#1TSX-V: NMI October2021 NAMIBIA CRITICAL METALS INC. Namibia Critical Metals A Dynamic Explorer from Discoveries to Development#2NAMIBIA CRITICAL METALS INC. Forward Looking Statements This presentation contains forward-looking statements that relate to the Company's current expectations and views of future events. Rainer Ellmies, EurGeol, 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, 2020 (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. TSX-V:NMI#3Listings Head Office Operations Office Market Capitalization TSX Venture Exchange ("NMI"), OTCQ ("NMREF") Halifax, Nova Scotia Windhoek, Namibia Price Volume 0.4 Shares Issued Options 191,324,399 0.35 13,685,000 W Warrants Fully Diluted 0.3 3,153,766 208,163,165 0.25 Insider Ownership 65% 0.2 2.5M Market Capitalization CAD 47 million (Oct 29) 2.0M 1.5M 71.6 million (June 1, 2021) 1.0M 0.5M 0.0M NAMIBIA CRITICAL METALS INC. May 21 Jun 21 Jul 21 Aug 21 Sep 21 Oct 21 TSX-V:NMI#4NAMIBIA CRITICAL METALS INC. Project Generation and Development Team with Strong Track Record in Africa William L. Price - Chair: Mr. Price is the former Chairman and Global Chief Investment Officer of Dresdner RCM Global Investors and CIO for equities at Allianz Dresdner RCM. Following his retirement in 2003, Mr. Price has been a private investor and CEO of the William L. Price Charitable Foundation. He has served as a corporate director of several publicly traded companies. A graduate of Dartmouth College and a Graduate Fellow (Political Science) at Brooklyn College, Mr. Price worked for the US Department of State before going to Wall Street as a securities analyst. He joined Rosenberg Capital Management in 1976 and became Chairman and CEO in 1996. For fifteen of those years he was a guest lecturer at the Graduate School of Business at Stanford University. Darrin Campbell, B.Com, CPA-CMA - President: - Mr. Campbell is a Chartered Professional Accountant and Certified Management Accountant with 20 years of executive financial management experience and served as the CFO of the Company from March 2017 – 2021. He has provided contract accounting and financial services to numerous public and private companies and played key leadership roles in financings and transactions taking companies public onto the TSX-V. From 2013-2014 he was the CFO of Ressources Appalaches and was the financial leader bringing into production Nova Scotia's first operating gold mine in over 14 years. Mr. Campbell obtained a Bachelor of Commerce from Saint Mary's University in 1996 and is a member of the Chartered Professional Accountants of Nova Scotia. Rainer Ellmies, PhD, MSc, GeolFA, EurGeol, AusIMM - Vice President Exploration: Dr. Ellmies is based in Windhoek and provides all in-country management of Namibia Critical Metals' projects in his capacity as Vice President Exploration. He develops the company's geological concepts and exploration strategies and implements those with our dynamic exploration teams in Namibia. Dr. Ellmies has a broad background with over 30 years experience in academics, exploration, international development cooperation. He has been directly involved in a number of significant discoveries in Namibia and internationally including the following deposits: Lofdal HREE, Opuwo Cobalt, Ondoto LREE and Epembe Ta-Nb. TSX-V:NMI#5NAMIBIA CRITICAL METALS INC. Project Generation and Development Team with Strong Track Record in Africa Gerry McConnell, QC - Strategic Advisor: Founder of Namibia Rare Earths (now Namibia Critical Metals Inc.) with IPO financing of C$28m. Former Chair, Founder and CEO of NovaGold Resources; former Chair and CEO of Etruscan Resources (16 years in West African gold); former Chair of Trilogy Metals where South32 has option on Alaskan copper projects (US$150M for 50%). Scott Swinden, PHD, PGEO - Independent Geological Consultant Dr. Swinden is President and Principal Consultant of Swinden Geoscience Consultants Limited and Adjunct Professor, in the Department of Earth Sciences, Dalhousie University. Dr. Swinden provides consulting services in geoscience, exploration, resource administration, and government and community relations focused on the minerals sector. He has over 40 years experience in exploration, research and project and executive management in private and public sectors. Dr. Swinden has worked extensively on the Lofdal Project and the Epembe Project and other critical metal projects in Africa and North America. Donald M. Burton, MSC, PGEO - Geological Consultant: Mr. Burton is a Professional Geologist with over 25 years of experience in exploration. During 1994-2010 he was responsible for the development of the projects of Etruscan Resources Inc. (now Endeavour Mining Corp.) in Niger, Burkina Faso, Mali, Ghana, Cote d'Ivoire and Namibia. During this period, Samira Hill and Youga evolved into operating gold mines and a third project (Agbaou) entered into commercial production in 2014. As former President of Namibia Critical Metals he oversaw the development of the Lofdal Rare Earths Project from 2010 until his retirement in 2021. Mr. Burton holds a BSc (Honours) in Earth Sciences from the University of Waterloo (1978) and a MSc in Geology from the University of New Brunswick (1984). He is a Fellow of the Geological Association of Canada, the Society of Economic Geologists and the Association of Professional Geologists of Nova Scotia. Kaarina Ndalulilwa, B.SC, Chief Geologist - Gecko Exploration: Ms. Kaarina Ndalulilwa is a geologist based in Namibia, and holds 14 years of experience in the mining industry. Her early career started in the Geological Survey of Namibia before moving into mineral exploration with Kunene Resources Namibia. Over her 10 years tenure in mineral exploration, Kaarina has and continues to support the company's management in the execution of company projects in a vast array of responsibilities ranging from physical field geological work to site project management. She has been responsible for the site management of exploration work on a number of projects such as the Epembe Project (Ta, Nb), Lofdal Project (HREE) and the Opuwo Cobalt Project of Celsius Resources. TSX-V:NMI#6Namibia - Top Mining Investment Destination in Africa ✓Socially and politically stable Strong rule of law Mid-income country ת 10 A. Robberts www.travelnewsnamibia.com ✓ Excellent infrastructure Strong support by Geological Survey of Namibia NAMIBIA CRITICAL METALS INC. ✔Mining friendly TSX-V:NMI#7NMI - Successful Explorer with Value Driven Project Portfolio Namibia Critical Metals is a well established and large exploration ANGOLA Ruacana Oshakati Ondangwa NAMIBIA company in Namibia Development of Lofdal HREE deposit through feasibility to production - fully funded by JOGMEC Current greenfields exploration focus is on gold in the Central Namibian Gold Belt Other advanced exploration projects provide exposure to commodities critical for future technologies in battery & high-tech applications: - Copper - Cobalt-copper-zinc - Nickel-copper-PGE - Tantalum-Niobium NAMIBIA CRITICAL METALS INC. Epembe Opuwo • NMI Tenements: Rare Earths, Rare Metals and Copper-Cobalt N Lofdal Mining License ML200 Lofdal HREE EPL3400 Lofdal MDRL3299 Epembe Ta-Nb EPL5601 Cu-Co EPL5773 Cu, Pb-Zn EPL7115 Cu, Pb-Zn Gold Deposits/Mines Base Metals Mines 0 25 50 100 Kilometers Uis Swakopmund Khorixas • Ondundu (B2Gold) Omaruru Erongo TSX-V:NMI Tsumeb Copper Tsumeb Grootfontein Tschudi Copper Berg Aukas Pb-Zn-V Grootfontein Kombat Copper Otjiwarongo Karibib Twin Hill (Osino Resources) Navachab (QKR) Otjikoto (B2Gold) Windhoek NMI Gold Tenements EPL6440 Erongo EPL5992 Grootfontein E EPL6561 Grootfontein W EPL5847 Otjitasu#82011 NMI Milestones NMI (Namibia Rare Earths) spun out from sale of Etruscan Resources to Endeavour Mining with $28M IPO 2012 Maiden 43-101 Resource on Lofdal Heavy Rare Earth project (6.2 Mt Indicated and Inferred Resources) 2014 2018 2020 PEA Lofdal Area 4: 1500 t/a TREO production; Capex $175M; NPV $240M; IRR 53% pre-tax Acquisition of portfolio of critical metal projects from Gecko Namibia (Pty) Ltd (now largest shareholder @ 41%): copper, cobalt, tantalum, niobium, nickel and gold projects Joint Venture Agreement with Japan Oil, Gas & Metals National Corporation (JOGMEC) on Lofdal HREE deposit; 16,000 m drilling, detailed metallurgical test work January 27, 2020 - NMI announces agreement with Japan Oil Gas and Metals National Corporation (JOGMEC) to jointly develop the Lofdal HREE project. First term commitment of CD$3M to double resource size and advance metallurgical flowsheet; second term option to fund CD$7M to acquire 40% interest and third term option to fund CD$10M to acquire additional 10% interest; option to purchase 1% for CD$5M to reach 51%; right to fully fund to production and offtake at market prices NAMIBIA CRITICAL METALS INC. JOGMEC TSX-V:NMI#9NMI Milestones TSX-V:NMI 2021 April JOGMEC moves to Term 2 of JV and accelerates expenditures May Updated 43-101 Resource on Lofdal Area 4 and Area 2B: - More than 650 Percent Increase in Measured and Indicated tonnes TREO - 4,060 tonnes dysprosium oxide and 620 tonnes terbium oxide in M&I July Mining License issued for Lofdal for 25 years Sept Oct Starter pit at Area 4 opened - Pilot-scale test phase Hydrometallurigcal test work produces 98% Rare Earth Oxide product NAMIBIA CRITICAL METALS INC.#10• Development of Lofdal Deposit in Partnership with JOGMEC Japan Oil, Gas and Metals National Corporation (JOGMEC) has +/-US$17 billion budget mandated to secure critical commodity supplies for Japanese industry TSX-V:NMI JOGMEC • • Strategic joint venture providing 100% funding for Lofdal with right to sole fund to production Japan consumes about 160 t/a Dy203 and Lofdal could produce >130 t/a Dy203 based on historic 2014 PEA Development of Lofdal could secure heavy rare earths supply (Dy-Tb) for Japanese industry; prices rising Price in USD/kg 800 600 400 200 200 Dysprosium Oxide (Dy) ask price chart Click and drag in the plot area to zoom in Price in USD/kg Terbium Oxide (Tb) ask price chart Click and drag in the plot area to zoom in 2500 2000 1500 1000 500 0 0 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 Highcharts.com Highcharts.com NAMIBIA CRITICAL METALS INC.#11350 Lofdal Deposit Significant for Global HREE Supply The only two significant HREE projects in the world with simple xenotime mineralogy are Lofdal and Browns Range (Australia). TSX-V:NMI POTENTIAL DYSPROSIUM PRODUCTION - TONNES PER ANNUM (based on ROM as per project study) 50 50 Dysprosium production (tpa) 200 300 Browns Range 250 Lofdal Target Dysprosium Oxide (Dy) ask price chart Click and drag in the plot area to zoom in 800 600 150 Lofdal PEA Browns Range pilot plant running at 1,100 tpa REO produces as much Dy as Mount Weld can produce running at 20,000 tpa REO 100 Price in USD/kg 400 Browns Range Pilot plant 200 Songwe Hill Zandkopsdrift Mount Weld Ngualla Steenkampskraal Nolans Bore Mountain Pass 0 2017 2018 2019 2020 0 2,500 5,000 7,500 10,000 12,500 15,000 17,500 TREO Production (tpa) 20,000 22,500 25,000 27,500 30,000 2021 Highcharts.com Note: NMI is targeting to increase annual production from 1,500 tpa TREO ("Lofdal PEA") to 3,000 tpa TREO ("Lofdal Target") NAMIBIA CRITICAL METALS INC.#12Lofdal Heavy Rare Earths Deposit: Update on Project Development Lofdal HREE mineral province is of district scale with numerous HREE deposits ✓ TSX-V:NMI • • • Maiden Resource of 6.18 [email protected]% HREO (Area 4, PEA 2014) Xenotime mineralisation of economic importance is associated with jogs of carbonatite-albite alteration and focussed in structural step-over zones Drilling of 14,562 m at Area 4 and Area 2B in 2020 resulted in updated Mineral Resource Statement SGS Canada contracted as lead consultant metallurgy: mechanical processing advanced, testwork launched on hydrometallurgy (external review by UIT Dresden) Flowsheet: XRT/XRF sorting→ flotation → mag sep acid bake→Th-free HREE product for export Resource drilling 2020 Drill collars pre 2018 Priority Exploration Target Areas Carbonatite (undifferentiated) Albitite Moderate to strong albitization Syenite (nepheline, late) 0 500 1,000 Meters Area 2B J/Area Area 2C Area 2D (3) Area 5E Area 5D Area 2A Area 2E Dolomite Hill Area 5F • Mining Licence 200 issued for Lofdal deposit for 25 year term Area 5C Area 5B Area 4 Area 5A NAMIBIA CRITICAL METALS INC. Large additional upside potential in Area 5 Area 1 Area 4 east#13Flowsheet development for "Lofdal 2B-4" ROM Ore Sorting to improve mass rejection and upgrading RoM 1.8-2.3 Mt/a Crushing & Screening Fines NAMIBIA CRITICAL METALS INC. Hydromet Plant • Acid Bake • Water leach • Impurity removal • Crude REE precipitation REE re-leach ⚫ U ion exchange removal • Th solvent extraction ⚫REE oxalate precipitation • REE oxalate calcination SORTER Coarse Waste Tailings Storage Facility TSX-V:NMI Milling Rougher & 2 stages Cleaner Flotation Concentrate Thickening Aim for coarser grind in rougher and finer grind in cleaner = lower power costs & lower collector consumption. Aim for ambient temperature rougher and high temp cleaner flotation = lower operating costs for steam generation. Shipment to Japan 2,000-2,500 t/a >98% TREO with 86% HREO#1477-53000 N 7750500-N N 750 Ex NNW +4000 Bev Legend HREQ [ABSENTI [0,0.02 [0.02 0.04) [0.04 0.06] [0.06.0.08) [0.08.0.1] -[0.1,0.15] [0.15 CEILING Legend Topography RPEE Pit Shell 400139 4D015 900167 40014AD0145 40000147 0017 400155 4D0142 40014014 400149 400169 400158 406152 Section 1 Section 2 250m TSX-V:NMI HREO and LREO correlating but clear distinction of high grade HREE zones Lofdal Area 4 Sections from Resource Model NLOFOH4003 NLOFDH+1004 1400132 1400133 NNW • HREO continuous to depth . High grade HREE zones more consistent than LREE Splays of main zone into hanging wall: Relatively consistent SSE hanging wall zones adjacent to Main Zone NLOFOPHUS NLOFDH4054 NLOFDH4066 L400160 6910orT Brioar L4D0119 230-Elev XYZ block cells: 10mx10mx5m with subcells 2mx2mx1m Display of sections 1 - 4 - 6 NL OF DH4098 OIN NLOFDH4098 Section 7 Section 5 Section 6 Section 4 Section 3 100m 100 m 750 Dev AD0125 Legend HREO d PESENT 10.02.0.04 100400 10.000.0 1000 FOH4097 AD0123 400121 AD0127 400126 LOFOH4041 LOFDH404 40013 400132 000134 400133 400115 OFDH4035 OFDO 4D0116 00120 LOFD073 0124 200 m 400136 400122 LOFDH000F044099 4b0128 LOFDH 098 400135 Lofdal Area 4 Section - Plan View Section Plan May 2021 ALOFOP 01.01 10.15.CEILING Legend Topography RPEE Pit Shell MSA THE MSA GROUP 100 m 7753600-N Area 4 HREO HRED pd [ABSENT [0.0.02] 10.02 0.04 [0.04.0.06| [0.06,0.08] 750-Lley Legend HREO odt ABSENT) 10.0.02] 10.02.004 NNW 1000 Elev 10.08,0.1] 10.1.0.15 [0.15 CEILING] 10.040061 [0.06.0.08] 10.08.011 10.1.0.15 10.15 CEILING] Legend Topography RPEE Pit Shell NLOFDH4019 NLOFOHNO NLOFDH4031 NEOFDH4086 100 m NLOFDH4092 Lofdal Area 4 Block Model HREO %-Looking Section 6 May 2021 M THE#15Lofdal Heavy Rare Earths Deposit: Resource Statement May 2021 ✓. TSX-V:NMI Area 4 Measured and Indicated Resources Cut-off TREO % TREO % LREO % HREO % Dy2O3 ppm Compared to 2014 PEA 731% increase in total resources from 0.05 0.14 0.07 0.07 72 TONNES 63,678,527 0.10 0.17 0.08 0.09 90 42,566,210 0.15 0.24 0.09 0.15 141 17,501,771 6.18 Mt to 53.44 Mt at 0.1% TREO cut-off 0.20 0.33 0.10 0.23 216 7,626,007 0.25 0.43 0.10 0.33 305 4,049,523 Drill strategy was proven correct: Drill spacing of 0.30 0.51 0.10 0.40 371 2,666,531 Area 2B Indicated Resources Cut-off TREO% TREO % 0.35 0.58 0.11 0.47 428 1,930,922 LREO % HREO % Dy203 ppm TONNES 0.40 0.64 0.11 0.53 484 1,458,436 0.05 0.15 0.07 0.08 84 3,302,919 0.45 0.71 0.11 0.60 548 1,117,359 0.10 0.19 0.09 0.10 25 m x 25 m resulted in Measured Resources, 50 m x 50 m resulted in Indicated Resources, and 100 m x 100 m in Inferred Resources 104 2,203,006 0.50 0.78 0.09 0.69 622 864,486 0.15 0.25 0.13 0.12 125 1,243,342 0.55 0.84 0.09 0.75 682 690,664 0.20 0.30 0.16 0.14 143 760,876 0.60 0.90 0.08 0.81 735 576,789 0.25 0.35 0.20 0.15 158 466,153 0.65 0.95 0.08 0.87 785 485,156 0.30 0.39 0.23 0.16 172 289,149 0.70 0.99 0.08 0.92 825 421,248 0.35 0.43 0.26 0.18 189 176,184 0.75 1.02 0.08 0.95 853 377,438 0.40 0.47 0.28 0.19 205 109,846 0.80 1.06 0.08 0.99 891 325,181 0.45 0.51 0.31 0.21 227 59,393 0.85 1.09 0.07 1.02 915 293,545 0.50 0.57 0.34 0.23 258 23,579 0.90 1.14 0.08 1.06 957 241,390 0.55 0.60 0.34 0.26 300 14,153 0.95 1.19 0.08 1.12 1010 190,147 0.60 0.63 0.28 0.35 397 6,276 1.00 1.23 0.07 1.16 1042 162,715 Area 2B Inferred Resources Area 4 Inferred Resources Total Area 2B and Area 4 Cut-off TREO% TREO % LREO HREO Dy203 ppm TONNES Cut-off TREO % TREO % LREO % HREO % Dy203 ppm TONNES Cut-off TREO% Tonnes 0.05 0.14 0.07 0.07 71 4,210,894 0.05 0.15 0.08 0.07 64 7,879,971 0.10 0.19 0.10 53,439,798 0.09 0.09 92 2,578,631 0.10 0.17 0.09 0.07 72 6,091,951 0.15 0.24 0.11 0.13 123 1,370,176 0.15 0.21 0.12 0.10 94 2,966,845 0.15 23,082,134 0.20 0.31 0.14 0.17 168 672,879 0.20 0.26 0.13 0.13 123 1,352,925 0.25 0.36 0.16 0.20 196 450,412 0.25 0.31 0.10 0.21 198 590,657 0.30 0.39 0.16 0.23 226 314,315 0.30 0.36 0.09 0.27 252 221,031 0.35 0.43 0.14 0.29 274 204,770 0.35 0.42 0.09 0.33 305 94,705 0.40 0.47 0.13 0.34 324 108,779 0.40 0.45 0.08 0.37 345 50,323 0.45 0.52 0.12 0.40 376 NAMIBIA 55,550 0.45 0.49 0.08 0.41 379 18,722 CRITICAL METALS INC. 0.50 0.56 0.12 0.44 409 30,686 0.50 0.53 0.08 0.45 423 6,310#16Lofdal Resource 2021: Individual HREO grades and tonnages TSX-V:NMI PEA 2021 HREO (kt) 47.56 • • Factor 3.5 increase in HREO resources from 13,750 t to 47,560 t Critical HREO contained: 4,733 t Dy203 and 725 t Tb203 PEA 2014 13.75 Area 4 at 0.1% TREO cut-off Tonnes TREO* La₂O3 Ce2O3 Pr₂O3 Nd₂O3 Sm₂O3 Eu₂O3 Gd₂O3 Tb₂O3 Dy203 Ho₂O3 Er₂O3 Tm2O3 Yb₂O3 Lu₂O3 Y₂O3 Class Mt % ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm Measured 5.93 0.21 177 320 34 127 44 19 85 20 138 30 86 13 78 11 960 Indicated 36.63 0.16 208 371 39 139 40 15 62 13 82 17 49 7 44 M&I 42.57 0.17 204 364 38 137 41 16 65 14 90 19 54 8 48 Inferred 6.09 0.17 247 436 45 158 41 14 54 11 72 15 45 7 41 676 546 603 470 Tonnes TREO* La₂O3 Ce₂O3 Pr₂O3 Nd₂O3 Sm₂O3 Eu₂O3 Gd2O3 Tb₂O3 Dy203 Ho₂O3 Er₂O3 Tm2O3 Yb₂O3 Lu₂O3 Y₂O3 Class Mt kt kt kt kt kt kt kt kt kt kt kt kt kt kt kt kt Measured 5.93 12.71 1.05 1.90 0.20 0.75 0.26 0.11 0.51 0.12 0.82 0.18 0.51 0.08 0.46 0.07 5.69 Indicated 36.63 59.97 7.62 13.58 1.42 5.09 1.48 0.56 2.26 0.46 3.01 0.62 1.78 0.26 1.60 0.23 19.99 M&I 42.57 72.68 8.67 15.48 1.62 5.84 1.74 0.67 2.76 0.58 3.83 0.80 2.30 0.34 2.06 0.30 25.68 Inferred 6.09 10.12 1.50 2.65 0.28 0.96 0.25 0.08 0.33 0.07 0.44 0.09 0.27 0.04 0.25 0.04 2.86 Total Area 2B and Area 4 at 0.1% TREO cut-off Tonnes Class Mt TREO* kt La₂O3 kt Ce₂03 kt Pr₂O3 Nd₂O3 Sm₂O3 Eu₂O3 Gd2O3 Tb₂O3 Dy203 Ho₂O3 Er₂O3 Tm2O3 Yb₂O3 Lu₂O3 Y2O3 kt kt kt kt kt kt kt kt kt kt kt kt kt Sum Area 4 48.66 82.80 10.17 18.13 1.90 6.80 1.99 0.76 3.09 0.65 4.27 0.89 2.57 0.38 2.31 0.34 28.54 Sum Area 2B 4.78 9.07 1.19 1.87 0.20 0.81 0.36 0.13 0.43 0.08 0.46 0.09 0.26 0.04 0.24 0.03 2.89 TOTAL 53.44 91.87 11.36 20.00 2.09 7.62 2.36 0.89 3.53 0.72 4.73 0.98 2.82 0.42 2.55 0.37 31.43 NAMIBIA CRITICAL METALS INC.#17NMI Tenements in Namibia's Gold Belt TSX-V:NMI Central Namibian Gold Belt hosts >6 Moz in two gold mines: Otjikoto Mine of B2Gold (BTG:TSX) and Navachab Mine of QKR. Renewed interest in the belt driven by more advanced exploration projects such as Twin Hills of Osino Resources (OSI:TSX) • All significant gold occurrences are structurally controlled orogenic gold deposits related to the Damaran Orogeny, hosted by a variety of lithologies at different stratigraphic levels NMI's Grootfontein and Otjiwarongo projects (total of 1,760 km²) are on strike with key structures at B2Gold's Otjikoto Gold Mine NMI's Erongo project (337 km²) is situated 30. km north of Navachab Gold Mine and within 10 km of Osino's Twin Hills gold discovery NAMIBIA Ondundu (B2Gold) Omaruru Otjiwarongo Tsumeb Copper Tsumeb Tschudi Copper Berg Aukas Pb-Zn-V Kombat Copper Grootfontein Otjikoto (B2Gold) 1.8Moz NMI Gold Tenements Application EPL8345 EPL6440 Erongo EPL5992 Grootfontein E EPL6561 Grootfontein W EPL5847 Otjitasu Gold Deposits/Mines Base Metals Mines Central Gold Belt N Karibib Twin Hill (Osino Resources) 1.8Moz Navachab (QKR) 0 25 50 100 Kilometers 4.4Moz NAMIBIA CRITICAL METALS INC.#18Near Term Corporate Objectives TSX-V:NMI Develop Lofdal with JOGMEC through feasibility to production ✓ Demonstrate gold potential at Grootfontein and Erongo NAMIBIA CRITICAL METALS INC.#19Summary ✓ Lofdal Mineral Resource Statement exceeded all ✓ ✓ expectations and with 25 year mining licence issued, Lofdal is now a fully permitted project. Metallurgical test work extended and accelerated with positive results on improvements of preferred flowsheet Advanced gold and nickel-copper exploration targets ready to advance to drilling in emerging gold belt in a Tier-1 mining jurisdiction ✓ Experienced project teams in place in Namibia ✓ Joint venture secured on flagship Lofdal Rare Earths project allows for dedication of funds to advance gold projects ✓ News flow from gold projects will be augmented with updates on JOGMEC JV to drive share price NAMIBIA CRITICAL METALS INC. ZS-SEF S Right tenements - Right team - Right place - Right time TSX-V:NMI#20Appendix NAMIBIA CRITICAL METALS INC. TSX-V:NMI#21• • • Grootfontein Gold Targets (Press Release December 14, 2020) Three gold targets defined to date at Grootfontein by systematic (400 x 100 m) soil sampling. Low detection limit gold anomalies are coincident with structurally complex areas Highlands Target covers 25 km² and Rothof Target has strike length of 6 km Major targets now identified with huge area still unexplored (soil survey coverage to date is <20% of project area) SkyTEM contracted to fly heli-EM in June 2021 Otavi Kombat Grootfontein EPL5992 783000 784000 820000 NB NGa MHU NIND NBa NEI Grootfontein 830000 NB NEI 840000 NAB NGA NNb 850000 MHU Highlands Target GMC Grootfontein Mafic Complex Gressenhof oog Target 8 Po °' ° ° Grootfontein Shear Zone MHU Au ppb (ICP) 0.0-0.9 о 1.0-1.4 Otjikoto Gold Mine (B2 Gold 1.8M oz) Otjohorongo Lineament Omaruru Lineament NAMIBIA CRITICAL METALS INC. Grootfontein Shear Zone Waterberg Fault EPL6561 N Identified Gold Targets 05 10 20 Major Faults Kilometers GMC, Grootfontein Mafic Complex 782000 820000 ap 10 NO 5 830000 840000 20 Kilometers Rothof Target TSX-V:NMI T 782000 783000 1.5-3.0 3.1-50.0 Major Faults Minor Faults Geology 850000 JEj, Etjo Formation NEI, Eland Formation NAB, Abenab Formation NGa, Gauss Formation NBa, Berg Aukas Formation. NNb, Nosib Group GMC, Grootfontein Mafic Complex MHU, Huab Metamorphic Complex Waterberg Fault 784000#22. Grootfontein Project Large land package with high exploration potential for 3 types of deposits: Orogenic Gold, Magmatic Copper-Nickel (Voisey's Bay type) and Lead-Zinc-Silver-Vanadium (MVT type) Interpretation of airborne magnetic data delineated two regional first order structures (Grootfontein Thrust and Waterberg Fault) with prospective strike lengths of 150 km on NMI's tenements and structural complexity in basement and within mafic complex These first order structures are accompanied by intense faulting with second order structures with high potential for orogenic gold mineralization Priority gold targets are in areas of wedging and bending of the Grootfontein Thrust with intense second order structures. NAMIBIA CRITICAL METALS INC. Khusib Springs Pb Zn INBa NBa NBa NGa NNb MHU 80 km Dogleg Prospect Pb Zn Cu MHU Berg Aukas Syncline: Highly prospective for Pb-Zn-Ag-V MVT mineralisation NBa Berg Aukas NNb NNb NGa Zn V NEI NBa NAB GMC Grootfontein NEI Grootfontein NGa NMa NAB NNb TSX-V:NMI NGa NGa MAB NMa Ke NEI Ke GROOTFONTEIN SOUTH THRUST ZONE GROOTFONTEIN THRUST ZONE GMC 2.8 Moz EPL6627 (B2Gold) Otjikoto Gold Mine (B2 Gold) EPL6561 MHU WATERBERG FAULT ZONE JEj EPL5992 Country rocks are metamorphic basement of different lithologies including a regional Mn-Fe-Ba-SEDEX horizon, and Damaran lithologies in synclinal zones in the west. 0 5 10 Major Faults Minor Faults Geology Code, Lithology Ke, Karroo Basalts JEj, Etjo Formation NEI, Eland Formation NMa, Maieberg Formation NAB, Abenab Formation NGa, Gauss Formation NBa, Berg Aukas Formation NNb, Nosib Group 20 Kilometers GMC, Grootfontein Mafic Complex MHU, Huab Metamorphic Complex#23Structural/Geological Context of Highlands Target Area 20 km Highlands gold target is closely related to second order structures along the contact, and within the boundary of the Grootfontein Mafic Complex with coincident arsenic anomaly (coloured contours). NAMIBIA CRITICAL METALS INC. 10 km ............. .............00000 000 TSX-V:NMI 2nd Order Structures Grootfontein Mafic Complex Basement Contact Zone po o................................ 0 1st Order Structure 8#24Geophysical Surveys at Grootfontein Ultra-high resolution magnetic survey by UAS Flightec Ground IP survey by GSG of Rothof target SkyTEM contracted for heli-borne EM targeting Cu-Ni, Au, Pb-Ag-Zn-V, survey planned for June 2021 IP 1 GSG IP AMT trial lines Highland target Skytem AOI-1 Skytem AOI-2 Drone Mag EPL5992 Faults Major Faults Minor Boreholes Gold Fields Rothof Target NAMIBIA CRITICAL METALS INC. Grootfontein Highland Target Eastern Shear Target GMB-S GMB GMB EPL5992 EPL6561 Waterberg Fault Target N 0 5 10 Kilometers TSX-V:NMI#25Exploration Grootfontein: Preliminary Results IP and Drone Mag ✓. Au ppb (ICP) ° 00-09 ° 1.0-1.4 ° 1.5 3.0 3.1-50.0 Faults Major Faults Minor IP IP AMT trial lines Highland target Au ppb (ICP) 0 Au ppb (ICP) ° D 0.0-0.9 1.0-1.4 ° 1.5-3.0 3.1 -50.0 Faults Major Faults Minor Klometers Metal Factor Kilometers TSX-V:NMI First ground IP data from Rothof target: Clearly mark Grootfontein Shear Zone as low resistivity zone (hosts Ni mineralisation to the east) Relatively weak IP response Way forward: 1) Complete IP survey (end March) 2) IP/AMT survey of 4 test lines over Highlands target on EPL6561 3) Define drill targets and drill (April) 0.0 0.9 D 1.0-1.4 1.5-3.0 0 3.1-50.0 Faults Major Faults Minor cocco... IP/AMT test lines ∞ co.. 0.00 Kilometers Percussion Drilling Ongopolo 2002-03 Faults Major -> Faults Minor Details of ultra-high resolution magnetic survey over Waterberg Fault Target 1: Embayments of fault zone might host pyrrhotite-related Au or base metal mineralisation. Way forward: 1) Model magnetic anomalies 2) Drill 2-3 RC holes (April) MAKE C84MAKP bes MAKO MAKP C63 2.5 Kilometers#26OgSA Antler GoldⓇ EPL6440 Dykes Erongo Gold Project Two High-Priority Target Zones defined by interpretation of geological and airborne magnetic data: • NE-trending Kanona Fault Zone first order structure with 14 km corridor of prospective 2nd order structures in Damaran metasediments (equivalent to Osino's Twin Hill Project) Major Fault Structures Minor Faults 2 4 KbEGg OgSAs Truh OgSAS Kilometers KANONA FAULT ZONE • Kranzberg Anticline Damage Zone with intense faulting and veining footprint of 100 km² OgSAs • Kranzberg anticline repeats Twin Hills stratigraphy on northern limb (Kuiseb Formation) in contact with Kanona Fault Zone Eglo Kuiseb Fm (Twin Hills stratigraphy NORTHERN Egip KRANZBERG ANTICLINE Antler Gold Nkbo DAMAGE ZONE NATOy NASP P10 NKbN NA The Erongo gold occurrence (records of the Geological Survey of Namibia) to the west of NMI'S Erongo license represents veins in younger Mesozoic subvolcanic rocks likely with gold remobilised from deeper seated Damaran orogenic gold mineralisation. The Etiro gold occurrence (records of the Geological Survey of Namibia) just south of license boundary is part of the Kranzberg Anticline Damage Zone. Project area is covered by sand and calcrete however evidence of 2nd order structures with quartz breccia noted during soil surveys TSX-V:NMI#27760000 761000 Erongo Gold Targets (Press Release December 14, 2020) As ppm (soil, pXRF) 590000 Salem granite Kanona North • <10 о 11-20 21-50 51-185 Kanona Major Fault Structures Central Ο Minor Faults 8 600000 88 Kanona Fault Zone Ο Salem granite Kanona East 761000 • Priority target areas defined by intense arsenic soil anomalies associated with the Kanona Fault Zone in Kuiseb Formation Strike lengths are 2.5 - 6 km with several discrete clusters >1300 samples from arsenic anomalies submitted for gold analysis (results pending) Kanona Fault Zone 2.5 N NAMIBIA CRITICAL METALS INC. 5 Kilometers 590000 leucogranite Kuiseb Fm 8 600000 ° 760000 KANONA FAULT ZONE Phase 1 Soil Sampling completed Phase 2 Soil Sampling September-October 2020 Phase 3 Soil Sampling EPL6440 Major Fault Structures Minor Faults 0 2 4 Osino Resources Gold Soil Anomalies Kilometers Soil survey coverage to date over Erongo project area (200 x 100 m sample spacing). Phase 1 & 2 completed (green and blue area). Phase 3 pending (grey area). NORTHERN KRANZBERG ANTICLINE DAMAGE ZONE Antler Gold (ANTL:TSXV) Arsenic and Gold anomalies" Etiro Gold Occurrence Twin Hills Gold Deposit of Osino Resources (OSI:TSX) just 9 km south KARIBIS FAULT ZONE TSX-V:NMI#2828 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 Objective: Confirm amenability to acceptable upgrades prior to 43-101 resource drill program ID m (m) (ppm) (ppm) (ppm) Ta, U Nb Hole No From To Width Та,0 Nb,0 U₁O P₂O EPD037 10 12 2 297 6492 101 4.4 EPD038 6 27 21 211 1135 134 4.4 EPR039 64 74 10 242 1173 234 3.3 EPR040 40 47 7 369 1272 260 4.7 DOMAIN 4 FIELD " Mean CV EPR041 14 21 7 265 1371 155 3.4 TA 99.04 1.00 EPR043 1 15 14 232 1108 179 2.8 NB 1,023.43 0.73 70 U EPR044 3 11 303 1936 204 3.6 P $1.70 9,111.55 1.37 0.64 EPR045 27 34 7 229 1721 138 4.2 DOMAIN 3 EPR047 54 62 & 256 1340 305 2.9 EPR050 117 127 10 370 1850 445 3.4 FIELD TA Mean CV 83.37 0.83 NB 934.21 0.79 EPR051 42 50 8 224 1740 147 2.4 477 40.72 1.26 EPR052 2 6 4 216 3539 61 2.7 9,318.34 0.53 EPRO54 178 187 9 209 983 274 2.7 DOMAIN 2.1 EPR054 75 99 24 175 1025 103 2.8 FIELD TA n Mean CV 114.04 1.03 EPR058 94 99 5 211 3117 122 2.8 NB 806.11 0.88 62 EPD039 6 20 14 314 1048 241 4.6 U 93.82 1.11 P 5,991.06 1.08 EPRO23 36 47 11 393 1480 546 4.0 NAMIBIA CRITICAL METALS INC. Drill Intercept Highlights Modelled Resource Domains TSX-V:NMI DOMAIN 2 RELD n Moan CV TA 129.92 0.85 NB 566.38 0.73 438 U 127.74 0.98 P 9,612.44 0.85