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. develops the Lofdal Heavy Rare Earths Project in Namibia, a heavy rare earth deposit focused on dysprosium, terbium and yttrium. Company updates center on technical studies for Lofdal 2B-4, metallurgical development, resource drilling, mine planning and the project's Mining License held through Namibia Rare Earths (Pty) Ltd.
Recurring news also covers the company's joint venture and earn-in arrangements with Japan Organization for Metals and Energy Security, strategic supply-chain relationships for heavy rare earths, and corporate finance items such as warrant exercises, stock options and working-capital funding.
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.
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