Iondrive Limited has achieved a significant milestone in the development of its proprietary IONSolv™ rare earth recovery technology, reporting 93.5% recovery of dysprosium from commercial US e-waste feedstock in independent validation work.
The result marks the first successful optimization of the IONSolv™ platform for heavy rare earth (HRE) recovery and substantially exceeds the 32.5% dysprosium recovery assumption used in the Company’s previously announced techno-economic analysis (TEA).
Dysprosium is one of the highest-value and most strategically constrained rare earth elements used in permanent magnets for electric vehicles, wind turbines, defence applications and advanced manufacturing. The latest validation results suggest the commercial potential of Iondrive’s technology may be materially stronger than previously modelled.
The independent evaluation, conducted in the United States by Kingston Process Metallurgy Inc. under the direction of ProProcess Engineering, used commercial e-waste feedstock supplied by US recycler Colt Recycling LLC.
In addition to the dysprosium recovery outcome, the validation program delivered further improvements in the recovery of key light rare earth elements used in permanent magnet production:
- Neodymium recovery increased to 96.5%, up from 93.8% reported in April 2026.
- Praseodymium recovery increased to 96.5%, up from 95.1% reported in April 2026.
- Iron rejection was quantified at 99.9% through a solvent extraction step, with no measurable co-extraction of targeted rare earth elements.
The results demonstrate that the IONSolv™ platform can effectively recover both light and heavy rare earth elements while selectively removing contaminants that typically complicate downstream processing.
Commenting on the results, Mr Lewis Utting, Iondrive’s Managing Director stated: “The results seen here from this validation work are the standout. Dysprosium is among the most strategically constrained and highest-value elements in the magnet bundle, and recovering targets like this at above 93%, well above the TEA assumption, is a genuine step-change for the platform. Our April update confirmed strong Neodymium and Praseodymium extraction, which underpin the bulk of the magnet REE market value. These latest results extend that strength into the HRE elements as well, alongside high iron rejection with no measurable co-extraction of the target rare earths. We look forward to updating the TEA through the next phase into a PFS. Demonstrating use cases that are both technically effective and commercially viable is central to our commercialization strategy and our alignment with US supply-chain resilience priorities.”
The latest results build on Iondrive’s previously announced rare earth recycling program and further support the Company’s strategy of developing scalable recycling solutions for critical minerals required in the global energy transition.
Importantly, the commercial e-waste feedstock supplied by Colt Recycling contained higher iron levels and lower rare earth grades than those assumed in the Company’s original TEA. Despite these more challenging conditions, the IONSolv™ process maintained high recovery rates and demonstrated strong resilience on commercially representative feedstocks.
The Company believes efficient recovery of heavy rare earth elements such as dysprosium has the potential to significantly enhance the economics of future commercial operations. The original TEA, released in November 2025, was based on a modular 2,000-ton-per-annum processing plant and estimated a net present value of US$7 million, an internal rate of return of 46% and a payback period of 2.6 years. Iondrive expects these metrics to improve as updated recovery assumptions are incorporated into future studies.
The validation program has also identified phased “hub-and-spoke” deployment opportunities that could support staged capital investment and facilitate rollout across multiple feedstock sources.
As part of its broader commercialization strategy, Iondrive is continuing to evaluate the IONSolv™ platform across a range of feedstocks, including:
- Sorted e-waste ferrous streams enriched through mechanical and sensor-based sorting technologies.
- High-grade OEM rare earth magnet manufacturing scrap.
- End-of-life electric vehicle motors, wind turbine components and industrial motor stators.
The next phase of work will focus on further process optimization, feedstock upgrading pathways and advancing towards a Pre-Feasibility Study (PFS), which is expected to incorporate updated recovery data and expanded commercial assumptions.
Iondrive’s ongoing collaboration with Colt Recycling forms part of a broader strategy to support emerging Western rare earth supply chains and strengthen critical mineral recycling capabilities in the United States and other allied markets.