General Chat / Discussion, page-126

I wasn't going to bother to reply to your posts as no need to give you any air. But I've changed my mind due to potential new investors coming onboard over the next few weeks when the Scoping Study hits the market. Thanks for the opportunity!

Money from CR (17th Feb)was needed as the bank account was close to empty. The CR helped to support the costs involved with the updated MRE (3rd march).

The MRE was prepared by independent specialist resource and mining consulting group, Cube Consulting Pty Ltd (“Cube”. They don't work for free.
All DDH samples were dispatched by air freight direct to ALS laboratory Perth, Australia. ALS don't work for free either.

1. IonicRE to fund to completion of a Bankable Feasibility Study (“BFS” to earn an additional 9% interest for a cumulative 60% interest in RRM.
2. Milestone payments, payable in cash or IonicRE shares at the election of the Vendor, as follows:
   • US$375,000 on production of 10 kg of mixed rare-earth product from pilot or demonstration plant activities; and
   • US$375,000 on conversion of existing licences to mining licences.

Drilling is set to commence for the infill drilling program, wages to pay, consultants to pay, etc...
The Hardcap and some of the drilled zones require more attention and is potentially to be used in the BFS so there will be additional costs involved with this.

"The MRE only includes clay and saprolite regolith types with surface hardcap material excluded while processing alternatives are tested for this material. This is consistent with the Company’s knowledge of other IAC deposits, especially the southern Chinese deposits."

"The Inferred Resource areas are drilled on a 400 metre x 400 metre spacing and will require further infill drilling to increase resource confidence."

"Areas C and E have failed to convert to resources at this time, with mineralisation lacking sufficient continuity at the 400 metre x 400 metre drill spacing to be classified. These areas can be tested with closer spaced drilling in the future to provide more confidence in the continuity of mineralisation, which will have the potential to add further resource. The disruption to the continuity in these areas is primarily due to unmineralised sand units, intercalated with mineralised clays, resulting in insufficient mineralised intersections to provide resource estimate confidence. As such, Exploration Targets have been maintained for these areas and future core drilling will look to convert these to additional resource."

IXR is now fully funded to BFS.