#1Namibia Critical Metals Inc. (Formerly Namibia Rare Earths Inc.) Corporate Overview Johannesburg, London, Toronto, New York February/March 2019 Metals for the World's Future IN NAMIBIA#2Forward Looking Statements This presentation contains forward-looking statements that relate to the Company's current expectations and views of future events. Donald M. Burton, P.Geo. and President of Namibia Critical Metals Inc., is the Company's Qualified Person and has reviewed and approved the content of this presentation. 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 Company's Annual Financial Report dated November 30 2016 (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. NAMIBIA CRITICAL METALS 2#3Namibia Critical Metals Inc. - Corporate Summary Listing Head Office Operations Office Issued Options Fully Diluted Shareholders >10% TSX Venture Exchange (Ticker: "NMI") Halifax, Nova Scotia Windhoek, Namibia 180,325,121 shares 10,050,000 (priced at CD$0.05-0.21) 190,375,121 shares Gecko Namibia (42.4%); Gerald McConnell (13.9%) Cash Position Cobalt Price LME (US$/t) 80K 40K CD$2.35M (as of Nov 30, 2018) Historic Chart for Cdn:NMI by Stockwatch.com 604.687.1500 - (c) 2019 Mon Jan 21 2019 Op=0.155 Hi-0.155 Lo=0.15 CI=0.15 Vol-29,500 Year hi=0.46 lo=0.065 Cdn:NMI Volume Cobalt above US$80,000/t T Jan Feb Mar Apr May Jun NAMIBIA CRITICAL METALS Jul 2018 Aug Sep Oct Nov Dec Jan 2019 0.525 0.50 0.475 0.45 0.425 0.40 0.375 Share price currently 0.35 0.325 linked to cobalt price 0.30 0.275 0.25 0.225 NMI not fully valued 0.20 0.175 0.15 0.125 0.10 0.075 on diversified commodity portfolio 6.0 M 4.0 M 2.0 M 3#4Project Generation and Development Team with Long Term Experience in Africa and Strong Track Record Chair: Gerry McConnell, QC Former Chair and CEO of NovaGold Resources and Etruscan Resources (16 yr in West African gold) Current Chair of Trilogy Metals where South32 has option on Alaskan copper projects (US$150M for 50%) Founder of Namibia Rare Earths, with IPO financing of C$28m CEO and Director: Pine van Wyk, NHD MET. ENG. B.COM, MBA - 25 years in metallurgical engineering, mine development and corporate management Former senior positions as Engineering Manager Rössing Uranium (RioTinto), Operations and Business Development Manger at Langer Heinrich uranium mine and Managing Director for Gecko Namibia; Director with Celsius Resources President: Don Burton, MSc, PGeol Exploration and development of three 1 Moz gold mines in West Africa with Etruscan Resources: Samira Hill in Niger, Youga in Burkina Faso and Agbaou in Cote d'Ivoire - Discovery and development of Lofdal HREE deposit with Namibia Rare Earths, currently pending Mining License application - Senior Geological Advisor: Rainer Ellmies, PhD, MScGeol, GeoFA, AusIMM - Provides all in-country management as General Manager Gecko Exploration Broad background with more than 10 years in each academics, exploration, development cooperation Six greenfields discoveries in 6 years, e.g. Opuwo Cobalt (DOF, Celsius Resources), Dicker Willem and Keishöhe LREE (Swedish Exploration), Okanihova Copper (Kunene Resources), Olulilwa Manganese Key role in identification of Lofdal HREE deposit (Namibia Rare Earths Inc.) Metallurgical Advisor: Antonie van Wyk, MEng, MBA, BCom 20 years in hydrometallurgy including Commissioning Manager and Director of Processing at the 140 Mt/a Husab uranium mine (Swakop Uranium) and Project Management at Rössing Uranium (Rio Tinto) - Independent consultant for various scoping, pre-feasibility and feasibility studies in Namibia NAMIBIA CRITICAL METALS 4#5Namibia - Tier 1 Mining Investment Destination in Africa ✓ Strong rule of law ✓ Socially and politically stable. ✓ Excellent infrastructure ✓ Strong support by Geological Survey of Namibia and Ministry of Mines and Energy NamPower RUACANA POWER STATION FIRST SAFETY FIRST Photo: Namport.com: Bulk salt export by Gecko Salt NAMIBIA CRITICAL METALS 5#6Diversified Project Portfolio NMI Project & Stage Advanced ☐ Brownfields Greenfields Diversified portfolio provides NMI with flexibility in commodities and in development stage Angola Epembe Ta, Nb Kunene Co, Cu Opuwo Lofdal REE Ondangwa Tsumeb Rundu Grootfontein Cu-Ni, Zn-V-Pb, Au Otjikoto Gold Mine Khorixas Otjiwarongo Otjiwarongo REE, Au Windhoek Navachab Gobabis Gold Mine Botswana Kunene remains a high priority project with its strategic land position in an emerging Co-Cu district, but Co price is currently a challenge Strong in-country management team and capacity allows NMI to develop projects in a strategic manner Diversity of the project portfolio is not yet valued in market ("NMI = cobalt play") Erongo Au Swakopmund Atlantic Ocean Walvis Bay Luderitz NAMIBIA CRITICAL METALS 100 km Maltahohe Keetmanshoop Karasburg Warmbad Li, Ta, REE South Africa#7Excellent Commodity Mix and Diversified Project Pipeline - 11 tenements granted with >6,400 km² and >3,000 km² in license applications - Wide range of projects from greenfield to mine development Value Focus on critical and battery metals: Dy-Tb, Co-Cu, Ta-Nb, V, Ni, Sm-Nd plus Zn and Au HREE Ni-Cu V-Zn-Pb Au Grootfontein Au REE (Dy-Tb) Lofdal Ta-Nb U Phosphate Epembe PEA and Mining License Application Otjiwarongo Co-Cu V Zn-Pb-V Co-Cu Li, Ta-Nb, REE Warmbad Resource Definition Pb-Zn Kunene REE New EPLs and applications and Metallurgy Au Erongo Exploration Reconnaissance Project Generation NAMIBIA CRITICAL METALS 7#8Kunene Cobalt-Copper Project District scale opportunity in an emerging cobalt belt Targets developed from mapping, soil anomalies and airborne geophysics covering 720 km2: 5,000 m of recon drilling completed in 7 target areas (Phase I) 4 areas with positive results (0.14% Co and 0.59% Cu over < 1 m plus intercepts of 0.13- 0.21% V205 over widths of 2- 10 m) 4 priority areas remaining for recon drilling (Phase II drilling) DOF Northwest Soils and mapping Northwest TARGETS -Co, Cu, V STAGE-Advanced exploration ACTIVITIES - Mapping, soils, geophysics, drilling OBJECTIVES - Co/Cu discoveries 20 kilometers DOF East Co-Cu, V DOF Targets Western Magnetic Anomaly Soils and IP Western EM Anomaly Drill ready LEGEND COBALT SOIL ANOMALIES OVERLAIN ON SKYTEM CONDUCTIVITY (CON13) AND SATELLITE IMAGERY ICP Results for Cobalt (ppm) o 17-20 ppm • 20-30 ppm >30 ppm 0 DOF Extension Target Malachite Mt North Co, Cu Okanihova Lineament Opuwo Deposit 72.0 mt @ 0.11% Co, 0.42% Cu and 0.41% Zn (Indicated) 40.5 mt @ 0.12% Co, 0.41% Cu and 0.46% Zn (Inferred) Malachite Mt Cu Africa Anomaly Drill ready NAMIBIA CRITICAL METALS DOF Horizon (mapped) Structural Lineament EPL Boundary (Namibia Rare Earths) EPL Boundary (Celsius Resources) Okanihova Central Cu, Cu-Co#9Summary of Drill Results at Kunene to Date DOF East - Single drill section positioned 16 km west of Opuwo Cobalt deposit intersected the DOF Co-Cu horizon (0.14% Co and 0.59% Cu over < 1 m) and two separate vanadium horizons (0.13-0.21% V205 over 2-10 m). Follow-up drilling along strike will test for wider intercepts and higher grades of the DOF and vanadium horizons. Okanihova Central - First drill sections along 1 kilometer of strike intersected low grade Cu (0.1-0.2%) over wide widths (40-200 m) and anomalous Co zones (300-500 ppm) over 3-13 m. Additional holes will test high Cu soil anomalies. Very large target area with strong geochemical signature extending for 5 kilometers. Follow-up drilling will focus on higher grade zones. Malachite Mountain - Offset of Okanihova lineament tested by 5 diamond holes in 2013-2015 with broad Cu intercepts (0.29% Cu over 141 m; 0.2% Cu over 274 m). NMI interpretations suggest possibly drilled sub-parallel to strike and zone continues over 1 kilometer strike to NE. Drilling ongoing. NAMIBIA CRITICAL METALS DING GA 9#10Otjiwarongo Gold: Target Generation NMI holds 4 large EPLs in the "Otjikoto Gold Belt" near Otjiwarongo, Omaruru and Grootfontein • Potential for gold (Otjikoto model) • TARGETS - AU, REES, F, Ta, Nb STAGE - Grassroots exploration ACTIVITIES - Soil sampling OBJECTIVES - Generate drill targets • • Potential for alkaline intrusions Completely covered Soil survey of 1,000 soil samples on 200 x 100 m grid completed - ICP + Au results in March Otjikoto Highly experienced soil sampling teams have systematically covered key magnetic anomalies at Otjiwarongo B2Gold's Otjikoto Gold Mine has a distinctive magnetic signature NAMIBIA CRITICAL METALS HW Sequence Marker 8 km EPL 5847 60 km Otjikoto Gold Mine FW Sequence Marker Soil survey completed, assays pending#1111 Grootfontein Tenements: Exploration Potential for Ni-Cu in 360 km² Mafic Complex + Au + V-Zn-Pb Large EPL package with high exploration potential for 3 types of deposits V-Zn-Pb targets Magmatic Ni-Cu (200 m flight lines) sulphide targets TARGETS - Ni, Cu, V, Zn, Pb, Au STAGE - Grassroots exploration ACTIVITIES - Airborne geophysics and soil sampling OBJECTIVES - Generate drill targets Berg Aukas Mine (Weatherly) 16.8% Zn, 4% Pb and 0.9% V205 (400 m flight lines) Planned Airborne EM Survey by SkyTEM for March 2019 NAMIBIA CRITICAL METALS Otjikoto Gold Mine EPL 6627 (B2Gold) EPL 6561 (NMI) wwwwwwwww EPL 5992 (NMI) Soil survey in preparation Au targets (800 m flight lines) Airborne magnetics (rtp)#1212 Lofdal Heavy Rare Earth Project Viewpoint Trenches expose outcrops of Area 4 deposit Open pit model with 43-101 resource open at depth NAMIBIA CRITICAL METALS TARGETS - Heavy REES (Tb, Dy) STAGE - PEA and permitting ACTIVITIES - Metallurgical testwork OBJECTIVES - Resource upgrade and move to PFS Most advanced project in the portfolio: • • 43-101 compliant resource and Preliminary Economic Assessment (2014) Environmental Impact Assessment in (2016) Environmental Clearance Certificate granted (2017) Mining Licence application pending PEA Resource LREE PEA Concentrate SEG SEG HREE HREE Resource model shows deposit open to depth and along strike to west HREE + SEGS = 76% HREE + SEGS = 98% Simple REE mineralogy (xenotime) gives REO distribution with extremely high HREE enrichment#1313 Lofdal A Unique Opportunity for a Sustainable Supply of Heavy Rare Earths - Exploration drilling has demonstrated the potential to increase the resource and LOM at Lofdal 4086 4092 1000 RL 4098 4096 * 68.3 m 4031 4037 4015 Down-dip limit of 43-101 Resource 200 meters 149.4 m 200.3 m 260.2 m 227.4 m 308.4 m 15 m @0.19% TREO with 74.2% HREE (incl 1 [email protected]% TREO with 94.8 % HREE) and 9 m @ 0.26% TREO with 77.0 % HREE *hole previously released but not included in resource estimate 7753600 N 11 [email protected] % TREO with 58.9% HREE and 10 m @0.44% TREO with 82.4%HREE (incl 2 m @ 1.34% TREO with 94.1% HREE) 7753500 N 4789986N 401.5 m 7753300 N NAMIBIA CRITICAL METALS 900 RL 800 RL 700 RL 600 RL Conceptual underground scenarios can also be considered as resource is expanded (from PhD studies at University Freiberg) 7753200 N Contained tonnes dysprosium oxide in current NI43-101 resource: 662.4 t Indicated 623.2 t Inferred Objectives: Double resource, advance underground mining model#14V Lofdal HREE Mine: Flowsheet Opportunities for Optimization Increase grade by XRT and/or XRF sorting ROM Ore Crushing & Screening Fines Mineral Concentrate SORTER Introduce HCI recycling circuit Coarse Waste Milling Wet Magnetic Separation Cleaner Flotation Gangue HCL Leach Concentrate Thickening Leach Residue Dewatering Transport to Walvis Bay Cracking Plant Cracking Plant 50 Increase efficiencies to handle 10-20% TREO feed Final Product (Concentrate or RE Oxide) Namibia Critical Metals Tailings Storage Facility Reduce carbonate to GAL Increase efficiency to handle lower grade mag concentrate Shipment to Offshore Treatment Facility for Separation#1515 Epembe Ta-Nb Project Advanced stage exploration with well-defined multiphase carbonatite dyke • Strike length of 10 kilometers . Indicative grades from 11,000 m of drilling 150 ppm Ta205 and 1,300 ppm Nb (not 43- 101 compliant) Initial sorting tests (XRT) indicate the potential for 5X upgrade to Ta and 8.5X to Nb, XRF sorting under evaluation TARGETS - Ta, Nb, U STAGE - Advanced exploration drilling ACTIVITIES - Metallurgical testwork OBJECTIVES - Resource estimate and move to PEA Ta, U- Nb DOMAIN 4 FIELD n Mean CV TA 99.04 1.00 NB 1,023.43 0.73 70 ID (m) (m) (m) (ppm) (ppm) (ppm) U $1.70 1.37 P 9.111.55 0.64 Hole No From To Width Ta₂0 Nb,0 U₁O P₂O EPD037 10 12 2 297 6492 101 4.4 DOMAIN 3 FIELD Mean CV EPD030 6 27 21 211 1135 134 4.4 TA 83.37 0.83 EPRO39 64 74 10 242 1173 234 3.3 NB 934.21 0.79 477 U EPR040 40 47 7 369 1272 260 4.7 P 40.72 9,818.34 1.26 0.53 EPR041 14 21 7 265 1371 155 EPR043 1 15 14 232 1108 179 mn 3.4 2.8 DOMAIN 2.1 FIELD Mean CV EPR044 3 11 8 303 1936 204 3.6 TA 114.04 1.03 NB 806.11 0.88 EPRO45 27 34 7 229 1721 138 4.2 82 U 93.82 1.11 EPR047 54 62 8 256 1340 305 2.9 P 5,991.06 1.08 EPRO50 117 127 10 370 1850 445 3.4 EPR051 42 50 8 224 1740 147 2.4 EPRO52 2 6 4 216 3539 61 2.7 EPRO54 178 187 9 209 903 274 2.7 EPRO54 75 49 24 175 1025 108 2.8 EPRO58 94 99 5 211 3117 122 2.8 EPD039 EPRO23 6 20 14 314 1048 241 4.6 36 47 11 393 1480 546 4.0 Drill Intercept Highlights V NAMIBIA CRITICAL METALS Modelled Resource Domains DOMAIN 2 FIELD Moan CV TA 129.92 0.85 NB 566.38 0.73 438 U 127.74 0.98 P 9.612.44 0.85 Objective: Confirm amenability to acceptable upgrades prior to 43-101 resource drill program#1616 Epembe and Lofdal: First Positive Results of Ore Sorting Lofdal and Epembe share similar potential to significantly upgrade ROM feed grade through upfront sorting. Both projects have undergone preliminary test work using XRT (x-ray transmission) and XRF (x-ray fluorescence) sorting technologies with positive results. Epembe has achieved 5-8X upgrades for Ta-Nb on XRT test runs and 3-4X upgrade with XRF static tests Lofdal has achieved 1.5-2X upgrades on XRT test runs and demonstrated amenability to XRF with 1.5-2X upgrades with static XRF tests on low grade samples Both technologies will be tested and optimized on bulk samples currently in Joburg (18 t from Lofdal and 25 t from Epembe) NAMIBIA CRITICAL METALS TOMRA XRT Test Facility Hamburg Rados XRF Test Facility Joburg#17Critical Metals - Assessments by the European Union. and the United States Share Similar Concerns 2018 USGS Critical Minerals List (35) Antimony Baryte Beryllium Gallium Report on Critical Raw Materials for the EU (May 2014) "Securing reliable, sustainable and undistorted access of certain raw materials is of growing concern within the EU and across the globe... These critical raw materials have a high economic importance to the EU combined with a high risk associated with their supply." 2017 Critical Raw Materials (26) Magnesium Table 1. Draft list of critical minerals. [X, applicable sector, not applicable] Mineral com- madity Arsenic Sectors Aerospace nondefense) Defense Energy Telecommunications and electronics Transportation nonaerospace) Top producer Top supplier Aluminum Antimony Χ X X X X X - X X X X X China Chirm Chira X X X X China Cluna Barite - - X X - X China China Beryllium X X X X X United States Bismuth - X X X X China Scandium Cesium and X X X X X Canada China Canada nabidium Germanium Natural graphite Hafnium Natural Rubber Bismuth Helium Niobium Borate HREES PGMs Silicon metal Tantalum⭑ Tungsten Vanadium✰ Chromium X Cobalt X ** X X XX XX X X South Africa X X Congo- (Kinshasa) Пиотарат - X X X China Mexico Gallium X X X X - X China China Селтитан X X X X - X China China Cobalt Indium Fluorspar LREES Phosphate rock Phosphorus Graphite X X X X X × Chirin Cinta fnatural) Heliumi - Indum X X X Lithium X X X XXX X Uriled States Qalar X Chiru Carada M X Australia Chile Magnesium Manganos Niolen Platinum group КККК X X X X metals Six of these critical materials/ minerals are principal targets in Namibia Critical Metals' portfolio of projects Potash - Rare earth X X ****** # ત ИИХИ хи X X China China X X X China X Brazil X X X South Africa - X Canada Canada X X Cluna China elements Rhenium X - X X X Chile Scandium X X X X -- X China Chile China Strontium X X × X X x X Spain Tantalum X X X X - X Rwanda Mexico China Tellurium - X X X X China Canada Tin X - X - X China Pam urdurn X X X X X China Tungsten X X X X X China China Uranium Vanadian X X X - X Σ X X X - X Kazakhstan China Canada South Africa Zirconium and X X X X X Australia China halfuum NAMIBIA CRITICAL METALS Introduction Notable example application Canada Kazakhstan Aircraft, power transmission lines, lightweight alloys. Lead-acid batteries. Microwave communications (gallium arscrude). Oil and gas drilling fluid. Satellite communications, beryllium metal for aerospace. Pharmaceuticals, lead-tive solders Medical applications, global positioning satellites, right- vision devices. South Africa Jet engines (superalloys), stainless steels. Norway South Africa Brazil Jet engines (superalloys), rechargeable batteries. Aluminum and steel production, uranium processing Radar, light-emitting diodes (LEDs), cellular phones. Intred devices, fiber optics Rechangeable batteries, body an Cryogene (magnetic resonance imaging (MRI]). Fla-panel displays (indian tin oxide), specialty alloys, Rechargeable batterics, aluminum-lithium alloys for петорк Incendiary countermeasures for acrospace. Aluminum and steel production, lightweight alloys. High-sength steel for deferise and infrastructie South Africa Catalysts, superalloys for jet engines. Agricultural fertilizer. Acrospace guidance, lasers, fiber optics. Jel engines (superalloys), catalysts Lightweight alloys, fuel cells. Aluminum alloys, permanent magnets, flares. Capacitors in cellular phones, jet engines (superalloys). Intered devices (ght vision), solar cells. Solder, flat-panel displays (indium-tin-oxide). South Africa Jel engines (superalloys) and airframes (hlamiurn alloys) O Curting and drilling tools, catalysts, jet engines (superalloys) Nuclear applications, medical applications Jet engines (superalloys) and airframes (titanium alloys). high-strength steel. Themal barrier coating in jet engines, nuclear applications. Democratic Republic of the Congo. This category includes platan, palladiums, rhodium, nutherium inihan, and on This category includes ytimum and the banthanides. 3 17#18Exploration and Development Strategy 2019 Drilling to double resource to +/-12 Mt SkyTEM survey Ni-Cu V-Zn-Pb HREE (Dy-Tb) Lofdal Project management and new project generation Au Grootfontein Zn-Pb-V, Co-Cu, LREE New EPLs In-country management Optimize processing Drilling of targets Drilling of remaining HREE (Dy-Tb) Lofdal Development of processing flow sheet (PFS level) Ta-Nb U Phosphate Epembe Systematic soil sampling Ni-Cu V-Zn-Pb Au Au, REE Grootfontein Otjiwarongo Project Management (10%) Systematic soil sampling Au Erongo Reconnaissance (10%) targets Co-Cu Pb-Zn V Kunene Exploration and Drilling Metallurgy (40%) NAMIBIA CRITICAL METALS (40%) Preliminary budget allocation 18#1919 Corporate Strategy Dynamic critical metals company in an excellent mining jurisdiction Major player in a new cobalt district Project portfolio is diversified targeting all EV-related metals Strong operational team in Namibia backed by experienced corporate team and Board of Directors Undertaking CD$2-5M raise in Q1 2019 ZS-SEF S Right commodities - Right team - Right place - Right time NAMIBIA CRITICAL METALS