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Namibia Critical Metals and JOGMEC Amend Agreement to Increase Earn-In Funding for the Lofdal Heavy Rare Earths Project
HALIFAX, NS / ACCESS Newswire / March 30, 2026 / Namibia Critical Metals Inc. ("Namibia Critic...
About this update from Namibia Critical Metals Inc.
[{"type":"text","content":"Namibia Critical Metals and JOGMEC Amend Agreement to Increase Earn-In Funding for the Lofdal Heavy Rare Earths ProjectHALIFAX, NS / ACCESS Newswire / March 30, 2026 / Namibia Critical Metals Inc. (\"Namibia Critical Metals\" or the \"Company\" or \"NCMI\") (TSXV:NMI)(OTCQ:NMREF) is pleased to announce that it has agreed with its joint venture partner, Japan Organization for Metals and Energy Security (\"JOGMEC\"), to amend the earn-in agreement (the \"Earn-In Agreement\") for the Company's Lofdal Heavy Rare Earths Project in northwestern Namibia (the \"Project\" or \"Lofdal\").Pursuant to the amendment, JOGMEC will increase the Project earn-in expenditure commitment by C$3 million (the \"Additional Earn-In Funding\") to support completion of a Definitive Feasibility Study (\"DFS\") for the project \"Lofdal 2B-4\" and associated de-risking work programs, including targeted engineering, mine optimization, infrastructure and execution planning. The additional funds will also allow for resource drilling at the planned Area 2B mine and the Area 5 prospect.The Amendment also provides JOGMEC the option to elect to provide Pre-FID Capital Funding to the project to accelerate timelines to reach commercial production. Any pre-FID funding is non-interest bearing and non-dilutive to NCMI which has the option to elect to avoid dilution by funding its pro-rata portion after an FID (Final Investment Decision.)Amendment Highlights:Additional Earn-In Funding: JOGMEC to fund an additional C$3 million in qualifying expenditures dedicated to completing the DFS and related value-engineering and de-risking initiatives with no dilution to NCMI.Schedule: Target DFS completion in Q22027No Change to Strategic Framework: The amendment maintains the JV's intent to advance Lofdal as a long-term, sustainable supply of critical heavy rare earths for Japanese industry.Potential non-dilutive, risk-free pre-FID capital funding to accelerate construction and ramp-up timeline.Darrin Campbell, President of Namibia Critical Metals, stated:\"We are extremely pleased with the continued support of our JOGMEC partner and their willingness to increase funding to accelerate Lofdal through the next value inflection point. By increasing the earn-in commitment by C$3 million to complete a DFS, we can expand and de-risk the engineering work program, advance execution plannin...