IONIC RARE EARTHS LIMITED — Capital/Financing Update 2014

Apr 16, 2014

ASX RELEASE

17 April 2014

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 $0.008 per new Share.

The Entitlement Issue seeks to raise up to $1,552,088 before costs through the issue of 194,011,012 new Shares.

Net proceeds will be used to fund the costs of the Entitlement Issue, to continue exploration on the Company’s Chilean projects, and to acquire and explore the Argentinean projects over which we recently entered into a binding Heads of Agreement to acquire.

The Entitlement Issue is intended to be partially underwritten to $308,000 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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