Ionic Rare Earths Targets AIM Listing to Scale Belfast Rare Earth Recycling

Highlights

• Ionic Rare Earths intends to seek AIM admission in Q4 2026 alongside its ASX listing to broaden European investor access and strengthen funding.
• The Belfast commercial plant targets 400 tpa separated-REO capacity by 2028, backed by a feasibility study showing US$502M NPV and 43.6% IRR at £85M capex.
• Ionic's patented hydrometallurgical process recovers Nd, Pr, Dy and Tb oxides from heterogeneous NdFeB scrap, with a demonstration plant running since January 2024.
• The Viridion JV targets Brazilian separation and recycling, while Ionic's 60%-owned Makuutu project in Uganda holds an ionic-adsorption-clay deposit with 45% heavy REO basket.
• Key risk remains converting demonstrated lab-scale chemistry into profitable commercial industrial throughput before the AIM listing can drive a meaningful rerate.