IONIC RARE EARTHS LIMITED — M&A Activity 2012

Feb 1, 2012

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ASX Announcement

COMPLETION OF VEGA ACQUISITION AGREEMENT AND CHUMINGA ACQUISITION AGREEMENT

As part of the Company’s pre-quotation disclosure, Oro Verde Limited ( Company ) is pleased to announce the completion of:

• (a) all conditions precedent to the agreement dated 18 May 2011 ( Chuminga Acquisition Agreement ) pursuant to which SCM Compania Minera Chumi ( SCM ) agreed to sell, and Green Mining Ltda ( Green Mining ), a wholly owned subsidiary of the Company, agreed to acquire, a 20% interest in the Chuminga joint venture company ( JV Co ); and

• (b) the payment to SCM of US$1,000,000 in cash and the issue to SCM of 2,003,406 shares in the capital of the Company.

In addition, the Company confirms that:

• (a) SCM and Green Mining have executed a shareholders’ agreement in respect of the JV Co; and

• (b) Green Mining has subscribed for shares in the JV Co equal to 20% of the issued capital of the JV Co, and the JV Co’s share registry has inscribed these shares in Green Mining’s name.

The Company also confirms it has completed the acquisition of the Vega mining concessions pursuant to an agreement entered into between Compania Calcia Limitada ( Compania Calcia ) and Green Mining, dated 20 May 2011 (and amended 21 July 2011), including the payment to Compania Calcia US$5,000 as reimbursement for mining exploration taxes incurred by Compania Calcia and US$40,000 in cash.

Finally, the Company confirms that there are no legal, regulatory or contractual impediments to the Company undertaking the activities the subject of the commitments disclosed in its prospectus dated 2 November 2011 and supplementary prospectus dated 11 November 2011.

For and on behalf of the Board

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Brett Dickson Company Secretary Oro Verde Limited

Oro Verde Limited (ABN 84 083 646 477) Level 1, 30 Richardson Street, West Perth, WA 6005 PO Box 493, West Perth, WA 6872 Telephone: + 61 8 9481 2555

www.ezenet.com.au