Namibia Critical Metals updates Lofdal joint venture timeline

Namibia Critical Metals Inc. (TSXV: NMI) (OTCQB: NMREF) said it expects the shareholder and regulatory consent process for its Lofdal Heavy Rare Earth Project joint venture restructuring to take up to an additional 30 days to complete, according to a press release.

The company is working with joint venture partners Japan Organization for Metals and Energy Security (JOGMEC) and Toyota Tsusho Corporation to finalize definitive shareholder arrangements needed to implement a new ownership structure and issue a 50% interest to TJNREC.

The transaction was previously disclosed in company announcements dated July 30, 2026 and August 31, 2026. JOGMEC and Toyota Tsusho have already met the C$23 million expenditure threshold required to earn the 50% interest in the project.

The Lofdal project is located in Namibia. Namibia Critical Metals holds a 95% interest in the project, with the remaining 5% held for the benefit of historically disadvantaged Namibians.

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