Ann: Makuutu Mineral Resource Estimate Expanded, page-25

Commenting on this significant MRE update, IonicRE’s Managing Director, Mr Tim Harrison said:

“The increase in the overall magnet and heavy REOs contained within the total resource reaffirms the positioning of Makuutu as a development ready, long-life alternative supply source for countries looking to diversify their primary rare earth sourcing strategies, and positions IonicRE with a unique offering to groups the Company is presently in discussion with regarding immediate term supply from both recycling REOs (secondary sourcing) and near-term mined and processed MREC (primary sourcing).”

So this is the info we should be concentrating on.
IXR keeps alluding to upcoming Offtake deals. Obviously they are not executed yet, but IXR is consistently highlighting that deals are just around the corner.

The other obvious comment is that IXR is focussing on deals where the Offtake party would take Recycled REE from IonicTech, plus product from Makuutu. So a win-win-win IMHO.

It's pretty clear o me that the REE grades at Makuutu are still good enough to warrant deals to be done.
If grading is less than say Viridis, it is not an issue as long as Makuutu is still viable at the lesser grades.
The production costs in Uganda would be way less than Brazil, and Offtake agreements would certainly confirm that. So why would Brett and Sophs so readily commit to $5.5m equity if Makuutu was not viable.
I asked the question about Makuutu viability at the current REE pricing levels, and was assured Makuutu was viable.
So why would IXR keep going if Makuutu was not viable????

Remember, it is not just about market pricing. Security issues, more supply optionality, creating refining capacity in West, sourcing REE from multiple geo locations etc etc.