Namibia Critical Metals Inc. has received C$1.15 million, approximately N$15.6–16.0 million, following the completion of two tranches of previously issued share purchase warrants, strengthening the company’s working capital position as it advances its rare earth strategy in Namibia.
The company said a total of 14,761,904 warrants were exercised, with each warrant entitling the holder to acquire one common share.
The total proceeds of C$1,154,762, equivalent to about N$15.6–16.0 million, will be used for general working capital purposes.
The first tranche comprised warrants exercised at C$0.05 per warrant, about N$0.68, generating C$321,429, equivalent to about N$4.3–4.5 million.
These warrants were issued in connection with a non-brokered private placement completed on 28 November 2024 and expired on 28 November 2025.
The second tranche involved warrants exercised at C$0.10 per warrant, about N$1.35, raising C$833,333, equivalent to about N$11.2–11.5 million.
These warrants were issued under a non-brokered private placement completed on 22 December 2023 and were set to expire on 22 December 2025.
Namibia Critical Metals is developing the Lofdal Heavy Rare Earth Project in north-western Namibia, a globally significant deposit of the heavy rare earth elements dysprosium and terbium, which are critical inputs for permanent magnets used in electric vehicles, wind turbines and advanced electronics.
The Lofdal Project is fully permitted and held under a 25-year mining licence.
It is being developed through a joint venture with the Japan Organisation for Metals and Energy Security. Namibia Critical Metals has a 95% interest in the project, with the remaining 5% held for the benefit of historically disadvantaged Namibians.
Under the joint venture agreement, JOGMEC can earn up to a 50% interest through staged expenditure commitments.
To date, JOGMEC has completed Term 2, investing C$10 million (about N$135–138 million) to earn a 40% interest. Total approved project funding now stands at C$16.75 million, about N$225–230 million, of the C$20 million required to reach the 50% earn-in threshold, or about N$270–275 million.
JOGMEC also retains rights to fund the project through to commercial production and to purchase all output at market prices.
Namibia Critical Metals said the successful warrant exercises provide additional financial flexibility as it continues to advance the Lofdal Project within Namibia’s stable mining jurisdiction.
