IONIC RARE EARTHS LIMITED — Investor Presentation 2012

Mar 13, 2012

EXPLORING FOR COPPER AND GOLD IN CHILE

Disclaimer

All statements in this presentation have been prepared on the basis of a number of assumptions which may prove incorrect and the current intentions, plans, expectations and beliefs about future events are subject to risks, uncertainties and other factors, many of which are outside the control of Oro Verde Limited (“OVL” or the “Company”). Important factors that could cause actual results to differ materially from the assumptions or expectations expressed or implied in this presentation include known and unknown risks. Plans, expectations and beliefs could therefore vary materially and you are urged to view all statements contained in this presentation with caution. This presentation should not be relied upon as a recommendation or forecast by OVL, its directors, or consultants. Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities in any jurisdiction.

This presentation is not intended to provide the sole basis of any investment decision or other evaluation. Each recipient hereof contemplating an investment in the securities of OVL shall make, or shall be deemed to have made, their own independent investigation of OVL and related documentation and their own appraisals of the prospects and merits of the Company and its assets described herein.

All forecasts, facts, information, estimates and other statements of opinion contained in this presentation have been prepared solely by, or on the basis of, information supplied to OVL. While the information contained herein is believed to be true and accurate, OVL expressly disclaims any and all liability for representations or warranties, expressed or implied, contained herein, or in any other written or oral communications transmitted or made available to any prospective investor.

No representation or warranty is made by OVL that forecasts, projections, business goals or estimates contained herein will be achieved. This presentation speaks as of the date hereof.

The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Brad Farrell, BSc Hons Eco Geol, MSc, PhD, a consultant to the Company. Dr Brad Farrell has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking. This qualifies Dr Farrell as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Farrell consents to the inclusion in the report of the foregoing matters based on his information in the form and context in which it appears. Dr Farrell is a Fellow of the Australasian Institute of Mining and Metallurgy, a Chartered Professional Geologist of that body and a Member of the Mineral Industry Consultants Association (the Consultants Society of the Australasian Institute of Mining & Metallurgy).

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Attractive Investment Opportunity

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• EXCEPTIONAL COPPER AND GOLD PROJECTS

• 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

• First phase drilling under way - results awaited

• WELL FUNDED TO PURSUE EXPLORATION

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• $5M cash and share investments

• LOCAL SUBSIDIARY ESTABLISHED - Green Mining Ltda

• STRATEGIC PARTNERSHIP - with successful ErrázurizHochschild Group of Mining Companies

• SUCCESSFUL DIRECTORS/MANAGEMENT - with a proven record

• SIGNIFICANT GROWTH OPPORTUNITIES

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tion
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• The potential quantity and grade of the target is conceptual in nature, as there has be en insufficient exploration to define a Mineral Resource and it is uncertain if further explora tion will result in the determination of a Mineral Resource

Figure 1. Chile

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Company Overview

Chile Green Mining Ltda Office – Santiago Chuminga – Copper-Gold Vega – Gold Figure 2. Oro Verde Locations Australia Head Office – Perth, Western Australia Mauritania Ghazal JV – Uranium

KEY STATISTICS ASX Code: OVL Total Ordinary Shares on Issue: 87.5m Total Unlisted Options on Issue: 26.86m Number of Shareholders 1,100 Top 20 Shareholders 53% Price at 09/03/2012: A$0.24 Market Capitalisation as at 09/03/2012: A$21m Net Cash/Liquid Investments: A$5m Undiluted Enterprise Value: A$16m 52 Week Low: A$0.11 52 Week High: A$0.31 30 Day VWAP: A$0.023 10 Day VWAP: A$0.26 Average Daily Volume: 113,683

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Board and Management

DR WOLF MARTINICK

Executive Chairman / Managing Director

• Environmental Scientist

• 40+ years experience in resources worldwide

• Director of several ASX and AIM listed companies

• Founding Director of Basin Minerals Ltd; participated in Iluka takeover negotiations

• Founding Chairman and Director of Weatherly International (AIM: WTI)

• Negotiated acquisition of Chilean assets

JUAN PABLO ERRÁZURIZ-HOCHSCHILD Chilean Consultant

• Senior Process Engineer

• Director of several Chilean mining and exploration companies

• Senior member of successful Errázuriz-Hochschild Group of Mining Companies with significant copper and gold mines in Chile

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

• 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:

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

• Excellent local and international networks

BRETT DICKSON Company Secretary and CFO

• Bachelor degree in Economics and Finance

• Certified Practising Accountant

• 20+ years experience in financial management of companies

• Previous experience as CFO of numerous ASX listed resource companies

JUAN JOSE GUTIERREZ VELEZ General Manager Green Mining Limitada

• Engineer

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

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Oro Verde Limited Capital Structure

PRO FORMA CAPITAL STRUCTURE (Post March placement)
Description	NUMBER
Ordinary Shares on issue (pre March placement)	74,510,123
Placement Shares (March/April 2012)*	13,072,294
Total Issued Capital(after March placement)	87,582,417
Options
A$0.27 expiring on 31 December 2014*	24,364, 459
A$0.20 expiring on 10 January 2016	2,500,000
Total Options(after Shareholder approval)	26,864,459

*Placement Shares and Options subject to Shareholder approval in April 2012.

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Use of Funds

• Chuminga second phase drilling and exploration to develop JORC compliant copper/gold resource

• Vega ongoing exploration following first phase drilling

• Acquisitions/new projects to develop growth opportunities

• Working capital commitments

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Key Chilean Projects

CHUMINGA

VEGA

• Hold 20% and rights to 100% of advanced copper-gold project

• Located in a successful copper-gold region

• Exciting historical exploration results - 115m @ 0.9% Cu, 0.5g/t Au

• Exploration target of 50-60 million tonnes @ 1.0-1.1% Cu, 0.40-0.50g/t Au, 1% Zn* confirmed by Independent Geological Report

• Rio Tinto (RTZ) considered it to be a significant mineralised body

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

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

• Exploration target a highly anomalous epithermal system

• Targeting significant high grade gold

• Initial drilling program completed February 2012

• Results expected April 2012

• Channel sampling in September 2011 confirmed historical exploration results and bulk mining potential at Chuminga

• Exploration access road completed mid December 2011

• Initial 10 hole diamond drilling programme commenced during February 2012

• First drilling results expected from March 2012 onwards

• Explorations applications lodged for 11 surrounding licences

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Vega Project
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Figure 3. El Indio Belt

*The potential quantity and grade of the target is conceptual in nature, as there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource

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Chuminga – Copper-Gold Project

• 115 km south of Antofagasta, 700m above sea level

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Chuminga
Paposo Plant Minera
Monte Cristo
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• 2 Mining Concessions and 1 Mining Application over 900ha surrounded by 11 Exploration Applications - 33,000ha

• Exploration target of 50-60 million tonnes @ 1.0-1.1% Cu, 0.40-0.50 g/t Au, 0.5-1% Zn*

• Mineralised hydrothermal copper-gold stock work breccia - width 60-150m strike 800-1200m north/south

• Geological mapping, surface sampling, trenching and tunnel sampling completed

• Channel sampling in September 2011 confirmed historical results and bulk tonnage potential

• Initial drilling program under way - First core intersects 99m mineralisation

Figure 4. Location Map of Chuminga

*The potential quantity and grade of the target is conceptual in nature, as there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource

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Chuminga – Mineral Zone

Figure 5. and Figure 6. Chuminga Mineral Zone

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

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Figure 8. Outcropping Cu mineralisation

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Chuminga – Historical Exploration

• Confirms potential

• 1981-1987 Gordo Engineering - concluded exploration target 7.5-45 million tonnes at 0.90-1.21% Cu and 0.40-0.48 g/t Au*

• 1996 RTZ Mining and Exploration - concluded significant mineralised body up to 1200m long and up to 100m in width*

• 2007 AUR Resources Inc. - re-sampled. Concluded exploration target of 7.5-45m tonnes of 1.3-1.4%Cu, 0.30-0.40g/t Au*

• 2009 Rajos & Associates - technical opinion, field examination and review of all data. Concluded exploration target between 50-60 million tonnes at 1.1-1.2 % Cu; 0.30-0.40g/t Au; 0.9-1.0% Zn*

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Breccia mineralisation, Cu sulphide nucleus, borders of Cu oxide, limonite in matrix

*The potential quantity and grade of the target is conceptual in nature, as there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource

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– Chuminga Surface Trench and Tunnel Sampling

Figure 9. Chuminga Surface Mineralisation

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

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Chuminga Strike Trench Sampling Results September 2011

• In 202m trench 190m averaged: 0.20g/tAu; 1.2g/tAg; 1.07% Cu

• Results consistent with historic results

• Identified continuous mineralisation over 190 of 204m of strike

• Confirmed bulk tonnage potential of breccia mineralisation

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– Chuminga Maps and Sections

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Figure 12. Section Showing Tunnels

Figure 11. Section Showing Copper-Gold Stock Work Breccia

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Chuminga – 10 Hole Drilling Program

• First core hole intersects 99m mineralisation - awaiting analytical results

• Second core hole to confirm down dip wedge of thickening copper/gold breccia mineralisation

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Vega – Gold Exploration Project

• Located in Andes in El Indio Gold Corridor, 20km north of El Indio Gold Centre and 135km northwest of La Serena

• Acquired 10 concessions (28km[2] ) located between El Indio Gold camp and Pascua-Lama-Valadero Gold camp

• Highly anomalous epithermal deposit

• First phase 8 hole drilling program completed testing CSAMT geophysical-geochemical anomalies

[Figure 13. Vega Local Geology ]

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Figure 14. Prospect Locations Related to Metallogenic Belts

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– Vega Gold Exploration Project

• Drill targets evident from CSAMT geophysical data show

• Clear drill targets

• All easily accessible for drilling

Figure 15. Vega Structural Interpretation

Vega acid sulphate altered ryolitic & dacitic pyroclastics emplaced along caldera ring structure as outlined by Sancarron River

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2
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VEGA
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Figure 16. Vega CSMAT

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1
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1 (Barrick’s Libra Prospect) & 2 are parasitic volcanic cones, probably co-eval with Vega, all mineralised & intensely drilled

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Vega – First Phase Drilling

• First phase RC 8 hole drilling program completed

• 1,142m drilled to water table

• Logging revealed extensive anomalous sulphidic dacite porphyry

• Copper and molybdenum mineralisation noted in drill cuttings

• Laboratory results expected in April 2012

• Follow-up diamond drilling options to be considered

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Figure 17. Strong Clay and Iron Altered Volcanics

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Drilling hole V3 at Vega. Altered sulphidic dacite porphyry in background

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Site for drill hole V7 targeting anomalous As (Au) ridge

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The Opportunity

• CHILE - 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 - Drilling under way, awaited results

• EXPERIENCE - Experienced and successful management team

• FUNDING - Well funded company

• ACQUISITIONS - Continuously appraising suitable projects and growth opportunities

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Corporate Information

Level 1, 30 Richardson Street West Perth WA 6005 Telephone: +61 8 9481 2555 Fax: +61 8 9485 1290

ASX: OVL

www.ezenet.com.au