IONIC RARE EARTHS LIMITED — Capital/Financing Update 2013

Jul 10, 2013

ASX RELEASE

11 July 2013

NON-RENOUNCEABLE RIGHTS ISSUE

The Board of Oro Verde Limited (ASX: OVL) (“Oro Verde”) is pleased to announce that it intends to undertake a pro rata non-renounceable entitlement issue (“Entitlement Issue”) of one (1) new Share for every one (1) existing Share held by shareholders, at an issue price of $0.0125 per new Share.

The Entitlement Issue seeks to raise up to $1,094,780 before costs through the issue of 87,582,417 new Shares.

Net proceeds will be used to fund the costs of the Entitlement Issue, provide ongoing funds for exploration at the Company’s Chilean exploration projects, in particular, advancing the prospective Timon project.

The Entitlement Issue is intended to be partially underwritten to $350,000 by two directors of the Company.

Further information, including the proposed timetable, will be announced as soon as all documentation is finalised, which is anticipated to be within the next week.

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For enquiries contact:

Dr Wolf Martinick Chairman / Managing Director 0614 179 42466

Brett Dickson Company Secretary 61 8 9481 2555

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