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Namibia Critical Metals Announces Additional $1.154 Million Budget Increase from JV Partner JOGMEC
HALIFAX, NS / ACCESS Newswire / February 3, 2025 / Namibia Critical Metals Inc. ("Namibia Crit...
About this update from Namibia Critical Metals Inc.
[{"type":"text","content":"Namibia Critical Metals Announces Additional $1.154 Million Budget Increase from JV Partner JOGMEC HALIFAX, NS / ACCESS Newswire / February 3, 2025 / Namibia Critical Metals Inc. (\"Namibia Critical Metals\" or the \"Company\" or \"NCMI\") (TSXV:NMI)(OTCQB:NMREF) is pleased to announce that its joint venture partner, JOGMEC, has approved an additional $1,154,000 CDN budget for JOGMEC's fiscal year ended March 31, 2025, which is additional to the $550,000 increase announced on January 22, 2025. This brings JOGMEC's total expenditure commitments to $16,245,000.These additional proceeds will be used to accelerate work programs planned such as:Bulk sampling of a total of 1,000 t of fresh ore samples from 4 ore blocks with different ore mineralogy by blasting at the starter pit,Pilot plant XRF and XRT sorting tests on low and medium grade ore blocks,Additional geotechnical drilling and detailed studies of the future pit footwall andUltra high-resolution topographic drone survey of the mine site.Darrin Campbell, President of Namibia Critical Metals, stated:\"We are extremely pleased with the continued support of our JOGMEC partners. Their determination and willingness to increase funding ahead of schedule is a testament to the strategic importance of the Lofdal Heavy Rare Earth project to Japanese industry in the future. We will also take additional time to complete the progressing Pre-Feasibility Study to incorporate some of the results of this accelerated program.\"About Namibia Critical Metals Inc.NCMI 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).About Japan Organization for Metals and Energy Security (JOGMEC) and the JVJOGMEC is a Japanese government independent administrative agency which seeks ...