Ionic Rare Earths Limited (AU:IXR)
ASX:IXR
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Ionic Rare Earths Limited
(Sydney:IXR)
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Rating:41Neutral
Price Target:
AU$0.29
â–¼(-34.77% Downside)
Action:ReiteratedDate:03/10/26
The score is held down primarily by weak financial performance (losses, negative margins, falling revenue and free cash flow). Technicals also remain bearish with the stock trading below key moving averages and negative MACD. Valuation provides limited support because the company is loss-making and no dividend yield is available.
Positive Factors
Low leverage / strong equity base
A very low debt-to-equity ratio gives Ionic flexibility to fund Makuutu development without heavy interest burdens. Minimal leverage reduces refinancing risk during project build, preserving capacity to raise capital or absorb delays without immediate solvency pressure.
Negative Factors
Negative profitability
Persistent losses and negative operating margins indicate the business is not yet generating sustainable profits. Until production and commercialization occur, continued negative margins imply ongoing need for external funding and raise questions about operational efficiency and long-term return generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong equity base
A very low debt-to-equity ratio gives Ionic flexibility to fund Makuutu development without heavy interest burdens. Minimal leverage reduces refinancing risk during project build, preserving capacity to raise capital or absorb delays without immediate solvency pressure.
Read all positive factors
Ionic Rare Earths Limited (IXR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$68.94M
Dividend YieldN/A
Average Volume (3M)33.29M
Price to Earnings (P/E)―
Beta (1Y)1.44
Revenue GrowthN/A
EPS Growth31.55%
CountryAU
Employees34
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.03
Shares Outstanding226,029,460
10 Day Avg. Volume74,196,405
30 Day Avg. Volume33,293,370
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)2.09
Price to Sales (P/S)28.37
P/FCF Ratio-10.43
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Ionic Rare Earths Limited Business Overview & Revenue Model
Company Description
Ionic Rare Earths Limited operates as a mineral exploration company. Its flagship project is the Makuutu rare earths project that comprises six licenses covering an area of approximately 298 square kilometers located in the eastern Uganda. The com...
How the Company Makes Money
As of publicly available information up to the time of writing, Ionic Rare Earths Limited is primarily a pre-revenue/project development company. Its expected future revenue model is tied to bringing the Makuutu Rare Earths Project into production...
Ionic Rare Earths Limited Financial Statement Overview
Summary
Income Statement
35
Negative
Balance Sheet
50
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 2.18M | 2.21M | 2.76M | 220.43K | 213.95K |
| Gross Profit | -970.65K | 2.18M | 2.21M | -575.81K | 159.78K | 213.95K |
| EBITDA | -8.74M | -10.14M | -19.10M | -7.96M | -4.58M | -2.38M |
| Net Income | -10.93M | -11.34M | -21.20M | -8.54M | -4.64M | -2.38M |
Balance Sheet | ||||||
| Total Assets | 43.63M | 32.56M | 37.57M | 44.52M | 48.97M | 18.08M |
| Cash, Cash Equivalents and Short-Term Investments | 12.41M | 595.23K | 4.94M | 11.12M | 26.76M | 11.06M |
| Total Debt | 347.85K | 1.12M | 489.35K | 143.72K | 34.96K | 136.40K |
| Total Liabilities | 1.66M | 2.97M | 1.06M | 961.26K | 816.96K | 531.10K |
| Stockholders Equity | 41.98M | 29.59M | 36.51M | 43.56M | 48.15M | 17.55M |
Cash Flow | ||||||
| Free Cash Flow | -9.14M | -5.93M | -24.58M | -14.24M | -12.73M | -4.50M |
| Operating Cash Flow | -9.06M | -5.89M | -23.22M | -11.66M | -3.58M | -1.33M |
| Investing Cash Flow | 47.19K | 1.35M | 270.55K | -5.51M | -10.60M | -4.12M |
| Financing Cash Flow | 19.39M | 3.53M | 13.86M | 1.35M | 29.89M | 15.68M |
Ionic Rare Earths Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | AU$222.66M | -301.32 | -2.84% | ― | ― | -92.31% | |
55 Neutral | AU$229.81M | -17.50 | -26.45% | ― | ― | -3250.00% | |
54 Neutral | AU$151.33M | 4.74 | 2.67% | ― | 593.88% | 80.32% | |
44 Neutral | AU$153.88M | -14.82 | -5.07% | ― | ― | 78.49% | |
44 Neutral | AU$158.72M | -22.91 | -8.83% | ― | ― | ― | |
41 Neutral | AU$68.94M | -3.49 | -30.54% | ― | ― | 31.55% |
* Basic Materials Sector Average
AU:IXR
Ionic Rare Earths Limited
0.32
-0.01
-4.26%
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0.05
0.03
113.04%
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0.12
0.03
27.78%
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0.25
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Victory Goldfields Limited
1.82
1.34
282.11%
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Horizon Gold Ltd
1.19
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165.03%
Ionic Rare Earths Limited Corporate Events
Ionic Rare Earths plans modest share placement on ASX
Apr 21, 2026
Ionic Rare Earths Limited has notified the ASX of a proposed issue of 41,303 ordinary fully paid shares. The company plans to complete this placement on 23 April 2026, indicating a relatively small equity raising that modestly increases its capita...
Ionic Rare Earths Appoints New Company Secretary
Apr 16, 2026
Ionic Rare Earths Limited has announced a change in its corporate governance team, appointing Anshu Raghuvanshi of Acclime Corporate Services Australia as Company Secretary, effective 16 April 2026. The move comes as Mark Licciardo, also of Acclim...
Ionic Rare Earths Flags Late Director Interest Notice, Reaffirms Compliance
Apr 10, 2026
Ionic Rare Earths Limited has disclosed that it lodged an Appendix 3Y notice regarding a change in director Brett Lynch’s shareholdings, relating to a transaction that actually occurred on 6 August 2025. The filing delay was attributed to an...
Ionic Rare Earths Issues New Shares with Cleansing Notice Confirmation
Mar 20, 2026
Ionic Rare Earths Limited has issued 88,337 new ordinary shares on 20 March 2026 and has lodged a cleansing notice stating that the shares were issued without a prospectus under the relevant provisions of the Corporations Act. The company confirme...
Ionic Rare Earths Seeks ASX Quotation for Additional Shares
Mar 20, 2026
Ionic Rare Earths Limited has applied to the ASX for quotation of 88,337 new ordinary fully paid shares under its IXR ticker. The shares, issued on March 20, 2026, expand the company’s quoted capital base, potentially enhancing liquidity for...
Ionic Rare Earths Plans Modest Share Placement to Support Operations
Mar 17, 2026
Ionic Rare Earths Limited has notified the ASX of a proposed placement of up to 88,337 ordinary fully paid shares, under an Appendix 3B filing. The new securities, expected to be issued on March 20, 2026, represent a modest capital raise that will...
Ionic Rare Earths Files Half-Year Financial Report for December 2025
Mar 6, 2026
Ionic Rare Earths Limited has released its half-year financial report for the period ended 31 December 2025, detailing the company’s financial performance, position, and cash flows. The report also includes directors’ and auditor’...
Ionic Rare Earths Seeks ASX Quotation for New Share Issue
Mar 3, 2026
Ionic Rare Earths Limited has applied to the ASX for quotation of 16,667 new fully paid ordinary shares under the code IXR, following the issue of these securities on 2 March 2026. The small share issuance, arising from the exercise or conversion ...
Ionic Rare Earths Issues New Shares Under Disclosure Exemption
Mar 2, 2026
Ionic Rare Earths Limited has issued 416,667 new ordinary shares on 2 March 2026 without a full prospectus under the disclosure exemptions of the Corporations Act. The company stated it remains compliant with its financial reporting and continuous...
Ionic Rare Earths Seeks ASX Quotation for Additional Shares
Mar 2, 2026
Ionic Rare Earths Limited has applied for quotation on the ASX of 416,667 new fully paid ordinary shares under the code IXR. The securities, issued on 2 March 2026, reflect a modest capital expansion that may provide additional funding flexibility...
Ionic Rare Earths Plans Placement of New Ordinary Shares
Feb 27, 2026
Ionic Rare Earths Limited has notified the ASX of a proposed issue of up to 416,667 fully paid ordinary shares under a placement or similar capital-raising mechanism. The new securities are expected to be issued on 2 March 2026, with the company s...
Ionic Rare Earths Reshapes Organisation as FORGE Backs Belfast Magnet Recycling Hub
Feb 10, 2026
Ionic Rare Earths is overhauling its organisation to accelerate global expansion in rare earth magnet recycling, including relocating Managing Director Tim Harrison to the UK and appointing seasoned industry advisors. These moves support the scale...
Ionic Rare Earths to Sell Unmarketable Parcels for 2,763 Small Shareholders
Feb 3, 2026
Ionic Rare Earths Limited has moved ahead with cleaning up its share register by implementing an Unmarketable Parcel Sale Facility aimed at holders of less than A$500 worth of shares. Following an opt-out period that closed on 30 January 2026, the...
Ionic Rare Earths Relocates Registered Office to Melbourne CBD
Feb 2, 2026
Ionic Rare Earths Limited has announced a change to its registered office and principal place of business, effective 2 February 2026, relocating to new premises at Suite 09, Level 5, North Tower, 525 Collins Street in central Melbourne. While an a...
Ionic Rare Earths Advances Global Expansion With New US Recycling Deal and UK Funding Boost
Jan 29, 2026
Ionic Rare Earths Limited reported progress on its global rare earths expansion strategy for the December 2025 quarter, highlighted by a new memorandum of understanding with Missouri-based US Strategic Metals to develop vertically integrated, mult...
Ionic Rare Earths Issues New Shares and Lodges Cleansing Notice
Jan 28, 2026
Ionic Rare Earths Limited has issued a total of 74,603 new ordinary shares on 23 and 27 January 2026 and has lodged a cleansing notice under section 708A(5)(e) of the Corporations Act, confirming the shares were issued without a prospectus. The co...
Ionic Rare Earths Seeks ASX Quotation for Additional Ordinary Shares
Jan 28, 2026
Ionic Rare Earths Limited has applied for quotation on the ASX of 12,239 new fully paid ordinary shares, following the exercise or conversion of existing options or other convertible securities. The modest increase in quoted securities slightly ex...
Ionic Rare Earths Seeks ASX Quotation for Additional Ordinary Shares
Jan 27, 2026
Ionic Rare Earths Limited has applied to the ASX for quotation of 62,364 new fully paid ordinary shares, to be issued on 23 January 2026 under its existing capital management framework. The modest increase in quoted securities, formalised through ...
Ionic Rare Earths Wins UK Backing for Belfast Rare Earth Magnet Recycling Plant
Jan 26, 2026
Ionic Rare Earths’ subsidiary Ionic Technologies has secured an offer in principle for a £12 million capital grant from the UK Government’s DRIVE35 program to help fund an £85 million commercial rare earth magnet recycling pl...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.