IONIC RARE EARTHS LIMITED — Capital/Financing Update 2024

Feb 15, 2024

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ASX Announcement

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16 February 2024

MAKUUTU EARN-IN FINAL MILESTONE FEE

The Board of Ionic Rare Earths Limited (“IonicRE” or “The Company”) (ASX: IXR) advised that per the earn-in agreement signed for the Makuutu Heavy Rare Earth Project (“Makuutu” or “the Project”) (ASX: 5[th] July 2019), the final milestone fee payment is due on award of the conversion of existing licences to a mining licence to Rare Earth Elements Africa Pty Ltd (“REEA”). The formal signing of the large-scale Mining Licence (LML00334) over the central Makuutu tenement (previously Retention Licence 1693) was announced 18[th] January 2024.

The final milestone fee of US$375,000 has been settled via script issued using a 30-day volume weighted average price ("VWAP") of $0.0221 recorded close of trading 9[th] February 2024 and an exchange rate of 0.6524 USD to AUD resulting in a total consideration of 26,017,409 shares in IXR issued to REEA. This now satisfies all hurdles of the Makuutu earn-in agreement.

Authorised for release by the Board.

For enquiries, contact:

For Company For Investor Relations Tim Harrison Peter Taylor Ionic Rare Earths Limited NWR Communications investors@ionicre.com peter@nwrcommunications.com.au +61 (3) 9776 3434 +61 (0) 412 036 231

Ionic Rare Earths Limited Level 5 South 459 Collins Street Melbourne Vic 3000 Australia

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Phone: +61 3 9776 3434 Email: investors@ionicre.com Web: www.ionicre.com ACN: 083 646 477