Namibia Critical Metals Inc. Divests Non-Core Gold Properties to Focus on Heavy Rare Earth Project

Namibia Critical Metals Inc. (NCMI), a company trading on the TSX Venture Exchange and the OTCQB Market, has announced the sale of its non-core gold properties in Namibia to Sylla Gold Corp. The properties include the Grootfontein, Erongo, Otjiwarongo, and Kaoko licenses. This strategic move allows NCMI to dedicate its resources to the advancement of its Lofdal Heavy Rare Earth Project, with a Pre-Feasibility Study expected in H2 2024.

Under the terms of the share purchase agreement, Sylla Gold Corp. will acquire a 95% interest in NCMI's Namibian subsidiaries, which hold the rights to the aforementioned properties, for 3,000,000 common shares at $0.05 each and a cash payment of $100,000. The transaction, a Non-Arm's Length deal due to shared directorship between the two companies, is pending regulatory approval and the acceptance of the TSX Venture Exchange.

NCMI focuses on the Lofdal Heavy Rare Earth Project, a significant source of dysprosium and terbium, critical metals used in various high-tech applications. The project is fully permitted for a 25-year Mining License and is under a Joint Venture agreement with the Japan Organization for Metals and Energy Security (JOGMEC), which has invested significantly in the project and holds a 40% interest with commitments for further investments.