Namibia Critical Metals Inc. announced that the updated NI 43-101 Preliminary Economic Assessment for the Lofdal Heavy Rare Earth Project 2B-4in Namibia has been filed on SEDAR. The Lofdal deposit has the potential for significant production of dysprosium and terbium, two of the most valuable heavy rare earth elements. The Project is being developed in joint venture with Japan Oil, Gas and Metals National Corporation targeting a long term, sustainable supply of heavy rare earths to Japan.

The economic analysis assumes that the Project will be 100% equity financed and uses parameters relevant as of September 2022, under conditions likely to be applicable to project development and operation and analyzes the sensitivity of the Project to changes in the key Project parameters. All costs have been presented in United States Dollars (USD) and wherever applicable conversion from South African Rand (ZAR) has utilized an exchange ratio (ZAR/US$) of 16.07. Mining and treatment data, capital cost estimates and operating cost estimates have been put into a base case financial model to calculate the IRR and NPV based on calculated Project after tax cash flows.

The scope of the financial model has been restricted to the Project level and as such, the effects of interest charges and financing have been excluded.