Half Yearly Report – 31 December 2020

• Rotary Air Blast drilling program underway with presence of sedimentary basin confirmed and regolith clay intercepts on Exploration Licence 00147 • Drill program testing

Makuutu Rare Earths Project has received first stage approval from Uganda’s National Environmental Management Authority • Environmental and Social Impact Assessment and enhanced Stakeholder Engagement

Extensive metallurgical program to be completed testing across the 315Mt resource of ionic adsorption clay hosted Rare Earth Element mineralisation Heap leach optimisation program commenced,

• Rotary Air Blast drilling program to commence across all 5 tenements at the Makuutu Rare Earths Project • Drill program to evaluate highly prospective

The Board of Ionic Rare Earths Limited (“IonicRE” or “The Company”) (ASX: IXR) is pleased to advise of a substantial 210% increase to the Mineral

Ionic Rare Earths Limited (ASX: IXR) (“IonicRE” or “the Company”) is pleased to announce it has received firm commitments to raise $12 million by way