Namibia Critical Metals Inc. Files NI 43-101 Preliminary Economic Assessment Report for the Significantly Expanded Lofdal Heavy Rare Earth Project "2B-4" on SEDAR

HALIFAX, NS / ACCESSWIRE / November 14, 2022 / Namibia Critical Metals Inc. ("Namibia Critical Metals" or the "Company" or "NMI") (TSXV:NMI OTCQ:NMREF) is pleased to announce that the updated NI 43-101 Preliminary Economic Assessment ("PEA") for the Lofdal Heavy Rare Earth Project "2B-4" ("Lofdal" or the "Project") in 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 ("JOGMEC") targeting a long term, sustainable supply of heavy rare earths to Japan.

Darrin Campbell, President of Namibia Critical Metals stated:

"This is a major value inflection point for the Lofdal project with a robust economic assessment which is based on mining only 50% of the resource. We have already commenced work in moving into the Pre-Feasibility Study stage for the large "2B-4" project and look forward to continued rapid development of Lofdal with our JOGMEC partners. This is a major step forward in establishing Lofdal as a world-class heavy rare earth project and a globally significant potential supplier of dysprosium and terbium, the two most valuable rare earth metals."

As previously reported on October 3, 2022, the NI 43-101 compliant report entitled Preliminary Economic Assessment on the Lofdal Heavy Rare Earths 2B-4 Project, Namibia ("the Report") was independently prepared by SGS Canada Inc. as the principal author under the supervision of Michael Archer who is a Qualified Person in accordance with NI 43-101 - Standards of Disclosure for Mineral Projects.

PEA Highlights:

• Net Present Value - NPV ₍₅₎ of US$632.7 million (pre-tax) and US$391 million after-tax
• Internal Rate of Return (IRR) - 34% pre-tax and 28% after-tax
• Life of mine nominal cash flow of US$1.1 billion pre-tax, US$698.7 million after-tax
• Initial Capital Costs - US$207 million including a 30% contingency
• Capital Payback Period - 3.2 years after-tax
• Approximate Average Annual Production - 2,000 tonnes TREO including 117 tonnes dysprosium and 17.5 tonnes terbium
• PEA is based on mining of only 26 million tonnes resource or about 50% of the 53 million tonnes in the Mineral Resource Estimate issued in June 2021
• Estimated 16-year mine life with 13 million tonnes of low-grade stockpile likely expanding the life of mine
• The price for Rare Earth Oxides used: Dysprosium oxide US$587/kg and terbium oxide US$2,493/kg.
• Average basket price of US$91/kg including third party separation costs

Cautionary Note: The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them to enable them to be categorized as mineral reserves and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have a demonstrated economic viability