Ionic Rare Earths Limited
Ionic Rare Earths Limited (ASX: IXR) recycles and refines high-purity magnet rare earth oxides (Nd, Pr, Dy, Tb) from spent NdFeB magnets via its Belfast-based Ionic Technologies subsidiary, and also holds a Uganda IAC mining project and a Brazil JV, supplying defense, EV, and wind manufacturers seeking an ex-China rare earth supply chain.
- Company typePublic
- Founded2020
- HeadquartersPerth, Australia
- Headcount51–100
- GTM typeB2B
- OfferingHardware or Manufacturing
What Ionic Rare Earths Limited does
Ionic Rare Earths Limited (ASX: IXR; OTCQB: IXRRF) is an Australian-listed critical minerals company building a Western, ex-China rare earth supply chain across three operating pillars: (i) Ionic Technologies, a 100%-owned Belfast-based subsidiary that recycles and refines high-purity magnet rare earth oxides (Nd, Pr, Dy, Tb at >99.9% purity) from pre-consumer scrap and spent NdFeB magnets using a patented 15-stage hydrometallurgical solvent extraction process developed at Queen's University Belfast, validated end-to-end by Ford UK for EV motor magnets and qualified into U.S. Defense Logistics Agency contracts via Advanced Magnet Lab; (ii) the 60%-owned Makuutu ionic adsorption clay project in Uganda (617 Mt resource, 50+ year mine life, magnet and heavy REE plus scandium basket); and (iii) the 50/50 Viridion JV with Viridis Mining & Minerals in Brazil, advancing a REO refinery and magnet recycling facility in Minas Gerais.
Underlying technology centers on hydrometallurgical separation with ionic liquid additives, integrated with Nth Cycle's electro-extraction step to remove the China-dependent oxalic acid precipitation (independently certified to deliver a ~61% reduction in carbon footprint vs. primary supply per the Minviro study). Commercial scale-up is in progress: a demonstration plant at 30 tpa input is being scaled to a 1,200 tpa input / ~400 tpa separated-oxide Belfast Harbour plant corner-stoned by a £12M UK DRIVE35 grant and supported by licensing/JV replication in the U.S. (US Strategic Metals, Missouri), Brazil (Viridion), South Korea (DNA Link), and Ireland (EMR).
Revenue mechanics rest on three streams: hardware sales of recycled high-purity REOs (to defense and clean-energy manufacturers), long-term hardware supply into defense magnet production under DLA contracts, and technology licensing/royalties from international JV partners. Customer segments are predominantly enterprise — defense (AML/DLA, missiles, UAVs, stealth platforms), automotive (Ford UK, GKN, LCM), wind power (end-of-life turbine recycling via EMR), and government/policy-aligned industrial buyers. Pricing is contract-based via offtake agreements and not publicly disclosed. The company is pre-commercial at scale: revenue is undisclosed, the bulk of equity raised (~$51M across 2022-2025) and government grant funding (£12M plus R$5B JV facility financing) is being deployed to build out commercial plants and JV infrastructure rather than to monetize an installed base.
Ionic Rare Earths Limited firmographics
Firmographics- Name
- Ionic Rare Earths Limited
- Legal name
- Ionic Rare Earths Limited
- Website
- https://ionicre.com
- Company type
- Public
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Ionic Rare Earths Limited (ASX: IXR) recycles and refines high-purity magnet rare earth oxides (Nd, Pr, Dy, Tb) from spent NdFeB magnets via its Belfast-based Ionic Technologies subsidiary, and also holds a Uganda IAC mining project and a Brazil JV, supplying defense, EV, and wind manufacturers seeking an ex-China rare earth supply chain.
- Ownership category
- akta.pro rank
Ionic Rare Earths Limited industry classification
Industry- Product category
- Rare Earth Materials
- NAICS
- Nonferrous Metal (except Aluminum) Smelting and Refining (33141), Materials Recovery Facilities (562920)
- SIC
- Primary Smelting & Refining Of Nonferrous Metals (3330), Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400)
- akta.pro primary industry
- Rare Earths Separation & Refining (Oxides/Metals) (IMAKAFAH)
- akta.pro secondary industry
- Rare Earths Mining & Concentrates (REE Ores) (IMAKAFAG)
Keywords
Where Ionic Rare Earths Limited is headquartered
LocationHeadquarters
- HQ city
- Perth
- HQ country
- Australia
- HQ region
- Oceania
Offices4 records
Markets served
Ionic Rare Earths Limited business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales
Revenue model
- Recycled Rare Earth Oxide Sales: Sale of high-purity separated magnet rare earth oxides (neodymium, praseodymium, dysprosium, terbium) produced from recycled magnet scrap to defense and clean energy manufacturers.
- Defense Magnet Supply: Supply of magnet rare earth oxides including neodymium/praseodymium oxide and dysprosium oxide under AML's U.S. Defense Logistics Agency contract for domestically produced high-grade sintered NdFeB permanent magnets for defense applications.
- Technology Licensing: Licensing of patented magnet recycling technology to international partners including Viridion (Brazil) and US Strategic Metals (Missouri) for deployment of Ionic Technologies' IP in new geographic markets.
- MREC Production (Makuutu): Production and sale of Mixed Rare Earth Carbonate (MREC) from the Makuutu project in Uganda to advance offtake negotiations and generate early revenue from mining operations.
Go-to-market motion3 records
Distribution channels4 records
Marketing channels6 records
Ionic Rare Earths Limited product offering
Product offeringCore offering
Ionic Rare Earths recycles and mines magnet and heavy rare earth elements, producing high-purity (>99.9%) separated rare earth oxides (Nd, Pr, Dy, Tb) via its patented 15-stage hydrometallurgical solvent extraction process developed at Queen's University Belfast. The company operates three pillars: Ionic Technologies (recycling from spent NdFeB magnets in Belfast), the Makuutu ionic adsorption clay mining project in Uganda producing mixed rare earth carbonate, and the Viridion JV in Brazil deploying its recycling IP.
Product overview
Ionic Rare Earths Limited operates as a multi-asset rare earths company with three core business pillars: (1) Ionic Technologies - a 100% owned magnet recycling subsidiary using patented 15-stage hydrometallurgical solvent extraction to produce 99.9%+ purity magnet rare earth oxides from spent NdFeB magnets; (2) Makuutu Rare Earths Project - a 60% owned development-stage ionic adsorption clay project in Uganda with 617Mt resource producing mixed rare earth carbonate; and (3) Viridion - a 50/50 joint venture with Viridis Mining & Minerals in Brazil developing a REO refinery and magnet recycling facility. The company is scaling its Belfast commercial plant from 30t/year demonstration to 1,200t/year capacity producing 400t/year of separated rare earth oxides.
Differentiator
Problem solved
Functional benefit
Brands
- Viridon: Brand name for the 50/50 JV between IonicRE and Viridis Mining & Minerals for magnet recycling and rare earth refining operations in Brazil
- Viridion
- Ionic Technologies
- Makuutu
Products and services
- Ionic Technologies Magnet Recycling Service Recycling and refining of magnet and heavy rare earths from pre-consumer magnet scrap and spent NdFeB magnets (end-of-life magnets, including from wind turbines), producing 99.9%+ purity separated magnet rare earth oxides (Nd, Pr, Dy, Tb). Sold to defense manufacturers, automotive OEMs, and magnet producers.
- High-Purity Separated Rare Earth Oxides (Nd, Pr, Dy, Tb) Individually separated high-purity rare earth oxides (neodymium, praseodymium, dysprosium, terbium) produced from recycled magnet scrap at greater than 99.9% purity via patented hydrometallurgical solvent extraction. Sold to defense magnet manufacturers and automotive OEMs.
- Makuutu Mixed Rare Earth Carbonate (MREC) Production and sale of Mixed Rare Earth Carbonate (MREC) from the 60%-owned Makuutu ionic adsorption clay project in Uganda. MREC contains magnet and heavy rare earths (Nd, Pr, Dy, Tb) plus scandium, with 617 million tonne mineral resource estimate and 50+ year mine life.
- Viridion Joint Venture Magnet Recycling and Refining 50/50 joint venture with Viridis Mining & Minerals holding exclusive rights in Brazil to commercialize Ionic Technologies' magnet recycling IP. Developing REO refinery and magnet recycling facility in Minas Gerais to establish South America's first closed-loop rare earth magnet supply chain.
- Magnet Recycling Technology Licensing Licensing of patented hydrometallurgical magnet recycling technology to international partners including Viridion (Brazil) and US Strategic Metals (Missouri) for deployment in new geographic markets under joint venture or licensing structures.
Quantifiable outcome
- 61% carbon emissions reduction compared to primary REO supply chain
- +4 more outcomes
Companies that use Ionic Rare Earths Limited
Customer profileNamed customers5 records
Segments5 records
Ideal customer profiles4 records
Ionic Rare Earths Limited technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Ionic Rare Earths Limited partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core, secondary and minor.
- Advanced Magnet Lab (AML)coreBinding sales agreements to supply recycled rare earth oxides (neodymium/praseodymium oxide, dysprosium oxide) for AML's PM-Wire manufacturing platform under U.S. Defense Logistics Agency contract for domestic high-grade sintered NdFeB permanent magnets. Also signed MOU for recycling manufacturing scrap. Supports secure ex-China rare earth supply chains for defense applications.
- Nth CyclecoreJoint development and licensing agreement to integrate Nth Cycle's proprietary electro-extraction technology into IonicRE's Belfast facility starting late 2026. Replaces China-dependent precipitation step with electro-extraction using electricity instead of oxalic acid, reducing operating costs and carbon footprint. Establishes first Western production pathway for long-loop recycling into high-purity rare earth oxides.
- Phoenix TailingssecondaryStrategic supplier partner collaborating with AML on rare earth inputs for U.S. DLA contract to qualify domestic high-grade sintered NdFeB permanent magnets for defense applications.
- MomentumsecondaryStrategic supplier partner collaborating with AML on rare earth inputs for U.S. DLA contract to qualify domestic high-grade sintered NdFeB permanent magnets for defense applications.
- US Strategic Metals (USSM)coreMOU to develop vertically integrated rare earth recycling and production at USSM's fully permitted 1,800-acre site in Missouri. Deploys IonicRE's patented magnet recycling technology to produce neodymium, praseodymium, dysprosium, and terbium. Supports US-Australia Framework for Securing Supply in Critical Minerals. U.S. currently sources 70% of rare earth imports from China.
- EMRsecondaryUK partnership to develop circular supply chain for rare earth magnet recycling, focusing on securing future supplies and underpinned by Ionic Technologies' proprietary separation processes. Supports development of magnet recycling facility in Ireland.
- Viridis Mining & Mineralscore50/50 joint venture (Viridion) with exclusive rights in Brazil to monetize, implement and commercialize Ionic Technologies' magnet recycling IP. Advancing REO refinery and magnet recycling facility in Minas Gerais to develop South America's first closed-loop rare earth magnet supply chain.
- Less Common Metals (LCM)coreUK consortium partnership to convert recycled rare earth oxides to magnet specification for automotive production. Ionic Technologies produces high-purity recycled oxides, LCM converts to magnets, GKN manufactures finished magnets, Ford validates at Dunton R&D. Demonstrated first end-to-end Western circular rare earth supply chain for EV motors.
- DNA Link (South Korea)minorNon-binding MOU to explore magnet recycling, swarf feedstock, and magnet REO supply in East Asia and beyond.
- CIT SENAI FIEMGcoreFive-year MOU with Innovation and Technology Centre of Minas Gerais, Brazil to develop South America's first rare earth magnet supply chain. Viridion aims to develop REO refinery and magnet recycling facility in Brazil with LabFab targeting 100 tonnes per annum NdFeB production.
Scale indicators11 records
Recent moves6 records
Expansion highlights7 records
Ionic Rare Earths Limited competitors and assessment
Company assessmentOthers
- Less Common Metals (LCM): UK-based rare earth metals and alloy producer and IonicRE consortium partner at LCM; not a direct recycler competitor but the downstream-of-ionic magnet conversion stage that defines the commercial pathway.
Direct peers
- Cyclic Materials: North America-based rare earth and critical mineral recycling startup using hydrometallurgical processes to recover magnet-grade REOs from end-of-life magnets and motors. Most direct comp to Ionic Technologies.
- HyProMag: UK-based rare earth magnet recycling company (Hyperion/hypromag route) using hydrogen decrepitation to process NdFeB scrap, targeting the same UK/Western European market and circular magnet economy thesis as Ionic Technologies.
- Mkango Resources: Canadian-listed developer of the Songwe Hill rare earth project in Malawi with downstream separation ambitions; comparable junior rare earth developer with mining-plus-refining strategy.
Broad incumbents
- Lynas Rare Earths: Australia's largest non-China integrated rare earth miner and processor (Mt Weld/LAMP). Established ex-China incumbent providing price benchmarks and offset volumes that IonicRE competes against in downstream separation.
- MP Materials: US-listed owner of Mountain Pass mine and is building downstream separation and magnet making capacity. Competes for the same US defense and EV OEM contracts IonicRE supplies via AML.
- Neo Performance Materials: Global rare earth processing and magnet materials company with a Chinese base and European footprint; previously led by IonicRE strategic advisor Constantine Karayannopoulos. Major reference customer/competitor in the rare earth oxide and magnet alloy space.
- USA Rare Earth: US-focused rare earth mining and downstream processing company (Round Top project) pursuing a similar magnet-to-oxide vertical integration thesis to IonicRE's Makuutu-to-refining stack.
Emerging players
- Energy Fuels: US-based uranium and critical minerals processor that has moved into rare earth carbonate and oxide processing via its Utah mill. Adjacent incumbent pathway IonicRE competes against for US-of-origin REO.
- Nth Cycle: US electro-extraction company focused on critical minerals recovery including REE; already IonicRE's technology partner and integrating into the Belfast facility - a comparable emerging processing alternative.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Ionic Rare Earths Limited social profiles
Digital presenceIonic Rare Earths Limited financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ionic Rare Earths Limited leadership team
Management profileNumber of profiles
Profiles14 records
Ionic Rare Earths Limited subsidiaries and ownership
Company hierarchySubsidiaries4 records
Ionic Rare Earths Limited funding detail
Funding detailFunding overview
Funding rounds4 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ionic Rare Earths Limited M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ionic Rare Earths Limited
What does Ionic Rare Earths Limited do?
Ionic Rare Earths recycles and mines magnet and heavy rare earth elements, producing high-purity (>99.9%) separated rare earth oxides (Nd, Pr, Dy, Tb) via its patented 15-stage hydrometallurgical solvent extraction process developed at Queen's University Belfast. The company operates three pillars: Ionic Technologies (recycling from spent NdFeB magnets in Belfast), the Makuutu ionic adsorption clay mining project in Uganda producing mixed rare earth carbonate, and the Viridion JV in Brazil deploying its recycling IP.
Is Ionic Rare Earths Limited a public or private company?
Ionic Rare Earths Limited is a public company. It is classified as public and is currently operating.
When was Ionic Rare Earths Limited founded?
Ionic Rare Earths Limited was founded in 2020. It employs 51 to 100 people.
Where is Ionic Rare Earths Limited based?
Ionic Rare Earths Limited is headquartered in Perth, Australia, in the Oceania region.
How does Ionic Rare Earths Limited make money?
Four revenue lines are on record. Recycled Rare Earth Oxide Sales are the primary driver. The others are defense Magnet Supply, technology Licensing and MREC Production (Makuutu).
Who are Ionic Rare Earths Limited's main competitors?
Less Common Metals (LCM) is listed as an others. Direct peers are Cyclic Materials, HyProMag and Mkango Resources. Broad incumbents are Lynas Rare Earths, MP Materials, Neo Performance Materials and USA Rare Earth. Emerging players are Energy Fuels and Nth Cycle.
Does Ionic Rare Earths Limited have an API?
No public API is recorded for Ionic Rare Earths Limited.
What industry is Ionic Rare Earths Limited in?
Ionic Rare Earths Limited's product category is Rare Earth Materials. Its primary akta.pro industry code is IMAKAFAH, Rare Earths Separation & Refining (Oxides/Metals), with a secondary code of IMAKAFAG, Rare Earths Mining & Concentrates (REE Ores). Its NAICS code is 33141 and its SIC code is 3330.