| Announcement Date: | 2022-11-14 |
|---|---|
| Announcement Type: | PEA |
| Announcement Code: | NI43-101 |
| Company name: | Namibia Critical Metals Inc. |
| Project name: | Lofdal |
| Location: | Namibia |
| Commodities: | Rare Earth |
| Highlight: | PEA result incl. Post Tax NPV (5%) of USD $391M & IRR of 28% |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | Halifax, Nova Scotia October 3, 2022 – Namibia Critical Metals Inc. (“Namibia Critical Metals” or the “Company” or “NMI”) (TSXV: NMI OTCQ: NMREF) is pleased to announce the results of its Preliminary Economic Assessment (“PEA”) for the Lofdal Heavy Rare Earth Project “2B-4” (“Lofdal” or the “Project”) in Namibia. This PEA aims at a significantly larger annual run-of-mine and plant throughput of 2 million tonnes per year and longer mine life than the historical PEA of 2014 by mining from two sub-deposits namely “Pit 2B” and “Pit 4”. Further, the processing flow sheet was simplified to a direct flotation of the run-of-mine material and expanded to include a hydrometallurgical unit producing a >98% mixed rare earth oxide as final product instead of xenotime concentrate. The Lofdal deposit has the potential for significant production of dysprosium and terbium, two of the most valuable heavy rare earth elements. The Project is being developed in joint venture with Japan Oil, Gas and Metals National Corporation (“JOGMEC”) targeting a long term, sustainable supply of heavy rare earths to Japan. |
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