IONIC RARE EARTHS LIMITED — Regulatory Filings 2005

Jul 25, 2005

Ezenet Limited ACN 083 646 477 ABN 84 083 646 477

3/73 Troy Terrace Jolimont Western Australia 6014

Tel: +618 9388 2000 Fax: +618 9388 2999 www.ezenet.com.au

STOCK EXCHANGE RELEASE

For immediate release

Dated 22 July 2005

CHANGE OF DIRECTORS

Ezenet announces that Mr. Neil O'Loughlin has today resigned as a Director of the Company. Since joining the Board, Mr. O'Loughlin has developed a strong commercial interest in other sectors. He resigns with regret to allow himself to concentrate on his other commercial activities. Despite his resignation, Mr. O'Loughlin has shown his support for the Company by taking up his rights to Convertible Notes in the recent issue and has agreed to continue as a consultant.

The Directors of Ezenet are pleased to announce that Mr. David Ward has been appointed as a Director of the Company, with immediate effect. Mr. Ward is a chartered accountant carrying on his own practice and brings to the Company extensive commercial and accounting skills. offering a balance to the existing Board of Directors and strong support for the Managing Director Mr. Richard Burt.

SIMON WATSON COMPANY SECRETARY