Namibia Critical Metals Inc. Provides JOGMEC Joint Venture Update for the Lofdal Heavy Rare Earth Project

• JOGMEC begins a public tender process to transfer its position to Japanese industrial partner(s) to participate in the Lofdal Heavy Rare Earth Joint Venture, as provided for in the original JV Agreement
• JOGMEC has received interest in the JV from multiple Japanese companies following significant increase to the NI43-101 Resource, receipt of a 25-year mining license and the recent issuance of a robust Preliminary Economic Assessment (PEA)
• JV development activities will continue unaffected by the tender process with PFS stage activities on the significantly larger project "Lofdal 2B-4" commenced and on-going
• The public tender process is scheduled to close on March 13, 2023

HALIFAX, NS / ACCESSWIRE / November 28, 2022 / Namibia Critical Metals Inc. ("Namibia Critical Metals" or the "Company" or "NMI") (TSXV:NMI)(OTC PINK:NMREF) continues to advance the Lofdal Heavy Rare Earth project in Namibia with its JOGMEC joint venture partner. The Company filed a robust updated PEA on November 14, 2022 with a pre-tax NPV of USD$632.7 million and an annual IRR of 34% pre-tax with a capital expenditure of USD$207 million. The project is projected to generate a life of mine nominal cash flow of USD$1.1 billion pre-tax over a 16-year mine life. The November 14, 2022 PEA is based on mining and processing only 50% of the NI43-101 Mineral Resource Estimate.

The Company has commenced work towards delivering a Pre-Feasibility Study (PFS) for the significantly larger project "Lofdal 2B-4" within the next 12- 15 months with geotechnical drilling at both planned open pits started earlier this month.

The Lofdal deposit has the potential for significant production of dysprosium and terbium, two of the most valuable heavy rare earth elements and is targeting to become a long term, sustainable supply of heavy rare earths.

Darrin Campbell, President of Namibia Critical Metals stated:

"Our Joint Venture with JOGMEC has delivered tremendous results with a six-fold increase to our resource, securing a 25-year mining license, and delivering a very robust PEA. We firmly believe that Lofdal will be a globally significant source of heavy rare earths. We are extremely pleased to see our JOGMEC partners introduce our project to some of the large Japanese industrial partners that can accelerate development of Lofdal."