Namibia Critical Metals Announces Results of Annual General Meeting of Shareholders
Press Release
Namibia Critical Metals Announces Results of Annual General
Meeting of Shareholders
Halifax, Nova Scotia May 16, 2024 – Namibia Critical Metals Inc. (“Namibia Critical Metals”
or the “Company” or “NCMI”) (TSXV: NMI OTC: NMREF) announces the results of the
Company’s Annual General Meeting of Shareholders held on May 16, 2024 (the “Meeting”).
Shareholders holding 61.92% 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 10, 2024, were voted in favour, including: (a) Election
of Directors to the Board of the Company as listed below; (b) the approval of the stock
option plan, as amended, 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, William Price and Steve Herlihy were re-elected 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 121,239,738 99.32% 0 0
Steve Herlihy 121,239,738 99.32% 0 0
Darrin Campbell 121,241,738 99.32% 0 0
William L. Price 121,131,738 99.23% 0 0
On behalf of the Board of Directors,
Namibia Critical Metals Inc.
Darrin Campbell, President
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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 s ourcing 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 Rare Earths
metals suite to the Japanese industry.
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 refus al 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. NMI may elect to participate up to a maximum of 44% by funding pro rata after
the earn in period is completed.
To date, JOGMEC has completed Term 2 and earned a 40% interest by reaching the C$10
million expenditure requirement. Total approved project funding to date is C$14,541,000 of
the $20,000,000 Earn-In requirement to reach 50% interest.
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”.
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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”, “would”,
“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 events or results to differ materia lly 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 t o 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.