Just getting in early and would like to wish all my fellow IXR holders a Happy, Prosperous and Healthy New Year!!!
As we rapidly approach the end of 2024, I would like to reflect on the progress made by IXR over the year.
It has been a transformative year for the company, with a radical shift in strategy from mining at Makuutu to refining in Belfast as the primary focus.
This of course takes time and money, which has played out over the course of 2024 with this shift in focus and the multiple capital raises we have endured.
But these have not been in vein.
There has been substantial progress in progressing our tech toward commercialisation in both Belfast and more recently in Brazil.
Some of the milestones over the year included-
January
- Awarding of Makuutu’s mining license
- Magnet recycling moving to 24/7 operations in Belfast
- Brett Lynch appointed as chairman
February
- Makuutu Phase 5 infill Tranche 2 Drill results
- Makuutu final milestone fee settled
- Makuutu Phase 5 Infill Tranche 3 Drill Results
- Makuutu Exploration Target Upgraded 40%
March
- First Mixed Rare Earth Carbonate produced at Makuutu
--------------------------------------------------------------------------------------------------------------- Shift in focus to IonicTech
- Ionic Technologies advancing wind turbine recycling activity
- IONIC TECHNOLOGIES PRODUCES HIGH PURITY TERBIUM OXIDE
- Ionic Technologies Starts Continuous Magnet REO Production
April
- IXR and VMM to form REE Refining and Recycling JV in Brazil
- STRONG PARTNER INTEREST IN IONICTECH-PLANT FULL FOR 18 MNTHS
May
- Makuutu Mineral Resource Estimate Expanded
- IXR and LCM advance rare earth supply chain collaboration
October
- IXR awarded grants with LCM, VAC for UK-EU REPM partnership
November
- VIRIDION JV TO FAST TRACK BRAZILIAN MAGNET SUPPLY CHAIN
- FS DEMONSTRATES PROFITABLE MAGNET REO BUSINESS CASE
December
- UK GOV GRANT APPLICATION LODGED FOR MAGNET RECYCLING PLANT
- VIRIDION BACKED TO BUILD BRAZILIAN MAGNET SUPPLY CHAIN
What is very interesting when the year’s announcements are tabled as above, is the pivot from Makuutu, to Ionic Tech in mid-March.
It is very clear in the messaging and announcements as the management changed its focus in strategy around this period, and we clearly see the newsflow for the rest of the year being centred around Belfast, Brazil and the recycling Tech.
What else is interesting is the timing of the appointment of the new chairman, Brett Lynch.
The timeline of his appointment in late January, seems to line up with this change in strategy and increased push in the direction of the recycling tech.
A fresh set of eyes examining IXR’s project’s and strategy from late January into February, may have been the impetus that Tim needed to pivot away from Makuutu in mid-March and head in the direction we are clearly headed now.
I like the combination of these 2 guys running the company.
.
They both bring their own strengths to the table, and balance each other’s weaknesses.
We have a very bankable and investable proprietary technology, with an attractive business model going forward.
Our cash position, and the capital required to move forward has always been the worry, for me anyway…and I have mentioned this numerous times.
The market, as well as many investors, are still waiting for that big injection of capital to validate our project and take us forward.
That fateful day is approaching, but for now, this latest CR/SPP money has to keep us afloat.
The BOD certainly understand this, and have trimmed as much fat out of the organisation as possible.
Melbourne, Makuutu and even Belfast have not been immune to the cost cutting, and we have seen personnel and operational reductions across all our project areas and head office.
There is a quantifiable improvement in cashburn, which you can see it in the quarterly, as a well as in a slide which was shared at the AGM.
So, I keenly await The December quarterly report in late January, and expect to see further improvement.
2024 was a pivotal year, no doubt.
A definitive shift in strategy, driven by the new chairman Brett, assisting Tim.
And where to in 2025?
I have no doubt that our APC grant will come in Q1-Q2 2025, and with it further funding, grants and partnerships, for Belfast, Brazil and beyond.
Quite simply, next year, 2025 will be the company maker…
Happy New year everyone!
(20min delay)