Namibia Critical Metals Announces Results of Annual General Meeting of Shareholders and Appointment of New Director
Press Release
Namibia Critical Metals Announces Results of Annual General
Meeting of Shareholders and Appointment of New Director
HALIFAX, NS / ACCESSWIRE / May 18, 2023 / Namibia Critical Metals Inc. (“Namibia
Critical Metals” or the “Company” or “NCMI”) (TSXV:NMI)(OTCQB:NMREF) announces the
results of the Company’s Annual General Meeting of Shareholders held on May 18, 2023
(the “Meeting”). Shareholders holding 58.84% of the shares were represented in person or
by proxy at the Meeting. All the matters submitted to the shareholders, as set out in the
Notice of Meeting and Information Circular dated April 12, 2023, were voted in favour,
including: (a) Election of Directors to the Board of the Company as listed below; (b) the
approval of the stock options plan, pursuant to which the Company may grant stock options
up to 10% of its issued and outstanding common shares at the time of grant; and (c) the
appointment of PricewaterhouseCoopers LLP as the auditors of the Company for the ensuing
year.
Messrs. Adrian Hickey, Darrin Campbell and William Price were re-elected and Mr. Steve
Herlihy was newly appointed to serve as directors of the Company, with the percentage of
votes cast for each director as follows:
Nominee Votes For % For Votes Withheld % Withheld
Adrian T. Hickey 101,845,684 99.91% 0 0
Steve Herlihy 101,845,684 99.91% 0 0
Darrin Campbell 101,625,684 99.69% 0 0
William L. Price 101,625,439 99.69% 0 0
Appointment of Steve Herlihy to the Board of Directors
Mr. Herlihy is the CFO of Bannerman Energy Ltd. (ASX:BMN, OTCQB:BNNLF) which is the
largest shareholder of the Company. Mr. Herlihy is a Chartered Accountant with over 30
years’ professional experience. His extensive background in the resources sector includes
several roles within BHP Limited, commencing as global Financial Controller for BHP Iron
Ore before progressing to special project roles. As part of BHP’s Strategy and Innovation
leadership team, Mr. Herlihy led a team of analysis and improvements specialists that
focused on operational and supply chain effectiveness. Prior to joining BHP, Mr. Herlihy held
senior commercial, finance and business development roles within tier one global resources
businesses including Newmont Corporation, Newcrest Mining, Normandy Mining, WMC
Resources and Placer Dome/Barrick Gold. More recently, Mr. Herlihy was a partner of a
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national accounting and advisory firm that was part of a top-ten global accounting network.
As leader of their Consulting and Corporate Finance Advisory Practice, he specialized in
investment evaluation, strategic planning, business transformation, corporate governance,
risk management and compliance advisory to a range of listed and unlisted clients. Mr.
Herlihy has deep, hands-on experience in project finance and M&A activities. His broad
transactional experience ranges from negotiating small joint venture agreements through to
lead commercial roles on large-scale multinational transactions. Mr. Herlihy holds a Bachelor
of Business (Accounting) from Curtin University, a Graduate Diploma in Applied Finance and
Investment from the Financial Services Institute of Australia and a Masters of Business
Administration (MBA) from Deakin University.
Darrin Campbell, President of Namibia Critical Metals stated:
“We are delighted to have Steve Herlihy join our Board as we progress our tier-1 Lofdal
Heavy rare Earth Project through feasibility. Steve’s impressive experience in the mining
sector will be a welcomed and valued voice on our team.”
On behalf of the Board of Directors,
Namibia Critical Metals Inc.
Darrin Campbell, President
About Namibia Critical Metals Inc.
NMI is developing the Tier-1 Heavy Rare Earth Project, Lofdal , a globally significant deposit
of the heavy rare earth metals dysprosium and terbium. Demand for these critical metals
used in permanent magnets for electric vehicles, wind turbines and other electronics is driven
by innovations linked to energy and technology transformations. The geopolitical risks
associated with sourcing many of these metals has become a repeated concern for
manufacturers and end users. Namibia is a proven and stable mining jurisdiction.
The Lofdal Project is fully permitted with a 25-year Mining License and is under a Joint Venture
Agreement with Japan Organization for Metals and Energy Security (JOGMEC).
The Company filed a robust updated PEA for “Lofdal 2B -4” on November 14, 2022, with a
post-tax NPV of USD$ 391 million and an annual IRR of 28% with a capital expenditure of
USD$207 million. The project is projected to generate a life of mine nominal cash flow of
USD$698 million post-tax over a 16-year mine life.
About Japan Organization for Metals and Energy Security (JOGMEC) and the JV
JOGMEC is a Japanese government independent administrative agency which seeks to secure
stable resource supplies for Japan. JOGMEC has a strong reputation as a long term, strategic
partner in mineral projects globally. JOGMEC facilitates opportunities with Japanese private
companies to secure supplies of natural resources for the benefit of the country’s economic
development.
Rare earths are of critical importance to Japanese industrial interests and JOGMEC has
extensive experience with all aspects of the sector. JOGMEC provided Lynas with
USD$250,000,000 in loans and equity in 2011 to ensure supplies of the Light R are Earths
metals suite to the Japanese industry.
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Namibia Critical Metals owns a 95% interest in the Lofdal project with the remaining 5% held
for the benefit of historically disadvantaged Namibians. The terms of the JOGMEC joint
venture agreement with the Company stipulate that JOGMEC provides C$3,000,000 in Term
1 and C$7,000,000 in Term 2 to earn a 40% interest in the Lofdal project. Term 3 calls for a
further C$10,000,000 of expenditures to earn an additional 10% interest. JOGMEC can also
purchase another 1% for C$5,000,000 and has first right of refusal to fully fund the project
through to commercial production and to purchase all production at market prices. The
collective interests of NMI and historically disadvantaged Namibians cannot be diluted below
a 26% carried working interest upon payment of C$5,000,000 to JOGMEC for the dilution
protection. To date, JOGMEC has approved the budget for Term 1 and 2 totaling C$10,375,000
provided that part of this budget is subject to an approval by METI, Ministry of Economy,
Trade and Industry of Japan.
Other exploration projects : The Company’s Exclusive Prospecting Licenses (“EPLs”)
prospective for gold are located in the Central Namibian Gold Belt which hosts a number of
significant orogenic gold deposits including the Navachab Gold Mine, the Otjikoto Gold Mine
and the Twin Hills deposit. At the Erongo Gold Project, stratigraphic equivalents to the meta-
sediments hosting the Osino gold discovery at Twin Hills have been identified and exploration
is 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. Interpretatio n of
geophysical data and regional geochemical soil sampling have identified first gold targets.
Darrin Campbell, President, has reviewed and approved this press release.
The common shares of Namibia Critical Metals Inc. trade on the TSX Venture Exchange under
the symbol “NMI” and the OTCQB Market under the symbol “NMREF”.
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, President
Tel: +01 (902) 835-8760
Email: [email protected] Web site: www.NamibiaCriticalMetals.com
This news release contains certain “forward -looking information” within the meaning of applicable securities laws. Forward looking information
is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “wo uld”,
“potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only
predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is
subject to a variety of risks and uncertainties and other factors that could cause actual eve nts or results to differ materially from those projected in
the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, reader s should
refer to the Company’s Management’s Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if
circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to pla ce undue reliance
on forward-looking information.
SOURCE: Namibia Critical Metals Inc.