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Namibia Rare Earths Inc.

TICKER: NRE:TSX, NMREF:OTCQX

Namibia Rare Earths Inc. is a Canadian public company focused on the accelerated development of its 100%-held Lofdal rare earth project in Namibia. Lofdal is an early-stage, district-scale exploration project with widespread rare earth mineralization. The property has demonstrated a potential for the discovery of multiple rare earth deposits, including deposits that are exceptionally enriched with heavy rare earths. The company has allocated 22,500m of diamond drilling towards the delineation of a mineral resource and is well funded to carry out its strategic development program.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

The Mining Report Interview with John Kaiser (10/14/14) "One RE company that I continue to look at favorably is Namibia Rare Earths Inc. The company has just completed a PEA for its Lofdal project that envisions an open-pit 1,500 tpd mine that will produce a concentrate consisting mainly of heavy rare earths. The PEA reported an after-tax IRR of 43% and NPV of US$147M at 10%. The PEA does use FOB base case prices that are nearly double current levels, which would be a problem if 98% of the rare earths were not heavy rare earths representing over 99% of the recovered value. A key aspect of the PEA is the plan to have separation done by parties with that capacity outside of China. One of these is Solvay, whose subsidiary Rhodia has a facility in France with surplus separation capacity. The other would be Molycorp, which has potential to develop heavy rare earth separation capacity at its facility in Estonia. Namibia Rare Earth's goal is to find a partner to fund and develop the Lofdal mine, as well as separate the mixed oxides. Securing such a deal will be the next milestone because the junior would prefer to use its remaining $6M to explore for additional HREO enriched zones and other critical metal deposits within the Lofdal carbonatite complex in Namibia." More >

Nick Wells, Rare Earth Investing News (10/1/14) "Namibia Rare Earths Inc. has released a preliminary economic assessment (PEA) of the Lofdal rare earths project, highlighting the project's impressive rate of return and its potential to grow its Africa-based mine. . .the PEA gave an estimate of 2.88 Mt of Indicated mineral resources yielding 9,230 tonnes of rare earth oxides, of which 7,050 tonnes are estimated to be heavy rare earth oxides."

The Mining Report Interview with Tom Hayes (7/15/14) "Namibia Rare Earths Inc.'s Lofdal project is an early-stage project, but its actual value based on current metal prices is pretty good. The strategic and HREO fractions of that resource are particularly strong and high in content. The question is how the company seeks to develop it, and whether it takes on a strategic partner. The actual potential for a resource to be mined and shipped to a third-party concentrate refining company is really where the strength of any project lies. Lofdal is not a particularly large resource in tonnage, but its value, considering its high concentration of heavy and strategic REEs suggests quite an interesting business model, whereby very little refinement would be done onsite. . .Namibia is one of my favorites because of the actual strength of its resource." More >

The Mining Report Interview with Chris Berry (6/17/14) "Namibia Rare Earths Inc. is also on my radar. We don't know a lot about the economics yet, but if an investor is patient and willing to take some risk, it is worth considering. . .the company has an attractive deposit and is an earlier-stage play that surprised a lot of people with some of its metallurgical results. Namibia's ability to produce a xenotime concentrate and potential catalysts from a preliminary economic assessment that is now underway and metallurgical optimization are all differentiators. There's a lot to learn here, but a lot of potential upside as well." More >

Mike Niehuser, Beacon Rock Research (5/23/14) "Namibia Rare Earth Inc.'s PEA and the update on ongoing metallurgical work for Area 4 of its Lofdal project should advance the company toward its goal to secure a qualified joint venture partner to develop, construct and operate a heavy rare earth mine. The completion of a PEA will place Namibia Rare Earths in a better position to discuss its progress at Area 4, providing investors with a better understanding of timing and opportunities to develop a mine."

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The Mining Report Interview with Zachary Schumacher (4/8/14) "Namibia as a jurisdiction is desirable, with the environmental regulations, distance to ports and the political support that a company like Namibia Rare Earths Inc. can gather for a project. Investors want to look at a place that where they can rely on a readiness, a history and a legal framework. Namibia Rare Earths has a good project. It's definitely smart for the company to be where it is. It's an area where it'll be easier to get started." More >

The Mining Report Interview with Ryan Castilloux (2/11/14) "Namibia Rare Earths Inc.'s Lofdal project in Namibia is very interesting. The resource to date is small: only around 10,000 metric tons of REOs in situ. However, these REOs are 80% HREOs and 70% CREOs." More >

The Mining Report Interview with Luisa Moreno (1/28/14) "Namibia Rare Earths Inc. has a xenotime deposit under development. Namibia's Lofdal REE project is also attractive, as it has the potential to produce large amounts of these less common elements." More >

The Gold Report Interview with Mike Niehuser (12/4/13) "I visited Namibia Rare Earths Inc.'s Lofdal HREE project. This project has not gotten the visibility it deserves because the company has not yet produced a PEA. Namibia Rare Earths has, along with Northern Minerals, an HREE resource in xenotime, which is the only mineral in hard rock that has commercially recovered rare earths. Consequently, Namibia Rare Earths, being primarily heavies, has the highest basket price for contained minerals, contained within a well-defined resource with excellent expansion opportunity. Namibia Rare Earths recently reported steady progress on its metallurgical test work, which appears to build upon its credibility in locating a qualified joint venture partner. Metallurgical work is less expensive than exploration, and with about $10M in the bank, the company is well positioned." More >

Mike Niehuser, Beacon Rock Research (12/2/13) "Namibia Rare Earths Inc. is in an excellent position to build upon metallurgical test work to date. . .providing an additional 2,200 kg to the labs for additional test work should provide a significant opportunity to increase the value of the resource at relatively little cost. Management should also be complimented for securing a large sample to the labs, which exceptionally enhances the opportunity for the labs to produce data that may optimize the resource. . .while there is clearly potential to expand the resource by additional drilling at depth, following through on metallurgical test work is the most direct path to both attract a qualified joint venture partner and monetize Area 4 of Lofdal."

Adam Graf, Cowen & Co. (11/21/13) "New test work on Namibia Rare Earth Inc.'s Area 4 heavy rare earth deposit, located in Namibia, has returned the potential to achieve higher milled grades, which in turn should significantly improve recoveries. . .the company has determined that scavenging (a form of material purification) coupled with a simple acid leach can effectively double the grades. . .following the improvements seen in grade and recoveries on the high-grade sample, efforts will now be directed toward optimizing grades and recoveries of the low-grade sample."

The Mining Report Interview with John Kaiser (10/22/13) "I'm interested in Namibia Rare Earths Inc. as a shorter-term solution to the future HREE shortage. Namibia Rare Earths has discovered a HREE-enriched zone that is low grade—the Lofdal Area 4 property within the larger Lofdal carbonatite complex. By 'enriched' I mean 85% or higher HREE compared to 40–50% for Strange Lake and Norra Karr. The company will release some metallurgical studies in about a month, which will tell us if it can produce a concentrate that could be shipped to a company like Molycorp or Rhodia Group for separation. Within three years, I could see Namibia Rare Earths supplying a significant amount of HREEs, which make up 80–90% of the ore, furnishing about 50% of non-Chinese demand, all of which is currently supplied by China's depleting HREE enriched deposits. That's much faster than the four to six years we can expect for any of the bigger projects." More >

The Metals Report Interview with Tom Szabo (10/15/13) "Deposit size or ore grade are often not the most critical factors in these non-commodity mine products. Namibia Rare Earths Inc. doesn't have a particularly large deposit, but the development timeline could potentially be short. It also has a very high percentage of valuable heavy rare earths, probably one of the highest in the world. At 0.5% to 1% grade the value of it is much more significant on a per-ton basis than most other deposits out there. Namibia's project would not be a huge operation, but it could be a highly profitable one if it could join up with a partner that's able to take the product further than just production of a mixed REE concentrate. There are a number of potential partners in the form of exploration and mining companies looking for innovative ways to move further up the REE production value chain." More >

The Metals Report Interview with Chris Berry (7/30/13) "A number of other deposits in other jurisdictions like Africa are making well-deserved headlines lately, including Namibia Rare Earths Inc. Namibia has quietly pushed forward with exploration of the Lofdal deposit and recently was able to show that it can produce an attractive HREE concentrate there. We've known for some time that REE deposits are not 'rare' at all. What is rare is the ability to find economic deposits in reliable geopolitical jurisdictions with sound metallurgy." More >

The Metals Report Interview with Alex Knox (7/16/13) "A couple of recently announced deposits contain ore that more than 90% HREEs. If these get to production, they will be producing exactly what the marketplace wants and none of the stuff that's in oversupply. For example, Namibia Rare Earths Inc. has a small NI-43-101-compliant resource in Namibia: Measured and Indicated and Inferred of about 2 million tons of a nice, HREE-rich deposit. The company is well financed, with something like $20M in the bank. . .Namibia's mineral is called xenotime, a fairly heavy mineral that has the potential to be concentrated by gravity methods. Namibia also has some carbonate in its ore that can be removed by acid dissolution." More >

Mike Niehuser, Beacon Rock Research (7/9/13) "Namibia Rare Earths Inc. may be among the few two or three rare earth resource companies to rise from the ashes following the downturn in rare earth prices; trends within China suggest the potential for improvement of heavy rare earth prices concurrent with the curtailment of illegal mining and manufacturers working through remaining stockpiles. . .Namibia Rare Earths continues to build upon successful initial metallurgical work to upgrade material and recover heavy rare earths without thorium. We consider that Lofdal has the best potential to be a source of heavy rare earths outside of China and therefore will continue to increase its appeal relative to other rare earth projects."

The Gold Report Interview with John Kaiser (7/8/13) "Namibia Rare Earths Inc. is an interesting alternative. The company owns the Lofdal carbonatite complex in Namibia. It has developed a small, low-grade, HREE-dominated deposit that could provide a bridge supply over the next 5–10 years. This fills a space that neither Lynas nor Molycorp is able to fill. Namibia Rare Earths has $20M in working capital. Its shareholder base recently changed when Endeavour Mining sold its block to a couple of venture capitalists. Namibia Rare Earths has a solid management team and a supportive shareholder base. It is looking for rare earth elements and other specialty metals within this carbonatite complex. More metallurgical studies will tell us whether it will can process and produce HREEs from the Lofdal deposit. . .we expect news on that front in Q3/13. The key will be the ability to remove the radioactive thorium from the HREE concentrate so that it can be shipped to processors in Japan or Europe. The next step would involve spending $5M on a PEA expected sometime in 2014." More >

Thom Calandra, The Calandra Report (6/4/13) "The Namibia Rare Earths Inc. team is into the heaviest and rarest of the rare earths. . .I have yet to purchase the shares, but almost surely will after this report is out. . .recent investors, at CA$0.18/share or CA$0.19/share saw blocks of NRE become available from the principals who were associated with Endeavour Mining and the Etruscan purchase some three or so years ago. . .those trades happened just a few weeks ago. The Namibia Rare Earths folks from Nova Scotia believe they have enough money in that $15M to run another 24 months, with zero intention (their words) of raising more cash—ever."

Mike Niehuser, Beacon Rock Research (4/15/13) "Namibia Rare Earths Inc. received initial metallurgical results from studies on samples from its Area 4 resource at its Lofdal project in Namibia, which successfully produced a yet-to-be-optimized heavy rare earth concentrate. . .we have concluded that these preliminary results from the initial metallurgical study could not have been more positive. . .considering the company has one of the world's most attractive heavy rare earth resources, we expect that the release of initial metallurgical results should be of interest, and considering the inadequate long-term supply of heavy rare earths, of immediate interest to potential qualified joint venture partners."

Henry Lazenby, Mining Weekly (4/3/13) "Namibia Rare Earths Inc. on Wednesday said it has produced a concentrate grading 8.39% total rare-earth oxide, with 96.1% heavy rare-earth enrichment, from a sample of the high-grade mineralization from its Lofdal project in northwestern Namibia."

The Gold Report Interview with John Kaiser (2/15/13) "I look for companies with interesting stories that are down and out. An interesting example is Namibia Rare Earths Inc., which is trading at its cash breakup value. Its $18M treasury was raised during the rare earth boom to fund exploration at its Lofdal project in Namibia. . .Namibia delivered a small, low-grade deposit at Area 4 with a very high 86% enrichment in the heavy rare earths. The property has potential to yield additional similar zones, but the current resource is sufficient as a potential near-term solution to non-Chinese demand for heavy rare earths such as dysprosium, terbium and yttrium.

". . .The junior is conducting metallurgical studies to see if the heavy rare earths can be liberated in a cost-effective manner. This bench scale study is not expensive, will be completed in Q2/13 and will dictate if Area 4 proceeds to the PEA stage. . .either management gets a green light to fast-track Area 4 as a short-term heavy rare earth supply solution, or it gets a red light, which signals it to look for other projects in Namibia where it has established itself. Namibia is operated by the Africa-experienced team of Gerry McConnell and Don Burton, and backed by the mining finance house Endeavour Mining Corp." More >

Mike Niehuser, Beacon Rock Research (2/7/13) "Namibia Rare Earths Inc. released final results from its 2012 exploration drill program at its heavy rare earth Lofdal project. . .the company reported several new discoveries at areas targeted, providing additional confidence in its exploration abilities at both Lofdal and elsewhere in Namibia. Most importantly, the metallurgical study is on schedule to be completed in Q1/13, which may lead to securing a qualified joint venture partner to advance development of a mine at Area 4."

The Metals Report Interview with Alex Knox (1/22/13) "Namibia Rare Earths Inc. just completed a drilling program and all the core samples are with its engineering consultant, Mintek in South Africa. We don't yet know what the results are. But, it has fascinating amounts of HREEs. While a typical HREE deposit is considered heavy if it has 30 or 40% REEs, the results of some of the exploration done by Namibia show that it has 70, 80 or even 90% REEs. So it is not going to have to market those LREEs that are presently going to be in at least equilibrium or oversupply. It will produce nothing but the HREEs that everybody needs. I find that story personally and geologically exciting. I suspect that the REEs could be in a form that could be easily extractable. But, again, we're waiting on the results of its ongoing exploration. I still think that's a fascinating story." More >

Mike Niehuser, Beacon Rock Research (1/16/13) "Namibia Rare Earth Inc.'s initial resource at Lofdal has the highest percentage distribution of heavy rare earth elements in the world (85.5%), and consequently the highest value basket price per kilogram of any other rare earth project with a compliant resource. . .plans for 2013 have good potential to enlarge the resource or identify new deposits, making the project even more attractive for a qualified joint-venture partner. As projects with light rare earth projects fade, Namibia Rare Earths Inc. should stand out as an important potential provider of the world’s heavy rare earths."

The Critical Metals Report Interview with Gareth Hatch (11/20/12) "The Lofdal project in Namibia is being developed by Namibia Rare Earths Inc. At present, the resource is small in size but has one of the most interesting distributions of individual REEs of any project out there." More >

Mike Niehuser, Resource World (11/1/12) "Namibia Rare Earths Inc.'s initial resource estimate, at a 0.3% cutoff, has a 900 Kt Indicated resource of 0.62% total rare earth oxides (TREOs) with 86% heavy enrichment, and an Inferred resource of 750 Kt at 0.56% TREO with 85% heavy enrichment. . .this clearly qualifies as the most exceptional heavy rare earth (HRE) discovery in the current metal cycle. . .in addition to the potential to increase the size of the exceptional HRE resource, the company has a good capital structure and approximately $20M in cash and cash equivalents."

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