Namibia Critical Metals Inc. is awaiting shareholder, regulatory and TSX Venture Exchange approvals to implement its previously announced transaction relating to the Lofdal Heavy Rare Earth Project in north-western Namibia.
The company said it is working with its joint venture partners, the Japan Organization for Metals and Energy Security (JOGMEC) and Toyota Tsusho Corporation, to fulfil the remaining conditions required to complete the transaction.
“The Company continues to work with its joint venture partners, Japan Organization for Metals and Energy Security (“JOGMEC”) and Toyota Tsusho Corporation (“Toyota Tsusho”), to complete the remaining conditions required to implement the transaction, including obtaining the required shareholder consent and regulatory approvals, including final approval of the TSX Venture Exchange,” the company said.
Namibia Critical Metals said it is actively progressing the outstanding requirements and expects to provide a further update once the necessary approvals have been secured.
Lofdal is an advanced heavy rare earth project containing dysprosium, terbium and yttrium, minerals used in technologies including electric vehicles, renewable energy systems and advanced manufacturing.
The project is being advanced through a strategic partnership involving Namibia Critical Metals, JOGMEC and Toyota Tsusho as Japan seeks to secure and diversify supplies of critical rare earth materials.
Namibia Critical Metals currently holds a 95% interest in the Lofdal project, while the remaining 5% is held for the benefit of Historically Disadvantaged Namibians.
Under an agreement with Namibia Critical Metals, JOGMEC committed funding across several development stages to earn an interest in the project.
JOGMEC and Toyota Tsusho have completed the third expenditure phase after reaching the required C$23 million investment, earning a combined 50% interest in Lofdal.
The partnership also provides JOGMEC with an option to increase its interest further and includes provisions for funding the project towards commercial production, subject to the terms of the agreement.
Lofdal is being advanced as global demand for critical minerals increases and major economies seek alternative supply chains for rare earth elements used in clean-energy and high-technology industries.
