Namibia Critical Metals Inc - NMREF STOCK NEWS

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.

Namibia Critical Metals Inc. (NMREF) has successfully secured approval for its common shares to trade on the OTCQB Venture Market, enhancing access for U.S. investors. This transition from the Pinks listing to OTCQB significantly increases global visibility and simplifies trading. The company’s Lofdal Project, notable for its heavy rare earth elements, is fully permitted with a robust post-tax NPV of USD $391 million and an annual IRR of 28%. The non-dilutive nature of this move ensures that existing shareholders will not face share dilution. As a result, Namibia Critical Metals aims to deepen investor engagement amidst rising interest in the rare earth sector.

Namibia Critical Metals Inc. (OTC: NMREF) announced a Letter of Intent with SGS Canada to begin pilot plant testing on a 5-tonne sample from the Lofdal HREE Deposit in Q3 2023. This testing aims to scale up laboratory flotation tests and confirm engineering design criteria for capital and operating cost estimation. President Darrin Campbell highlighted the year as pivotal for corporate development, forecasting advancements in pilot plant testing and project progress. The Lofdal Project, focusing on heavy rare earth metals like dysprosium and terbium, has a strong financial outlook with a post-tax NPV of USD$391 million and an annual IRR of 28% based on its updated PEA.

Namibia Critical Metals has initiated resource in-fill drilling at its expanded Lofdal 2B-4 Heavy Rare Earth Project as part of a Pre-Feasibility Study (PFS). The drilling campaign will include 35 RC holes totaling 4,930 meters and is expected to conclude by mid-March 2023. The project has significant potential for producing valuable elements like dysprosium and terbium. An updated PEA filed in November 2022 projected a post-tax NPV of USD $391 million and an annual IRR of 28%. The project is fully permitted and operates under a joint venture with JOGMEC, which aims to bolster resource security for Japan.

Namibia Critical Metals is advancing its Lofdal Heavy Rare Earth project in partnership with JOGMEC. A public tender process is underway to transfer JOGMEC's position to Japanese partners, initiated due to increased interest following a resource boost and the issuance of a 25-year mining license. The recent Preliminary Economic Assessment (PEA) revealed a pre-tax NPV of USD$632.7 million and a life-of-mine cash flow of USD$1.1 billion. The tender process closes on March 13, 2023, while development activities for the larger project, Lofdal 2B-4, continue unaffected.

Namibia Critical Metals has filed an updated NI 43-101 Preliminary Economic Assessment for its Lofdal Heavy Rare Earth Project in Namibia. This assessment indicates a pre-tax Net Present Value (NPV) of US$632.7 million and an after-tax NPV of US$391 million, with an internal rate of return of 34% pre-tax and 28% after-tax. The project targets significant production of dysprosium and terbium, crucial rare earth elements. The assessment is preliminary, and future economic viability remains uncertain.

Namibia Critical Metals has announced the granting of 4,000,000 stock options as part of its incentive program for employees and management. The options, exercisable at $0.14 per share over five years, come in accordance with TSX Venture Exchange regulations. The company focuses on sustainable metal production from its projects in Namibia, including the joint venture with JOGMEC at the Lofdal Dysprosium-Terbium Project. This development is crucial for the battery and electric vehicle sectors, enhancing international resource supply chains.