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Extraction rates in excess of 90%, the reality of urban mining of e-waste for rare earth elements is one step closer with Iondrive's latest results

Jane Morgan Management

Key Facts:

• Working towards a solution for the recycling of e-waste and solar panels.

• A potential pathway to domestic supply of rare earth elements. 

• A modular plant design for ease of rolling out across multiple locations. 

ADELAIDE, SOUTH AUSTRALIA / UNITED STATES — Iondrive Limited (ASX: ION), an Adelaide-based critical minerals technology company, has today released two major operational updates that together mark a significant inflection point in its commercialisation strategy:

1) independent US testwork confirming extraction rates in excess of 90% for key rare earth elements from commercial feedstock, and

2) a strategic redesign of its South Australian battery recycling pilot plant to support a broader, multi-feedstock processing platform.

 

Lewis Utting, Chief Executive Officer, Iondrive Limited CEO says:

"These results demonstrate that IONSolv™ is delivering consistent high extraction while progressing toward a process that can be deployed at scale. We are achieving strong extraction of key rare earth elements and continue to refine the process, particularly around iron management and feed preparation, which are critical to maximising overall performance.

Our focus is now on producing a saleable rare earth product and advancing the process toward commercial deployment. The latest results support the Company’s transition from technology validation toward a modular, scalable extraction platform.

We are progressing a modular processing model, where individual units operate as standalone production modules. This approach is intended to enable capital-efficient deployment across multiple locations, including the United States.

(And) As a result of the review, we have refined the plant design to support multiple feedstocks under a single flowsheet, which is central to our platform strategy. The revised timing reflects the work required to properly define the system ahead of execution, improving confidence and supporting a more efficient pathway to scale-up."

US testwork: exceeding the economic model 

Third-party testwork conducted by Kingston Process Metallurgy Inc., under the direction of ProProcess Engineering at a US-based facility, has confirmed extraction of 93.8% neodymium (Nd) and 95.1% praseodymium (Pr) from commercially sourced permanent magnet materials a 250 kg bulk sample sourced from a US commercial recycler.

These results are significant not only in absolute terms but because they exceed the recovery assumptions embedded in Iondrive's prior techno-economic study, but the higher real-world recoveries further strengthen the commercial case.

Neodymium and praseodymium (NdPr) are the dominant value drivers in rare earth magnet recycling. According to the International Energy Agency, NdPr collectively represent approximately 96% of the rare earth elements global market value — making high extraction of these two elements commercially decisive.

The testwork was conducted on Iondrive's proprietary IONSolv™ platform, a deep eutectic solvent (DES) technology that operates at low temperatures and avoids the corrosive acids associated with conventional hydrometallurgical processes. The process has also demonstrated improved iron rejection performance, a critical step for producing a saleable rare earth oxide product.

Pilot Plant: redesigned for scale and flexibility

In parallel with its US rare earth program, Iondrive has completed a strategic review of its battery recycling pilot plant, the physical testbed for its IONSolv™ platform in Australia and announced a series of design enhancements that reduce costs and broaden its capabilities.

The pilot plant, originally designed for containerised deployment and planned for Germany, has been redesigned as a skid-mounted system and will now operate in Australia. This change avoids shipping delays, provides greater operational control, and reduces both construction and operating costs — while retaining the plant's future mobility. 

Critically, the redesigned plant will function as a multi-feedstock demonstration system, capable of validating IONSolv™ performance across lithium-ion battery black mass, e-waste, solar cells, and rare earth magnet materials under a unified flowsheet. This positions the plant as a commercial showcase for the full breadth of Iondrive's technology platform, not solely battery recycling.

Iondrive has already achieved 85% silver recovery from end-of-life solar panels in laboratory testing, and is engaged with Australian recycling company Livium under a binding term sheet to evaluate feedstock across multiple clean energy waste streams.

Pilot wet commissioning is now targeted for Q4 calendar 2026.

About us:

Iondrive is developing IONSolv™, an innovative metal extraction platform for the selective recovery of critical minerals. The technology operates at low temperatures, avoids aggressive acids, and uses tuneable chemistry to enable efficient, closed-loop extraction across a range of feedstocks. While initial deployment is in battery materials, IONSolv™ is designed for broader application in mineral processing and urban mining of e-waste.

Contact details:

MEDIA ENQUIRIES

Jane Morgan | Investor & Media Relations | [email protected] | +61 405 555 618

Lewis Utting | Chief Executive Officer | [email protected] | (08) 8368 8888

W: iondrive.com.au