You're not wrong — around 51 million shares traded is roughly 1%...

You're not wrong — around 51 million shares traded is roughly 1% of the current market cap, and that's a solid churn for a stock like IXR. What’s interesting is the volume isn’t tied to a pump, but likely reflective of real interest sparked by the Brazil announcement.
Brazil JV (Viridion) being selected for funding by BNDES/FINEP is not just noise — it's a signal that governments are taking IXR seriously, and more importantly, it’s linked to real industrial rollout (magnet REOs delivered to CIT SENAI last month).
You're spot on — this may well be the first real sign of IXR’s tech gaining commercial and economic traction. If the Brazil pilot plants move ahead and we get firm dollar commitments or off-take agreements, then yes — it starts to shift the valuation lens from speculative miner to emerging tech-based REO supplier.
Strategic partnerships would re-rate IXR sharply, especially if they include non-dilutive funding, government backing, or downstream integration deals (think EV, wind, defence). Brazil might be the spark that triggers others to follow — the groundwork has clearly been in play for months.
So no — not fluff & puff. This looks like it could be the first real delivery phase of the business plan.