Namibia Critical Metals Provides Update on Lofdal Joint Venture Transaction
Namibia Critical’s JV partner funds earn-in is expected to close within 30 days, advancing the project toward full ownership.
Namibia Critical Metals Inc. (NCMI) provided a status update on the Lofdal Heavy Rare Earth Project joint venture transaction, confirming that JV partners JOGMEC and Toyota Tsusho have satisfied the C$23 million expenditure requirement to earn a 50% interest in the project. The company is currently finalizing definitive shareholder arrangements to issue the 50% interest to the newly formed TJNREC, with regulatory consent processes expected to take approximately another 30 days to complete.
The release reiterates existing JV terms, noting that JOGMEC can earn an additional 1% for C$5 million and holds a first right of refusal to fully fund the project through commercial production. Dilution protections remain in place, ensuring NCMI's interest cannot fall below 21% (subject to a C$5 million payment) and the Historically Disadvantaged Namibian entity cannot fall below 5%. NCMI may elect to participate up to 44-45% post-Final Investment Decision (FID).
Namibia Critical Metals Inc. (NMI) issued this release as a direct follow-up to its July 30 and August 31 announcements, which confirmed the completion of a C$23 million earn-in and the formation of the TJNREC joint venture. The market was already aware of the funding milestone and the joint venture structure. The 30-day regulatory timeline represents standard administrative progress and does not introduce new financials, strategic shifts, or valuation changes. The news confirms execution but adds no new alpha, serving as an expected, incremental update that maintains the current development trajectory.
Namibia Critical Metals Inc. is a pre-revenue junior mining company focused on the Lofdal Heavy Rare Earths Project in Namibia. The project targets Dysprosium (Dy), Terbium (Tb), and Yttrium (Y), which are critical for high-performance permanent magnets used in EVs and wind turbines. The project holds a fully permitted 25-year mining license and is classified as a Tier 1 heavy rare earth deposit outside of China. Development has progressed from a Preliminary Feasibility Study (PFS) in December 2025 to an active Definitive Feasibility Study (DFS) with expanded metallurgical testwork and pilot plant validation.