1.RARE EARTHS, SPECIALITY& STRATEGIC METALSINVESTMENT 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 SummitMarch 2012 3. Forward Looking StatementsThis presentation contains forward-looking statements that relate to the Companys current expectations and views of future events.In some cases, these forward-looking statementscan be identifiedbywordsor 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 othersimilar expressions intended to identify forward-looking statements. The Company has based these forward-looking statements on its current expectations andprojections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. Theseforward-looking statements include, among other things, statements relating to (i) the Companys strategy, growth, development and acquisition opportunities, return onexisting assets, operational excellence and financial management; (ii) the Companys expectations regarding its revenue, expenses and operations; (iii) the Companysanticipated cash needs and its estimates regarding its capital and operating expenditures; (iv) capital requirements, needs for additional financing and the Companysability to raise additional capital; (v) the Companys 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, andpossible variations of ore grade or recovery rates; (vii) estimated results of planned exploration and development activities; (viii) the Companys competitive position andits expectations regarding competition from other companies globally; (ix) the Companys ability to maintain customer and supplier relationships; (x) anticipated trendsand challenges in the Companys business and the markets in which it operates, including with respect to potential new rare earths projects, supply outlook and growthopportunities; (xi) limitations of insurance coverage; (xii) the future price of and future demand for rare earths elements and their derivative products; (xiii) economic andfinancial conditions; (xiv) interest rates and foreign exchange rates; (xv) performance of counterparties in fulfilling their obligations; (xvi) government regulation of miningoperations, accidents, environmental risks, exploration risks, reclamation and rehabilitation expenses; (xvii) title disputes or claims; and (xviii) the timing and possibleoutcome 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, currentconditions and expected future developments and other factors it believes are appropriate. These assumptions include continued political stability in Namibia, thatpermits required for the Companys operations will be obtained in a timely basis in order to permit the Company to proceed on schedule with its planned drillingprograms, that skilled personnel and contractors will be available as the Companys operations continue to grow, that the price of rare earths will remain at levels that willrender the Companys projects economic and that the Company will be able to continue raising the necessary capital to finance its operations. Forward-lookingstatements involve a variety of known and unknown risks, uncertainties and other factors, including those listed under the heading "Risk Factors" in the prospectus of theCompany dated April 7, 2011 (filed on SEDAR www.sedar.com), which may cause the Companys actual results, performance or achievements to be materially differentfrom 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, afuture 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 thoseanticipated 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 Issued77,828,500 shares Warrants 7,561,250 (priced at $0.75 - $0.80) Options5,200,000 (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 DebtNil 5. Namibia Rare Earths - IPO April 2011 on TSX ($28.75M) 100% owner of the Lofdal Rare Earth Project(Lofdal) located in north-western Namibia District scale potential for new rare earthdeposit discoveries (Lofdal covers 740 km2) Drill targets with exceptional heavy rareearth enrichment when compared to its rareearth developer peers Aggressive exploration program post-IPO hasalready identified first resource target area withopen pit potential (currently drilling) Namibia is a stable jurisdiction, pro-miningcountry, with excellent infrastructure Experienced management and board withsignificant African and rare earth experience,including an officer of Molycorp on board 6. Why Does Everyone Emphasize Heavies? Part I Supply Concerns Rare earth elements are essential for high-tech applications (computers, cell phones, hybrid cars, wind turbines and defence industry applications) The US Department of Energy has identified 5 critical elements that are at a serious supply risk over the next 15 years dysprosium (Dy), terbium (Tb), neodymium (Nd), europium (Eu) and yttrium (Y) Principal target elements at Lofdal are dysprosium, terbium and yttrium 7. Why Does Everyone Emphasize Heavies? Part II - Pricing Decision to IPO Lofdal was made in early 2010 after which rare earth oxide prices rosedramatically to a peak in July 2011. Prices have fallen back in the past 6 months but stillremain robust. In spite of recent drop of 45% in prices, current levels are up over 850% from 2010 prices andheavies have maintained their value relative to lights. Do your homework to understand what a company reports as HREE or HREO. Norm is toinclude yttrium which may be >50% of the heavies. Some companies will break out light REE,mid REE and heavy REE. Look for complete disclosure of material grades (next slide).OxideJanuary 2010January 2011 July 2011 Jan 2012 % Change 6 mo % Change 24 mo (US$/kg)(US$/kg) (US$/kg)(US$/kg)(July 11-Jan 12) (Jan 10 - Jan 12) Lanthanum66115451-67%750%LREECerium46415743-73%975%Praseodimium23 92247 165-33%617% Neodymium24 93328 195-41%713%Samarium54912779-38%1480%Europium 480630 55603790-32%690%HREE Terbium 350618 42602810-34%703% Dysprosium121325 25911410-46%1065% Yttrium10 7518091-49%810%In January 2010 Eu, Tb and Dy were worth approximately 26X more than La, Ce, Pr, Nd and SmIn January 2012 Eu, Tb and Dy were worth approximately 25X more than La, Ce, Pr, Nd and SmPrice sources: Technology Metals Research derived from metal-pages.com for 99% REO FOB China 8. What is Heavy Rare Earth Enrichment? Material GradesMost rare earth deposits have a preponderance of light rare earths. The relative proportion of heavies to thetotal 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 HudsonRare Element Great Western Great Western < 5% HREE 5.4% 7.7%7.8% 15.5%Lynas Great Western Frontier Avalon 5 - 15% HREE23.3% 36.9% 43.2%52.7%AlkaneMatamecQuest Tasman 23 53% HREE1 FromTechnology Metals Research Company Report February 2011 10. Targeted HREE Enrichment at Lofdal is 80-90% HREONLOFDH4015 from 27- 43 m = 16 mwith 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 youLa2O3 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 ppmppm %%Ratio as %151 28232 131110 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 $478 GreatLynas Molycorp RareFrontier AvalonMonteroQuest U CoreSearchTasman Matamec HastingsWesternElementTREO (1)11.7%9.7%6.6%3.0% 2.2%1.4%2.6%0.9%0.8% 1.0%0.5%0.5%0.2%Grade: (1) Calculated as the sum of the oxide grades of Lanthanum, Cerium, Praseodymium, Neodymium, Samarium, Europium, Gadolinium, Terbium, Dysprosium, Holmium, Erbium, Thulium, Ytterbium, Lutetium, and Yttrium SOURCE: REO value per unit mass of mineral resource (US$/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 $8,927Based on grade alone, that drill intercept of 1.3% TREO from Lofdal might be expected to fall in the middle of the pack16 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$478 Great Lynas MolycorpRareFrontier Avalon Montero QuestU CoreSearch Tasman Matamec Hastings NamibiaWesternElementREETREO (1)11.7% 9.7% 6.6%3.0% 2.2% 1.4% 2.6%0.9% 0.8%1.0% 0.5% 0.5%0.2% 1.3%Grade: (1) Calculated as the sum of the oxide grades of Lanthanum, Cerium, Praseodymium, Neodymium, Samarium, Europium, Gadolinium, Terbium, Dysprosium, Holmium, Erbium, Thulium, Ytterbium, Lutetium, and Yttrium (based on TMR Report dated February 22, 2011) (2) Calculated based on the average grade from single 16.0 meter length drill hole intercept as reported in Company press release dated September 15, 2011 SOURCE: REO value per unit mass of mineral resource (US$/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 $8,927Because of the exceptional heavy rare earth enrichment at Lofdalthat 1.3% TREO grade has an in situ value roughly equivalent tothe 3.0% TREO grade at Bear Lodge16 meter drill interceptBear 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$478GreatLynas MolycorpRareFrontier Avalon Montero QuestU CoreSearch Tasman Matamec Hastings Namibia Western ElementREETREO (1) 11.7%9.7%6.6% 3.0% 2.2% 1.4% 2.6%0.9%0.8% 1.0% 0.5% 0.5%0.2% 1.3%Grade: (1) Calculated as the sum of the oxide grades of Lanthanum, Cerium, Praseodymium, Neodymium, Samarium, Europium, Gadolinium, Terbium, Dysprosium, Holmium, Erbium, Thulium, Ytterbium, Lutetium, and Yttrium (based on TMR Report dated February 22, 2011) (2) Calculated based on the average grade from single 16.0 meter length drill hole intercept as reported in Company press release dated September 15, 2011 SOURCE: REO value per unit mass of mineral resource (US$/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$17,131will 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$478GreatLynas Molycorp RareFrontier Avalon Montero QuestU Core Search Tasman Matamec Hastings Namibia WesternElement REETREOGrade: (1)11.7%9.7% 6.6%3.0% 2.2%1.4%2.6% 0.9%0.8%1.0% 0.5%0.5%0.2% 6.2% (1) Calculated as the sum of the oxide grades of Lanthanum, Cerium, Praseodymium, Neodymium, Samarium, Europium, Gadolinium, Terbium, Dysprosium, Holmium, Erbium, Thulium, Ytterbium, Lutetium, and Yttrium (based on TMR Report dated February 22, 2011) (2) Calculated based on the average grade from single 2.0 meter length drill hole intercept as reported in Company press release dated September 15, 2011 SOURCE: REO value per unit mass of mineral resource (US$/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 supportthe exploration community through the Ministry ofMines and Energy and the Geological Survey ofNamibia with focused studies at Lofdal 16. Increasing Political Risk 100% 10% 20% 30% 40% 50% 60% 70% 80% 90%0% Greenland Spain Sweden FinlandChilejurisdictions averaged) Canada Botswana New ZealandAustralia NorwayNAMIBIAUSA BrazilIrelandTurkeyColombiaMaliGhana China Burkina VietnamPeruMexicoTanzania Zambia Panama BulgariaIndia Indonesia Argentina South AfricaRomaniaMongoliaPhilippinesPNGNamibia Overview Political Risk AssessmentKazakhstanRussia Guinea Kyrgystan HondurasGuatemalaSource: Fraser Institute Annual Survey of Mining Companies 2010/2011 (Canada, USA and Australia provincial and state NigerBolivia EcuadorDRC Madagascar ZimbabweSurvey 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 projectrecognized in 2008 Multiple high quality rare earth targets within200 km2 carbonatite complex Delineation of a 7 km long corridor with particularpotential for the discovery of HREE enricheddeposits First diamond drilling in October 2010 confirmedREE mineralization in carbonatite dykes andalteration haloes with high HREE ratios (>50%) Detailed mapping in Area 4 with exceptional HREEratios (>90%) in dykes over 800 m strike Technical basis for IPO and TSX listingSource 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 kilometersMain Intrusion Emanya Intrusion Rock sample siteBackground 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 IntrusionEmanya 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 hydrothermalactivity % HREEEnrichment>50>75>90Main IntrusionIntrusion MainEmanya 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 EmanyaIntrusion and hundreds of dykes Carbonatite DykesLevel of ErosionEmanya Intrusion Main Intrusion 22. Summary of Exploration Drilling Completed in 2011 9,500 m exploration drillprogram tested 16 of 18targets HREEs targets confirmed inAreas 2, 4 and 5 LREE targets confirmed inAreas 6 and 8 Area 4 identified as firstresource target 6,000 m drill program forQ1 2012 Exploration will continueover entire carbonatitecomplex 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 mostexceptional evidence for HREE enrichment% HREE Enrichment>50>75>90Main IntrusionIntrusion MainEmanya Intrusion Emanya Intrusion 24. Area 4 Drilling has Confirmed Exceptional HREE Enrichment LaCe DyY HREE + Y TREE + Y% of Total Summary analyses of(ppm) (ppm) (ppm) (ppm) (%)(%)as HREE + Y best HREE surface Avg 14 HREE-rich 113 2121,758 11,8391.79 1.86 96.0 samples from Area 4 Best HREE Sample 378 5094,400 29,7004.52 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 ppmDy, 44,100 ppm Y and 98.4% HREE enrichment 25. Area 4 Selected for Development of First Resource at LofdalConsistent 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 Enrichment16 m @ 1.28% TREO with 94.5%HREE (incl 2 m @ 6.18%TREO with1.15 m @ 1.47% TREO98.4% HREE)with 93.9% HREE13 m @ 0.48% TREO with 69.6%HREE (incl 1 m @ 1.89% TREO with10 m @ 0.62% TREO with 81.0%97.09% HREE)HREE (incl 2 m @ 1.04% TREO with94.2% 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 verticalmeters 100 vertical meters 28. Area 4 Section 550E - Yttrium (ppm Y2O3)50 verticalmeters 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 ofPotential Strike Length of 3 km Based on Ground IP SurveysInterpreted structural lineament Gradient Chargeability 31. Structural Control: Potential Strike Length of 3 km Confirmedby RadiometricsInterpreted structural lineament Airborne Thorium 32. Potential Strike Length of Controlling Structure May Be 12 kmNPA Interpreted IP SurveyStructure Completed Main IntrusionResourceAreaIP Survey inProgress Drill Fences5 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 43-101resource and PEA over next 24 months____________________________ Resource drilling program underway with 6,000 metersplanned from January - April 2012 Delivery of first 43-101 compliant resource in Q3 2012 Mineralogical and metallurgical studies underway Concurrent with resource drilling, exploration willcontinue