Namibia Critical Metals states that it currently owns 95% of Lofdal, with 5% held for Historically Disadvantaged Namibians. JOGMEC and Toyota Tsusho have earned 50% through C$23 million of expenditure, but implementation remains subject to shareholder consent and regulatory approvals, including final TSX Venture Exchange approval. JOGMEC may purchase an additional 1% for C$5 million and has first refusal to fully fund the project through commercial production and purchase all production at market prices. NMI’s 21% dilution floor requires a $5 million payment to JOGMEC; the Namibian shareholder retains a 5% carried working-interest floor under the mining licence. NMI may fund a maximum 44% or 45% pro rata after FID. Funding default triggers accelerated dilution, with an interest below 10% converting to a 1% NSR.
- Country
- Namibia
- Commodity
- REE
- Stage
- Feasibility