Namibia Critical Metals Completes Sampling at Lofdal Dysprosium-Terbium Project

Namibia Critical Metals has completed work on the starter pit for the Lofdal Dysprosium-Terbium Project bulk sampling originally reported on 20 September 2021. blasting was conducted at the Zone 4 deposit on 6 October and mining of the designated zones was completed on 30 October.

A total of 34,500 tonnes was mined from the mineralized zone to a depth of 15 metres, of which 500 tonnes mined from a depth of 12 to 15 metres was systematically blended and stockpiled to provide a representative homogenized sample of the Zone 4 deposit. 300 tonnes of this material was selected by Gecko Namibia for crushing and screening.

The first bulk samples of 2.7 and 1.5 tons were shipped to Rados in Johannesburg and Tomra in Hamburg for XRF and XRT sorting test work, respectively. The final results of the sorting test work are expected to be available in early January 2022.

The Lofdal heavy rare earth deposit is one of only two primary yttrium phosphate projects under development in the world. The deposit has the potential to produce large quantities of dysprosium and terbium, two of the most valuable rare earth elements used in high-energy magnets and other high-tech applications.

The Lofdal Dysprosium-Terbium Project was developed as a joint venture with Japan Oil, Gas and Metals National Corporation ("JOGMEC") to provide a long-term, sustainable supply of heavy rare earths to Japan.

JOGMEC is an independent administrative agency of the Japanese government that aims, among other things, to secure a stable supply of resources for Japan. JOGMEC has an excellent reputation as a long-term strategic partner for global mineral projects. JOGMEC's mandated areas of responsibility cover oil and gas, metals, coal, and geothermal energy. JOGMEC promotes opportunities for cooperation with private companies in Japan to ensure the availability of natural resources, thereby benefiting the country's economic development.

Rare earths are vital to Japan's industrial interests and JOGMEC has extensive experience in all aspects of the sector. JOGMEC provided Lynas with a $250 million loan and equity in 2011 to secure the supply of light rare earth metal kits to the Japanese industry.

Namibia Critical Metals currently owns a 95% interest in the Lofdal project, with the remaining 5% interest held by historically disadvantaged Namibians. Key Metals Namibia has a diverse portfolio of exploration and advanced-stage projects in the Namibian country focused on developing sustainable and ethical metal resources for the battery, electric vehicle and related industries. The two advanced stage projects in the portfolio are Lofdal and Epembe.

The Lofdal Dysprosium-Terbium Project is Namibia Critical Metals' most mature project with a fully permitted mining license (ML 200) in 2021. The project is being developed in a joint venture with Japan Oil, Gas and Metals National Corporation ("JOGMEC") to provide a sustainable supply of heavy rare earths, particularly dysprosium and terbium, to Japan.