Namibia Critical Metals Inc. Announces Updated Mineral Resource Estimate for Lofdal Heavy Rare Earth Project

Namibia Critical Metals Inc. has updated the NI 43-101 Mineral Resource Estimate for its "Lofdal 2B-4" heavy rare earth project, following a two-stage infill drilling campaign. The campaign aimed to increase resource confidence for planned open pits in Area 4 and Area 2B. The update, provided by The MSA Group, highlights increased tonnages of Dysprosium and Terbium oxides in both Measured and Indicated, as well as Inferred Resource categories. Substantial increases include 11% and 12% for Dysprosium and Terbium oxides, respectively, and a 31% rise in Total Rare Earth Oxide (TREO) tonnage in the Measured and Indicated categories.

Darrin Campbell, President of Namibia Critical Metals, emphasized the global significance of the Lofdal deposit, which now contains over 4,500 tonnes of Dysprosium oxide and over 690 tonnes of Terbium oxide. The updated resource is set to be integrated into a Pre-Feasibility Study for "Lofdal 2B-4", expected to be completed in Q3 2024. The drilling program added to the existing data, contributing to a better understanding of the deposit's potential.

The updated Mineral Resource Estimate adheres to CIM Best Practice Guidelines and the 2014 CIM Definition Standards, ensuring reliability and compliance with industry standards. Data from the drilling campaign suggests significant potential for further resource expansion and highlights the Lofdal project's role in the heavy rare earth elements market.