NMI.V · 2018-05-03 12:00:00

Closes $4,000,000 Private Placement

Financings

Press Release

Namibia Rare Earths Inc.

Halifax, Nova Scotia May 3, 2018 – Namibia Rare Earths Inc. (“Namibia Rare Earths” or

the “Company”) (TSXV:NRE) today announced that it closed the Cdn$4,000,000 private

placement announced on March 28, 2018 and April 19, 2018 (“Private Placement”). A total

of 21,621,621 common shares of the Company were issued at a price of Cdn $0.185 per

common share. The common shares of the Company issued pursuant to the Private

Placement are subject to a four -month hold period expiring September 4, 2018 . No

warrants were issued and no brokerage or finder’s fees were paid in connection with the

Private Placement.

The proceeds of the Private Placement will be used primarily to fund continued exploration

on the Kunene Cobalt -Copper Project and for preliminary evaluations and metallurgical

studies of other projects, as well as to fund working capital and general corporate purposes.

Insiders of the Company acquired $ 2,212,317 of the Private Placement . Participation by

these insiders in the Private Placement was exempt from the formal valuation and

shareholder approval requirements contained in Multilateral Instrument 61-101 Protection of

Minority Security Holders in Special Transactions as the fair market value of their

investments did not exceed 25% of the Company’s market capitalization.

About Namibia Rare Earths Inc.

Namibia Rare Earths Inc. is focused on the accelerated development of the Lofdal Rare

Earths Project and on building a critical metals portfolio in Namibia. The common shares of

Namibia Rare Earths Inc. trade on the TSX Venture Exchange under the symbol “NRE”.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that

term is defined in the policies of the TSX Venture Exchange) accepts responsibility

for the adequacy or accuracy of this release.

For more information please contact -

Namibia Rare Earths Inc.

Don Burton, President

Tel: +01 (902) 835-8760

Fax: +01 (902) 835-8761

Web site: www.NamibiaRareEarths.com

The foregoing information may contain forward-looking information relating to the future performance of Namibia Rare Earths Inc. Forward -

looking information, specifically, that concerning future performance, is subject to certain risks and uncertainties, and actual results may differ

materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate securities commissions.

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