IONIC RARE EARTHS LIMITED — Director's Dealing 2023

May 10, 2023

Appendix 3X Initial Director’s Interest Notice

Rule 3.19A.1

Appendix 3X

Initial Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity: Ionic Rare Earths Limited ABN: 84 083 646 477

We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Mr Sufian Ahmad
Date of appointment	10 May 2023

Part 1 - Director’s relevant interests in securities of which the director is the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Number & class of securities:

100,010,000 Ordinary Fully Paid Shares (IXR)

• See chapter 19 for defined terms.

11/3/2002

Appendix 3X Page 1

Appendix 3X Initial Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the

registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature ofinterestNote: Provide details of the circumstances giving riseto the relevant interest.Sufian Ahmad <Sixty Two CapitalA/C>Sixty Two Capital Pty Ltd a companyof which Mr. Ahmad is both adirector and shareholder	Number & class of Securities18,800,800 Ordinary Fully Paid Shares (IXR)12,500,000 options exercisable at $0.06 (IXRAR)

Part 3 – Director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	Nil
Nature of interest
Name of registered holder(if issued securities)
No. and class of securities to whichinterest relates

• See chapter 19 for defined terms.

Appendix 3X Page 2

11/3/2002