Makuutu Phase 4 Drilling Tranche 2 Assay Results

Ionic Rare Earths Limited ("IonicRE" or "the Company") (ASX: IXR) is pleased to announce the receipt of assays for Tranche 2 of the 8,220 metre Phase 4 drill program completed in October at the Makuutu Rare Earths Project ("Makuutu" or "the Project") in Uganda.

• Second Tranche of Phase 4 drilling results (60 holes) received, aimed at increasing grade estimation confidence from Inferred to Indicated resource classification
• All 60 holes have intersected rare earth element (REE) mineralised clay above MRE cut-off grade, including the following thick high- grade intervals:
  • RRMDD386 15.0 metres at 1,156ppm TREO from 2.1 metres
  • RRMDD373 21.0 metres at 1,040ppm TREO from 3.7 metres
  • RRMDD381 17.2 metres at 1,021ppm TREO from 4.3 metres
  • RRMDD340 13.9 metres at 1,043ppm TREO from 2.8 metres
  • RRMDD360 12.3 metres at 1,054ppm TREO from 7.3 metres
• Several high-grade REE bearing clays were reported, outside the current resource area, within the Makuutu Central Eastern Zone (CEZ) ExplorationTarget
• A further three (3) Tranches of samples currently at the Perth laboratory with the final tranche in transit from Uganda to Perth

Makuutu is defining itself as a large scale, ionic adsorption clay (IAC) hosted rare earth element (REE) project, with extension potential identified east and to the northwest. The Project is well supported by existing infrastructure and is one of less than a handful of confirmed IAC deposits identified globally.

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