Mr. Darrin Campbell reports

NAMIBIA CRITICAL METALS ANNOUNCES GRANT OF STOCK OPTIONS

Pursuant to the requirements of the TSX Venture Exchange, Namibia Critical Metals Inc.'s board of directors approved the granting of incentive stock options under its stock option plan as part of the overall remuneration and incentive program for its employees, consultants, officers and directors. A total of 4.3 million options were granted.

All the options are exercisable for a period of five years at a price of seven cents per common share being the closing price of the company's common shares on the TSX Venture Exchange on Oct. 5, 2023.

About Namibia Critical Metals Inc.

Namibia Critical 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 preliminary economic assessment for Lofdal 2B-4 on Nov. 14, 2022, with a posttax net present value of $391-million (U.S.) and an annual internal rate of return of 28 per cent with a capital expenditure of $207-million (U.S.). The project is projected to generate a life-of-mine nominal cash flow of $698-million (U.S.) posttax over a 16-year mine life.

We seek Safe Harbor.