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Namibia Critical Metals announced the results from its Annual General Meeting held earlier this week. Over 62% of shareholders participated either in person or by proxy, and all key proposals were approved with strong support.
The company confirmed the re-election of its current board members: Adrian Hickey, Darrin Campbell, William Price, and Steve Herlihy each receiving near-unanimous votes in their favor. Shareholders also approved an updated stock option plan that allows the company to issue options up to 10% of its outstanding shares at any given time. Additionally, PricewaterhouseCoopers LLP was reappointed as the company’s auditors for the coming year.
Darrin Campbell, President of Namibia Critical Metals, expressed satisfaction with the smooth meeting and the confidence shown by shareholders. “It’s encouraging to see our shareholders fully behind the leadership team and the direction we’re heading,” he said.
Namibia Critical Metals is focused on developing the Lofdal Project, one of the world’s most significant heavy rare earth deposits. The project primarily targets dysprosium and terbium two critical metals used in permanent magnets for electric vehicles, wind turbines, and other advanced technologies. With demand for these materials growing rapidly, securing stable sources is a priority for manufacturers worldwide.
Located in Namibia, a country known for its political stability and mining-friendly environment, the Lofdal Project holds a 25-year mining license and benefits from a strategic partnership with the Japan Organization for Metals and Energy Security (JOGMEC).
JOGMEC is a Japanese government agency tasked with ensuring the country’s access to vital natural resources. Known for long-term investments in the mining sector, JOGMEC has backed projects globally, including major support for Lynas Corporation, a leading supplier of light rare earth metals.
Through the joint venture with Namibia Critical Metals, JOGMEC has committed significant funding to the Lofdal Project, having completed the first two earn-in phases, totaling C$10 million and earning a 40% stake in the project. The third phase requires an additional C$10 million investment to reach 50% ownership. JOGMEC also holds the option to increase its stake further and has first rights to finance the project through production, purchasing output at market prices.
Namibia Critical Metals retains a majority interest, with a portion held to benefit historically disadvantaged Namibians, ensuring broad local participation.
