IONIC RARE EARTHS LIMITED — Capital/Financing Update 2021

Feb 10, 2021

11 February 2021

Company Announcement Office Australian Securities Exchange

via electronic lodgement

Notice under section 708A(5)(e) of the Corporations Act

Ionic Rare Earths Limited (ACN 083 646 477) (ASX: IXR) ( Company ) advises that on 11 February 2021, the Company issued 24,400,000 fully paid ordinary shares in the capital of the Company ( Placement Shares ) as a result of the exercise of options at $0.0075 per option.

In accordance with section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Corporations Act ) the Company advises that:

• (a) the Placement Shares were issued without disclosure to investors under Part 6D.2 of the Corporations Act;

• (b) this notice is being given under 708A(5)(e) of the Corporations Act;

• (c) as at the date of this notice, the Company has complied with:

  • (i) the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and

  • (ii) section 674 of the Corporations Act; and

• (d) as at the date of this notice, there is no information that is "excluded information" within the meaning of sections 708A(7) and 708A(8) of the Corporations Act.

Authorised for release by Brett Dickson, Company Secretary.

Yours faithfully

==> picture [129 x 33] intentionally omitted <==

Brett Dickson Company Secretary

Ionic Rare Earths Limited, Level 1, 34 Colin Street, West Perth WA 6005 Australia T+61 8 9481 2555 F+61 8 9485 1290