Namibia Critical Metals Welcomes Toyota Tsusho as Strategic Partner in the Lofdal Heavy Rare Earths Project

The most recent news (March 17, 2026) announces that Toyota Tsusho Corporation has been selected by JOGMEC to join the Lofdal Heavy Rare Earths Project. Toyota Tsusho, the trading arm of the Toyota Group, will participate via JOGMEC’s ownership interest. This follows the successful filing of a Pre-Feasibility Study (PFS) in January 2026. JOGMEC has currently earned a 40% interest in the project by spending C$10 million and is on track to reach 50% with a total expenditure requirement of C$20 million (C$18.27 million approved to date).

This is a Material - Positive development. While the entry of a strategic partner was expected given JOGMEC's mandate to secure supply for Japanese industry, the specific inclusion of Toyota Tsusho is a major de-risking event. - Supply Chain Integration: Toyota Tsusho operates a rare earth refinery in India; their involvement provides a clear, existing downstream path for Lofdal’s concentrate. - Validation: The selection of Toyota Tsusho through a formal JOGMEC tender process validates the technical and economic viability of the PFS filed in January 2026. - Funding Security: With C$18.27M of the C$20M earn-in already approved, the project is effectively fully funded through the next major development phase by the Japanese partners. - Strategic Importance: Lofdal is one of the few advanced projects outside China capable of producing Dysprosium and Terbium, which are essential for EV permanent magnets.

Namibia Critical Metals (NCMI) focuses on the Lofdal Heavy Rare Earths Project in Namibia. - Flagship: Lofdal is unique for its high distribution of heavy rare earths (~75%), specifically Dysprosium (Dy) and Terbium (Tb). - PFS Metrics: After-tax NPV (5%) of US$275.5M and IRR of 19% (Base Case). The "Divergent Case" (higher prices) shows a massive NPV of US$747.9M. - Permitting: The project holds a 25-year Mining License valid until 2046.