Ionic Mineral Technologies announced July 15, 2026, that an independent preliminary economic assessment for its Silicon Ridge Project in Utah County shows a projected after-tax net present value of approximately $12.1 billion. The project is designed to produce a domestic supply of critical minerals and rare earth oxides.
Economic Projections and Resources
The assessment, prepared by SGS, outlines a 44-year initial operating plan for the Utah County site. According to the company, the project expects to generate more than $92 billion in projected life-of-mine gross revenue through a diversified production model of alumina products, amorphous nano-silica, and 19 individually valued critical minerals and rare earth elements.
The project's economic model includes an after-tax internal rate of return of 69% and a 1.5-year payback period. The company noted that the production plan is based on its maiden Mineral Resource Estimate, which identifies approximately 330 million tonnes in total, consisting of 83.2 million tonnes of indicated resources and 247 million tonnes of inferred resources.
Critical Mineral Supply Chain
The Silicon Ridge Project intends to produce minerals currently listed on the U.S. Government’s critical minerals list, including gallium, germanium, rubidium, and cesium. The United States Geological Survey (USGS) provides statistics and information regarding the worldwide supply, demand, and flow of rare earths, which include scandium, yttrium, and the lanthanides.
Ionic Mineral Technologies stated that the project is designed to address domestic supply-chain needs for minerals such as gallium and germanium, both of which are currently subject to Chinese export restrictions.
Environmental and Revenue Structure
The company highlighted a structural environmental advantage in its proposed clay-based hydrometallurgical route, noting that the process does not generate the caustic red-mud tailings typically associated with conventional alumina refining. This method is described by the company as a clean process with virtually no tailings waste.
Revenue from the project is expected to be split between different segments, with approximately 51% of life-of-mine value coming from alumina products serving the automotive, aerospace, and advanced materials sectors. The remaining value is expected to come from defense-critical elements.
Project Uncertainties
The company cautioned that the preliminary economic assessment is subject to uncertainties, noting that the production schedule includes inferred mineral resources which are considered too geologically speculative to be classified as mineral reserves. There is no certainty that the results of the assessment will be realized.
