Namibia Critical Metals and JOGMEC Enhance Investment in Lofdal Project

Namibia Critical Metals Inc. has announced a modification to its agreement with joint venture partner JOGMEC, increasing the funding commitment for the Lofdal Heavy Rare Earths Project in Namibia. JOGMEC will provide an additional C$3 million to support the completion of a Definitive Feasibility Study for the Lofdal 2B-4 project. This funding will also facilitate resource drilling at specific mining areas.

The amendment offers JOGMEC an option for pre-FID capital funding, which is non-dilutive and interest-free, aiding in quicker progression to commercial production. The agreement aims to secure a long-term supply of heavy rare earths crucial for Japanese industries.

NCMI holds a 95% interest in the Lofdal project, ensuring involvement through strategic financial structures to avoid dilution of shares below key thresholds. The target completion date for the DFS is set for Q2 2027.