Name of the Project
Makuutu rare earths project.

Location
Uganda, 120 km east of Kampala.

Project Owner/s
Ugandan company Rwenzori Rare Metals (RRM) owns 100% of the project and Ionic Rare Earths (IonicRE) owns 60% of RRM. IonicRE has signed a conditional share purchase agreement to acquire a further 34% interest, which would increase its ownership to 94% on completion.

Project Description
The Stage 1 definitive feasibility study (DFS) proposes an openpit mining operation at an annualised mining rate of five-million tonnes a year of mineralisation for total rare-earth oxide (TREO) equivalent production of 40 090 t.

The maiden ore reserve for Stage 1 over retention licence 1693 is 172.9-million tonnes grading 848 parts per million (ppm) TREO for 146 654 t of contained TREO.

Stage 1 envisages production of 1 300 t/y of rare earths in the first ten years, averaging 1 156 t/y over the estimated 35-year mine life.

The broader deposit comprises nine licences covering about 300 km². It has a mineral resource of 617-million tonnes grading 630 ppm TREO comprising 517-million indicated tonnes and 99-million inferred tonnes. Its product basket comprises about 45% heavy rare earths and includes neodymium, praseodymium, dysprosium and terbium. A mining licence for the central tenement was awarded in January 2024, and the demonstration plant produced its first mixed rare-earth carbonate during the March 2024 quarter.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of $406-million and internal rate of return of 32.7%, with a payback of about three years.

Capital Expenditure
The project has an initial capital expenditure of $120.8-million.

Planned Start/End Date
No revised final investment decision or first-production date has been announced. The strategic review is intended to assess options to enhance value and accelerate development.

Latest Developments
On July 31, 2026, IonicRE, through RRM, launched a strategic review of Makuutu following interest from the US and other Western-aligned stakeholders. 

The review will consider strategic, structural and funding alternatives, including strategic or government-backed partners, new investment structures and possible listings in other jurisdictions. No decision has been made and IonicRE has cautioned that the review might not result in a transaction or ownership change.

Makuutu is a member of the Forum on Resource Geostrategic Engagement, formerly the Minerals Security Partnership. IonicRE says the project’s mixed rare-earth carbonate product is not committed to China and could provide a long-term source of magnet and heavy rare earths for Western markets.

Key Contracts, Suppliers and Consultants
RRM (installation contract); and DRA Global (DFS review).

Contact Details for Project Information
IonicRE, tel +61 3 9776 3434 or email investors@ionicre.com.