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R E th El t Rare Earth Elements, Corporate and Project
I f tiInformation
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www.avalonraremetals.com March 2010
Safe Harbour Statement
Forward looking information
Certain statements contained in or incorporated by reference into thispresentation constitute forward-looking statements. Such statementsreflect the current views of Avalon Rare Metals Inc with respect to futurereflect the current views of Avalon Rare Metals Inc. with respect to futureevents and are subject to certain risks, uncertainties and assumptions.Many factors could cause the actual results, performance or achievementsof Avalon Rare Metals Inc. that may be expressed or implied by suchy p p yforward-looking statements to vary from those described herein shouldone or more of these risks or uncertainties materialize. Avalon Rare MetalsInc. does not intend, and does not assume any obligation, to update theseforward-looking statements.
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RARE EARTH ELEMENTSRARE EARTH ELEMENTSINDUSTRY, ECONOMICS &
APPLICATIONS
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What are Rare Earth Elements?
Light REE:La = LanthanumLa = LanthanumCe = CeriumPr = PraseodymiumNd = NeodymiumSm = Samarium
Heavy REE:Eu = EuropiumGd = GadoliniumTb = TerbiumTb = TerbiumDy = DysprosiumHo = HolmiumEr = ErbiumTm = ThuliumYb Y biYb = YtterbiumLu = LutetiumY = Yttrium
Neodymium Dysprosium Terbium and Europium in highest demand
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Neodymium, Dysprosium, Terbium and Europium in highest demand
REE Economics: A Question of Balance Between Q“Heavies” and “Lights”
Only occur altogether as a group and recovered as a group & must beOnly occur altogether as a group and recovered as a group & must be sequentially separated at additional cost
In most deposits, the balance is tipped toward the light rare earths (“ ) 9 99% f(“LREE”) which comprise 97-99% of resource
Deposits having an unusual balance with a high proportion of heavyrare earths (“HREE”) are very rare( ) y
Consequently, HREE are much more valuable
US$470.00/kg for europium vs. US$4.00/kg for cerium
Basal Zone of Nechalacho deposit is exceptional among hard rock REE deposits for it’s high proportion of HREE (>20%)
Implies a high value ore and higher operating margins
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p g g p g g
Rare Metals: Key to the Green Energy EconomyEnergy Economy
Rare earth elements (“REE”) such as Neodymium, Terbium and Dysprosium; & other rare metals such as Lithium, Gallium, Indium, Tantalum, Zirconium
Creating new materials such as thin films (solar) and high strengthCreating new materials such as thin films (solar) and high strength magnets, the key to energy-efficient electric motorsRenewable energy: solar power and wind turbinesLED lighting, rechargeable batteries, light weight alloysHybrid and electric cars (30 kg REE)
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Main Green Energy Economy Applications of Rare Earth
Application Rare Earth T h l
REE Required
ppElements
Technology
Hybrid, Electric and Plug-in Cars
REE permanent magnets
Nd, Pr, Dy, Tb
Wind and tidal power generation
REE permanentmagnets
Nd, Pr, Dy, Tb
Flat screen displays and monitors
REE phosphors create the colors blue, green and red
Y, Eu, Tb, Gd, Pr, Ce
LED lights REE phosphors Y Eu TbLED lights REE phosphors enable light to match brightness and color with substantially less energy usage
Y, Eu, Tb
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less energy usage
Key Application of REE:Magnets for Electric MotorsMagnets for Electric Motors
REE (Neo) Magnets reduce electric motor/generator size and weight, improve efficiency
Major new applications include:Industrial air conditioners (500 kg)
100 Kw generator with neo magnets
Industrial air conditioners (500 kg)Hybrid-electric cars (1-3 kg)Wind turbines (0.75-1.0 tonne/MW)MRI machines (1-3 tonnes)
Use of REE magnets in air conditioners can reduce power consumption by 50% with same performancep y p
HREE dysprosium is key to making “heat resistant” magnets vital to automotive and other applications
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Emerging REE Magnet ApplicationsApplications
Tidal Power Generation TurbinesBeing installed in Nova Scotia and B.C. in 2010
100 MW potential in Nova Scotia
Run of River PMG hydro power generationRun-of-River PMG hydro power generationA 4MW generator contains 1 tonne of Nd magnets
Electric Bicycles (EB)y ( )300-350 g Nd Magnets per EB,
20 million EB sold in China in 2009
Sales forecast to grow 30 million EB pa = 9 000 tpa Nd magnetsSales forecast to grow 30 million EB pa = 9,000 tpa Nd magnets
Magnetic RefrigerationUses alloys of gadolinium magneto-caloric effect
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y g g
Commercialization within 1-2 years
China Dominates Global REE ProductionProduction
China currently produces over 95% of global REE supplyChina now imposing export gquotas and tariffs on REE New non-Chinese supply sources needed to maintain
Mountain Pass, USA era
balanceSupplies of key HREE from China (Y, Dy, Tb) will remain ( , y, )tight with potential for a complete export banJapan totally reliant on China
Yet, Chinese companies are actively trying to acquire additional REEresources around the world. Why?
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p yfor supplies
Global Rare Earths Market
IMCOA 2009 updated market forecast Global demand in 2008 124,000 tonnes TREO valued at US$1.25 billion
Forecast demand in 2014200,000
250,000
O Forecast demand in 2014 200,000 tonnes TREO valued at US$2-3 billion, assuming 10% per annum growth rate in
100,000
150,000
Deman
d tp
a ‐ R
EO
p gdemand from existing technology only
Does not factor in demand
0
50,000
2004
2005
2006
2007
2008
2009f
2010f
2011f
2012f
2013f
2014f
ROW = rest of world supply (yet to come on stream) TREO = Total Rare Earth Oxides
Does not factor in demand from new technology
Estimated that 25% of all new t h l i l REE
China Supply ROW Supply Adjusted Global Demand China Demand
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st ea ) O ota a e a t O des technologies rely on REE
Rare Earth Element Prices
Source: Metal-Pages.com, February 26, 2010Prices are indicative and basis FOB ChinaPrices are indicative and basis FOB China
Metal Oxide Principal Uses Price US$/kg
Light Rare EarthsLanthanum Oxide 99% min Re-chargeable Batteries 5.30 – 5.80
Cerium Oxide 99% min Catalyst, glass, polishing 3.90 – 4.40
Praseodymium Oxide 99% min Magnets, glass colourant 25.50 – 26.00
Neodymium Oxide 99% min Magnets, lasers, glass 26.50 – 27.00
Samarium Oxide 99% min Magnets, lighting, lasers 4.25 – 4.75
Heavy Rare EarthsEuropium Oxide 99% min TV colour phosphors: red 470.00 – 490.00
Terbium Oxide 99% min Phosphors: green, magnets 420.00 – 440.00
Dysprosium Oxide 99% min Magnets, lasers 130.00 – 135.00
Gadolinium Oxide 99%min Magnets, superconductors 7.40 – 7.90
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Yttrium Oxide 99.999% min Phosphors, ceramics, lasers 10.00 – 10.50
Price Trends:Dysprosium & Terbium OxideDysprosium & Terbium Oxide
Source: Metal-Pages.com. basis FOB China
Dy Current Price:US$135/kg
Tb Current Price:US$440/kg
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US$135/kg US$440/kg
Recent Developments in REE MarketsMarkets
Chinese interests trying to acquire REE resources outside China in Australia (and elsewhere?)
China Non-Ferrous Mining blocked from acquiring 51% interest in Lynas Corporation by FIRB (Mount Weld)y p y ( )East China Exploration acquires 25% interest in Arafura Resources (Nolan’s Bore)
In 2008 Chevron sells Molycorp (Mountain Pass Mine) to U SIn 2008, Chevron sells Molycorp (Mountain Pass Mine) to U.S. private equity led by Resource Capital Funds and Goldman Sachs... IPO in 2010?
China announces further reductions in REE export quotas and announces a potential ban on future exports of unprocessed HREE: notably dysprosium and terbium
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HREE: notably dysprosium and terbium
REE Investment Criteria
Heavy rare earth enrichment is key
Light rare earth deposits are not rare at all and need to be exceptional grade toLight rare earth deposits are not rare at all and need to be exceptional grade to compete with existing and emerging light rare earth sources
Only heavy rare earths are truly supply-challenged
Deposit / resource size is not a critical factor in valuation (many are large)
REE Mineralogy/Metallurgy is very important
Many REE-bearing minerals, not all amenable to REE recovery
Some are high in REE (bastnaesite) some low (apatite)Some are high in REE (bastnaesite), some low (apatite)
Presence of contaminants an important consideration (U, Th)
How advanced is the project?
“It i t l t t j f i iti l d li ti t i l“It is at least a ten year journey from initial resource delineation to commercial operation” – Nick Curtis, CEO, Lynas Corp.
Size of global REE market, while growing, is not yet big enough to support dozens of new producers
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First mover advantage for more advanced projects
AVALON RARE METALS INC.AVALON RARE METALS INC.
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Project Locationsj
THOR LAKERare EarthsRare EarthsTantalumNiobiumZirconiumBerylliumGalliumLithiumHafniumThoriumAvalon offers
diversifieddiversified exposure to a broad range
f l
All projects 100% owned
of rare metals
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j
Avalon’s Competitive Advantages: NechalachoAdvantages: Nechalacho
Basal Zone has exceptionally high proportion of heavy p y g p p yrare earths ( >20%)
Implies a high value ore and higher operating margins
Viable metallurgical process defined
Valuable by-products (zirconium, niobium, gallium)
Low thorium, no significant contaminants
Relatively advanced compared to new entrantsAlready 5 years along the “10 year journey”
Well-financed ($15 million), no debt
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Experienced management, technical experts
Capital Structureas at March 23 2010as at March 23, 2010
Canada - TSX: AVLCanada TSX: AVL
United States - OTCQX: AVARF SEC 12g3-2(b) # 82-4427
Shares Outstanding 78,801,698
Fully Diluted 87 483 198Fully Diluted 87,483,198
Market Capitalization C $201 million (S/O @ $2.55)
Recent Price Range C $2.40 - $3.00
52 Week High / Low C $4.24 - $0.51
Cash Reserves C $15.0 million
Insider Share Position 3.4 million shares (4.3%)( )
Institutional holdings (25%) CPP, TDAM, Front St., Excalibur, NatCan, MFC
Global, Faircourt, Cantara, Seamans, Fuchs Glbl
Balance Sheet Assets C $42 5 million (Nov 30/09)
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Balance Sheet Assets C $42.5 million (Nov. 30/09)
One Year Price Chart (TSX)( )
CIBC Financing
CNBC / NY Times
The Dines Letterg
Prospectus cleared
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2010 Corporate Prioritiesp
Complete Nechalacho prefeasibility by April, 2010, then:Begin Environmental Impact Assessment and project permittingInitiate pilot plant work to optimize process flowsheetUpdate resources and begin mine planningUpdate resources and begin mine planningDevelop First Nations partnerships
Accelerate Nechalacho rare metal product marketingRecruited rare metals marketing expertise – Pierre NeatbyConsider strategic partnerships
Evaluate strategic alternatives for Separation RapidsEvaluate strategic alternatives for Separation Rapids
Complete East Kemptville preliminary economic assessment, secure surface rights and advance to final f ibilit
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feasibility
Management, Directors& Strategic Advisors& Strategic Advisors
Management DirectorsDonald S. Bubar, P.Geo, President, CEO & Director
Jim Andersen, C.A., C.P.A.,
Alan Ferry, CFANon-Executive Chairman
Brian D. MacEachen, C.A. A dit C itt Ch iV.P. Finance & CFO
Bill Mercer, Ph.D., P.Geo., V.P. Exploration
Audit Committee Chair
Hari Panday, C.A.
Peter McCarter, B.A., LL.B., M.B.A. Chair Governance/Compensation ctteDavid Swisher, B.S. Min.Eng.
V.P. Operations
Charlotte May, Corporate Secretary
Chair Governance/Compensation ctte
Phil Fontaine, B.A., LL.D.
Strategic Advisors Cindy Hu, CA, CPA, CGA, Controller
Virginia Morgan, B.Com, Manager, Investor Relations
F. Dale Corman, P.Eng.
Gerald Prosalendis, Communications
David Connelly, Community Relations
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Joe Monteith, Business development
NECHALACHO, THOR LAKENECHALACHO, THOR LAKEPROJECT DETAILS, CSR PRACTICES
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Thor Lake: Project Locationj
Proximity to yGreat Slave Lake provides access toaccess to railhead at Hay River by barge in summer and ice road in winter. Current access is fly-in
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in.
Nechalacho Geological Model Evolving Evolving
Blachford Lake PeralkalineIntrusive Complex, NWT
Grace Lake GraniteBiotiteGranodiorite
I d G
Model Section
Leucoferrodiorite
T-Zone
Thor Lake Syenite
Two-Mica
Granite
WhitemanLake Quartz
Syenite
Interpreted Geometryin Cross Section
A i l f l dCaribouLake
Gabbro
Thor Lake SyeniteGranite
Hearne Channeland Mad Lake
Granites
A unique example of a layered Peralkaline intrusive complex, with the upper, rare metal-richpart of the system readily
ibl f i i
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accessible for mining.
Nechalacho REE Deposit:Development ProgressDevelopment Progress
2007: Scoping study, expln. drilling & $16 million financing2008: Delineation drilling programs 16,640 metres, 85 holes and 43-101 resource estimate, community engagement2009: Definition drilling 14,575 metres, 70 holes, metallurgical, g , , , g ,environmental and market studies & $17.5 million financing2010: Pre-feasibility study, begin EA, MOU, engineeringExpenditures to date total over $16 0 millionExpenditures to date total over $16.0 million$10 million in planned expenditures CY2010
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Nechalacho REE Deposit: Drill Hole Location MapDrill Hole Location Map
N-S Section line
cc KeyccE-WSection Line
Key Area
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156156
Nechalacho REE Depsoit
N-S Composite Section (looking west)
p
U LREE Z
Area of Indicated resources
Upper LREE Zone170m
1590m
Basal HREE ZoneAverages 30 m thick, 2% TREO 20% HREE
Hole 70: 1.90% TREO with 32.6% HREO
Hole 154: 1.88% TREO
1590m
TREO, 20% HREE over 6.0 metres with 20.5% HREO over 20.0 metres Drill Hole with
Basal Zone
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Intercept
Basal Zone Drilling ProgramMain Target AreasMain Target Areas
N Basal Zone BreakN
N-S Section
Basal Zone Break
-206
Approx. area of existing Indicated
-162
-161 -143
-208
-207
New target areaexisting Indicated
Mineral Resources
-159 -157
-160 -155 -158
-142 -153
-176 -175Hole L09-207 intersected 43.0m @1 89% TREO with 27 2% HREO
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142-154
1.89% TREO with 27.2% HREO
Nechalacho REE Deposit Mineral Resources @ 1.60% TREO Cut-off Grade Jan. 14, 2010
Zo ne Mill io ns to nne s % T REO % HREO HREO/T REO
INDICAT ED MINERAL RESOURCES
Basal Zone 9.00 1.86 0.43 23%
INFERRED MINERAL RESOURCES
Upper Zone 22.44 2.00 0.16 8%
Basal Zone 37.56 1.94 0.40 21%
Sufficient Indicated to support PFS. Good continuity confirmed in Basal Zone.I di t d Mi l R d t d b H d t C lt t f i i l ti t b W d
Basal Zone 37.56 1.94 0.40 21%
T o ta l 60.00 1.96 0.31 16%
Indicated Mineral Resources updated by Hudgtec Consultants from original estimate by Wardrop Engineering Ltd (A Tetratech Company) and subject to final audit for PFSDefining Indicated Resources is a function of drill hole spacing being reduced to average of 50 metres.
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TREO = total rare earth oxides, HREO = heavy rare earth oxides (europium to lutetium + yttrium)
REE Distribution in the Basal Zone Ore Compared with Other pREE Deposits & Avg. Value/kg
100
70
80
90
100
40
50
60
70
SEGYT
Nd,Pr, Dy
20
30
40 Ce,La
Value 9 9 11 4 10 5 3 6 14 2 22 1 US$/kg
0
10
Mt Pass Baotou Sichuan MtWeld Nolans ThorLake
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Value 9.9 11.4 10.5 3.6 14.2 22.1 US$/kgBased on fall, 2008 prices from metal-pages.com and criteria defined by Arafura Resources Limited
Nechalacho AeromagneticsAssociated anomaly indicates potential extensions to REE deposit potential extensions to REE deposit in subsurface
1k1km
Nechalacho deposit:Known exposed extent
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South Basal Zone Geometryy
The Basal Zone is deeper to the south underLong Lake where higher HREE grades are found
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S. Basal Zone Geometry and Ore Blocks with >0 5% HREOOre Blocks with >0.5% HREO
Clear correlation of high HREE gradeswith deeper parts of Basal Zone and this area is open to the south under cover rocks
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Nechalacho REE Deposit Conceptual Development PlanConceptual Development Plan
Barren Rock D mp
VentMine Portal
Barren Rock Dump
Tailings PondLong Lake
Underground MiningUpper Zone
g g
Basal Zone
Tailings Storage
Mining underground room & pillar/long-hole stopingMining underground room & pillar/long hole stoping1,000 tonnes per day (tpd) years 1 to 4, ramping to 2,000 tpd by year 8
Flotation processing to produce mineral concentrate (80% recovery)Hydrometallurgical treatment of mineral con in plant south of GSLy g p
Production of 5,000 to 10,000 tpy TREO in chemical concentrateMixed REE carbonates shipped to third party for separation
Market capture 2 to 5% (est. 2014 TREO demand ), 5 to 10% of HREOO i C $200 250/ i l i i ill & h d
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Operating Costs: $200-250/tonne inclusive mine, mill & hydromet
Basal Zone HREE Mineralization in Zircon and Fergusonite: gMetallurgical Recovery Process
82-85% REE Recovery in on-site plant82-85% REE Recovery in on-site plantFine-grinding (40 micron)
Froth Flotation
H d t ll i l l t l t d ff it
20μm
Hydrometallurgical plant located off-site Caustic cracking of REE con followed by acid leaching (HCl or H2SO4) will put 90% of REE plus Zr and Nb into solution90% of REE plus Zr and Nb into solution
Solvent extraction then precipitation of two mixed REE carbonates (one mainly LREE, second mainly HREE)Fergusonite
ZiLREE, second mainly HREE)
Separation of REE oxides (Asia?)
REE Y La Ce Pr Nd Sm Eu Gd Tb Dy Ho Er Tm Yb Lu
REE distribution in fergusonite:
Zircon
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Oxide % 29.0 0.30 4.40 1.70 15.6 10.4 1.60 14.3 1.80 9.80 1.20 4.10 0.70 4.40 0.70
Metallurgical Progressg g
Mine Site Flotation Process Testwork CompleteFlowsheet Developed optimization continuingFlowsheet Developed, optimization continuingConfirmation testing in progress with Xstrata Process Control
Hydrometallurgical Testwork OngoingC ti ki ith N OH f ll d b l hi i l ith H SOCaustic cracking with NaOH followed by leaching mainly with H2SO4
Excellent progress to deliver 4-6 products:HREE mixed carbonateLREE mixed carbonateNiobium Pentoxide & Zirconium Oxychloride by-productsGallium and tantalum (possibly)
2010 PlansUtilize existing 5 MT of core stored in Yellowknife Mini-pilot plant at Xstrata facility to produce 600 kg concentrateHydroMet pilot run using 20kg per day for 30 days
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TREO Production Forecast vs. 2014 Demand Forecast2014 Demand Forecast
Nechalacho 2014Nechalacho 2014 production forecast at 5,000 or 10,000 tonnes of total rare
th idearth oxides per annum
2014 Demand forecast after Kingsnorth, 2009
49 4% La + Ce49.4% La + Ce21.3% Nd + Pr 3.7 % Sm25.6% Heavies +Y
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Schedule to Production in 2014Capital Costs at +$400 millionCapital Costs at +$400 million
Thor Lake P j t S h d l
2010 2011 2012 2013 2014 2015
Aboriginal Engagement
Pre-feasibility Draft Document
Draft HydroMet Flowsheet
Project Schedule Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q3 Q4 Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4
Final Pre-feasibility Report
Project Description Report
MVLWB Prescreening Process
MVEIRB EA ProcessMVEIRB EA Process
Ministerial Approval
MVLWB LUP/Water Licensing
Bankable Feasibility
Final Designs & Financing
Project Construction
Project Start-up
S &
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Sales & Market Development
Permitting Processg
Upon completion of PFS, Avalon will generate a project d i ti t t b it t th M k i V ll L d ddescription report to submit to the Mackenzie Valley Land and Water Board (MVLWB) for a Type A Land Use Permit (LUP) & Type A Water License
45 day pre-screening process
2.0 year Environmental Assessment (EA) Process conducted by the Mackenzie Valley Environmental Impact Review Board
3 to 6 month Federal Ministerial review & approval
1.0 year MVLWB process to finalize LUP & Water License and determine conditions for eachdetermine conditions for each
Posting Environmental Bond
Begin Construction. Capital cost est. $400 million +/- 10-15%
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g p
A Leader in Environmental & Social Responsibility: Winner of p yPDAC’s 2010 e3 Plus Award
Naming ceremony
Community meetings and site visits
March 2010 PDAC Awards CeremonyAccepting award
from Jon Baird, PDAC
President
First Nations training
Employment at site
President
p y40% aboriginal
Business development
Wind power evaluation with YKDFN
Sept 2009 naming ceremony
Chiefs Ed Sangris and Ted Tsetta with Don
Bubar
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with YKDFN
Thor Lake Project Consultants j
David Trueman, Ph.D., P.Geo, Rare Metals Geologist
Chris Pedersen, P.Geo, Rare Metals Geologist
Bruce Hudgins, P.Geo. Resource database management
John Goode, P.Eng. Metallurgical Consultant
SGS Lakefield Research, Metallurgy & Mineralogy
Scott Wilson RPA Inc., Pre-Feasibility Study Independent Consultants
Ian M. London, P. Eng. Energy and Market Development Consultantg gy p
Jacques Whitford Stantec, Permitting, Environmental Studies
Pierre Neatby, Market Development
Kaz Machida KAY Investment REE Market Dev AsiaKaz Machida, KAY Investment, REE Market Dev. Asia
McGill University, (Dr. A.E. Williams-Jones) Geological Research
Fasken, Martineau Dumoulin, Aboriginal Law
CIBC World Markets Investment Bankers
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CIBC World Markets, Investment Bankers
OTHER PROJECTSOTHER PROJECTS
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Separation Rapids - Lithiump p
Separation Rapids is a large NI 43-101 compliant p p g plithium resource defined, that is permitted to start production once a market is established and development partnerships are finalized
2010 PlansContinue lithium product marketingConsider strategic options to take advantage of investor i i li hi l d h bl binterest in lithium related to rechargeable battery demand growth
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East Kemptville Tin-Indiump
Preliminary Economic Assessment in progressExpenditures in 2009: $318,000New resource block model developed from historical dataMetallurgical testing completedMetallurgical testing completed 90% recoveries of tin achievable using new technologyAttractive economics at current tin pricesPotential for tin recoveries from old tailingsPotential for tin recoveries from old tailings
2010 PlansNegotiate site access for confirmation drilling & tailings samplingComplete PEA and attempt to secure surface rights$500,000 regional exploration program in progressDrilling of three high priority targets commenced in January
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Drilling of three high priority targets commenced in January
Tin-Indium Market Demand
Growing demand for tin and indium from consumer electronics industriesindustriesTin is increasingly being used to replace lead in solders due to lead toxicity issues. Europe, China and California have all recently passed laws requiring the use of lead free solders inrecently passed laws requiring the use of lead-free solders in electronics. Tin and indium are used as an alloy in flat-screen display panels. Indium is alloyed with gallium in CIGS (Copper Indium GalliumIndium is alloyed with gallium in CIGS (Copper Indium Gallium Selenide) solar panelsPrices for tin quoted on the London Metal Exchange at over US$8 00/lb compared to less than US$2 00/lb when EastUS$8.00/lb, compared to less than US$2.00/lb when East Kemptville ceased operations in 1992Indium (99.99% purity) is currently trading at prices in excess of US$500/kg in China
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US$500/kg in China
East Kemptville Regional Targets MagneticsTargets - Magnetics
Duck Pond Deposit~9mt @ 0.11% Sn + Zn&Cu
Main and Baby Zone
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Corporate Informationp
Avalon Rare Metals Inc. 130 Adelaide St. W, Suite 1901Toronto, ON Canada M5H 3P5
T: (416) 364 4938 ۰ F: (416) 364 5162T: (416) 364-4938 ۰ F: (416) 364-5162
www.avalonraremetals.comwww raremetalblog comwww.raremetalblog.com
Investor Relations: i @ l t lir@avalonraremetals.com
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