- The document summarizes a presentation by Don Burton, President of Namibia Rare Earths, about the company's exploration project in Namibia targeting heavy rare earth elements. - Namibia Rare Earths holds a large land package in Namibia called the Lofdal project that shows potential for rare earth element deposits with exceptional enrichment in heavy rare earths like dysprosium and terbium. - Drilling has already intersected a 16 meter interval grading 1.28% total rare earth oxides with over 94% being heavy rare earth oxides, demonstrating the potential for heavy rare earth enrichment at Lofdal.

1. RARE EARTHS, SPECIALITY
& STRATEGIC METALS
INVESTMENT SUMMIT
Exploration in a New Mineral District Targeting
Exceptional Heavy Rare Earth Enrichment
Don Burton – President, Namibia Rare Earths
IRONMONGERS’ HALL, CITY OF LONDON TUESDAY-WEDNESDAY, 13-14 MARCH 2012
www.ObjectiveCapitalConferences.com

2. Namibia Rare Earths Inc.
Exploration in a New Mineral District Targeting Exceptional
Heavy Rare Earth Enrichment
Objective Capital - Rare Earths, Specialty and Strategic Metals Investment Summit
March 2012

3. Forward Looking Statements
This presentation contains forward-looking statements that relate to the Company's current expectations and views of future events.
In some cases, these forward-looking statements can be identified by words or phrases such as
"may", "will", "expect", "anticipate", "aim", "estimate", "intend", "plan", "seek", "believe", "potential", "continue", "is/are likely to" or the negative of these terms, or other
similar expressions intended to identify forward-looking statements. The Company has based these forward-looking statements on its current expectations and
projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. These
forward-looking statements include, among other things, statements relating to (i) the Company's strategy, growth, development and acquisition opportunities, return on
existing assets, operational excellence and financial management; (ii) the Company's expectations regarding its revenue, expenses and operations; (iii) the Company's
anticipated cash needs and its estimates regarding its capital and operating expenditures; (iv) capital requirements, needs for additional financing and the Company's
ability to raise additional capital; (v) the Company's estimates of future cash flows, financial condition and operating performances of the Company and its subsidiaries;
(vi) the estimation of any mineral resources and the realization of mineral reserves based on mineral resource, estimates and estimated future development, if any, and
possible variations of ore grade or recovery rates; (vii) estimated results of planned exploration and development activities; (viii) the Company's competitive position and
its expectations regarding competition from other companies globally; (ix) the Company's ability to maintain customer and supplier relationships; (x) anticipated trends
and challenges in the Company's business and the markets in which it operates, including with respect to potential new rare earths projects, supply outlook and growth
opportunities; (xi) limitations of insurance coverage; (xii) the future price of and future demand for rare earths elements and their derivative products; (xiii) economic and
financial conditions; (xiv) interest rates and foreign exchange rates; (xv) performance of counterparties in fulfilling their obligations; (xvi) government regulation of mining
operations, accidents, environmental risks, exploration risks, reclamation and rehabilitation expenses; (xvii) title disputes or claims; and (xviii) the timing and possible
outcome of pending regulatory and permitting matters.
Forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current
conditions and expected future developments and other factors it believes are appropriate. These assumptions include continued political stability in Namibia, that
permits required for the Company's operations will be obtained in a timely basis in order to permit the Company to proceed on schedule with its planned drilling
programs, that skilled personnel and contractors will be available as the Company's operations continue to grow, that the price of rare earths will remain at levels that will
render the Company's projects economic and that the Company will be able to continue raising the necessary capital to finance its operations. Forward-looking
statements involve a variety of known and unknown risks, uncertainties and other factors, including those listed under the heading "Risk Factors" in the prospectus of the
Company dated April 7, 2011 (filed on SEDAR www.sedar.com), which may cause the Company's actual results, performance or achievements to be materially different
from any future results, performances or achievements expressed or implied by the forward-looking statements.
The forward-looking statements made in this presentation relate only to events or information as of the date on which the statements are made in the presentation.
Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, a
future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
There can be no assurance that such forward looking information will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such information. Accordingly, potential investors should not place undue reliance on forward-looking information.

4. Corporate Summary – February 23, 2012
Listing Toronto Stock Exchange (“NRE”)
Head Office Halifax, Nova Scotia
Issued 77,828,500 shares
Warrants 7,561,250 (priced at $0.75 - $0.80)
Options 5,200,000 (priced at $0.41 - $0.80)
Fully Diluted 90,589,750 shares
52 Week High/Low $0.87/$0.37
Share Price Range $0.40 - 0.45
Market Capitalization $31.1 million
Cash Balance $23.0 million
Debt Nil

5. Namibia Rare Earths - IPO April 2011 on TSX ($28.75M)
• 100% owner of the Lofdal Rare Earth Project
(“Lofdal”) located in north-western Namibia
• District scale potential for new rare earth
deposit discoveries (Lofdal covers 740 km2)
• Drill targets with exceptional heavy rare
earth enrichment when compared to its rare
earth developer peers
• Aggressive exploration program post-IPO has
already identified first resource target area with
open pit potential (currently drilling)
• Namibia is a stable jurisdiction, pro-mining
country, with excellent infrastructure
• Experienced management and board with
significant African and rare earth experience,
including an officer of Molycorp on board

6. Why Does Everyone Emphasize Heavies? Part I – Supply Concerns
• Rare earth elements are essential for high-tech applications (computers, cell phones, hybrid cars, wind
turbines and defence industry applications)
• The US Department of Energy has identified 5 critical elements that are at a serious supply risk over the
next 15 years – dysprosium (Dy), terbium (Tb), neodymium (Nd), europium (Eu) and yttrium (Y)
• Principal target elements at Lofdal are dysprosium, terbium and yttrium

7. Why Does Everyone Emphasize Heavies? Part II - Pricing
• Decision to IPO Lofdal was made in early 2010 after which rare earth oxide prices rose
dramatically to a peak in July 2011. Prices have fallen back in the past 6 months but still
remain robust.
• In spite of recent drop of 45% in prices, current levels are up over 850% from 2010 prices and
heavies have maintained their value relative to lights.
• Do your homework to understand what a company reports as HREE or HREO. Norm is to
include yttrium which may be >50% of the heavies. Some companies will break out light REE,
mid REE and heavy REE. Look for complete disclosure of material grades (next slide).
Oxide January 2010 January 2011 July 2011 Jan 2012 % Change 6 mo % Change 24 mo
(US$/kg) (US$/kg) (US$/kg) (US$/kg) (July '11-Jan '12) (Jan '10 - Jan '12)
Lanthanum 6 61 154 51 -67% 750%
LREE
Cerium 4 64 157 43 -73% 975%
Praseodimium 23 92 247 165 -33% 617%
Neodymium 24 93 328 195 -41% 713%
Samarium 5 49 127 79 -38% 1480%
Europium 480 630 5560 3790 -32% 690%
HREE
Terbium 350 618 4260 2810 -34% 703%
Dysprosium 121 325 2591 1410 -46% 1065%
Yttrium 10 75 180 91 -49% 810%
In January 2010 Eu, Tb and Dy were worth approximately 26X more than La, Ce, Pr, Nd and Sm
In January 2012 Eu, Tb and Dy were worth approximately 25X more than La, Ce, Pr, Nd and Sm
Price sources: Technology Metals Research derived from metal-pages.com for 99% REO FOB China

8. What is Heavy Rare Earth Enrichment? Material Grades
Most rare earth deposits have a preponderance of light rare earths. The relative proportion of heavies to the
total grade expressed as a percentage defines the degree of heavy rare earth enrichment. Deposits with
>10% enrichment (indicated with below) are considered to be “enriched” in heavies.
… . .
Rare Element
. .
Navigator
. . Alkane
GWG
. .
Lynas
. . Stans
. . Greenland
Lynas . .
Molycorp
. . Avalon
Arafura. .
. . Tasman
Hudson
. .
GWG
. . Quest
.
Frontier .
. . Matamac
. (February 2011)
.
TREO grades from 0.24% to 11.65% and H:T range from 0.6% to 52.7%

9. REO Distribution1 Shows Level of Heavy Rare Earth Enrichment
0.6% 2.2% 3.3% 3.7%
3.7%
Molycorp Hudson Rare Element Great Western
Great Western
< 5% HREE
5.4% 7.7% 7.8% 15.5%
Lynas Great Western Frontier Avalon
5 - 15% HREE
23.3% 36.9% 43.2% 52.7%
Alkane Matamec Quest Tasman
23 – 53% HREE
1 From Technology Metals Research Company Report February 2011

10. Targeted HREE Enrichment at Lofdal is 80-90% HREO
NLOFDH4015 from 27- 43 m = 16 m
with 94.5% HREE enrichment
Hole NLOFDH015 intersected 16 m of 1.28%
TREO with 94.5% HREE enrichment
(including 2 m of 6.18% TREO with 98.4%
HREE enrichment)
From the pie chart Dy distribution is 9.75% so
you can calculate the material grade of Dy as
(9.75 * 1.28)/100 = 0.1248% or 1,248 ppm
Much easier for companies to disclose the
details for you
La2O3 Ce2O3 Pr2O3 Nd2O3 Sm2O3 LREO Eu2O3 Gd2O3 Tb2O3 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 HREO TREO HREO:TREO
ppm ppm ppm ppm ppm % ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm % % Ratio as %
151 282 32 131 110 0.07 93 510 157 1,248 281 833 121 721 108 8,070 1.21 1.28 94.5

11. REE Deposits Have a Wide Range of Grades and In Situ Values
• In situ values (US$/tonne) reflect grade and distribution of REOs in terms of resource in the ground
• No consideration given to tonnage, recoveries or economics – it is just a yardstick
$11,021
$8,927
$4,968
$3,276
$2,500
$1,892 $1,685
$1,340 $1,278 $1,253
$968 $795
$478
Great Lynas Molycorp Rare Frontier Avalon Montero Quest U Core Search Tasman Matamec Hastings
Western Element
TREO (1) 11.7% 9.7% 6.6% 3.0% 2.2% 1.4% 2.6% 0.9% 0.8% 1.0% 0.5% 0.5% 0.2%
Grade:
(1) Calculated as the sum of the oxide grades of Lanthanum, Cerium, Praseodymium, Neodymium, Samarium, Europium, Gadolinium, Terbium, Dysprosium, Holmium, Erbium,
Thulium, Ytterbium, Lutetium, and Yttrium
SOURCE: REO value per unit mass of mineral resource (US$/tonne) and TREO grades from Technology Metals Research using January 2012 average REO FOB China prices

12. TREO Grade Generally will Rank Deposits in Value
$11,021
$8,927
Based on grade alone, that drill intercept of 1.3% TREO from
Lofdal might be expected to fall in the middle of the pack
16 meter drill intercept
@ 1.28% TREO (2)
$4,968
$3,276 $3,371
$2,500
$1,892 $1,685
$1,340 $1,278 $1,253
$968 $795
$478
Great Lynas Molycorp Rare Frontier Avalon Montero Quest U Core Search Tasman Matamec Hastings Namibia
Western Element REE
TREO (1)
11.7% 9.7% 6.6% 3.0% 2.2% 1.4% 2.6% 0.9% 0.8% 1.0% 0.5% 0.5% 0.2% 1.3%
Grade:
(1) Calculated as the sum of the oxide grades of Lanthanum, Cerium, Praseodymium, Neodymium, Samarium, Europium, Gadolinium, Terbium, Dysprosium, Holmium, Erbium,
Thulium, Ytterbium, Lutetium, and Yttrium (based on TMR Report dated February 22, 2011)
(2) Calculated based on the average grade from single 16.0 meter length drill hole intercept as reported in Company press release dated September 15, 2011
SOURCE: REO value per unit mass of mineral resource (US$/tonne) and TREO grades from Technology Metals Research using January 2012 average REO FOB China prices

13. Importance of Exceptional HREE Enrichment at Lofdal
$11,021
$8,927
Because of the exceptional heavy rare earth enrichment at Lofdal
that 1.3% TREO grade has an in situ value roughly equivalent to
the 3.0% TREO grade at Bear Lodge
16 meter drill intercept
Bear Lodge Resource @ 1.28% TREO (2)
@ 3.0% TREO
$4,968
$3,276 $3,371
$2,500
$1,892 $1,685
$1,340 $1,278 $1,253
$968 $795
$478
Great Lynas Molycorp Rare Frontier Avalon Montero Quest U Core Search Tasman Matamec Hastings Namibia
Western Element REE
TREO (1)
11.7% 9.7% 6.6% 3.0% 2.2% 1.4% 2.6% 0.9% 0.8% 1.0% 0.5% 0.5% 0.2% 1.3%
Grade:
(1) Calculated as the sum of the oxide grades of Lanthanum, Cerium, Praseodymium, Neodymium, Samarium, Europium, Gadolinium, Terbium, Dysprosium, Holmium, Erbium,
Thulium, Ytterbium, Lutetium, and Yttrium (based on TMR Report dated February 22, 2011)
(2) Calculated based on the average grade from single 16.0 meter length drill hole intercept as reported in Company press release dated September 15, 2011
SOURCE: REO value per unit mass of mineral resource (US$/tonne) and TREO grades from Technology Metals Research using January 2012 average REO FOB China prices

14. Importance of High Grade Intercepts at Lofdal
2 meter drill intercept
@ 6.18% TREO (2)
Continuity and frequency of high grade intercepts
$17,131
will be important in delineating resources at Lofdal
$11,021
$8,927
$4,968
$3,276
$2,500
$1,892 $1,685
$1,340 $1,278 $1,253 $968 $795 $478
Great Lynas Molycorp Rare Frontier Avalon Montero Quest U Core Search Tasman Matamec Hastings Namibia
Western Element REE
TREO
Grade:
(1)
11.7% 9.7% 6.6% 3.0% 2.2% 1.4% 2.6% 0.9% 0.8% 1.0% 0.5% 0.5% 0.2% 6.2%
(1) Calculated as the sum of the oxide grades of Lanthanum, Cerium, Praseodymium, Neodymium, Samarium, Europium, Gadolinium, Terbium, Dysprosium, Holmium, Erbium,
Thulium, Ytterbium, Lutetium, and Yttrium (based on TMR Report dated February 22, 2011)
(2) Calculated based on the average grade from single 2.0 meter length drill hole intercept as reported in Company press release dated September 15, 2011
SOURCE: REO value per unit mass of mineral resource (US$/tonne) and TREO grades from Technology Metals Research using January 2012 average REO FOB China prices

15. Namibia Overview
• Mining friendly operating jurisdiction
• Excellent infrastructure
• Current major mine operators and developers include:
– Rio Tinto
– Paladin Energy
– Areva
– Forsys Metals
– Bannerman Mining
– Extract
– AngloGold Ashanti
– De Beers
• A dedicated and highly organized approach to support
the exploration community through the Ministry of
Mines and Energy and the Geological Survey of
Namibia with focused studies at Lofdal

16. Increasing Political Risk
100%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0%
Greenland
Spain
Sweden
Finland
Chile
jurisdictions averaged)
Canada
Botswana
New Zealand
Australia
Norway
NAMIBIA
USA
Brazil
Ireland
Turkey
Colombia
Mali
Ghana
China
Burkina
Vietnam
Peru
Mexico
Tanzania
Zambia
Panama
Bulgaria
India
Indonesia
Argentina
South Africa
Romania
Mongolia
Philippines
PNG
Namibia Overview – Political Risk Assessment
Kazakhstan
Russia
Guinea
Kyrgystan
Honduras
Guatemala
Source: Fraser Institute Annual Survey of Mining Companies 2010/2011 (Canada, USA and Australia provincial and state
Niger
Bolivia
Ecuador
DRC
Madagascar
Zimbabwe
Survey from the Fraser Institute in 2010 ranked Namibia on par with the United States
Venezuela

17. Lofdal Rare Earth Project History (2008-2010)
• Brand new, district scale rare earth project
recognized in 2008
• Multiple high quality rare earth targets within
200 km2 carbonatite complex
• Delineation of a 7 km long corridor with particular
potential for the discovery of HREE enriched
deposits
• First diamond drilling in October 2010 confirmed
REE mineralization in carbonatite dykes and
alteration haloes with high HREE ratios (>50%)
• Detailed mapping in Area 4 with exceptional HREE
ratios (>90%) in dykes over 800 m strike
• Technical basis for IPO and TSX listing
Source Geological Survey of Namibia (2006b)

18. Lofdal Carbonatite Complex Covers 200 km2
• Lofdal mapped in detail with airborne radiometrics and magnetics
– 40% of the complex has been systematically prospected; 20% of it mapped
• Detailed ground surveys map out individual dykes which can extend for several kilometers
Main Intrusion
Emanya Intrusion
• Rock sample site
Background is Th radiometric counts from 2010 airborne survey, with red and purple colours defining the extent of the Th anomaly

19. District Scale Potential Demonstrated by Rock Sampling
• Regional rock sampling has confirmed the district scale potential of Lofdal
– Over 3,700 outcrop samples covering 80 km2 analyzed for REEs between 2008-2010
– Carbonatite dykes display both LREE and HREE enrichment
– Main Intrusion weakly anomalous in REE and Emanya Intrusion shows moderate LREE enrichment
Main Intrusion
Emanya Intrusion

20. Potential for HREE Discoveries in Focused Areas
• Using the same data the rock samples can be plotted wrt HREE enrichment
– Specific structures are characterized by >75% HREE and can be traced for several kilometers
– Geologists believe this is related to a distinct, late phase of HREE enriched fluids and hydrothermal
activity
% HREE
Enrichment
>50
>75
>90
Main IntrusionIntrusion
Main
Emanya Intrusion
Emanya Intrusion

21. Rare Earth Deposit Exploration Model (Carbonatites)
• Carbonatites and related rocks typically are anomalous in rare earths, Ba, Nb, Sr, Ta, Th and U
– Important deposits of this type are Mountain Pass, Mt. Weld (weathered), Palabora and Bayan Obo
– Comparable deposits dominated by carbonatite dykes are Bear Lodge and Bokan Mountain
• Level of erosion at Lofdal has exposed the top of the Main Intrusion, a carbonatite pipe at Emanya
Intrusion and hundreds of dykes
Carbonatite Dykes
Level of Erosion
Emanya Intrusion Main Intrusion

22. Summary of Exploration Drilling Completed in 2011
• 9,500 m exploration drill
program tested 16 of 18
targets
• HREEs targets confirmed in
Areas 2, 4 and 5
• LREE targets confirmed in
Areas 6 and 8
• Area 4 identified as first
resource target
• 6,000 m drill program for
Q1 2012
• Exploration will continue
over entire carbonatite
complex

23. Area 4 - Potential for Development of an HREE Resource
• Area 4 was one area selected for mapping during the IPO process and provided some of the most
exceptional evidence for HREE enrichment
% HREE
Enrichment
>50
>75
>90
Main IntrusionIntrusion
Main
Emanya Intrusion
Emanya Intrusion

24. Area 4 Drilling has Confirmed Exceptional HREE Enrichment
La Ce Dy Y HREE + Y TREE + Y % of Total Summary analyses of
(ppm) (ppm) (ppm) (ppm) (%) (%) as HREE + Y best HREE surface
Avg 14 HREE-rich 113 212 1,758 11,839 1.79 1.86 96.0 samples from Area 4
Best HREE Sample 378 509 4,400 29,700 4.52 4.69 96.4 at IPO
HREE-rich
• Drilling in Area 4 targeted exceptional HREE-enrichment over an 800 m strike length
• Current drilling program has intersected up to 7.14% TREE+Y with 8,220 ppm
Dy, 44,100 ppm Y and 98.4% HREE enrichment

25. Area 4 Selected for Development of First Resource at Lofdal
Consistent and Exceptional Heavy Rare Earth Enrichment for 650 m
1.28% TREO over 16.00 meters with 94.5% HREE enrichment
(including 6.18% TREO over 2.00 meters with 98.4% HREE enrichment)
0.92% TREO over 19.00 meters with 91.5% HREE enrichment
(including 2.43% TREO over 6.00 meters with 96.3% HREE enrichment)
0.66% TREO over 11.00 meters with 85.4% HREE enrichment
(including 1.69% TREO over 2.00 meters with 90.3% HREE enrichment)
0.62% TREO over 10.00 meters with 81.0% HREE enrichment
(including 1.04% TREO over 4.00 meters with 94.2% HREE enrichment)
0.57% TREO over 12.52 meters with 85.8% HREE enrichment
(including 1.66% TREO over 2.14 meters with 97.2% HREE enrichment)
0.56% TREO over 9.00 meters with 73.4% HREE enrichment
(including 1.14% TREO over 3.00 meters with 87.8% HREE enrichment)
0.49% TREO over 9.00 meters with 81.2% HREE enrichment
(including 1.05% TREO over 2.89 meters with 87.7% HREE enrichment)
0.40% TREO over 4.28 meters with 86.2% HREE enrichment
(including 0.98% TREO over 0.49 meters with 97.8% HREE enrichment)
0.34% TREO over 11.00 meters with 88.3% HREE enrichment
(including 1.38% TREO over 1.00 meters with 97.0% HREE enrichment)

26. Area 4 Section 550E - %TREO and HREE Enrichment
16 m @ 1.28% TREO with 94.5%
HREE (incl 2 m @ 6.18%TREO with
1.15 m @ 1.47% TREO
98.4% HREE)
with 93.9% HREE
13 m @ 0.48% TREO with 69.6%
HREE (incl 1 m @ 1.89% TREO with
10 m @ 0.62% TREO with 81.0% 97.09% HREE)
HREE (incl 2 m @ 1.04% TREO with
94.2% HREE)
1.0 m @ 1.04% TREO with
94.9% HREE
1.16 m @ 1.10% TREO with
73.8% HREE

27. Area 4 Section 550E - Dysprosium (ppm Dy2O3)
50 vertical
meters
100 vertical
meters

28. Area 4 Section 550E - Yttrium (ppm Y2O3)
50 vertical
meters
100 vertical
meters

29. Area 4 Section 550E - % Heavy Rare Earth Enrichment
50 vertical
meters
100 vertical
meters

30. Structural Control: Resource Area Covers First 650 m of
Potential Strike Length of 3 km Based on Ground IP Surveys
Interpreted structural lineament
Gradient Chargeability

31. Structural Control: Potential Strike Length of 3 km Confirmed
by Radiometrics
Interpreted structural lineament
Airborne Thorium

32. Potential Strike Length of Controlling Structure May Be 12 km
NPA Interpreted
IP Survey Structure
Completed
Main Intrusion
Resource
Area
IP Survey in
Progress
Drill Fences
5 kilometers
5 kilometers
Emanya Plug

33. Experienced Exploration Team in the Field Dedicated to Discovery

34. Key Drivers for Success and Next Steps at Lofdal
• New project with district scale potential (3 year history)
• Unique nature of the HREE enrichment
• Quality of the exploration database and results to date
• Potential for multiple discoveries, especially for HREEs
• Proactive and positive mining jurisdiction in Namibia
• Well financed with capacity to take project to 43-101
resource and PEA over next 24 months
____________________________
• Resource drilling program underway with 6,000 meters
planned from January - April 2012
• Delivery of first 43-101 compliant resource in Q3 2012
• Mineralogical and metallurgical studies underway
• Concurrent with resource drilling, exploration will
continue