Ionic Rare Earths Limited is expanding its international ambitions with plans to broaden the reach of its Viridion Joint Venture. In addition to progressing a rare earth refinery and recycling facility in Brazil, the partnership with Viridis Mining and Minerals Limited is now exploring a US-based refining asset. This potential US facility would process mixed rare earth carbonate sourced from the Colossus Project and other assets, supporting a secure supply of magnet and heavy rare earth oxides needed in critical manufacturing sectors. The announcement highlights recent advances in the Brazilian market, including the delivery of the country’s first locally sourced recycled magnet rare earth oxides and the backing of the Brazilian Government via the BNDES and FINEP. These developments have accelerated efforts to update the internal scoping study—originally conducted for a US-based heavy rare earth refining facility at the Makuutu Project in Uganda—which produced a Class 4 AACE Estimate and a designed capacity of 4,000 tonnes per annum. The scope of the US refinery is being realigned to accommodate various potential feed compositions, including pre-processed magnet rare earth streams and higher-value heavy rare earths, all developed through Ionic Technologies’ advanced separation and refining intellectual property. This strategic move positions Ionic Rare Earths Limited to offer a multifaceted and resilient supply chain. By combining facilities in Brazil and a prospective operation in the United States, the company aims to address the critical gap in domestic rare earth supply chains, especially given the current dependence on imports from China. This initiative aligns with global efforts to secure sustainable sources for components essential to electric vehicle motors, offshore wind turbines, and defence technologies. Bullish sentiment arises from the firm’s robust technological foundation, international expansion strategy, and strengthened government support, which all point to potential significant growth and diversified revenue streams. Additionally, the focus on developing a domestic US refining capability could reduce supply chain vulnerabilities and attract strategic partnerships. On the other hand, bearish concerns include the inherent risks associated with pioneering large-scale technological refinements, the uncertainties tied to the execution of a dual-continental strategy, and the potential for delays or cost overruns in developing and scaling these complex refining facilities. Overall, the developments signal a significant step toward reducing reliance on traditional supply sources, even as challenges in execution and market fluctuations remain possible.