Proactive Investors One 2 One Investor Forum

Gary Billingsley, C.A.,P.Eng.,P.Geo. – Executive Chairman

Jim Engdahl - President & CEO

December 8, 2009
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
Our Vision:
“We seek to become the first vertically integrated rare earth elements (“REE”) producer in North
America and a leader in the industry outside of China”
Capitalization Overview:
Shares Outstanding / Fully Diluted (1) 201.0 mm / 218.1 mm
Share Price (2) $0.29
52 week High / Low: $0.46 / $0.04
Market Cap (2) $58.3 mm
Cash on hand: $2.5 mm
Debt: $1.8 mm
Insider Holdings / Fully Diluted (1) 1.9% / 12.0%
Institutional Holdings: 5.6%

GWG 52 Week Price Volume History

(1) Includes 9,575,000 options with an average strike price of $0.19 and 7,557,299 warrants with an average strike price of $0.18
(2) As at December 2, 2009
Key Personnel
Holdings
% basic (% fully diluted)

▪ Gary Billingsley - Executive Chairman 0.6% (1.3%)

▫ Professional engineer and geoscientist with more than 30 years experience in the mineral
industry
▫ Has been directly involved with putting Saskatchewan's largest gold mine into production and,
on three separate occasions, has played a major role in the discovery of diamond-bearing
kimberlite

▪ James B. Engdahl - President, CEO and Director 0.1% (0.6%)

▫ Has more than 30 years of experience in corporate finance at the executive level
▫ Was intimately involved in financing two producing gold mines in Saskatchewan

▪ David Kennedy - Managing Director, Metals And Alloys 0.3% (0.5%)

▫ Has worked with rare-earth containing materials since 1976 and has had published several
papers on the technology and economics of rare earth alloy production

▪ Audrey McMillan - Chief Financial Officer 0.0% (0.3%)

▪ John G. Pearson - Vice-President, Exploration 0.4% (0.6%)

▪ Richard O. Hogan - Vice-President, Operations 0.1% (0.4%)

▪ Baodong Zhao - Manager, Metallurgy nil

 Industry Highlights
▪ REEs are critical inputs for many emerging green technologies, high-tech applications and defense systems
REEs
REEs
REEs are
REEsare
are
are Critical
Critical
Critical
Critical to
to
to ▪ REEs improve fuel consumption and emission control in the auto industry
Emerging
Emerging
to Emerging
Emerging ▪ Hybrid technology is totally dependent upon Neodymium, Praseodymium, Dysprosium and Terbium for the hybrid electric
Technologies
Technologies
Technologies
Technologies motor and generator and Lanthanum, Neodymium and Cerium for the Hybrid NiMH battery
▪ Europium, Terbium, and Yttrium are used for energy efficient light bulbs

Strong Projected
Strong
StrongProjected
Projected
Growth
Growth
Growthin
in
in Demand
Demand
▪ Total demand for REEs is expected to reach ~205,000 tonnes by 2014, representing a CAGR of 10% from 2008 driven by
Demand
for REEs for
forREEs strong demand for metal alloy and magnet applications
REEs

▪ China currently accounts for 97% of the world's total REE production
▪ As a result of the increasing appetite from Chinese manufacturers for REEs, China continues to further restrict exports
Supply and increase export tariffs
Constraints
Supply
SupplyConstraints
Constraints
▫ -10% since 2004 to 43,600t in 2007
Imposed
Imposedby
Imposed China
byby
China
China
▫ -13% to 38,000t in 2008
▫ -16% to 31,888t in 2009
▫ Raising export tariffs to 15-25%

▪ Major manufacturers have been making investments or entering into joint ventures across the globe in an attempt to secure
reliable REE reserves
Surge in REE ▪ Neo Material Technologies enters into a strategic partnership with Mitsubishi Corporation for the identification, development
Surge in REE
Investment
Investment Activity and commercialization of “heavy” REE (“HREE”) opportunities outside of China
Activity
▫ Great Western Minerals Group Ltd. and Toyota Tsusho Corporation have signed a letter of intent (“LOI”) to cooperate on
exploration of HREE in Canada
 Company Highlights
▪ We implement a unique "mine-to-market" business model
▫ Exploration and development of REE
Mine-to-Market
Mine-to-Market
Mine-to-Market
Mine-to-Market
Mine-to-Market
Mine-to-Market
Mine-to-Market
Mine-to-Market
Mine-to-Market
Model
Model
Model
Model
Model
Model
Model
Model
Model ▫ Owner of resource properties
▫ Owner of production facilities
▫ Supplier of rare earth metals and alloys

▪ Our Rareco project in South Africa, a past producing mine, in which we have rights to 100% of the REE mined is scheduled
Speed
Speed
Speed
Speed
Speed
Speed
Speed to
Speed
Speedto to
totototo
to
Market
to Market
Market
Market
Market
Market
Market
Market
Market to be in production by H2 2011
▪ Management believes Rareco will be the first commercial grade REE producer outside of China

Metallurgy
Metallurgy
Metallurgy Expertise
Expertise
▪ Our manufacturing operations provides us with unparalleled REE metallurgy expertise outside of China
Metallurgy
Metallurgy
Metallurgy
Metallurgy
Metallurgy Expertise
Expertise
Expertise
Expertise
Expertise
Expertise ▫ The metallurgy of REE is extraordinary difficult, and separating and refining the REE requires significant expertise

▪ We are diversified both from a geographic standpoint with projects located in Canada, US and South Africa as well as the
composition of our REE projects
Diversification
Diversification
Diversification
Diversification
Diversification
Diversification
Diversification
▫ Our REE composition varies across projects with a heavy concentration of Dysprosium at our Douglas River and Benjamin
River projects and Neodymium at our Hoidas Lake, Benjamin River and Rareco projects

Supported by
Supported byby Large
Supported
Supported
Supported
Large
Industry
Industry
Industry
by Large
by
Industry
Players
Players
Players
Large
Large ▪ We have signed an LOI to cooperate on exploration of HREE in Canada with Toyota Tsusho
Industry Players
Players

Management
Management
Management Team Team
Team ▪ We have a proven management team and board of directors with significant mining experience
Global Rare Earth Projects
There are a limited number of Rare Earth deposits that have 2014 production
potential

Thor Lake, Northwest Territories Canada

Avalon

Hoidas Lake, Saskatchewan Canada Bayan Obo China

Great Western Minerals

Mountain Pass, California USA - Molycorp

Steenkampskraal, South Africa Nolan’s - ARU

Great Western Minerals
Mount Weld - LYC

Potential Production By 2012 Potential Production By 2014

Global REE Production Schedule
Global REE Production Schedule(1)

2010 2011 2012 2013 2014 +2014

Rareco (GWG)

Hoidas Lake (GWG)

Deep Sands (GWG)
Benjamin River (GWG)
Douglas River (GWG)
Mt. Weld (LYC)(2)
Nolans Bore (ARU)
Mt. Pass (Molycorp)
Bokan-Dotson Ridge (UCU)
Thor Lake (AVL)
Strange Lake (QUC)

Bear Lodge (RES)

(1) Source: Company websites, management estimates and public filings

(2) Currently undertaking a A$450 mm equity offering after Australia’s Foreign Investment Review Board rejected
China Non-Ferrous Mining Co.’s proposed $400mm investment into Lynas Corporation on September 24
 Our Project Locations A Global REE Presence

Canada % Owned LREO HREO

Hoidas Lake, SK. 100% 96% 4%

Douglas River,SK. 100% 0% 100%

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

South Africa % Owned LREO HREO

Steenkampskraal 100%(3) 92% 8%

USA % Owned LREO HREO

Deep Sands 25%(2) 85% 15%

(1) Entered into an option agreement with a third party to acquire a 100% working interest
(2) Holds a 5% interest in REE contained in a heavy mineral sands project in Utah
(3) Upon the updated feasibility study, GWG and Rareco will negotiate a supply agreement under which 100% of the rare earth ore mined and processed will be made available by Rareco, to
GWG for a 10 year period, after which a new supply agreement can be negotiated. Equity ownership is expected to be 30%-50%
Steenkampskraal, South Africa REE Project

Resource Estimate Tonnes REO%

Underground-in situ 117,500 16.74%
Underground-broken 47,000 5%
Surface 85,000 8.29%
Estimated Capital Expenditure (US$)

Mine, concentrate, grind & leach $12,000,000

Equipment costs $1,500,000
Separation plant $15,000,000
Total $30,000,000
Infrastructure
▪ Located close to roads and 80 miles to port
▪ Currently we have 3 parties interested in buying the thorium byproduct; alternatively we have a license to store thorium
in the mine incased in cement
▪ We have made an application to re-permit the mine under new mining laws
▫ We expect to receive an indication of approval by November of 2009
▪ Black Empowerment Group will own 26% and we already have approval to employ its members
▪ Development Timeline:
▫ Production and financing decision in Q1 2010
▫ Production in H2 2011
 Hoidas Lake, Saskatchewan Rare Earth Project
Resource Estimate(1) Tonnes REO%
Measured 963,808 2.568%
Indicated 1,597,027 2.349%
Inferred 286,596 2.139%

Estimated Capital Expenditure (US$)

Mine, mill-grinding, flotation $25,000,000
Camp, ancillary $35,000,000
Saskatoon leach plant $25,000,000
Separation plant $30,000,000
Total $115,000,000

Infrastructure

▪ Transportation study expected to be completed by Q1 2010

▪ Environmental impact and baseline studies completed

▪ Subject to a 1.8% NSR capped at $1,000,000
▪ Development Timeline:
▫ Metallurgy and transportation study completed by Q1 2010
▫ Setup demonstration plant in Q2 2010
▫ Pre-feasibility Q4 2010
▫ Bankable feasibility study and production and financing decision by Q2 2011
(1) NI 43-101 compliant estimate
▫ Production in H1 2014
Deep Sands, Utah Rare Earth Project

Tonnes REO%
Target Resource 500,000,000 0.25%

Project Highlights
Mineral sands with significant REO to 0.8%
Significant Y + HREE content 15%
High REO value per Kg US$14.19

Infrastructure
▪ Located close to roads, power to site and within 50 miles to
rail

▪ Magnetite sands allow for cost effective mechanical consolidation to separate REE
▪ GWG owns 25% of REEs with the right to acquire the remaining 75% from Titan Mining (private)
▪ Phase I exploration drilling program completed with ~1,000 drill holes
▪ Development Timeline:
▪ Analyzing phase I exploration results and expect commencement of phase II exploration by Q2 2010
Douglas River, SK & Benjamin River, New Brunswick
Douglas River Benjamin River

▪ Located close to roads, power to site and within 50 miles to port

▪ Located within 10 miles to road-near Cluff Lake
Uranium Mine, Shea Creek Uranium discovery ▪ Have an option agreement with a third party to acquire a 100%
working interest
▪ 100% Y + HREE
▪ Likely to be phosphate mine with REE by-product, Fe by-
▪ GWG samples to 8.75% TREO / 1.15% Dy2O3 product also likely
▪ Unique in that it does not contain Thorium or Uranium ▪ 30% Y + HREE by proportion
▪ Development Timeline: ▪ Development Timeline:
▪ Exploration expected to commence by Q4 2009 ▪ Drilling underway
Our Projects are Enriched in Higher Value REE’s

Project Value REO US$/kg(1)

Douglas River 33.31

Benjamin River 20.55

Thor Lake (AVL) 19.03

Deep Sands 15.28

Hoidas Lake 13.42

Nolans Bore (ARU) 12.85

Mt. Weld (LYC) 10.66

Steenkampskraal 11.53

Baotou (Bao Steel) 10.27

Mt. Pass (Molycorp) 9.00

Bear Lodge (RES) 8.90

(1) Asian Metal as at November 30, 2009

Our Project REO Compositions by Weight
Oxide Hoidas Deep Sands Steenkampskraal Benjamin River Douglas River
SK, CA UT, US South Africa NB, CA SK, CA
(%) (%) (%) (%) (%)
Cerium Oxide CeO2 46.62 41.73 46.67 31.81 0.05

Neodymium Oxide Nd2O3 20.57 14.28 16.67 17.62 0.07

Lanthanum Oxide La2O3 20.44 22.30 21.67 12.88 0.01

Praseodymium Oxide Pr6O11 5.97 4.34 5.00 4.40 0.00

Samarium Oxide Sm2O3 2.71 2.44 2.50 3.61 0.00

Gadolinium Oxide Gd2O3 1.24 2.06 1.67 3.99 0.00

Yttrium Oxide Y2O3 1.17 8.90 5.00 17.81 80.37

Europium Oxide Eu2O3 0.54 0.30 0.08 0.22 0.29

Dysprosium Oxide Dy2O3 0.35 1.41 0.67 3.22 11.83

Erbium Oxide Er2O3 0.24 0.76 0.08 1.68 3.64

Terbium Oxide Tb4O7 0.11 0.28 0.08 0.58 2.03

Ytterbium Oxide Yb2O3 0.05 0.72 0.07 1.18 1.57

Holmium Oxide Ho2O3 0.00 0.27 0.05 0.63 0.00

Thulium Oxide Tm2O3 0.00 0.11 0.07 0.22 0.00

100.00 100.00 100.00 100.00 100.00

TREO Contained Resources t(1) 95,000 1,250,000 29,066 Not av. Not av.

Value REO (US$/Kg)(2) 13.42 15.28 11.53 20.55 33.31

Total In-situ Value (US$ 000s) 1,274,900 19,100,000 335,131 Not av. Not av.

(1) Non NI 43-101 compliant estimate except Hoidas shown at 0% REE cutoff
(2) Asian Metal as at November 30, 2009
 Rare Earths Elements Global Supply and Demand
In the coming years, worldwide demand for rare earth elements, especially Terbium, Dysprosium and Neodymium,
is expected to exceed supply unless major new sources are developed

250,000

200,000
D e m a n d tp a - R E O

150,000

100,000

50,000

0
04

05

06

07

08

f
09

10

11

12

13

14
20

20

20

20

20

20

20

20

20

20

China Supply ROW Supply Global Demand 20

China Demand

We have a high concentration of Neodymium at our Hoidas Lake, Rareco and Benjamin River
projects and a high concentration of Dysprosium at our Douglas River project

Source: Dudley J Kingsnorth, IMCOA

Upcoming Milestones

2009 2010
Q4 Q1 Q2 Q3 Q4
Finalization of
production and
Rareco financing
decision
Completion of
Setup Completion of
metallurgy and
Hoidas Lake transportation
demonstration pre-feasibility
plant study
study
Commencement
of phase II
Deep Sands exploration
program

Benjamin Commencement
of exploration
River program

Commencement
Douglas River of exploration
program
 Why Do We Own Manufacturing
▪ Our manufacturing facilities provide us with a direct relationship with the end-users of REEs as well as with
unparalleled REE metallurgy expertise outside of China. We have the value added knowledge.
▪ Value-added capability means increased margins that protect the mining side from price fluctuations

▪ Last year, LCM generated $12 mm in revenue and $1.6 mm in EBITDA and GWTI generated $0.6 mm in revenue
▪ GWTI has recently been awarded a US$110,000 defense contract with the central research and development organization for the
US Department of Defense to develop a set of aluminum based high strength alloys
Our 100% Owned Manufacturing Operations

Less Common Metals Great Western Technologies

Location: Birkenhead, UK Troy, Michigan
Description: ▪ Vacuum induction melting, co-reduction of metals ▪ Vacuum induction melting and hydrogen processing
and alloys to ingot and powder of metals, alloys and powders

Raw Materials Elements (amongst others): iron, cobalt, nickel, Utilizes rare earths and aluminum, copper, cobalt,
Inputs: yttrium, lanthanum, cerium, praseodymium, iron, nickel and titanium
neodymium, samarium, gadolinium, terbium,
dysprosium

Production 1,100 t alloy/year (capacity) 2,500 t alloy/year (capacity)

Capacity 430 t alloy/year (current) 250 t alloy/year (current)

Revenue at Full $110mm - $160mm

Capacity
End Products ▪ Neodymium iron boron and samarium cobalt alloys ▪ High purity custom made alloys
for the permanent magnet industry ▪ Sputtering targets
▪ Other rare earth alloys, including magneto-optic and ▪ Precious metals
magnetostrictive materials, hydrogen storage ▪ Special high purity alloys foils, ingots and rods
systems and master alloys ▪ Special low oxygen powders
▪ High purity rare earth metals ▪ Single crystal isotopes
▪ Sputtering targets ▪ Rare earth special elements
▪ Ultra high purity indium ▪ Brazing alloys
▪ Raney Ni alloys
▪ Scrap metal recovery

End Consumers Automotive, aerospace, alternative and nuclear energy, and defense sectors
Comparable Companies Analysis

Source: Bloomberg, Company Websites and Published Information

(1) Adjusted for completion of the private placement of $ 15.5 million at $2.30 per share and $5 million at $2.65 per flow-through share completed
September 17
(2) Assumes completion of private placement totaling $7 million at $2.30 per share announced October 8
(3) Adjusted for completion of the private placement of $ 6.7 million at $0.40 per share completed September 14 and overallotment of $0.5 million
completed September 29
Conclusion

▪ We could be the first producer of REE outside of China through our Rareco
option in South Africa, with Hoidas Lake to follow not far behind
▪ We are the only fully integrated mine-to-market REE operator outside of China
▪ We have unique blend of experience through all phases of the REE production
cycle from exploration to manufacturing super alloys and other materials
▪ We have end users that are already our clients
▪ We were the first REE company in North America focusing strictly on REEs
and a “Mine To Market” business model
Appendix An Overview of Rare Earth Elements
What are Rare Earth Elements?
▪ REEs are a unique group of metallic elements with unique properties: chemical, catalytic, electrical, magnetic, metallurgic and optical
▪ REEs used for high strength magnets, such as Neodymium, Dysprosium and Terbium, are highest in demand

Periodic Table of REEs

21
Sc

39
Y

57
La

58 59 60 61 62 63 64 65 66 67 68 69 70 71
Ce Pr Nd Pm Sm Eu Gd Tb Dy Ho Er Tm Yb Lu

- Heavy Rare Earths

- Light Rare Earths
- Other Rare Metals
Source: Asian Metal as at August 19, 2009
Key Applications of Rare Earth Elements
▪ REEs are critical and enabling for many emerging Green Energy technologies, High Tech applications and Defense Systems,
such as hybrid cars, plug-in hybrid electric vehicles, wind power turbines, solar panels, missile guidance systems and cell
phones

Application Elements

Energy
Efficiency
▪ Compact fluorescent lights
▪ Weight reduction in cars
Er, Tb, Y,
▪ Higher oil refinery yields Nd, Lu, La

Environmental
▪ Hybrid vehicles Dy, La, Nd, Sm,
▪ Auto catalytic converter
▪ Diesel additives Tb, Pr, Ce, Yb

Miniaturization
Technology
▪ Disk drives Dy, Gd, Lu,
▪ Digital cameras
▪ Flat panel displays Eu
Applications are Driving Strong Forecasted Demand

2008 Demand by Application Growth Forecast by Application

Growth rate 2013 demand

Application % p.a. tonnes
Catalysts 6-8% 32-36,000

Glass Additive 1% 14,000

Polishing Powder 6-8% 21-25,000

Metal Alloys 15-20% 50-55,000

Magnets 10-13% 45-50,000

Phosphors & Pigments 7-9% 14-15,000

Ceramics 7-9% 10-11,000

Other 7-9% 13-14,000

Total 8-11% 205-215,000

Source: Dudley J Kingsnorth, IMCOA

The Future Supply Picture Looks Bleak

▪ China accounts for 97% of the world’s current REE production

▫ Currently operating at capacity
▪ No significant non-Chinese supply sources available today
▫ Small and limited production in Russia (3,000 - 4,000 tpa)
▫ Beach sand processed by Indian Rare Earths, subsidiary of Atomic Energy
Agency (7% thorium banned elsewhere)
▪ Most REE deposits have thorium content and hence are unextractable unless a
buyer of thorium is found
▪ Development projects currently under study
▫ Mainly at an early stage with long lead times to realisation
▫ New Projects face economic and environmental hurdles
The Chinese are Changing the Game
▪ China wants to create major wind, solar and hybrid car industries

Chinese Government Policy Chinese Production Limits

▪ Strategic value of REO well understood
▪ Mining quota of 74,680t (2% vs. 2006)
▪ Export quotas declining annually
▫ -10% since 2004 to 43,600t in 2007
▫ -13% to 38,000t in 2008
▫ -16% to 31,888t in 2009
▪ Raising export tariffs to 15-25%
▪ Key interest in maintaining long-term
domestic supply for the Chinese
manufacturing industry
▫ Force high tech companies that need these
REEs to relocate production to China
▪ Largest REO mine Baotou (50% of world supply)
operating at capacity
▫ REO is a by-product of iron mining
▫ Future ore selection forecast to result in lower
REO grades
▪ Sichuan
▫ Environmental issues
▫ Underground mining
▪ Jiangxi, Guangdong, Hunan, Fujian
▫ Fragile resource due to over exploitation
▫ Fragile environment due to mining methods

Source: Metal-Pages
Recent Developments in the REE Markets
August 18, 2009 - China further tightens rare earth production and exports and outlines
plans to impose a total ban on the export of some rare earths materials. These include
Dysprosium, Terbium and Yttrium (australianrareearths.com)

▪Over the past year, Chinese and Japanese have been trying to secure reliable REE
reserves globally
September 24, 2009 - Australia rejected a July 21, 2009 - Mitsubishi agrees to
$400 million proposal for China Non- participate in Neo Material Technologies’
Ferrous Metal Mining to take a majority quest for rare earths outside of China
stake in Lynas Corporation (Reuters) (Press Release)

April 20, 2009 - $24 million equity
investment agreement between Arafura
Resources Limited and the Jiangsu
Eastern China Non-Ferrous Metals
Investment Holding Company was sealed
today (Mineweb)
July 21, 2009 - Great Western Minerals
Group Ltd. and Toyota Tsusho
Corporation sign letter of intent to
cooperate on exploration HREE projects
(Press Release)

September 10, 2008 - Chevron Mining agrees to sell Mountain Pass rare earth mining
operations (Molycorp Minerals, LLC) to company owned by Resource Capital Funds,
Pegasus Partners IV, LP, The Goldman Sachs Group, Inc., Traxys North America LLC
and Carint Group LLC (Press Release)
 Phone: (306) 659-4500
www.gwmg.ca info@gwmg.ca