Iondrive Limited · ASX:ION
Iondrive — Investor Presentation (September 2026)
31 slides from Iondrive's investor presentation, Sep 7, 2026
Slide 1: ASX Release: Corporate Presentation
ASX RELEASE ASX: ION Iondrive Limited | ABN 30 107 424 519 7 September 2026 Corporate Presentation Iondrive Limited (ASX: ION) (“Iondrive” or “the Company”) is pleased to provide the attached updated corporate presentation. This announcement has been approved for release by the Board of Directors. F
Slide 2: Securing a Circular Domestic Rare Earth Supply Chain in the United States
IONDRIVE LIMITED · ASX:ION For personal use only Securing a Circular Domestic THE PLATFORM Rare Earth Supply Chain in IONSolv the United States Selective leach → Separation → Solvent Recycle → Product Upgrade APPLIED ACROSS THREE FEEDSTOCKS: One platform. Multiple value-upgrade pathways. 01 E-Waste
Slide 3: Investment proposition
IONDRIVE LIMITED (ASX:ION) Investment proposition Iondrive’s market capitalisation is approximately A$96m (2 September 2026). The Company has moved from technology validation to an updated technical and economic evaluation of a commercial module, built on commercial U.S. magnet feedstock. For person
Slide 4: US$243m post-tax NPV from a single module
UPDATED TEA · MODEL v0.7 · 3 SEPTEMBER 2026 US$243m post-tax NPV from a single module Updated technical and economic evaluation of one IONSolv commercial module. Real, ungeared, US$, 10% real discount rate, 30% corporate tax. The base case values recovered oxide at 90% of North American benchmark as
Slide 5: Where the value goes – and where it is lost
OPPORTUNITY FLOW Where the value goes – and where it is lost. Three Western waste streams. Today, most value is LOST to landfill, and the remainder routes through China-dominated refining. IONSolv can potentially intercept and redirect to Western end-use — the opportunity flow. Rare earths are the i
Slide 6: Different markets. Same bottleneck.
THE PROBLEM Different markets. Same bottleneck. Complex feedstocks exist. What's missing is the step that selectively upgrades them into high-value products. That gap is common across e-waste, For personal use only solar, and battery materials. E-WASTE / RARE EARTHS China share of refining THE VALUE
Slide 7: One selective platform, applied across feedstocks
THE SOLUTION · IONSolv One selective platform, applied across feedstocks IONSolv uses Deep Eutectic Solvent (“DES”) chemistry developed with the University of Adelaide. Same process architecture; tunable formulation per feedstock. Selective, low-temperature, closed-loop. For personal use only FEEDST
Slide 8: Rare earth recovery from magnet scrap
VERTICAL 01 · E-WASTE / RARE EARTHS Rare earth recovery from magnet scrap. Independently validated single-pass leach recoveries and updated economics. Independent validation confirms high recovery of both light (Nd, Pr) and heavy (Dy) rare earths from commercial U.S. magnet feedstock. That work For
Slide 9: Securing the U.S. Critical Minerals Supply Chain
VERTICAL 01 · E-WASTE / RARE EARTHS Securing the U.S. Critical Minerals Supply Chain For personal use only Establishing a Domestic Circular "Feedstock-to-Market" Loop for Rare Earths Iondrive’s “feedstock-to-market” loop seeks to meet the demands of the U.S. supply chain whilst sourcing from domesti
Slide 10: Qualifying commercial U.S. feedstock at scale
U.S. FEEDSTOCK STRATEGY Qualifying commercial U.S. feedstock at scale The evaluation assumes feedstock of a defined grade and composition. Confirming that at commercial scale is the central item of work, through the qualification campaign and commercial feedstock discussions. For personal use only T
Slide 11: Richer feedstock, not better recovery
UPDATED TEA · WHAT CHANGED Richer feedstock, not better recovery The change from the November 2025 evaluation is driven principally by the feedstock now being modelled. Modelled dysprosium recovery rose sharply, but the increase in production is mostly grade and composition. For personal use only NO
Slide 12: Dysprosium: under 5% of mass, half the revenue
UPDATED TEA · REVENUE MIX Dysprosium: under 5% of mass, half the revenue The revenue mix is why feed composition and the dysprosium price assumption matter as much as they do. All three oxides are valued at 90% of benchmark assessments. For personal use only SHARE OF ANNUAL RE VE NUE AG AINST SHARE
Slide 13: Economic across every pricing case modelled
UPDATED TEA · SENSITIVITY Economic across every pricing case modelled Post-tax NPV₁₀ under each pricing case, and under movements in the principal model variables. These are modelling scenarios against published benchmarks. None represents a contracted price. For personal use only POST -TAX NPV₁ ₀ B
Slide 14: The same module, re-modelled on new feedstock
UNIT ECONOMICS · PHASE 1 → UPDATED TEA The same module, re-modelled on new feedstock Phase 1 TEE (ProProcess Engineering and ModelAnswer, November 2025) modelled a 2,000 tpa design. The updated evaluation, model v0.7 dated 3 September 2026, runs 2,402 tpa on commercial U.S. magnet feedstock at an as
Slide 15: First commercial module, Oklahoma — Letter of Support
U.S. EXPANSION & COMMERCIAL ROLLOUT First commercial module, Oklahoma — Letter of Support A non-binding Letter of Support has been received from the Oklahoma Department of Commerce (ODOC) identifying state and local incentive programs of up to US$15m across multiple modules, of which ~US$5.2m is ide
Slide 16: The capital behind the U.S. build-out
U.S. EXPANSION · CAPITAL The capital behind the U.S. build-out — and Iondrive’s Oklahoma stack Following a multi-state review, Oklahoma ranked among the strongest U.S. jurisdictions across incentives, permitting, operating costs and logistics. Iondrive intends to pursue state and local incentive pro
Slide 17: Why Oklahoma: lower costs, faster permitting, stronger logistics
U.S. EXPANSION · OPERATING ENVIRONMENT Why Oklahoma: lower costs, faster permitting, stronger logistics Oklahoma combines lower operating costs, faster and more certain permitting, and stronger logistics than most competing U.S. jurisdictions — advantages that flow directly into module economics and
Slide 18: One platform, three revenue lines, multiple verticals
BUSINESS MODEL One platform, three revenue lines, multiple verticals The same IONSolv architecture monetises across processing fees, product sales, and strategic partnerships – based on the same core technology across feedstocks. For personal use only INPUTS PLATFORM REVENUE STREAMS 01 · PROCESSING
Slide 19: Solar: silver-led economics
VERTICAL 02 · SOLAR Silver-led economics – now ~95% recovery following process improvements. Solar PV recycling combines a fast-growing wave of end-of-life feedstock combines with high-value silver content with Livium (ASX:LIT) providing commercial grade feedstock to undertake technical and commerci
Slide 20: Battery materials: long-dated optionality on the same platform
VERTICAL 03 · BATTERY MATERIALS & INTERMEDIATES Long-dated optionality on the same platform Battery recycling is another vertical for the Company’s commercial focus, which extends the platform thesis with strong lab-trial validation, EU consortium. The ability to efficiently and selectively remove c
Slide 21: Validate. Deploy. Scale.
EXECUTION PLAN Validate. Deploy. Scale. Three-phase rollout - early work validates the platform, initial modules prove commercial deployment, later stages scale the same architecture For personal use only across more feedstocks and higher throughput. 01 02 03 CY 2025 CY 2026 CY 2027 CY 2028 CY 2029+
Slide 22: Catalyst calendar
NEWSFLOW Catalyst calendar “Our ambition is to deliver value across three horizons — creating early revenue, scaling into intermediates, and leading in For personal use only global recycling — while compounding shareholder value over time.” Dr Grant Caffery, CEO DELIVERED · Updated TEA NEXT · U.S. F
Slide 23: What ION has delivered
MILESTONES ACHIEVED What ION has delivered Moving swiftly and achieving a range of verifiable milestones, including industry partnerships through independently verified commercial-feedstock results to an updated economic case. For personal use only SEP 2025 SEP 2025 SEP 2025 SEP 2026 APR 2026 U.S. E
Slide 24: Where Iondrive sits against listed peers
MARKET CONTEXT Where Iondrive sits against listed peers Market capitalisation by development stage at 2 September 2026, shown for development-stage context only. These companies differ from Iondrive in product, scale, stage and capital structure. No inference about Iondrive’s value is intended and n
Slide 25: Iondrive at a glance
COMPANY SNAPSHOT Iondrive at a glance ASX-listed critical-minerals processing technology For personal use only company. Commercialising IONSolv (developed by the University of Adelaide) across multiple feedstock verticals. SHARE PRICE MARKET CAP SHARES A$0.074 A$96m 1.30bn 2 September 2026 2 Septemb
Slide 26: Iondrive team
IONDRIVE TEAM Global experience in mining, technology, and commercialisation For personal use only Michael Dr Duncan Andrew Hugo Adam Slater McNeilly Turner Sissian Schumann NED · PhD NED · CPA, MAcc, NED · CFA, MBA Chair · BA Econ NED · BA (Electrometallurgy) BCom (INSEAD) CEO of Strata Investments
Slide 27: Why the 30.66% REO assumption matters
UPDATED TEA · FEEDSTOCK ASSUMPTION Why the 30.66% REO assumption matters The base case adopts the assay of one commercial U.S. magnet feedstock sample. It is one of the largest single drivers of the modelled economics, and it is a modelling assumption, not a contracted specification. For personal us
Slide 28: Modelled recoveries sit below validated testwork
UPDATED TEA · RECOVERY BASIS Modelled recoveries sit below validated testwork Independent laboratory testwork on U.S. commercial magnet feedstock returned single-pass recoveries of 93.5% to 97.3%. The economic model applies approximately 89%. For personal use only MODELLED IN THE TEA INDEPENDENTLY V
Slide 29: The assumptions the economics depend on
BASIS OF THE EVALUATION The assumptions the economics depend on The independent validation is of technical recovery performance. The commercial assumptions below are management assumptions, and are the basis on which the modelled economics should be assessed. For personal use only MODEL SCOPE OF IND
Slide 30: Disclaimer: Forward looking statements
DISCLAIMER Forward looking statements This document contains certain forward-looking statements that involve risks and uncertainties. Although we believe that the expectations reflected in the forward-looking statements are reasonable at this time, we can give no assurance that these expectations wi
Slide 31: Contact
For personal use only For further information on Iondrive Limited and the IONSolv commercialisation pathway, please contact: Lewis Utting Jane Morgan Chief Strategy & Commercial Officer Investor & Media Relations Iondrive Limited Jane Morgan Management info@iondrive.com.au jm@janemorganmanagement.co