Oberndorf Entities Dispose of All of Their Securities of Namibia Rare Earths Inc.

TORONTO, ONTARIO--(Marketwired - May 24, 2017) - Entities controlled by William E. Oberndorf (the "Oberndorf Entities") today announced that they have disposed of their ownership of 23,725,000 common shares ("Common Shares") of Namibia Rare Earths Inc. (the "Company"), representing approximately 28.3% of the total Common Shares outstanding through a private agreement at a price of CAD$0.0041667 per share for total consideration of CAD$98,854.16 in cash. As a result of the foregoing, the Oberndorf Entities no longer own any securities of the Company. The Oberndorf Entities have no current intention to acquire any further Common Shares of the Company.

For more information or to obtain a copy of the early warning report filed under National Instrument 62-103, please contact Gary Scheier, Chief Financial Officer, Oberndorf Enterprises LLC, telephone +1 415-500-6900.