Final Drill Results from Area 2B Proves District-Scale Heavy Rare Earths Mineralization at Lofdal Management Changes Announced

Press Release

Namibia Critical Metals Inc.

Final Drill Results from Area 2B Proves District-Scale Heavy

Rare Earths Mineralization at Lofdal

Management Changes Announced

Halifax, Nova Scotia February 1, 2021 – Namibia Critical Metals Inc. (“Namibia Critical

Metals” or the “Company” or “NMI”) (TSXV:NMI) is pleased to provide an update with f inal

drill results from the Area 2B satellite deposit on the Lofdal Heavy Rare Earth Project in

northern Namibia (“Lofdal” or “the project”). Lofdal is a joint venture between the Company

and Japan Oil, Gas and Metals National Corporation (“JOGMEC”) which is operating under a

Term 1 budget of CD$4,100,000 (Company press release September 21, 2020).

Area 2B is the first satellite deposit at Lofdal which underwent resource drilling. It is located

about three kilometers northwest of Area 4 deposit (Figure 1). Successful drilling of Area 2B

underlines the district scale character of the Lofdal heavy rare earths mineralization.

Highlights from the final 9 boreholes at Area 2B include:

• 24 m @ 0.29% TREO with 216 ppm Dy2O3 and 79.4% heavy rare earth enrichment

in L2BD0055 (including 3 meters @ 1.05% TREO including 946 ppm Dy2O3)

• 8 m @ 0.24% TREO with 165 ppm Dy2O3 and 93.3% heavy rare earth enrichment in

L2BD0053 (including 3 meters @ 0.38% TREO including 307 ppm Dy2O3)

• 4 m @ 0.37% TREO with 283 ppm Dy2O3 and 72.5% heavy rare earth enrichment in

L2BD0050 (including 2 meters @ 0.57% TREO including 454 ppm Dy2O3)

Drill Results at Area 2B in Context of the Lofdal Deposit

Mineralization at Area 2B is very similar to Area 4 . The heavy rare earths mineralization is

bound to generally northeast-striking structural zones with intense albitite alteration and local

carbonatite intrusion s. Both albitite and carbonatite are infused with stockworks of

hydrothermal xenotime mineralisation carrying the heavy rare earths.

Area 2B forms part of the western structural zone which includes the wider Area 2 and Area

5 targets (Figure 1).

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Figure 1 – Structural zones of the central Lofdal deposit and target areas (including the first two areas

with resource drilling: Area 2B and Area4)

The 2020 resource drill program at Area 2B totalled 4,400 meters in 29 diamond drill holes.

Drilling has established a strike length of 600 meters of mineralization at Area 2B with multiple

dysprosium zones defined to a maximum vertical depth of 190 meters. The mineralised zones

at Area 2B range from 1 to 24 meters in thickness and often occur in swarms of up to five

subparallel zones.

New results include the highest-grade dysprosium meter intercept to date in Area 2B with

1,779 ppm Dy2O3 in drill hole L2B0055 where the deposit remains open to the northern and

eastern direction s (Figure 2). Area 2B deposit remains further open along strike to the

southwest and at depth.

Details of the final nine drill holes from Area 2B are provided in Table 1 and a complete listing

of all analytical results is provided in Table 2. Intercept widths are reported as down the hole

widths and are not necessarily true widths.

All results have now been received from the Area 2B drilling program and that database will

be closed for submission to MSA Group (“MSA”) of South Africa who have been engaged to

update the Lofdal resource. As previously reported (press release January 5, 2021) final drill

results for the Area 4 deposit remain pending.

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Figure 2 – Area 2B drill collars on geological map

Field operations follow strict company Standard Operating Procedures with regards to drilling

practices, sampling procedures, security of transport and analytical procedures as per

recommendations in the Canadian Institute of Mining, Metallurgy and Petroleum CIM’s Best

Practices Guidelines (2018), which includes strict internal quality assurance and quality

control procedures (“QAQC”) for the insertion of blanks, standards and duplicates. QAQC

samples account for 10% of samples submitted in each batch. Sample preparation and

analytical work for the drilling program is being provided by Activation Laboratories Ltd.

(“Actlabs” Windhoek, Namibia and Ancaster, Ontario) employing appropriate crushing and

pulverization procedures (Actlabs Code RX -1) on half sawn core samples provided from the

selected intervals, utilizing lithium metaborate/tetraborate fusion and ICP -MS techniques

suitable for rare earth element analyses (Actlabs Code 8). Activation Laboratories is an

ISO/IEC 17025 accredited laboratory.

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NOTE: “TREO” refers to total rare earth oxides; “HREO” refers to heavy rare earth oxides; “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 earths comprise

lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd) and samarium (Sm). "H REE” refers to h eavy

rare earth enrichment which is the ratio of HREO:TREO, expressed as a percentage

HoleID Section Hole Hole Final From To Length TREO* HREO* HREE* Dy2O3

Inclination Azimuth (TN) Depth (m) m m m % % % ppm

L2BD0047 7754706N -62 313 190.88 55 59 4.00 0.67 0.16 23.41 179

incl. 57 59 2.00 0.98 0.24 24.69 278

L2BD0047 150 151 1.00 0.13 0.11 85.62 105

L2BD0047 156 157 1.00 0.65 0.51 78.79 464

L2BD0048 7754458N -64 313 173.83 111 117 6.00 0.17 0.10 56.67 85

L2BD0048 142 143 1.00 0.47 0.45 95.64 382

L2BD0048 152 153 1.00 0.16 0.15 94.00 127

L2BD0048 159 160 1.00 0.18 0.15 82.41 130

L2BD0049 7754706N -62 313 97.98 73 84 11.00 0.16 0.07 41.96 64

incl. 81 83 2.00 0.37 0.13 35.21 132

L2BD0050 7754423N -62 313 137.83 20 21 1.00 0.27 0.13 46.49 113

L2BD0050 28 31 3.00 0.28 0.13 47.37 163

L2BD0050 110 114 4.00 0.37 0.27 72.49 283

incl. 112 114 2.00 0.57 0.43 76.00 454

L2BD0050 128 129 1.00 0.17 0.12 74.65 127

L2BD0051 7754777N -64 311 178.88 48 49 1.00 0.53 0.08 15.40 102

L2BD0051 159 165 6.00 0.13 0.09 74.61 88

L2BD0051 171 175 4.00 0.16 0.06 37.27 73

L2BD0052 7754494N -64 311 200.93 85 86 1.00 1.16 0.06 5.55 82

L2BD0052 185 187 2.00 0.11 0.10 91.86 99

L2BD0053 7754777N -68 313 104.38 78 86 8.00 0.24 0.19 79.23 165

incl. 80 83 3.00 0.38 0.36 93.34 307

L2BD0054 7754847N -64 311 209.88 78 80 2.00 0.71 0.18 25.07 214

L2BD0054 175 182 7.00 0.15 0.06 39.00 61

L2BD0054 192 204 12.00 0.12 0.07 68.87 80

L2BD0055 7754847N -68 313 125.28 47 50 3.00 0.47 0.19 40.33 149

L2BD0055 66 90 24.00 0.29 0.23 79.37 216

incl. 66 78 12.00 0.41 0.39 81.56 365

incl. incl. 70 73 3.00 1.08 1.05 97.52 946

* some total percentages subject to rounding errors

Table 1 - Summary of Significant Drill Intercepts from Area 2B (January 28, 2021)

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HoleID From To Length La2O3 Ce2O3 Pr2O3 Nd2O3 Sm2O3 LREO* Eu2O3 Gd2O3 Tb2O3 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 HREO* TREO* HREE*

m m m ppm ppm ppm ppm ppm % ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm % % %

L2BD0047 55 59 4.00 1716 2360 205 669 206 0.52 70 225 36 179 29 68 8 47 6 907 0.16 0.67 23.41

incl. 57 59 2.00 2495 3331 287 953 320 0.74 112 359 56 278 44 102 12 70 10 1380 0.24 0.98 24.69

L2BD0047 150 151 1.00 48 82 9 33 18 0.02 10 51 14 105 23 72 11 69 10 770 0.11 0.13 85.62

L2BD0047 156 157 1.00 292 525 64 304 186 0.14 80 329 73 464 96 283 43 285 41 3396 0.51 0.65 78.79

L2BD0048 111 117 6.00 157 311 38 175 71 0.08 23 75 13 85 18 54 8 47 7 654 0.10 0.17 56.67

L2BD0048 142 143 1.00 45 83 9 37 32 0.02 26 151 47 382 88 274 42 278 41 3173 0.45 0.47 95.64

L2BD0048 152 153 1.00 16 36 5 21 17 0.01 10 50 16 127 29 91 15 99 14 1033 0.15 0.16 94.00

L2BD0048 159 160 1.00 58 125 15 68 50 0.03 24 89 19 130 28 83 12 79 12 1008 0.15 0.18 82.41

L2BD0049 73 84 11.00 229 372 41 196 115 0.10 38 106 13 64 12 33 5 35 5 377 0.07 0.16 41.96

incl. 81 83 2.00 580 938 101 482 321 0.24 106 297 33 132 20 52 7 44 7 618 0.13 0.37 35.21

L2BD0050 20 21 1.00 115 386 82 569 297 0.14 68 197 23 113 20 53 6 35 4 740 0.13 0.27 46.49

L2BD0050 28 31 3.00 128 376 71 497 418 0.15 145 428 49 163 18 30 3 16 2 486 0.13 0.28 47.37

L2BD0050 110 114 4.00 205 388 46 209 178 0.10 80 282 51 283 51 134 17 97 12 1694 0.27 0.37 72.49

incl. 112 114 2.00 255 492 60 291 275 0.14 126 451 81 454 82 212 27 150 19 2744 0.43 0.57 76.00

L2BD0050 128 129 1.00 79 150 19 96 77 0.04 33 120 22 127 23 60 8 47 6 792 0.12 0.17 74.65

L2BD0051 48 49 1.00 1267 2143 202 674 181 0.45 63 195 25 102 13 28 3 17 2 364 0.08 0.53 15.40

L2BD0051 159 165 6.00 69 126 15 69 41 0.03 18 64 14 88 18 55 9 57 9 608 0.09 0.13 74.61

L2BD0051 171 175 4.00 307 429 41 147 75 0.10 31 105 16 73 11 26 3 20 3 306 0.06 0.16 37.27

L2BD0052 85 86 1.00 3191 5351 516 1667 220 1.09 52 134 17 82 12 28 3 21 3 292 0.06 1.16 5.55

L2BD0052 185 187 2.00 16 34 4 19 17 0.01 11 52 14 99 21 63 10 63 9 675 0.10 0.11 91.86

L2BD0053 78 86 8.00 105 183 21 108 77 0.05 33 114 24 165 33 99 14 91 13 1300 0.19 0.24 79.23

incl. 80 83 3.00 46 96 12 51 49 0.03 35 152 41 307 63 193 28 175 25 2555 0.36 0.38 93.34

L2BD0054 78 80 2.00 1742 2477 225 703 156 0.53 62 196 38 214 36 90 12 79 12 1036 0.18 0.71 25.07

L2BD0054 175 182 7.00 221 372 43 203 96 0.09 31 81 12 61 11 28 4 25 4 342 0.06 0.15 39.00

L2BD0054 192 204 12.00 131 210 22 91 48 0.05 21 78 14 80 15 40 5 33 5 420 0.07 0.12 68.87

L2BD0055 47 50 3.00 197 585 139 1222 679 0.28 171 395 37 149 25 69 10 60 9 983 0.19 0.47 40.33

L2BD0055 66 90 24.00 122 210 25 137 95 0.06 38 154 32 216 44 130 19 116 16 1503 0.23 0.29 79.37

incl. 66 78 12.00 47 87 11 49 40 0.02 31 175 49 365 78 232 33 210 29 2708 0.39 0.41 81.56

incl. incl. 70 73 3.00 57 99 11 43 58 0.03 67 419 128 946 200 605 87 549 74 7459 1.05 1.08 97.52

* some total percentages subject to rounding errors

Table 2 - Complete Listing of Individual Rare Earth Element Analyses for Reported Drill Intercepts from Area 2B (January 28, 2021)

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The Lofdal Heavy Rare Earths Project is located 450 kilometers northwest of the capital city

of Windhoek in the Kunene Region of north-western Namibia. The project area covers 314

square kilometers centered on the Lofdal carbonatite complex which hosts a number of rare

earth occurrences, including the Area 4 deposit and the Area 2B deposit. Mineralization in

both deposits is dominated by xenotime, a heavy rare earths phosphate .

Lofdal is unique as one of only two primary xenotime projects under development in the world.

As demonstrated in the Preliminary Economic Assessment 1 Lofdal has the potential for

significant production of dysprosium and te rbium, the two most valuable heavy rare earths

used in high powered magnets. The joint venture with JOGMEC is driven by Lofdal’s potential

to be a long term, sustainable supply of heavy rare earths for Japan.

Management Changes

The Company also announced today that Donald Burton will be stepping down as President

and a director of the Company, effective March 31, 2021, due to health reasons. Darrin

Campbell, the Company’s Chief Financial Officer, will assume the role of President on that

date. The Company is currently undertaking a search to fill the position of Chief Financial

Officer upon Mr. Campbell’s elevation to President. The Company also announced that Dr.

Rainer Ellmies, formerly a technical advisor to Namibia Critical Metals, has been appointed to

the position of Vice President Exploration as part of the management restructuring. Mr. Burton

will assist with an orderly transition of his duties to Mr. Campbell and Dr. Ellmies and will be

available on a consulting basis to assist the management team going forward.

Gerald McConnell, Chair of the Board stated: “ It is with a heavy heart that we accept Don’s

resignation as President of the Company. Don has been involved with the Company since its

inception and has played a pivotal role in the Company’s success to date. On behalf of the

Board, we express our sincere thanks for all of his contributions to Namibia Critical Metals

over the years and wish him a speedy path back to health.

The Board welcomes Darrin to the role of President and we have every confidence Namibia

Critical Metals will continue to grow and prosper under his leadership. Darrin has been the

Chief Financial Officer of the Company since 2017 with over 20 years of executive

management experience in private and public companies in the resource sector. We are also

pleased to have Rainer take a senior role directly with the Company. Rainer’s association with

the Company dates back to 2005 when we first entered Namibia and he has an impressive

record of discoveries including Lofdal, as well as a wealth of in -country experience through

senior government and private sector appointments.”

About Namibia Critical Metals Inc.

Namibia Critical Metals Inc. holds a diversified portfolio of exploration and advanced stage

projects in the country of Namibia focused on the development of sustainable and ethical

sources of metals for the battery, electric vehicle and associated industries. The two advanced

1 Preliminary Economic Assessment on the Lofdal Rare Earths Project Namibia dated October 1, 2014 authored by David S.

Dodd, B. Sc (Hon) FSAIMM - The MDM Group, South Africa, Patrick J.F. Hannon, M.A.Sc., P.Eng. and William Douglas Roy,

M.A.Sc., P.Eng. - MineTech International Limited, Canada, Peter Roy Siegfried, MAusIMM (CP Geology) and Michael R. Hall,

B.Sc (Hons), MBA, MAusIMM, Pr.Sci.Nat, MGSSA - The MSA Group, South Africa. The PEA should not be considered to be a

pre-feasibility or feasibility study, as the economics and technical viability of the Project has not been demonstrated at this time.

The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to

have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. Furthermore,

there is no certainty that the PEA will be realized.

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stage projects in the portfolio are Lofdal and Epembe. The Company also has significant land

positions in areas favourable for gold mineralization.

Heavy Rare Earths: The Lofdal Heavy Rare Earth Project is the Company’s most

advanced project having completed a Preliminary Economic Assessment in 2014 and full

Environmental Impact Assessment in 2017. An application has been made for a mining licence

at Lofdal. The project is now in joint venture with Japan Oil, Gas and Metals National

Corporation (“JOGMEC”) who are funding the current CD$4,100,000 drilling and metallurgical

program with the objective of doubling the resource size and optimization of the process flow

sheet.

Gold: At the Erongo Gold Project, stratigraphic equivalents to the meta-sediments hosting

the recent Osino gold discovery at Twin Hills have been identified and s oil surveys are

progressing over this highly prospective area. The Grootfontein Base Metal and Gold

Project has potential for magmatic copper-nickel mineralization, Mississippi Valley-type zinc-

lead-vanadium mineralization and Otjikoto -style gold mineralization. Detailed interpretation

of geophysical data and regional geochemical soil sampling have identified first gold targets.

Tantalum-Niobium: In addition to Lofdal, the Epembe Tantalum-Niobium Project is also

at an advanced stage with a well -defined, 10 km long carbonatite dyke that has been

delineated by detailed mapping with over 11,000 meters of drilling. Preliminary mineralogical

and metallurgical studies including sorting tests (XRT), indicate the potential for significant

physical upgrading. Further work will be undertaken to advance the project to a preliminary

economic assessment stage.

Copper-Cobalt: The Kunene Co pper-Cobalt Project comprises a very large area of

favorable stratigraphy along strike to the west of the Opuwo cobalt-copper-zinc deposit.

Secondary copper mineralization over a wide area points to preliminary evidence of a regional-

scale hydrothermal system. Exploration targets on EPLs held in the Kunene project comprise

direct extensions of the cobalt-copper mineralization to the west, sediment-hosted cobalt and

copper, orogenic copper, and stratabound manganese and zinc-lead mineralization.

The common shares of Namibia Critical Metals Inc. trade on the TSX Venture Exchange under

the symbol “NMI”.

Donald M. Burton, P.Geo. and Pres ident of Namibia Critical Metals Inc., is the Company’s

Qualified Person and has reviewed and approved this press release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term

is defined in the policies of the TSX Venture Exchange) accepts responsibility for the

adequacy or accuracy of this release.

For more information please contact -

Namibia Critical Metals Inc.

Darrin Campbell, Chief Financial Officer

Tel: +01 (902) 835-8760

Fax: +01 (902) 835-8761

Email: [email protected]

Web site: www.NamibiaCriticalMetals.com

The foregoing information may contain forward -looking information relating to the future performance of Namibia Rare Earths Inc. Forward -

looking information, specifically, that concerning future performance, is subject to certain risks and uncertainties, and actual results may differ

materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate securities commissions.