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Registered number: 10245432










Ionic Technologies International Limited










Financial statements

Information for filing with the registrar

For the Year Ended 30 June 2024

 
Ionic Technologies International Limited
Registered number: 10245432

Balance Sheet
As at 30 June 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Intangible assets
 5 
670,726
819,815

Tangible assets
 6 
935,768
859,013

  
1,606,494
1,678,828

Current assets
  

Stocks
 7 
561,239
416,750

Debtors: amounts falling due within one year
 8 
402,665
751,655

Cash at bank and in hand
 9 
69,157
58,687

  
1,033,061
1,227,092

Creditors: amounts falling due within one year
 10 
(6,209,233)
(3,520,811)

Net current liabilities
  
 
 
(5,176,172)
 
 
(2,293,719)

Total assets less current liabilities
  
(3,569,678)
(614,891)

Provisions for liabilities
  

Deferred tax
 11 
(224,820)
(214,425)

Net liabilities
  
(3,794,498)
(829,316)


Capital and reserves
  

Called up share capital 
 12 
2,659,796
2,659,796

Profit and loss account
  
(6,454,294)
(3,489,112)

  
(3,794,498)
(829,316)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 November 2024.



Thomas James Kelly
Director

The notes on pages 2 to 13 form part of these financial statements.

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Page 1

 
Ionic Technologies International Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

1.


General information

Ionic Technologies International Limited is a private company limited by shares registered in England and Wales. The registration number and address of the registered office are given in the company information section of these financial statements. The presentation currency is that of Sterling (£). There is no rounding applied to the accounts.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Ionic Rare Earths Limited as at 30 June 2024 and these financial statements may be obtained from Level 5, South 459 Collins Street Melbourne VIC 3000 or email: investors@ionicre.com .

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Page 2

 
Ionic Technologies International Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

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Page 3

 
Ionic Technologies International Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised when there is reasonable assurance that all conditions of the offer letter have been met and that the grants will be received.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

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Page 4

 
Ionic Technologies International Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Patents
-
20
years
Development work
-
20
years

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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Page 5

 
Ionic Technologies International Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property improvements
-
Over the period of the lease
Plant and machinery
-
20%
Office equipment
-
20%
Computer equipment
-
25%
Project specific assets
-
Over the life of the project

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value.  Cost is based on the purchase cost on a first in first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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Page 6

 
Ionic Technologies International Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 

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Page 7

 
Ionic Technologies International Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Going concern

Following the year end the Company undertook cost cutting measures including a significant redundancy programme, in order to focus on their future viability.  The Company's parent, Ionic Rare Earths Limited, have further committed to continue to provide the necessary support for the future viability of the company and to this end they have recently engaged in a fund raising excercise to ensure they have the means to provide the support needed by Ionic Technologies International Limited.
The directors of Ionic Technologies International Limited have reviewed the resources available and believe that with the continued support of Ionic Rare Earths Group, the Company has access to adequate resources to continue in operational existence for the foreseeable future.   
Ionic Rare Earths  Limited have indicated that they are willing to provide such support for at least 12 months from the signing of these financial statements and beyond and that they have the resources available to provide such support.
Accordingly, Ionic Technologies International Limited continues to adopt the going concern basis in preparing the financial statements. 


4.


Employees

The average monthly number of employees, including directors, during the year was 29 (2023 - 16).

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Page 8

 
Ionic Technologies International Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

5.


Intangible assets




Patents
Developt work
Total

£
£
£



Cost


At 1 July 2023
460,119
499,861
959,980


Additions
23,968
38,870
62,838


Impairments
(22,067)
(139,872)
(161,939)



At 30 June 2024

462,020
398,859
860,879



Amortisation


At 1 July 2023
71,890
68,275
140,165


Charge for the year on owned assets
24,046
25,942
49,988



At 30 June 2024

95,936
94,217
190,153



Net book value



At 30 June 2024
366,084
304,642
670,726



At 30 June 2023
388,229
431,586
819,815



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Page 9
 


 
Ionic Technologies International Limited


 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024


6.


Tangible fixed assets






L/hold improv.
Plant and machinery
Office equipment
Computer equipment
Project  assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 July 2023
-
280,210
20,681
48,074
939,885
1,288,850


Additions
15,705
624,885
38,183
14,215
10,387
703,375


Disposals
-
(8,707)
(205)
(500)
-
(9,412)


Transfers between classes
-
900,421
-
39,464
(939,885)
-



At 30 June 2024

15,705
1,796,809
58,659
101,253
10,387
1,982,813



Depreciation


At 1 July 2023
-
96,699
3,408
4,820
324,910
429,837


Charge for the year on owned assets
1,532
205,234
9,048
17,161
385,983
618,958


Disposals
-
(1,435)
(96)
(219)
-
(1,750)


Transfers between classes
-
680,215
-
29,662
(709,877)
-



At 30 June 2024

1,532
980,713
12,360
51,424
1,016
1,047,045



Net book value



At 30 June 2024
14,173
816,096
46,299
49,829
9,371
935,768



At 30 June 2023
-
183,510
17,273
43,255
614,975
859,013

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Page 10
 
Ionic Technologies International Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

7.


Stocks

2024
2023
£
£

Raw materials and consumables
561,239
416,750

561,239
416,750



8.


Debtors

2024
2023
£
£

Trade debtors
-
76,480

Other debtors
89,325
123,917

Prepayments and accrued income
71,650
100,048

Tax recoverable
241,690
166,459

Grants receivable
-
284,751

402,665
751,655



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
69,157
58,687

69,157
58,687



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
155,227
132,864

Amounts owed to group undertakings
5,992,529
3,205,978

Other taxation and social security
42,336
29,827

Other creditors
6,852
3,068

Accruals and deferred income
12,289
149,074

6,209,233
3,520,811


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Page 11

 
Ionic Technologies International Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

11.


Deferred taxation




2024
2023


£

£






At beginning of year
(214,425)
(28,837)


Charged to profit or loss
(10,395)
(185,588)



At end of year
(224,820)
(214,425)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Tax losses carried forward
(224,820)
(214,425)

(224,820)
(214,425)

The Company has not provided for any deferred tax asset on losses carried forward due to the uncertainty of timing of recoverability. The amount of losses forward is £6,910,512 (2023: £3,916,000) which would give rise to a deferred tax asset of £1,728,000 (2023: £979,000).


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100
2,659,696 (2023 - 2,659,696) B Ordinary shares of £1.00 each
2,659,696
2,659,696

2,659,796

2,659,796



13.


Capital commitments


At 30 June 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
-
141,452

-
141,452

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Page 12

 
Ionic Technologies International Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £25,015 (2023 - £13,046). Contributions totaling £5,911 (2023 - £1,315) were payable to the fund at the balance sheet date and are included in creditors.


15.


Related party transactions

During the year the company entered into the following transactions with related parties:


2024
2023
£
£

Key management personnel of the entity:
Consultancy fees charged
16,305
126,752







16.


Controlling party

The immediate parent undertaking is Ionic (UK) Pty Ltd, a company incorporated in Australia.  The ultimate parent undertaking is Ionic Rare Earths Limited, a company incorporated in Australia.
Consolidated accounts for the Ionic Rare Earths Limited, are available from the Australian Securities Exchange or the company website.


17.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to note 3 in the financial statements, which indicates that the Company are wholly reliant on their parent, Ionic Rare Earths Limited, for future funding to enable the company to continue to meet its liabilities as they fall due. As stated in note 3, these events and conditions, along with the other matters as set forth in note 3, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 29 November 2024 by Adrian Patton (Senior Statutory Auditor) on behalf of Sumer Auditco NI Limited.

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