Ionic Rare Earths Limited · ASX:IXR
Ionic Rare Earths — Investor Presentation (May 2026)
26 slides from Ionic Rare Earths's investor presentation, May 6, 2026
Slide 1: Investor Presentation May 2026
For personal use only Investor Presentation May 2026 1
Slide 2: Disclaimer
Disclaimer For personal use only Important Notice and Disclaimer Competent Person Statement This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in any jurisdiction. This Information in this report that relates to previously reported Exploratio
Slide 3: Company Overview
Company Overview IonicRE is the only Western producer of recycled, separated, high-purity magnet rare earth oxides, using patented technology that can scale globally IonicRE Overview Commercialised, Patent-Protected Separation Technology For personal use only ✓ Only current Western producer of recyc
Slide 4: Corporate Overview
Corporate Overview1 Capital Structure Share Price Performance and Key Announcements Capital Structure For personal use only $1.200 Viridion JV secures Rights issue and Share Price $ / Share 0.280 land for its refining placement undertaken and recycling plant to advance Belfast Plant development Shar
Slide 5: IonicRE's Board and Leadership Team
IonicRE’s Board and Leadership Team For personal use only Brett Lynch Tim Harrison Max McGarvie Sufian Ahmad Constantine Karayannopoulos Executive Chairman Managing Director and CEO Non-Executive Director Non-Executive Director Strategic Advisor A highly experienced international company A mining ex
Slide 6: Industry Overview
For personal use only 1 INDUSTRY OVERVIEW 6
Slide 7: Rare Earth Demand is Accelerating
Rare Earth Demand is Accelerating Converging megatrends across defence and clean energy are driving structural demand growth for magnet REEs Increasing Global Demand for REEs... ...Underpinned by Global Megatrends Rare Earth Elements Demand Forecast (kt REE) Defence Spend Energy Transition For perso
Slide 8: China's REE Dominance is Forcing the West to Build its Own Supply Chain
China’s REE Dominance is Forcing the West to Build its Own Supply Chain China’s dominance over rare earth production and refining, reinforced by recent export controls has triggered an urgent western policy and funding response to create independent supply chains China Dominates the Global REE Value
Slide 9: Recycling is Key to Closing the Loop on the Western Supply Chain
Recycling is Key to Closing the Loop on the Western Supply Chain REE supply chain needed to meet US magnet making capacity, recycled material can fill this gap US Magnet Expansion Creates a Captive Recycling Opportunity… For IonicRE to Close the Mine-to-Magnet Supply Chain via Recycling For personal
Slide 10: Company Overview
2 For personal use only CO M PA N Y OV E R V IE W 10
Slide 11: IonicRE Business Units
IonicRE Business Units Three core business units providing an integrated strategy to own the Western rare earth supply chain 1 2 3 For personal use only Business Unit Makuutu Rare Earths Project ✓ The only Western recycler producing recycled, ✓ 50:50 joint venture between IonicRE and Viridis Mining
Slide 12: Investment Highlights
Investment Highlights For personal use only 1 First-mover advantage as the only 2 Compelling feasibility-study economics for 3 Strong UK Government support received 4 Patented, feedstock-agnostic separation operating Western recycler of separated Belfast Commercial Plant with modular validating and
Slide 13: Only Western Recycler of Separated Magnet REOs via Belfast Demonstration Plant
Only Western Recycler of Separated Magnet REOs via Belfast Demonstration Plant 1 Demonstration Plant validates IonicRE’s technology platform and positions the company for commercial expansion Overview Scale-up Strategy For personal use only ✓ Demonstration Plant is operational at Belfast Harbour, th
Slide 14: Compelling Economic Profile for Commercial Plant
Compelling Economic Profile for Commercial Plant 2 Feasibility study highlights a post-tax NPV of US$502.0 million, before accounting for significant RoW price movements Belfast Plant Commercial-Scale Overview1 For personal use only Ionic Technologies Commercial Plant Architect’s Impression Ionic Te
Slide 15: Strong UK Government Support Received
Strong UK Government Support Received 3 Government support validates the strategic importance of IonicRE’s patented downstream recycling technology UK Government Funding DRIVE35 CirculaREEconomy ▪ On 27 January 2026, IonicRE announced that it had secured an offer-in-principle for a ▪ On 13 July 2025
Slide 16: Patented, Feedstock-Agnostic Technology with Significant Competitive Advantages
Patented, Feedstock-Agnostic Technology with Significant Competitive Advantages 4 Commercialising recycling of end-of-life NdFeB magnets, pre-consumer waste and swarf to high purity magnet REOs Overview ▪ Patent protected technology that can be applied to the recycling and refining of individual mag
Slide 17: Strategic Industry Partnerships Providing Global Growth Platform
Strategic Industry Partnerships Providing Global Growth Platform 5 The strategic value of IonicRE's technology is underscored by the multiple high-impact industry partnerships secured to date JS Link Magnet Factory EMR Vehicle Recycling Signing of USSM MoU For personal use only Feedstock and Offtake
Slide 18: Viridion JV Delivers Scalable, Capital-Light Platform
Viridion JV Delivers Scalable, Capital-Light Platform with Brazilian Government Support 6 Long-standing partnership provides a capital-light platform primed for US expansion Long-Standing Technical Existing Brazilian Capital US-Expansion Partnership Collaboration Feedstock Access Government Support
Slide 19: Makuutu – Ionic-Adsorption Clay Project with High-Value Heavy REO Mix
Makuutu – Ionic-Adsorption Clay Project with High-Value Heavy REO Mix 7 Shovel ready project with the ability to respond to urgent Western heavy REO demand Highlights Stage 1 DFS Metrics1,2 Project Location ▪ Large scale, shovel ready IAC project with a 45.0% For personal use only Heavy Rare Earth O
Slide 20: Execution Roadmap with Near-Term Value Catalysts
Execution Roadmap with Near-Term Value Catalysts 8 Three key phases centred on staged international expansion and integration within the global REE value chain Short Term Medium Term Long Term Belfast Plant Commercialisation US Value Chain Integration Brazil Expansion (0 to 2 years) (0 to 3 years) (
Slide 21: Appendix
For personal use only A APPENDIX 21
Slide 22: Western Rare Earth Price Premiums are Widening and Accelerating
Western Rare Earth Price Premiums are Widening and Accelerating Chinese export controls have structurally decoupled ex-China pricing for heavy REOs REO Pricing – China (DDP) vs West (CIF) ($US) REO Market Update (April 2026) For personal use only ▪ With no meaningful ex-China separation capacity for
Slide 23: Peer Comparison
Peer Comparison IonicRE’s established leadership in long-loop recycling places it in a unique position to deliver recycling solutions for the U.S. strategic magnet supply-chain For personal use only FS1 complete for Belfast Full FS (2024) for Kingston Demo hub Commercial magnet Very early stage; pub
Slide 24: IonicRE's Carbon Emissions Profile Highlights Meaningful Sustainability Advantages
IonicRE’s Carbon Emissions Profile Highlights Meaningful Sustainability Advantages Feasibility Study demonstrated significant reduction in CO2 compared to conventional primary REO supply Sustainability Advantages of Recycling Carbon Emissions Profiles1 For personal use only kg CO2 eq. per kg Dy2O3 ▪
Slide 25: Recycling Delivers Higher Returns Compared to Mining with Lower Risks
Recycling Delivers Higher Returns Compared to Mining with Lower Risks Recycling’s shorter and more sustainable supply chain is a compelling means to build initial, integrated REO supply Lower Risks in Production... ...while Generating Higher Returns1 15-25% of TREO ~300,000 Permitting for a mine inv
Slide 26: Ionic Rare Earths Limited
Ionic Rare Earths Limited Suite 09, Level 5 North Tower For personal use only 525 Collins Street Melbourne Victoria, 3000, Australia investors@ionicre.com T +61 3 9776 3434 www.ionicre.com 26