IONIC RARE EARTHS LIMITED — Share Issue/Capital Change 2020

Jan 21, 2020

22 January 2020

Manager Companies Company Announcements Office Australian Stock Exchange Limited Level 4, Stock Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir,

Issue of Performance Rights to Airguide Advisory Pte. Ltd.

On 21 October 2019 Oro Verde Limited (“Oro Verde” or “the Company”) announced that it had appointed AirGuide Advisory Pte. Ltd., the consulting arm of AirGuide International Pte. Ltd., as its strategic advisor ( AirGuide ).

The sole consideration to Airguide for the appointment is the issue of 100 million performance rights ( Rights ), the terms of which were contained in the announcement of 21 October 2019. To date those Rights have not been issued.

To facilitate the issue, the Company intends to hold a General Meeting of Shareholders seeking approval for the issue of the Rights. It is expected that the General Meeting will be held in late February with the notice of meeting to be issued shortly.

Yours Sincerely,

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Brett Dickson Company Secretary

Oro Verde Limited (ABN 84 083 646 477) Level 1, 34 Colin Street West Perth, WA 6005 PO Box 493, West Perth, WA 6872 Telephone: + 61 8 9481 2555

www.oroverde.com.au