Objective Capital's Rare Earths, Speciality & Strategic Metals Investment Summit 2011 Ironmongers' Hall, City of London 17 March 2011 Speaker: Gary Billingsley, Great Western Minerals

1. RARE EARTHS, SPECIALITY
& STRATEGIC METALS
INVESTMENT SUMMIT
From mine-to-market in rare earths
Gary Billingsley – Executive Chairman, Great Western Minerals
IRONMONGERS’ HALL, CITY OF LONDON ● THURSDAY, 17 MAR 2011
www.ObjectiveCapitalConferences.com

2. Executing A Mine To Market Strategy
Objective Capital Rare Earths, Specialty &
Strategic Metals Investment Summit
March 17 2011, London UK
TSX.V: GWG OTCQX: GWMGF info@gwmg.ca www.gwmg.ca

3. Safe Harbour
Cautionary Note On Forward-Looking Statements
• "Forward-looking statements include, but are not limited to, statements regarding projected processing
capacity, output and revenue, GWMG’s continued advancement of its mineral exploration, projects,
processing operations and business plans. When using this presentation, the words “potential”,
“anticipate”, “estimate”, “forecast”, “believe”, “expect”, “may”, “project”, “plan” and similar expressions
are intended to be among the statements to identify forward-looking statements.“
• Although GWMG believes that its expectations reflected in these forward-looking statements are
reasonable, such statements involve risk and uncertainties and no assurance can be given that actual
results will be consistent with these forward-looking statements. Readers are advised to refer to
GWMG’s current Annual Information Form available at www.sedar.com for a full description of risk
factors.
• GWMG shall not be liable or responsible for any claim or damage, directly or indirectly, special or
consequential, incurred by the user arising out of the interpretation, reliance upon or other use of the
information contained in this presentation.
3

4. GWMG Strategy: Mines to Markets
1. Processing:
• Producing Rare Earth metals and alloys at Less
Common Metals (LCM) in the U.K.
• Producing alloys at Great Western Technologies Inc.
(GWTI) in Michigan
• Supplying the global Permanent Magnet, Aerospace
and associated industries
2. Mining:
• GWMG completing feasibility to put the former-
producing Steenkampskraal Mine in South Africa
back into production through its 92.6%-owned
subsidiary Rareco (100% pending).
3. Exploration:
• GWMG actively exploring and developing properties
in North America and South Africa
4

5. Corporate Structure
100% 92.6% Various % 100%
Rareco
LCM Exploration GWTI
74%
Hoidas Lake
SKK Douglas River
Birkenhead, U.K (Steenkampskraal)
Red Wine Troy, Michigan
100% Subsidiary Benjamin River 100% Subsidiary
Chaleur
Ownership in former-producing Deep Sands
Steenkampskraal Mine True Blue
5

6. Senior Management
Gary L. Billingsley CA, P.Eng, P.Geo Jim Engdahl PRESIDENT & CEO
EXECUTIVE CHAIRMAN Over 30 years executive level
More than 30 years of mining experience in corporate finance.
experience instrumental in previous
mine developments.
Russell Grant B.Sc. Engineering, ARSM David Kennedy C.Eng., MIMMM
SENIOR VICE-PRESIDENT, BUSINESS MANAGING DIRECTOR, METALS AND ALLOYS
DEVELOPMENT Founder of Less Common Metals and
Co-founder of Meldform Metals 35 years experience in Rare Earth
and former major shareholder of materials industry.
Less Common Metals.
Jim John G. Pearson Richard O. Dr. Baodong Zhao PhD
Davidson CA MSc. Geol., P.Geo Hogan MSc. Eng. MANAGER, METALLURGY
VICE-PRESIDENT
CHIEF FINANCIAL OFFICER VICE-PRESIDENT,
EXPLORATION
OPERATIONS
6

7. Fully Integrated Production Model
LCM/GWTI ALLOY PROD’N ALLOY SALES
METAL MAKING RE METAL SALES
SEPARATION REO SALES
PROCESSING BY-PRODUCT SALES
MINING
EXPLORATION Enterprise profitability increases
with each stage of processing
7

8. 1 PROCESSING: World Class Today
at Less Common Metals
• Located in Birkenhead, England
• LCM, a world class producer trading globally:
• European Union 60%
• Japan, China incl Taiwan 30%
• United States 10%
• Focused on Permanent Magnet industry
• Supplies 20% of the world’s Samarium Cobalt Alloy
• Significant supplier of NdFeB alloys
• Supplies US and EU Aerospace Industry with special alloys
• 18 years of high quality, profitable production
• LCM products end up in Swiss watches, EU Aerospace and
Guidance Systems, electric hand tools, and Automobiles
8

9. Global Expansion for LCM
• 100% capacity expansion driven by full support of major
customers from Europe and Japan seeking NdFeB alloy
• New state of the art facility proceeding for 2011
development in same region to increase capacity to
2,000 tonnes per annum RE alloy production
• First special casting furnace ordered and scheduled to
have saleable product by second half 2011-2nd furnace
in 2012
• First phase of metal-making to be located at LCM
• Processing capacity matches REE distribution of
planned output from Steenkampskraal
• Objective is to supply all of GWMG requirements for La,
Nd, Pr, Sm, Dy
9

10. World Class at
Great Western Technologies
• Located in Troy, Michigan, USA
• Strategic asset for revitalization of the Rare Earth
industry in the United States
• Working with DARPA on aerospace “Super Alloy” R+D
• Versatile production capacity including:
• Permanent magnet alloys
• NiMH alloy for rechargeable batteries
• “Super Alloy” production for aerospace materials
• Hydriding capability for solid-state hydrogen-storage
alloys, both rare earth and transition metal types
10

11. Disclaimer
The disclosure relating to any potential quantity or grade of minerals readers are cautioned that due to the age of the historical
is conceptual in nature, there has been insufficient exploration to information and the standards in effect at the time of its preparation,
define a "mineral resource" (as that term is defined in National the categories of reserves described do not conform to current NI
Instrument 43-101 - Standards for Disclosure for Mineral Projects 43-101 standards and actual results may vary materially. The
("NI 43-101")) and it is uncertain if further exploration will result in differences between current "mineral reserve" categories and
any such target being delineated as a "mineral resource". All similar categories contained in the historical data include elimination
disclosure relating to potential quantity and grade of the of the “possible” reserve category in current definitions while
Steenkampskraal project has been determined by reference to retaining “Proven” and “Probable” reserve categories. The factors
historical data provided by Rare Earth Extraction Co. Limited considered in classifying reserves are similar historically and
("Rareco"), including a report prepared for Rareco dated September currently, but any quantifiable differences are undetermined. No
1996 entitled "Steenkampskraal Rare Earth Deposit-Ore Reserves" "Qualified Person" has completed sufficient work to classify the
and by reference to publicly available data. No independent historical data or estimates as current mineral resources or mineral
verification of such estimates or data has been undertaken by reserves, GWMG is not treating the historical data and estimates as
GWMG or the "Qualified Persons" responsible for reviewing and current mineral resources or mineral reserves (as defined in NI 43-
summarizing such estimates and data. Management of GWMG 101) and the historical data and estimates should not be relied
considers the historical information to be reasonable, however, upon.
11

12. 2 MINING:
Steenkampskraal SA History
• Former operating mine located 70 kilometers north
of Vanrhynsdorp in the Western Cape Province of
South Africa
• Excellent infrastructure, access to the site by
paved and gravel roads
• Close proximity to rail and sea-port
• Pro-development governments with strong interest
in Rare Earth industry
• 474 hectare property permitted for mining, as at
June 2010, and satisfaction of remaining
regulatory requirements is underway
12
12

13. Mining: Steenkampskraal Attributes
•One of the highest grade RE deposits known at 16.74% REO
•Significant supply of mined feedstock already at surface
•Favourable Metallurgy: The technology for REE extraction from
Monazite is well established allowing for more rapid approval of process
and plant design
•Minimum 10-year mine life
•Nuclear License allows thorium storage
•Low capital cost
•Planned exploration program has a high probability of increasing the
known resources on and near the property
13

14. Steenkampskraal Strategy Execution
• Feasibility Study Phase 1 completed and Phase 2 underway with
completion target of 4th Quarter 2011
• Feasibility Study timelines advanced due to prior Steenkampskraal
data
• Additional mining sites in South Africa hold potential for accessing
monazite that can be used in the Steenkampskraal operation
• Separation facility has strong potential for joint venture that will limit
GWMG financial requirements
• Mill/Separation plant construction targeted to commence Q1 2012 with
completion by Q4 2012
• GWMG goal is first phase Steenkampskraal production of 2,700 tonnes
per annum by 2013
• 2nd phase construction planned to enable production expansion to
5,000 tonnes per annum
14

15. Projected Processing Outputs (metric tons REO)
REO REO to Converted to
REO Alloy Produced
Production* LCM/GWTI REE Metal
Lanthanum 585 75 64 160
Cerium 1,261 0 0
Praseodymium 135 135 112 373
Neodymium 450 450 386 1,061
Samarium 68 63 54 180
Europium 2 0 0
Gadolinium 45 0 0
Terbium 2 0 0
Dysprosium 18 18 16 225
Holmium 1 0 0
Erbium 2 0 0
Thulium 2 0 0
Ytterbium 2 0 0
Lutetium 0 0 0
Yttrium 135 8 6 8
TOTAL (Tonnes) 2,708 749 638 2,077
*Based on Rareco Historical Resource
Estimate – not 43-101 compliant
15

16. 3 EXPLORATION: GWMG Projects
GWMG Exploration Projects:
• Hoidas Lake, Saskatchewan, Canada
• 2009 NI 43-101 shows 2.5 million tonnes Measured & Indicated
• Enriched in Nd
• Significant progress on metallurgy
• Time table moved ahead, being evaluated for 2015 production
• Deep Sands, Utah, U.S.A.
• Benjamin River, New Brunswick, Canada
• Douglas River, Saskatchewan, Canada
Joint Venture Projects:
• True Blue REE Project with True North Gems, Yukon, Canada
• Red Wine REE Project with Search Minerals, Labrador, Canada
• Chaleur REE Project with Cornerstone Resources, New Brunswick, Canada
All GWMG exploration projects have Heavy Rare Earths focus
16

17. GWMG Corporate Strategies
Processing:
• Undertake 100% expansion of Less Common Metals in two phases
Mining:
• Complete the Feasibility Study for Steenkampskraal mine
• Put Steenkampskraal mine into production
• Evaluate expansion of Steenkampskraal production
Exploration:
• Focus on Heavy Rare Earths at GWMG exploration projects
• Launch Steenkampskraal exploration project
Corporate:
• To be among the very first fully integrated suppliers of RE
oxides, metals and alloys in the world outside of China
• To continuously identify expansion opportunities
• To create certainty of supply for customers
17

18. GWMG Overview
Shares Outstanding / Fully Diluted (at Mar/11) 375.2mm / 468.4mm
Share Price (as at March11, 2011) $0.83
52 week High / Low $1.23 / $0.15
Market Cap (as at January 25, 2011) $311,416,000
Cash on hand (as at January 22, 2011) $15.3 Million
Insider Holdings / Fully Diluted (est.) 1.9% / 12.0%
Institutional Holdings (est.) 26%
17