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 intends to complete a non-brokered private placement worth up to $500,000 at a price of $0.20 per unit, representing an 11% discount. Each unit comprises one common share and one warrant, exercisable at $0.35 within 24 months. Additionally, the company plans to extend the expiry of 2,650,000 existing warrants by 12 months. Proceeds will primarily fund gold exploration and corporate purposes. The private placement and warrant extension are pending approval from the TSX Venture Exchange.
Namibia Critical Metals has identified initial drill targets at its Erongo Project following successful geophysical surveys over gold and arsenic anomalies. The project, which covers 337 km2, is located within the Central Namibian Gold Belt. A total of 14 reverse circulation (RC) drill holes are planned, totaling 3,700 m, to explore the Kanona North Target. The company also reported past challenges at the Grootfontein Project, including a canceled airborne survey due to military restrictions. Despite setbacks, ongoing exploration continues to show promise for gold mineralization.
Namibia Critical Metals Inc. has provided an update on its Lofdal Heavy Rare Earth Dysprosium-Terbium Project. The company successfully mined 34,500 tonnes from the Area 4 deposit as part of a starter pit for bulk sampling. A total of 300 tonnes of this material will undergo crushing and screening for sorting tests, with results expected in early January 2022. The project is being developed in partnership with JOGMEC, focusing on supplying Japan with dysprosium and terbium, essential for high-tech applications. Namibia Critical Metals holds a 95% interest in the project.
Namibia Critical Metals Inc. (OTC PINK: NMREF) announced its membership in the Rare Earth Industry Association (REIA) on November 4, 2021. The REIA represents the global rare earth element industry, aiming to enhance understanding of the REE value chain. Darrin Campbell, President, emphasized the importance of engaging with key stakeholders as the Lofdal Heavy Rare Earth Dysprosium-Terbium Project progresses in collaboration with JOGMEC. The joint venture allows JOGMEC to fund project phases, securing a 40% interest while ensuring no dilution of NMI’s equity.
Namibia Critical Metals Inc. has made significant progress in its Lofdal Heavy Rare Earth Project, completing 14,000 m of diamond drilling in the last 8 months. Key highlights include a 60% extension of the Area 4 deposit with a highest grade intercept of 1,773 ppm Dy2O3, and successful resource drilling at Area 2B. An updated resource estimate is expected by the end of March 2021. The joint venture with JOGMEC continues to play a crucial role in funding and support, with a budget of CD$4,100,000 for ongoing exploration.