IONIC RARE EARTHS LIMITED — Investor Presentation 2021

Dec 14, 2021

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Seren Technologies Acquisition and Outlook for 2022 IonicRE Shareholder Webinar

15 DECEMBER 2021

IONICRE.COM.AU

Cautionary Statement

Important Notice and Disclaimer

This presentation should be considered in its entirety. If you do not understand the material contained in this presentation, you should consult your professional advisors. The sole purpose of this presentation is to provide shareholders with an update on current activities of the Company and the current state of exploration at the Makuutu Rare Earths Project in the Uganda.

Any statements which may be considered forward looking statements relate only to the date of this presentation document. Such forward looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause actual results, performance or achievements of the Company to be materially different from future results, performance, or achievements expressed or implied by such forward looking statements. As a result of these factors, the events described in the forward-looking statements in this document may not occur.

Notwithstanding the material in this presentation, shareholders should consider that any investment in the Company is highly speculative and should consult their professional advisers – whether scientific, business, financial or legal – before deciding whether to make any investment in the Company.

The Company may at its absolute discretion, but without being under any obligation to do so, update, amend or supplement this presentation or any other information to the recipient. No person has been authorised to give any information or make any representation other than contained in this document and if given or made, such information or representation must not be relied on as having been so authorised.

Competent Person Statement

Information in this report that relates to previously reported Exploration Targets and Exploration Results has been crossed-referenced in this report to the date that it was originally reported to ASX. Ionic Rare Earths Limited confirms that it is not aware of any new information or data that materially affects information included in the relevant market announcements.

The information in this report that relates to Mineral Resources for the Makuutu Rare Earths deposit was first released to the ASX on 3 March 2021 and is available to view on www.asx.com.au. Ionic Rare Earths Limited confirms that it is not aware of any new information or data that materially affects information included in the relevant market announcement, and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed.

The information in this report that relates to Scoping Study results and production targets was first released to the ASX on 29 April 2021 and is available to view on www.asx.com.au. Ionic Rare Earths Limited confirms that it is not aware of any new information or data that materially affects information included in the relevant market announcement, and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed.

IONIC RARE EARTHS

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The Time is Now

DEVELOPING A SECURE, TRACEABLE, CRITICAL AND HEAVY RARE EARTH SUPPLY CHAIN TO FACILITATE CARBON NEUTRALITY

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The Mine – Makuutu

Multi-generational CREO and HREO supply potential from Makuutu, one of very few global ionic adsorption clay (IAC) deposits

Simple mining and low capex processing to produce Mixed Rare Earth Carbonate (MREC)

No radionuclides

Progressing towards MLA in 2022

The Refinery to Magnets

Maximise value of unique

basket  downstream study expanding through full REE value chain

Alternative CREO / HREO

refiner targeting western markets

Development of secure and traceable REO supply chain

Incorporation of NdFeB magnet recycling

The Basket – High Margin

One of the highest value REO baskets of all projects in evaluation today

43% magnet REOs

44% Heavy REOs

93% of forecast value derived from magnet REOs plus Y

Major future source of Scandium production

Increasing Demand, Reducing Supply – Becoming Urgent

World accelerating to carbon

neutrality , with 8-fold demand increase in both EVs and offshore wind turbine forecast by 2030

ESG drive globally to source sustainable critical raw materials

Limited future HREO supply from declining reserves of IACs in southern China

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Sustainable Rare Earth Supply Chain

ENVIRONMENT, SOCIAL AND GOVERNANCE (ESG) FOUNDATION LAID AT MAKUUTU

• Environmental and Social Impact Assessment (ESIA) draft submitted in Uganda

• Focus on carbon footprint reduction using renewable power

• Water treatment for reagent recovery and rehabilitation strategy

• Rehabilitation plans aim to ensure net positive climate legacy, including developing new industries aimed at future employment and increasing food security

• Community engagement programs well received and ongoing, with contributions across local districts that host the Project

• Capacity building programs underway in Uganda

• Local investment and local hiring

• Engagement of Ugandan service providers

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REE separation, refining & magnet recycling capability

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IONIC RARE EARTHS

Acquisition of Seren Technologies

ADDS IMMEDIATE CAPABILITY FOR DOWNSTREAM RARE EARTH SEPARATION, REFINING & MAGNET RECYCLING

Acquisition of leading edge technology solution to provide new global and sustainable supply of rare earth metals for a Green Economy

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RARE EARTH MINING CONCENTRATES & INTERMEDIATES (MREC)

VIRGIN GRADE RARE EARTH OXIDES

RARE EARTH MAGNETS

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Acquisition of Seren Technologies – People, IP and Know-How

ADDS IMMEDIATE CAPABILITY FOR DOWNSTREAM RARE EARTH SEPARATION, REFINING & MAGNET RECYCLING

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Prof. Peter Nockemann

Dr Fergal Coleman

• Technology based upon Ionic liquids, similar to solvent extraction

  • Director of technology

• Inventor

• Technical team of 6 chemists and 2 chemical engineers located between Belfast and Teesside in UK

• Rare Earths expert

  • Process optimisation

• R&D group head

• Queens University Belfast, Northern Ireland (R&D)

• Scale-up

• Synthesis lab, Mixer-settlers, TXRF, XRF, NMR, ICP

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Andrew Holmes

• Wilton Centre, Teesside, England (Scale-up)

• Sales and marketing

• Centrifugal separator pilot, 50 litre dissolution stage, Demagnetisation furnace and ICP

• Commercialisation

• Proprietary separation modelling software program and TechnoEconomic analysis capability

• Business Development

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REE Supply Chain and IonicRE Activity

IONICRE ADDING CAPACITY TO BECOME MORE INTEGRATED IN NEW FUTURE RARE EARTH SUPPLY CHAINS

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1. Makuutu Rare Earths Project

2. IonicRE Refinery

3. Magnet Recycling

• Low Capital, modular development enables IonicRE to bring on highly sought-after basket of REEs

• Expandable with free cash flows and growing market demand

• MLA planned for late 2022

• Commencing operations in 2024

• Under Evaluation now assessing potential economics

• Targeting separation of MREC from Makuutu to produce refined REOs for downstream conversion to metals and alloys

• Potential to receive MREC feed or HREO products from other producers

• Low capital development to recycle spent magnets and swarf to produce separated and refined 99.99%+ REOs

• Near term magnet REO production capacity (Nd, Pr, Dy and Tb – potential for Sm, Gd, Ho)

• Modular recycling plants located in numerous jurisdictions

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Rare Earth Magnets and Motors: A European Call for Action A report by the Rare Earth Magnets and Motors Cluster of the European Raw Materials Alliances.

REE Value Chain and Demand to 2030

DEMAND FOR NEW SUPPLY OF Nd-Fe-B PERMANENT MAGNETS CREATES GROWING IMPORTANCE FOR MAGNET RECYCLING

• Rare earths are amongst the most resource-critical raw materials: they are of highest economic importance and at the same time feature a high supply risk – supply chain dominated by China

• NdFeB magnets play a vital role in the industrial economy of the world, with about 130,000 tonnes produced in 2019 worldwide which corresponds to a market value of about US$7.5B

• In 2019 ~ 5,000 tonnes of rare earth permanent magnets were used in EVs worldwide

• By 2030, the number may rise to between 40,000 and 70,000 tonnes on a global scale

• A global EV market worth about US$700B – US$1,100B (and growing!) would depend on securing access to sustainably produced rare earth magnets – a comparatively small but specialised market of about US$2.3B – US$3.4B billion

• Wind turbine generator supply will add to demand, with expected addition of 235 GW (25% CAGR) to 2030

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Rare Earth Magnets and Motors: A European Call for Action A report by the Rare Earth Magnets and Motors Cluster of the European Raw Materials Alliances, Oct 2021. Argus Analytics Oct 2021.

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REE Demand – Magnet Recycling to help fill the void

LAG IN INVESTMENT OF PRIMARY RARE EARTH EXTRACTION & POTENTIAL FOR NEAR TERM MAGNET RECYCLING

• Lack of historical investment will result in near term demand far exceeding supply

• Installation of primary extraction (i.e. mining) of rare earths from new or existing mining projects (by-product) is significant , with estimations up to 8-15 years

• Significant time advantage with low-cost modular Ionic Adsorption Clay (IAC) capacity also producing a more balanced basket of magnet REEs required magnet production

• New primary REO production will lag demand creating an opportunity for secondary sources (i.e. magnet recycling) to help fill the void

• > 100,000 tonnes of rare earth permanent magnets are consumed each year in renewable energy, machine tools, robotics, loudspeakers, water pumps, mobility, and ICT

• 16,000 tonnes of rare earth permanent magnets are exported from China to Europe each year, representing approximately 98% of the EU market

• < 1% recovery of rare earth permanent magnet scrap in Europe , which represents a large potential resource at a low carbon footprint

• Similar opportunity exists in Nth America and Asia to deploy low cost, REE recovery from waste and spent permanent magnets

• As magnet production increases, so to does longer term opportunity for magnet recycling, which could make up 20-25% of REO supply chain by 2030

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Rare Earth Magnets and Motors: A European Call for Action A report by the Rare Earth Magnets and Motors Cluster of the European Raw Materials Alliances, 2021. Securing Technology-Critical Materials for Britain, 2021. https://news.metal.com/newscontent/101678717/Dismantling-of-Motor-Scrap-Will-Become-A-New-Growth-Engine-amid-SlowIncrease-in-Ore-Supply/

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NdFeB Magnet Recycling – low cost, modular to separated REOs

FIRST MOVER CAPABILITY FOR DOWNSTREAM MAGNET RECYCLING TO SEPARATED 99.99%+ MAGNET RARE EARTH OXIDES

• Seren Technologies patented process uses chemical extraction to extract the magnet REE from the spent magnets to enable recycling back to the refined 99.99%+ REO quality

• Unique technology that has significant advantages over existing technologies which can not separate the individual REOs

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• Recycled REO can then be used to make higher quality magnets with greater proportions of heavy rare earths Dy and Tb for high-cost applications such as offshore wind turbines

FULL THIRD PARTY TECHNO-ECONOMIC FEASIBILITY STUDY COMPLETED

• Low capital and modular production of Nd, Pr, Dy and Tb oxides (plus Sm and Gd)

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RARE EARTH MAGNETS

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100% RECYCLED RARE EARTH OXIDES

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Securing Technology-Critical Materials for Britain, 2021. Seren Technologies Ltd.

Magnet Recycling – a lower risk, responsive REO supply source

MAGNET RECYCLING CAN ACHIEVE REO PRODUCTION WITH SIGNIFICANTLY REDUCED ENVIRONMENTAL BURDEN

• A secondary economy for magnets significantly reduces the environmental burden compared to the primary sources

• Secondary materials can be sourced from a much wider array of companies and countries, which reduces the risk of supply

shortages when the supply chain is narrow

• The material that is extracted will only contain the magnet REEs in

demand , unlike a primary ore, where all 17 rare earth elements are mixed together and need separating

• A recycled source of materials will not contain radioactivity , a problem with some primary hard rock REE resources

• Lower capital and faster to market

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MAGNET RECYCLING ENABLES THE CIRCULAR ECONOMY FOR RARE EARTHS THAT WILL INCREASE IN TIME TO REPRESENT 20% + OF THE REO SUPPLY CHAIN

Rare Earth Magnets and Motors: A European Call for Action A report by the Rare Earth Magnets and Motors Cluster of the European Raw Materials Alliances, 2021. Securing Technology-Critical Materials for Britain, 2021.

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Makuutu Basket is Balanced, CREO+HREO Dominant and High Value

DOWNSTREAM PROCESSING TO REO AND VALUE ADDED PRODUCTS UNLOCKS SIGNIFICANT UPSIDE

IonicRE progressing evaluating downstream REE separation and refining circuit

Test work underway to feed into process modelling and optimisation – iterative process

Exploring opportunities to value add beyond REOs

• MREC product typically has payability ~ 70%

• Refined REO payability increased to 100%

• Value added metals and alloys creates significant step change in revenue potential from

Scandium upside represents potential increase of 25-50% additional revenue potential from Makuutu LOM

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||||||||
|---|---|---|---|---|---|---|
|Makuutu|REO Pricing (China)|MAKUUTU BASKET CONTENT|
|Argus Metals|
|Rare Earth Oxide|Basket|
|10-DEC-2021|
|Composition|HIGH VALUE CREO / HREO PRODUCT|
|US$/kg|
|La2O3|%|13.5%|1.52|
|CeO2|%|13.5%|1.58|
|Pr6O11|%|5.5%|144.50|Y2O3|La2O3|
|Nd2O3|%|23.2%|145.00|25.4%|13.5%|
|Sm2O3|%|4.7%|5.00|
|Eu2O3|%|0.9%|32.00|
|Gd2O3|%|4.4%|80.50|
|CeO2|
|Tb4O7|%|0.6%|1,810.00|13.5%|
|Lu2O3|
|Dy2O3|%|3.7%|465.00|0.2%|
|Ho2O3|%|0.7%|205.00|Yb2O3|
|1.3%|
|Er2O3|%|2.0%|63.00|
|Tm2O3|%|0.3%|850.00|Tm2O3|
|0.3%|
|Yb2O3|%|1.3%|16.30|
|Er2O3|
|Lu2O3|%|0.2%|850.00|2.0%|Pr6O11|
|5.5%|
|Y2O3|%|25.4%|11.00|Ho2O3|
|0.7%|
|Sum Total|100%|
|Magnet REO|%|43%|Dy2O3|
|3.7%|
|LREO|%|56%|
|Tb4O7|
|HREO|%|44%|0.6%|
|CREO|%|54%|Gd2O3|
|CREO+HREO|%|73%|4.4%|Eu2O30.9%|Sm2O3|Nd2O3|
|Basket Value|REO/kg|$ 87.10|4.7%|23.2%|
|Note. Rounding Applied to nearest 0.1%.|

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IonicRE REE Separation & Refining Capacity Evaluation

INVESTIGATING KEY WESTERN MARKETS WITH GROWING DEMAND FOR BOTH CRITICAL & HEAVY REO OVER NEXT DECADE

Global HREO separation and NPM Silmet refining capacity operated Estonia and controlled by China[1] Light Rare Earth Separation and Refining Small capacity identified in Vietnam HREO refining plants in US under consideration but no committed timelines as yet Thailand Light Rare Earth India Rare Separation and IonicRE to consider best Earths Limited Refining Light Rare Earth global Refinery location Separation and Refining Vietnam with direct access to sell Light and Heavy Rare Earth product to partners in US, Separation and Refining LREO Capacity UK, Europe, and Asia HREO Capacity Lynas Rare Earths Malaysia Light Rare Earth Separation and Refining

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Northern Rare Earths

Bayan Obo (Inner Mongolia) Light Rare Earth Separation and Refining

Minmetals

Several Provinces Light and Heavy Rare Earth Separation and Refining

Chinalco

Several Provinces Light and Heavy Rare Earth Separation and Refining

Xiamen Tungsten

Fujian Light and Heavy Rare Earth Separation and Refining

Southern Rare Earths

Jiangxi and Sichuan Light and Heavy Rare Earth Separation and Refining

Guangdong Rare Earth Group Guangdong Light and Heavy Rare Earth Separation and Refining

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1 Argus Analytics.

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IONIC RARE EARTHS

Phase 4 Drill Program and Mineral Resource Estimate Update

DRILL ASSAYS EXPECTED OVER NEXT 3 MONTHS TO CULMINATE IN MATERIAL UPGRADE OF MAKUUTU MRE

279 drill holes (4,754 metres) completed between October 2019 and October 2020 defining JORC MRE[1 ] of 315 Mt @ 650 ppm Total Rare Earths Oxide (TREO), at a cut-off grade of 200 ppm TREO-CeO2

67 RAB drill holes (Phase 3) announced in July confirmed extension of mineralisation east to EL00147, between previous identified radiometric anomalies, and to northwest (EL00257)

Phase 4 infill drilling program completed (8,200 m, 432 holes) with 4 Tranches of assays pending to feed into MRE update planned for Q2 2022

Objective to increase Indicated and Mineral Resource classifications to greater than 250Mt to support Feasibility Study in 2022

Near term exploration extension from areas that haven’t yet converted (Areas C, E, Central Eastern Zone) so expecting total MRE will increase

Shallow, near surface IAC mineralisation , with clay layer averaging 5 to 12m thick under cover approximately 3m deep. Average hole depth ~17m

Longer term, numerous exploration targets identified for drilling in 2022

Scandium currently not included in cut-off grade determination

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Category	Estimation Domain	Tonnes (Mt)	TREO (ppm)	TREO no CeO2 (ppm)	LREO (ppm)	HREO (ppm)	CREO (ppm)	Sc2O3 (ppm)
Indicated Clay 66 820 570 590 230 300 30
Inferred Clay 248 610 410 450 160 210 30
Total Resource Clay 315 650 440 480 170 230 30

1 Makuutu Mineral Resource Estimate reported to ASX on 3 March 2021. 2 Phase 3 RAB results announced 15 July and 20 July 2021.

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Looking Forward to 2022

KEY ACTIVITIES OVER NEXT 6 TO 12 MONTHS THAT UNLOCK SUBSTANTIAL VALUE AT IONIC RARE EARTHS

• Drill assays from remaining Phase 4 infill program – 4 tranches to be reported (next 2-3 months)

• Environmental & Social Impact Assessment submitted Q4 2021 (progressing Q1/Q2 2022)

• Mineral Resource Estimate update (Q2 2022)

• Phase 2 Metallurgical variability and testwork (Q2 2022)

• Ongoing Exploration Activity – RAB Phase 3 metallurgical testwork to inform exploration drilling at EL00147 and EL0257

• Finalise Makuutu Project Approvals (Q2/Q3 2022)

• Makuutu Feasibility Study (Oct 2022)

• Makuutu Mining Licence Application submission (Oct 2022)

• Refinery Scoping Study (Q3 2022)  Downstream value chain

• Magnet Recycling Opportunities, including integration within proposed Refinery

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Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Completed Assays Metallurgy Testwork MRE Update ESIA Submitted Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Completed Assays Metallurgy Testwork MRE Update ESIA Submitted Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Completed Assays Metallurgy Testwork MRE Update ESIA Submitted Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Completed Assays Metallurgy Testwork MRE Update ESIA Submitted Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Completed Assays Metallurgy Testwork MRE Update ESIA Submitted Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Completed Assays Metallurgy Testwork MRE Update ESIA Submitted Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Completed Assays Metallurgy Testwork MRE Update ESIA Submitted Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Completed Assays Metallurgy Testwork MRE Update ESIA Submitted Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Completed Assays Metallurgy Testwork MRE Update ESIA Submitted Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Completed Assays Metallurgy Testwork MRE Update ESIA Submitted Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Completed Assays Metallurgy Testwork MRE Update ESIA Submitted Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Completed Assays Metallurgy Testwork MRE Update ESIA Submitted Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production	Makuutu Timeline to Production ACCELERATING MAKUUTU TOWARDS PRODUCTION IN 2024 ACTIVITY 2021 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Resource Drilling (Phase 4) Completed Assays Metallurgy Testwork MRE Update ESIA Submitted Feasibility Study Landowner Agreements Demonstration Plant Funding Agreements Mining Licence Application Final Investment Decision Site Early Works Construction Mining Commences Commissioning Plant Production
ACTIVITY		2021	2022				2023				2024
		Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2
Resource Drilling (Phase 4)		Completed	Assays
Metallurgy Testwork
MRE Update
ESIA		Submitted
Feasibility Study
Landowner Agreements
Demonstration Plant
Funding Agreements
Mining Licence Application
Final Investment Decision
Site Early Works
Construction
Mining Commences
Commissioning
Plant Production

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IonicRE Value Proposition

MAKUUTU’S STRATEGIC IMPORTANCE WILL INCREASE

LONG TERM

• Long-life, low-CAPEX, high-value basket asset

• Planned operations in 2024

• Exposure to 43% magnet REOs & 44% heavy REO basket

THROUGH ACQUISITION OF SEREN TECHNOLOGIES, IONICRE NOW ON PATH TO VERTICAL INTEGRATED RARE EARTH COMPANY

• Addition of REE separation and refining capacity has increased internal capability to deliver refinery solution for new supply chains into western markets

• Technology applicable to both mineral concentrates, intermediate products (MREC) and magnet recycling

MAGNET RECYCLING

• Potential for near term supply of magnet REOs sourced from environmentally favourable magnet recycling

• Will play a growing role in future REO supply chain, up to 25% by 2030

Adamas Intelligence, Sept 28, 2020

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Ionic Rare Earths Limited

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IONIC RARE EARTHS