RARE EARTHS, SPECIALITY& STRATEGIC METALSINVESTMENT SUMMIT

IRONMONGERS’ HALL, CITY OF LONDON ● THURSDAY, 17 MAR 2011www.ObjectiveCapitalConferences.com

From mine-to-market in rare earthsGary Billingsley – Executive Chairman, Great Western Minerals

TSX.V: GWG OTCQX: GWMGF info@gwmg.ca www.gwmg.ca

Executing A Mine To Market Strategy

Objective Capital Rare Earths, Specialty & Strategic Metals Investment Summit

March 17 2011, London UK

Safe HarbourCautionary Note On Forward-Looking Statements• "Forward-looking statements include, but are not limited to, statements regarding projected processing

capacity, output and revenue, GWMG’s continued advancement of its mineral exploration, projects, processing operations and business plans. When using this presentation, the words “potential”, “anticipate”, “estimate”, “forecast”, “believe”, “expect”, “may”, “project”, “plan” and similar expressions are intended to be among the statements to identify forward-looking statements.“

• Although GWMG believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Readers are advised to refer to GWMG’s current Annual Information Form available at www.sedar.com for a full description of risk factors.

• GWMG shall not be liable or responsible for any claim or damage, directly or indirectly, special or consequential, incurred by the user arising out of the interpretation, reliance upon or other use of the information contained in this presentation.

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1. Processing: • Producing Rare Earth metals and alloys at Less

Common Metals (LCM) in the U.K.• Producing alloys at Great Western Technologies Inc.

(GWTI) in Michigan• Supplying the global Permanent Magnet, Aerospace

and associated industries2. Mining: • GWMG completing feasibility to put the former-

producing Steenkampskraal Mine in South Africa back into production through its 92.6%-owned subsidiary Rareco (100% pending).

3. Exploration: • GWMG actively exploring and developing properties

in North America and South Africa

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GWMG Strategy: Mines to Markets

RarecoLCM GWTIExploration

Hoidas LakeDouglas RiverRed WineBenjamin RiverChaleurDeep SandsTrue Blue

Birkenhead, U.K100% Subsidiary

Troy, Michigan100% Subsidiary

Ownership in former-producing Steenkampskraal Mine

Corporate Structure

SKK(Steenkampskraal)

100% 92.6% 100%Various %

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74%

Gary L. Billingsley CA, P.Eng, P.Geo EXECUTIVE CHAIRMANMore than 30 years of mining experience instrumental in previous mine developments.

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Senior ManagementJim Engdahl PRESIDENT & CEOOver 30 years executive level experience in corporate finance.

Jim Davidson CACHIEF FINANCIAL OFFICER

Russell Grant B.Sc. Engineering, ARSM SENIOR VICE-PRESIDENT, BUSINESS DEVELOPMENT Co-founder of Meldform Metals and former major shareholder of Less Common Metals.

David Kennedy C.Eng., MIMMMMANAGING DIRECTOR, METALS AND ALLOYS Founder of Less Common Metals and 35 years experience in Rare Earth materials industry.

John G. Pearson MSc. Geol., P.Geo VICE-PRESIDENT EXPLORATION

Richard O. Hogan MSc. Eng. VICE-PRESIDENT, OPERATIONS

Dr. Baodong Zhao PhD MANAGER, METALLURGY

EXPLORATION

MINING

PROCESSING

SEPARATION

METAL MAKING

BY-PRODUCT SALES

REO SALES

LCM/GWTI ALLOY PROD’N

Enterprise profitability increases with each stage of processing

RE METAL SALES

ALLOY SALES

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Fully Integrated Production Model

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PROCESSING: World Class Today at Less Common Metals

• Located in Birkenhead, England

• LCM, a world class producer trading globally:• European Union 60%• Japan, China incl Taiwan 30%• United States 10%

• Focused on Permanent Magnet industry

• Supplies 20% of the world’s Samarium Cobalt Alloy

• Significant supplier of NdFeB alloys

• Supplies US and EU Aerospace Industry with special alloys

• 18 years of high quality, profitable production

• LCM products end up in Swiss watches, EU Aerospace and Guidance Systems, electric hand tools, and Automobiles

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• 100% capacity expansion driven by full support of major customers from Europe and Japan seeking NdFeB alloy

• New state of the art facility proceeding for 2011 development in same region to increase capacity to 2,000 tonnes per annum RE alloy production

• First special casting furnace ordered and scheduled to have saleable product by second half 2011-2nd furnace in 2012

• First phase of metal-making to be located at LCM• Processing capacity matches REE distribution of

planned output from Steenkampskraal• Objective is to supply all of GWMG requirements for La,

Nd, Pr, Sm, Dy

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Global Expansion for LCM

• Located in Troy, Michigan, USA• Strategic asset for revitalization of the Rare Earth

industry in the United States• Working with DARPA on aerospace “Super Alloy” R+D• Versatile production capacity including:• Permanent magnet alloys• NiMH alloy for rechargeable batteries• “Super Alloy” production for aerospace materials• Hydriding capability for solid-state hydrogen-storage

alloys, both rare earth and transition metal types

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World Class at Great Western Technologies

The disclosure relating to any potential quantity or grade of mineralsis conceptual in nature, there has been insufficient exploration todefine a "mineral resource" (as that term is defined in NationalInstrument 43-101 - Standards for Disclosure for Mineral Projects("NI 43-101")) and it is uncertain if further exploration will result inany such target being delineated as a "mineral resource". Alldisclosure relating to potential quantity and grade of theSteenkampskraal project has been determined by reference tohistorical data provided by Rare Earth Extraction Co. Limited("Rareco"), including a report prepared for Rareco dated September1996 entitled "Steenkampskraal Rare Earth Deposit-Ore Reserves"and by reference to publicly available data. No independentverification of such estimates or data has been undertaken byGWMG or the "Qualified Persons" responsible for reviewing andsummarizing such estimates and data. Management of GWMGconsiders the historical information to be reasonable, however,

readers are cautioned that due to the age of the historicalinformation and the standards in effect at the time of its preparation,the categories of reserves described do not conform to current NI43-101 standards and actual results may vary materially. Thedifferences between current "mineral reserve" categories andsimilar categories contained in the historical data include eliminationof the “possible” reserve category in current definitions whileretaining “Proven” and “Probable” reserve categories. The factorsconsidered in classifying reserves are similar historically andcurrently, but any quantifiable differences are undetermined. No"Qualified Person" has completed sufficient work to classify thehistorical data or estimates as current mineral resources or mineralreserves, GWMG is not treating the historical data and estimates ascurrent mineral resources or mineral reserves (as defined in NI 43-101) and the historical data and estimates should not be reliedupon.

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Disclaimer

• Former operating mine located 70 kilometers north of Vanrhynsdorp in the Western Cape Province of South Africa

• Excellent infrastructure, access to the site by paved and gravel roads

• Close proximity to rail and sea-port• Pro-development governments with strong interest

in Rare Earth industry• 474 hectare property permitted for mining, as at

June 2010, and satisfaction of remaining regulatory requirements is underway

MINING: Steenkampskraal SA History

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Mining: Steenkampskraal Attributes

•One of the highest grade RE deposits known at 16.74% REO•Significant supply of mined feedstock already at surface•Favourable Metallurgy: The technology for REE extraction from Monazite is well established allowing for more rapid approval of process and plant design•Minimum 10-year mine life •Nuclear License allows thorium storage•Low capital cost•Planned exploration program has a high probability of increasing the known resources on and near the property

Steenkampskraal Strategy Execution• Feasibility Study Phase 1 completed and Phase 2 underway with

completion target of 4th Quarter 2011• Feasibility Study timelines advanced due to prior Steenkampskraal

data • Additional mining sites in South Africa hold potential for accessing

monazite that can be used in the Steenkampskraal operation• Separation facility has strong potential for joint venture that will limit

GWMG financial requirements• Mill/Separation plant construction targeted to commence Q1 2012 with

completion by Q4 2012• GWMG goal is first phase Steenkampskraal production of 2,700 tonnes

per annum by 2013• 2nd phase construction planned to enable production expansion to

5,000 tonnes per annum

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Projected Processing Outputs (metric tons REO)

REO REO Production*

REO to LCM/GWTI

Converted toREE Metal Alloy Produced

Lanthanum 585 75 64 160

Cerium 1,261 0 0

Praseodymium 135 135 112 373

Neodymium 450 450 386 1,061

Samarium 68 63 54 180

Europium 2 0 0

Gadolinium 45 0 0

Terbium 2 0 0

Dysprosium 18 18 16 225

Holmium 1 0 0

Erbium 2 0 0

Thulium 2 0 0

Ytterbium 2 0 0

Lutetium 0 0 0

Yttrium 135 8 6 8

TOTAL (Tonnes) 2,708 749 638 2,077

*Based on Rareco Historical ResourceEstimate – not 43-101 compliant

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GWMG Exploration Projects:• Hoidas Lake, Saskatchewan, Canada

• 2009 NI 43-101 shows 2.5 million tonnes Measured & Indicated

• Enriched in Nd

• Significant progress on metallurgy

• Time table moved ahead, being evaluated for 2015 production

• Deep Sands, Utah, U.S.A.• Benjamin River, New Brunswick, Canada• Douglas River, Saskatchewan, CanadaJoint Venture Projects:• True Blue REE Project with True North Gems, Yukon, Canada• Red Wine REE Project with Search Minerals, Labrador, Canada• Chaleur REE Project with Cornerstone Resources, New Brunswick, Canada

All GWMG exploration projects have Heavy Rare Earths focus

EXPLORATION: GWMG Projects3

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GWMG Corporate StrategiesProcessing:• Undertake 100% expansion of Less Common Metals in two phases

Mining:• Complete the Feasibility Study for Steenkampskraal mine• Put Steenkampskraal mine into production • Evaluate expansion of Steenkampskraal production

Exploration:• Focus on Heavy Rare Earths at GWMG exploration projects • Launch Steenkampskraal exploration project

Corporate:• To be among the very first fully integrated suppliers of RE

oxides, metals and alloys in the world outside of China• To continuously identify expansion opportunities • To create certainty of supply for customers

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GWMG Overview

Shares Outstanding / Fully Diluted (at Mar/11) 375.2mm / 468.4mm

Share Price (as at March11, 2011) $0.83

52 week High / Low $1.23 / $0.15

Market Cap (as at January 25, 2011) $311,416,000

Cash on hand (as at January 22, 2011) $15.3 Million

Insider Holdings / Fully Diluted (est.) 1.9% / 12.0%

Institutional Holdings (est.) 26%