IONEER LTD — Capital/Financing Update 2012

Feb 13, 2012

Global Geoscience

NEWS RELEASE 14 February, 2012 ASX Code: GSC

CANADIAN PRODUCER JOINS AUSTRALIA’S GLOBAL GEOSCIENCE IN NEVADA GOLD PROJECTS

Global Geoscience Ltd

HIGHLIGHTS

ABN 76 098 564 606 ASX Code: GSC • Canadian gold producer Osisko Mining Corporation joins Global Geoscience to explore Global’s gold projects in Current share price: $0.035 Nevada, USA. 52 week range: $0.03-$0.08 • A signed binding agreement represents Osisko’s first Issued Shares: 129M investment in an Australian company, and its maiden Listed Options: 27M commitment to Nevada gold exploration. ($0.25, expiring 31/08/12) • Osisko to earn an initial 45% interest in Global’s five Directors Holdings: 14 % Nevada gold projects by spending USD$8 million over a Top 20 Holdings: 45 % maximum of four years. Market Cap: $4.5M • Global will continue to manage and operate all projects during the earn-in period. Key Projects Excelsior Au (NV, USA) • Osisko has subscribed AUD$852,000 for 14.2 million Lone Mt Au (NV, USA) ordinary shares in Global at an issue price of AUD$0.06 per share - a 70% premium to the share price as of 13 Bartlett Cu-Au (NV, USA) February 2012. Sara Sara Cu-Mo-Ag (Peru) Global Geoscience Ltd (“Global”) (ASX: GSC) today announced it Mancha Pampa Cu-Au (Peru) has entered into a binding agreement with Canadian gold producer, Board of Directors Osisko Mining Corporation (“Osisko”) (TSX: OSK), involving all Robert Reynolds five of Global’s Nevada gold projects. Non-Executive Chairman The agreement represents Osisko’s maiden investment in an Bernard Rowe Managing Director Australian company, and its entry into Nevada gold exploration. Peter Nicholson Executive Director Under the terms of the agreement, Osisko – which has a market capitalisation of over C$4.5 billion - will fund all exploration on Patrick Elliott Global’s Nevada gold projects, and can earn an initial 45% interest Non-Executive Director in the projects by spending USD$8 million on exploration over a Registered Office maximum of four years. Suite 203, 161 Walker Street North Sydney NSW 2060 Global will manage and operate all of the projects during this phase. AUSTRALIA T: +61 2 9922 5800 Once Osisko has earned a 45% interest, the Canadian company has the F: +61 2 9922 4004 right to select projects it wishes to continue funding. Contact Bernard Rowe To increase its interest to 70% in any of the selected projects, Osisko T: +61 4 1944 7280 must 100 per cent fund and complete a bankable feasibility study e-mail: (BFS). browe@globalgeo.com.au

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For any project not funded or selected by Osisko, Global will retain 100% of its original interest.

“The agreement with Osisko is a major development for the company,” Global Geoscience Managing Director, Mr Bernard Rowe, said today.

“Not only does it secure substantial funding for Global’s gold projects in Nevada, it is also an alliance with a highly successful, North American gold producer – one that owns and operates the largest open pit gold mine in Canada,” he said.

“Further, the agreement validates the successful targeting methods we have used to select these areas and the results we have achieved thus far as it was Osisko that initially approached Global about its interest in the projects.”

Mr Rowe said Osisko established new benchmarks for the industry with the development of its large Canadian Malartic gold mine in Quebec, which the company took from first drill hole to commercial production in six years.

“To have a company with that track record on board with our projects is a significant coup for Global and potential company-making move for us,” he said.

Summary of the Agreement

Global Geoscience Ltd and Osisko Mining Corporation have entered into a binding letter agreement covering Global’s five gold projects in Nevada. Under the agreement Global has granted Osisko an exclusive option to acquire a 45% undivided ownership interest in any or all of the projects. In order to maintain the option, Osisko must:

1. Fund all acquisition and exploration related expenditures on the five projects up to a cumulative total of USD$8M over a maximum period of 4 years;

2. Spend a minimum of USD$2 million during the first year;

3. Subscribe for 14.2 million ordinary shares in Global at an issue price of $0.06 per share for a total of AUD$852,000;

4. Pay Global USD$291,652 as reimbursement of recent expenditures; and

5. Hand back to Global any projects it elects not to fund.

Having spent USD$8 million, Osisko must then select the projects its wishes to continue funding. Osisko will have the sole responsibility to fund the selected projects through to completion of a bankable feasibility study (BFS) and in doing so shall increase its interest in those projects to 70%. For this purpose, each selected project will be considered on an individual basis. Osisko will manage and operate the projects it selects for BFS. Global will retain 100% of its original interest in any projects not selected by Osisko.

If, following completion of a BFS, a decision to develop a mine is made, the two parties will contribute in proportion to their respective interest and Global may:

1. sell its interest in the project to Osisko based on the valuation determined by the feasibility study; or

2. arrange its own share of the financing; or

3. request Osisko to arrange or provide for financing of Global’s 30% interest in the project.

Under the same agreement, Global has granted Osisko an exclusive right to acquire a maximum 70% ownership interest in any new gold projects that Global acquires in Nevada within the next two years. Global will offer any new project to Osisko on terms to be formulated by Global at

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the time and Osisko will have 30 days to accept or reject the offer. If Osisko rejects the offer or fails to make an election within the allocated time then Global will be free to explore the new project itself or to offer it to any other party on terms as favourable or more favourable than those offered to Osisko.

Global’s Nevada Gold Projects

Global Geoscience currently has five gold projects in Nevada: Excelsior, Lone Mt, Tokop, Bartlett and Orovada. The projects are at various stages of advancement ranging from discovery of economic-grade mineralisation in drill hole (Excelsior, Lone Mt) through to early-stage positive surface indications. All are considered by Global and Osisko to have the potential to host large tonnage gold deposits.

All five projects were initially selected using Global’s in-house targeting method, a regional structural interpretation used by Global to identify areas that it considers are more favourable for the development of certain types of large mineral deposits. The method defines target areas that are typically 100 sq km or less. Targets areas require ground investigation, including geochemical surveys and geological reconnaissance, to ascertain their potential and likelihood to host mineral deposits.

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Figure 1. Location of Global’s projects in Nevada.

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Global either owns or holds an option to acquire 100% interest in all of its Nevada projects with the exception of Excelsior, where it is earning a 70% interest by spending USD$3 million over four years.

In its first drill program at Excelsior (2011) Global intersected significant gold mineralisation in shallow, wide spaced drilling over a strike length of 2.2 kilometres. The mineralisation is open at depth and along strike. The Lone Mt project is located in one of the world’s largest and most profitable gold mining regions, mid-way between the multi-million ounce gold mines of the Carlin trend and the Independence trend. A detailed ground-gravity survey was recently completed at two high priority areas at Lone Mt.

About Osisko Mining

Osisko Mining Corporation is an emerging North American gold production company with a market capitalisation of over C$4.5 billion. Osisko owns and operates the largest open pit gold mine in Canada, the Canadian Malartic mine in Quebec, which it took from first drill hole to commercial production in six years. Forecasted gold production for 2012 is between 610 and 670 thousand ounces. Osisko is a pure gold company and is an active investor in greenfield exploration projects and opportunities.

About Global Geoscience

Global Geoscience is a Sydney-based greenfield exploration company targeting gold, copper and silver on its mostly 100% owned projects in Nevada, Arizona and Peru. During 2011, Global made greenfield discoveries at the Excelsior gold project in Nevada and at the Sara Sara coppermolybdenum-silver project in Peru. The Company intends to follow-up these successes with additional drill programs in 2012 and to drill test priority targets on its other projects.

MEDIA CONTACT:

Bernard Rowe Sean Whittington Managing Director Field Public Relations Global Geoscience Ltd (08) 8234 9555 (02) 9922 5800 0412 591 520 04 1944 7280

The information in this report that relates to Exploration Results is based on information compiled by Peter Nicholson BSc(Hons) FAusIMM CP(geo). Mr Nicholson is a full time employee of Nicholson Geologist Pty Ltd and Technical Director of Global Geoscience Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (The JORC Code). Mr Nicholson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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