FY2022
Magnet-recycling capability acquired
The April 2022 Seren Technologies acquisition added rare-earth separation and magnet-recycling capability, with milestone terms linked to licence fees and commercial-production milestones.
ASX: IXR · Five-year financial review
(ASX: IXR) Ionic Rare Earths Limited Financial Review - FY2022~26
Ionic Rare Earths’ five-year record is a development-stage funding and asset-base story. Cash declined from A$26.760m in FY2022 to A$0.595m in FY2025 before FY2026 financing lifted closing cash to A$3.481m. The Group’s material RRM/Makuutu investment is equity accounted, while statutory losses and cash outflows continued as rare-earth and magnet-recycling options progressed.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2026 closing cash
A$3.481m
Consolidated cash and cash equivalents at 30 June 2026.
FY2026 operating cash use
A$13.853m
Net cash used in operating activities; not project spend.
FY2026 financing inflow
A$18.579m
Net cash from financing activities.
RRM / Makuutu investment
A$23.065m
FY2026 equity-method carrying amount.
Five years in context
The Group reports operations in Australia, the United Kingdom, Uganda and Brazil. In FY2026 it revised internal reporting from a single Exploration Operations segment to Exploration Operations, Magnet Recycling Operations and Corporate. The issuer says revenue generation is limited and not material in this development phase; no sales, production or segment-profit series is inferred.
Makuutu is held through a 60% RRM interest, but IonicRE does not unilaterally direct relevant activities because key decisions require more than 75% approval. This accounting boundary is material to both the financial position and project narrative.
Events behind the numbers
FY2023
Makuutu interest and Belfast work
IonicRE reported a 60% RRM interest and described feasibility and demonstration work at Makuutu and in Northern Ireland.
FY2024
Licence and demonstration-scale activity
RRM received the central Makuutu large-scale mining licence, while Ionic Technologies reported continuous separated-REO production at Belfast demonstration scale.
FY2025
Commercial recycling study
The issuer described the Belfast feasibility study as a business case for a commercial REO manufacturing facility; it did not establish commercial operations or earnings.
FY2026
Capital raise and later events
A 1-for-30 consolidation and rights issue/placement were completed. Belfast FEED and a Makuutu strategic review were announced after 30 June 2026 and are not FY2026 recognised amounts.
FINANCIAL REVIEW / 01
Consolidated position: cash recovered while RRM remains material
Cash reduced through FY2025 before FY2026 financing. Total assets were A$35.707m at FY2026, including the separately disclosed A$23.065m RRM equity-method investment. Total liabilities were A$2.270m and total equity A$33.437m.
The FY2026 notes describe other financial liabilities as funds received in advance for convertible notes issued after shareholder approval on 7 July 2025. This FY2025 timing context is retained rather than treating the risk-note statement about interest-bearing liabilities as a blanket statement that every liability is absent.
Closing cash, assets and equity
A$ million
Cash and cash equivalentsTotal assetsTotal equity
AI-generated presentation · values from Consolidated financial position; no missing values plotted as zero.
Consolidated financial position
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 26.760 | 11.117 | 2.029 | 0.595 | 3.481 |
| Total assets | 48.971 | 44.524 | 37.573 | 32.562 | 35.707 |
| Total liabilities | 0.681 | 0.825 | 1.062 | 2.970 | 2.270 |
| Total equity | 48.290 | 43.699 | 36.511 | 29.592 | 33.437 |
Consolidated statutory closing balances at 30 June. FY2025 is the FY2026 consolidated comparative, not a parent-only statement.
Cash is not total funding availability or project expenditure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Cash use, classification boundary and funding
The cash-flow table shows operating outflows through the period and a financing-led recovery in FY2026. The original FY2024 statement classified the A$0.247m R&D rebate and A$1.960m grants in investing; the FY2025 comparative presents them in operating. This report uses the later comparative split and records the boundary rather than calling it a contradiction.
FY2025 investing cash inflow follows proceeds from financial assets, partly offset by plant and equipment payments, and is not earned cash flow. FY2026 financing included reported ordinary-share and convertible-note proceeds before other financing movements.
Operating, investing and financing cash flows
A$ million
Net cash used in operating activitiesNet cash from/(used in) investing activitiesNet cash from financing activities
AI-generated presentation · values from Consolidated cash-flow lanes; no missing values plotted as zero.
Consolidated cash-flow lanes
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Net cash used in operating activities | (3.582) | (11.658) | (21.011) | (5.891) | (13.853) |
| Net cash from/(used in) investing activities | (10.601) | (5.511) | (1.936) | 1.348 | (1.859) |
| Net cash from financing activities | 29.894 | 1.348 | 13.859 | 3.529 | 18.579 |
Parentheses denote cash outflows. FY2024 uses the later FY2025 comparative classification: the R&D rebate and grant receipts moved from investing to operating. The combined FY2024 operating-plus-investing cash impact is unchanged.
FY2025 investing cash inflow was chiefly financial-asset proceeds, not operating earnings.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reported financing proceeds
A$ million
| Metric | FY2026 |
|---|---|
| Net proceeds from ordinary shares | 16.483 |
| Proceeds from convertible notes | 2.247 |
FY2026 is the only selected annual cash-flow statement that separately identifies convertible-note proceeds. The report does not impute a historical note-proceeds series from financing subtotals.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Statutory loss: selected cost history prevents a single-line reading
The statutory loss series is displayed without an adjusted-result overlay. The selected expense table retains material cost categories instead of explaining the result through impairment or a generic development-stage label.
FY2024 exploration expense was materially above the preceding year. In FY2026, administration and other expenses were both higher than the FY2025 comparatives; these are reported categories, not a causal allocation of the loss. Share-based payments remain P&L expenses and are not cash outflows merely because they can be cash-flow-reconciliation add-backs. Ionic Technologies grant funding received in FY2026 was A$1.109m (£0.561m), distinct from any programme headline or future entitlement.
Reported loss after income tax
A$ million
Loss after income tax
AI-generated presentation · values from Reported annual loss; no missing values plotted as zero.
Reported annual loss
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Loss after income tax | (4.644) | (8.538) | (21.201) | (11.341) | (14.914) |
Statutory consolidated loss. It is not adjusted for non-cash items and is not a cash-burn measure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Selected statutory expense and income drivers
A$ million
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Government grant receipts (cash) | 1.960 | 1.410 | 1.227 |
| Employee benefits expense | (4.722) | (3.069) | (2.908) |
| Administration expenses | (2.273) | (1.743) | (3.542) |
| Exploration expense | (11.745) | (2.793) | (2.318) |
| Research and development expense | (0.822) | (0.425) | (0.220) |
| Share-based payments expense | (0.353) | (0.698) | (1.027) |
| Other expenses | (3.536) | (3.597) | (5.842) |
| Finance costs | (0.065) | (0.041) | (0.010) |
Expenses are statutory profit-or-loss expenses displayed as negative amounts. The separately labelled grant row shows Group cash receipts for FY2024–FY2026, not accrued income or future grant entitlements.
These accrual expense rows and grant cash receipts do not form a profit or cash-flow bridge: their timing and accounting bases differ.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
RRM/Makuutu: equity accounting preserves a crucial boundary
The RRM carrying history is displayed as an equity-method investment within non-current assets, not as a measure of Makuutu’s total assets, value or annual cash spend.
The FY2026 associate-to-joint-venture reclassification follows the joint-control reassessment rather than a move to 100% control. The issuer says both classifications remain equity accounted and recognised balances did not change. Makuutu remained subject to staged activity and a post-year-end strategic review with no decision stated.
RRM / Makuutu equity-method carrying amount
A$ million
Closing carrying amount
AI-generated presentation · values from RRM / Makuutu equity-method carrying amount; no missing values plotted as zero.
RRM / Makuutu equity-method carrying amount
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Closing carrying amount | 3.932 | 21.927 | 23.930 | 24.224 | 23.065 |
RRM holds Makuutu. This is IonicRE’s consolidated equity-method investment carrying amount, not a 100%-project asset value, resource valuation, production measure or cash-spend series.
FY2026 changed the label from associate to joint venture after reassessing joint control; the issuer says equity accounting and recognised balances did not change.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- The report uses the frozen annual-extraction packet only; it does not retrieve or audit original reports or independently verify later announcements beyond the saved FY2026 extraction.
- FY2024 operating and investing cash-flow lanes have a disclosed classification boundary between the FY2024 original and FY2025 comparative. The report does not force a reconciliation beyond the saved components.
- Core financial tables use Group/consolidated financial-statement rows. Parent-only values and project-level measures are not substituted for those rows.
- RRM is an equity-method carrying amount, not a Makuutu valuation, mineral-resource estimate, production result or cash-spend measure.
- Belfast FEED and the Makuutu strategic review are post-balance-date disclosures and are not backfilled into FY2026 financial-statement amounts.
- Prepared from existing year-by-year extraction records only. No raw-source retrieval, database query, financial web research or MiniMax call. GPT review against saved extractions; not an independent original-document audit.
Annual-report source registry
- Ionic Rare Earths Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Ionic Rare Earths Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Ionic Rare Earths Limited - 2024 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Ionic Rare Earths Limited - 2025 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Ionic Rare Earths Limited - 2026 Annual ReportExisting annual extraction, including separately identified historical comparatives.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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AI-led method
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