ION: Annual Report to shareholders
Original announcement by asx on
- Company
- Iondrive Limited
- Ticker
- ION
- Exchange
- ASX
- Region
- Unavailable
- Primary commodity
- Rare earths
- Secondary commodities
- Dysprosium, Neodymium, Praseodymium, Silver
- Document categories
- Other, Metallurgy
- Extracted
- 2026-10-20 22:35:40 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Iondrive Limited's annual report highlights a strategic pivot towards commercialization of its IONSolv™ metal extraction platform, achieving high leach recoveries of 93.5% for dysprosium and 96.5% for neodymium and praseodymium from end-of-life magnets. The company completed a positive techno-economic study, secured initial US market entry with government support, and expanded its platform to include solar panel recycling with over 85% silver extraction efficiency. Despite these advancements, the company reported a net loss of $7.0 million for the financial year.
Reasoning: Iondrive Limited reported significant progress in validating and commercializing its IONSolv™ metal extraction platform, achieving high rare earth recoveries and positive techno-economic study results, alongside strategic US market entry and platform expansion, despite incurring a net loss for the year.
Positive factors
- Achieved high leach recoveries for dysprosium (93.5%), neodymium (96.5%), and praseodymium (96.5%) from end-of-life magnet feedstock.
- Demonstrated 99.9% iron rejection during rare earth extraction, indicating high selectivity.
- Completed a techno-economic study for a modular rare earths plant showing strong economics (NPV US$7M, IRR 46%, 2.6-year payback).
- Secured initial US market entry with government support from the Oklahoma Department of Commerce.
- Expanded IONSolv™ platform to include solar panel recycling with >85% silver extraction efficiency.
- Pilot plant commissioning scheduled for Q4 2026.
Negative factors
- Reported a net loss after income tax of $7,019,907 for the financial year.
- Financial statements include a going concern note indicating dependence on additional funding.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 4
Classification and evidence
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Dysprosium recovery of 93.5% is strong for a critical rare earth element.
Evidence · text
“leach recoveries of dysprosium at 93.5%”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Neodymium recovery of 96.5% is exceptional for a critical light rare earth element.
Evidence · text
“neodymium and praseodymium at 96.5%”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Praseodymium recovery of 96.5% is exceptional for a critical light rare earth element.
Evidence · text
“neodymium and praseodymium at 96.5%”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Silver extraction efficiency above 85% from solar panels is a strong result for a new feedstock.
Evidence · text
“early extraction efficiencies above 85% for silver”
QA/QC Disclosedpositive · Story-specific tag
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: The release states that performance was 'independently verified' and names the testing laboratory, Kingston Process Metallurgy Inc.
Evidence · text
“independently verified for its performance using commercially sourced feedstocks. ... The testing was conducted by Kingston Process Metallurgy Inc.”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("concentrate")
POX/BIOX Routeneutral
Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX.
Why it applies: the document describes a pox_biox route ("albion")
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: 2 distinct composites were tested
Extracted facts
Stored fact records: 4. Some facts used in scoring do not have a stored record.
Metallurgical Results (4)
independent testworkIONSolv™ platform · dysprosiumRecovery: 93.5 %View all detailsHide details
Identity
- Project
- IONSolv™ platform
- Commodity
- dysprosium
- Ticker
- ION
Test Work
- Test Type
- independent testwork
- Processing Route
- tuneable deep eutectic solvent chemistry
- Sample
- commercially sourced end-of-life magnet feedstock
Recovery
- Recovery
- 93.5 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- Kingston Process Metallurgy Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The 93.5% dysprosium recovery from commercial feedstock is a strong validation of the IONSolv™ platform's effectiveness for a high-value critical mineral.
Positive factors
- Achieved high recovery for a critical and high-value rare earth element.
- Recovery exceeded initial projections and expectations.
Evidence · text
“leach recoveries of dysprosium at 93.5% ... from commercially sourced end-of-life magnet feedstock”
independent testworkIONSolv™ platform · neodymiumRecovery: 96.5 %View all detailsHide details
Identity
- Project
- IONSolv™ platform
- Commodity
- neodymium
- Ticker
- ION
Test Work
- Test Type
- independent testwork
- Processing Route
- tuneable deep eutectic solvent chemistry
- Sample
- commercially sourced end-of-life magnet feedstock
Recovery
- Recovery
- 96.5 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- Kingston Process Metallurgy Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The 96.5% neodymium recovery from commercial feedstock is an exceptional result, validating the platform's efficiency for key rare earth elements.
Positive factors
- Achieved exceptional recovery for a critical light rare earth element.
- Recovery surpassed initial assumptions and expectations.
Evidence · text
“neodymium and praseodymium at 96.5% from commercially sourced end-of-life magnet feedstock”
independent testworkIONSolv™ platform · praseodymiumRecovery: 96.5 %View all detailsHide details
Identity
- Project
- IONSolv™ platform
- Commodity
- praseodymium
- Ticker
- ION
Test Work
- Test Type
- independent testwork
- Processing Route
- tuneable deep eutectic solvent chemistry
- Sample
- commercially sourced end-of-life magnet feedstock
Recovery
- Recovery
- 96.5 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- Kingston Process Metallurgy Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: The 96.5% praseodymium recovery from commercial feedstock is an exceptional result, validating the platform's efficiency for key rare earth elements.
Positive factors
- Achieved exceptional recovery for a critical light rare earth element.
- Recovery surpassed initial assumptions and expectations.
Evidence · text
“neodymium and praseodymium at 96.5% from commercially sourced end-of-life magnet feedstock”
early workIONSolv™ platform · silverRecovery: 85 %View all detailsHide details
Identity
- Project
- IONSolv™ platform
- Commodity
- silver
- Ticker
- ION
Test Work
- Test Type
- early work
- Processing Route
- tuneable deep eutectic solvent chemistry
- Sample
- solar panels
Recovery
- Recovery
- 85 %
- Recovery Basis
- actual_test
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-20T00:00:00.000Z
Reasoning: Early work showing over 85% silver extraction from solar panels indicates promising expansion potential for the IONSolv™ platform into new waste streams.
Positive factors
- Demonstrated high extraction efficiency for silver from a new feedstock (solar panels).
- Expands the multi-feedstock capability of the IONSolv™ platform.
Evidence · text
“early work solar panels now showing early extraction efficiencies above 85% for silver”
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.