Namibia Critical Metals Provides Update on Lofdal Joint Venture Transaction

(TSXV:NMI, OTCQB:NMREF) Namibia Critical Metals Inc. provides an update on the transaction relating to the Lofdal Heavy Rare Earth Project in Namibia, as previously disclosed in news releases dated July 30, 2026 and August 31, 2026. The company is working with joint venture partners Japan Organization for Metals and Energy Security (JOGMEC) and Toyota Tsusho Corporation to finalize definitive shareholder arrangements for the new joint venture ownership structure and to issue a 50% interest to TJNREC. The shareholder and regulatory consent process is expected to continue for up to another 30 days. Namibia Critical Metals owns a 95% interest in the Lofdal project, with the remaining 5% held for the benefit of Historically Disadvantaged Namibians. Under the JOGMEC agreement, 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 requires a further C$13,000,000 of expenditures to earn an additional 10% interest. JOGMEC can purchase another 1% for C$5,000,000 and has the first right of refusal to fully fund the project through to commercial production and to purchase all production at market prices. NMI's interest cannot be diluted below 21% provided NCMI pays JOGMEC $5 million for dilution protection, and the Historically Disadvantaged Namibian entity shareholder cannot be diluted below a 5% carried working interest as a condition of the mining license. NMI may elect to participate up to a maximum of 44% or 45% by funding pro rata after a Final Investment Decision. If NMI defaults on funding commitments and is diluted below 10%, its interest converts to a 1% NSR. JOGMEC and Toyota Tsusho Corporation have satisfied the funding requirements to earn a 50% interest by reaching the C$23 million expenditure requirement. JOGMEC previously provided Lynas with USD$250,000,000 in loans and equity in 2011 and invested a further USD$134 million in 2023 to secure supplies of rare earth metals for Japanese industry.

Namibia Critical Metals Announces Completion of Japan's C$23 Million Earn-In and Formation of Strategic Joint Venture Company for the Lofdal Heavy Rare Earth Project

(TSXV: NMI) (OTCQB: NMREF) Namibia Critical Metals Inc. announced that Japan Organization for Metals and Energy Security (JOGMEC) and Toyota Tsusho Corporation have established TJ Namibia Rare Earths Corporation (TJNREC), a jointly owned special purpose company to hold Japan's 50% participating interest in the Lofdal Heavy Rare Earth Project. Japan has completed its previously announced C$23 million earn-in commitment under the Joint Venture Agreement through funding of the approximately C$11 million expanded Definitive Feasibility Study (DFS) budget approved on July 10, 2026. Completion of the earn-in results in TJNREC acquiring a 50% participating interest in the Lofdal Project, subject to prior approval of the TSX Venture Exchange and NCMI shareholders. JOGMEC has committed to invest up to C$47.668 million (approximately ¥5.5 billion) into TJNREC, with an initial investment completed on July 23, 2026. All project funding provided by TJNREC beyond completion of the earn-in is classified as Pre-Final Investment Decision (Pre-FID) Capital Funding, which does not dilute Namibia Critical Metals' ownership interest and is non-interest bearing prior to a Final Investment Decision. The company projects that the continued advancement of the Lofdal Project is expected to contribute to Namibia's objective of increasing value addition within the country's critical minerals sector. Namibia Critical Metals owns a 95% interest in the Lofdal project, with the remaining 5% held for the benefit of Historically Disadvantaged Namibians.

Namibia Critical Metals Launches Next Phase of Lofdal Definitive Feasibility Study Including Further Value Addition in Namibia

(TSXV: NMI) (OTCQB: NMREF) Namibia Critical Metals Inc. announced that the Joint Management Committee overseeing the Lofdal Heavy Rare Earth Project has approved the next phase of work under the Definitive Feasibility Study, including up to approximately C$11 million in additional project funding. The company awarded the first major metallurgical and geometallurgical contracts under the expanded DFS work program to SGS Canada Inc. The pilot-scale flotation program will process approximately 30 tonnes of representative ore, and a comprehensive variability testing program will incorporate 98 representative samples from across the Lofdal deposit. JOGMEC has completed Term 2 and earned a 40% interest by reaching the C$10 million expenditure requirement, with total funding to date at C$19,973,000 of the C$23,000,000 earn-in requirement to reach 50% interest. The terms of the JOGMEC agreement stipulate C$3,000,000 in Term 1, C$7,000,000 in Term 2, and C$13,000,000 in Term 3 to earn up to a 50% interest, with an option to purchase another 1% for C$5,000,000. The company projects that the expanded metallurgical program will validate the complete processing flowsheet and demonstrate the production of higher-value intermediate rare earth products in Namibia. Namibia Critical Metals owns a 95% interest in the Lofdal project, with the remaining 5% held for the benefit of Historically Disadvantaged Namibians.

Namibia Critical Metals Commences Exploration and Infill Drilling Programs and Welcomes Toyota-Tsusho Partners to Lofdal Site

(TSXV:NMI) Namibia Critical Metals Inc. announced commencement of a significant drill program at its Lofdal Heavy Rare Earths project in Namibia, with the drill program having commenced on 3 June 2026. The 2026 drill program includes reverse circulation (RC) drilling of 83 drillholes with two rigs over the next five months for a total drill production in the range of 13,000 meters, and systematic drilling of a total of 5,670 meters along the Area 5 mineralized system. The company owns a 95% interest in the Lofdal project, with the remaining 5% held for the benefit of Historically Disadvantaged Namibians. JOGMEC has completed Term 2 and earned a 40% interest by reaching the C$10 million expenditure requirement, with total approved project funding to date at C$19,973,000 of the $23,000,000 earn-in requirement to reach 50% interest. The Lofdal Project is fully permitted with a 25-year Mining License and is under a funding agreement with Japan Organization for Metals and Energy Security (JOGMEC). The company projects a maiden resource for the 1.5 km long xenotime-mineralized system at Area 5 and aims to increase Measured and Indicated Resources at Area 2B and Area 4, as well as test the extension of the Area 4 deposit to a depth of about 800 meters. 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.