Namibia Critical Metals Secures C$1.15 Million to Advance Lofdal Heavy Rare Earth Project
Namibia Critical Metals Inc. has strengthened its working capital position after receiving C$1.15 million from the exercise of previously issued share purchase warrants, supporting the company’s ongoing rare earth development strategy in Namibia.
The company confirmed that a total of 14,761,904 warrants were exercised, with each warrant entitling the holder to acquire one common share.
Gross proceeds from the exercises amounted to C$1,154,762, equivalent to approximately N$15.6–16.0 million, and will be used for general working capital purposes.
The funding was generated through two tranches of warrant exercises. The first tranche consisted of warrants exercised at C$0.05 per share, raising C$321,429, or about N$4.3–4.5 million.
These warrants were issued in connection with a non-brokered private placement completed on 28 November 2024 and were set to expire on 28 November 2025.
The second tranche involved warrants exercised at C$0.10 per share, generating C$833,333, equivalent to approximately N$11.2–11.5 million.
These warrants were issued under a non-brokered private placement completed on 22 December 2023 and were due to expire on 22 December 2025.
Namibia Critical Metals is advancing the Lofdal Heavy Rare Earth Project in north-western Namibia, a globally significant deposit containing the heavy rare earth elements dysprosium and terbium, which are critical inputs for permanent magnets used in electric vehicles, wind turbines, and advanced electronic applications.
The Lofdal Project is fully permitted and held under a 25-year mining licence. It is being developed through a joint venture with the Japan Organisation for Metals and Energy Security (JOGMEC).
Namibia Critical Metals holds a 95% interest in the project, with the remaining 5% reserved for the benefit of historically disadvantaged Namibians.
Under the joint venture agreement, JOGMEC can earn up to a 50% interest through staged expenditure commitments. To date, JOGMEC has completed Term 2, investing C$10 million to earn a 40% interest.
Total approved project funding now stands at C$16.75 million of the C$20 million required to reach the 50% earn-in threshold.
JOGMEC also retains the right to fund the project through to commercial production and to purchase output at market prices.
The company said the successful warrant exercises provide additional financial flexibility as it continues to advance the Lofdal Project within Namibia’s stable and well-established mining jurisdiction.
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