Namibia Critical Metals Launches Next Phase of Lofdal Definitive Feasibility Study Including Further Value Addition in Namibia

About this update from Namibia Critical Metals Inc.

Joint Management Committee approves approximately C$11 million in additional funding as Lofdal enters major metallurgical execution phase supporting downstream rare earth processing in Namibia. Halifax, Nova Scotia--(Newsfile Corp. - July 20, 2026) - Namibia Critical Metals Inc. (TSXV: NMI) (OTCQB: NMREF) ("Namibia Critical Metals" or the "Company" or "NCMI") is pleased to announce that the Joint Management Committee ("JMC") overseeing the Lofdal Heavy Rare Earth Project has approved the next phase of work under the Definitive Feasibility Study ("DFS"), including up to approximately C$11 million in additional project funding to advance completion of the study. The Company also announced today the award of the first major metallurgical and geometallurgical contracts under the expanded DFS work program to SGS Canada Inc. ("SGS"), one of the world's leading providers of metallurgical testing and process development services. The approved programs represent a significant advancement in the development of the Lofdal Project and transition the project into full DFS execution. Collectively, the work will validate the complete processing flowsheet from run-of-mine ore through the production of separate light and heavy rare earth carbonate products while generating the engineering and operating data required to support updated plant design and project financing. Advancing Namibia's Critical Minerals Value Chain A key objective of the expanded metallurgical program is to demonstrate the production of higher-value intermediate rare earth products in Namibia. Unlike conventional rare earth projects that export mineral concentrates for further processing, the Lofdal program will now evaluate the production of separate Light Rare Earth Carbonate (LREC) and Heavy Rare Earth Carbonate (HREC) products through integrated hydrometallurgical processing. These products represent a significant advancement in value addition within Namibia and establish the technical foundation for evaluating future downstream processing opportunities in-country. The Company believes this strategy aligns closely with the Government of Namibia's objective of increasing domestic beneficiation of critical minerals while supporting industrial development, skills transfer and long-term economic value creation. As one of the few advanced heavy rare earth projects offering an alternative sour...

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