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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.
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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.