IONIC RARE EARTHS LIMITED — Capital/Financing Update 2017

Nov 5, 2017

6 November 2017

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ORO VERDE SUCCESSFULLY RAISES $1.37 MILLION THROUGH OVERSUBSCRIBED SHARE PURCHASE PLAN AND PLACEMENT

Oro Verde Limited ( ASX: OVL ) (“Oro Verde” or the “Company”) is pleased to announce that the Company’s Share Purchase Plan (“SPP”) has closed, with total funds raised of $1.27 million. This is an outstanding result and reflects the quality and potential of the Company’s Topacio Gold Project and the confidence of the Company’s shareholders. The funds raised will allow the Company to progress its exploration efforts in Nicaragua, as well as providing for ongoing working capital requirements.

Given the strong demand from shareholders, the Oro Verde Board of Directors has decided to accept all SPP applications in full, with no subsequent scale back. In addition, due to strong demand, Oro Verde will complete a top up placement to professional and sophisticated investors of an additional $105,000 at the same price as the fully paid ordinary shares ( Shares ) offered under the SPP (“Placement”).

The issue price for the Shares to be issued under the SPP is $0.008 per Share and accordingly, the Company expects to issue 158,625,000 Shares under the SPP and a further 13,125,000 Shares under the Placement.

Oro Verde’s Managing Director, Mr. Trevor Woolfe said, “ It is very pleasing to receive such strong support from our shareholders and I thank all those who took up their entitlement under the SPP and participated in the Placement.”

“The amount raised is more than double the amount originally sought and will allow us to accelerate the exploration work at Topacio. I look forward to rewarding the support of our shareholders with continued exploration success on our high quality projects .”

-ENDS-

For further information, please contact:

Trevor Woolfe Managing Director Oro Verde Limited Ph: +61 411 127 837

Brett Dickson Finance Director Oro Verde Limited Ph:+61 8 9481 2555

Oro Verde Limited (ASX code: OVL) Level 1, 34 Colin St, West Perth, WA 6005 Phone: +61 8 9481 2555 Email: info@oroverde.com.au Website: www.oroverde.com.au