Receives Proceeds of $525,000 from Exercise of Warrants
Press Release
NAMIBIA CRITICAL METALS INC.
RECEIVES PROCEEDS OF $525,000 FROM EXERCISE OF
WARRANTS
Halifax, Nova Scotia October 28, 2021 – Namibia Critical Metals Inc. (“Namibia Critical
Metals” or the “Company” or “NMI” ) (TSXV:N MI) today announced that, it has received
proceeds of Cdn. $525,000 as a result of the exercise of approximately 2.9 million previously
issued common share purchase warrants. The Company intends to use the proceeds of the
warrant exercises for general working capital purposes. The warrants were issued in
connection with the Company’s non-brokered private placement offering of units completed
in April 2020 and were set to expire on October 28, 2021.
The exercise price of the warrants was $0.18 and 100% of the warrants have been exercised.
“This infusion of equity indicates that investors are confident in the future of NMI. We have
an exciting few months ahead with continued rapid acceleration of our Lofdal Heavy Rare
Earth Dysprosium -Terbium Project with our joint -venture partner JOGMEC as well as
continued efforts on our 95% owned gold, tantalum and niobium projects .” said Darrin
Campbell, President of NMI.
About Japan Oil, Gas and Metals National Corporation (JOGMEC) and the JV
JOGMEC is a Japanese government independent administrative agency which among other
things seeks to secure stable resource supplies for Japan. JOGMEC has a strong reputation as
a long term, strategic partner in mineral projects globally. The mandated areas of
responsibilities within JOGMEC relate to oil and natural gas, metals, coal and geothermal
energy. 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
US$250,000,000 in loans and equity in 2011 to ensure supplies of the Light Rare Earths
metals suite to the Japanese industry.
The Company currently owns a 95% interest in the Lofdal project with the remaining 5% held
for the benefit of historically disadvanta ged Namibians. The terms of the JOGMEC joint
venture agreement with the Company stipulate that JOGMEC provides $3,000,000 in Term 1
and $7,000,000 in Term 2 to earn a 40% interest in the Lofdal project. Term 3 calls for a
further $10,000,000 of expenditures to earn an additional 10% interest. JOGMEC can also
purchase another 1% for $ 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 2 6% carr ied working interest upon payment of $5,000,000 to JOGMEC for the dilution
protection. The JV Agreement is structured such that no NMI equity will be issued and it is
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totally non -dilutive to NMI shareholders. To date, JOGMEC, has funded Term 1 and 2
expenditures totaling $6,600,000.
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
stage projects in the portfolio are Lofdal and Epembe. The Company also holds significant
land positions in areas favourable for gold mineralization.
Figure 2: Location of Namibia Critical Metals’ projects highlighting position of gold projects (Erongo, Otjiwarongo and
Grootfontein) in relation to important gold projects within the Navachab-Otjikoto gold belt
Heavy Rare Earths: The Lofdal Dysprosium-Terbium Project is the Company’s most
advanced project being fully permitted with a Mining Licence (ML 200) issued in 2021. The
project is being developed in joint venture with Japan Oil, Gas and Metals National Corporation
(“JOGMEC”) to provide a sustainable supply of he avy rare earths to Japan, most notably
dysprosium and terbium.
Gold: 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 more recently the discovery of
the Twin Hills deposit. At the Erongo Gold Project, stratigraphic equivalents to the meta-
sediments hosting the recent Osino gold discovery at Twin Hills have been identified and soil
surveys are progressing over this highly prospective area. The Grootfontein Base Metal
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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, with the first targets currently being drill-tested.
Tantalum-Niobium: The Epembe Tantalum -Niobium-Uranium Project is at an
advanced stage with a well-defined, 10 km long carbonatite dyke that has been delineated by
detailed mapping and radiometric surveys and 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 Copper-Cobalt Project comprises a large area of favorable
stratigraphy along strike 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 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”.
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
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 Critical Metals 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.