Mr. Darrin Campbell reports

NAMIBIA CRITICAL METALS INC. FILES NI 43-101 PRE-FEASIBILITY STUDY TECHNICAL REPORT FOR THE LOFDAL HEAVY RARE EARTHS "2B-4" PROJECT

Namibia Critical Metals Inc. has filed the independent National Instrument 43-101 prefeasibility study (PFS) for the Lofdal heavy rare earths project 2B-4 in Namibia.

The Lofdal deposit has the potential for significant production of dysprosium (Dy), terbium (Tb) and yttrium (Y), which are the main economic drivers for the Lofdal project.

The project is being developed in joint venture with Japan Organization for Metals and Energy Security (JOGMEC), targeting a long-term, sustainable supply of heavy rare earths to Japan.

As previously reported on Dec. 3, 2025, the NI 43-101-compliant report, entitled "Lofdal Heavy Rare Earths Project 2B-4 Pre-Feasibility Study (PFS) Namibia," was independently prepared by SGS Bateman Pty. Ltd. as the principal author under the supervision of Joseph Keane, who is a qualified person in accordance with NI 43-101, Standards of Disclosure for Mineral Projects.

Darrin Campbell, president of Namibia Critical Metals, stated:

"The quality and depth of this report reflect the work of SGS and a team of highly respected global experts. The company extends its appreciation to all contributors for their professionalism, technical rigour and dedication in delivering this comprehensive report."

About Namibia Critical Metals Inc.

Namibia Critical Metals 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 have 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 JOGMEC.

About Japan Organization for Metals and Energy Security (JOGMEC) and the joint venture (JV)

JOGMEC is a Japanese government independent administrative agency that seeks to secure stable resource supplies for Japan. JOGMEC has a strong reputation as a long-term, strategic partner in mineral projects globally. JOGMEC facilitates opportunities with Japanese private companies to secure supplies of natural resources for the benefit of the country's economic development.

Rare earth elements are of critical importance to Japanese industrial interests and JOGMEC has extensive experience with all aspects of the sector. JOGMEC provided Lynas with $250-million (U.S.) in loans and equity in 2011 to ensure supplies of the light rare earths metals suite to the Japanese industry and invested a further $134-million in 2023.

Namibia Critical Metals owns a 95-per-cent interest in the Lofdal project, with the remaining 5 per cent held for the benefit of historically disadvantaged Namibians. The terms of the JOGMEC joint venture agreement with the company stipulate that JOGMEC provides $3-million (Canadian) in term 1 and $7-million (Canadian) in term 2 to earn a 40-per-cent interest in the Lofdal project. Term 3 calls for a further $10-million (Canadian) of expenditures to earn an additional 10-per-cent interest. JOGMEC can also purchase another 1 per cent for $5-million (Canadian) and has first right of refusal to fully finance the project through to commercial production and to purchase all production at market prices. The collective interests of Namibia Critical Metals and historically disadvantaged Namibians cannot be diluted below a 26-per-cent carried working interest upon payment of $5-million (Canadian) to JOGMEC for the dilution protection. Namibia Critical Metals may elect to participate up to a maximum of 44 per cent by financing pro rata after the earn in period is completed.

To date, JOGMEC has completed term 2 and earned a 40-per-cent interest by reaching the $10-million (Canadian) expenditure requirement. Total approved project financing to date is $17,445,000 (Canadian) of the $20-million (Canadian) earn-in requirement to reach 50-peer-cent interest.

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

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