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Namibia Critical Metals Inc. - JOGMEC Elects to Move to Term 2 of Joint Venture Agreement and Significantly Increases Budget for Lofdal Heavy Rare Earths Project
Japan Oil, Gas and Metals National Corporation (JOGMEC) elects to move to Term 2 of Lofdal ...
About this update from Namibia Critical Metals Inc.
[{"type":"text","content":"Namibia Critical Metals Inc. - JOGMEC Elects to Move to Term 2 of Joint Venture Agreement and Significantly Increases Budget for Lofdal Heavy Rare Earths ProjectJapan Oil, Gas and Metals National Corporation (JOGMEC) elects to move to Term 2 of Lofdal JV Agreement with option to earn 40% interest in Lofdal ProjectJOGMEC approves initial provision for an additional $2,063,000 budget for further development and metallurgical work through to July 31, 2021An updated 43-101 resource report expected in late April 2021HALIFAX, NOVA SCOTIA / ACCESSWIRE / April 1, 2021 / Namibia Critical Metals Inc. (\"Namibia Critical Metals\" or the \"Company\" or \"NMI\") (TSXV:NMI) today announced that its JV Partner, Japan Oil, Gas and Metals National Corporation(\"JOGMEC\") has officially elected to move to Term 2 of the JV Agreement and provide additional funding of $2,063,000 for further exploration and development programs at Lofdal through to July 31, 2021.The terms of the JOGMEC JV Agreement contemplate that JOGMEC provides $3,000,000 in Term 1 and $7,000,000 in Term 2 to earn a 40% interest in the Lofdal project. Term 3 calls for a further $10,000,000 of expenditures to earn an additional 10% interest. With today's announcement the total approved expenditures for Terms 1 and 2 are $6,163,000. The JV Agreement is structured such that no NMI equity will be issued and it is totally non-dilutive to NMI shareholders.Darrin Campbell, President of Namibia Critical Metals Inc. stated \"We are very encouraged by the results from our first year of exploration and development at Lofdal with our partner JOGMEC and are delighted with their decision to advance to Term 2. JOGMEC has been an exemplary technical and financial partner and has consistently demonstrated their intent to advancing the Lofdal project with the accelerated funding provided. Term 1 was increased from $3,000,000 to $4,100,000 (September 21, 2020 News Release) and now we have further accelerated budgets into Term 2 totalling $6.163 million. This partnership with JOGMEC brings all the necessary technical and financial capacities required to take Lofdal to commercial production. It provides alignment with, and access to significant industrial groups in Japan looking to secure long-term supplies of dysprosium, terbium and other heavy rare earths. JOGMEC is mandated to seek a stable supply ...