Ann: Makuutu Mining Licence Provisionally Awarded, page-2

MINING LICENCE PROVISIONALLY GRANTED AT MAKUUTU HEAVY RARE EARTHS PROJECT BY UGANDAN DGSM

• Makuutu Central Zone Large Scale Mining Licence (LML) 00334, has been provisionally granted over Retention Licence (RL) 1693, pending receipt of formally signed documents and gazetting in Uganda;

• Mining Licence approval will be the first large scale mining licence awarded in Uganda;

• Grant of the Mining Licence paves way for further supply chain engagement to support sustainable, secure, and traceable magnet and heavy rare earth supply to the new economy;

• Makuutu Demonstration Plant continues to advance, with first Mixed Rare Earth Carbonate (MREC) on track for Q1 2024;

• IonicRE has reached agreement with its partners in Rwenzori Rare Metals Ltd to move up to a 94 percent interest in Makuutu; and

• Makuutu remains the most advanced Ionic adsorption clay project in development today with product not committed to China, and available to supply new supply chains looking to decouple sourcing from existing sources.

Looking forward to 2024