Namibia Critical Metals Inc. announce the completion of the RC drilling campaign for its PFS study on the large-scale "Lofdal 2B-4" heavy rare earth project. The infill drilling campaign entailed 49 reverse circulation boreholes for a total of 8,226 m in the Area 4 main deposit and the Area 2B satellite deposit. Assays were received from Actlabs, Canada.

Highlights are: Width and grade of the mineralised zones were confirmed by infill drilling. Combined mineralized intervals can reach more than 100 m length in total in some boreholes based on a combined cut-off of 0.1% TREO1 over wider intercepts as previously used in the PEA "Lofdal 2B-4". This averaging over wider mineralised zones reflects assumed consecutive blocks in a potentially large-scale open-pit operation benefiting from economy of scale.

A larger, previously unknown mineralized zone was intercepted in the western periphery of the pit shell (produced in the PEA "Lofdal 2B-4" for Area 4) demonstrating upside for additional mineralization towards the west and depth. Test work at SGS Lakefield continues with the pilot-scale flotation test on a 5 ton bulk sample and an extended variability testing program followed by hydrometallurgical tests. A final drill program was worked out by the Company with support by The MSA Group to increase the level of resource categories as required for the PFS for the expanded project "Lofdal 2B-4".

Resource drilling commenced at the end of January 2023 and was completed by June 2023. The drilling campaign was significantly expanded from a planned total of 5,240 m. With the excellent drill performance of Prinsloo Drilling in deeper RC holes, it was decided to drill all planned diamond core boreholes up to 350 m length by the more cost-efficient reverse circulation method. Eventually, a total of 8,226 m was completed in this RC drilling campaign.

37 RC drill holes for a total of 6,446 m were drilled at Area 4. In general, mineralised zones were confirmed in its expected ranges of width and grade. The drill results confirm the geological model of structural zones acting as fluid channels and controlling intensity, pinching and swelling as well as splaying of the wide mineralized zones. Several intercepts in boreholes drilled in the periphery of the planned pit shell for Area 4 open pit, show wide mineralized zones which might form significant additional resources in the planned update of the Mineral Resource Estimate.

An example for a mineralized zone currently not included in the pit shell is depicted in the section through the western periphery of planned Area 4 open pit with borehole L4D0207 returning 9 mineralized intervals using a cut-off of 0.1% TREO2, including 14 m at 0.17% TREO from 295 m and 21 m at 0.11% TREO from 262 m. Further, sampling was extended to the hanging wall of the "main mineralized zone". Assays show wide zones of up to 100 m of additional low to moderate grade HREO mineralization which will undergo an assessment for upgrade and beneficiation by sorting technologies, and thus might potentially further increase mine life or throughput of the future Lofdal mine. The intercepts were generally selected based on an assumed cut-off of 0.1% TREO as previously used in the PEA "Lofdal 2B-4??.

However, the intercepts partly include a significant amount of samples with <0.1% TREO in order to reflect the width of the mineralized zone potentially forming consecutive ore blocks in a large-scale open pit operation. By including lower grade mineralization, the combined mineralized intervals may reach more than 100 m length in total like in borehole L4R0208 with 63 m length from 275 m and 53 m length from 173 m, and borehole L4R0210 with 51 m length from 285 m, 27 m length from 252 m and 29 m from 213 m The longest consecutive mineralized interval is 105 m length from 123 m in borehole L4R0199. In Area 2B, 12 RC holes were drilled for a total of 1,780 m. Drilling was expanded by 4 boreholes to cover the mineralized zone extending to the east of the currently planned pit shell, see Figure 5. Infill drilling at Area 2B is completed for the update and increase of resource categories of the Mineral Resource Estimate as suggested by The MSA Group for the PFS/DFS level for Lofdal's planned satellite open pit "Pit 2B" while Area 4 requires a further 6,000 m of DC drilling in 16 boreholes for the deeper portion of this sub-deposit.

4495 samples of average 1.8 kg per sample were collected at the drill rig's cyclone and submitted to Actlabs preparatory laboratory in Windhoek, Namibia, in batches of 200 to 300 samples. The samples were dried and crushed to 2 mm, split using a riffle splitter and pulverised to 105 µm. Pulverised sub-samples were homogenised in a stainless-steel riffle splitter and a 15 g sample and duplicate were drawn for analysis. The pulverised sample aliquots were shipped to the ISO/IEC 17025 accredited Actlabs analytical facility in Ancaster, Ontario, Canada.

The samples were assayed using lithium metaborate-tetraborate fusion and Inductively Coupled Plasma Mass Spectrometry (ICP-MS). Actlab's analytical code "8-REE" includes 45 trace elements, 10 major oxides, Loss on Ignition, and mass balance. The samples were subjected to a quality assurance and quality control (QAQC) program consisting of the insertion of blank samples and certified reference materials at Lofdal and the preparation of a laboratory duplicate at the sample preparation facility in Windhoek.

The primary laboratory assay values were confirmed by umpire sample analysis by ALS. A selection of 263 samples, was sent to ALS Okahandja, Namibia for further shipment to ALS Johannesburg, South Africa. Samples were analysed using analytical code ME-MS81h (lithium meta-borate fusion and ICP-MS).

The Qualified Person is satisfied that the assay results are of sufficient accuracy and precision for use in the future update of the Mineral Resource Estimation.