IONIC RARE EARTHS LIMITED — Share Issue/Capital Change 2011

Dec 7, 2011

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8 December 2011

Mr S Bednarczyk ASX Limited Exchange Plaza, 2 The Esplanade PERTH WA 6000

Dear Sir,

Share Consolidation

Ezenet Limited (ASX: EZE) advises that, as approved by shareholders at the 28 November 2011 annual general meeting, it has completed its consolidation of securities on the basis that every three (3) shares have been consolidated into one (1) Share, and every three (3) options have been consolidation into one (1) option, with fractions rounded up.

As a result of the consolidation the issued securities of the Company are:

63,523,536 fully paid ordinary shares;

16,000,000 director options exercisable at $0.27 by 31 December 2014; and 3,250,000 contractor options exercisable at $0.27 by 31 December 2014.

I addition I confirm that details of the consolidation and the effect on their shareholding or option holding have been issued to all security holders today.

Yours Faithfully,

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Brett Dickson

Company Secretary

Ezenet Limited ABN 84 083 646 477 Level 1, 30 Richardson Street, West Perth WA 6005 Telephone: +61 8 9481 2555 Facsimile: +61 9 485 1290