Namibia Critical Metals Inc. is working alongside joint venture partners Japan Organization for Metals and Energy Security and Toyota Tsusho Corporation to clear remaining closing conditions for the Lofdal Heavy Rare Earth Project transaction in Namibia.

Implementation of the arrangement remains conditional upon obtaining required shareholder consent and regulatory clearances, including final approval from the TSX Venture Exchange. Namibia Critical Metals is actively progressing these matters and expects to release a further update once the necessary approvals are in hand.

The transaction advances the fully permitted Lofdal project, which represents one of the few advanced heavy rare earth deposits globally and ranks among the largest known undeveloped sources of dysprosium, terbium, and yttrium. The project is being developed through the strategic partnership to establish secure, diversified supply chains for critical materials required in electric vehicles, renewable energy infrastructure, and advanced technologies.

Under the existing joint venture structure, the Japanese partners completed a C$23 million earn-in through expenditures on the project, establishing TJ Namibia Rare Earths Corporation as the jointly owned special purpose vehicle holding a 50 percent participating interest in Lofdal. Namibia Critical Metals holds a 95 percent interest in the project, with a 5 percent portion held for the benefit of Historically Disadvantaged Namibians.

Earlier, the Joint Management Committee approved approximately C$11 million in additional funding to advance completion of the definitive feasibility study, alongside the award of metallurgical contracts to SGS Canada Inc. to evaluate integrated hydrometallurgical processing for mixed and separated rare earth carbonate products. Additionally, JOGMEC committed to invest up to C$47.668 million into the joint purpose company to fund completion of the definitive feasibility study and support the asset toward a final investment decision.

Read the full announcement: Namibia Critical Metals Provides Update on Lofdal Joint Venture Transaction