Highlights

• Loss after tax widened to AU$14.9 million in FY26, from AU$11.3 million in FY25.
• Year-end cash rose to AU$3.48 million after AU$16.5 million in net share issue proceeds.
• Shares climbed 16.88% to AU$0.450, and the AGM has been set for 13 November 2026.

Ionic Rare Earths Limited (ASX: IXR) has published its Annual Report for the financial year ended 30 June 2026, outlining its operational and financial performance during the period. The results show a wider loss as the company increased spending on its rare earth magnet recycling strategy. The board authorised the financial statements on 17 September 2026. During the year, IonicRE continued moving into the mid- and downstream segments of the rare earth value chain, with its first commercial magnet recycling plant at the centre of that strategy.

Higher Costs Drive Wider Loss

IonicRE posted a loss after tax of AU$14.9 million, or 6.96 cents per share, up from AU$11.3 million in FY25. Administration expenses roughly doubled to AU$3.5 million, and other expenses rose to AU$5.8 million from AU$3.6 million. Share-based payment expenses also increased, to AU$1.0 million. Exploration spending fell slightly to AU$2.3 million. Other income, mostly from grants, dropped to AU$1.7 million from AU$2.2 million. Net cash outflow from operating activities increased by more than twofold to AU$13.9 million.

Capital Raisings Strengthen the Balance Sheet

The company raised AU$16.5 million net from share issues during the year, plus AU$2.2 million from convertible notes. This included a 1-for-15 renounceable rights issue and placement that brought in AU$15.6 million, with a strategic investment from US-based Argentem Creek Partners. IonicRE also completed a 1-for-30 share consolidation in December 2025.

Cash rose to AU$3.48 million from AU$0.60 million, and net assets increased to AU$33.4 million. The largest asset remains the company's equity-accounted investments, valued at AU$23.1 million. IonicRE raised a further AU$8.0 million (before costs) in August 2026. Even so, the accounts note a material uncertainty over going concern, because the directors expect more funding will be needed.

Belfast Project Moves Toward FID

In January 2026, IonicRE’s Belfast-based subsidiary, Ionic Technologies, received an Offer in Principle for a £12 million UK Government capital grant, equivalent to approximately AU$23 million.

The grant supports a commercial magnet recycling plant designed to produce 400 tonnes a year of high-purity rare earth oxides.

The company expects to reach a Final Investment Decision (FID) on the £85 million project by the end of September 2026. A dual listing on London's AIM is also being explored, which would give the company access to a wider pool of UK and European investors. After 30 June 2026, it engaged Tenova Advanced Technologies to carry out front-end engineering design (FEED) work for the Belfast facility. The next step for the Belfast project is a comprehensive planning application to the city council, which the company plans to submit in the third quarter of 2026.

Expanding Into the US and Brazil

IonicRE also built its presence in the US during the year:

• It signed a supply agreement with Advanced Magnet Lab linked to a US Defense Logistics Agency contract.
• It agreed a joint development and licensing deal with Nth Cycle.
• In September 2026, it signed a term sheet for a proposed 50:50 joint venture with US Strategic Metals in Missouri, with a contemplated initial investment of US$100 million.
• Its shares began trading on the US OTCQB market in January 2026.

In Brazil, the company's Viridion joint venture was granted land for a rare earths innovation and recycling centre in Minas Gerais.

Shares Rise as AGM Date Confirmed

Ionic Rare Earths Limited shares last traded at AU$0.450, gaining AU$0.065, or 16.88%, during the session. IonicRE confirmed on 18 September 2026 that shareholders will gather for its Annual General Meeting (AGM) on Friday, 13 November 2026. The meeting starts at 11:00 am AEDT at the Melbourne offices of Baker McKenzie. The agenda will include the election of directors, with director nominations closing on 25 September 2026. IonicRE plans to issue the formal meeting notice to investors by 15 October 2026.

Note- All data presented is based on information available at the time of writing.

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