Ann: Results of General Meeting, page-22

The answer to that is No and No

Why?


The UK government funds projects like CLIMATES and MAGNOSTIC specifically to validate and scale Ionic Technologies' rare earth recycling processes, ensuring they meet commercial and technical benchmarks.

1. Purpose of UK Government Funding

The Innovate UK CLIMATES programme(£15M total) is designed to:

• De-risk novel technologies for circular critical material supply chains.

• Validate commercial viability through partnerships and pilot projects.

• Accelerate domestic productionof rare earth elements (REEs) to reduce reliance on China.
  
  
  
  
  Funding: ~$10M AUD Paid to IXRs Ionic Technologies to produce and Refine REOs, LCM to convert to Magnet Alloys and VAC to Sintered PM at Demonstration Scale
  
  1. Grants require Ionic to meet technical milestones (e.g., purity standards, throughput targets).
  
  2. Commercial Proof: Success in CLIMATES/MAGNOSTIC is a prerequisite for larger funding (e.g., £85M ATF grant).
  
  3. Leverage for Private Investment: Government backing de-risks the project for strategic investors and debt financiers.
  
  The UK government funds CLIMATES and MAGNOSTIC not as a subsidy but as a strategic investment to prove Ionic’s technology can deliver, Sovereign REE supply for EVs, wind turbines, and defence, Scalable, low-carbon recycling to meet net-zero targets, Economic growth via high-value jobs, This validation is critical for Ionic to secure future grants (e.g., ATF) and transition from demonstration to commercial operations.
  
  Hopefully these partnerships will turn into a definitive, offtake agreements with all partners IXR, LCM, VAC, FORD and secure support for decommissioning/demagnetizing of large magnets from wind turbines.