Namibia Critical Metals Forms "Rare Earth Alliance Namibia" with Two Other Rare Earth Companies to Conduct Feasibility Study on Ree Metal Separation Facility in Namibia - Seite 2

Namibia Critical Metals and the partners would significantly benefit from reduced, cost-based separation fees at the Namibian separation plant. This initiative would create further value addition in the country with all the attached socio-economic benefits and puts Namibia on the global map for these highly critical metals."

The parties of the MoU agreed to explore and evaluate the technical potential and viability of developing a rare earth element (REE) separation facility to extract and separate REE from concentrates of mixed rare earth oxides produced in Namibia and possibly for rare earth concentrates and semi-products from outside of Namibia. Key elements of the feasibility study are the potential supply and specifics of REE concentrates from Namibian mines and other sources, potential locations for the facility, infrastructure requirements and all regulatory and environmentally considerations.

If proven to be viable, the Rare Earth Alliance Namibia aims at designing, constructing and operating the REE separation facility through a Special Purpose Vehicle (SPV).

The facility would create a value-added chain in Namibia's mining sector through processing of REE-concentrates into more valuable REE-products and, thus, reduce the export of raw materials as concentrates, create jobs and improve skillsets in the country.

About Namibia Critical Metals Inc.

NMI is developing the Tier-1 Heavy Rare Earth Project, Lofdal, a globally significant deposit of the heavy rare earth metals dysprosium and terbium. Demand for these critical metals used in permanent magnets for electric vehicles, wind turbines and other electronics is driven by innovations linked to energy and technology transformations. The geopolitical risks associated with sourcing many of these metals has become a repeated concern for manufacturers and end users. Namibia is a proven and stable mining jurisdiction.

The Lofdal Project is fully permitted with a 25-year Mining License and is under a Joint Venture Agreement with Japan Organization for Metals and Energy Security (JOGMEC).

The Company filed a robust updated PEA for "Lofdal 2B-4" on November 14, 2022, with a post-tax NPV of USD$391 million and an annual IRR of 28% with a capital expenditure of USD$207 million. The project is projected to generate a life of mine nominal cash flow of USD$698 million post-tax over a 16-year mine life.

About Japan Organization for Metals and Energy Security (JOGMEC) and the JV

JOGMEC is a Japanese government independent administrative agency which seeks to secure stable resource supplies for Japan. JOGMEC has a strong reputation as a long term, strategic partner in mineral projects globally. JOGMEC facilitates opportunities with Japanese private companies to secure supplies of natural resources for the benefit of the country's economic development.