IONIC RARE EARTHS LIMITED — Investor Presentation 2017

May 10, 2017

ASX Announcement

11 May 2017

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ORO VERDE PRESENTATION IN SYDNEY

Oro Verde Limited (ASX: OVL) (“Oro Verde” or “the Company”) is pleased to announce that Managing Director – Trevor Woolfe – is attending and presenting at the RIU Sydney Resources Roundup conference held in Sydney 10-11 May. His presentation is attached.

For enquiries contact:

Mr Trevor Woolfe Managing Director +61 411 127 837

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Mr Brett Dickson Company Secretary +61 8 9481 2555

About Oro Verde Limited: Oro Verde Ltd is a mineral exploration company focused on identifying and developing significant gold projects in Central America, particularly Nicaragua. Oro Verde holds an Option to Purchase Agreement to acquire 100% of the Topacio Gold Project in Nicaragua that contains a NI43-101 compliant Inferred Mineral Resource of 340,000 ounces of gold. A US$7.9 million 5 year farm-in agreement was signed on November 25, 2015 with a subsidiary of global gold major - Newcrest Mining Limited (ASX: NCM) – to jointly explore for multi-million ounce gold deposits at Topacio. Oro Verde also holds 100% of the early stage San Isidro Gold Project, also in Nicaragua, located adjacent to the 2.3 million ounce La India gold project.

Oro Verde Limited (ASX code: OVL)

Level 1, 34 Colin St, West Perth, WA 6005 Phone: +61 8 9481 2555 Fax: +61 8 9485 1290 Email: info@oroverde.com.au

ORO VERDE LIMITED (ASX: OVL)

Nicaragua – A golden past and future

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RIU Sydney Resources Roundup May 2017 Trevor Woolfe (Managing Director)

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Disclaimer

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• Forward Looking Statements - This report contains forecasts, projections and forward looking information. Such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of Oro Verde’s control. Actual results and developments will almost certainly differ materially from those expressed or implied. Oro Verde has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. To the maximum extent permitted by applicable laws, Oro Verde makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for (1) the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this report and (2) without prejudice to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking information contained or referred to in this report.

• Disclaimer - This presentation has been prepared by Oro Verde Limited (“OVL” or the “Company”). It should not be considered as an offer or invitation to subscribe for, or purchase any, securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation. Throughout this presentation all figures are quoted in A$ dollars unless otherwise stated. You should not act in reliance on this presentation material. This overview of the Company does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of Oro Verde’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

• The information in this document that relates to Foreign Mineral Resource Estimates is extracted from the report entitled “High Grade Gold Project Acquired” created on 11 November 2014 and available to view on www.asx.com. The Company confirms that it is not in possession of any new information or data relating to the foreign estimates that materially impacts on the reliability of the estimates or the Company’s ability to verify them as mineral resources in accordance with the JORC Code. The information included in the original market announcement continues to apply and has not materially changed. This is a foreign estimate and is not reported in accordance with the JORC Code. A Competent Person has not done sufficient work to classify the estimate as mineral resource in accordance with the JORC Code. It is uncertain that following evaluation and further exploration work that the estimates will be able to be reported as mineral resources in accordance with the JORC Code.

• The information in this document that relates to Exploration Results is extracted from the following reports: “Expanded Gold Resource Potential” created on 9 November 2015 “New Gold Targets Identified at Topacio” created on 2 May 2016 and “Drilling of Rebeca Zone Planned – Gold Potential Enhanced by Infill Soils Results” created on 7 December 2016; all completed under Mr Trevor Woolfe as Competent Person and available to view on www.asx.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

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Corporate Snapshot

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Oro Verde Ltd - Capital Structure (as at 4 May 2017)	Oro Verde Ltd - Capital Structure (as at 4 May 2017)
ASX Code:	OVL
Issued Shares:	695 million
Options:	52.5M @ $0.01(Sep ‘17) 73M @ $0.05(Sep ‘19)
Market Cap (undiluted):	$10 million(at 1.4c)

Major Shareholders

Oro Verde Ltd - Capital Structure (as at 4 May 2017)

	Wolf Martinick (Director)	7.3%
	Brad Farrell (Director)	6.8%
	Tony Rovira (Director)	4.3%
	Merrill Lynch Aust Nominees	4.1%
	Berenes Nominees PL	4.0%
	Top 20	43.5%
	Directors	23.6%

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OVL Daily Trading Activity
12 Months
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 Directors

• Wolf Martinick – Chairman (Non Exec )

• Trevor Woolfe – Managing Director  Brett Dickson – Finance Director  Brad Farrell – Director (Non Exec )  Tony Rovira – Director (Non Exec )

 High Quality In Country Team – including:

David Turner : Country Manager - geologist with >20 years Central American experience

Jacques Levy : Legal Representative- local businessman

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Gold projects in Nicaragua

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1. Topacio Gold Project

• Historical 340,000 oz high grade gold resource[1 ]

• US$7.9 million farm-in agreement with Newcrest signed in November 2015

• Diamond drill program currently underway

2. San Isidro Gold Project

• Early stage gold project

• Soil sampling recently completed

• Adjacent to 2.3 Moz La India Au project

3. New Projects

• Quality gold-silver-copper projects are currently under review in the region

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Nicaragua Snapshot

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Central America

Location:

• between Honduras & Costa Rica Capital: Managua Access: Direct flights from 4 US ports Languages: Spanish, English & Indigenous

Stable currency: 5% pa devaluation vs USD Mining royalty: 3%

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Single title type: Mining concession

• Valid for 25 years with 25 year extension

Government: Democratically elected, latest election Nov 2016

Safety: One of safest countries in Latin America

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Data provided by ProNicaragua

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Why explore in Central America?

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• Central America has an excellent gold, silver and copper production record

• Overall Central American mineral production: Gold 34 million ounces Silver 276 million ounces Copper 15 million tonnes

• Nicaragua has a strong gold mining history – >14Moz produced to date

• Four multi-million oz gold mining districts identified to date in Nicaragua

• Remains significantly under-explored

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Major Gold Centres of Nicaragua

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- hosts multi-million ounce deposits

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Golden Triangle: 8 Moz
Bonanza Gold Mine
Mineros/HEMCO
70,000 oz pa
US$800/ oz (estimate)
La India: 2.9 Moz
Condor Gold plc
2.3 Moz resource
Positive PFS (Dec ‘14) San Isidro
La Libertad: 1.8 Moz
B2Gold
120,000 oz pa
El Limon: 3.5 Moz US$665/ oz (2016f)
B2Gold
52,000 oz pa
US$630/ oz (2016f)
Topacio TOPACIO GOLD PROJECT
Oro Verde & Newcrest
(earning)
340,000 oz Au resource
Targeting >2 Moz Au
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Data from Company Reports

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Topacio Gold Project

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- OVL holds option to acquire 100%

• 2.7 million tonnes at 3.9g/t Au (340,000 oz Au) - Inferred Mineral Resource (NI 43-101)[1 ]

• This is a foreign estimate and is not reported in accordance with the JORC Code. A Competent Person has not done sufficient work to classify the estimate as mineral resource in accordance with the JORC Code. It is uncertain that following evaluation and further exploration work that the estimates will be able to be reported as mineral resources in accordance with the JORC Code

• Option to Purchase Agreement commenced in February 2015

• 2 years + 2 months into the 3 year Option Agreement

• Very attractive option conditions for a 340,000oz resource with excellent upside:

• US$2m spend over 3 years

• 6 x US$40,000 payments each 6 months to Vendor

• US$1.5m to acquire 100%

• Plus either i) 2% royalty, or

ii) US$1/oz Au (in measured and indicated resources)

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Topacio Gold Project

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• 93km[2] concession with various epithermal targets

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Topacio resource
340,000oz Au
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Topacio Gold Project

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- Newcrest (NCM) farm-in agreement*

 NCM signed farm-in agreement in November 2015

 Objective: To discover “Newcrest-scale” multi-million ounce gold deposits

• NCM may sole fund US$4.4 million to earn 51%

• Stage 1a - minimum commitment US$0.5m achieved in Year 1 by Nov ‘16

• Stage 1b – spend US$2.2m by 25 August 2017

• includes the cost of exercising Oro Verde’s Option

• NCM may sole fund another US$3.5 million to reach 75%

• US$3.5 million expenditure over the following three years

• for a total commitment of US$7.9 million over ~5 years

• Oro Verde is managing the exploration during the farm-in period

*Refer ASX release dated 30 November 2015 “Newcrest Signs Farm-in Agreement with Oro Verde”

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Topacio Gold Project

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- 2016… Target generation

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Objective To Outline >2 Moz Gold Resource

• Stage 1a - (Year 1 - 2016) investigate potential of entire concession

• Geology: detailed vein mapping and sampling

• Geochemistry: concession-wide grid soil sampling (multi-element)

• Geophysics: airborne magnetics and radiometrics

• Drill target generation

• Stage 1b – (to Aug 2017) Rebeca Vein selected as the high priority drill target

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Rebeca Target Zone - geochemistry

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Topacio Resource Area
Rebeca-Sahino Zone
- Infill soil grid
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Soil Geochemistry – Gold + Arsenic + Antimony + Tungsten

Characteristic of the upper levels of a buried low sulphidation epithermal gold system

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Refer to ASX announcement dated 7 December 2016 “Drilling of Rebeca Zone Planned – Gold Potential Enhanced by Infill Soils Results”

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Topacio – Drilling Program

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Rebeca Vein
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Phase 1 Drill program

• Rebeca Vein

• Completed this week

• 7 Diamond Drill Holes

• Total = 1,767m

• Assay results pending

Refer to ASX release dated 19 January 2017 “Initial 1,650m Drilling Program Planned at Topacio

Phase 2 Drill program

• Expanded program being considered

• Test extensions to Topacio resource

• Planning underway

• Utilise rig currently on site

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Topacio – Resource extensions - New targets defined by OVL

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• 35km of mapped veins but only 4km included in current resource

• Rock chip sampling (2015) outlined numerous high grade gold mineralised targets

Best OVL surface sampling results 2015

Chicago 23.8 g/t Au and 41 g/t Ag Dispute 92.9 g/t Au and 220 g/t Ag Dos Amigos 38.5 g/t Au and 39 g/t Ag West Mico 23.9 g/t Au and 26 g/t Ag Celedonio 12.5 g/t Au and 65 g/t Ag Topacio 12.3 g/t Au and 101 g/t Ag Topacio NE 52.4 g/t Au and 158 g/t Ag Su Majestad 14.1 g/t Au and 58 g/t Ag Buena Vista 3.35 g/t Au and 50 g/t Ag Rebeca 2.54 g/t Au and 14 g/t Ag

Gallina 6.49 g/t Au and 1 g/t Ag*

• = New Targets

• Buena Vista stockwork target 6km from Topacio

Refer to ASX announcement dated 9 November 2015 “Expanded Gold Resource Potential at Topacio”

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Excellent access & ground position

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New IGUANAS
Application (100% OVL)
New GALEANO
Application (100% OVL)
New TIGRE
Application (100% OVL)
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• Topacio 93km[2] in cattle farmlands

• Expand land position by up to 240%

• Sealed highway runs just to the north

• Potential increase from 93km[2] to 316km

• New tenement applications

• Control the Topacio district

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Oro Verde Limited (ASX: OVL)

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– An investment in gold discovery

• Topacio – a 340,000oz gold resource with significant upside

• A large, under-explored epithermal gold system

• Newcrest - our world class partner with epithermal expertise

• Objective – multi-million ounce gold deposits

• Drill rig on site – first phase completed

• Nicaragua is a stable and safe jurisdiction to operate

• Reviewing advanced projects in the region to enhance the portfolio

Expected news flow:

1. Rebeca drill results due in May/June

2. San Isidro soil sampling results (May)

3. Confirmation of expansion of drill program (Phase 2)

4. Drill results – to follow shortly after

5. Addition of new project/s

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ORO VERDE LIMITED (ASX: OVL)

THANK YOU

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Follow OVL at: Website: Email: Twitter:

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www.oroverde.com.au info@oroverde.com.au @MDOroVerde

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