RARE EARTHS, SPECIALITY & MINOR METALS INVESTMENT SUMMIT

THE LONDON CHAMBER OF COMMERCE AND INDUSTRY ● THURSDAY, 18 MARCH 2010www.ObjectiveCapitalConferences.com

Investment Conferences

1

9.55 – 10.20 Focus on Rare Earths: Building the Mine to Market StrategyGary Billingsley – Exec Chairman, Great Western Minerals

Objective Capital Investment ConferencesRare Earths, Specialty & Minor MetalsLondon, UKMarch 2010

TSXV: GWG

OTCQX: GWMGF

Safe Harbour Statement• Cautionary Note On Forward-Looking Statements

• Forward-looking statements include, but are not limited to, GWMG’s continued advancement of its mineral exploration and development programs. 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.

• Disclaimer• 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.

Company Overview• About Great Western Minerals Group Ltd.

• Great Western Minerals Group Ltd. is a Canadian-based company pursuing a value-added, vertically-integrated, business model in the rare earth industry. Through its wholly-owned subsidiaries Less Common Metals Limited, located in Birkenhead UK, and Great Western Technologies Inc., located in Troy, Michigan, the Company produces a variety of specialty alloys for use in the rechargeable battery, permanent magnet and aerospace industries.

• On the mining side, the Company is actively developing several earth properties globally, including the former-producing Steenkampskraal Mine in South Africa, on which it holds an option to refurbish and bring back into production. With Steenkampskraal in production the Company will be able to source all the rare earth material required for its manufacturing operations internally.

Company Overview

• Mission • To become the first fully

vertically integrated rare earth elements (“REE”) producer in North America and a leader in the industry outside of China

>> 13 employees

>> 8 employees“GWTI” Troy, Michigan

>> 25 employeesBirkenhead, UK

Capitalization Overview

Shares Outstanding / Fully Diluted 240.0 mm / 266.3 mm

Share Price $0.20

52 week High / Low $0.46 / $0.04

Market Cap $48 mm

Cash on hand $ 8.0 mm

Debt $ 1.8 mm

Insider Holdings / Fully Diluted 1.9% / 12.0%

Institutional Holdings 5.6%

At March 15, 2010

TSXV: GWGOTCQX: GWMGF

Key Personnel

Gary L. Billingsley CA, P.Eng, P.GeoExecutive Chairman

James B. EngdahlPresident, CEO and Director

David KennedyC.Eng, MIMMM, Managing Director, Metals And Alloys

Audrey McMillan CAChief Financial Officer

John G. Pearson MSc. Geol., P.GeoVice-President, Exploration

Richard O. Hogan MSc. Eng.Vice-President, Operations

Dr. Baodong Zhao, PhDManager, Metallurgy

What are Rare Earth Elements?Periodic TableREE=Lanthanides

[ LREE ][ HREE ]

What are Rare Earth Elements?• Unique group of metallic elements • Unique chemical, catalytic, electrical,

magnetic, metallurgic and optical properties

• Used for wide range of applications• Neodymium, Dysprosium and

Terbium, are highest in demand

Sc - Scandium $1,750.00

Y - Yttrium 10.00

La - Lanthanum 7.10

Ce - Cerium 5.84

Pr - Praseodymium 27.50

Nd - Neodymium 30.00

Pm - Promethium Synthetic

Sm - Samarium 5.50

Eu - Europium 497.00

Gd - Gadolinuim 10.89

Tb - Terbium 460.18

Dy - Dysprosium 160.00

Ho - Holmium 35.00

Er - Erbium35.00

Tm - Thulium 790.00

Yb - Ytterbium 132.00

Lu - Lutetium 238.00

Rare Earths REO Price (USD/kg)*

*Asian Metal-February 24, 2010

What are Rare Earth Elements?

What are Rare Earth Elements?

What are Rare Earth Elements?

REEs Global Supply & Demand

Industry HighlightsREEs are Critical to Emerging Technologies

REEs are critical to GREEN TECHNOLOGYHybrid vehicles, wind power, pollution controlling catalysts, energy efficient lighting

Strong Projected Growth in Demand for REEs

Demand: expected to increase 70% by 2014CAGR: 15% from 2009 to 2014Strongest Sector: metal alloy and magnet applications

Supply Constraints Imposed by China

China currently accounts for 97% of the world’s total REE production.China is ACTIVELY CONTROLLING the MARKET with:Physical quotas on mining and exports, limits on the number of exporters, and tariffs of 15% to 25% on exports

Surge in REE Investment Activity by End-Users

Manufacturers investing in REE sources to secure supply:Mitsubishi, Sojitsu, JOGMEC, Mitsui, Toyota, etc.

Company HighlightsMine-to-Market Model •Already a DOWNSTREAM MANUFACTURER of RARE EARTH PRODUCTS

•Already supply 20% of the world demand for SmCo permanent magnet alloy•Already supply significant quantities of NdFeB permanent magnet alloy•Activelydeveloping several REE MINERAL PROJECTS

Speed to Market •The STEENKAMPSKRAAL MINE could be in production in 2012•Potential to be one of the FIRST PRIMARY REE PRODUCERS outside China

Metallurgy Expertise •Have IN-HOUSE METALLURGICAL EXPERTISE from mine-to-market

Company HighlightsDiversified •Geographically

•Distribution of REE content•Primary products and by-products

Supported by Large Industry Players

•Under LOI with Toyota Tsusho on HREE properties

Management Team •Highly experienced management and board, from discovery to mining to manufacturing

Global Rare Earth Projects

Thor Lake TSX:AVLKvanefjeld ASX:GGG

Nolan’s Bore ASX:ARU

Dubbo ASX:ALKMount Weld ASX:LYC

Dong Pao-Sojitsu/Toyota Vietnam

Steenkampskraal TSXV:GWG

Mountain Pass, CA Molycorp

Hoidas Lake TSXV:GWG Bayan Obo China

Potential Production by 2012 Potential Production by 2014

Only a limited number of Rare Earth deposits that have 2014 production potential

Our Project Locations

Hoidas Lake, SK 100% 96% 4%

A Global REE Presence

Douglas River, SK 100% 0% 100%

Benjamin River, NB 100% (1) 70% 30%

Canada % owned LREO HREO

Deep Sands 25% (2) 85% 15%

USA % owned LREO HREO

Steenkampskraal 100% (3) 92% 8%

South Africa % owned LREO HREO

(1) Entered into an option agreement with a third party to acquire a 100% working interest(2) Holds a 25% interest in REE contained in a heavy mineral sands project in Utah• Option on 100% of RE off take and ownership

Steenkampskraal MineWestern Cape, South Africa

In situ grade 16.74% TREO*

Highlights

30,000 tonnes TREO contained in resource*

Full Mining License; licensed to store thorium

New order mining right conversion in progress

Will supply 100% of LCM/GWTI RE needs

Exploration permit application made

Estimated capital cost: US$30 million/2,500 tpa REO

GWMG has option on 100% of RE and ownership

Access to local monazite sands may increase output

Production in 2012 is possible

*Historic data

Hoidas Lake ProjectSaskatchewan, Canada

M&I resource: 2.6 million tonnes @ 2.43% TREO (1)

Highlights

10km strike length/30+ RE occurrences

Less than 10% of the known zone drilled

Environmental baseline work complete

Metallurgical work based on QEMSCAN in progress

Target production date: 2014

Initial transportation study complete

Note (1) NI 43-101 compliant estimate

Deep Sands ProjectUtah, USA

170+ sq km of magnetite/monazite-bearing sand

Significant RE in surface sampling: to 0.8% TREO

Highlights

Completed 900+ drill holes over entire property

Assaying, compilation, interpretation in progress

Target: 500 million tonnes @ 0.25% TREO

Phase II: infill drilling and 43101 resource estimate

GWMG owns 25% of RE; ROFO on 75% of RE

Douglas River Project

High grade RE mineralization: 8.75% TREO

Saskatchewan, Canada

100% HREE including assays >1% Dy2O3

Very low radioactivity

Highlights

Related to high grade U deposits?

Near Cluff Lake and Shea Creek

Under LOI with Toyota Tsusho Corp

99% of RE in Xenotime; known recovery process

Benjamin RiverNew Brunswick

Close to all infrastructure near Bathurst, NB

Phosphate based-30% HREE by proportion

Initial drill program complete: analysis in progress

Under LOI with Toyota Tsusho Corporation

Highlights

Our ProjectsBalance Between LREE and HREE

Douglas River 41.81 99

Project Value REO US$/kg (1) HREO%

Benjamin River 25.05 30

Thor Lake (AVL) 26.15 20

Note (1) Pricing from Asian Metal as at February 24, 2010, distributions from publicly available data

Deep Sands 18.19 15

Hoidas Lake 16.23 4

Nolans Bore (ARU) 15.65 2

Mt. Weld (LYC) 14.42 2Steenkampskraal 13.96 8

Baotou (Bao Steel) 12.26 1Mt. Pass (Molycorp) 10.54 0

Bear Lodge (RES) 14.62 2

Upcoming Milestones

Douglas River

2010

Benjamin River

Deep Sands

Hoidas Lake

Steenkampskraal

Q1 Q2 Q3 Q4

Receipt of Toyota sampling results and participation decision

Phase I ExplorationReceipt, Compilation and Interpretation Phase I work

Phase II Exploration

Receipt, Compilation and Interpretation Phase I results

Determine Phase II exploration program from Phase I results

Phase II Exploration

Completion of metallurgy and transportation study

Completion of pre-feasibility study

Determine Phase II exploration program (if any) from Phase I results

Phase II Exploration

Receipt of converted New Order Mining Permit?

Finalize off-take arrangement; arrange mine finance; construction schedule

Mine Construction

Why do we own manufacturing?• Significant revenue multiplier in downstream operations• Direct Relationship with end users• Unparalleled metallurgical and marketing expertise outside of China• Increased margins that protect the mining side from price fluctuations

• LCM established and significant producer of Permanent Magnet Alloys

• Revenue in 2009 $12 million/$1.6 million EBITDA

• GWTI sees potential in recently completed contract for the US Department of Defense to develop a set of aluminum based high strength alloys

• Now operating close to profitability

What do we manufacture?• GWTI

• Permanent magnet alloys: heat treat NdFeB• Aluminum alloys (RE containing for aerospace industry)• Alnico alloys for alnico permanent magnets• NiMH battery alloys• Hydrogen storage alloys• NiMH battery electrodes• Sputtering targets

• LCM•Sm-Co permanent magnet alloy (supply 20% of world demand)•NdFeB permanent magnet alloys•Other magnet alloys•Specialty metal products

Market Cap ComparisonTarget Minerals

HREE LREE Rare Metals

Other Minerals

Other Corporate Attributes

Shares (1) outstanding

Price as of Mar 4 in C$

Market Cap Ratio of Mkt Cap to GWG

Market Data

78,504,448 $2.54 $199,401,298 3.78

Value-added Prod. Facilities, Production Revenue, Global Customer

Base, Accelerated Mining Potential, LOI with End-users

AVL

40,000,000 $2.82 $112,800,000 2.14QUC

26,339,736 $3.63 $95,613,242 1.81RES

240,000,000 $0.22 $52,800,000 1.00GWG

129,917,140 $0.37 $48,069,342 0.91CCE

86,475,198 $0.35 $30,266,320 0.57UCU

Note (1) Shares Outstanding is based on company’s website data

Investment Highlights• Potentially one of the first primary producers of

REE outside of China through our REE option in South Africa.

• The only fully integrated mine-to-market REE operator outside of China

• Unique blend of experience through all phases of the REE production cycle from exploration through manufacturing

• Already have a client base of global industrial companies

Phone 306.659.4500www.gwmg.cainfo@gwmg.ca

THANK YOU