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Ionic Rare Earths Limited engages in the mining, refining, and recycling of magnet and heavy rare earth elements in Australia, Uganda, and United Kingdom. Its flagship project is the Makuutu rare earths project that comprises six licenses covering an area of approximately 300 square kilometers located in Uganda. The company refines and recycles magnet and heavy rare earth elements for energy transition, manufacturing, and defense sectors. The company was incorporated in 1998 and is based in Melbourne, Australia.
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Ionic Rare Earths Limited is an Australian-listed explorer and developer of ionic adsorption clay rare-earth projects, including the Makuutu project in Uganda, targeting mixed rare-earth concentrates for magnet and industrial uses. Growth may be supported by rising demand for permanent magnets and global supply-chain diversification, and investors may find the company attractive as it advances resource definition, permitting and pilot processing toward potential production.
Key risks include early-stage development with substantial financing and execution requirements, Ugandan political and permitting uncertainty, exposure to rare-earth price volatility and reliance on a concentrated global processing supply chain.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 |
| Income before tax | -11.34M | -21.20M | -8.54M | -4.64M | -2.38M |
| Net income | -11.34M | -21.20M | -8.54M | -4.64M | -2.38M |
| Selling general administrative | 1.74M | 2.27M | 6.15M | 3.59M | 2.05M |
| Selling and marketing expenses | 6.56M | 16.82M | - | 0.44M | 0.16M |
| Gross profit | 2.18M | 2.21M | - | - | - |
| Reconciled depreciation | 1.15M | 2.28M | 0.58M | 0.06M | - |
| Ebit | -11.30M | -23.53M | -8.80M | -4.64M | -2.19M |
| Ebitda | -10.14M | -21.25M | - | -4.58M | -2.40M |
| Depreciation and amortization | 1.15M | 2.29M | - | 0.06M | - |
| Operating income | -6.55M | -17.71M | -11.56M | -4.64M | -2.40M |
| Other operating expenses | 8.73M | 19.92M | - | 4.87M | 2.40M |
| Interest expense | 0.04M | 0.00M | 0.00M | 0.00M | 0.00M |
| Tax provision | 0.00M | 0.00M | 0.00M | 0.00M | 0.00M |
| Interest income | 0.02M | 0.08M | 0.27M | 0.00M | 0.00M |
| Net interest income | -0.02M | 0.02M | 0.27M | 0.00M | 0.00M |
| Income tax expense | - | -5.82M | - | 0.22M | - |
| Total revenue | 2.18M | 2.21M | - | - | - |
| Total operating expenses | 8.73M | 19.92M | - | 4.87M | 2.40M |
| Total other income expense net | -4.79M | -3.49M | 2.76M | 0.22M | 0.02M |
| Net income from continuing ops | -11.34M | -21.20M | -8.54M | -4.64M | -2.38M |
| Net income applicable to common shares | - | - | -8.54M | -4.64M | -2.38M |
| Breakdown | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 |
| Total assets | 32.56M | 37.57M | 44.52M | 48.97M | 18.08M |
| Intangible assets | 5.20M | 4.99M | 5.43M | 5.08M | - |
| Other current assets | 0.11M | 0.17M | 0.22M | 0.07M | 0.02M |
| Total liab | 2.97M | 1.06M | 0.82M | 0.68M | 0.39M |
| Total stockholder equity | 29.59M | 36.51M | 43.70M | 48.29M | 17.69M |
| Other current liab | 0.40M | - | - | - | - |
| Common stock | 95.09M | 92.13M | 84.16M | 76.96M | 43.39M |
| Capital stock | 95.22M | 92.27M | 78.47M | 77.09M | 43.53M |
| Retained earnings | -73.56M | -67.32M | -46.12M | -37.58M | -32.93M |
| Other liab | - | - | - | 0.03M | - |
| Cash | 0.60M | 2.03M | 11.12M | 26.76M | 11.06M |
| Total current liabilities | 2.73M | 0.69M | 0.82M | 0.64M | 0.39M |
| Net debt | 0.52M | -1.54M | - | -26.72M | -11.06M |
| Short term debt | 0.88M | 0.12M | - | 0.03M | - |
| Short long term debt | 0.75M | - | - | - | - |
| Short long term debt total | 1.12M | 0.49M | - | 0.03M | - |
| Other stockholder equity | 0.14M | 0.00M | 5.66M | 0.14M | 0.14M |
| Property plant equipment | - | - | 3.93M | 12.60M | 3.41M |
| Total current assets | 1.43M | 6.26M | 13.24M | 27.36M | 11.13M |
| Long term investments | 24.22M | 23.93M | 21.93M | 3.93M | 3.54M |
| Net tangible assets | - | - | 38.27M | 43.21M | 17.69M |
| Short term investments | - | 2.92M | - | - | - |
| Net receivables | 0.17M | 0.07M | 1.10M | 0.53M | 0.06M |
| Inventory | 0.55M | 1.07M | 0.79M | - | - |
| Accounts payable | 1.46M | 0.57M | 0.82M | 0.61M | 0.39M |
| Accumulated other comprehensive income | 7.93M | 11.70M | - | 8.77M | 7.09M |
| Non currrent assets other | 0.04M | 0.00M | - | - | - |
| Non current assets total | 31.14M | 31.31M | 31.29M | 21.61M | 6.95M |
| Capital lease obligations | 0.37M | 0.49M | 0.01M | 0.03M | - |
| Breakdown | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 | 2021-06-30 |
| Investments | 1.35M | 0.27M | -5.86M | -10.60M | -1.21M |
| Change to liabilities | - | - | 0.21M | 0.24M | 0.09M |
| Total cashflows from investing activities | 1.35M | 0.27M | -5.51M | -10.60M | -4.12M |
| Net borrowings | - | - | -0.03M | -0.11M | -0.11M |
| Total cash from financing activities | 3.53M | 13.86M | 1.35M | 29.89M | 15.68M |
| Change to operating activities | - | - | -0.18M | -0.04M | -0.01M |
| Net income | -7.46M | -21.20M | -8.54M | -4.64M | -2.38M |
| Change in cash | -1.43M | -9.09M | -15.64M | 15.70M | 10.23M |
| Begin period cash flow | 2.03M | 11.12M | 26.76M | 11.06M | 0.83M |
| End period cash flow | 0.60M | 2.03M | 11.12M | 26.76M | 11.06M |
| Total cash from operating activities | -5.89M | -23.22M | -11.66M | -3.58M | -1.33M |
| Issuance of capital stock | 3.65M | 14.01M | 1.38M | 29.89M | 15.68M |
| Depreciation | 0.76M | 1.52M | 0.58M | 0.04M | 0.04M |
| Other cashflows from investing activities | - | 2.23M | 2.92M | 0.06M | 0.21M |
| Change to inventory | 0.52M | -0.28M | -0.79M | -0.79M | -0.79M |
| Change to account receivables | -0.09M | 1.03M | -0.51M | -0.47M | -0.05M |
| Other cashflows from financing activities | -0.12M | -0.15M | - | -10.60M | -4.12M |
| Change to netincome | - | - | -2.42M | 1.29M | 1.01M |
| Capital expenditures | 0.04M | 1.36M | 2.33M | 9.15M | 3.17M |
| Change in working capital | 0.54M | 0.81M | - | - | - |
| Stock based compensation | - | 0.35M | - | - | - |
| Other non cash items | -6.43M | -2.82M | - | - | - |
| Free cash flow | -5.93M | -24.58M | -14.24M | -9.15M | -3.17M |
Sector: Basic Materials Industry: Other Industrial Metals & Mining
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|
| IXRRF Ionic Rare Earths Limited |
- -% |
0.36 | - | - | 41.56 | 2.23 | -10.92 |
| BHPLF BHP Group Limited |
-0.89 2.24% |
38.92 | 19.59 | 15.20 | 3.72 | 3.95 | 7.44 |
| BHP BHP Group Limited |
1.31 1.67% |
79.89 | 19.28 | 15.06 | 3.66 | 3.92 | 7.42 |
| RTNTF Rio Tinto Group |
- -% |
102.31 | 15.69 | 13.70 | 3.05 | 4.44 | 12.05 |
| RTPPF Rio Tinto Group |
- -% |
83.55 | 13.01 | 11.99 | 2.53 | 2.38 | 6.57 |
Ionic Rare Earths Limited engages in the mining, refining, and recycling of magnet and heavy rare earth elements in Australia, Uganda, and United Kingdom. Its flagship project is the Makuutu rare earths project that comprises six licenses covering an area of approximately 300 square kilometers located in Uganda. The company refines and recycles magnet and heavy rare earth elements for energy transition, manufacturing, and defense sectors. The company was incorporated in 1998 and is based in Melbourne, Australia.
| Name | Title | Year Born |
|---|---|---|
| Mr. Timothy Joseph Harrison B.E. | MD & Director | NA |
| Mr. Brett Douglas Dickson B.Bus., CPA, FCPA, M.A.I.C.D. | Fin. Director & Company Sec. | NA |
| Ms. Jill Kelley | Exec. Director | NA |
| Mr. Juan Pablo Errazuriz-Hochschild | Chilean Consultant | NA |
| Mr. Brett Laurence Lynch | Executive Chairman | 1964 |
| Mr. Timothy Joseph Harrison B.E. | MD, CEO & Executive Director | NA |
| Mr. Warren Tregurtha CFA | Acting Chief Financial Officer | NA |
| Mr. Fergal Coleman | Head of Technology - Ionic Technologies | NA |
| Mr. Sean Sargent | Chief Operating Officer ? EMEA | NA |
| Ms. Anshu Raghuvanshi FCS, L.L.B. | Company Secretary | NA |
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