# Namibia Critical Metals Inc. Announces Positive Pre-Feasibility Study for the Lofdal Heavy Rare Earths Project Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770 Original source: https://money.tmx.com/en/quote/NMI/news/4858044507774945/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof Publisher: tmx Original announcement: 2025-12-03T23:45:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Namibia Critical Metals Inc. - Ticker: NMI - Exchange: TSX - Region: Namibia - Primary commodity: Rare earths - Secondary commodities: Dysprosium, Terbium, Yttrium, Neodymium, Praseodymium, Lanthanum, Cerium - Document categories: Resource update, Metallurgy - Extracted: 2026-09-14 15:19:27 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Namibia Critical Metals Inc. announced positive Pre-Feasibility Study results for its Lofdal Heavy Rare Earths Project in Namibia, outlining robust economics with a post-tax NPV of US$275.5 million \(Base Case\) and US$747.9 million \(Divergent Case\), and rapid capital payback. The project features significant Measured and Indicated Resources, along with Proven and Probable Reserves of heavy rare earth oxides, underpinned by successful pilot-scale metallurgical test work demonstrating high recoveries for dysprosium and terbium. Reasoning: The Pre-Feasibility Study for the Lofdal Heavy Rare Earths Project presents compelling economics, supported by substantial resources and reserves, successful metallurgical advancements, and strategic partnerships, positioning it as a significant heavy rare earths producer. - Positive factor: The Pre-Feasibility Study demonstrates robust economics with strong NPV and IRR figures for both base and divergent cases. - Positive factor: The project has significant Measured and Indicated Resources, and Proven and Probable Reserves of heavy rare earth oxides. - Positive factor: Metallurgical test work, including pilot-scale flotation and hydrometallurgical dissolution, shows high recoveries for key heavy rare earth elements. - Positive factor: The project benefits from a secured mining license, environmental permits, and a strategic joint venture with JOGMEC. - Positive factor: Successful removal of deleterious elements like thorium and uranium has been demonstrated. - Negative factor: The project's economics are highly sensitive to metal prices, which are the dominant value driver. - Negative factor: The presence of deleterious elements, though managed, adds a layer of processing complexity. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 34 ## Classification and evidence **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The document reports 'Measured Resource Area 4' with 6.6 million tonnes at 0.21% TREO. Evidence · table > Measured Resource Area 4 Context: 6.6 **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The document reports 'Indicated Resource Area 4' and 'Indicated Resource Area 2B' with significant tonnages. Evidence · table > Indicated Resource Area 4 Context: 49.2 **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document reports 'Proven' reserves for Area 4 with 6.19 million tonnes. Evidence · table > Proven Context: Area 4 **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document reports 'Probable' reserves for Area 2B and Area 4 with a total of 25.81 million tonnes. Evidence · table > Probable Context: Area 2B **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The press release explicitly states that Jeremy Witley, William van Breugel, and Joseph M. Keane are Qualified Persons in accordance with NI 43-101 and have reviewed and approved the disclosure. Evidence · text > Jeremy Witley \(MSc \(Eng.\) Pr. Sci. Nat.\) of The MSA Group Pty Ltd., who is a Qualified Person in accordance with NI 43-101 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The document states that the Mineral Resource Estimate and Mineral Reserve Estimate were prepared in accordance with NI 43-101. Evidence · text > NI 43-101 compliant report entitled Pre-Feasibility Study **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Mineral Resource Estimate is reported at a '0.1% TREO cut-off grade' and Mineral Reserves are reported at a 'cut‑off grade of 0.10% TREO'. Evidence · text > 0.1% TREO cut-off grade **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: The entire document is an announcement of the results of a Pre-Feasibility Study \('PFS'\). Evidence · text > Announces Positive Pre-Feasibility Study **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Hydrometallurgical test work yielded 'high HREE dissolution \(94% Tb/Dy\)' and XRT sorting achieved 'REE recoveries of 60% to 70%'. Evidence · text > high HREE dissolution \(94% Tb/Dy\) **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: A 'continuous flotation pilot plant was run' and 'pilot rotary kiln yielded high HREE dissolution', indicating advanced test work. Evidence · text > continuous flotation pilot plant was run **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: Ore sorting tests were conducted on 'bulk samples from the hanging wall, the main ore zone and the footwall zone' representing different host lithologies. Evidence · text > Sorting tests were conducted separately on bulk samples from the hanging wall, the main ore zone and the footwall zone **Deleterious Elements Present** Polarity: negative Story-specific tag Definition: A source-stated penalty, refractory or recovery concern in the fact's scope. Element detection alone, including measured elements explicitly below penalty thresholds, does not trigger this tag. Respect negation and retain a separately stated concern even when another risk is explicitly absent. Why it applies: The hydrometallurgical flowsheet includes 'impurity removal' for elements like 'thorium, scandium, iron, aluminium and some of the uranium', indicating their presence in the ore. Evidence · text > impurity removal, followed by UIX **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("concentrator"\) ## Extracted facts Stored fact records: 34. Some facts used in scoring do not have a stored record. ## Resource Estimates (24) ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-0) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeremy Witley - Resource group id: resource:da8c44c89d48cbbbb631 - Deposit or zone: Area 4 - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: measured - Tonnes: 6600000 - Grade: 0.21 - Grade Unit: % - Contained Metal: 13650 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2024-04-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Measured Resource indicates high geological confidence and forms a robust foundation for the project. - Positive factor: High confidence Measured Resource category provides a strong basis for project development. - Positive factor: Significant contained rare earth oxides. Evidence · table > 0.21 Context: 6.6 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-1) Lofdal Heavy Rare Earths Project · dysprosium #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: dysprosium - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeremy Witley - Resource group id: resource:da8c44c89d48cbbbb631 - Deposit or zone: Area 4 - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: measured - Tonnes: 6600000 - Grade: 130 - Grade Unit: ppm - Contained Metal: 855 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2024-04-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Measured Resource for dysprosium adds high value and confidence to the project. - Positive factor: High confidence Measured Resource category for a critical heavy rare earth element. - Positive factor: Significant contained dysprosium. Evidence · table > 130 Context: 6.6 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-2) Lofdal Heavy Rare Earths Project · terbium #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: terbium - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeremy Witley - Resource group id: resource:da8c44c89d48cbbbb631 - Deposit or zone: Area 4 - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: measured - Tonnes: 6600000 - Grade: 19 - Grade Unit: ppm - Contained Metal: 124 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2024-04-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Measured Resource for terbium adds high value and confidence to the project. - Positive factor: High confidence Measured Resource category for a critical heavy rare earth element. - Positive factor: Significant contained terbium. Evidence · table > 19 Context: 6.6 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-3) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeremy Witley - Resource group id: resource:9483396c2322c56c0a1d - Deposit or zone: Area 4 - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: indicated - Tonnes: 49200000 - Grade: 0.15 - Grade Unit: % - Contained Metal: 75730 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2024-04-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Indicated Resource provides a strong basis for economic studies and future reserve conversion. - Positive factor: Large Indicated Resource tonnage contributes significantly to the project's scale. - Positive factor: Good confidence in geological continuity. Evidence · table > 0.15 Context: 49.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-4) Lofdal Heavy Rare Earths Project · dysprosium #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: dysprosium - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeremy Witley - Resource group id: resource:9483396c2322c56c0a1d - Deposit or zone: Area 4 - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: indicated - Tonnes: 49200000 - Grade: 69 - Grade Unit: ppm - Contained Metal: 3391 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2024-04-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Indicated Resource for dysprosium enhances the project's value and future economic potential. - Positive factor: Significant contained dysprosium in the Indicated category. - Positive factor: Good confidence in geological continuity for a critical metal. Evidence · table > 69 Context: 49.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-5) Lofdal Heavy Rare Earths Project · terbium #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: terbium - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeremy Witley - Resource group id: resource:9483396c2322c56c0a1d - Deposit or zone: Area 4 - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: indicated - Tonnes: 49200000 - Grade: 11 - Grade Unit: ppm - Contained Metal: 528 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2024-04-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Indicated Resource for terbium enhances the project's value and future economic potential. - Positive factor: Significant contained terbium in the Indicated category. - Positive factor: Good confidence in geological continuity for a critical metal. Evidence · table > 11 Context: 49.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-6) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeremy Witley - Resource group id: resource:5e76fa0822f4119d87eb - Deposit or zone: Area 2B - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: indicated - Tonnes: 2700000 - Grade: 0.16 - Grade Unit: % - Contained Metal: 4350 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2024-04-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Indicated Resource for Area 2B contributes to the overall project resource base. - Positive factor: Indicated Resource category provides good confidence for this deposit area. Evidence · table > 0.16 Context: 2.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-7) Lofdal Heavy Rare Earths Project · dysprosium #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: dysprosium - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeremy Witley - Resource group id: resource:5e76fa0822f4119d87eb - Deposit or zone: Area 2B - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: indicated - Tonnes: 2700000 - Grade: 97 - Grade Unit: ppm - Contained Metal: 257 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2024-04-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Indicated Resource for dysprosium in Area 2B contributes to the overall project resource base. - Positive factor: Indicated Resource for dysprosium in Area 2B adds to the project's critical metal inventory. Evidence · table > 97 Context: 2.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-8) Lofdal Heavy Rare Earths Project · terbium #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: terbium - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeremy Witley - Resource group id: resource:5e76fa0822f4119d87eb - Deposit or zone: Area 2B - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: indicated - Tonnes: 2700000 - Grade: 15 - Grade Unit: ppm - Contained Metal: 40 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2024-04-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Indicated Resource for terbium in Area 2B contributes to the overall project resource base. - Positive factor: Indicated Resource for terbium in Area 2B adds to the project's critical metal inventory. Evidence · table > 15 Context: 2.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-9) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeremy Witley - Resource group id: resource:401ddf70ae367054e5e3 - Deposit or zone: Area 4 - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 0.14 - Grade Unit: % - Contained Metal: 14950 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2024-04-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Inferred Resource provides exploration upside but requires further drilling to upgrade confidence. - Positive factor: Adds to the overall resource base, indicating future potential. - Negative factor: Inferred category has lower geological confidence and cannot be used for economic studies. Evidence · table > 0.14 Context: 10.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-10) Lofdal Heavy Rare Earths Project · dysprosium #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: dysprosium - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeremy Witley - Resource group id: resource:401ddf70ae367054e5e3 - Deposit or zone: Area 4 - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 58 - Grade Unit: ppm - Contained Metal: 611 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2024-04-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Inferred Resource for dysprosium provides exploration upside but requires further drilling. - Positive factor: Adds to the overall dysprosium resource base, indicating future potential. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 58 Context: 10.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-11) Lofdal Heavy Rare Earths Project · terbium #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: terbium - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeremy Witley - Resource group id: resource:401ddf70ae367054e5e3 - Deposit or zone: Area 4 - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: inferred - Tonnes: 10500000 - Grade: 9 - Grade Unit: ppm - Contained Metal: 97 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2024-04-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Inferred Resource for terbium provides exploration upside but requires further drilling. - Positive factor: Adds to the overall terbium resource base, indicating future potential. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 9 Context: 10.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-12) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeremy Witley - Resource group id: resource:8d522db839cac3791447 - Deposit or zone: Area 2B - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: inferred - Tonnes: 4400000 - Grade: 0.15 - Grade Unit: % - Contained Metal: 6650 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2024-04-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Inferred Resource for Area 2B provides exploration upside but requires further drilling. - Positive factor: Adds to the overall resource base for Area 2B. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.15 Context: 4.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-13) Lofdal Heavy Rare Earths Project · dysprosium #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: dysprosium - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeremy Witley - Resource group id: resource:8d522db839cac3791447 - Deposit or zone: Area 2B - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: inferred - Tonnes: 4400000 - Grade: 75 - Grade Unit: ppm - Contained Metal: 326 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2024-04-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Inferred Resource for dysprosium in Area 2B provides exploration upside but requires further drilling. - Positive factor: Adds to the overall dysprosium resource base for Area 2B. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 75 Context: 4.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-14) Lofdal Heavy Rare Earths Project · terbium #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: terbium - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeremy Witley - Resource group id: resource:8d522db839cac3791447 - Deposit or zone: Area 2B - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: inferred - Tonnes: 4400000 - Grade: 13 - Grade Unit: ppm - Contained Metal: 56 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2024-04-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Inferred Resource for terbium in Area 2B provides exploration upside but requires further drilling. - Positive factor: Adds to the overall terbium resource base for Area 2B. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 13 Context: 4.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-15) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: William van Breugel - Resource group id: resource:a75fbaa20d8d2f824444 - Deposit or zone: Area 4 - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: proven - Tonnes: 6190000 - Grade: 0.068 - Grade Unit: % - Contained Metal: 4194 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Proven Reserve for light rare earths in Area 4 demonstrates high confidence and economic extractability. - Positive factor: Proven Reserve category indicates high confidence in economic viability. - Positive factor: Contributes to the overall reserve base for the project. Evidence · table > 0.068 Context: 6.19 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-16) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: William van Breugel - Resource group id: resource:a75fbaa20d8d2f824444 - Deposit or zone: Area 4 - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: proven - Tonnes: 6190000 - Grade: 0.144 - Grade Unit: % - Contained Metal: 8893.2 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Proven Reserve for heavy rare earths in Area 4 demonstrates high confidence and economic extractability for key project drivers. - Positive factor: Proven Reserve category indicates high confidence in economic viability for critical heavy rare earths. - Positive factor: Significant contained heavy rare earths. Evidence · table > 0.144 Context: 6.19 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-17) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: William van Breugel - Resource group id: resource:a75fbaa20d8d2f824444 - Deposit or zone: Area 4 - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: proven - Tonnes: 6190000 - Grade: 0.211 - Grade Unit: % - Contained Metal: 13087.1 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Proven Reserve for total rare earths in Area 4 demonstrates high confidence and economic extractability. - Positive factor: Proven Reserve category indicates high confidence in economic viability. - Positive factor: Significant contained total rare earth oxides. Evidence · table > 0.211 Context: 6.19 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-18) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: William van Breugel - Resource group id: resource:88a2a08caf4a90d9b1e3 - Deposit or zone: Area 2B - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: probable - Tonnes: 1900000 - Grade: 0.075 - Grade Unit: % - Contained Metal: 1430.3 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Probable Reserve for light rare earths in Area 2B demonstrates good confidence and economic extractability. - Positive factor: Probable Reserve category indicates good confidence in economic viability. - Positive factor: Contributes to the overall reserve base for the project. Evidence · table > 0.075 Context: 1.90 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-19) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: William van Breugel - Resource group id: resource:88a2a08caf4a90d9b1e3 - Deposit or zone: Area 2B - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: probable - Tonnes: 1900000 - Grade: 0.094 - Grade Unit: % - Contained Metal: 1792.8 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Probable Reserve for heavy rare earths in Area 2B demonstrates good confidence and economic extractability for key project drivers. - Positive factor: Probable Reserve category indicates good confidence in economic viability for critical heavy rare earths. - Positive factor: Contributes to the overall reserve base for the project. Evidence · table > 0.094 Context: 1.90 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-20) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: William van Breugel - Resource group id: resource:88a2a08caf4a90d9b1e3 - Deposit or zone: Area 2B - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: probable - Tonnes: 1900000 - Grade: 0.169 - Grade Unit: % - Contained Metal: 3223.1 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Probable Reserve for total rare earths in Area 2B demonstrates good confidence and economic extractability. - Positive factor: Probable Reserve category indicates good confidence in economic viability. - Positive factor: Contributes to the overall reserve base for the project. Evidence · table > 0.169 Context: 1.90 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-21) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: William van Breugel - Resource group id: resource:7d88226ce773ab464e24 - Deposit or zone: Area 4 - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: probable - Tonnes: 23910000 - Grade: 0.076 - Grade Unit: % - Contained Metal: 18269.3 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Probable Reserve for light rare earths in Area 4 demonstrates good confidence and economic extractability, forming a large part of the project's reserves. - Positive factor: Large Probable Reserve tonnage contributes significantly to the project's scale. - Positive factor: Good confidence in economic viability. Evidence · table > 0.076 Context: 23.91 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-22) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: William van Breugel - Resource group id: resource:7d88226ce773ab464e24 - Deposit or zone: Area 4 - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: probable - Tonnes: 23910000 - Grade: 0.091 - Grade Unit: % - Contained Metal: 21761.6 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Probable Reserve for heavy rare earths in Area 4 demonstrates good confidence and economic extractability, forming a large part of the project's reserves for key drivers. - Positive factor: Large Probable Reserve tonnage for critical heavy rare earths contributes significantly to the project's scale. - Positive factor: Good confidence in economic viability. Evidence · table > 0.091 Context: 23.91 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-resource-facts-23) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: William van Breugel - Resource group id: resource:7d88226ce773ab464e24 - Deposit or zone: Area 4 - Mining method: open\_pit - Ownership percent: 95 % #### Resource Data - Category: probable - Tonnes: 23910000 - Grade: 0.167 - Grade Unit: % - Contained Metal: 40030.7 - Contained Unit: t - Cutoff Grade: 0.1 - Cutoff Unit: % TREO #### Prior Estimate - Resource Date: 2025-12-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Probable Reserve for total rare earths in Area 4 demonstrates good confidence and economic extractability, forming a large part of the project's reserves. - Positive factor: Large Probable Reserve tonnage contributes significantly to the project's scale. - Positive factor: Good confidence in economic viability. Evidence · table > 0.167 Context: 23.91 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (10) ### ore sorting [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-metallurgical-facts-24) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Test Work - Program Status: detailed - Test Type: ore sorting - Processing Route: XRT sorting - Sample: low-grade footwall and hanging wall ore #### Recovery - Recovery: 70 % - Recovery Basis: actual\_test - Head Grade: 0.17 - Head Grade Unit: % TREO #### Lab - Laboratory: TOMRA and Rados - Consultant: Joseph M. Keane #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: XRT sorting results demonstrate efficient pre-concentration of rare earths, improving feed grade to downstream processes. - Positive factor: High recovery achieved through XRT sorting, indicating effective pre-concentration. - Positive factor: Successful upgrade of low-grade material. Evidence · text > REE recoveries of 60% to 70% ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-metallurgical-facts-25) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: flotation #### Recovery - Recovery: 70 % - Recovery Basis: actual\_test - Conc. Grade: 6 - Conc. Grade Unit: % TREO - Mass Pull: 3.9 % #### Lab - Laboratory: SGS Lakefield - Consultant: Joseph M. Keane #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Flotation test work shows effective recovery and concentration of rare earths, validating a key processing step. - Positive factor: High recovery for total rare earth oxides in cleaner flotation. - Positive factor: Achieved good concentrate grade and mass pull. Evidence · text > recovery of up to 70% TREO #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-metallurgical-facts-26) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: flotation #### Recovery - Recovery: 75 % - Recovery Basis: actual\_test #### Lab - Laboratory: SGS Lakefield - Consultant: Joseph M. Keane #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Flotation achieved excellent recoveries for heavy rare earth elements, which are the primary economic drivers. - Positive factor: Significantly higher recoveries for high-value heavy rare earth elements. - Positive factor: Demonstrates effective separation of critical metals. Evidence · text > 58-75% HREO #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### pilot plant [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-metallurgical-facts-27) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: continuous milling and flotation - Sample: ROM Bulk-1 sample #### Recovery - Recovery: 55.5 % - Recovery Basis: actual\_test - Head Grade: 0.18 - Head Grade Unit: % TREO - Conc. Grade: 2.65 - Conc. Grade Unit: % TREO - Mass Pull: 3.8 % #### Lab - Laboratory: SGS Lakefield - Consultant: Joseph M. Keane #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Continuous pilot plant testing provides high confidence in the scalability and performance of the flotation flowsheet. - Positive factor: Pilot plant operation successfully validated the flowsheet in a continuous, scaled-up environment. - Positive factor: Results closely matched benchmark results, confirming viability. Evidence · text > total rare earth recovery in the second cleaner concentrate was 55.5% at a grade of 2.65% TREO #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### pilot plant [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-metallurgical-facts-28) Lofdal Heavy Rare Earths Project · terbium #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: terbium - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: continuous milling and flotation - Sample: ROM Bulk-1 sample #### Recovery - Recovery: 55.2 % - Recovery Basis: actual\_test - Head Grade: 0.18 - Head Grade Unit: % TREO #### Lab - Laboratory: SGS Lakefield - Consultant: Joseph M. Keane #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Continuous pilot plant testing provides high confidence in the scalability and performance of terbium recovery. - Positive factor: Pilot plant operation successfully validated terbium recovery in a continuous, scaled-up environment. - Positive factor: Confirms viability for a critical heavy rare earth. Evidence · text > average recoveries of terbium and dysprosium were 55.2% and 56.2% #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### pilot plant [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-metallurgical-facts-29) Lofdal Heavy Rare Earths Project · dysprosium #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: dysprosium - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: continuous milling and flotation - Sample: ROM Bulk-1 sample #### Recovery - Recovery: 56.2 % - Recovery Basis: actual\_test - Head Grade: 0.18 - Head Grade Unit: % TREO #### Lab - Laboratory: SGS Lakefield - Consultant: Joseph M. Keane #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: Continuous pilot plant testing provides high confidence in the scalability and performance of dysprosium recovery. - Positive factor: Pilot plant operation successfully validated dysprosium recovery in a continuous, scaled-up environment. - Positive factor: Confirms viability for a critical heavy rare earth. Evidence · text > average recoveries of terbium and dysprosium were 55.2% and 56.2% #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### hydrometallurgical [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-metallurgical-facts-30) Lofdal Heavy Rare Earths Project · terbium #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: terbium - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Test Work - Program Status: detailed - Test Type: hydrometallurgical - Processing Route: high temperature acid bake and liquor treatment #### Recovery - Recovery: 94 % - Recovery Basis: actual\_test #### Lab - Consultant: Joseph M. Keane #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: High dissolution rates for terbium confirm the effectiveness of the hydrometallurgical flowsheet. - Positive factor: Very high dissolution rate for terbium in hydrometallurgical test work. - Positive factor: Demonstrates effective extraction of a critical heavy rare earth. Evidence · text > high HREE dissolution \(94% Tb/Dy\) ### hydrometallurgical [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-metallurgical-facts-31) Lofdal Heavy Rare Earths Project · dysprosium #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: dysprosium - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Test Work - Program Status: detailed - Test Type: hydrometallurgical - Processing Route: high temperature acid bake and liquor treatment #### Recovery - Recovery: 94 % - Recovery Basis: actual\_test #### Lab - Consultant: Joseph M. Keane #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: High dissolution rates for dysprosium confirm the effectiveness of the hydrometallurgical flowsheet. - Positive factor: Very high dissolution rate for dysprosium in hydrometallurgical test work. - Positive factor: Demonstrates effective extraction of a critical heavy rare earth. Evidence · text > high HREE dissolution \(94% Tb/Dy\) ### hydrometallurgical [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-metallurgical-facts-32) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Test Work - Program Status: detailed - Test Type: hydrometallurgical - Processing Route: hydrometallurgical plant #### Recovery - Recovery: 62.2 % - Recovery Basis: theoretical #### Lab - Consultant: Joseph M. Keane #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: The assumed metallurgical recovery for heavy rare earths is a key parameter for the reserve estimate, indicating expected plant performance. - Positive factor: Assumed recovery for heavy rare earths supports the reserve estimate. - Negative factor: Recovery is an assumption for the reserve estimate, not a direct test result. Evidence · text > Metallurgical recovery at the hydrometallurgical plant is assumed at 62.2% for HREO #### Tags used in scoring **Theoretical Recovery Only** Polarity: negative Definition: Only theoretical or liberation-derived recovery reported, with no actual test result. Why it applies: recovery\_basis is theoretical ### hydrometallurgical [Link to this fact](https://atlas-extractions.minestarters.com/news/namibia-critical-metals-inc-announces-positive-pre-feasibility-study-for-the-lof--593446c1-f5d8-41fc-8d2d-7e55cdc9b770#fact-metallurgical-facts-33) Lofdal Heavy Rare Earths Project · rare\_earths #### Identity - Project: Lofdal Heavy Rare Earths Project - Commodity: rare\_earths - Region: namibia - Reported Region: Namibia - Ticker: NMI #### Test Work - Program Status: detailed - Test Type: hydrometallurgical - Processing Route: hydrometallurgical plant #### Recovery - Recovery: 52.55 % - Recovery Basis: theoretical #### Lab - Consultant: Joseph M. Keane #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-03T00:00:00.000Z Reasoning: The assumed metallurgical recovery for light rare earths is a key parameter for the reserve estimate, indicating expected plant performance. - Positive factor: Assumed recovery for light rare earths supports the reserve estimate. - Negative factor: Recovery is an assumption for the reserve estimate, not a direct test result. Evidence · text > 52.55% for LREO #### Tags used in scoring **Theoretical Recovery Only** Polarity: negative Definition: Only theoretical or liberation-derived recovery reported, with no actual test result. Why it applies: recovery\_basis is theoretical ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.