IONIC RARE EARTHS LIMITED — Investor Presentation 2011

Nov 20, 2011

Corporate Presentation November 2011

The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Brad

2

Investment Highlights

Chuminga - advanced copper-gold project targeting 50-60 million tonnes @ 1.0-1.1% Cu, 0.40-0.50g/t Au, 0.5-1% Zn*;

Vega - located in famous El Indio Gold Belt - high grade gold exploration play with “bonanza” potential

Figure 1. Chile

3

Head Office – Perth, Western Australia

Mauritania Ghazal JV – Uranium

Chile Green Mining Ltda Office – Santiago Chuminga – Copper-Gold Vega – Gold

KEY STATISTICS PRE-CONSOLIDATION	KEY STATISTICS PRE-CONSOLIDATION
ASX Code:	EZE/OVL
Total Ordinary Shares on Issue:	181.5m
Total Unlisted Options on Issue:	0
Number of Shareholders	966
Top 20 Shareholders	51.54%
Price at 16/11/2011:	A$0.060
Market Capitalisation as at 16/11/2011:	A$10.89m
Net Debt/(Cash):	(A$2.83m)
Undiluted Enterprise Value:	A$8.06m
52 Week Low:	A$0.027
52 Week High:	A$0.075
30 Day VWAP:	A$0.062
10 Day VWAP:	A$0.053
Average Daily Volume:	289,073

4

DR WOLF MARTINICK

DR BRAD FARRELL Technical Director

• Highly qualified and successful Geologist worldwide

• 40+ years experience in a range of mineral commodities worldwide

• Founder/Chairman/Managing Director Basin Minerals Ltd

takeover negotiations

• discovered Douglas world class mineral sands deposit

• negotiated Basin acquisition by Iluka 2002

• share price from A$0.14 to A$2.80 per share

• Identified Chilean assets and participated in negotiations

JOHN TRAICOS General Manager

• Lawyer

• 30+ years experience in:

Mining Companies with significant copper and gold mines in Chile

• legal and corporate affairs in Australia and Southern Africa and in resource project acquisitions in Australia, Africa and Indonesia

JUAN JOSE GUTIERREZ VELEZ General Manager Green Mining Limitada

• Engineer

• 20+ years experience project management of engineering, construction, exploration and mining projects in Chile

5

PRO FORMA CAPITAL STRUCTURE	PRO FORMA CAPITAL STRUCTURE
Description		NUMBER †	%
Total Ordinary Shares before Consolidation		181,569,497	-
Total Shares after 1 for 3 Consolidation		60,523,166	62
Is	sue of shares for 20% Chuminga Interest±	2,077,296	2
Is	sue of Shares pursuant to the Offer‡	35,000,000	36
Total Shares on completion of the Offer and change of activities		97,600,462	100
O	ptions
Is	sue of Options to D J Carmichael	2,500,000	-
Is	sue of Options to Directors, Management and Contractors	21,750,000	-
Total Options on completion of the Offer and change of activities		24,250,000	-

between 3 October 2011 and the date of issue of the Shares.

‡ Assumes that the Offer is fully subscribed and that all over-subscriptions are accepted. The Offer of Shares is made pursuant to a Prospectus issued by Ezenet Limited dated 2 November 2011 together with Supplementary Prospectus dated 11 November 2011. A person should consider the Prospectus and Supplementary Prospectus in deciding whether to acquire Shares, and anyone who wants to acquire Shares will need to complete the application form that accompanies the Prospectus and Supplementary Prospectus. A copy of the Prospectus and Supplementary Prospectus can be downloaded from the website of the Company www.ezenet.com.au. Any person may obtain a hard copy of the Prospectus and Supplementary Prospectus free of charge by contacting the Company.

6

Use of Funds

7

VEGA

• El Indio Gold Corridor - Barrick Gold - 50 million oz gold / 900 million oz silver

• Rights to 100% of Vega gold exploration project in highly prospective El Indio Gold Belt

• Exploration target a highly anomalous epithermal system

Independent Geological Report

• Targeting significant high grade gold

• Drilling planned for January 2012

Initial diamond drilling programme to commence

==> picture [235 x 177] intentionally omitted <==

----- Start of picture text -----

Vega Project
----- End of picture text -----

Figure 3. El Indio Belt

8

2 Mining Concessions and 1

==> picture [407 x 339] intentionally omitted <==

----- Start of picture text -----

Chuminga
Paposo Plant Minera
Monte Cristo
----- End of picture text -----

Figure 4. Location Map of Chuminga

further exploration will result in the determination of a Mineral Resource

9

Figure 5. and Figure 6. Chuminga Mineral Zone

Figure 7. Breccia mineralisation, Cu sulphide (Cpy) nucleus, borders of Cu oxide, limonite in matrix

Figure 8. Outcropping Cu mineralisation

10

Depth	Strike	Width	Density	Tonnes	Grade Cu Total	Grade Au	Grade Zn	Expected Mining Method
(m)	(m)	(m)			(%)	g/t	(%)
100	800	70	2.5	14,000,000	1.20	0.40	1.00	open cut
100-200	800	70	2.7	15,120,000	1.20	0.40	1.00	underground
100-300	800	70	2.7	30,240,000	1.20	0.40	1.00	underground
300-400	800	70	2.7	45,360,000	1.20	0.40	1.00	underground

11

Figure 10. Chuminga Surface Trench Sampling (Gordo 1981-1985)

Chuminga Surface Mineralisation

12

• Figure 12. Section Showing Tunnels

Stock Work Breccia

13

STRIKE TRENCH SAMPLING

• Identified continuous mineralisation over 190 of 204m of strike.

• Results consistent with historic results

• Confirmed bulk tonnage potential of breccia mineralisation

14

to acquire from SCM Compañia Minera Chuminga

20% project interest and

rights to acquire 100% after 18 months due diligence

Geophysical program

Regional stream sampling

Strike trench sampling

Diamond drilling ~1,400m

15

Figure 14. Prospect Locations Related to Metallogenic Belts

16

==> picture [626 x 227] intentionally omitted <==

----- Start of picture text -----

Figure 15. Vega Structural Interpretation
•
Drill targets evident from CSAMT
geophysical data show Vega acid sulphate altered ryolitic &
dacitic pyroclastics emplaced along
• Clear drill targets caldera ring structure as outlined by
Sancarron River
•
All easily accessible for drilling 2
VEGA
1 1 (Barrick’s Libra Prospect) &
2 are parasitic volcanic cones,
probably co-eval with Vega, all
mineralised & intensely drilled
Figure 16. Vega CSMAT
----- End of picture text -----

17

to acquire 100% interest in Vega gold project

Figure 17. Strong Clay and Iron Altered Volcanics

Figure 18. Sampling, Crossing Gypcrete Zone

18

• Excellent mining investment opportunities

EQUITY - 100% project interests

PROSPECTIVITY - Significant prospective copper and gold projects

PARTNERSHIP - Strategic partnership with leading Chilean mining group

LOCAL COMPANY - Established wholly owned Chilean subsidiary and management team

DRILLING - Near term drilling and evaluation programs

EXPERIENCE - Experienced and successful

FUNDING - Well funded company

19

Corporate Information

Telephone: +61 8 9481 2555

==> picture [177 x 331] intentionally omitted <==

----- Start of picture text -----

ASX: EZE/OVL
www.ezenet.com.au
----- End of picture text -----