Ionic Rare Earths (ASX:IXR) signed a nonbinding memorandum of understanding with US Strategic Metals to align rare earth and critical mineral production with multi-metallic downstream processing and supply chain development at the latter's site in Missouri, according to a Monday Australian bourse filing.

The firms plan to develop a vertically integrated, multi-metallic rare earths production facility at the Missouri site.

Ionic will deploy its wholly-owned subsidiary, Ionic Technologies' patented rare earth permanent magnet recycling technology, developing both commercial neodymium-iron-boron and samarium-cobalt recycling capacity.

The firm's shares jumped over 6% in recent trading on Monday.