NMI.V · 2024-04-09 12:00:00

1“TREO” refers to total rare earth oxides plus yttrium oxide; “HREO” refers to heavy rare earth oxides plus yttrium oxide; “heavy rare earths” as used in all Company presentations comprise europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy),

Corporate Updates

1“TREO” refers to total rare earth oxides plus yttrium oxide; “HREO” refers to heavy rare earth oxides plus yttrium oxide; “heavy

rare earths” as used in all Company presentations comprise europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy),

holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb), lutetium (Lu) and yttrium (Y). Light rare e arths comprise lanthanum

(La), cerium (Ce), praseodymium (Pr), neodymium (Nd) and samarium (Sm).

Lofdal Heavy Rare Earth Project: Update of Mineral Resource

Estimate after Completion of 2023 Infill Drilling

Halifax, Nova Scotia April 9, 2024 – Namibia Critical Metals Inc. (“Namibia Critical Metals”

or the “Company” or “NCMI”) (TSXV: NMI OTCQB: NMREF) is pleased to announce an updated

NI 43 -101 Mineral Resource Estimate for the large -scale “Lofdal 2B -4” heavy rare earth

project.

The Company conducted a two -stage infill drilling campaign for the subprojects Area 4 and

Area 2B (press releases of 2 February 2024, 6 December 2023 and 3 1 January 2023) with

the purpose of increasing the confidence of the resources for the planned open pits of Area 4

and Area 2B. The MSA Group provided an NI 43-101 Mineral Resource Estimate which includes

the new data.

Highlights of the mineral resource update include:

• Contained tonnages of Dysprosium and Terbium - the most valuable heavy rare earth

elements - amount to 4,503 tonnes Dysprosium oxide and 693 tonnes Terbium oxide

in the combined Measured and Indicated Resource categories which represents an

increase of 11% and 12%, respectively , compared to the previous Mineral Resource

Statement (filed on SEDAR on 30 June 2021);

• 38% increase in contained Dysprosium oxide and 39% increase in contained Terbium

oxide in the Inferred Resources for the combined Area 4 and Area 2B deposits;

• 31% increase in contained Total Rare Earth Oxide (TREO 1) tonnage in the combined

Measured and Indicated Resource categories from 72,680 tonnes to 93,731 tonnes;

• The combined Measured and Indicated Mineral Resources increased from 44.8 million

tonnes at 0.17% TREO to 58.5 million tonnes at 0.16% TREO for the combined Area

4 and Area 2B deposits based on the same cut -off of 0.1 % TREO as in the previous

PEA (filed on SEDAR on 30 June 2021);

Darrin Campbell, President of Namibia Critical Metals stated:

“We are very pleased with the continued success of our development approach at Lofdal. With

just under 11,000 meters of drilling last year, we have increased the overall contained rare earth

tonnage by an impressive 37%. The Measured and Indicated resource shells at Lofdal 2B and 4

contain over 4,500 tonnes Dysprosium oxide and over 690 tonnes Terbium oxide which clearly

establishes Lofdal as a globally significant heavy rare earth deposit. The updated resource will be

incorporated into our Pre -Feasibility Study for “Lofdal 2B-4” currently under way and expected

to be completed in Q3 2024”

Infill drilling program at Area 2B and Area 4 Deposit

The final drill program was worked out by the Company with support by The MSA Group to

increase the level of resource categories as required for the PFS for the expanded project

“Lofdal 2B-4”.

Resource infill drilling was completed in November 2023 which brought total drilling for Area

2B and Area 4 to 268 holes with a total of 40,153 m of both, diamond core drilling (DC) and

reverse circulation drilling (RC), see table below:

Area Type Drilling Holes Meters Holes Meters Holes Meters

2B Resource Diamond 17 2 134 29 4 400 46 6 534

2B Resource RC 12 1 780 12 1 780

4 Resource Diamond 101 11 808 56 10 162 157 21 970

4 East Diamond 9 827 9 827

4 Resource RC 44 9 043 44 9 043

TOTAL 127 14 768 141 25 385 268 40 153

NRE 2008-2016 JOGMEC 2020-2023 TOTAL

Figure 1: Location of drill collars at Area 2B

Sampling, analysis and QAQC

Samples were collected at the drill rig’s cyclone (“A -sample”) and submitted to Actlab ’s

preparatory laboratory in Windhoek, Namibia, in batches of 200 to 300 samples. The samples

were dried and crushed to 2 mm, split using a riffle splitter and pulverised to 105 µm.

Pulverised sub-samples were homogenised in a stainless-steel riffle splitter and a 15 g sample

and duplicate were drawn for analysis. The pulverised sample aliquots were shipped to the

ISO/IEC 17025 accredited Actlabs analytical facility in Ancaster, Ontario, Canada. The

samples were assayed using lithium metaborate -tetraborate fusion and Inductively Coupled

Plasma Mass Spectrometry (ICP -MS). Actlab’s analytical code “8 -REE” includes 45 trace

elements, 10 major oxides, Loss on Ignition, and mass balance.

The samples were subjected to a quality assurance and quality control (QAQC) program

consisting of the insertion of blank samples, field duplicates and certified reference materials

at Lofdal and the preparation of a laboratory duplicate at the sample preparation facility in

Windhoek.

The Qualified Person , Dr Scott Swinden, is satisfied that the assay results are of sufficient

accuracy and precision for use in the future update of the Mineral Resource Estimation.

Mineral Resource Statement

The Mineral Resource was estimated using the Canadian Institute of Mining, Metallurgy and

Petroleum (CIM) Best Practice Guidelines and is reported in accordance with the 2014 CIM

Definition Standards, which have been incorporated by reference into National Instrument

43-101 – Standards of Disclosure for Mineral Projects (NI 43 -101). The Mineral Resource is

classified into the Measured, Indicated and Inferred categories and is reported at a cut -off

Figure 2: Location of drill collars and drill traces at the planned Area 4 pit

grade of 0.1% total rare earth oxides (TREO). A summary of the Mineral Resource estimates

is shown in Table 1 for Area 4 and Table 2 for Area 2B.

Table 1: Area 4 Mineral Resource Estimate above 0.1% TREO* cut-off grade

Category Tonnes

(Mt)

TREO*

HREO**

LREO***

Dy2O3

ppm

TREO*

(kt)

Measured 6.6 0.21 0.14 0.07 130 13.7

Indicated 49.2 0.15 0.07 0.08 69 75.7

Measured & Indicated 55.8 0.16 0.08 0.08 76 89.4

Inferred 10.5 0.14 0.06 0.08 58 15.0

Notes:

1. All tabulated data have been rounded and as a result minor computational errors may occur.

2. Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability.

3. *TREO = Total Rare Earth Oxides and includes Y2O3

4. **HREO = Total Heavy Rare Earth Oxides and includes Y2O3

5. ***LREO = Total Light Rare Earth Oxides

Table 2: Area 2B Mineral Resource Estimate above 0.1% TREO* cut-off grade

Category Tonnes

(Mt)

TREO*

HREO**

LREO***

Dy2O3

ppm

TREO*

(kt)

Indicated 2.7 0.16 0.09 0.07 97 4.4

Inferred 4.4 0.15 0.07 0.08 75 6.6

Notes:

1. All tabulated data have been rounded and as a result minor computational errors may occur.

2. Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability.

3. *TREO = Total Rare Earth Oxides and includes Y2O3

4. **HREO = Total Heavy Rare Earth Oxides and includes Y2O3

5. ***LREO = Total Light Rare Earth Oxides

The Mineral Resource is presented at a variety of cut-off grades as shown in Error! Reference s

ource not found. (Measured and Indicated) and Error! Reference source not found.

(Inferred) for Area 4, and Error! Reference source not found. (Indicated) and Error! Re

ference source not found. (Inferred) for Area 2B. The grade-tonnage curves (Figure 3)

underline the large upside potential of the Lofdal project by potentially beneficiating lower

grade resources, likely by sorting technologies, in future.

Table 3: Area 4, Measured and Indicated Resources Grade-Tonnages

Cut-off TREO % Tonnes

(Mt)

TREO*

HREO**

LREO**

% Dy2O3 ppm TREO

(kt)

0.10 55.8 0.16 0.08 0.08 76 89.4

0.15 20.4 0.23 0.13 0.10 120 46.5

0.20 8.4 0.31 0.20 0.11 186 26.0

0.25 4.2 0.40 0.29 0.11 262 16.8

0.30 2.6 0.48 0.38 0.10 333 12.4

Figure 3: Area 4 Grade-Tonnage-Curves for Measured and Indicated Resources, Dy2O3 (in ppm)

Table 4: Area 4, Inferred Resources Grade-Tonnages

Cut-off TREO % Tonnes

(Mt)

TREO*

HREO**

LREO***

% Dy2O3 ppm TREO

(kt)

0.10 10.5 0.14 0.06 0.08 58 15.0

0.15 3.4 0.18 0.08 0.11 76 6.3

0.20 0.7 0.24 0.12 0.12 118 1.7

0.25 0.2 0.30 0.20 0.09 193 0.6

Notes:

1. All tabulated data have been rounded and as a result minor computational errors may occur.

2. Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability.

3. *TREO = Total Rare Earth Oxides and includes Y2O3

4. **HREO = Total Heavy Rare Earth Oxides and includes Y2O3

5. ***LREO = Total Light Rare Earth Oxides

Table 5: Area 2B, Indicated Resources Grade-Tonnages

Cut-off TREO % Tonnes

(Mt)

TREO*

HREO**

LREO***

% Dy2O3 ppm TREO

(kt)

0.10 2.7 0.16 0.09 0.07 97 4.4

0.15 1.3 0.21 0.11 0.10 117 2.7

0.20 0.6 0.25 0.12 0.13 133 1.5

0.25 0.3 0.29 0.14 0.15 150 0.8

Notes:

1. All tabulated data have been rounded and as a result minor computational errors may occur.

2. Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability.

3. *TREO = Total Rare Earth Oxides and includes Y2O3

4. **HREO = Total Heavy Rare Earth Oxides and includes Y2O3

5. ***LREO = Total Light Rare Earth Oxides

Table 6: Area 2B, Inferred Resources Grade-Tonnages

Cut-off TREO % Tonnes

(Mt)

TREO*

HREO**

LREO***

% Dy2O3 ppm TREO

(kt)

0.10 4.4 0.15 0.07 0.08 75 6.6

0.15 1.6 0.20 0.09 0.11 96 3.3

0.20 0.6 0.25 0.10 0.15 111 1.6

0.25 0.2 0.31 0.10 0.20 115 0.8

Notes:

1. All tabulated data have been rounded and as a result minor computational errors may occur.

2. Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability.

3. *TREO = Total Rare Earth Oxides and includes Y2O3

4. **HREO = Total Heavy Rare Earth Oxides and includes Y2O3

5. ***LREO = Total Light Rare Earth Oxides

The Mineral Resource is reported at a 0.1% TREO cut-off for each individual Rare Earth Oxide

(REO) (Error! Reference source not found. for Area 4 and Error! Reference source not fo

und. for Area 2B). Quantities for each individual REO are reported in tonnes (t) at a 0.1%

TREO cut-off in Error! Reference source not found. for Area 4 and in Error! Reference so

urce not found. for Area 2B.

1“TREO” refers to total rare earth oxides plus yttrium oxide; “HREO” refers to heavy rare earth oxides plus yttrium oxide; “heavy rare earths” as used in all Company presentations

comprise europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Y b), lutetium (Lu) and yttrium (Y). Light rare earths

comprise lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd) and samarium (Sm).

Table 7: Area 4 Mineral Resource Estimate above 0.1% TREO* cut-off grade

Class

Tonnes

TREO*

La2O3

ppm

Ce2O3

ppm

Pr2O3

ppm

Nd2O3

ppm

Sm2O3

ppm

Eu2O3

ppm

Gd2O3

ppm

Tb2O3

ppm

Dy2O3

ppm

Ho2O3

ppm

Er2O3

ppm

Tm2O3

ppm

Yb2O3

ppm

Lu2O3

ppm

Y2O3

ppm

Measured 6.57 0.21 173 313 34 124 42 18 81 19 130 28 83 12 76 11 935

Indicated 49.22 0.15 217 383 40 145 40 14 55 11 69 14 41 6 36 5 463

M&I 55.79 0.16 211 374 39 142 40 15 58 12 76 16 46 7 41 6 519

Inferred 10.52 0.14 217 389 42 150 40 13 49 9 58 12 34 5 30 4 369

Notes:

1. All tabulated data have been rounded and as a result minor computational errors may occur.

2. Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability.

3. *TREO = Total Rare Earth Oxides and includes Y2O3

Table 8: Area 4 TREO and Individual REO Quantities above 0.1% TREO* cut-off grade

Class

Tonne

TREO*

Tonne

La2O3

Tonne

Ce2O3

Tonne

Pr2O3

Tonne

Nd2O3

Tonne

Sm2O3

Tonne

Eu2O3

Tonne

Gd2O3

Tonne

Tb2O3

Tonne

Dy2O3

Tonne

Ho2O3

Tonne

Er2O3

Tonne

Tm2O3

Tonne

Yb2O3

Tonne

Lu2O3

Tonne

Y2O3

Tonne

Measure

6.57

13 650 1 137 2 055 220 815 276 120 531 124 855 186 545 82 496 72 6 136

Indicated 49.22

75 728 10 660 18 832 1 983 7 134 1 962 694 2 713 528 3 391 695 2 009 291 1 781 257

798

M&I 55.79

89 378 11 797 20 888 2 203 7 950 2 238 814 3 243 653 4 246 881 2 554 373 2 277 329

934

Inferred 10.52 14 955 2 279 4 089 437 1 580 426 137 520 97 611 124 356 51 317 46 3 886

Notes:

1. All tabulated data have been rounded and as a result minor computational errors may occur.

2. Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability.

3. *TREO = Total Rare Earth Oxides and includes Y2O3

Table 9: Area 2B Mineral Resource Estimate above 0.1% TREO* cut-off grade

Class

Tonnes

TREO*

La2O3

ppm

Ce2O3

ppm

Pr2O3

ppm

Nd2O3

ppm

Sm2O3

ppm

Eu2O3

ppm

Gd2O3

ppm

Tb2O3

ppm

Dy2O3

ppm

Ho2O3

ppm

Er2O3

ppm

Tm2O3

ppm

Yb2O3

ppm

Lu2O3

ppm

Y2O3

ppm

Indicated 2.65 0.16 187 303 32 126 51 20 73 15 97 19 55 8 51 7 596

Inferred 4.37 0.15 196 320 36 160 76 25 80 13 75 14 40 6 36 5 440

Notes:

1. All tabulated data have been rounded and as a result minor computational errors may occur.

2. Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability.

3. *TREO = Total Rare Earth Oxides and includes Y2O3

Table 10: Area 2B TREO and Individual REO Quantities above 0.1% TREO* cut-off grade

Class

Tonne

TREO*

Tonne

La2O3

Tonne

Ce2O3

Tonne

Pr2O3

Tonne

Nd2O3

Tonne

Sm2O3

Tonne

Eu2O3

Tonne

Gd2O3

Tonne

Tb2O3

Tonne

Dy2O3

Tonne

Ho2O3

Tonne

Er2O3

Tonne

Tm2O3

Tonne

Yb2O3

Tonne

Lu2O3

Tonne

Y2O3

Tonne

Indicate

2.65 4 353 496 805 85 334 136 52 193 40 257 51 147 22 135 19 1581

Inferred 4.37 6 647 856 1398 156 701 331 108 351 56 326 62 174 25 157 23 1922

Notes:

1. All tabulated data have been rounded and as a result minor computational errors may occur.

2. Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability.

3. *TREO = Total Rare Earth Oxides and includes Y2O3

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