IONIC RARE EARTHS LIMITED — Major Shareholding Notification 2004

Feb 15, 2004

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

Company Name/Scheme To	EZENET LIMITED
ACN/ARSN	ACN 083 646 477
1. Details of substantial holder (1)
Name	Neil Thomas O'Loughlin
ACN/ARSN (if applicable)
The holder became a substantial shareholder on	-2003 10/01

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial shareholder became a substantial shareholder, are as follows:

Class of securities(4)	Number of securities	Person's vote (5)	Voting power (6)
Ord fully paid	3.140.256	3.140.256	5.56%

3. Details of relevant interests

The nature of the relevant interest of the substantial holder or an associate had in the following voting securities on the date the substantial shareholder became a substantial shareholder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Neil Thomas O'Loughlin	Direct	3.140.256 ord FP

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant	Registered holder of securities	Person entitled to be	Class and number of
interest		registered as holder (8)	securities
Neil Thomas O'Loughlin	Neil Thomas O'Loughlin	Neil Thomas O'Loughlin	3.140.256 ord FP

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four (4) months prior to the day that the substantial shareholder became a substantial shareholder became a substantial shareholder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of shares
		Cash	Non Cash
Neil Thomas O'Loughlin	28/01/2004	$$0.15$ per share $-$ \$173,863.20		1.159.088 ord FP

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial shareholder are as follows:

Name and ACN/ARSN (if applicable)	Nature of association

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Neil Thomas O'Loughlin	5 Strathcona Street, West Perth, WA, 6005

Signature

	print name Neil Thomas O'Loughlin	capacity	Shareholder
sign here		date	/02/2004

DIRECTIONS

• $(1)$ If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and address of members is clearly set out in paragraph 6 of the form.
• $(2)$ See the definitions of "associate" in section 9 of the Corporations Act.
• See the definitions of "relevant interest" in sections 608 and 671B(7) of the Corporations Act. $(3)$
• $(4)$ The voting shares of a company constituted one class unless divided into separate classes.
• $(5)$ The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.
• $(6)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $(7)$ Include details of:
• Any relevant agreement or other circumstances because of which the change is relevant interest occurred. If subsection $(a)$ 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• $(b)$ Any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indication clearly the particular securities to which the qualification applies).
• See the definition of "relevant agreement" in section 9 of the Corporations Act.
• $(8)$ If the substantial holder is unable to determine the identity of the person (eg. if the relevant interests arise because of an option) write "unknown".
• $(9)$ Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.