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Namibia Critical Metals Inc ( (TSE:NMI) ) has shared an announcement.
Namibia Critical Metals Inc. has announced a budget increase of $1.154 million from its joint venture partner JOGMEC, bringing the total expenditure commitments to $16,245,000. This additional funding will accelerate various work programs, including bulk sampling, pilot plant sorting tests, and geotechnical drilling. The strategic importance of the Lofdal Heavy Rare Earth project to Japanese industry is underscored by this increased investment, as it aims to address geopolitical risks associated with sourcing critical metals. The company will also extend the Pre-Feasibility Study to incorporate results from the accelerated program.
More about Namibia Critical Metals Inc
Namibia Critical Metals Inc. is engaged in developing the Lofdal Heavy Rare Earth Project, a significant deposit of heavy rare earth metals like dysprosium and terbium. These metals are crucial for manufacturing permanent magnets used in electric vehicles, wind turbines, and other electronics, driven by energy and technology transformations. The company’s operations are based in Namibia, a stable mining jurisdiction, and the project is under a joint venture with Japan Organization for Metals and Energy Security (JOGMEC).
YTD Price Performance: 26.67%
Average Trading Volume: 62,797
Technical Sentiment Consensus Rating: Buy
Current Market Cap: C$8.28M
See more insights into NMI stock on TipRanks’ Stock Analysis page.
