STTCOMP IXR FA LONG
Ionic Rare Earths Ltd (Rare earth elements, Uganda)
MC $158,776,802 MC
SP 0.041
I am entering this company now because after its SP has been absolutely smashed (like many other companies with the current market), from a recent 52 week high of 9.8c to 3.9c this morning.
Currently, as a miner and producer, China is by far the biggest supplier of REE and related products (magnets for windfarms for example, as well as high-tech defence systems). IXR has one of the largest clay resources on the planet and is actively courting the UK and US as customers.
One of our directors named Jill Kelley has the following background:
“Jill Kelley haspreviously held roles at the various levels of international leadership and hasinvolved in supporting U.S. military operations spanning over 60 countries,collectively known as the U.S. Coalition Allies. Ms Kelley's networks in, andknowledge of, Europe, the Middle East, Asia, and South and Central America havehelped advance American interests during the most critical points in currenthistory. As former honorary ambassador to U.S. Central Command General Mattisand CIA Director David Petraeus, Ms Kelley met regularly with Royals,Presidents, Prime Ministers, and Parliamentarians to foster military, security,and economic relationships.”
She stands to gain a decent number of shares in the event of closing a deal with a US company.
Director Tim Harrison seems to have a good relationship with the local pollies, and they too seem keen to get on with it and make their country more prosperous through mining.
Sprott Equity Research, who recently visited the site, gives us a price target of $0.17, so there are bags to be made if correct.
Short term I’m not sure if we will see and end to the sell-off, but if IXR is in production in 2024 as hoped, I think there will be gains to be had. Worth a look I reckon.
