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Joint Development and Licensing Agreement will decrease dependency on China for rare earth refining and chemicals

BURLINGTON, Mass., May 20, 2026 /PRNewswire/ -- Nth Cycle, Inc., a critical mineral refining technology company, today announced a Joint Development and Licensing Agreement with Ionic Rare Earths Limited (ASX:IXR or "IonicRE"), a fully integrated rare earth supply chain developer, to establish end-to-end rare earth refining operations in the U.S. and globally.

Under the agreement, Nth Cycle will work to develop its proprietary electro-extraction technology into Ionic Rare Earths Limited (IonicRE) rare earth recycling and refining operations, establishing the first production pathway that bypasses China for both long-loop recycling to high purity form, and the chemical agents, specifically oxalic acid, they produce to purify rare earth swarf into oxides for new magnet manufacturing. According to the agreement, Nth Cycle's technology will be integrated into Ionic's Belfast facility beginning in Q4 2026.

Oxalic Acid: The Hidden Domestic Dependency on China for Rare Earth Refining 

China currently refines 90% of the world's rare earth elements found in ore and end-of-life materials, with recovery occurring during precipitation, a step reliant on oxalic acid, a reagent they produce. This creates a hidden dependency facing all domestic refiners building operations onshore. While that capacity will reduce processing in China, it won't reduce dependence on them to process here.

Nth Cycle and IonicRE: Building a Resilient Process to Underpin Growth of the Western Rare Earth Supply Chain

IonicRE leads western industry in recycling and refining rare earths from pre-consumer magnet swarf and spent magnets. Nth Cycle is the most advanced critical mineral refiner for black mass, and refining technology provider in rare earths, with singular speed and scalability advantages in the supply chain's "missing midstream." Together, the two companies will work to replace the precipitation step in IonicRE's flowsheet with Nth Cycle's electro-extraction closed-loop process, which uses electricity to produce the chemicals—rather than oxalic acid—to convert rare earth recycled feedstocks into high-purity oxides, the solid powders used in magnet metal production.

Unlike conventional refining processes for rare earths, where the precipitating oxalic acid agent is consumed and must be continuously resupplied, the companies' integrated system eliminates that dependency entirely, while regenerating hydrochloric acid for continuous reuse during processing. The result is the most resilient and competitive rare earth recycling and refining flowsheet available, reducing costs, external supply dependencies, and carbon footprint.

"Rare earth refining in the U.S. has made progress but building a resilient supply chain in the West requires solving every point of dependence, not just the most visible ones," said Megan O'Connor, CEO and Co-Founder of Nth Cycle. "Nth Cycle's technology closes one of the largest remaining links to Chinese chemical supply chains in the rare earth refining process. And because our electroextraction platform works across rare earths, nickel, cobalt, copper, and beyond, every application of our system accelerates the critical mineral supply chains our economy and national security depend on."

"Building a rare earth supply chain that the West can actually rely on means confronting supply chain vulnerabilities at every step of the process," said Tim Harrison, Managing Director and CEO of IonicRE. "Nth Cycle gives us a technology pathway that lowers our operating costs and removes one of the most critical of those vulnerabilities. That is exactly the kind of partnership that makes domestic refining genuinely viable."

IonicRE Managing Director and CEO, Tim Harrison commented, "IonicRE are excited to be announcing this partnership with Nth Cycle today, one that leverages exciting technology from electroextraction for precipitation into IonicRE's patented long-loop recycling technology, and one that has the potential to further reduce both our OPEX and carbon footprint significantly. Oxalic acid represents approximately ~50% of our benchmark carbon footprint which is 60% lower than primary (mined) supply of rare earth oxides. This ongoing innovation will ensure we continue to stay a step ahead on providing not only the highest purity rare earth oxides in the market, but validated materials for western end users."

Nth Cycle's Commercialization

The joint development and licensing agreement with IonicRE follows Nth Cycle's historic $1.1B off-take with Trafigura for mixed hydroxide precipitate (MHP) and battery grade lithium carbonate refined from black mass. These agreements demonstrate the multi-application advantage of the company's refining solution - the only commercial system that produces the full spectrum of critical metals from ore and recycled feedstock and integrates with any rare earth refining process regardless of upstream separation technology.

About Nth Cycle

Nth Cycle is a critical minerals midstream refining company building the technology and infrastructure needed for Western supply chains. The company addresses the market's structural bottleneck: feedstock volumes do not align with the scale and economics of large, traditional refineries. Nth Cycle solves this constraint with a modular system, dramatically lowering capital intensity, deployment time and emissions to convert industrial scrap, black mass and primary feeds into intermediate and refined products within the nickel, cobalt, copper and rare earth value chains. These advancements enable the domestic production and allied partnerships vital to industrial competitiveness, national security and supply chain resilience.

About IonicRE

Ionic Rare Earths Limited (ASX: IXR or IonicRE) is an emerging miner, refiner, and recycler of sustainable and traceable magnet and heavy rare earths needed to develop net-zero carbon technologies.

Ionic Technologies International Limited ("Ionic Technologies"), a 100% owned UK subsidiary, has developed processes for the separation and recovery of rare earth elements (REE) from mining ore concentrates and recycled permanent magnets. Ionic Technologies is focusing on the commercialisation of the technology to achieve near complete extraction from end of life / spent magnets and waste (swarf) to high value, separated and traceable magnet rare earth products with grades exceeding 99.9% rare earth oxide (REO).

IonicRE has also executed a transformational 50/50 joint venture refinery and magnet recycling facility in Brazil with Viridis Mining and Minerals Limited (ASX: VMM) to separate high value magnet and heavy rare earths from the Colossus Project's full spectrum of REOs.

This integrated strategy completes the circular economy of sustainable and traceable magnet and heavy rare earth products needed to supply applications critical to EVs, offshore wind turbines, communication, and key defense initiatives.

For more information about IonicRE and its operations, please visit www.ionicre.com.

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SOURCE Nth Cycle

• US Strategic Metals (USSM) signs Memorandum of Understanding (MOU) with Australian-based Ionic Rare Earths Limited (IonicRE) at Australian Embassy in Washington, D.C., supporting the U.S.-Australia critical minerals partnership;
• Collaboration includes development of vertically integrated, multi-metallic rare earths production from recycling at USSM's 1,800-acre (728.4-hectare) fully permitted site in Missouri, USA;
• IonicRE to provide Ionic Technologies' patented rare earth permanent magnet recycling technology, focused on rapid production of magnet rare earth oxides (REOs), with future potential expansion to include a range of magnet and heavy rare earths from mixed rare earth carbonate (MREC); and
• Both companies to pursue opportunities for strategic funding, technology development and supply chain collaboration consistent with U.S.-Australia critical minerals cooperation framework, as IonicRE continues its global magnet recycling expansion to develop secure and sustainable ex-China rare earth supply chains.

WASHINGTON, Nov. 10, 2025 /PRNewswire/ -- US Strategic Metals ("USSM" or the "Company"), a vertically integrated, multi-metallic critical minerals platform, has signed a non-binding Memorandum of Understanding with Ionic Rare Earths Limited ("IonicRE") (ASX: IXR) held at the Australian Embassy in Washington, D.C., highlighting the strong corporate commitment to supporting the U.S.-Australia critical minerals partnership.

Under the MOU, USSM and IonicRE will pursue opportunities to align rare earth and critical mineral production with multi-metallic downstream processing and supply chain development at USSM's 1,800-acre (728.4-hectare) fully permitted site in Missouri, USA, starting with the deployment of wholly owned subsidiary, Ionic Technologies' patented rare earth permanent magnet recycling technology, developing both commercial Neodymium-Iron-Boron (NdFeB) and Samarium-Cobalt (SmCo) recycling capacity. The Missouri recycling facility is expected to produce significant quantities of NdPr (neodymium and praseodymium), and importantly a range of strategic heavy rare earths, presently included within the list of Chinese restricted rare earth elements, including dysprosium (Dy), terbium (Tb), samarium (Sm), gadolinium (Gd) and holmium (Ho). In addition, the parties will evaluate other heavy rare earth recycling opportunities within the USA to be located at the USSM site in Missouri, USA.

The MOU focuses on producing high purity, separated magnet rare earth oxides (REOs) rapidly in the United States, with future potential expansion to include a wide range of magnet and heavy rare earths from a range of strategically sourced mixed rare earth carbonate (MREC) from target project feeds.

The partnership supports the historic critical minerals framework signed on 21 October 2025 by U.S. President Donald J. Trump and Australian Prime Minister Anthony Albanese ("The United States–Australia Framework for Securing of Supply in the Mining and Processing of Critical Minerals and Rare Earths"), aimed at delivering a U.S.-Australia secured supply chain for critical minerals and rare earths, required for defence, advanced manufacturing and renewables.

This MOU supports the Trump Administration's efforts to secure U.S. leadership in critical minerals and energy by expanding domestic critical mineral production. Consistent with Executive Order 14241, "Immediate Measures to Increase American Mineral Production," the MOU fosters collaboration through the Quadrilateral Security Dialogue, a partnership among the United States, Australia, Japan, and India focused on promoting regional stability and economic security. Together, the capabilities of USSM and IonicRE aim to reduce dependence on foreign mineral imports, improve national security, and ensure supply chain resilience for industries vital to U.S. defence and technology sectors.

USSM Co-founder & CEO Stacy W. Hastie signed the MOU with Mr Brett Lynch, Executive Chairman of IonicRE, at the Australian Embassy in Washington, D.C. 

"This partnership aligns with our vision to be a key leader in the establishment of new supply chains for critical minerals and heavy rare earths," said Stacy W. Hastie, Co-founder & CEO of USSM.  "US Strategic Metals' processing and refining capabilities in Missouri are designed to meet America's demand while collaborating with partners dedicated to responsible, secure, and sustainable sourcing. Working with IonicRE, we intend to accelerate technological progress and financial collaborations that will shape the future framework of domestic critical mineral supply chains."

Welcoming the agreement, IonicRE Managing Director Mr. Tim Harrison said: "Magnet recycling is the fastest and lowest-cost pathway to developing an ex-China rare earth supply chain in the United States. IonicRE is leading this charge in this area, and we now look to replicate the capability we have demonstrated in the UK now in the USA to provide a key strategic supply of magnet and heavy rare earths into the USA supply chain.

"Now is the time to accelerate this technology, which we are capable of building globally to offer a resilient supply of high purity, separated REOs, delivered on a sustainable basis thanks to our proven low-emission technology."

"This MOU is an important step forward in building a secure and sustainable ex-China rare earths supply chain in the United States, the world's biggest economy, also supporting the critical minerals framework recently agreed by both the Australian and U.S. governments," Mr. Lynch said.  "There's no bigger market than the United States and we are delighted to partner with USSM in delivering rare earth permanent magnet supply in Missouri, with potential for multiple recycling plants across the United States as part of our global expansion."

The United States currently sources 70% of its rare earth imports from China, with the Trump administration ramping up efforts to expand U.S. domestic production of rare earths and other critical minerals to reduce its import dependence. By 2027, Chinese rare earth content must be completely removed from U.S. weapons systems under existing regulations.

Under the U.S.-Australia framework agreement, both nations have agreed to provide at least US$1 billion in investments toward an US$8.5 billion pipeline of critical minerals projects in Australia and the United States over a six-month period. The agreement aims to assist both countries in achieving resilience and security of critical minerals and rare earths supply chains, including mining, separation, and processing, (refer https://www.whitehouse.gov/briefings-statements/2025/10/united-states-australia-framework-for-securing-of-supply-in-the-mining-and-processing-of-critical-minerals-and-rare-earths/).

About US Strategic Metals

USSM is a vertically integrated critical minerals platform with the objective of becoming the first major near-term domestic producer of critical minerals in the United States. The company's processing site in Missouri will produce important critical materials such as alloy grade cobalt, antimony sulfide, nickel metal, lithium carbonate, copper cathode, and rare earth elements.

USSM's unique capacity to process complex poly-metallic sulfides using well-known methods combined with in-house, novel, but not complex technology makes it a global market leader in reliable, ethically sourced, and environmentally friendly strategic metals for U.S. and global markets.

Anchored by its team of experienced professionals, substantial domestic resources, and with a culture of innovation, USSM is building its capacity to meet the growing needs of the defence and advanced technology industries by ensuring sustainable, domestic supplies of strategic metals.

For more information about USSM, please visit www.usstrategicmetals.com. 

About Ionic Rare Earths Ltd

Ionic Rare Earths Limited (ASX: IXR or IonicRE) is an emerging miner, refiner and recycler of sustainable and traceable magnet and heavy rare earths needed to develop net-zero carbon technologies.

Ionic Technologies International Limited ("Ionic Technologies"), a 100% owned UK subsidiary, has developed processes for the separation and recovery of rare earth elements (REE) from mining ore concentrates and recycled permanent magnets. Ionic Technologies is focusing on the commercialisation of the technology to achieve near complete extraction from end-of-life / spent magnets and waste (swarf) to high value, separated and traceable magnet rare earth products with grades exceeding 99.5% rare earth oxide (REO).

The Makuutu Rare Earths Project in Uganda, 60% owned by IonicRE, is well-supported by existing tier-one infrastructure and is on track to become a long-life, low Capex, scalable and sustainable supplier of high-value magnet and heavy REO.

IonicRE has also executed a transformational 50/50 joint venture refinery and magnet recycling facility in Brazil with Viridis Mining and Minerals Limited (ASX: VMM) to separate high value magnet and heavy rare earths from the Colossus Project's full spectrum of REOs.

This integrated strategy completes the circular economy of sustainable and traceable magnet and heavy rare earth products needed to supply applications critical to EVs, offshore wind turbines, communication, and key defence initiatives.

IonicRE has continued its international expansion across the UK/Europe, North and South America, amid a continuing global focus on securing heavy rare earths and the need for secure and sustainable ex-China supply.

The Company recently welcomed a $3 million strategic investment from U.S.-based Argentem Creek Partners, a specialist investment firm with experience in critical minerals, energy transition plays, technology, and industrial sectors.

Ionic Technologies has shown the ability of its patented technology to enhance the sustainability of the rare earth supply chain, with a peer-reviewed Product Carbon Footprint Study showing emission reductions of up to 61% compared to the existing REO supply chain sourced from primary (mine) supply (refer ASX release 13 March 2025).

For more information about IonicRE and its operations, please visit www.ionicre.com.

Forward Looking Statements

This announcement has been prepared by US Strategic Metals and Ionic Rare Earths Limited and may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of US Strategic Metals and Ionic Rare Earths Limited. Actual values, results or events may be materially different to those expressed or implied in this document. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this document speak only at the date of issue of this document. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Ionic Rare Earths Limited does not undertake any obligation to update or revise any information or any of the forward-looking statements in this document or any changes in events, conditions, or circumstances on which any such forward looking statement is based.

References to Previous ASX Releases

• September Quarterly Activities & Cash Flow Report – 29 October 2025
• US strategic investment enhances IXR rights issue, placement – 14 October 2025
• Ionic Technologies ramping up heavy rare earth production to meet supply requests from majors – 30 July 2025
• IXR eyeing multiple magnet recycling plants in USA – 23 June 2025
• Peer review confirms up to 61% lower CO₂ emissions from Ionic Technologies' magnet recycling process – 13 March 2025

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and all material assumptions and technical parameters continue to apply and have not materially changed.

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SOURCE US Strategic Metals