Namibia Critical Metals Provides Update on Lofdal Joint Venture Transaction

Namibia Critical Metals Inc. (NMI) issued a procedural update regarding the Lofdal Joint Venture transaction with JOGMEC and Toyota Tsusho, confirming that the earn-in phase is officially complete. JOGMEC and Toyota Tsusho have fulfilled the C$23 million expenditure requirement, thereby earning a 50% interest in the project.

The transaction remains pending remaining conditions, specifically shareholder consent and final regulatory approvals, with explicit mention of TSX Venture Exchange approval. No specific timeline was provided for the closing of the transaction.

The release reiterated the earn-in structure, including dilution protections ensuring NMI’s interest cannot fall below 21% with a $5M payment, and JOGMEC's first right of refusal to fully fund the project through commercial production. Historical progression shows a steady advancement from the December 2025 PFS filing, through the March 2026 Toyota Tsusho partnership and earn-in amendment, to the July 30 completion of the C$23M earn-in and formation of TJ Namibia Rare Earths Corp. The August 31 update confirms the earn-in is complete but highlights a procedural delay in closing pending standard approvals.

Namibia Critical Metals Inc. (NMI) issued a procedural follow-up to its July 30 announcement, which confirmed the completion of the C$23 million earn-in. The release notes a lack of a specific closing timeline and explicitly mentions pending TSX and shareholder approvals, indicating a standard administrative delay rather than a fundamental shift in project economics or partnership dynamics.

While the completion of the earn-in is a positive development, the market had already priced in the July 30 announcement. The August 31 update adds no new financial or operational catalysts, merely confirming the status quo. Consequently, the impact on the stock price is expected to be neutral as the company navigates standard regulatory hurdles. The primary focus remains on securing the DFS, achieving a Final Investment Decision (FID), and managing the tight cash position.

Namibia Critical Metals Inc. is a pre-revenue junior mining company focused on the Lofdal Heavy Rare Earths Project in Namibia. The flagship Lofdal project is a Tier 1 heavy rare earth deposit rich in dysprosium (Dy), terbium (Tb), and yttrium (Y), elements critical for high-performance permanent magnets used in electric vehicles and wind turbines. The project holds a 25-year mining license and is fully permitted.

A Pre-Feasibility Study (PFS) outlined a Base Case Net Present Value (NPV) of US$389 million with a 21.7% Internal Rate of Return (IRR), and a Divergent Case NPV of US$1.25 billion with a 44.1% IRR, based on total capital costs of US$347.9 million. The company is currently transitioning from the PFS to a Definitive Feasibility Study (DFS) to de-risk the processing flowsheet and advance toward a Final Investment Decision (FID).