Ann: Ionic Explores Rare Earth Refinery to Supply Western Markets, page-10

4k tpa REO capacity is not much once they go live with module 2 and onwards. They will need majority processed elsewhere based on SS from year 6. Given mine would be operational prior to the plant it is probable only a maximum half the REO would ever be processed by IXR.

The question that lingers in my mind is where will they target the plant's geography? USA seems the most likely contender but given Uganda's proximity to Asia / Western Australia maybe they will target a closer option? Could be a straight swap for Malaysia - LYC out and IXR in with conditions for IXR to separate the radionuclides to remain locally and not make the same environmental errors for Malaysia that LYC did.

It's a good move which mirrors other explorers though. The financials will just have to support this being a better option rather than just remaining as a mining company.