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Iondrive secures Oklahoma state support for rare earth recycling facility

Jane Morgan Management

Key Facts:

• ASX-listed Iondrive Limited has secured a Letter of Support from the Oklahoma Department of Commerce (ODOC) for its first US rare earth recycling and critical minerals processing facility, with identified incentives worth up to approximately US$5.2 million, potentially scaling to over US$15 million for three modules.
• The proposed Oklahoma facility will commercialise Iondrive's proprietary IONSolv™ technology, which has achieved independently verified rare earth recovery rates of 93.8% neodymium, 95.1% praseodymium, and 93% dysprosium from US magnet feedstock.
• The project supports growing US federal and state efforts to build domestic, China-independent rare earth supply chains, with Oklahoma positioning itself as an emerging hub for critical minerals processing.
• Iondrive's commercial strategy centres on modular deployment, with each processing unit designed as a repeatable building block that can progressively scale production capacity whilst reducing development and execution risk.
• The company will now work towards formalising the incentive package whilst advancing its Process Validation and Engineering Definition programme with engineering partner ProProcess, ahead of Front-End Engineering Design and a Final Investment Decision.

29 June 2026 – Adelaide, Australia | ASX-listed Iondrive Limited (ASX:ION) has secured support from the Oklahoma Department of Commerce (ODOC) for the proposed development of its first advanced rare earth recycling and critical minerals processing module in the United States, marking a significant step towards commercial deployment of the Company’s proprietary IONSolv™ technology.

The Oklahoma Department of Commerce has issued Iondrive with a Letter of Support and identified state and local incentive programs with an estimated potential value of up to approximately US$5.2 million for the Company’s first commercial module. The support package could scale to more than US$15 million if Iondrive proceeds with two additional modules of similar scope, subject to project eligibility, approvals and performance requirements.

The proposed Oklahoma facility represents the commercial rollout of IONSolv™ following independent third-party verification of the technology’s rare earth recovery performance from commercially sourced U.S. magnet feedstock. Recent testing confirmed recoveries of 93.8% neodymium (Nd), 95.1% praseodymium (Pr) and 93% dysprosium (Dy). The recent results demonstrate the platform’s ability to recover both light and heavy rare earth elements used in permanent magnets for electric vehicles, renewable energy technologies, defence applications and advanced manufacturing.

The project aligns with growing U.S. Federal and State initiatives to establish secure, domestic and China-independent rare earth supply chains, with Oklahoma positioning itself as an emerging hub for critical minerals processing and advanced manufacturing.

In addition to identifying legislated incentive programs, ODOC has confirmed its intention to assist Iondrive with site identification, utility engagement, introductions to local economic development authorities and connections to ecosystem partners to support feedstock sourcing and supply chain integration. 

Unlike traditional large-scale processing facilities, Iondrive’s commercial strategy is based on modular deployment, with each processing module designed as a repeatable building block capable of producing high-value rare earth oxides from relatively modest feedstock volumes. This approach allows production capacity to expand progressively while reducing development and execution risk. 

Iondrive CEO, Mr Lewis Utting, commented: “The support we have received from the Oklahoma Department of Commerce is an important endorsement of Iondrive’s strategy to establish a domestic rare earth recovery platform in the United States. 

This is the commercial roll-out of our IONSolv™ platform, with each module designed to be replicated as demand grows. Oklahoma has put together a compelling case, with the workforce, infrastructure, energy resources and performance-based support needed to underpin our first commercial deployment.

The incentive estimates outlined by Oklahoma relate to existing legislated programs, and we look forward to continuing discussions with the State as we work through the next stage of project development and toward a final investment decision. 

This progress owes a great deal to Kevin Hobbie, our VP of North America, whose presence and relationships on the ground have been instrumental in getting us to this point. Coming off our third-party verified recovery results, we believe Iondrive has a highly competitive rare earth recovery platform, and Oklahoma has positioned itself well as we continue to assess the best location for our first commercial module.”

The Company will now progress formalisation of the proposed incentive package while advancing its Process Validation and Engineering Definition (PVED) program with engineering partner ProProcess. Completion of the PVED program is expected to support Front-End Engineering Design (FEED) before progressing towards a Final Investment Decision for the first commercial module.

About us:

About Iondrive Limited (ASX:ION)

IONDRIVE is advancing IONSolv™, an innovative metal extraction platform designed to support selective recovery of critical minerals across multiple feedstocks. The platform is being developed for scalable deployment across battery materials, rare earths and e-waste, with a focus on commercialisation pathways aligned to emerging critical-minerals supply chains. 

Contact details:

Jane Morgan Management
Investor & Media Relations
[email protected]