Announcement • Jul 21
Namibia Critical Metals Launches Next Phase of Lofdal Definitive Feasibility Study Including Further Value Addition in Namibia Namibia Critical Metals 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 CAD 11 million in additional project funding to advance completion of the study. The Company also announced the award of the first major metallurgical and geometallurgical contracts under the expanded Definitive Feasibility Study work program to SGS Canada Inc. The approved programs represent a significant advancement in the development of the Lofdal Project and transition the project into full Definitive Feasibility Study execution. Collectively, the work will validate the complete processing flowsheet from run-of-mine ore through the production of separate light and heavy rare earth carbonate products while generating the engineering and operating data required to support updated plant design and project financing. A key objective of the expanded metallurgical program is to demonstrate the production of higher-value intermediate rare earth products in Namibia. The Lofdal program will now evaluate the production of separate Light Rare Earth Carbonate and Heavy Rare Earth Carbonate products through integrated hydrometallurgical processing. These products represent a significant advancement in value addition within Namibia and establish the technical foundation for evaluating future downstream processing opportunities in-country. As one of the few advanced heavy rare earth projects offering an alternative source of supply, Lofdal is uniquely positioned to contribute to diversified global supply chains for dysprosium, terbium, yttrium and other critical rare earth elements essential for electric vehicles, renewable energy technologies, advanced electronics and defence applications. The contracts announced comprise one of the most comprehensive metallurgical development campaigns undertaken on the Lofdal Project and are expected to provide critical engineering and operating data required to complete the Definitive Feasibility Study for the expanded project “Lofdal 2B-4”. Approximately 30 tonnes of representative ore will undergo continuous pilot-scale flotation testing to validate the processing flowsheet, optimize operating conditions and generate concentrate for downstream hydrometallurgical processing. The program includes variability testing, reagent optimization, site water evaluation and environmental characterization to support commercial plant design. A continuous pilot plant will demonstrate the complete hydrometallurgical flowsheet, including acid bake, leaching, impurity removal, solvent extraction and precipitation. The campaign is expected to produce mixed rare earth carbonate followed by separate light and heavy rare earth carbonate products while generating engineering design criteria for commercial-scale processing facilities. Laboratory and pilot-scale solvent extraction programs will optimize the separation of light and heavy rare earth elements using best reagent systems. The work will establish operating parameters for production of separate Light Rare Earth Carbonate and Heavy Rare Earth Carbonate products while identifying opportunities to reduce reagent consumption and improve future operating economics. A comprehensive variability testing program incorporating 98 representative samples from across the Lofdal deposit will refine geometallurgical domains and develop predictive processing models supporting mine planning, process optimization and long-term operational forecasting. The programs announced are expected to: Validate pilot-scale flotation and hydrometallurgical performance; Demonstrate production of separated light and heavy rare earth carbonate products; Generate engineering design criteria for detailed process plant design; Optimize recoveries, reagent consumption and operating costs; Develop predictive geometallurgical models supporting mine planning; Advance amendments to environmental and other permits; and Substantially de-risk the processing component of the Lofdal Project ahead of completion of the Definitive Feasibility Study. New Risk • Jul 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$45.5m market cap, or US$32.2m). Announcement • Jun 12
Namibia Critical Metals Commences Exploration and Infill Drilling Programs At Lofdal Heavy Rare Earths Project Namibia Critical Metals commenced a significant drill program at its Lofdal Heavy Rare Earths project in Namibia. The drill program commenced on 3 June 2026 and aims at: Maiden resource for the 1.5 km long xenotime-mineralized system at Area 5 between the currently planned Area 4 and Area 2B pits. First deep hole to be drilled in potentially extending deposit of Area 4 to 800m depth for studies on a future underground mining option. Increase Resources of Measured Category at Area 4. Increase Indicated and Measured Resources at Area 2B. Drill Program 2026 Reverse circulation (RC) drilling of 83 drillholes is planned with two rigs over the next five months for a total drill production in the range of 13,000 meters. The 2026 drill program comprises of mainly resource infill and expansion drilling at Area 2B and Area 4 as well as systematic drilling of a total of 5,670 meters along the Area 5 mineralized system. Core drilling will be used to tests the depth extension of the Area 4 deposit with an expected intercept at about 800 meters vertical depth. The Company was also pleased to host senior executives from its partners, JOGMEC and Toyota-Tsusho, to a site visit at Lofdal and hold stakeholder update meetings with senior Namibian government representatives and the communities. 
