Namibia Critical Metals amends Lofdal JV with JOGMEC, adds funding for feasibility study

Under the revised terms, JOGMEC volition summation its earn-in expenditure committedness by C$3 cardinal to enactment completion of a definitive feasibility survey for the Lofdal 2B-4 deposit, alongside engineering, excavation optimization and infrastructure readying work, the institution said.

The further backing volition besides screen assets drilling astatine the planned Area 2B excavation and the Area 5 prospect, arsenic the partners question to de-risk the task and refine improvement plans.

The amendment includes an enactment for JOGMEC to supply pre-final concern determination superior funding, which would beryllium non-interest bearing and non-dilutive to Namibia Critical Metals. The institution holds the enactment to support its ownership involvement by contributing its stock of backing pursuing a last concern decision.

The partners are targeting completion of the feasibility survey successful the 2nd 4th of 2027. The amendment does not alteration the broader strategical model of the associated venture, which is focused connected processing Lofdal arsenic a semipermanent proviso of dense uncommon world elements for Japanese industry.

Lofdal is 1 of a constricted fig of deposits globally enriched successful dense uncommon earths, materials considered captious for precocious technologies including electrical vehicles and upwind turbines.