IONIC RARE EARTHS LIMITED — Capital/Financing Update 2004

Mar 7, 2004

Ezenet Limited ACN 083 646 477 ABN 84 083 646 477 Unit 3 73 Trov Terrace JOLIMONT WA 6014

Telephone: +618 9388 2000 Facsimile: +618 9388 2999 Email: linton@ezenet.com.au

STOCK EXCHANGE RELEASE

For immediate release

Dated 2 March 2004

EZENET LIMITED ("Ezenet") - NON-RENOUNCEABLE RIGHTS ISSUE

Ezenet advises that the non-renouceable rights issue dispatched to shareholders on 2 February 2004, to raise approximately one million and ninety nine thousand dollars (\$1,099,000.00) closed on 27 February 2004 and has been subscribed by shareholders to the extent of approximately one million and five thousand dollars (\$1,005,000.00) with the Underwriters taking up the shortfall of approximately ninety four thousand dollars $($ \$94,000.00).

The Company appreciates the support of shareholders, the Underwriters and the success of the issue.

SIMON WATSON Company Secretary