Company Overview

Ionic Rare Earths (ASX:IXR; OTC:IXRRF) is an Australia-based rare earths company focused on mining, refining, and recycling magnet and heavy rare earths, with its flagship Makuutu project in Uganda and downstream processing through its UK subsidiary Ionic Technologies. IXR is positioning itself as a vertically integrated supplier for energy transition, manufacturing, and defence supply chains.

Business segments and field of activity

· Upstream mining and development: The main mining asset is the Makuutu Rare Earths Project in eastern Uganda, a large ionic adsorption clay project intended to supply heavy and critical rare earth oxides.

· Downstream refining and separation: Through Ionic Technologies International in the UK, the company develops separation and refining technology for rare earths, including processing material recovered from spent permanent magnets.

· Recycling and circular supply chain: The company also focuses on magnet recycling, aiming to recover rare earths from pre-consumer scrap and end-of-life NdFeB magnets.

· Geographic footprint: Public sources describe operations or interests in Australia, Uganda, and the United Kingdom.

Strategic initiatives

· Build a closed-loop rare-earth supply chain: IXR’s stated strategy is to connect mining, refining, and recycling into a secure, traceable supply chain outside China.

· Advance Makuutu toward production: A central initiative is progressing Makuutu as a long-life source of heavy rare earths and critical rare earth oxides.

· Scale recycling technology: Ionic Technologies is being used to commercialise magnet recycling and refining capabilities, supporting a broader ex-China supply strategy.

· Expand internationally: Recent commentary points to a broader global push across the UK, Uganda, and Brazil, with the company seeking to widen its refining and recycling footprint.

Corporate restructuring and capital allocation

In late 2025, Ionic Rare Earths initiated a corporate restructuring to pivot its shareholder base from retail investors to institutional investors. Central to this strategy was a 30-to-1 share consolidation, which slashed the company’s outstanding shares from 6.7 billion to approximately 223 million. The move was designed to curb market volatility, align the firm’s capital structure with global industry peers, and pave the way for larger-scale institutional investment.

To fuel its international growth without incurring debt, Ionic Rare Earths successfully raised A$15.6 million through a combination of a rights offering and a private placement. The capital raise was anchored by Argentem Creek Partners, a U.S.-based institutional investor focused on energy transition assets, which provided the company with a secure cash runway to meet its upcoming operational milestones.

What are the key drivers behind Ionic Rare Earths' (ASX: IXR) recent price action?

Ionic Rare Earths’ recent price action appears to be driven mainly by funding/newsflow momentum, strategic project milestones, and sector sentiment around rare earth supply chain security. The strongest near-term catalyst in the available news flow is the company’s oversubscribed A$15.6 million capital raise and strategic investor backing, which the market has treated as a de-risking event for the business.

Main price drivers

1- Capital raising and investor support. The market reacted positively to the oversubscribed A$15.6 million raise, including backing from a US strategic investor, because it strengthens the balance sheet and helps fund development work.

2- Brazil's recycling/refining progress. IXR's Viridion joint venture, advancing a rare earth refining and recycling hub in Brazil, has been a visible catalyst, especially the land securing milestone for the Poços de Caldas facility.

3- Broader rare earth sentiment. The company has benefited from a more constructive backdrop for rare earth stocks, with geopolitical supply concerns and non-China supply chain themes supporting the sector.

4- Execution across multiple geographies. News flow around the UK, US, and Brazil has reinforced the story that IXR is building a multi-jurisdiction circular supply chain, which tends to attract speculative interest in small-cap resource names.

What the market is pricing in

The market seems to be trading IXR more on future optionality than current earnings, meaning each progress update on recycling, refining, or funding can move the stock sharply. That also means the share price can be volatile if announcements slow or if investors again focus on dilution and execution risk. Recent share-price strength is therefore best understood as a mix of funding certainty, strategic relevance, and rare earth sector momentum.

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Technical Analysis of Ionic Rare Earths (ASX: IXR)

Source: TradingView

Price action

IXR has been in a persistent downtrend since peaking near 1.00 in late 2025, with the share price now about 68% below this high. Recently, its stock has been consolidating around 0.315 and is showing early signs of a bullish shift, with higher highs and higher lows emerging. Whether that move continues will likely depend on how the price handles the first resistance level above.

Key Price Levels

Support~0.34: recently broken, now acting as resistance

TP1~0.42: represents the first resistance level and a potential 35% upside

TP2~0.50: marking a stronger resistance area that previously acted as support during the November 2025 to February 2026 period

Stop Loss Level

The IXR chart points to a stop-loss zone around 0.250, about 20% below current levels and below the key support zone. We recommend that traders treat a clear break below this level as a warning to exit, as it could open the door to further declines and weaken the support area.

Volume Analysis

Volume has been fairly steady at around 241.63K shares per session, and current activity is sitting close to that average. The biggest spike came in October 2025, when the stock peaked near 1.00. Since then, volume has eased off through the downtrend, suggesting distribution rather than panic selling, while the lack of strong buying interest at current support remains a concern for bulls.

RSI ~49

The RSI sits in neutral territory, just under the 50 midpoint. This indicates the stock is neither overbought nor oversold, reflecting balanced momentum between buyers and sellers.

FAQs about Ionic Rare Earths (ASX: IXR)

1-Does Ionic Rare Earths have debt?

Ionic Rare Earths has a relatively clean balance sheet with no material debt, funded largely through equity raises, which reduces financial‑risk exposure compared with many other mining juniors, but still exposes investors to dilution and project‑execution risk

2- What are the main risks for Ionic Rare Earths investors?

Key risks include permitting and licensing timelines in Uganda, development capital requirements, commodity price volatility for rare earth oxides, technical scale‑up of processing, and geopolitical/supply‑chain constraints affecting off‑take and markets.

3- Why is IonicRE relevant to the clean‑energy transition?

IonicRE supplies magnet and heavy rare earths crucial for permanent magnets in EVs and wind turbines, and its focus on recycling and traceability supports sustainable, diversified supply chains needed for decarbonisation and critical manufacturing.