Halifax - Namibia Critical Metals Inc. ('Namibia Critical Metals' or the 'Company' or 'NCMI') (TSXV: NMI OTCQB: NMREF) is pleased to announce that it received all laboratory assays of the RC drilling campaign for its PFS study on the largescale 'Lofdal 2B-4' heavy rare earth project.
The final infill drilling campaign entailed 7 very deep (end of hole between 325 and 401 meters) reverse circulation boreholes for a total of 2,597 m in the Area 4 main deposit. Assays were received from Actlabs, Canada. Highlights are:
Continuation of the rare earth mineralization at depth was confirmed by all infill drill holes in grade and width in accordance with the geological model. The last borehole drilled (L4R0218) showed an increase in grade and width of the heavy rare earth mineralization and confirmed that the rare earth mineralization is open in southwesterly direction and at depth of the Area 4 main deposit. The Company appointed Qubeka, a Namibian consultancy specialised in surface mine planning and engineering to develop the mine model and schedule for the planned Lofdal mines '2B pit' and '4 pit'. Qubeka is highly recognized and produced mine plans and engineering solutions e.g. for QKR's Navachab, B2Gold's Otjikoto and Osino's Twin Hill gold mines.
Darrin Campbell, President of Namibia Critical Metals stated: 'Another important milestone was reached, and I am very pleased to see the boxes systematically getting ticked for the PFS of our expanded project 'Lofdal 2B-4'. With the drill data already at The MSA Group I'm looking forward to an updated Mineral Resource Statement towards the end of February this year, and a kick-off of the detailed mine planning for both, the planned Area 4 and Area 2B pits by the internationally highly recognized Namibian consultancy Qubeka.'
Final infill drilling program at Area 4 deposit
A final drill program was worked out by the Company with support by The MSA Group to increase the level of resource categories as required for the PFS for the expanded project 'Lofdal 2B-4'. Resource infill drilling was completed in November 2023. The drilling campaign entailed 7 boreholes with the cost-efficient reverse circulation (RC) method. In total of 2,597 meters were drilled with the deepest borehole reaching a depth of 401 m. Logging of the drill core confirmed the geological model of structural zones acting as fluid channels and controlling intensity, pinching and swelling as well as splaying of the wide mineralized zones.
About Namibia Critical Metals Inc.
NCMI is developing the Tier-1 Heavy Rare Earth Project, Lofdal, a globally significant deposit of the heavy rare earth metals dysprosium and terbium. Demand for these critical metals used in permanent magnets for electric vehicles, wind turbines and other electronics is driven by innovations linked to energy and technology transformations. The geopolitical risks associated with sourcing many of these metals has become a repeated concern for manufacturers and end users. Namibia is a proven and stable mining jurisdiction. The Lofdal Project is fully permitted with a 25-year Mining License and is under a Joint Venture Agreement with Japan Organization for Metals and Energy Security (JOGMEC). The Company filed a robust updated PEA for 'Lofdal 2B-4' on November 14, 2022, with a post-tax NPV of USD$391 million and an annual IRR of 28% with a capital expenditure of USD$207 million. The project is projected to generate a life of mine nominal cash flow of USD$698 million post-tax over a 16-year mine life.
About Japan Organization for Metals and Energy Security (JOGMEC) and the JV JOGMEC is a Japanese government independent administrative agency which seeks to secure stable resource supplies for Japan. JOGMEC has a strong reputation as a long term, strategic partner in mineral projects globally. JOGMEC facilitates opportunities with Japanese private companies to secure supplies of natural resources for the benefit of the country's economic development. Rare earth elements are of critical importance to Japanese industrial interests and JOGMEC has extensive experience with all aspects of the sector. JOGMEC provided Lynas with USD$250,000,000 in loans and equity in 2011 to ensure supplies of the Light Rare Earths metals suite to the Japanese industry. Namibia Critical Metals owns a 95% interest in the Lofdal project with the remaining 5% held for the benefit of historically disadvantaged Namibians. The terms of the JOGMEC joint venture agreement with the Company stipulate that JOGMEC provides C$3,000,000 in Term 1 and C$7,000,000 in Term 2 to earn a 40% interest in the Lofdal project. Term 3 calls for a further C$10,000,000 of expenditures to earn an additional 10% interest. JOGMEC can also purchase another 1% for C$5,000,000 and has first right of refusal to fully fund the project through to commercial production and to purchase all production at market prices. The collective interests of NCMI and historically disadvantaged Namibians cannot be diluted below a 26% carried working interest upon payment of C$5,000,000 to JOGMEC for the dilution protection. NMI may elect to participate up to a maximum of 44% by funding pro rata after the earn in period is completed. To date, JOGMEC has completed Term 2 and earned a 40% interest by reaching the C$10 million expenditure requirement. JOGMEC has approved an additional C$3,050,000 budget for Term 3 through to March 31, 2024. Total approved project funding to date is C$13,050,000 of the $20,000,000 Earn-In requirement to reach 50% interest.
Contact:
Darrin Campbell
President
Tel: +01 (902) 835-8760
Email: Info@NamibiaCMI.com
Web: www.NamibiaCriticalMetals.com
This news release contains certain 'forward-looking information' within the meaning of applicable securities laws. Forward looking information is frequently characterized by words such as 'plan', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate', 'may', 'will', 'would', 'potential', 'proposed' and other similar words, or statements that certain events or conditions 'may' or 'will' occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
NAMIBIA CRITICAL METALS INC. 
