Namibia Critical Metals Secures C$3M from JOGMEC for Lofdal Project
Namibia Critical Metals has amended its earn-in agreement with JOGMEC, adding C$3 million in funding to advance the Lofdal rare earths project toward development and feasibility studies. The capital injection will support additional drilling, metallurgical testing and baseline engineering work to accelerate resource definition and project timelines.
1. Earn-In Amendment Details
Namibia Critical Metals has revised its agreement with JOGMEC, securing an additional C$3 million in funding under the existing earn-in structure. This amendment obligates JOGMEC to provide the extra capital to cover specific exploration and development activities at the Lofdal rare earths project in Namibia.
2. Funding Allocation and Project Work
The newly secured funds are designated for expanded drilling programs, metallurgical test work and preliminary engineering studies, including environmental baseline assessments. These activities aim to refine the mineral resource estimate and support a formal feasibility study.
3. Planned Timeline and Next Steps
With this injection, Namibia Critical Metals plans to launch a second-quarter drilling campaign and complete a preliminary economic assessment by year-end. Achieving these milestones will advance the project toward full feasibility and determine JOGMEC’s final equity participation.