Namibia Critical Metals Terminates Transaction with Sylla Gold Corp.

Namibia Critical Metals Inc. (NCMI) has announced the mutual termination of its share purchase agreement with Sylla Gold Corp. The agreement, initially aimed at divesting four non-material gold properties in Namibia, was announced on March 19, 2024, and updated on June 13, 2024.

Namibia Critical Metals is focused on developing the Lofdal Heavy Rare Earth Project. This project contains significant deposits of dysprosium and terbium, essential for various high-tech applications. The project holds a 25-year mining license and operates under a joint venture with Japan Organization for Metals and Energy Security (JOGMEC).

JOGMEC has met the requirements for Term 2 of the joint venture, contributing C$10 million to the project. NCMI and historically disadvantaged Namibians maintain a minimum 26% interest in the project.

Further exploration is ongoing in other areas, including gold exploration licenses in Namibia's Central Gold Belt, noted for significant gold deposits such as the Navachab and Otjikoto mines.