IonicRE acquires 34% of RRM in Ugandan Makuutu Rare Earths Project

Ionic Rare Earths Limited (ASX: IXR) has taken a significant step forward by entering into a share purchase agreement (SPA) with Rare Earth Elements Africa (Pty) Ltd ("REEA"). This move substantially boosts IonicRE's existing 60% interest to an impressive 94%, marking a pivotal milestone for the company.

The Makuutu project is noteworthy for its substantial basket, containing 71% magnet and heavy rare earths content. It stands out globally as a leading ionic adsorption clay (IAC) heavy rare earth project. The increased ownership positions IonicRE favorably, anticipating an acceleration in financing and offtake discussions with third-party entities showing keen interest. Increased ownership paves the way for funding opportunities, reinforcing IonicRE's dedication to the Makuutu Rare Earths Project and MREC production by Q1 2024.

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