Namibia Critical Metals
Namibia Critical Metals is a Canadian-listed junior mining company (TSXV:NMI) developing the Lofdal Heavy Rare Earths Project in Namibia — focused on dysprosium, terbium, and yttrium oxides for permanent magnets and advanced materials — in joint venture with JOGMEC and Toyota Tsusho; the company is pre-revenue, with a positive PFS completed in December 2025 and DFS targeted for Q2 2027.
- Company typePublic
- Founded2017
- HeadquartersHalifax, Canada
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Namibia Critical Metals does
Namibia Critical Metals Inc. (TSXV:NMI, OTCQB:NCMI) is a Canadian-domiciled, Namibia-operating junior mineral exploration and development company whose only material asset is the advanced-stage Lofdal Heavy Rare Earths Project in northern Namibia. The Lofdal deposit is being developed specifically for heavy rare earths — dysprosium, terbium, and yttrium oxides — used in high-performance permanent magnets for electric vehicles, wind turbines, and defense applications, as well as in phosphors and advanced materials. The company holds a 25-year Mining Licence (issued July 22, 2021), an Environmental Clearance Certificate (October 2024), and a 314 km² exclusive land package covering the Lofdal 2B-4 deposits. Project development is anchored by a strategic joint venture with JOGMEC (Japan Oil, Gas and Metals National Corporation), which has earned a 40% interest with a path to 50% via staged US$23M in earn-in funding, and by the March 2026 selection of Toyota Tsusho Corporation as JOGMEC's strategic partner for dysprosium and terbium offtake into Japanese magnet supply chains. The largest shareholder is Bannerman Energy Ltd. at 43.4% (as of April 13, 2026), with no controlling parent.
Technically, the company's offering is a mineral processing flowsheet combining xenotime flotation (optimized over multiple years with SGS Lakefield and validated through a 2023-2024 flotation pilot plant campaign with SGS Canada) and a multi-stage hydrometallurgical process designed to produce a market-ready >98% Total Rare Earth Oxide product. Resource estimation follows CIM Best Practice Guidelines and NI 43-101 standards, with the most recent Mineral Resource Estimate (April 2024) prepared by The MSA Group using ordinary kriging at a 0.1% TREO cut-off grade and integrating QA/QC across 40,153 m of diamond and reverse circulation drilling. A positive Pre-Feasibility Study was announced in December 2025, reporting a base-case after-tax NPV of USD275.5M, a 19% IRR, 13-year mine life, and target annual production of 1,478 t TREO (excluding La/Ce), including 119 t Dy2O3, 17.8 t Tb2O3, and 841 t Y2O3, with a Definitive Feasibility Study targeted for Q2 2027 and a Final Investment Decision before end of 2026.
The company is pre-revenue and pre-production; no product sales are currently recognized. During the development phase, the business is funded through (i) staged equity earn-in contributions from JV partner JOGMEC (with Toyota Tsusho as implementation partner), and (ii) periodic small private placements of common shares (typically CDN$0.3-4M per round, including a CDN$450,000 placement in November 2024, a US$1.15M warrant exercise in December 2025, and earlier rounds in 2023, 2022, 2021, 2020, 2018, and 2017). Future revenue, once commercial production is achieved, is modeled as unit-priced sales of separated rare earth oxides — primarily Dy2O3 (USD 663/kg base), Tb4O7 (USD 2,880/kg base), and Y2O3 (USD 60/kg base) — yielding a base-case basket price of USD 158/kg excluding La/Ce, with a divergent upside scenario of USD 230/kg. The customer set at production is expected to be narrow and Japan-centric via JOGMEC and Toyota Tsusho, supplemented by a July 2024 MOU with Copenhagen Atomics for thorium offtake as a potential by-product. The company is led by President & CEO Darrin Campbell, with a board chaired by William L. Price and directors Adrian T. Hickey and Steve Herlihy (CFO of Bannerman Energy).
Namibia Critical Metals firmographics
Firmographics- Name
- Namibia Critical Metals
- Legal name
- Namibia Critical Metals Inc.
- Website
- https://namibiacriticalmetals.com
- Company type
- Public
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Namibia Critical Metals is a Canadian-listed junior mining company (TSXV:NMI) developing the Lofdal Heavy Rare Earths Project in Namibia — focused on dysprosium, terbium, and yttrium oxides for permanent magnets and advanced materials — in joint venture with JOGMEC and Toyota Tsusho; the company is pre-revenue, with a positive PFS completed in December 2025 and DFS targeted for Q2 2027.
- Ownership category
- akta.pro rank
Namibia Critical Metals industry classification
Industry- NAICS
- Other Metal Ore Mining (21229)
- SIC
- Miscellaneous Metal Ores (1090)
- akta.pro primary industry
- Exploration & Resource Development (Critical Minerals) (IMAKAFAL)
- akta.pro secondary industries
- Rare Earths Mining & Concentrates (REE Ores) (IMAKAFAG), Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM)
Keywords
Where Namibia Critical Metals is headquartered
LocationHeadquarters
- HQ city
- Halifax
- HQ country
- Canada
- HQ region
- North America
Markets served
Namibia Critical Metals business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Technology or R&D, Personnel
Revenue model
- Heavy Rare Earth Oxide Sales (Future): Pre-revenue junior mining company. Future revenue streams will be derived from production and sale of separated rare earth oxides — primarily dysprosium oxide (Dy2O3), terbium oxide (Tb4O7), and yttrium oxide (Y2O3) — from the Lofdal Heavy Rare Earths Project once commercial production begins (targeted 2030-2032). Basket pricing modeled at USD 158/kg (Base Case) excluding La/Ce.
- Joint-Venture Equity Contributions (Current): During the development phase, the company is funded primarily through staged earn-in equity contributions from JV partner JOGMEC (with Toyota Tsusho as implementation partner) for the Lofdal project, plus periodic private placement financings of common shares.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | PFS Life-of-Mine rare earth oxide pricing assumptions |
Go-to-market motion1 record
Namibia Critical Metals product offering
Product offeringCore offering
Namibia Critical Metals Inc. is a junior mining developer advancing the Lofdal Heavy Rare Earths Project in northern Namibia toward production of separated heavy rare earth oxides — primarily dysprosium oxide (Dy2O3), terbium oxide (Tb4O7) and yttrium oxide (Y2O3) — for use in high-performance permanent magnets, phosphors and advanced materials. The project, advanced under a strategic JV with JOGMEC and Toyota Tsusho, holds a 25-year Namibian mining licence, an environmental clearance certificate, a 2024 NI 43-101 Mineral Resource Estimate and a 2025 positive Pre-Feasibility Study targeting commercial production in the early 2030s.
Product overview
Namibia Critical Metals Inc. is a single-project mineral development company whose offering is centred on the Lofdal Heavy Rare Earths Project in Namibia — its sole remaining project in the active portfolio following the March 2024 sale of non-core assets (historically including Kunene Cobalt-Copper, Erongo Gold and Grootfontein) to Sylla Gold Corp. The Lofdal project (dysprosium/terbium/yttrium) is being advanced as one unified flagship asset under a strategic partnership with Japan's JOGMEC (Japan Organization for Metals and Energy Security) and Toyota Tsusho Corporation, supported by an NI 43-101 Mineral Resource Estimate (April 2024), a NI 43-101 Preliminary Economic Assessment (November 2022), and a NI 43-101 Pre-Feasibility Study (December 2025 / filed January 2026), with a Definitive Feasibility Study targeted for completion in Q2 2027 and a Final Investment Decision targeted before end of 2026.
Differentiator
Problem solved
Functional benefit
Brands
- Namibia Rare Earths (Pty) Limited: Namibian operating subsidiary entity through which the company conducts its Africa-based operations.
Companies that use Namibia Critical Metals
Customer profileIdeal customer profiles2 records
Namibia Critical Metals technology and API
TechnologyAPI detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Namibia Critical Metals partnerships and signals
Strategic signalRecent moves7 records
Expansion highlights6 records
Namibia Critical Metals competitors and assessment
Company assessmentDirect peers
- Mkango Resources: Canadian-listed rare earths developer with the Songwe Hill project in Malawi and downstream interests in the UK and Germany. Comparable to NCMI as a small-cap, Africa-based HREE developer focused on permanent magnet supply chains.
- Arafura Resources: Australian-listed developer of the Nolans NdPr project in Australia's Northern Territory. Comparable to NCMI as a single-asset rare earths developer focused on supplying NdFeB magnet materials, with a similar pre-construction development profile and reliance on strategic offtake partners.
- Pensana Plc: Developer of the Longonjo heavy rare earths project in Angola and the Saltend processing hub in the UK. Pensana is the closest geographic and asset-class comparable — a Western-listed HREE developer in southern Africa developing a mine-to-magnet supply chain.
- MP Materials: Owner and operator of the Mountain Pass mine in California, the only scaled rare earths mining and processing operation in the United States. Like NCMI, MP Materials is positioned as a Western alternative to Chinese REE supply and serves a similar end-market in NdFeB permanent magnets.
- Vital Metals Limited: Australian-listed rare earths developer that commenced rare earths production at Nechalacho in Canada and is developing downstream processing capacity. Comparable to NCMI as a small-cap, single-asset HREE developer at the development/early-production stage.
- Texas Mineral Resources Corp. US-listed developer of the Round Top heavy rare earths project in Texas. Comparable to NCMI as a Western HREE-focused junior developer pursuing ex-China magnet material supply.
- Lynas Rare Earths: The largest non-China producer of separated rare earth oxides, operating the Mt Weld mine in Australia and a processing facility in Malaysia. Lynas is the most directly comparable publicly listed rare earths developer/producer and is a natural valuation and operational benchmark for NCMI's Lofdal project.
Broad incumbents
- Energy Fuels Inc. US-listed uranium and rare earths producer with processing capabilities at the White Mesa Mill in Utah, where it has begun processing rare earth carbonate. Comparable to NCMI as a Western alternative REE supplier with established processing infrastructure and broader critical minerals exposure.
Others
- Bannerman Energy Ltd. Australian-listed uranium developer that is NCMI's largest shareholder (43.4% as of April 2026) with its CFO on the board. Comparable as a strategic shareholder and fellow TSXV/ASX-listed critical minerals developer with overlapping African operational exposure.
Emerging players
- Ionic Rare Earths Limited: Australian-listed developer of the Makuutu heavy rare earths project in Uganda and a Belfast-based magnet recycling facility. Comparable to NCMI as an emerging Africa-based HREE developer focused on separated rare earth oxides for the permanent magnet supply chain.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Namibia Critical Metals social profiles
Digital presenceNamibia Critical Metals financial estimates
Financial estimateRevenue estimate
Valuation estimate
Namibia Critical Metals leadership team
Management profileNumber of profiles
Profiles6 records
Namibia Critical Metals subsidiaries and ownership
Company hierarchySubsidiaries1 record
Namibia Critical Metals funding detail
Funding detailFunding overview
Funding rounds7 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Namibia Critical Metals M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Namibia Critical Metals
What does Namibia Critical Metals do?
Namibia Critical Metals Inc. is a junior mining developer advancing the Lofdal Heavy Rare Earths Project in northern Namibia toward production of separated heavy rare earth oxides — primarily dysprosium oxide (Dy2O3), terbium oxide (Tb4O7) and yttrium oxide (Y2O3) — for use in high-performance permanent magnets, phosphors and advanced materials. The project, advanced under a strategic JV with JOGMEC and Toyota Tsusho, holds a 25-year Namibian mining licence, an environmental clearance certificate, a 2024 NI 43-101 Mineral Resource Estimate and a 2025 positive Pre-Feasibility Study targeting commercial production in the early 2030s.
Is Namibia Critical Metals a public or private company?
Namibia Critical Metals is a public company. It is currently operating.
When was Namibia Critical Metals founded?
Namibia Critical Metals was founded in 2017. It employs 11 to 50 people.
Where is Namibia Critical Metals based?
Namibia Critical Metals is headquartered in Halifax, Canada, in the North America region.
How does Namibia Critical Metals make money?
Two revenue lines are on record. Heavy Rare Earth Oxide Sales (Future) is the primary driver. The others are joint-Venture Equity Contributions (Current).
Who are Namibia Critical Metals's main competitors?
Direct peers on record are Mkango Resources, Arafura Resources, Pensana Plc, MP Materials, Vital Metals Limited, Texas Mineral Resources Corp. and Lynas Rare Earths. Energy Fuels Inc. is listed as a broad incumbent. Bannerman Energy Ltd. is listed as an others. Ionic Rare Earths Limited is listed as an emerging player.
Does Namibia Critical Metals have an API?
No public API is recorded for Namibia Critical Metals.
What industry is Namibia Critical Metals in?
Its primary akta.pro industry code is IMAKAFAL, Exploration & Resource Development (Critical Minerals), with a secondary code of IMAKAFAG, Rare Earths Mining & Concentrates (REE Ores). Its NAICS code is 21229 and its SIC code is 1090.