IONIC RARE EARTHS LIMITED — Capital/Financing Update 2024

Feb 1, 2024

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ASX Announcement

ASX: IXR

2 February 2024

Cleansing notice under Section 708A(5)(e) of the Corporations Act 2001 (Cth)

Ionic Rare Earths Limited (“IonicRE” or “the Company”) (ASX:IXR) issued 27,777,775 fully paid Ordinary Shares (Shares) on 1 February 2024.

Accordingly, the Company gives notice under section 708A(5)(e) of the Corporations Act 2001 (C’th) (the "Corporations Act") that:

1. the Shares were issued by the Company without disclosure to investors under Part 6D.2 of the Corporations Act;

2. as at the date of this notice the Company has complied with:

   • a. the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and

   • b. section 674 of the Corporations Act; and

3. as at the date of this notice there is no information:

   • a. that has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules; and

   • b. that investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:

     • i. the assets and liabilities, :nancial position and performance, pro:ts and losses and prospects of the Company; or

     • ii. the rights and liabilities attaching to the Shares.

An Appendix 2A with respect to the share issue has been lodged with ASX on 2 February 2024.

This announcement has been authorised for release by the Board.

For enquiries, contact:

For Company

Tim Harrison Ionic Rare Earths Limited investors@ionicre.com +61 (3) 9776 3434

For Investor Relations Peter Taylor NWR Communications peter@nwrcommunications.com.au +61 (0) 412 036 231

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

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

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About Ionic Rare Earths Ltd

Ionic Rare Earths Limited (ASX: IXR or IonicRE) is set to become a miner, re:ner and recycler of sustainable and traceable magnet and heavy rare earths needed to develop net-zero carbon technologies.

The Makuutu Rare Earths Project in Uganda, 60% owned by IonicRE, moving to 94% ownership in H1 2024, is well-supported by existing tier-one infrastructure and is on track to become a long-life, low Capex, scalable and sustainable supplier of high-value magnet and heavy rare earths oxides (REO). In March 2023, IonicRE announced a positive stage 1 De:nitive Feasibility Study (DFS) for the :rst of six (6) tenements to progress to mining licence which was awarded in January 2024. The Makuutu Stage 1 DFS de:ned a 35-year life initial project producing a 71% rich magnet and heavy rare earth carbonate (MREC) product basket and the potential for signi:cant potential and scale up through additional tenements.

Ionic Technologies International Limited (“Ionic Technologies”), a 100% owned UK subsidiary acquired in 2022, has developed processes for the separation and recovery of rare earth elements (REE) from mining ore concentrates and recycled permanent magnets. Ionic Technologies is focusing on the commercialisation of the technology to achieve near complete extraction from end of life / spent magnets and waste (swarf) to high value, separated and traceable magnet rare earth products with grades exceeding 99.9% rare earth oxide (REO). In June 2023, Ionic Technologies announced initial production of high purity magnet REOs from its newly commissioned Demonstration Plant. This technology and operating Demonstration Plant provides :rst mover advantage in the industrial elemental extraction of REEs from recycling, enabling near term magnet REO production capability to support demand for early-stage alternative supply chains.

As part of an integrated strategy to create downstream supply chain value, IonicRE is also evaluating the development of its own magnet and heavy rare earth re:nery, or hub, to separate the unique and high value magnet and heavy rare earths dominant Makuutu basket into the full spectrum of REOs plus scandium.

This three-pillar strategy completes the circular economy of sustainable and traceable magnet and heavy rare earth products needed to supply applications critical to electric vehicles, offshore wind turbines, communication, and key defence initiatives.

IonicRE is a Participant of the UN Global Compact and adheres to its principles-based approach to responsible business.

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

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

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