Ionic Rare Earths (ASX:IXR) has increased its ownership to 60% of Rwenzori Rare Metals Limited, which owns 100% of the Makuutu Rare Earths Project in Uganda.
The Makuutu Stage 1 Definitive Feasibility Study revealed an initial 35-year mine life with EBITDA of $2.29B with a 32.7% IRR.
Ionic Rare Earths says it's working on obtaining a Mining Licence Application and completing the Mineral and Mineral Licencing Regulations, 2023.
Its share price is up 22% the past five days.