Iondrive Faces Execution Test as Pilot Plant Commissioning Meets US Market Ambitions

Transitioning to Commercial Readiness

Iondrive Limited (ASX – ION) has taken significant strides in advancing its proprietary IONSolv™ technology from a promising innovation to a commercially viable solution. The company’s latest quarterly report reveals a clear pivot towards execution, with pilot plant commissioning underway and a strategic focus on the lucrative US market for critical mineral recovery from e-waste.

IONSolv™ is designed to selectively extract and upgrade critical minerals such as rare earth elements (REEs) from complex waste streams, offering an alternative to traditional refining methods that are often constrained outside China. This technology’s modular nature supports scalable deployment, a key advantage as demand for domestic critical mineral processing grows, particularly in the United States.

Strong Technical and Economic Validation

During the quarter, Iondrive completed a Phase 1 techno-economic evaluation for a 2,000 tonne per annum modular REE recycling plant. Conducted by engineering specialists ProProcess, the study confirmed robust base-case economics and validated a scalable rollout strategy targeting US e-waste hubs. Initial laboratory validation has already demonstrated over 75% recovery of rare earth elements, notably neodymium and dysprosium, from magnetic e-waste without process optimisation.

These results underpin confidence in IONSolv™’s technical robustness and commercial potential. Phase 2 validation is underway to refine reagent use and process efficiency, which will further inform feasibility-level engineering and investment decisions.

Expanding Applications and Strategic Partnerships

Iondrive is broadening the scope of IONSolv™ beyond recycling. A binding agreement with Finland’s LAT66 Limited aims to apply the technology to virgin cobalt concentrates, marking a significant step into primary mining feedstocks. This collaboration taps into Europe’s strategic battery materials supply chain, potentially opening new commercial avenues.

Simultaneously, the company has launched initiatives targeting solar panel recycling to recover high-purity silver and silicon, addressing a notable gap in current photovoltaic waste processing. Parallel efforts to upgrade graphite from battery black mass are progressing through a three-stage program, aiming to preserve and enhance graphite value for reuse in battery anodes.

Pilot Plant Commissioning and Financial Position

A major operational milestone was reached with the commissioning of the Dry Processing Container of Iondrive’s pilot plant, located at the University of Adelaide. This facility prepares lithium-ion battery black mass feedstock for the subsequent wet processing stage, which is scheduled for commissioning in the coming quarter. The pilot plant’s modular and mobile design is intended to demonstrate IONSolv™’s downstream refining capabilities and support future commercial demonstrations.

Financially, Iondrive remains well-positioned with $8.4 million in cash at the end of December 2025, bolstered by a $4 million equity placement completed in November 2025. This capital raise is earmarked to fund US market entry and scale-up activities. The company also received $1.3 million in government R&D tax incentives and continues to pursue US grant funding to support its growth trajectory.

Leadership and Strategic Outlook

Post-reporting period, Iondrive announced board and leadership changes aimed at strengthening execution capabilities as the company moves into pilot commissioning and early commercial engagement. CEO Lewis Utting emphasised the company’s transition from development to commercial readiness, highlighting the expanding addressable market and the strategic importance of the US critical minerals sector.

With multiple validation programs, strategic partnerships, and a clear commercial pathway, Iondrive is positioning itself as a key player in the evolving critical minerals recycling and processing landscape.