To recap after the usual suspects have had their say, I've also...

To recap after the usual suspects have had their say, I've also included beloved Pensana. As I've stated earlier, room for both as both have different priorities/positions.

IXR (Ionic Rare Earths) – Belfast Funding Overview and Positive Indicators

1. Total Funding Required:IXR is developing a commercial rare earth separation and magnet recycling facility in Belfast.Total capital expenditure (CapEx): ~USD $108.7 million (approx. £85–90 million).

2. UK Government Grants & LikelihoodA. Automotive Transformation Fund (ATF)Administered by the UK Advanced Propulsion Centre.IXR has applied for a major ATF capital grant, seen as a cornerstone for the project.The ATF fund has up to £850 million for EV supply chain and clean-tech projects.Criteria include UK-registered entities and project minimums of £1 million.Past recipients include Pensana, suggesting support for rare earth processing.IXR’s feasibility study demonstrates:Net Present Value (NPV): $502 millionInternal Rate of Return (IRR): 43.6%Strong alignment with UK EV supply chain policy.Assessment: High likelihood of receiving ATF funding.B. Innovate UK Grants Already Secured£1.72 million from the ATF SuRV programme (2022).£2.0 million from the CLIMATES grant scheme (2023).Used to fund pilot/demonstration facility.Track record suggests continued grant support is very likely.C. Other Public/Regional FundsBelfast could indirectly benefit through:UK Shared Prosperity Fund (~£1.79 million to local councils).Belfast Region City Deal infrastructure support (e.g. Glider transit).While not directly earmarked for IXR, these support ecosystem development.D. Funding Structure Going ForwardTargeting a blend of:Government grants (ATF + Innovate UK)Private equity investmentBank/debt financing (possibly ESG or export credit agencies)

3. Additional Positive DevelopmentsA. Brazil JV – ViridionIn 2024, IXR announced a joint venture with Viridis Mining & Minerals to develop a rare earth refinery in Brazil.The JV is named Viridion.Viridion strengthens IXR’s global reach in refining and circular economy applications.Positions IXR as a dual-continent processor: UK + South America.B. Technical & Environmental StrengthIXR’s proprietary MAIL (Multifunctional Amide Ionic Liquid) technology:Achieves 99%+ REO separation.Reduces stages from 150+ to 10.Non-toxic and energy-efficient.Offers a greener, more scalable solution for global REE supply chains.

Summary: IXR is well-positioned to receive significant UK government funding. The project has strong technical merits, existing grant wins, and strategic alignment with national clean energy and EV policies. The likely success of the ATF grant, existing Innovate UK support, and the Brazil JV (Viridion) all contribute to a robust funding and operational outlook.Outlook:ATF Grant – Highly LikelyFurther Innovate UK Support – Very LikelyPrivate Equity/Debt Match – Enhanced by public supportStrategic Positioning – Strengthened by Brazil JV and IP ownership