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Namibia Critical Metals Inc. (“Namibia Critical Metals” or the “Company” or “NCMI”) (TSXV:NMI)(OTCQB:NMREF) has secured an additional $1.154 million CDN in funding from its joint venture partner, JOGMEC, for the fiscal year ending 31 March 2025. This follows a $550,000 budget increase announced on 22 January 2025, bringing JOGMEC’s total expenditure commitments to $16.245 million.
The additional funding will accelerate key work programs, including bulk sampling of 1,000 tonnes of fresh ore from four mineralogically distinct ore blocks, pilot plant testing of XRF and XRT sorting on low- and medium-grade ore, as well as additional geotechnical drilling and studies to assess the future pit footwall. It will also support an ultra high-resolution topographic drone survey of the mine site, enhancing the project’s development strategy.
President of Namibia Critical Metals, Darrin Campbell expressed confidence in the expanded investment saying, “We are extremely pleased with the continued support from our JOGMEC partners. Their willingness to increase funding ahead of schedule highlights the strategic importance of the Lofdal Heavy Rare Earth Project to Japan’s future industry. This accelerated program will also allow us to integrate key findings into the ongoing Pre-Feasibility Study.”
The latest budget boost underscores JOGMEC’s commitment to fast-tracking the Lofdal project, positioning Namibia as a critical player in the global rare earth supply chain.
