3 April 2024

IONICRE AND VIRIDIS EXECUTE TRANSFORMATIONAL JOINT
VENTURE FOR SEPARATION, REFINING AND RECYCLING OF RARE EARTHS IN BRAZIL

Brazilian Hub Accelerates IonicRE Integrated Supply Chain Strategy

• Ionic Rare Earths Ltd and Viridis Mining and Minerals Ltd (ASX: VMM) to form 50:50 Joint Venture to advance rare earth separation business in one of the fastest developing rare earth regions in the
world;

• Joint Venture Company (JV Co) aims to construct a refinery and magnet recycling facility in Brazil utilising Ionic Technologies’ separation technology, demonstrated now at IonicRE’s Belfast magnet recycling Demonstration Plant, where magnet Rare Earth Oxide (REO) production is successfully underway;

• Viridis’ Colossus Rare Earth Project (“Colossus”), located in Poços de Caldas, Brazil, is potentially a major high grade IAC deposit, with maiden drilling boasting intercepts of 46.0m @ 3,285ppm TREO (27% MREO), 24.0m @ 4,573ppm TREO (38% MREO) and strong initial metallurgical extraction results ~ 80% NdPr and ~66% DyTb;

• Viridis agrees to supply mixed rare earth carbonate (MREC) processed from the Colossus Project on standard market terms. The Joint Venture arrangement does not constitute an offtake agreement and allows for Viridis to market 100% of the product developed from the Colossus Project to any future offtake agreements and/or partner(s);

• IonicRE will supply separation technology expertise to ensure successful commercial operation for the JV, ensuring a closed loop process for production and supply of RE product to market, within the supportive Brazilian jurisdiction;

• Ongoing constructive discussions continue with Brazilian government agencies for acceleratedapprovals process, eager to secure Brazil a leading role in global supply, and leveraging skills and assets of IonicRE and Viridis;

• The JV Co establishes IonicRE as a significant leader in global supply of ex-China REOs crucial to the ongoing energy transition in which permanent magnets are essential for electric motors, wind turbine energy generation and advanced manufacturing;

• The JV Co cements IonicRE as an industry first leader on a path to REE production and supply, with mining and refining operations now straddling two continents providing both a derisking advantage and broadening potential for global opportunity; and

• Scoping Study for the Refinery and Recycling project, targeted for completion by the end of 2024.

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