Namibia Critical Metals (TSX-V:NMI) says its Japanese partners have completed a C$23 million ($23.36 million) earn-in for a 50% participating interest in the Lofdal Heavy Rare Earth Project in Namibia.
The interest will be held by TJ Namibia Rare Earths (TJNREC), a special-purpose company established by the Japan Organization for Metals and Energy Security (JOGMEC) and Toyota Tsusho (TSE:8015).
The transfer remains subject to approval from the TSX Venture Exchange and Namibia Critical Metals shareholders.
The partners met the final earn-in requirement by funding an expanded Definitive Feasibility Study (DFS) budget of about C$11 million, approved on 10 July 2026.
JOGMEC has separately committed to invest up to C$47.67 million in TJNREC, with an initial investment completed on 23 July. Namibia Critical Metals says the capital will support the joint venture (JV) as it completes the DFS and works towards a final investment decision (FID).
Under the JV agreement, approved project expenditure beyond the earn-in will be treated as pre-FID capital funding. Namibia Critical Metals says the funding will not dilute its participating interest or accrue interest before an FID.
CEO Darrin Campbell says the development marks a new stage in the partners’ six-year relationship.
“Japan has now completed its C$23 million earn-in, Toyota Tsusho has formally joined the partnership, and TJ Namibia Rare Earths has been established to finance the project through Definitive Feasibility and toward development,” Campbell says.
The DFS covers pilot-scale metallurgical programs, mineral separation test work, detailed engineering, environmental permitting, and mine development planning. It will also assess opportunities for downstream processing in Namibia.
Lofdal hosts dysprosium, terbium, and yttrium, which are used in permanent magnets for EVs, electronics, defence systems, and renewable energy technologies.
Namibia Critical Metals currently owns 95% of Lofdal, with the remaining 5% held for the benefit of historically disadvantaged Namibians.
Write to France Pinzon at Mining.com.au
Images: Mining.com.au
