IONIC RARE EARTHS LIMITED — Capital/Financing Update 2009

Nov 22, 2009

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ASX/MEDIA RELEASE

23 November 2009

RESULTS OF THE ENTITLEMENT ISSUE

The Directors are pleased to advise that the Entitlements Issue offered in the Company’s Offer Document dated 23 October 2009, and lodged with the ASX on that date, has closed with the following results:

Shares Offered 24,122,342 Shares Applied For 13,998,274 Shortfall 10,124,068

In accordance with the Company’s Underwriting Agreement with CPS Securities Pty Ltd, the Shortfall, as indicated above, will be placed with clients of CPS Securities Pty Ltd.

• ENDS -

For More Information:

Brett Dickson Company Secretary Tel: +61 8 9481 2555

Ezenet Limited ABN 84 083 646 477 Level 1, 30 Richardson Street, West Perth WA 6005 Telephone: +61 8 9481 2555 Facsimile: +61 9 485 1290