IONIC RARE EARTHS LIMITED — Capital/Financing Update 2018

May 27, 2018

28 May 2018

SHARE PLACEMENT

Oro Verde Limited (ASX: OVL) ( Oro Verde or the Company ) is pleased to advise it has secured funding of approximately A$1.7 million (before costs) through a placement to sophisticated investors. A total of 680 million fully paid ordinary shares will be issued at a price of $0.0025.

Placement Details

The placement will be conducted in two tranches.

The first tranche of 110 million shares will be issued under the Company’s existing 15% placement capacity to raise approximately $0.275 million.

The second tranche of 570 million shares, representing approximately $1.425 million, will be issued subject to receiving shareholder approval at a meeting to be held in early July 2018. Shareholders will be sent a notice of meeting shortly.

Directors have also agreed, subject to shareholder approval, to subscribe for 68 million shares representing $0.17 million.

Applicants will receive 1 free attaching unlisted option for every 2 shares subscribed which will be exercisable at $0.0075 and have a 3 year expiry. The attaching options will also be subject to shareholder approval.

Use of Funds

Funds raised under the placement will be used for general working capital, to maintain the Company’s assets and to continue the search for projects that can add value to the Company.

This announcement ends the current trading halt.

-ENDS

For further information, please contact:

Brett Dickson

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

Oro Verde Limited (ABN 84 083 646 477) Level 1, 34 Colin Street, West Perth, WA 6005 PO Box 493, West Perth, WA 6872 Telephone: + 61 8 9481 2555

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