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M&A / Property

Namibia Critical, Jogmec amend earn-in for Lofdal

By The Northwire Desk — AI Analysis Mar 30, 2026 · 19:19 NMI · 0.28 Namibia Critical Metals Inc.
NMI · Price

Executive Summary

  • Namibia Critical Metals Inc. has amended its earn-in agreement with joint venture partner Japan Organization for Metals and Energy Security (JOGMEC) to increase the project earn-in expenditure commitment by $3 million.
  • The additional funding is designated to support the completion of a Definitive Feasibility Study (DFS) for the Lofdal 2B-4 project, including targeted engineering, mine optimization, infrastructure planning, and resource drilling at the Area 2B mine and Area 5 prospect.
  • The amendment introduces an option for JOGMEC to provide non-interest bearing, non-dilutive pre-Final Investment Decision (pre-FID) capital financing to accelerate timelines to commercial production.

Key Details

  • Amendment Value: JOGMEC increases earn-in expenditure commitment by $3 million.
  • Use of Funds: Completion of the Definitive Feasibility Study (DFS), value engineering, derisking initiatives, targeted engineering, mine optimization, infrastructure planning, execution planning, and resource drilling at the planned Area 2B mine and Area 5 prospect.
  • DFS Timeline: Target completion in the second quarter of 2027.
  • Pre-FID Financing Option: JOGMEC has the option to elect to provide pre-FID capital financing to accelerate construction and ramp-up timelines.
  • Financing Terms: Pre-FID financing is non-interest bearing and non-dilutive to Namibia Critical Metals. Namibia Critical retains the option to elect to avoid dilution by financing its pro rata portion after an FID.
  • Strategic Framework: No change to the JV's intent to advance Lofdal as a long-term, sustainable supply of critical heavy rare earths for Japanese industry.
  • Project Status: Lofdal is a Tier 1 heavy rare earth project (dysprosium and terbium) fully permitted with a 25-year mining licence.
  • Partnership Update: Toyota Tsusho is set to join the Lofdal project as part of JOGMEC's ownership interest (announced March 17, 2026).

Notable Quotes

  • "We are extremely pleased with the continued support of our Jogmec partner and their willingness to increase funding to accelerate Lofdal through the next value inflection point. By increasing the earn-in commitment by $3-million to complete a DFS, we can expand and derisk the engineering work program, advance execution planning, and position Lofdal for project financing and development decisions in a manner that aligns with Japanese industrial demand for secure, long-term heavy rare earth supply." — Darrin Campbell, President of Namibia Critical Metals
Read the original news release →

More from Namibia Critical Metals Inc.

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M&A / Property Jan 13, 2026 · 18:49

Namibia Critical files PFS technical report on Lofdal

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