Ann: September Quarterly Activities and Cash Flow Report, page-2

- Uganda’s Government Minister for Energy and Mineral Development, announced her support for the licensing and development of Makuutu from the stage at Africa Down Under Mining Conference;

- DRA Global appointed to review Makuutu’s Definitive Feasibility Study (DFS), examine opportunities for further cost efficiencies, time savings, and scale, and advise on the Makuutu Demonstration Plant program value optimisation to support the Final Investment Decision (FID);

- Phase 5 Rotary Air Blast (RAB) Tranche 1 and 2 assays on Exploration Licence (EL) 00147, EL00257 and RL00007 confirming clay-hosted rare earth intersections in 69 of 76 drill holes; and

- Phase 5 diamond infill drilling continued at Retention Licence (RL) 00007, aiming to increase resource classification to Indicated Resource, completed post end of the quarter.

IONIC TECHNOLOGIES

• Landmark partnership agreements executed with Ford Technologies Limited (Ford), Less Common Metals Limited (LCM), and British Geological Survey (BGS) to create a UK rare earth supply chain from recycled magnets;

• Support to Ionic Technologies, Ford and LCM partnership via a £1 million UK government grant, with Ionic Technologies announced as the major beneficiary and lead collaborator in the focus on delivering the UK’s first domestic sourcing of separated high purity magnet rare earth oxides (REOs);

• Additional £1 million grant funding awarded to Ionic Technologies, in collaboration with the British Geological Survey, for a feasibility study into the construction and supply side dynamics of a magnet rare earth recycling plant in the UK;

  Ionic Rare Earths Limited, Level 5 South, 459 Collins Street, Melbourne VIC 3000 T+61 3 9776 3434 E [email protected]www.ionicre.com.au

• The funding is part of the UK Government’s circular critical materials supply chains (CLIMATES) program; and

• The move is an important step towards sovereignty for the UK, in developing market leading technology and building a supportive pathway for Ionic Technologies to commercialise the first magnet recycling facility in Belfast to feed escalating supply chain appetite for circular economy magnet REOs.
  CORPORATE SUPPLY CHAIN PARTNERHIPS STRENGTHENED

• Engagement continues with government stakeholders and potential strategic partners interested in the unique appeal of the Makuutu basket of magnet and heavy rare earths as well as separated magnet rare earth oxides (REO) from Ionic Technologies to feed new emerging supply chains.

Other key statements;

- The approval to grant the mining licence follows a clear framework for mineral development in Uganda, and the submission of documentation which was reviewed and approved by Ugandan DGSM. This approval paves the way for the formal issuance the of Mining Licence once the first annual fees have been paid and land access to the RL1693 has been verified by the Ugandan department.

- M$5,693 cash on hand. M$4,564 expended in Q1 (M$2,720 on exploration/ proving resource).

IMO urgency approaching on CR or partnership funding (following ML approval). DYOR.

I remain excited by this Coy. We are at a pivot point which without info about potential partnership funding makes it difficult to value. All IMO DYOR