Australian-listed Ionic Rare Earths and US technology company Nth Cycle have announced a licensing and development partnership aimed at building a Western-focused pathway for magnet rare earth oxides. The companies said the work is intended to reduce reliance on Chinese processing dominance while supporting access to materials used in electric vehicles, renewable energy systems and other advanced technologies. The agreement combines Ionic RE’s rare earth separation capabilities with Nth Cycle’s electro-extraction processes.
Ionic RE to integrate Nth Cycle technology at Belfast pilot site
Under the partnership, Ionic RE will integrate Nth Cycle’s proprietary electro-extraction precipitation technology into a refining flowsheet being demonstrated at pilot scale in Belfast, Northern Ireland. The collaboration targets recycling and recovery of rare earth elements from end-of-life magnets and industrial waste streams. The companies said the integration is designed to improve production of high-purity rare earth oxides while reducing environmental impact compared with traditional refining methods.
The project is supported by Ionic Technologies, a subsidiary of Ionic RE. Ionic Technologies has developed and patented advanced rare earth separation and recycling processes based on research conducted at Queen’s University Belfast. The companies said combining this separation work with Nth Cycle’s electrochemical refining platform is intended to create a more efficient and sustainable refining ecosystem.
Electro-extraction replaces oxalic acid precipitation steps
Nth Cycle’s technology is described as replacing conventional chemical-intensive refining steps with an electricity-driven process. The source method referenced for comparison is oxalic acid precipitation, used to convert separated metals into oxide products. Nth Cycle said its patented electro-extraction process achieves the same objective using electricity instead of large quantities of chemical reagents.
The system is also described as regenerating hydrochloric acid for continuous reuse, forming a closed-loop approach intended to minimize waste and reduce operating costs. Ionic RE and Nth Cycle said the approach aligns with efforts to lower the environmental footprint of critical mineral production while supporting cleaner manufacturing technologies.
Nth Cycle funding, Trafigura offtake and Oyster module in Ohio
Nth Cycle is headquartered in Massachusetts. Earlier this year, it secured an offtake agreement with commodities trader Trafigura, which could supply up to US$1.1 billion worth of recycled metals recovered from black mass generated during lithium-ion battery recycling. The company also raised about US$65 million in equity funding from institutional investors and venture capital firms focused on sustainability and industrial innovation.
Backers listed include VoLo Earth Ventures, MassMutual, Caterpillar Venture Capital and Equinor Ventures. Separately from rare earth work, Nth Cycle launched a commercial-scale module of its Oyster electro-extraction platform in Ohio. The company said the module produced what it describes as the first premium-grade nickel-cobalt mixed hydroxide precipitate manufactured in the United States.
Belfast expansion plans and UK grant offer for rare earth recycling
For Ionic RE, the partnership is positioned as part of scaling its rare earth recycling operations. The company said it is seeking more than US$100 million to expand its Belfast facility from a demonstration-scale operation processing about 10 tonnes per annum to a commercial plant capable of handling 400 tonnes annually. Ionic RE also received an offer of £12 million in grant funding from the UK government.
Ionic RE said its Belfast facility became operational in early 2024 and has demonstrated recovery and refining of several rare earth elements, including neodymium, praseodymium, dysprosium and terbium. These elements are described as components in high-performance permanent magnets used in electric vehicles, offshore wind turbines, defense systems, robotics and advanced industrial equipment.
Oyster expansion targets South Carolina and Netherlands by 2028
Nth Cycle said it plans to expand Oyster operations into South Carolina and the Netherlands by 2028. The company stated that individual Oyster units can generate an average of 3,100 tonnes of metal output annually, depending on feedstock composition. It also compared Oyster’s modular design with conventional refineries that require billions of dollars in investment and years of permitting before becoming operational.
Nth Cycle attributed advantages to Oyster including lower capital costs, faster deployment timelines, reduced environmental impact, flexible installation locations and commercial viability at smaller production scales. The company estimated construction timelines could be reduced from more than five years to less than two years while lowering capital intensity by as much as 70%.
Rare earth processing concentration cited; demand outlook for magnet oxides
The partnership was announced against a backdrop of efforts by governments and industry to find alternatives to China’s role in rare earth processing. According to Ionic RE, China refines approximately 90% of the world’s rare earth materials whether sourced from newly mined ore or recycled products. The company said much of this processing relies on oxalic acid precipitation.
Ionic RE said integrating Nth Cycle’s technology aims to address a bottleneck in the rare earth value chain by changing refining steps rather than focusing only on mining and extraction. Separately, Ionic RE estimated global demand for magnet rare earth oxides could reach about US$11.3 billion by 2030. It cited drivers including electric vehicle adoption, renewable energy infrastructure, industrial automation, aerospace technologies and defense modernization programs.
Ionic RE interests in Uganda project and Brazil joint venture evaluation
Ionic RE said it holds a 60% interest in a rare earth project in Uganda as part of its activities beyond Europe and North America. It also entered into a 50:50 joint venture with Viridis Mining and Metals to evaluate development of a rare earth refinery and magnet recycling facility in Brazil. Ionic RE said the proposed venture would combine its proprietary separation technology with feedstock supplied from Viridis’ Colossus rare earth project.
Ionic RE described Colossus as an ionic clay rare earth development advancing outside China. It said this approach supports building an integrated international network intended to supply critical rare earth materials to Western markets.
Ionic RE market performance during 2026; sensitivity to financing conditions
Ionic Rare Earths reported continued challenges in public markets despite technological progress. The company’s share price fell approximately 28% during 2026, leaving it with a market capitalization of roughly A$71 million. Industry observers cited said rare earth and recycling companies remain sensitive to commodity price fluctuations and financing conditions.
The observers also referenced broader investor sentiment toward critical minerals as a factor affecting such companies. Against that backdrop, partnerships involving Nth Cycle were described as potentially relevant to establishing diversified supply arrangements within the sector.
