Shares of Ionic Rare Earths (ASX:IXR), an Australian company, experienced a surge of up to 10.5%, taking the stock prices to A$0.021.

This marks the company’s most significant intraday percentage climb since March 6.

Ionic Rare Earths (ASX:IXR) has initiated the production of mixed rare-earths carbonate (MREC) at their principal Makuutu Heavy Rare Earths project, located in Uganda.

Approximately 4 million company shares changed owners, which comes in juxtaposition to the 30-day average volume of 5.4 million shares.

The company’s stock has observed a downward trend this year with a 26.9% fall until the prior closing.

Ionic Rare Earths (ASX:IXR) is an Australian non-gold precious miner that operates the leading Makuutu Heavy Rare Earths project in Uganda.