Here’s why the Ionic Rare Earths (ASX:IXR) share price is up 190% YTD

The Ionic Rare Earths Ltd (ASX: IXR) share price has had a momentous year so far, it’s currently up by 190% year to date. The rare earth producer has had a run of good news concerning its Makuuta project, a deposit of ionic clay rare earths.

Let’s look closer at what’s driving the Ionic share price.

The Makuuta project

In the first half of the 2020/21 financial year, the company’s stake in the Makuutu project increased from 31% to 51%. The company has also advised that its stake may increase again, potentially reaching 60% in the future.

In January, Ionic Rare Earths announced Makuuta had received two additional exploration…