Namibia Critical Metals Inc - NMREF STOCK NEWS

Namibia Critical Metals (NMREF) has announced successful completion of hydrometallurgical pilot plant testing for its Lofdal Heavy Rare Earth project. The test work, conducted at SGS Lakefield, resulted in a simplified flow sheet with reduced reagent consumption. Key achievements include:

- High-purity rare earth element (REE) carbonate production
- 90-94% dissolution rates for terbium and dysprosium
- Production of REE carbonate containing 3.24% dysprosium, 0.44% terbium, and 19.3% yttrium
- Thorium impurities below 0.5 g/t

Additionally, JOGMEC, the company's joint venture partner, has approved an additional $550,000 CDN budget, bringing total expenditure commitments to $15,091,000. The company expects to complete its PFS report later this year, addressing increased inflationary costs from their November 2022 PEA.

Namibia Critical Metals has completed a non-brokered private placement raising CDN$450,000 through the issuance of 12,857,143 units at $0.035 per unit. Each unit includes one common share and one-half warrant, with whole warrants exercisable at $0.05 until November 28, 2025. Two company insiders participated with $266,495 in the placement. The proceeds will fund general corporate purposes. Securities are subject to a four-month hold period until March 29, 2025, and a $1,260 finder's fee was paid.

Namibia Critical Metals (TSXV:NMI)(OTCQB:NMREF) has announced a non-brokered private placement of up to CDN $450,000 at $0.035 per unit. Each unit includes one common share and one-half warrant, with whole warrants exercisable at $0.05 for 12 months. The placement will issue up to 19,285,714 common shares. Bannerman Energy intends to participate with $189,450, maintaining their 42.1% ownership. The proceeds will fund general corporate purposes, with shares subject to a four-month hold period.

Namibia Critical Metals Inc. (TSXV:NMI)(OTCQB:NMREF) has received a renewed Environmental Clearance Certificate for mining activities on its Lofdal Heavy Rare Earth Project, valid until September 2027. The certificate allows for exploration, processing, and mining on the Mining License 200 area.

The company is making significant progress on its Pre-Feasibility Study (PFS) for the expanded "Lofdal 2B-4" project, with completion scheduled for Q1 2025. The PFS scope has been extended to include sorting test work using advanced XRF and XRT technologies to upgrade lower grade run-of-mine material. Additionally, trade-off studies are being conducted to determine the optimal sustainable power mix for the mining operation.

President Darrin Campbell expressed excitement about the potential of new sorting technologies, which may allow for the processing of previously considered 'stockpile' material, improving overall sustainability.

Namibia Critical Metals Inc. (TSXV:NMI)(OTCQB:NMREF) has mutually terminated the share purchase agreement with Sylla Gold Corp. to divest four non-material gold properties in Namibia. This termination affects the previously announced transaction on March 19, 2024, which was updated on June 13, 2024. The decision to end the agreement suggests a change in strategy or market conditions for both companies. This development may impact Namibia Critical Metals' portfolio management and future plans for these gold properties.

Namibia Critical Metals (TSXV:NMI)(OTCQB:NMREF) announced on July 3, 2024, the signing of a non-binding, non-exclusive Memorandum of Understanding (MoU) with Copenhagen Atomics for the sale of thorium from the Lofdal Heavy Rare Earth Project.

This agreement outlines the negotiation framework for a binding commercial offtake agreement, with an expected annual production of around 100 tonnes of thorium oxide at full production.

The MoU, effective for 12 months, provides a potential revenue stream from what was previously considered waste. A conditional purchase order specifying quantity, delivery date, and quality is expected from Copenhagen Atomics by January 2025.

The move aligns with Namibia Critical Metals' strategy to enhance shareholder value and diversify revenue sources.

Namibia Critical Metals (NCMI) has revised its share purchase agreement with Sylla Gold Corp. to divest four non-material gold properties in Namibia. The properties include Grootfontein, Erongo, Otjiwarongo, and Kaoko licences.

As part of the agreement, Sylla will acquire a 95% interest in NCMI's Namibian subsidiaries. The terms include the issuance of 3,000,000 common shares at $0.05 per share and a cash payment of $100,000 to NCMI. The transaction's closing date has been extended to August 31, 2024, and remains subject to regulatory approvals and TSX Venture Exchange acceptance.

This transaction is classified as Non-Arm's Length due to Darrin Campbell, President and director of NCMI, also being a director of Sylla.

Namibia Critical Metals (NCMI) announced the results of its Annual General Meeting (AGM) held on May 16, 2024. Shareholders owning 61.92% of the shares were represented. All proposals, including the election of directors and approval of the stock option plan, were passed.

Adrian Hickey, Darrin Campbell, Steve Herlihy, and William Price were re-elected as directors with over 99% of votes in favor. PricewaterhouseCoopers LLP was reappointed as auditors for the year.

Namibia Critical Metals successfully completed optimization on the hydrometallurgical flowsheet for the Lofdal Heavy Rare Earth Deposit. The company conducted tests on a concentrate sample from the Lofdal Area 4 starter pit, demonstrating the ability to produce an upgrade mineral concentrate. Key results include high REE dissolution at different sulphation temperatures, successful impurity removal, and reduction in iron dissolution. President Darrin Campbell expressed satisfaction with the positive results and potential cost reductions.