Namibia Critical Metals : New Mineralized Zone Discovered During Infill Resource Drilling on Flagship Lofdal Heavy Rare Earth Project in Namibia

Press Release

NEW MINERALIZED ZONE DISCOVERED DURING INFILL RESOURCE DRILLING ON FLAGSHIP LOFDAL HEAVY RARE EARTH PROJECT IN NAMIBIA

Halifax, Nova Scotia September 8, 2023 - Namibia Critical Metals Inc. ("Namibia Critical Metals" or the "Company" or "NCMI") (TSXV: NMI OTCQB: NMREF) is pleased to announce the completion of the RC drilling campaign for its PFS study on the large-scale "Lofdal 2B-4" heavy rare earth project.

The infill drilling campaign entailed 49 reverse circulation (RC) boreholes for a total of 8,226 m in the Area 4 main deposit and the Area 2B satellite deposit. Assays were received from Actlabs, Canada. Highlights are:

• Width and grade of the mineralised zones were confirmed by infill drilling.
• Combined mineralized intervals can reach more than 100 m length in total in some boreholes based on a combined cut-off of 0.1% TREO 1 over wider intercepts as previously used in the PEA "Lofdal 2B-4". This averaging over wider mineralised zones reflects assumed consecutive blocks in a potentially large-scaleopen-pit operation benefiting from economy of scale.
• A larger, previously unknown mineralized zone was intercepted in the western periphery of the pit shell (produced in the PEA "Lofdal 2B-4" for Area 4) demonstrating upside for additional mineralization towards the west and depth.
• Test work at SGS Lakefield continues with the pilot-scale flotation test on a 5 ton bulk sample and an extended variability testing program followed by hydrometallurgical tests.

Darrin Campbell, President of Namibia Critical Metals stated:

"The highly cost-efficient RC infill drill program delivered the expected positive results and the newly established thick zone of heavy rare earth mineralization in the western part of Area 4 highlights again the enormous potential for upside for the district-level Lofdal deposit. With several test programs at SGS at advanced stages and with positive interim outcome, we are optimistic to deliver a highly competitive PFS for "Lofdal 2B-4" by mid next year."

1 TREO" refers to total rare earth oxides plus yttrium oxide; "HREO" refers to heavy rare earth oxides plus yttrium oxide; "heavy rare earths" as used in all Company presentations comprise europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb), lutetium (Lu) and yttrium (Y). Light rare earths comprise lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd) and samarium (Sm).

RC drilling program 2023

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 drilling commenced at the end of January 2023 and was completed by June 2023.

The drilling campaign was significantly expanded from a planned total of 5,240 m. With the excellent drill performance of Prinsloo Drilling in deeper RC holes, it was decided to drill all planned diamond core (DC) boreholes up to 350 m length by the more cost-efficient reverse circulation (RC) method. Eventually, a total of 8,226 m was completed in this RC drilling campaign.

Area 2B

Area 4

Figure 1: Overview of drill collars at the Lofdal 2B-4 Project. Blue triangles indicate the drill collars of the PFS RC infill drilling campaign.

37 RC drill holes for a total of 6,446 m were drilled at Area 4 (see Figure 2). In general, mineralised zones were confirmed in its expected ranges of width and grade (Figure 3 and Table 2). The drill results confirm 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.

Several intercepts in boreholes drilled in the periphery of the planned pit shell for Area 4 open pit, show wide mineralized zones which might form significant additional resources in the planned update of the Mineral Resource Estimate. An example for a mineralized zone currently not included in the pit shell is depicted in the section through the western periphery of planned Area 4 open pit (Figure 4) with borehole L4D0207 returning 9 mineralized intervals using a

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cut-off of 0.1% TREO2, including 14 m at 0.17% TREO from 295 m and 21 m at 0.11% TREO from 262 m (see Table 3).

Figure 2: Geological map of Area 4 indicating all historical and the 2023 RC infill drill collars

Further, sampling was extended to the hanging wall of the "main mineralized zone". Assays show wide zones of up to 100 m of additional low to moderate grade HREO mineralization which will undergo an assessment for upgrade and beneficiation by sorting technologies, and thus might potentially further increase mine life or throughput of the future Lofdal mine.

Mineralized intercepts are summarized in Table 2. The intercepts were generally selected based on an assumed cut-off of 0.1% TREO as previously used in the PEA "Lofdal 2B-4" (see press release on 14 Nov 2022). However, the intercepts partly include a significant amount of samples with <0.1% TREO in order to reflect the width of the mineralized zone potentially forming consecutive ore blocks in a large-scale open pit operation. By including lower grade mineralization, the combined mineralized intervals may reach more than 100 m length in total like in borehole L4R0208 with 63 m length from 275 m and 53 m length from 173 m, and borehole L4R0210 with 51 m length from 285 m, 27 m length from 252 m and 29 m from 213 m (for details see Table 3). The longest consecutive mineralized interval is 105 m length from 123 m in borehole L4R0199.

2 "TREO" refers to total rare earth oxides plus yttrium oxide; "HREO" refers to heavy rare earth oxides plus yttrium oxide; "heavy rare earths" as used in all Company presentations comprise europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb), lutetium (Lu) and yttrium (Y). Light rare earths comprise lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd) and samarium (Sm).

Figure 3: Section through the eastern part of Area 4 (location see on Figure 2) indicating the mineralised intervals by display of TREO grades (grey bars) and Dy2O3 (color bands)

Figure 4: Section through the western part of Area 4 (location see on Figure 2) indicating the mineralised intervals by display of TREO grades (grey bars) and Dy2O3 (color bands)

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In Area 2B, 12 RC holes were drilled for a total of 1,780 m. Drilling was expanded by 4 boreholes to cover the mineralized zone extending to the east of the currently planned pit shell, see Figure 5.

Infill drilling at Area 2B is completed for the update and increase of resource categories of the Mineral Resource Estimate as suggested by The MSA Group for the PFS/DFS level for Lofdal's planned satellite open pit "Pit 2B" while Area 4 requires a further 6,000 m of DC drilling in 16 boreholes for the deeper portion of this sub-deposit.

Figure 5: Geological map of Area 4 indicating all historical and the 2023 RC infill drill collars.