Mining Project Updates (June, 2025)

The mining project recorded slow progress during the first and second quarter of 2025. That notwithstanding, global mining experts warn of the risk of minerals shortages following China’s recent trade restrictions which impact on many companies relying on rare earth metals for their automotive industry. In what appears to be a renewed commitment towards Makuutu Mining Project, IonicRE – the co-owner of Rwenzori Rare Metals, is currently gearing-up for partners in the US focusing on establishing a refining facility to process intermediate products from the company’s 60% owned Makuutu Rare Earth Project in Uganda. Several discussions with strategic partners in the US is expected to be concluded by close of this year to highlight Makuutu’s mining potential as the most advanced Ionic Adsorption Clay (IAC) project globally. Due to the recent trade wars between China and USA, partners and stakeholders now want Makuutu Project implementation fast-tracked to tap into the vast opportunities created by automakers in US, Europe and Japan who inevitably rely on rare earths for manufacturing both internal combustion engines and electric vehicles. We are yet to establish further developments and how strategic the recent China restrictions on its rare earth metals would benefit the Makuutu Mining Project in Uganda. It is expected that a strategic meeting of stakeholders and partners will be held in or about late August, 2025 in Uganda to push the Makuutu mining agenda forward. It is also expected that compensation of the PAPs shall form part of the agenda for that meeting. We hope to provide further updates after the meeting.

Sincerely,

Adv. Edward