 89%. IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026 28 MODELLED IN THE TEA Overall flowsheet basis applied in model v0.7 INDEPENDENTLY VALIDATED Single-pass laboratory results, 15 June 2026 Nd₂O₃ 89.3% Pr₆O₁₁ 88.5% Dy₂O₃ 88.8% 0% 100% Nd₂O₃ 96.5% Pr₆O₁₁ 96.5–97.3% Dy₂O₃ 93.5–93.6% 0% 100% NEODYMIUM 89.3% MODELLED 96.5% VALIDATED Difference from single-pass leach result: 7.2 pts PRASEODYMIUM 88.5% MODELLED 96.5–97.3% VALIDATED Difference from single-pass leach result: 8.0–8.8 pts DYSPROSIUM 88.8% MODELLED 93.5–93.6% VALIDATED Difference from single-pass leach result: 4.7–4.8 pts WHAT THIS MEANS The modelled recoveries are assumed overall flowsheet recoveries. They incorporate element-specific assumptions for recovery through the downstream stages and are not derived by applying a single uniform factor to the headline single-pass leach results. The US$243 million post-tax NPV is based on modelled recoveries of 89.3% for Nd, 88.5% for Pr and 88.8% for Dy. Iondrive has not run the model using the headline leach results as overall flowsheet recoveries and makes no statement about what such a case would produce. Integrated recovery through to final MREO product and performance at commercial scale remain to be demonstrated. The recovery assumptions and economic model will be reviewed and updated as integrated testwork results become available. Source: Iondrive Rare Earths techno-economic model v0.7, 3 September 2026, base case. Real, ungeared, US$. All model integrity checks pass. Vali dated recoveries are independent single -pass laboratory results on U.S. commercial magnet feedstock announced 15 June 2026. Modelled recoveries are the element -by-element rates applied in model v0.7.
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BASIS OF THE EVALUATION The assumptions the economics depend on The independent validation is of technical recovery performance. The commercial assumptions below are management assumptions, and are the basis on which the modelled economics should be assessed. IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026 29 MODEL Financial model v0.7 dated 3 September 2026 for a single module, prepared by ProProcess Engineering (Pty) Ltd and ModelAnswer Commercial Analytics Pty Ltd. Ungeared, real US$, 10% real discount rate, 30% tax, valuation date 31 December 2025, one construction year and ten operating years. Modelled periods are indicative only. SCOPE OF INDEPENDENT VALIDATION Independent validation is of technical recovery performance in laboratory testwork. It does not extend to feedstock head grade or availability, feedstock composition, product pricing or realisation, capital and operating cost estimates, or plant utilisation. FEEDSTOCK HEAD GRADE 30.66% REO, from assay of a commercial U.S. magnet feedstock sample. One of the largest single drivers of the modelled economics. Grade and availability at commercial scale remain to be confirmed. FEEDSTOCK COMPOSITION 74.75% Nd₂O₃, 15.87% Pr₆O₁₁, 4.45% Dy₂O₃ and 4.93% other rare earth oxides as a share of contained REO, from the same sample. Only Nd, Pr and Dy oxide carry revenue. PRODUCT PRICING Management-adopted benchmark assumptions of US$115/kg NdPr oxide and US$2,300/kg Dy₂O₃, referenced to Platts CIF North America assessments and applied at 90% realisation. Modelling assumptions only. No sales price is contracted. FEEDSTOCK COST 20% of the contained benchmark value of Nd, Pr and Dy oxide in the feed, being US$30.4m per annum and 51% of total operating cost. UTILISATION 85% plant availability, no production ramp, no working capital and full utilisation from first production. Modelled IRR of 379% and payback of 0.24 years are amplified accordingly and are not comparable with conventional development project studies. COST ESTIMATES AND DEVELOPMENT Capital and operating cost estimates carry study-level accuracy and will be refined through front-end engineering design. Construction requires funding, site selection, permitting and approvals, and a final investment decision, none of which is assured. Source: Iondrive Rare Earths techno-economic model v0.7, 3 September 2026, base case. Real, ungeared, US$. All model integrity c hecks pass. This slide should be read with the Company’s ASX announcement of the updated technical and economic evaluation. The evaluation is a study. It is not a final investment decision.
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DISCLAIMER 30 Forward looking statements This document contains certain forward-looking statements that involve risks and uncertainties. Although we believe that the expectations reflected in the forward-looking statements are reasonable at this time, we can give no assurance that these expectations will prove to be correct. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements due to many important factors, risks and uncertainties including those risks detailed from time to time in the Company’s announcements to the ASX including, without limitation, risks that the technologies are not commercially viable, provisional patents may not result in successfully granted national patents, others may independently develop similar or improved technologies or design around patents or patent applications, or that granted patents will provide meaningful protection or competitive advantages. All reasonable efforts have been made to provide accurate information, but the Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of this presentation, except as may be required under applicable laws. Recipients should make their own enquiries in relation to any investment decisions from a licensed investment advisor. Deep Eutectic Solvent (DES) technologies, including the Iondrives platform, have not yet been demonstrated at full industrial scale. The metals and application areas shown in this presentation are based on feasibility studies conducted by third parties, including Iondrive in some cases, and should not be interpreted as proof of commercial outcomes. Not an offer of securities This Presentation is not a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with ASIC) or any other law. This Presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any shares nor does it constitute financial product or investment advice nor take into account your investment objectives, taxation situation, financial situation or needs. An investor must not act on the basis of any matter contained in this Presentation but must make its own assessment of the Company and conduct its own investigations and analysis. Before making an investment in the Company, a prospective investor should consider whether such an investment is appropriate to their particular investment objectives and financial situation and seek appropriate advice, including legal, taxation and financial advice appropriate to their jurisdiction and circumstances. United States and Other jurisdictions The Company’s securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act), or under the securities laws of any state or other jurisdiction of the United States. Accordingly, the Company’s securities may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the Securities Act as amended). This Presentation may not be distributed within the United States or to any person in the United States This Presentation may only be accessed in other jurisdictions where it is legal to do so. IONDRIVE LIMITED · ASX:ION · INVESTOR PRESENTATION · SEPTEMBER 2026
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For further information on Iondrive Limited and the IONSolv commercialisation pathway, please contact: Lewis Utting Chief Strategy & Commercial Officer Iondrive Limited info@iondrive.com.au iondrive.com.au Jane Morgan Investor & Media Relations Jane Morgan Management jm@janemorganmanagement.com.au janemorganmanagement.com.au One platform. Multiple value-upgrade pathways.