• UK Government provides £12M capital grant for 400 tpa rare earth magnet recycling facility in Belfast
• Facility recognized as 'strategically important' by global FORGE alliance
• Advancing Makuutu heavy rare earths project in Uganda and Viridion joint venture in Brazil

Ionic Rare Earths Limited (ASX: IXR) has continued its drive to develop secure, sovereign and sustainable ex-China rare earth supply chains, as highlighted by the company's Quarterly Activities Report for the period ending 31 March 2026. The key developments include:Ionic Technologies (100% IonicRE): The company's wholly owned UK subsidiary Ionic Technologies has received an Offer in Principle for a £12 million (approximately A$23 million) capital grant from the UK Government's DRIVE35 Funding Program to support the development of a 400 metric tonnes per annum magnet rare earth oxide (REO) capacity recycling plant in Belfast. The proposed plant will recycle pre-consumer rare earth magnet scrap and end-of-life magnets, delivering sovereign capability to the UK. FORGE Recognition: IonicRE's Belfast magnet recycling plant and its Makuutu Heavy Rare Earths Project in Uganda have been designated as 'Strategically Important Projects' by the newly formed FORGE alliance, which aims to diversify global supply chains of critical raw materials and rare earth elements.Viridion - Brazilian Refining and Recycling Joint Venture (50% IonicRE): Viridion continues talks with Brazilian stakeholders on advancing its CRITR facility and securing potential federal funding. The company is also advancing discussions with MagBrás regarding the potential supply of rare earth oxides to the Brazilian market.Makuutu Heavy Rare Earths Project, Uganda (60% IonicRE): IonicRE is continuing discussions with members of FORGE and potential off-takers on the development of the Makuutu project, which is seen as a globally strategic resource for near-term, low-capital development to facilitate long-term security of magnet and heavy REO supply.The company has also appointed new strategic advisors, including experienced rare earths executive Mr. Constantine Karayannopoulos and international resources investment professional Mr. James Rutherford, to enhance its international expansion drive.

IonicRE is working to progress the required due diligence to access the UK Government's capital grant for the Belfast recycling plant and secure the remaining equity capital for the £85 million project. The company is also continuing discussions with potential strategic investors and partners to advance its Makuutu project in Uganda and Viridion joint venture in Brazil.