Mr. Darrin Campbell reports

NCMI REPORTS FINAL ASSAYS FOR INFILL RESOURCE DRILLING ON LOFDAL AREA 4 DYSPROSIUM-TERBIUM PROJECT IN NAMIBIA, AND APPOINTS OPEN PIT SPECIALIST QUBEKA FOR DETAILED MINE ENGINEERING AND DESIGN STUDY

Namibia Critical Metals Inc. has received all laboratory assays of the reverse circulation drilling campaign for its prefeasibility study on the large-scale Lofdal 2B-4 heavy rare earth project.

The final infill drilling campaign entailed seven very deep (end of hole between 325 and 401 metres) reverse circulation boreholes for a total of 2,597 m in the Area 4 main deposit. Assays were received from Actlabs, Canada. Highlights are:

• Continuation of the rare earth mineralization at depth was confirmed by all infill drill holes in grade and width in accordance with the geological model.
• The last borehole drilled (L4R0218) showed an increase in grade and width of the heavy rare earth mineralization and confirmed that the rare earth mineralization is open in southwesterly direction and at depth of the Area 4 main deposit.

The company appointed Qubeka, a Namibian consultancy specialized in surface mine planning and engineering, to develop the mine model and schedule for the planned Lofdal mines 2B pit and 4 pit. Qubeka is highly recognized and produced mine plans and engineering solutions, such as for QKR's Navachab, B2Gold's Otjikoto and Osino's Twin Hill gold mines.

Darrin Campbell, president of Namibia Critical Metals, stated:

"Another important milestone was reached, and I am very pleased to see the boxes systematically getting ticked for the PFS of our expanded project Lofdal 2B-4. With the drill data already at The MSA Group I'm looking forward to an updated mineral resource statement towards the end of February this year, and a kick-off of the detailed mine planning for both the planned Area 4 and Area 2B pits by the internationally highly recognized Namibian consultancy Qubeka."

Final infill drilling program at Area 4 deposit

A final drill program was worked out by the company with support by The MSA Group to increase the level of resource categories as required for the PFS for the expanded project Lofdal 2B-4. Resource infill drilling was completed in November 2023.

The drilling campaign entailed seven boreholes with the cost-efficient reverse circulation (RC) method. A total of 2,597 metres were drilled with the deepest borehole reaching a depth of 401 m.

Logging of the drill core confirmed the geological model of structural zones acting as fluid channels and controlling intensity, pinching and swelling as well as splaying of the wide mineralized zones.

Mineralized intercepts are summarized herein. The intercepts were generally selected based on an assumed cut-off of 0.1 per cent TREO (total rare earth oxides) as previously used in the preliminary economic assessment for Lofdal 2B-4 (see press release on Nov. 14, 2022).

The intercepts partly include a significant number of samples with less than 0.1 per cent TREO in order to reflect the width of the mineralized zone potentially forming consecutive ore blocks in a large-scale open-pit operation. By including lower-grade mineralization, the combined mineralized intervals may reach more than 100 m length in total as for example in borehole L4R0218 with seven mineralized intercepts with a combined length of 127 m between 95 m and 391 m depth.

Sampling, analysis and quality assurance/quality control

A total of 1,234 samples of average 1.8 kilograms per sample were collected at the drill rig's cyclone (A-sample) and submitted to Actlab's preparatory laboratory in Windhoek, Namibia, in batches of 200 to 300 samples. The samples were dried and crushed to two millimetres, split using a riffle splitter and pulverized to 105 micrometres. Pulverized subsamples were homogenized in a stainless-steel riffle splitter and a 15-gram sample and duplicate were drawn for analysis. The pulverized sample aliquots were shipped to the ISO/IEC 17025 accredited Actlabs analytical facility in Ancaster, Ont., Canada. The samples were assayed using lithium metaborate-tetraborate fusion and inductively coupled plasma mass spectrometry (ICP-MS). Actlab's analytical code 8-REE includes 45 trace elements, 10 major oxides, loss on ignition and mass balance.

The samples were subjected to a quality assurance and quality control (QA/QC) program consisting of the insertion of blank samples, field duplicates and certified reference materials at Lofdal and the preparation of a laboratory duplicate at the sample preparation facility in Windhoek.

The qualified person, Dr. Scott Swinden, is satisfied that the assay results are of sufficient accuracy and precision for use in the future update of the mineral resource estimation.

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).

Dr. Rainer Ellmies, PhD, MScGeol, EurGeol, AusIMM and vice-president of Namibia Critical Metals, is the company's qualified person and has reviewed and approved this press release.

We seek Safe Harbor.