Why Is Ionic Rare Earths (ASX:IXR) Stock Up 14.77% Today?

Sonal Goyal

20 October 2026 03:07 PM AEDT

Why Is Ionic Rare Earths (ASX:IXR) Stock Up 14.77% Today?

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Key Highlights

Ionic Rare Earths Ltd (ASX:IXR) shares were priced at $0.505 on 20 October 2026, a gain of 14.77% in the session.
The Quarterly Report to 30 September 2026 said a planning application for a commercial Belfast magnet recycling plant was submitted on 19 September 2026 and validated on 24 September 2026.
Cash and cash equivalents were A$5.074 million at 30 September 2026, after an $8 million Placement at $0.26 per share.

During the Trading session on 20 October 2026, Ionic Rare Earths Ltd (ASX:IXR) shares were priced at $0.505, a gain of 14.77%. Separately, the company released its Quarterly Activities Report for the period ended 30 September 2026 on 13 October 2026. The report covered a planned magnet recycling plant in Belfast, a proposed Missouri joint venture, a strategic review of the Makuutu project in Uganda, and an $8 million placement.

Company Background

Ionic Rare Earths Limited, known as IonicRE, describes itself as an emerging miner, refiner and recycler of magnet and heavy rare earths. Its wholly owned UK subsidiary, Ionic Technologies International Limited, has developed processes to separate and recover rare earth elements from Mining concentrates and recycled permanent magnets.

The company also holds a 60% interest in the Makuutu Heavy Rare Earths Project in Uganda, an ionic adsorption clay deposit with a Mineral Resource of 617 million tonnes at 630 ppm TREO, and a 50% interest in the Viridion joint venture in Brazil with Viridis Mining and Minerals (ASX:VMM), which aims to refine and recycle rare earths.

Belfast Plant Progress

A full planning application for the commercial magnet recycling plant on Queens Island, Belfast Harbour, was submitted to Belfast City Council on 19 September 2026 and validated on 24 September 2026. A Planning Performance Agreement is in place, and a determination is currently expected in Q1 2027. Front-end engineering design by Tenova Advanced Technologies is advancing, with basic engineering expected by Q2 2027 and construction targeted for Q3 2027.

The company is working towards a funding package that would unlock the full £12 million Capital grant, currently an Offer in Principle from the UK Department for Business and Trade and Advanced Propulsion Centre UK.

A £600k (about A$1.1 million) upgrade to the Belfast Demonstration Plant was completed, including a heavy rare earth circuit with capacity for about two tonnes per annum of separated dysprosium and terbium. About four tonnes of mixed rare earth oxide has been stockpiled.

Missouri Joint Venture, Brazil and Makuutu

Ionic Rare Earths USA signed a non-binding term sheet with US Strategic Metals (USSM) for a 50-50 joint venture to build magnet recycling facilities at USSM's permitted 1,800-acre site near Fredericktown, Missouri. The intended funding is US$100 million, made up of US$95 million from USSM and a US$5 million Equity contribution split equally. The venture is conditional on definitive agreements and other matters.

On Makuutu, the company announced a strategic review on 31 July 2026 to consider strategic, structural and funding alternatives, including new partners or listings in other jurisdictions. It said no decisions have been made and there is no assurance a transaction will result.

Financial and Corporate Items

The company completed an $8 million placement of about 30.8 million shares at $0.26 each, including $2 million from Argentem Creek Partners. The Appendix 5B showed net cash used in Operating Activities of A$4.018 million for the quarter and cash and cash equivalents of A$5.074 million at 30 September 2026, up from A$3.481 million at the start of the quarter. The 2026 Annual Report recorded a loss of $14,913,778.

Sector Backdrop

China's April 2025 rare earth export controls remain in force, according to an October 2026 market commentary, while an October 2025 expansion has been suspended until 10 November 2026. January to September 2026 Chinese rare earth exports totalled 43,711 tonnes, down 9.6% year on year.

S&P Global assessed NdPr oxide at US$125 per kilogram CIF North America on 31 March 2026, and prices were near US$120 per kilogram in mid-2026. The same commentary said China accounts for about 84% of global NdPr oxide Supply and separation capacity, and that ex-China supply was projected to fall about 32,000 tonnes short of Demand in 2026.

Risks Shareholders Should Weigh

The company's forward-looking statement notes that its statements are predictions subject to risks and assumptions outside its control, and actual results may differ materially. The Belfast plant depends on a funding package not yet finalised, a planning determination, and completion of engineering. The Missouri joint venture is non-binding and conditional on definitive agreements and capital contributions, and the Makuutu review may not lead to any transaction.

The company reported a loss for the year and net operating cash outflows for the quarter, with no receipts from customers. The AIM admission is subject to customary regulatory approvals, and rare earth prices and export policy can affect the sector.

What's Next

The company expects to update the market in Q4 2026 on the Belfast funding package and is targeting an AIM admission in the same quarter, with pre-FID package awards also expected in Q4 2026, subject to funding. Separation campaigns are planned for Q4 2026.

The Annual General Meeting is set for 13 November 2026 at 11am (AEDT) in Melbourne. Definitive Missouri agreements are targeted by the end of 2026, the Belfast planning determination is expected in Q1 2027, and basic engineering by Q2 2027.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.