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Namibia Critical Metals Inc. - NMREF STOCK NEWS

Welcome to our dedicated page for Namibia Critical Metals news (Ticker: NMREF), a resource for investors and traders seeking the latest updates and insights on Namibia Critical Metals stock.

Namibia Critical Metals Inc. (NMREF) is a leading company focused on developing the Tier-1 Heavy Rare Earth Project, Lofdal, a significant deposit of dysprosium and terbium essential for electric vehicles, wind turbines, and electronics. With the geopolitical importance of these metals on the rise, the Company's exploration and mining activities in Namibia offer stable supply chains. The strategic Joint Venture Agreement with Japan Organization for Metals and Energy Security (JOGMEC) provides financial support and market access for rare earth elements, securing a prosperous future for the Company and its partners.

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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.

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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.

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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.

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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.

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Namibia Critical Metals Inc. announces an updated NI 43-101 Mineral Resource Estimate for the 'Lofdal 2B-4' heavy rare earth project. The update shows significant increases in contained Dysprosium and Terbium, Total Rare Earth Oxide tonnage, and Measured and Indicated Mineral Resources. The company's President is optimistic about the resource's potential, with plans for a Pre-Feasibility Study completion in Q3 2024.
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Namibia Critical Metals Inc. divests non-material gold properties in Namibia to focus on Lofdal Heavy Rare Earth Project. Sylla Gold Corp. to acquire 95% interest in Namibian subsidiaries for 3M common shares and $100K cash.
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Namibia Critical Metals Inc. announced that it received all laboratory assays of the RC drilling campaign for its PFS study on the large-scale 'Lofdal 2B-4' heavy rare earth project. The final infill drilling campaign entailed 7 very deep reverse circulation boreholes for a total of 2,597 m in the Area 4 main deposit. The company confirmed the continuation of rare earth mineralization at depth with an increase in grade and width, and the mineralization is open in the southwesterly direction and at the depth of the Area 4 main deposit. The company appointed Qubeka, a Namibian consultancy, to develop the mine model and schedule for the planned Lofdal mines '2B pit' and '4 pit'. The final infill drilling program at Area 4 deposit was worked out to increase the level of resource categories required for the PFS for the expanded project 'Lofdal 2B-4'.
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Namibia Critical Metals Inc. (NMREF) announces that its joint venture partner, JOGMEC, has approved an additional $1,250,000 in funding, bringing the total budget for the period until March 31, 2024, to $13,050,000. The accelerated funding aims to fast-track the progression of crucial projects, ensuring timely execution and achieving key milestones ahead of schedule. NCMI intends to leverage advanced technologies and innovative methodologies to optimize processes and enhance the efficiency of mineral extraction and refining. The partnership with JOGMEC demonstrates the shared vision to capitalize on the immense potential of Lofdal and unlock significant value.
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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.
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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.
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FAQ

What is Namibia Critical Metals Inc. focused on?

NMREF concentrates on developing the Tier-1 Heavy Rare Earth Project, Lofdal, a crucial deposit of rare earth metals dysprosium and terbium.

What are the applications of dysprosium and terbium?

These critical metals are used in permanent magnets for electric vehicles, wind turbines, and other electronic applications.

Who is Namibia Critical Metals' strategic partner?

The Company has a Joint Venture Agreement with Japan Organization for Metals and Energy Security (JOGMEC) to support its mining projects and secure market access.

What is the significance of Namibia as a mining jurisdiction?

Namibia offers a proven and stable environment for mining activities, reducing geopolitical risks associated with metal sourcing.

What is the ownership structure of Namibia Critical Metals' Lofdal project?

NMREF owns a 95% interest in the Lofdal project, with the remaining 5% held for the benefit of historically disadvantaged Namibians.

What are the key terms of the Joint Venture Agreement with JOGMEC?

JOGMEC provides financial support for the Lofdal project, with various funding stages and the option to purchase production at market prices.

How does NMREF ensure dilution protection and local participation?

The agreement with JOGMEC safeguards against dilution of interests and allows for local investment to a maximum of 44% by funding pro rata.

What is the Company's latest transaction with Sylla Gold Corp.?

NMREF has amended the share purchase agreement with Sylla to divest non-material gold properties in Namibia, exchanging shares and cash consideration.

When is the closing date for the transaction with Sylla?

The closing date has been extended to no later than August 31, 2024, allowing both parties more time to complete the acquisition.

Namibia Critical Metals Inc.

OTC:NMREF

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NMREF Stock Data

7.17M
70.24M
70.42%
1.06%
Dimension Stone Mining and Quarrying
Mining, Quarrying, and Oil and Gas Extraction
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