NAMIBIA CRITICAL METALS - NMREF STOCK NEWS

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.

Namibia Critical Metals has released a Preliminary Economic Assessment (PEA) for its Lofdal Heavy Rare Earth Project, reporting a pre-tax NPV of $632.7 million and an internal rate of return (IRR) of 34%. The project, featuring a simplified processing flow and significant potential for dysprosium and terbium production, aims for an annual throughput of 2 million tonnes. Key figures include a planned capital cost of $207 million and a payback period of 3.2 years. The PEA is based on only 50% of the current resource estimate, suggesting significant upside potential as exploration continues.

Namibia Critical Metals has announced significant advancements in its Lofdal Heavy Rare Earth project. The project, developed in partnership with Japan Oil, Gas and Metals National Corporation (JOGMEC), aims to supply valuable heavy rare earths to Japan. Recent tests conducted by SGS Minerals Services revealed a recovery rate exceeding 94% for dysprosium and terbium, confirming the project's viability for large-scale production. The Lofdal Project is fully permitted and expected to create local jobs while facilitating exports of rare earth products.

Namibia Critical Metals has provided an update on its Lofdal Heavy Rare Earth project, highlighting successful flotation tests resulting in over a 20x upgrade of heavy rare earths. In partnership with JOGMEC, the project aims to sustainably supply dysprosium and terbium for high-tech applications. The recent flotation program involved more than 110 tests, achieving a recovery of 67-70% TREO from low-grade samples. The project’s resource estimate has increased to 44.76 million tonnes at an average grade of 0.17% TREO. The simplified processing flowsheet is undergoing economic evaluation, with further test work planned.

Namibia Critical Metals Inc. (OTC PINK:NMREF) announced that Bannerman Energy Limited has entered into an agreement to acquire 82,290,680 common shares, equating to 41.8% of NMI. This acquisition is expected to enhance strategic alignment and synergies with Bannerman's Etango Uranium Project in Namibia, completing within 30 days. Additionally, NMI's CEO Darrin Campbell expressed optimism about the partnership’s potential to leverage Bannerman's expertise to enhance the Lofdal Project, anticipated to supply crucial dysprosium and terbium metals for emerging markets.