October 30, 2020

QUARTERLY REPORT FOR THE PERIOD ENDING 30 SEPTEMBER 2020

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HIGHLIGHTS

IonicRE increased ownership to 51% of the Makuutu Rare Earths Project
Phase 2 drill program testing area three (3) times current Mineral Resource Estimate completed after quarter end
Positive results from metallurgical testwork received
Ugandan ministerial delegation demonstrates strong support for Makuutu
Closed an over-subscribed $2.5 million share placement and a $1.0 million share purchase plan during quarter

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