Namibia Critical Metals has announced that the OTCQB Venture Market has authorised trading of the company’s common shares under the stock symbol NMREF.
The OTCQB is a US trading platform operated by OTC Markets Group in New York. The OTCQB market, often referred to as a “QB” quotation, is structured to provide live‐market trading in early‐stage and developing companies that may hold primary listings in other markets.
Darrin Campbell, President of Namibia Critical Metals stated the company was delighted to be able to provide US investors with enhanced access to the NCMI story through the OTC platform.
“We have seen a significant increase in the number of US-based shareholders in NCMI over the last two years as the rare earth sector, in general, has grabbed the attention of investors worldwide.”
Furthermore, he said Namibia Critical Metals’ shares will continue to trade on Canadian TSX-Venture under its existing symbol “NMI”.
“The trading on OTC is non‐dilutive to existing NCMI shareholders. No capital is being raised and no new shares are being issued to enable trading on the OTCQB,” he said.
Namibia Critical Metals is developing the Tier-1 Heavy Rare Earth Project, Lofdal, a globally significant deposit of the heavy rare earth metals dysprosium and terbium.
“Demand for these critical metals used in permanent magnets for electric vehicles, wind turbines and other electronics is driven by innovations linked to energy and technology transformations. The geopolitical risks associated with sourcing many of these metals has become a repeated concern for manufacturers and end users. Namibia is a proven and stable mining jurisdiction.”
The Lofdal Project is fully permitted with a 25-year Mining Licence and is under a Joint Venture Agreement with Japan Organization for Metals and Energy Security (JOGMEC).
The company filed a robust updated PEA for “Lofdal 2B-4” on 14 November 2022, with a post-tax NPV of US$391 million and an annual IRR of 28% with a capital expenditure of US$207 million.
The project is projected to generate a life of mine nominal cash flow of US$699 million post-tax over a 16-year mine life.
