NAMIBIA CRITICAL METALS - NMREF STOCK NEWS

Namibia Critical Metals Inc. (NCMI) announces the successful completion of the pilot plant flotation test work for its 'Lofdal 2B-4' heavy rare earth project. The pilot plant program confirms the reproducibility of the grinding and flotation regime for the Lofdal flowsheet and the ability to scale-up the design with confirmation of engineering design criteria. The company's President, Darrin Campbell, expressed satisfaction with the results, highlighting the substantial reduction in operating expenditures and increased recovery of heavy rare earth minerals. The company's partner, JOGMEC, has continued funding commitments, demonstrating confidence in the project's progress. The project aims to meet the growing demand for heavy rare earth metals due to their pivotal role in various technological applications.

Namibia Critical Metals Inc. (NCMI) closed a non-brokered private placement, issuing 8,333,333 units at $0.06 per unit, consisting of one common share and one warrant each. The proceeds will fund marketing and general corporate purposes, with insiders acquiring $257,000 of the placement. The common shares and warrants are subject to a four-month hold period, expiring April 23, 2024.

Namibia Critical Metals Inc. (NCMI) completes the final phase of drilling for its Pre-Feasibility Study (PFS) on the 'Lofdal 2B-4' heavy rare earth project, with 10,823 m drilled in 56 boreholes. The company expects to receive assays in January 2024 and an updated resource statement in February 2024.

Namibia Critical Metals Inc. (TSXV:NMI)(OTCQB:NMREF) intends to complete a non-brokered private placement of up to $500,000, with each unit offered at a price of $0.06. The private placement represents a 7.7% discount to the closing price of the common shares on November 17, 2023. Bannerman Energy Ltd. has confirmed their intent to participate in the private placement up to a minimum amount of $209,000, representing their current pro rata ownership of the company of 41.8%. The private placement is subject to the approval of the TSX Venture Exchange and the proceeds will be used primarily to fund marketing and general corporate purposes.

Namibia Critical Metals grants 4.3 million incentive stock options

Namibia Critical Metals completes RC drilling campaign for PFS study on Lofdal 2B-4 project, confirms mineralized zones and discovers larger zone in western periphery, test work continues at SGS Lakefield, optimistic to deliver competitive PFS by mid next year.

Namibia Critical Metals Inc. announced that its partner, JOGMEC, has committed an additional C$300,000 to the ongoing Lofdal joint venture exploration program. This brings JOGMEC's total approved expenditures to C$10,375,000, fulfilling the Term 2 Expenditure requirement of C$10 million needed to acquire a 40% interest in the Lofdal Project by May 31, 2023. The company is restructuring to facilitate this interest and is preparing to present a Preliminary Economic Assessment and Preliminary Feasibility Study to Japanese companies in late June 2023. The Lofdal project has a projected life of mine cash flow of USD$1.1 billion over 16 years, targeting the production of valuable heavy rare earth elements like dysprosium and terbium. Namibia Critical Metals owns a 95% interest in the project, which is fully permitted and under a joint venture with JOGMEC.