Namibia Critical Metals Announces Completion of Japan's C$23 Million Earn-In and Formation of Strategic Joint Venture Company for the Lofdal Heavy Rare Earth Project

Namibia Critical Metals Inc. (NMI) announced on July 30, 2026, the completion of JOGMEC’s C$23 million earn-in, which triggers the acquisition of a 50% interest in the Lofdal Heavy Rare Earth Project. This interest is held through a newly formed special purpose company, TJ Namibia Rare Earths Corporation (TJNREC), jointly owned by JOGMEC and Toyota Tsusho Corporation. The earn-in was executed in accordance with the amended agreement, comprising C$3 million for Term 1, C$7 million for Term 2, and C$13 million for Term 3. JOGMEC had previously earned a 40% stake.

As part of the transition, JOGMEC committed to invest up to C$47.668 million (approximately ¥5.5 billion) into TJNREC for Pre-FID activities. These activities include the completion of a Definitive Feasibility Study (DFS), permitting, detailed engineering, and pre-development work. The Pre-FID funding is non-dilutive to NMI’s ownership interest and is non-interest bearing prior to a Final Investment Decision (FID). The transaction remains subject to approvals from the TSX Venture Exchange and NMI shareholders.

Namibia Critical Metals Inc. (NMI) has completed the earn-in process, formalizing Japan Oil, Gas and Metals National Corporation’s (JOGMEC) 50% joint venture interest. This development was largely anticipated given the advanced status of spending, with C$18.27M of the required C$23M already reported. The announcement confirms that the earn-in terms have been met and the joint venture entity is now established.

In addition, the companies secured a C$47.7M pre-FID funding commitment. This figure represents a significant new injection, exceeding the previously approved C$11M for the Definitive Feasibility Study announced on July 10/20, 2026. The additional capital covers a broader pre-development scope and reduces dilution risk for NMI shareholders. The structure is non-dilutive, preserving NMI’s equity stake and reflecting JOGMEC’s strategic resolve to secure heavy rare earth supply.

The news arrives as the stock had drifted to between $0.15 and $0.20 since mid-June 2026, following a March peak at $0.36. The size of the pre-FID funding may surprise positively if the market had only priced in the completion of the earn-in. However, the funding remains subject to JOGMEC’s continued support and mandatory approvals, meaning any delays could temper the positive signal.

Namibia Critical Metals Inc. is a pre-revenue junior explorer focused on the Lofdal Heavy Rare Earth Project in Namibia, a Tier 1 deposit rich in dysprosium (Dy), terbium (Tb), and yttrium (Y). It is one of the few advanced heavy rare earth projects outside China, holding a 25-year mining license.

The project is advancing through a Definitive Feasibility Study (DFS) for the expanded “2B-4” development, targeting primary production of Dy, Tb, and Y, with potential light rare earth by-products. The company has a strategic joint venture with JOGMEC (now 50% partner) and Toyota Tsusho as industrial partner, providing access to Japanese supply chains and off-take options.

A Pre-Feasibility Study (PFS) released in Dec 2025 showed a Base Case pre-tax NPV of US$389M (IRR 21.7%) and a Divergent Case NPV of US$1.25B (IRR 44.1%), with total capex of US$347.9M.