Northwire Canada EditionThursday, October 15, 2026
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Drill Results Routine +

Namibia Critical Metals Commences Exploration and Infill Drilling Programs and Welcomes Toyota-Tsusho Partners to Lofdal Site

Namibia Critical Metals drills deeper at Lofdal as Toyota-Tsusho joins the site amidst ongoing capital constraints.

By The Northwire Desk — AI Analysis Jun 11, 2026 · 15:22 NMI · 0.135 Namibia Critical Metals Inc.
Executive Summary
  • Namibia Critical Metals (NCMI) has commenced a major 2026 drill program at its Lofdal Heavy Rare Earths project in Namibia, beginning June 3, 2026.
  • The program will deploy two rigs for 83 reverse circulation (RC) drillholes, totaling ~13,000 meters over five months.
  • Primary objectives include defining a maiden resource for the 1.5 km mineralized system at Area 5, increasing Measured Resources at Area 4, and increasing Indicated/Measured Resources at Area 2B.
  • A key technical milestone is drilling the first deep core hole to test the Area 4 deposit extension to ~800m vertical depth, aimed at underground mining feasibility and potential mine life extension.
  • NCMI welcomed senior executives from JOGMEC and Toyota-Tsusho for site visits at Area 2B and the Khorixas core shed, alongside stakeholder updates with Namibian government representatives.
  • JOGMEC has completed Term 2 of its earn-in agreement, securing a 40% interest after meeting the C$10 million expenditure requirement. Total approved project funding stands at C$19.973 million against the C$23 million required for a 50% interest. Term 3 requires an additional C$13 million to earn a further 10%.
Material Impact
  • The drilling program is a standard, expected progression following the December 2025 Pre-Feasibility Study (PFS) and the March 2026 strategic partnership announcements.
  • Welcoming Toyota-Tsusho and JOGMEC to the site is routine stakeholder engagement and does not alter the JV framework or funding terms.
  • The focus on Area 5 and deep testing at Area 4 aligns with the PFS's goal of expanding resources and de-risking the Definitive Feasibility Study (DFS), targeted for Q2 2027.
  • No new financial terms, off-take agreements, or capital raises were announced. The news is incremental, expected, and in line with prior guidance. It does not represent a market-moving event.
NMI · Price
Company Overview
  • Namibia Critical Metals Inc. is a pre-revenue junior explorer focused on the Lofdal Heavy Rare Earths Project in Namibia.
  • The project targets heavy rare earth elements (HREEs), primarily dysprosium (Dy), terbium (Tb), and yttrium (Y), which are critical for high-performance permanent magnets used in EVs, wind turbines, and aerospace.
  • A December 2025 PFS outlined a Base Case NPV of US$389M (pre-tax) and a Divergent Case NPV of US$1.25B (pre-tax), with after-tax payback periods of 4.2 and 2.75 years, respectively.
  • The project is structured as a joint venture with JOGMEC, with NCMI holding 95% and 5% reserved for Historically Disadvantaged Namibians.
Read the original news release →

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