# ION: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ion-annual-report-to-shareholders--b8996e0f-0fef-4f23-8cdc-62fa7aa1126e Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03154902 Publisher: asx Original announcement: 2026-10-20T21:23:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-20T22:35:39.946Z Atlas analysis updated: 2026-10-20T22:35:39.946Z - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Achieved high leach recoveries for dysprosium \(93.5%\), neodymium \(96.5%\), and praseodymium \(96.5%\) from end-of-life magnet feedstock. - Positive factor: Demonstrated 99.9% iron rejection during rare earth extraction, indicating high selectivity. - Positive factor: Completed a techno-economic study for a modular rare earths plant showing strong economics \(NPV US$7M, IRR 46%, 2.6-year payback\). - Positive factor: Secured initial US market entry with government support from the Oklahoma Department of Commerce. - Positive factor: Expanded IONSolv™ platform to include solar panel recycling with >85% silver extraction efficiency. - Positive factor: Pilot plant commissioning scheduled for Q4 2026. - Negative factor: Reported a net loss after income tax of $7,019,907 for the financial year. - Negative factor: 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 Recovery** Polarity: positive Definition: 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 Recovery** Polarity: positive Definition: 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 Recovery** Polarity: positive Definition: 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 Recovery** Polarity: positive Definition: 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 Disclosed** Polarity: positive Story-specific tag Definition: 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 Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("concentrate"\) **POX/BIOX Route** Polarity: neutral Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX. Why it applies: the document describes a pox\_biox route \("albion"\) **Multi-Domain Tested** Polarity: positive Definition: 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 testwork [Link to this fact](https://atlas-staging.minestarters.com/news/ion-annual-report-to-shareholders--b8996e0f-0fef-4f23-8cdc-62fa7aa1126e#fact-metallurgical-facts-0) IONSolv™ platform · dysprosium #### 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 factor: Achieved high recovery for a critical and high-value rare earth element. - Positive factor: Recovery exceeded initial projections and expectations. Evidence · text > leach recoveries of dysprosium at 93.5% ... from commercially sourced end-of-life magnet feedstock ### independent testwork [Link to this fact](https://atlas-staging.minestarters.com/news/ion-annual-report-to-shareholders--b8996e0f-0fef-4f23-8cdc-62fa7aa1126e#fact-metallurgical-facts-1) IONSolv™ platform · neodymium #### 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 factor: Achieved exceptional recovery for a critical light rare earth element. - Positive factor: Recovery surpassed initial assumptions and expectations. Evidence · text > neodymium and praseodymium at 96.5% from commercially sourced end-of-life magnet feedstock ### independent testwork [Link to this fact](https://atlas-staging.minestarters.com/news/ion-annual-report-to-shareholders--b8996e0f-0fef-4f23-8cdc-62fa7aa1126e#fact-metallurgical-facts-2) IONSolv™ platform · praseodymium #### 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 factor: Achieved exceptional recovery for a critical light rare earth element. - Positive factor: Recovery surpassed initial assumptions and expectations. Evidence · text > neodymium and praseodymium at 96.5% from commercially sourced end-of-life magnet feedstock ### early work [Link to this fact](https://atlas-staging.minestarters.com/news/ion-annual-report-to-shareholders--b8996e0f-0fef-4f23-8cdc-62fa7aa1126e#fact-metallurgical-facts-3) IONSolv™ platform · silver #### 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 factor: Demonstrated high extraction efficiency for silver from a new feedstock \(solar panels\). - Positive factor: 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.