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Corporate Presentation ASX: IXR 12 September 2025 For personal use only
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2 Cautionary Statement Important Notice and Disclaimer This presentation should be considered in its entirety. If you do not understand the material contained in this presentation, you should consult your professional advisors. The sole purpose of this presentation is to provide shareholders with an update on current activities of the Company and the current state of technology development at Ionic Technologies in the UK, the Viridion Joint Venture in Brazil, and exploration at the Makuutu Rare Earths Project in the Uganda. Any statements which may be considered forward looking statements relate only to the date of this presentation document. Such forward looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause actual results, performance or achievements of the Company to be materially different from future results, performance, or achievements expressed or implied by such forward looking statements. As a result of these factors, the events described in the forward- looking statements in this document may not occur. Notwithstanding the material in this presentation, shareholders should consider that any investment in the Company is speculative and should consult their professional advisers – whether scientific, business, financial or legal – before deciding whether to make any investment in the Company. The Company may at its absolute discretion, but without being under any obligation to do so, update, amend or supplement this presentation or any other information to the recipient. No person has been authorised to give any information or make any representation other than contained in this document and if given or made, such information or representation must not be relied on as having been so authorised. Competent Person Statement Information in this report that relates to previously reported Exploration Targets and Exploration Results has been crossed-referenced in this report to the date that it was originally reported to ASX. Ionic Rare Earths Limited confirms that it is not aware of any new information or data that materially affects information included in the relevant market announcements. The information in this report that relates to Mineral Resources for the Makuutu Rare Earths deposit was first released to the ASX on 15 May 2024 and is available to view on www.asx.com.au. Ionic Rare Earths Limited confirms that it is not aware of any new information or data that materially affects information included in the relevant market announcement, and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. The information in this report that relates to Ore Reserves, Production Targets or forecast financial information derived from production the production target, for the Makuutu Rare Earths deposit, which was first released to the ASX on 20 March 2023 and is available to view on www.asx.com.au. Ionic Rare Earths Limited confirms that it is not aware of any new information or data that materially affects information included in the relevant market announcement, and that all material assumptions and technical parameters underpinning the estimates, Production Targets or forecast financial estimates in the announcement continue to apply and have not materially changed. For personal use only
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3 IonicRE’s vision is to create a resilient, fully integrated, Western rare earth supply chain starting with magnet recycling IonicRE, via 100% owned UK subsidiary Ionic Technologies, has developed a world leading recycling technology to produce separated magnet REOs – NdPr, Dy and Tb Recycling is the fastest and lowest risk path to secure rare earths supply for the western world IonicRE’s technology can hyperscale plans well developed for recycling plants in the US, Europe, Brazil, Asia with key industry and government support Future growth exposure through refined, separated REOs via our Viridion Joint Venture and Makuutu Heavy Rare Earth Project Recycling is the fastest path to supply chain independence from China in magnet REO production – fully circular, green, integrated, low risk, and low CAPEX 3 For personal use only
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4 China dominates the global Rare Earth Element (REE) value chain through to magnets and has a monopoly on heavy rare earths separation 69% 88% 90% 90% 99% RE mining RE processing RE metal production Magnet manufacturing RE recycling China dominates the global REE value chain (2025) China has monopolized heavy rare earth separation China Rest of world Given China’s recent export restrictions on key rare earths and the complete absence of US HREO domestic production, securing a domestic supply of refined REE products is a strategic imperative. In kilotonnes 0% ~100% Separated Dy Supply in 2024 2.9 Ex-China China 0% ~100% Separated Tb Supply in 2024 0.7 Sources: IDTechEx Rare Earth Magnets 2026-2036: Technologies, Supply, Markets, Forecasts, July 2025; U.S. Department of Energy, Congressional research service, Critical Minerals and Materials for Selected Energy Technologies (05/03/2025); Geopolitical risk and the global supply of rare earth permanent magnets: Insights from China’s export trends (26/01/2025); https://www.china-briefing.com/news/chinas-rare-earth-elements-dominance-in-global-supply-chains/ . Rare Earth Magnets and Motors: A European Call for Action A report by the Rare Earth Magnets and Motors Cluster of the European Raw Materials Alliances, Oct 2021. China is the biggest RE supplier to the U.S. 70% 13% 6% 5% 6% U.S. REE import (2020-23) China Malaysia Japan Estonia Other For personal use only
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5 Rare earths undergo multi-stage processing to be transformed into permanent magnets; recycling and ionic clays are the best source for critical heavy rare earths Mining Concentration Separation Metal and Alloy RecyclingManufacturing REE value chain Explore / develop RE natural resources (ores or clays) Apply hydrometallurgy processes to produce RE concentrates Separate mixed RE concentrates into individual REO’s Manufactures metal and alloys using rare earths oxides Users of RE elements such as defense and automobile manufactures Recycles RE materials from end-of-life products and scrap Key REEs 4 have magnetic properties Part of light REE group Part of heavy REE group Pr Praseodymium 59 Nd Neodymium 60 Dy Dysprosium 66 Tb Terbium 65 Constitute 25-30% of NdFeB permanent magnet Demagnetization at >60 OC Maintain magnetic property under high temperature Operating temperature up to 240 OC Magnets Alloys undergo processing to form high-grade permanent magnets Recycling offers a lower-cost, faster alternative to mining – providing a supply of the right proportion of rare earths that is resilient to geological constraints at a lower risk Relative to other Western hard rock resources; ionic clay deposits offer higher concentrations of heavy rare earths, lower capex, higher margin, and a faster, lower-risk path to production Production swarf 17 Rare Earths Elements Dross Breakage End-of-Life / Scrap For personal use only
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6 Ionic Rare Earth’s vision to support Western defense and industrial demand for rare earths Supply new defense and industrial rare earth needs while reducing dependence on China Recycling 1 2 Makuutu mine supply Refinery 1. RECYCLING Capability to fully supply Western Defense demand Producing light and heavy rare earth oxides today Partnership with several OEMs Proven and scalable technology that can be adapted for Western commercial facilities, including the US Capable of supplying 111 tpa of Dy and 39 tpa of Tb by 2032, representing 17% and 24% of the North American demand respectively1 Creating Vertically Integrated and Independent Western Supply Chain Multi-faceted, western, refined, and separated REO supply Cashflow and industry experience from recycling operation to enable Makuutu mine supply and refinery development 2. MAKUUTU MINE SUPPLY AND REFINING Capability to supply US industrial demand and growing US defense demand Strategically positioned and only western ionic clay deposit poised for near-term development2 Supply offtake from Makuutu (60% IXR interest) can support US based large scale refinery Capable of supplying 921 tpa of Y, 132 tpa of Dy, 21 tpa of Tb by 2032, representing >100%, 21%, and 13% of the North American demand respectively1 Short-term: Supply for Western defense demand Medium - long term: Supply for Western defense and industrial demand IXR’S DIFFERENTIATING FACTORS Patented, proven, and operational recycling technology Zero reliance on China Potential to create circular supply chain through Makuutu 1. IonicRE intends, subject to financing, to establish several magnet recycling facilities across the USA, to satisfy US domestic requirements for HREOs, namely dysprosium oxide (Dy2O3) and terbium oxide (Tb4O7). The inclusion of the Makuutu Project with a US National Solution provides long term scope for increased HREO supply and is subject to financing. 2. Makuutu is the only current mine permitted, development ready IAC project globally with product not committed to Chinese offtake. This creates a strategic opportunity for near term supply to a Western supply chain. For personal use only
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7 China is focused on selling only finished magnets or further downstream products; Rare earth alloys and oxides are in critically short supply for western production 2028 Estimated Global NdFeB Magnet Value Chain (kt REO) 1. Sources: Wood Mackenzie Global rare earths investment horizon outlook – December 2023, Project Blue; Does a detachment from the Chinese rare earth market threaten the global energy transition? (19/10/2023), Announcement No.18 of 2025 of the Ministry of Commerce and the General Administration of Customs of the People’s Republic of China (4 April 2025). 2 . Represents total forecasted mined and refined production of Nd, Pr, Dy, and Tb; used in other applications in addition to NdFeB magnets. 3. VAT rebate, provides for the recovery of input taxes paid. It allows qualifying businesses in China to claim back VAT paid on purchases of goods or services related to the business’ provision of VAT taxable goods. Globally short & Chinese export restrictions Mine Production of NdPrDyTb2 Refined Supply of NdPrDyTb2 NdFeB Metal & Alloy NdFeB Magnet Supply NdFeB Magnet Demand 107 76 40 97 98 China ROW Ex-China NdFeB Magnet Demand Global NdFeB Magnet Demand China Rare Earth Export Restrictions Ores & Concentrates Oxides Metals Magnets End-Use Products IP Restricted Export Control on 7 REEs No VAT Rebate IP Restricted Export Control on 7 REEs No VAT Rebate Export of RE ores & concentrates banned; in recent years China has ramped up production using mining quotas – leaving industry to digest the excess.(Including export restrictions on all RE separation to magnet production technology and machinery) IP Restricted VAT Rebate3 VAT Rebate3 (on magnets) Incentivized While China possesses extensive magnet production capabilities and has curtailed production expansion outside its borders through technology and machinery export restrictions, there is no substantial medium-term supply, consequently there is a significant supply/demand gap in global magnet production. Producers outside of China must either compete with Chinese export prices, with VAT rebates, or rely on incentives to bolster local production. Export Control Export Control On April 4, 2025, China imposed export restrictions on 7 rare earth elements and magnets used in defense, energy, and automotive sectors Restrictions apply to Dy, Tb, Sm, Gd, Lu, Sc, Y – and requires companies to secure special export licenses to export these minerals and magnets On June 11, 2025, it was reported that China plans to put a six-month limit on rare earth export licenses for US automakers and manufacturers, giving China leverage for future trade tensions No restrictions For personal use only
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8 Ex-China NdPrDyTb Gap in NdFeB Value Chain Supply 2028 (Kt REO) 14 5 12 11 327 11 5 50 54 57 55 Mined Feedstock Processed REO Materials 1 Metals & Alloys Magnet Manufacturers 8 - 191 15 - 191 End-Use Demand 55 - 70 Gap in # of Average Mines (Projected supply vs. demand in 2028) 11 - 12 Gap in # of Average REO Separation Manufacturers (Projected supply vs. demand in 2028) 22 - 24 Gap in # of Average Metals & Alloys Manufacturers (Projected supply vs. demand in 2028) 26 - 32 Gap in # of Average Magnet Manufacturers (Projected supply vs. demand in 2028) 10 - 11 EVs 27% Other 46% - 59% 1. International Energy Agency (IEA) forecasted rare earth elements (REE) magnet demand in year 2028 https://www.iea.org/data-and-statistics/data-tools/critical-minerals-data-explorer 2. Gap in number of mines or manufacturers needed based on IEA forecasted REE magnet demand in year 2028 Sources: Argus Direct, WoodMac, US Department of Defense, InspiREs, International Energy Agency, Company Investor Presentations and Financial Reports Other Demand: Defence Applications Electrical Components Mechanical Components Air Conditioning Wind Turbines 14% - 27% Ex-China demand Supply-demand gap Proposed additional supply Current supply Ex-China demand for Permanent Magnet Supply – needs new REO capacity For personal use only
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9 An IonicRE recycling operation can potentially meet the US defense demand for light and heavy magnet rare earth oxides in the short term; Rapid Deployment & Modular Scalable to Future Demand 10 36 10 7 8 Offshore wind turbines Electric vehicles Consumer electronics Defense1 Other applications2 Total US demand 1 1. Forecasted demand for defense applications is calculated based on share of defense demand in 2021 report on Stockpile requirements 2. Other applications include: hard disk drives, cell phones, loudspeakers Source: “Rare earth permanent magnets: Supply chain deep dive report,” Department of Energy, February 24, 2022 3776 89 215 261 75 Defense demand for NdPrDyTb 13 Supply of NdPrDyTb from IXR Recycling ~300 tpa REO 400 tpa REO At commercial scale, an IXR recycling facility could supply all domestic defense magnet REO demand Forecasted demand for defense applications is calculated based on share of defense demand in 2021 report on Stockpile requirements and total US demand for NdFeB magnets Nd Pr Dy Tb 1,000 tonnes X 30% = Portion of NdPrDyTb in a NdFeB Magnet High Level Estimate of 2030 demand for NdFeB magnets in US (kt) For personal use only
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10 Heavy Rare Earths are all among the highest criticality REEs for key defense applications Key rare earths for defense applications such as Dy, Tb, Nd, Pr, Y, Eu, and Sm are classified as most “critical” material by DOE Most Critical REEs for Defense PraseodymiumPr59 NeodymiumNd60 Gd64 Eu63 Sm62 Gadolinium Samarium Europium DysprosiumDy66 Tb65 Y39 Terbium Yttrium Magnets & motors, missile systems, navigation systems, electronics, lasers Magnets & motors, missile systems, navigation systems, jet propulsion, nuclear technology Armor & structural, navigation systems, jet propulsion, lasers Magnets & motors, missile systems, navigation systems, jet propulsion Magnets & motors, missile systems, jet propulsion, electronics Armor & structural, nuclear technology, missile systems Electronics, nuclear technology, navigation systems Magnets & motors, jet propulsion, nuclear technology, navigation systems Light REEs Heavy REEs Sources: U.S. Department of Energy, Congressional research service, Critical Minerals and Materials for Selected Energy Technologies (05/03/2025); USGS What are Critical Minerals (https://www.usgs.gov/programs/mineral-resources- program/science/what-are-critical-minerals-0) 21 August 2025; U.S. Department of Defense, Congressional research service, Rare Earth Elements in National Defense: Background, Oversight Issues, and Options for Congress (23/12/2013); Benchmark Special Edition 2025, Defence: The new driver for critical raw materials. For personal use only
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Leading Magnet Recycling and the Circular Economy of Rare Earths Belfast now first producer of recycled magnet REOs in Western world Sustainably Sourcing Magnet and Heavy Rare Earths for the New Economy Upcycling for the Next Cycle 11 For personal use only
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12 Ionic Rare Earths subsidiary Ionic Technologies, is the only western recycler producing separated and refined magnet rare earth oxides today substantial inbound demand Ionic Technologies has developed patented recycling technology, .. …has progressed from lab scale to a producing demonstration plant… Ionic Technologies is a rare earth recycler with patented technology that separates and refines individual rare earths from spent permanent magnets and magnetic swarf Individual rare earth oxides of purity >99.5% Pr Praseodymium 59 Dy Dysprosium 66 Nd Neodymium 60 Tb Terbium 65 Light REE Heavy REE Patented Technology Producing demonstration plant Definitive feasibility study completed Industry Partnerships with leading OEMs No dependence on China Separating and refining heavy rare earths today Ability to vertically integrate Lab Scale Pilot Scale Demonstration Scale (Belfast) Commercial Scale April 2022 July 2022 2023/2024 2027 …and is the only western recycler producing separated and refined REOs Solvent separation Spent Magnets Magnetic Swarf Capable of producing other heavy rare earths based on buyer demand and available feedstock For personal use only
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13 Upcycling Neodymium Permanent (NdFeB) Magnets Commercialising recycling of End-of-Life (EOL) NdFeB magnets and swarf to high purity magnet REOs 100% recycled separated high purity (>99.5%) grade magnet rare earth oxides High spec permanent magnets for net zero carbon technologies such as EV motors and off-shore wind turbines Mixed grades of waste permanent magnets and swarf from existing metal, alloy and magnet manufacturing Typical Feed Composition; 60-66% Fe, REE 30-33%,1% B, 1-3% Base Metals Nd2O3 Pr6O11 (NdPr)2O3 Dy2O3 Tb4O7 Ho2O3 For personal use only
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14 Ionic Technologies Process Flowsheet Ionic Technologies has developed patent protected separation and refining technology that can be applied to the recycling and refining of individual magnet rare earths from used permanent (NdFeB) magnets. Our hydrometallurgical process is able to deliver high purity separated magnet rare earth oxides no matter the quality and variability in composition of magnet feedstock. Intake flexibility Unlike other recycling processes, our technology can recycle any form of mixed waste magnets and production swarf regardless of type, age or coatings or oxidation of alloy / magnet. We are not reliant on a single feedstock stream. Magnet crushing / grinding Digestion Separate base metals (Fe, Mn, Al, Ni, Cu, B) Nd, Pr, Dy, Tb solvent separation (15 stages) Individual oxides precipitation For personal use only
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15 Path to Commercialisation 2022 Lab Scale 2022 Pilot Scale 2023/24 Demonstration Plant 10tpa REO capacity 2027/28 Commercial Plant1 400tpa REO capacity Technical Developer Accelerator Program Scale-Up Readiness Validation & CLIMATES DRIVE35 Collaborate CirculaREEconomy 2025/28 Supply Chain Validation 1. Facility Render, planned construction expected to be completed late 2027, subject to financing and approval being received. For personal use only
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16 Planned commercial plant would represent a 40-fold increase in production capacity (400tpa) from the demonstration plant (10tpa) Modular process design with two 200 tpa production lines, allowing for scale-up flexibility and parallel operation Ionic Technologies have completed a feasibility study for the commercial recycling plant in Belfast, UK, demonstrating strong financial returns and environmental sustainability Replication in the USA Overview of commercial plant Economics summary from feasibility study NPV7.5 (post-tax) US$ 502m IRR (post-tax) 43.6% CAPEX of £ 85m with a payback of 2.4 years Lifetime EBITDA US$ 1.78b OPEX (excluding EOL magnets and swarf) $27.68/ kg REO Life of operation 20 years Lifetime Net Revenue US$ 2.12b Annual Throughput 1200 tpa of magnets/swarf Annual Output : 400 tpa of REOs (350 tpa NdPr Oxide, 37 tpa Dysprosium oxide, 13 tpa Terbium Oxide) Ionic Technologies Commercial Plant Architect’s Impression (Belfast, UK) Ionic Technologies Commercial Plant Technical Render (Belfast, UK) 1. Feasibility Study announced 18 November 2024, which contains a set of assumptions and qualification related to commercialisation of the technology in Belfast, UK. For personal use only
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17 Magnet Recycling vs Mine Supply: Higher feedstock grade contributes to higher returns with lower risk 1. Indicative numbers based on preliminary analysis – actual number depends on the facility, process, feedstock, power costs, reagents used etc. Basis informed by Belfast Commercial magnet recycling feasibility study announced 18 November 2024. Mining examples taken from a cross section of development projects. 2. LCA announced to ASX on 13 March 2025. Permitting and Social License Environmental Footprint Time/Speed of Development Government Support & Incentives OEM Support Integration within the Supply Chain Licence to Operate Risk Grade of magnet REOs (ppm) CAPEX1 Intensity ($ per tonne produced) OPEX1 ($/kg REO) Working Capital Mining Recycling ~300 to 500 ~300,00015-25% of TREO grade Mining Recycling ~150,000 ~50,000 Mining Recycling ~70-80 [~45] Mining Recycling ~2-4X X Higher grades mean a substantial reduction in feedstock processing requirement per tonne of REO Lower amount of feedstock to process results in lower CAPEX and footprint per tonne NdPrDyTb Lower risk of a CAPEX overrun due to smaller scale and relatively simpler scope Lower feedstock volume and higher grade translates into lower reagent, energy, labor and maintenance costs Energy and reagent costs depend on the recycling technology used In mining, large volume of material undergoes processing steps at multiple facilities across the world, incurring significant time and logistical cost Recycling has relatively quicker inventory/sales cycles Permitting for a mine often involves extensive land clearance and displacement of population. Permitting for recycling facility is relatively simple LCA (Life Cycle Analysis) completed demonstrating 60% lower CO2 footprint reduction compared to existing mining operations, no radionuclides Unlike mining, recycling has relatively shorter supply chain and thus the speed of development is faster Significant support for recycling by UK, US, EU, Brazilian government (multiple peers got grants), smaller grant, higher appetite for govt. investment Direct relationship with metal, alloy, magnet makers and OEMs: results in de-risking of operations and access to their swarf, waste Significant OEM support for the sector, as many pledge their commitment to circular economy initiatives Licence to Operate risks in mining jurisdictions can be higher compared to recycling facility embedded within advanced manufacturing countries (UK, US, EU) Mining ~40-60 Refining ~15-20 Higher Returns Lower Risks For personal use only
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18 1. LCA announced to ASX on 13 March 2025. 125.6 322.3 0.0 100.0 200.0 300.0 400.0 Ionic Technologies Ion Adsorption Clays kg CO2 eq. per kg Dy2O3 Climate Change Comparison per kg of Dy2O3 24.9 52.5 34.8 0.0 20.0 40.0 60.0 Ionic Technologies Inner Mongolia Australia-Malaysia kg CO2 eq. per kg (NdPr)2O3 Climate Change Comparison per kg of (NdPr)2O3 Life Cycle Assessment completed by Minviro in March 2025 Ionic Technologies’ Feasibility Study demonstrated significant reduction in CO 2 compared to conventional primary REO supply Key Advantages of Technology and Recycling Up to 53% CO2 reduction on (NdPr)2O3 and 61% CO2 reduction on Dy2O3 Secondary REE material is interchangeable with primary material, meaning immediate CO2 reduction in any application No radionuclides Social Licence to Operate No Sulfur Dioxide (SO2) Reduced water consumption Upcycling and recovery of a finite resource into new technologies 18 For personal use only
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19 Heavy Rare Earth Separation Circuit – Belfast Demonstration Plant For personal use only
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20 Financing Magnet Recycling in the UK • Project development cost of £85 million for Belfast Plant and Technology facility, including £10 million site specific costs for Belfast Harbour • Grant application submitted substantial capital cornerstone investment from UK Government via the Automotive Transformation Fund (ATF), administered by the Advanced Propulsion Centre (APC) • The ATF is a funding program created to support the industrialisation and scale-up of a UK EV supply chain • Passed initial stages and now finalising grant award with UK Government Department of Business and Trade (DBT) • Engaging with Grant Delivery Directorate within APC / DBT • Project debt, offtake and strategic investment also part of overall financing strategy, with discussions progressing Source; https://www.apcuk.co.uk/ For personal use only
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21 REO RECOVERY/SEPARATION & PROJECT LEADER METAL/ALLOY MAGNET (sub- contractor ex-UK)OEMs MAGNET LIBERATION DRIVE35 CirculaREEconomy To secure e-motor manufacturing and sustainability by ensuring that Rare Earth Permanent Magnet capability and capacity can be built in the UK, through long-loop recycling LIFE CYCLE/ ECONOMIC ANALYSIS Announced 13 July 2025 £11million Project Up to 62 R&D jobs created/safeguarded, 161 Manufacturing jobs created/safeguarded Quantifies/reduces CO2 and costs Establishes North of Ireland and North-West of England REE Magnet Cluster For personal use only
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22 Strategic Location Belfast Harbour Renewable Hub Belfast Harbour is home to many world-class companies who play a key role in the global renewable energy sectors. Ionic Technologies is strategically located within the Belfast Harbour Estate, which is the UK’s largest single port estate comprising 2,000 acres. Infrastructure Belfast Harbour has unrivalled port infrastructure encompassing a new offshore wind terminal. Talent Belfast is producing hydrometallurgy capability via QUB that is crucial for materials businesses For personal use only
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23 Rapid acceleration of our technology ready to scale globally Lab scale Pilot scale Demonstration scale Commercial scale April 2022 Funding discussions underway Planned Construction expected to be completed late 20271 Opportunities now to hyperscale globally Our Path to Commercialisation July 2022 2023 / 2024 Demonstration Plant @ 24/7 plant operations Examining de-bottlenecking to scale up HREO capacity now FS Completed November 2024 20x 40xScale Up Factor 1. Subject to financing and approval being received.For personal use only
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24 Peer Comparison Product Location Status Demonstration Plant Feed Capacity (tpa) Valuation Separated magnet REOs Demonstration Plant, Feasibility Study Completed, Capital Grant Pending for commercial plant 30 A$97m1 / US$64m (ASX: IXR) Mixed magnet REOs Demonstration Plant 100 Private2 Series A + B Funding raised to date US$82m REOs (Formates) Pilot Plant N/A Private3 US$25m Separated magnet REOs Pilot Plant N/A US$172m4 / A$260m (NASDAQ: AREC) Alloy Powder Demonstration Plant, Feasibility Study Completed 100 £122m5 / US$165m / A$250m (TSXV / AIM: MKA) Peer Comparison based upon peers across short, medium or long loop recycling, with development to at least pilot plant demonstration. A$ = 0.66 US$. 1. Based upon the Company market capitalisation dated 11 September 2025, includes valuation of all of IonicRE’s assets – Ionic Technologies (100%), Viridion (50%) and Makuutu interest (60%). 2. Series B Funding raised US$53m (25/09/2024) and Series A Funding raised US$27m (25/04/2023). 3. REEcycle Corporate Presentation, 2 March 2024. 4. ReElement value based upon American Resources Corporation market capitalisation dated 10 September 2025. 5. HyProMag valuation based upon Mkango Resources Limited market capitalisation dated 11 September 2025 – Mkango owns 79.4% of HyProMag – and also includes valuation for Songwe Hill Project plus Pulawy Refinery. Peers offering short, medium or long loop recycling offering from metal alloy feedstock (EOL magnets or swarf) back to either a mixed REO product or individually separated magnet REOs For personal use only
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25 Magnet Recycling Technology and Product Comparison Recycling Loop Classification Long Loop Medium Loop Medium Loop Long Loop Short Loop Technology Solvent Extraction Leach Leach Chromatography Hydrogen Decrepitation Product Separated REOs Mixed REO RE Formate Separated REO Metal alloy powder Variability Risk Low High High Low High Batch of Continuous Processing Continuous Batch Batch Batch Batch Life Cycle Analysis Feasibility Study Capable to produce >99.5% REO Capable to produce separated REOs Low Water Consumption Product Suitable for Sintered NdFeB Ionic Technologies has derisked the technology for deployment to produce separated magnet REO products well accepted by supply chain partners, with demonstrated technology advantages For personal use only
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26 50%50% Leveraging Company’s RE Separation & Refining Technology Brazil – RE Refinery and Magnet Recycling USA – RE Refinery 26 For personal use only
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27 First delivery of recycled magnet Rare Earth Oxides (REOs) from End-of-Life magnets sourced from Brazil and recycled at Ionic Technologies’ Belfast, UK facility For personal use only
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28 Viridion, was shortlisted in June 2025 by the Brazilian National Bank for Economic and Social Development (‘BNDES’) and the Federal Agency for Funding Authority for Studies and Projects in Brazil (‘FINEP’), as one of the successful applicants to receive significant funding to progress its downstream rare earth refining and recycling facilities in Brazil Viridion passed 2nd stage assessment in July 2025, and now finalising funding instruments IXR’s Viridion Joint Venture in Brazil to expand footprint to include a potential US-based rare earth refinery after delivering Brazilian refining and recycling capability IXR and Viridion are well placed to provide a resilient, multi-asset sovereign capability via Brazilian and US facilities to secure a sustainable ex-China rare earths supply chain www.viridionre.com 28 For personal use only
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29 In July 2025, Viridion secured a land grant from the Municipality of Poços de Caldas to construct the Centre for Rare Earth Refining, Recycling and Innovation (CRITR) Unprecedented recycling and refining capacity in the continent, with technology validated in the UK, and alignment with Brazilian policy around value addition and circular economy Commitment to sustainability, traceability, and innovation. Integration with Brazilian research and technology institutions (ICTs) to carry out analysis, technological validation, and technical training, mitigating potential adaptation risks for the technology in the Brazilian context. Institutional Highlights 29 For personal use only
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30 Makuutu Heavy Rare Earths Project (60% IonicRE) DEVELOPMENT READY , MAGNET AND HEAVY RARE EARTHS FOR THE NEW ECONOMY • Large scale Ionic Adsorption Clay (IAC) project with 71% magnet plus heavy REO basket • IonicRE owns 60% of the asset through local Ugandan entity Rwenzori Rare Metals Ltd • 300 km2 of mineral tenements, covering IAC mineralisation trend 37km long • Excellent infrastructure already installed • Mineral Resource Estimate1 and stage 1 Ore Reserve Estimates2 completed • Environmental Permits approved, ESG Certified by Digbee ESG , upgraded from BB to BBB in early 2024 • Stage 1 Feasibility Study Completed in March 20231 • Mining Licence 00334 approved January 2024, 2nd ML applied Q3 2024 • Demonstration Plant commenced producing MREC March 2024 for offtake partner negotiations 1. Updated Makuutu Mineral Resource Estimate announced 15 May 2024. 2. Makuutu Feasibility Study announced 20 March 2023, based upon 100% Project basis. For personal use only
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31 Makuutu Stage 1 Feasibility Study BASE CASE LAYS FOUNDATION, EXTENSION OF LIFE POTENTIAL • Large Scale Mining Licence LML00334 awarded in January 2024 • Stage 1 production of a value-added mixed rare earth carbonate (MREC) product (including Scandium), via a modular heap desorption processing plant • Stage 1 plant capacity is 5.0 million tonnes per annum (Mtpa) Run of Mine (ROM) throughput • Maiden Ore Reserve for the Makuutu Stage 1 over RL 1693 classified as a Probable 172.9 Mt at 848 ppm TREO, or 584 ppm TREO – CeO 2, and 30 ppm Sc2O3 • Further staged development at Makuutu with additional tenements • Expected Total Development Capital expected to be circa US$150m today including additional works to prepare for FID Stage 1 Life 35 Years EBITDA US$1.28 billion Pre-Tax Net Present Value (8) US$406 million Post-Tax Free Cash Flow US$1.02 billion Pre-Production CAPEX US$120.8 million IRR (Post-Tax) 32.7% Product Basket (magnet + heavy) 71% Stage 1 DFS Metrics1 Resource Classification Tonnes (millions) TREO (ppm) TREO- CeO2 (ppm) LREO (ppm) HREO (ppm) Sc2O3 (ppm) Indicated 517 650 440 470 170 30 Inferred 99 560 380 420 140 30 Total 617 630 430 460 160 30 1. Makuutu Feasibility Study announced 20 March 2023, based upon 100% Project basis. 2. Updated Makuutu Mineral Resource Estimate announced 15 May 2024. For personal use only
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32 IonicRE Corporate Snapshot (ASX:IXR) Share Price Market Capitalisation Shares on Issue Various Options / Rights / Notes Cash Position 12-month Range (min – max) A$0.017 A$97m 5,694,454,166 794,302,567 A$2.80m A$0.005–A$0.026 11 September 2025 11 September 2025 11 September 2025 Option Exercisable at 1.1 to 3.15 cents 31 July 2025 0 20 40 60 80 100 120 140 160 180 200 $0.000 $0.005 $0.010 $0.015 $0.020 $0.025 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Volume Traded (Millions) IXR Share Price (A$) Volume Share Price For personal use only
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33 IXR Board and Leadership Team Brett Lynch Executive Chairman A highly experienced international company director and executive with over 30 years experience, a strong background in mining and mining-related businesses across Australia, Asia and North America and a proven track record in advancing shareholder value. Max McGarvie Non-Executive Director A distinguished and extensive career spanning 45 years in the mining sector covering broad range of senior roles ranging from Production Manager, Registered Mine Manager through to CEO across the globe in Australia, Africa and the Middle East. Tim Harrison Managing Director / CEO A mining executive with over 20 years’ experience and an extensive and successful track record specialising in the fields of both mineral processing and hydrometallurgy across multiple commodities across Australia, Africa and Asia. Sufian Ahmad Non-Executive Director A highly experienced legal, business and marketing executive with over 10 years’ experience in the resource sector in the provision of corporate advisory services. A founder of Sixty Two Capital, an advisory firm specialising in the growth and funding of emerging ASX companies. Claire Blanchelande Commercial Director A commercial expert in the commodities industry, with a strong track record of trading metals and minerals across multiple jurisdictions, as well as building efficient supply chain solutions, specialising in designing and implementing tailor made commercial strategies that drive profitability, efficiency, transparency, and long-term partnerships. Patrick Brindle Lead – US Operations A mining executive leader with 25 years of experience in corporate development, project development, commercial, strategy, partnering, and join ventures in the mining, minerals, battery materials, and critical minerals and metals industries. Warren Tregurtha Chief Financial Officer / CEO Rwenzori Rare Metals Ltd A corporate executive with more than 15 years’ experience in corporate finance and private equity, with first-hand experience in numerous transactions and assignments across a range of sectors including mining, oil and gas, agriculture and investment management industries. Mark Licciardo Company Secretary A corporate executive with 40 years experience working with Boards of ASX listed companies in the areas of corporate governance, accounting and finance and company secretarial practice and executive roles in banking and finance, funds management, investment and infrastructure development. For personal use only
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Additional Information For personal use only
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35 Risk Category Risk Financial and Capital Risk At present the Company’s expenses exceeds its revenue. The Company’s financial position depends on its ability to secure additional capital for activities across its portfolio of assets and to pay its expenses as and when they occur. There can be no assurance that additional capital (or other types of financing) will be available or that, if available, the terms of such additional capital will be on favourable terms. Market volatility and Geopolitical Risk A significant risk for the Company is the volatility of rare earth oxide prices, which are subject to fluctuations driven by glo bal supply-demand dynamics, geopolitical tensions, and macroeconomic conditions. Changes in these prices can have a substantial impact on the Company’s outlook. Furthermore, rare earth elements are considered to be in the highest risk quartile on criticality indices for western governments, representing both high economic importance and h igh supply chain risk, making them geopolitically sensitive due to their strategic role in high-tech industries such as defence, renewable energy advanced manufacturing. As a result, export restrictions, tariffs, or trade disputes between nations could and have previously resulted in dramatic price escalations, substantially disrupting global supply chains, negatively impact significant industrial investment, and could hinder the Company's access to key markets. Operational Risk The successful development of the Ionic Technologies magnet recycling project, progressing the Viridion JV in Brazil in devel oping new refining and recycling capacity, and the Makuutu project as an economically viable rare earth mine, is central to the Company’s long-term success. At Ionic Technologies, the magnet recycling demonstration plant has validated the technical aspects of the patented process, and engineering studies have defined a high confidence capital and operational cost basis to commercialise the technology in the UK. Additional engineering is required through FEED stage and financing activity is underway, where due diligence on the overall financing of the Project will require support from both Government and western customers and supply chain partners to reach comm ercialisation. The development of refining and recycling capacity in Brazil will be influenced by market conditions and appetite from both l ocal and western customers to support the development. At Makuutu, geological uncertainties and the complexities involved in mining and processing rare earth elements present operational risks that must be carefully managed and derisked through staged activity to enhance overall execution confidence prior to the final investment decision. Environmental Risk The Company must comply with environmental and climate-related regulations that impact its mining activities. Failure to meet these standards or adapt to changing regulations could affect the Company’s financial performance and require unplanned expenditures. Additionally, stricter requirements from customers or partners may also lead to increased compliance costs. The Company manages these risks through a strong risk management framework and environmental management plans. The appetite from supply chain customers for a circular economy solution to rare earths security of supply via magnet recycling provides a significantly lower step change in environmental risk and carbon footprint for the production of rare earth oxides which is seen as a benefit over primary mined rare earth supply sources. Tenure Risk The Company's access to funding directly influences the ability to continue investment at the Makuutu project to satisfy continued access rights under exploration permits and mining licences. Access rights are governed by Ugandan Mining Regulations. If the Company fails to comply with the requirements therein, it m ay lose access rights or incur material unplanned expenditure, and or loss of the tenement if failing to meet expenditure obligations. Technology Risk The Company has invested in developing magnet recycling technology and has several patents protecting its intellectual proper ty. The Company has produced rare earth oxides at demonstration scale in its Belfast facility and the Company is subject to risks associated with scale up of technology to commercial scale. Whilst the Company has methodically worked through laboratory, pilot and demonstration scale verification of the process, the Company's ability to achieve the financial performance and outcomes may be materially adversely affected if it fails to achieve its scale up plans to commercialisation, which does however represent a substantially smaller scale up risk relative to the development of rare earth mining and processing activity, with a significantly lower capital and technical risk profile. Execution Risk The Company may experience time delays, unforeseen expenses, increased capital costs and other complications while developing its magnet recycling technology, its Viridion joint venture or its Makuutu Project in Uganda. These risks could delay the start of revenue-generating activities and increase development costs. Further to the above, the Company depends on key personnel for the success of the business. Personnel Risk In order to deliver on its initiatives, the Company will need to retain and attract suitably qualified personnel to deliver on its plans. The technical aspects of the business require specific skill sets which are in high demand. To address this the Company is exploring mechanisms to reduce the risk profile. Risk Factors For personal use only
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Ionic Rare Earths Limited Level 5 South 459 Collins Street Melbourne, Victoria, 3000, Australia www.ionicre.com investors@ionicre.com T +61 3 9776 3434 ASX: IXR For personal use only