1. Namibia Rare Earths Inc.
1
The Rare Earth Playing Field
Why the Lofdal Discovery in Namibia Can Compete
Technology Metals Summit - Toronto
April 21-22, 2013

2. 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.
2

3. Corporate Summary – April 15, 2013
Listings Toronto Stock Exchange (“NRE”)
OTCQX in the United States (“NMREF”)
Head Office Halifax, Nova Scotia
Issued 77,828,500 shares
Options 5,200,000 (priced at $0.41 - $0.80)
Fully Diluted 83,028,500 shares
52 Week High/Low $0.50/$0.17
Current Price Range $0.18 - 0.20
Market Capitalization $15 million
Cash Balance $15 million
Debt Nil
3

4. Management and Directors
GERALD J. MCCONNELL, QC – DIRECTOR AND CEO
Lawyer. Founded NovaGold Resources in 1984 (currently Director).
Former President and Chief Executive Officer of Etruscan Resources to
2010. Partner with the law firm Patterson Palmer from 1971 to 1987.
DONALD M. BURTON, MSc, PGeo - PRESIDENT
Professional Geologist with over 30 years’ international experience in
exploration for gold, uranium, base metals and rare earths. Former VP
Exploration of Etruscan Resources oversaw all acquisitions and
developments in West Africa (1994-2010) and Namibia (2005-2010).
Former VP Exploration NovaGold Resources Inc. from 1987 to 1998.
FRANCK BIZOUERNE – EXPLORATION MANAGER
Graduate geologist with over 15 years’ experience in Africa
specializing in gold and uranium exploration. Project Geologist with
BRGM and AREVA (1997-2006) in Madagascar, Côte d'Ivoire, Mali, and
Niger. Country Manager for Etruscan Resources (2006-2011) in
Burkina Faso.
JANICE A. STAIRS, LLB, MBA - GENERAL COUNSEL AND CORPORATE
SECRETARY
Lawyer with over 25 years’ experience in the resource sector. General
Counsel to Endeavour Mining 2010-2011 following Endeavour’s
acquisition of Etruscan Resources. Former Vice President and General
Counsel with Etruscan 2004-2010). Partner with the law firm of
McInnes Cooper (formerly Patterson Palmer)
TERI ANDERSON, BSc, CA, MBA – CHIEF FINANCIAL OFFICER
Chartered Accountant providing contract services to both public and
private companies since 1999. Also CFO for Mountain Lake Resources
Inc. and Buchans Minerals Corp. Management positions in the
corporate finance group of Nova Scotia Power (1994-1999).
Accountant with Ernst & Young LLP (1989-1994).
KALIDAS V. MADHAVPEDDI – CHAIRMAN
Engineer. President of Azteca Consulting LLC, Aurizon Resources Ltd and
Forex Investment Group Limited. 30 years in the mining industry, former
Senior VP for Phelps Dodge Corporation and President of Phelps Dodge
Wire and Cable
ADRIAN T. HICKEY - DIRECTOR
Private developer and financier, focusing on early stage mining prospects
throughout Sub Saharan Africa. Former Chairman and CEO of Minas de
Revuboe Limitada (coal in Mozambique), MD of NAB Mining Group Africa
(coal in South Africa) and founder and MD of Swiss Chrome International
AG, (developed the fourth-largest ferrochrome producer in the world).
DOUGLAS J. JACKSON - DIRECTOR
Engineer. Executive Vice President of Chemical and Oxides with
Molycorp. Former President and CEO with Dyno Nobel the largest
operating subsidiary of Dyno Nobel ASA, and Engineer with Union Oil
Company of California.
GREGORY S. JOHNSON - DIRECTOR
Exploration geologist with more than 20 years' experience. President and
CEO of Prophecy Platinum, former President and CEO of South American
Silver; VP, Strategic Development of NovaGold Resources.
BILL KOUTSOURAS - DIRECTOR
Chartered Accountant. President of Kouts Capital, a consulting company
providing strategic advice, introduction to capital providers and
transaction structuring and implementation. Former Executive VP and
CFO of Endeavour Mining.
GLENN R. WILLIAMS - DIRECTOR
Chartered Accountant. Former managing partner for Grant Thornton
LLP, director in the Canadian Institute of Chartered Accountants. Fellow
of the Institute of Chartered Accountants of Nova Scotia.
4

5. The Rare Earths – Heavies and Lights
15 elements with atomic
numbers from 57-71
(lanthanides) + scandium and
yttrium which frequently occur
with the lanthanides and have
similar properties
Important to define where
you put the split between
LREE and HREE
Common convention is to
split between samarium and
europium
NOTE: Yttrium is considered
a HREE
5

6. Why Does Everyone Want 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)
• >90% of the value in Lofdal lies in dysprosium, yttrium, terbium and europium
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7. Oxide January 2010 January 2011 July 2011 Feb 2013 % Change 20 mo % Change 3 yr
(US$/kg) (US$/kg) (US$/kg) (US$/kg) (July '11-Feb '13) (Jan '10 - Feb '13)
Lanthanum 6 61 154 10 -94% 67%
Cerium 4 64 157 11 -93% 175%
Praseodimium 23 92 247 83 -66% 261%
Neodymium 24 93 328 78 -76% 225%
Samarium 5 49 127 23 -82% 360%
Europium 480 630 5560 1550 -72% 223%
Terbium 350 618 4260 1250 -71% 257%
Dysprosium 121 325 2591 615 -76% 408%
Yttrium 10 75 180 36 -80% 260%
Why Does Everyone Want 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 dramatically in the past 18 months
but still remain robust.
• Prices have dropped 70-95% from 2011 peaks but prices are still up over 248% from 2010
prices, and heavies have maintained their value relative to lights.
Price sources: Technology Metals Research derived from metal-pages.com for 99% REO FOB China
LREEHREE
7

8. Heavy Rare Earth Enrichment - Material Grades1
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 (far right
column indicated with below) are considered to be “enriched” in heavies. No consideration to tonnage or economics.
TREO grades range from 0.24% to 11.65% and H:T range from 0.6% to 52.7%
Rare Element
Navigator
Alkane
GWG
Lynas
Stans
Greenland
Lynas
Molycorp
Avalon
Arafura
Tasman
Hudson
GWG
Quest
Frontier
Matamec
1 Source: Technology Metals Research Company Report February 2011 8

9. Heavy Rare Earth Enrichment - REO Distribution1
1 Source: Technology Metals Research Company Report February 2011
<5%HREE5-20%HREE20–53%HREE
0.6%
Molycorp
3.3%
Rare Element
5.4%
Lynas
7.7%
Great Western
7.8%
Frontier
15.5%
Avalon
23.3%
Alkane
43.2%
Quest
52.7%
Tasman
2.2%
Hudson
3.7%
Great Western
36.9%
Matamec
9
REE deposit grades are expressed as %TREO but the relative proportions of the 15 individual rare earth oxides (REO) within
each deposit is referred to as REO distribution. Knowing the distribution allows you to calculate tonnages of individual REOs.
For example, a 10,000 t REO/year operation with a Dy distribution of 2% could produce 200 tonnes of dysprosium oxide a year.

10. Why is Lofdal Unique? Extraordinary HREE Enrichment
EXPLORATION REPORTED FROM AREA 4 IN 2011
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)
It is this exceptional HREE enrichment which makes
Lofdal so unique. The discovery of a viable REE
deposit with such a distribution would be very
significant.
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
NLOFDH4015 from 27- 43 m = 16 m with
94.5% HREE enrichment
10

11. Namibia Overview
• Mining friendly operating jurisdiction (4th largest
uranium producer in the world)
• Excellent infrastructure
• Major mine operators and developers include:
– Rio Tinto (Rossing)
– Paladin Energy (Langer Heinrich)
– Areva (Trekkopje)
– Forsys Metals (Valencia)
– Bannerman Mining (Etango)
– Extract (now Swakop Uranium)
– AngloGold Ashanti (Navachab)
– De Beers (Namdeb)
• A dedicated and highly organized approach to support
the exploration community from the Ministry of Mines
and Energy, and from the Geological Survey of Namibia
11

12. Lofdal Rare Earth Project
Source Geological Survey of Namibia (2006b)
12
EPL 3400 –Lofdal (573 km2)
Carbonatite Complex
(200 km2)
The Lofdal carbonatite complex covers 200 km2
within Exclusive Prospecting Licence 3400
450 km northwest of Windhoek

13. 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, Bear Lodge, Palabora and Bayan Obo
• Level of erosion at Lofdal has exposed the top of the Main Intrusion, a carbonatite pipe at Emanya Intrusion
and hundreds of dykes
• We are walking across the top of the magma chamber and everything we are looking for should be
preserved underneath
Level of Erosion
Emanya Intrusion
Carbonatite Dykes
Main Intrusion
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14. District Scale Potential Demonstrated by Rock Sampling
Main Intrusion
Emanya Intrusion
Regional rock sampling has confirmed the district scale potential of Lofdal. Approximately 4,000
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. Where would you start drilling?
14

15. Clear Structural Controls on HREE Mineralization
Main Intrusion
Emanya Intrusion
Classification of same 4,000 rock samples by level of heavy rare earth enrichment shows 4 major
structures where HREE fluids have migrated. Area 4 was discovered in late 2010 by mapping during the
pre-IPO work program and was selected for the initial 43-101 resource target
Main Intrusion
Emanya Intrusion
% HREE
Enrichment
>50
>75
>90
AREA 4
15

16. • IPO April 2011
9,500 m exploration drill
program tested 16 of 18
targets
• HREEs targets confirmed by
drilling in Areas 2, 4 and 5
• LREE targets confirmed in
Areas 6 and 8
• Area 4 selected as first
resource target in
December 2011
• 43-101 HREE resource
completed in September
2012
• 200 km2 to explore
Summary of Exploration Drilling from 2011
Lofdal Carbonatite Complex from Airborne Geophysics
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17. Area 4 Initial 43-101 Resource – High Quality Database
Trenches (green) = 870 m
Diamond drill holes 2011(black) = 3,100 m
Diamond drill holes 2012 (blue) = 6,000 m
Metallurgical holes (pink) = 310 m
10,280 m
DH4092
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18. Summary Resource Statement Area 4
Source: NI 43-101 Technical Report and Mineral Resource Estimate for Area 4 of the Lofdal Rare Earth Element (REE) Project, Khorixas District, Republic of
Namibia, July 31, 2012
18

19. TMR Advanced Rare Earth Projects – Now on Radar Screen
Lofdal is now one of
the 49 REE projects
being tracked by TMR
Research.
The high HREE makes
Lofdal the most
valuable REE deposit
in terms of basket
price
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20. Where Does the Lofdal Resource Fit in the Playing Field?
• Exceptional HREE enrichment at Lofdal (85%) is very competitive
in value position with well known deposits in the 1-2% TREO grade
range
• In situ values (US$/tonne) reflect grade and distribution of REOs in
terms of resource in the ground
• No consideration given to tonnage, recoveries or economics – it
is just a yardstick
(1) Calculated as the sum of the oxide grades of Lanthanum, Cerium, Praseodymium, Neodymium, Samarium, Europium, Gadolinium, Terbium, Dysprosium, Holmium, Erbium,
Thulium, Ytterbium, Lutetium, and Yttrium
SOURCE: REO value per unit mass of mineral resource (US$/tonne) and TREO grades from Technology Metals Research using February 2013 average REO FOB China prices
TREO
Grade:(1)
Pricing and grades as of February 2013
16.5 7.9 6.6 3.0 2.2 1.4 0.6 0.9 0.7 0.6 0.4 0.3 0.2
20
$6,295
$3,254
$1,614
$1,223
$945
$715 $621
$518 $515 $485
$264
$227 $203

21. 93% of the Value is in the 4 Most Critical Heavy Rare Earths
Distribution1
Value1
1 Source: Technology Metals Research using REO FOB China prices December 2012
DOE Criticality Index
21
Lofdal resource at 0.3% TREO cut-off

22. Resource Only Drilled to 100-150 Vertical Meters -
Potential to Double Area 4 Resource
November 13, 2012 -
Announced intersection of
Area 4 deposit at 350 vertical
meters
22
Simple and predictable = low cost
open pit mining

23. Every REE Deposit Must Demonstrate Amenability to
Extraction
Next project milestones will come from the metallurgical test program on representative
samples of HQ core being carried out by Mintek laboratories of South Africa.
Mineralogy has confirmed xenotime as the major HREE mineral. Xenotime has been
successfully “cracked”. Focus of the Mintek program is on fine grain size and removal of
thorium. Preliminary, un-optimized results released April 3 produced 8-10% TREO
concentrates with 94-96% heavy rare earth enrichment from -38 µm grind. Potential for
>50% Th removal by magnetic separation and further >90% from concentrate by leaching.
Fine grained xenotime in crystal aggregates and disseminations.
showing individual crystals to >50µ and xenotime aggregates
can exceed 100 microns (Clarke, 2011)
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Coarse grained xenotime (green) in calcite matrix with iron oxides.
Cathodoluminescence image by Mariano, 2012.

24. Sorting Tests Completed in Germany
Commercial scale sorting machine used for Lofdal
test work at Tomra Sorting Solutions in Germany
Initial scan showing
variations in density
Sorting can eliminate waste in the 10-50 mm size range BEFORE they enter the mill for costly grinding
and separation processes. By reducing the volume of the run-of-mine after crushing, and eliminating
waste you will also increase the grade of ore that would be delivered to the mill.
Tomra testwork concludes potential for 50% mass reduction recovering >90% REE at Lofdal
Near perfect sort from XRT scanner tests. Computer
enhanced images of mineralized pieces in lower right.
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25. Significance of Lower Cut-Off Grade at Lofdal
Source: NI 43-101 Technical Report and Mineral Resource Estimate for Area 4 of the Lofdal Rare Earth Element (REE) Project, Khorixas District, Republic of
Namibia, July 31, 2012
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26. Conceptual Development of the Area 4 Resource “As Is”
Assumptions:
Positive outcomes of metallurgical studies provide a 0.1% TREO cut-off
Establish a reserve of 6.5 MT @ 0.3% TREO with 75% HREE (20,000 t REO)
Target production of 2,500 tonnes REO per annum
Scale of Mining Operation:
850,000 tpa mining (2,500 tpd)
Mine life of 7.5-8 years
Annual Outputs of Critical HREO1 World Supply 2011 % of World Supply
175 tonnes dysprosium oxide 1,167 tonnes2 15%
1250 tonnes yttrium oxide 8,900 tonnes3 14%
25 tonnes terbium oxide 209 tonnes2 12%
20 tonnes europium oxide 203 tonnes2 10%
Note 1: assumes 100% recovery Sources: 2 = Byron Capital and 3 = USGS
All these metals are projected to be in supply deficit to 2020
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27. Significance of Conceptual Production from Lofdal
with respect to Global Production (China)
27
• Chinese supply of HREE is averaging about 18,000 tpa
• 2,500 tpa REO from Lofdal @ 75% heavy enrichment = 1,875 tpa of HREE
• Lofdal would represent about 10% of global production of HREE* but the
Chinese limit supply outside of China through export quotas
* Assumes 100% HREE supply from China.
Source: Chinese Ministry of Land and Resources from ProEdge Wire website January 8, 2013

28. Significance of Conceptual Production from Lofdal
with respect to ROW Supply (Chinese Export Quotas)
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Chinese Production and Export Quotas for Rare Earths 2012 and H1 2013*
LREE M/HREE Total
Total Production from China 2012 75,900 17,350 93,250 tonnes
Chinese Export Quotas 2012 27,122 3,874 30,996 tonnes
Production from China H1 2013 37,950 8,950 46,900 tonnes
Chinese Export Quotas H1 2013 13,561 1,938 15,499 tonnes
China produces 18,000 t of M/HRE but only allows 3,800 t out
* Source: Chinese Ministry of Commerce from TMR website December 28, 2012
2,500 tpa REO @ 75% heavy enrichment = 1,875 tpa of HREE
Lofdal would represent about 50% of ROW supply of HREE

29. Exploration Continues over 200 km2 Carbonatite Complex
Area 4 Resource
REE Occurrence
November 13, 2012 -
Announced discovery
of new zone 1.5 km
northeast of Area 4
resource
Exploration drill results
from Area 2, Area 6
and Area 8 are pendingArea 6
29
Nb-U Occurrence
Area 8
Area 2
Area 4

30. Namibia Rare Earths - Key Drivers for Success
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New District – 100% control of 200 km2 Lofdal carbonatite complex (identified in 2001 by Mariano
and Siegfried; first regional prospecting by NRE from 2008-2010)
New Discovery – Initial 43-101 compliant resource announced September 2012, open at depth
Heavy Rare Earth Deposit – Over 90% of the value of the initial resource lies in Dy, Y, Tb and Eu
Metallurgical Studies On-going – First xenotime concentrates grade 8-10% TREO with 94-96%
heavies; current focus is on optimizing concentrates (not a PEA or FS)
Modest Scale Mining Operation – Not a “megaproject” but at 2,500 tpa REO could provide 10-15%
of global supply of the 4 most critical heavies. 50% of Chinese export quotas for heavies.
Corporate Strategy – Not looking to build or finance a separation plant; we are explorers and will
seek a qualified industry partner for separation and end users
Well Financed – $15M in cash and no debt
Upside – Could be the first sustainable supply of heavy rare earths outside of China, and the
district scale opportunity can deliver more discoveries (HREE, LREE, NB, U and Ta)