Namibia Critical Metals : NI 43-101 Technical Report – NMI Lofdal Heavy Rare Earth Project Namibia – Mineral Resource Estimate

Namibia Critical Metals Inc.

Lofdal Heavy Rare Earths Project

Namibia

NI 43-101 Technical Report - 05 April 2024 Mineral Resource Estimate

Prepared by The MSA Group (Pty) Ltd for:

Namibia Critical Metals Inc.

Prepared By:
Jeremy C Witley	Pr. Sci. Nat.
Scott Swinden	P. Geo
Barbara Mulcahy	Pr. Eng

Effective Date:	05 April 2024
Report Date:	21 May 2024

MSA Project No.: J4878

IMPORTANT NOTICE

This report was prepared as a National Instrument NI 43-101 Technical Report for Namibia Critical Metals Inc. (NMI) by The MSA Group (Pty) Ltd (MSA), South Africa. The quality of information, conclusions and estimates contained herein is consistent with the level of effort involved in MSA's services, based on: i) information available at the time of preparation, ii) data supplied by outside sources, and iii) the assumptions, conditions, and qualifications set forth in this report. This report is intended for use by NMI subject to the terms and conditions of its contract with MSA. Except for the purposes legislated under Canadian provincial securities law, any other uses of this report by any third party is at that party's sole risk.

CERTIFICATE OF QUALIFIED PERSON

I, Jeremy Charles Witley do hereby certify that:

1. I am a Principal Mineral Resource Consultant of: The MSA Group (Pty) Ltd
   Henley House, Greenacres Office Park, Victory Park, Randburg, 2195
   South Africa.
2. This certificate applies to the technical report titled "Namibia Critical Metals Inc., Lofdal Heavy Rare Earths Project, Namibia, NI 43-101 Technical Report - 05 April 2024 Mineral Resource Estimate", that has an effective date of 05 April 2024 and a report date of 21 May 2024 (the Technical Report).
3. I graduated with a BSc (Hons) degree in Mining Geology from the University of Leicester in 1988. In addition, I obtained a Master of Science degree in Engineering from the University of Witwatersrand in 2015.
4. I am a registered Professional Natural Scientist (Geological Science) with the South African Council for Natural Scientific Professions (SACNASP) and a Fellow of the Geological Society of South Africa.
5. I have worked as a geologist for a total of 35 years. I have worked in a number of roles, including senior management, in mine geology, exploration projects and Mineral Resource management. I have conducted Mineral Resource estimates, audits and reviews for a wide range of commodities and styles of mineralization including complex mixed distribution multi element deposits. Specific REE experience includes deposits in Burundi, Mauritania, South Africa, Namibia and Malawi, as well as the Lofdal deposit in Namibia.
6. I have read the definition of "Qualified Person" set out in National Instrument 43-101 (NI 43-101) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfil the requirements to be a "Qualified Person" for the purposes of NI 43-101.
7. I visited the Lofdal Property for three days from 28 to 30 October 2020, for one day on 10 November 2022 and for two days from 21 to 22 November 2023.
8. I am responsible for the preparation of items 1.4, 3, 10 to 12 and 14 to 23, and co-responsible for the preparation of items 1.5, 2 and 24 to 27 of the Technical Report.
9. I have not had prior involvement with the property that is the subject of the Technical Report.
10. I am not aware of any material fact or material change with respect to the subject matter of the Technical Report that is not reflected in the Technical Report, the omission to disclose which makes the Technical Report misleading.
11. I am independent of the issuer according to the definition of independence described in section 1.5 of National Instrument 43-101.
12. I have read National Instrument 43-101 and Form 43-101F1 and, as of the date of this certificate, to the best of my knowledge, information and belief, those portions of the Technical Report for which I am responsible have been prepared in compliance with that instrument and form.
13. I consent to the filing of the Technical Report with any stock exchange and other regulatory authority and any publication by them for regulatory purposes, including electronic publication in the public company files on their websites accessible by the public, of the Technical Report.

Dated this 21st day of May 2024.

"signed and stamped" (Jeremy Charles Witley, Pr. Sci. Nat)

CERTIFICATE OF QUALIFIED PERSON

I, Scott Swinden, do hereby certify that:

1. I am a Principal Geoscience Consultant of: Swinden Geoscience Consultants Ltd 224 Main St

Wolfville, Nova Scotia

B4P 1C4

Canada

1. This certificate applies to the technical report titled "Namibia Critical Metals Inc., Lofdal Heavy Rare Earths Project, Namibia, NI 43-101 Technical Report - 05 April 2024 Mineral Resource Estimate", that has an effective date of 05 April 2024 and a report date of 21 May 2024 (the Technical Report).
2. I graduated with a BSc (Hons) degree in Geology from Dalhousie University in 1970. In addition, I obtained a Master of Science degree in Geology from Memorial University of Newfoundland and Labrador in 1975 and Ph.D. in Earth Sciences from Memorial University of Newfoundland and Labrador in 1988.
3. I am a registered Professional Geologist (P. Geo.) with the Association of Professional Engineers and Geoscientists of Nova Scotia.
4. I have worked as a geologist for a total of 45 years, including exploration for base and precious metals and rare metals (including the rare earth elements), as a research scientist for provincial and federal geological surveys, and as manager and executive for provincial geological surveys. In the latter role, I was responsible for mineral resource programs (including programs focussed on Rare Earth Elements) throughout Newfoundland and Labrador from 1988 to 1996. From 2010 to the present, I have specialized in the study and exploration of Rare Earth Deposits. I explored for REE in various parts of Namibia. I was part of the discovery team at the Lofdal deposit and led the geological mapping and geological modelling of the deposit. I have worked at a number of other REE prospects including Swarboisdrift (Kunene aea), Epembe (Ta-Nb-REE in carbonatite), Marinkas Quellen). I have taught mineral deposits including the geology of Rare Earth Deposits to 4th year undergraduates at Dalhousie and Acadia Universities. I have recently served as a member of the Expert Council for the HiTech AlkCarb project, a European Union project investigating geomodels for REE deposits. I believe my experience in operating and managing REE exploration projects, studying REE deposits and teaching about REE deposits, make me a Qualified Person for a REE project.
5. I have read the definition of "Qualified Person" set out in National Instrument 43-101 (NI 43-101) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfil the requirements to be a "Qualified Person" for the purposes of NI 43-101.
6. I visited the Lofdal Property for 14 days from 29 May to 11 June 2014, for 1 days on July 31, 2017, and for 1 day on April 25, 2018.
7. I am responsible for the preparation of items 4 to 9 and co-responsible for, the preparation of item 1, 2 and 24 to 27 of the Technical Report.
8. I have been involved with the property that is the subject of the Technical Report as a paid, independent geoscience consultant since July 2010. All prior involvement is with the current issuer at various stages of the project for which remuneration has been received as an independent consultant that is not contingent on the outcome of the study work and did not involve management of the project.

1. I am not aware of any material fact or material change with respect to the subject matter of the Technical Report that is not reflected in the Technical Report, the omission to disclose which makes the Technical Report misleading.
2. I am independent of the issuer according to the definition of independence described in section 1.5 of National Instrument 43-101.
3. I have read National Instrument 43-101 and Form 43-101F1 and, as of the date of this certificate, to the best of my knowledge, information and belief, those portions of the Technical Report for which I am responsible have been prepared in compliance with that instrument and form.
4. I consent to the filing of the Technical Report with any stock exchange and other regulatory authority and any publication by them for regulatory purposes, including electronic publication in the public company files on their websites accessible by the public, of the Technical Report.

Dated this 21st Day of May 2024.

"signed and stamped" (Scott Swinden, P. Geo.)

CERTIFICATE OF AUTHOR

I, Barbara Mulcahy, Pr.Eng., C.Eng, of Johannesburg, South Africa, do hereby certify:

1. I am an Independent Consulting Process Engineer with a business address at 2154 Voltaire Place, Dainfern Valley, 2191, South Africa.
2. This certificate applies to the Technical Report entitled "Namibia Critical Metals Inc., Lofdal Heavy Rare Earths Project, Namibia, NI 43-101 Technical Report - 05 April 2024 Mineral Resource Estimate" with an effective date of 05 April 2024 and a report date of 21 May 2024 (the Technical Report).
3. I am a graduate with B.Eng (Chemical Mineral Processing) in 1994 and GDE (Extractive Metallurgy) in 1996 from the University of Stellenbosch, South Africa. I am registered as a Professional Engineer with Engineering Council of South Africa (ECSA) member No 20010377 and as a Chartered Engineer with Engineers Ireland (EI) member No 500047. I have worked as a process engineer and consultant since 1997 at Mintek, Hatch and Metallicon Process Consulting before being independent.
4. I have read the definition of Qualified Person set out in the National Instrument 43-101 (Instrument) and certify that by reason of my education, affiliation with a professional association and past relevant work experiences, I fulfil the requirement to be an independent qualified person for the purposes of NI 43-101.
5. I visited the Lofdal Rare Earth's project site near Khorixas, Namibia on 27/28 October 2021.
6. I have participated in the preparation of this Technical Report and am responsible for item 13 and co-responsible for items 24 to 27.
7. I am independent of Namibia Critical Metal as defined by Section 1.5 of the Instrument.
8. I don't have any prior involvement with the property that is the subject of the technical report.
9. I have read National Instrument 43-101. The part of the Technical Report for which I am responsible has been prepared in compliance with this Instrument;
10. As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the technical report not misleading.

Signed and dated this 21st day of May 2024 at Johannesburg, South Africa.

"Signed and stamped" Barbara Mulcahy Pr.Eng

____________________________________________

Barbara Mulcahy, Pr.Eng., Consulting Process Engineer.

TABLE OF CONTENTS

1	SUMMARY	1
	1.1	Property Description and Ownership	1
	1.2	Geology and Mineralization	1
	1.3	Exploration Status	2
	1.4	Mineral Resource Estimate	2
	1.5	Conclusion and Recommendations	4

2	INTRODUCTION	5
	2.1	Corporate Structure	5
	2.2	Principal Sources of Information and Terms of Reference	6
	2.3	Qualifications, Experience and Independence	7
3	RELIANCE ON OTHER EXPERTS	9
4	PROPERTY DESCRIPTION AND LOCATION	10
	4.1	Property Location	10
	4.2	Property Description	10
		4.2.1 Mining License (ML) 200	10
		4.2.2	General Provisions	15
		4.2.3 Adjacent and Overlapping EPLs	16
5	ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY	17
	5.1	Accessibility	17
	5.2	Climate	........................................................................................................................................................................	17
	5.3	Local Resources and Infrastructure	18
	5.4	Physiography	20
6	HISTORY	22
7	GEOLOGICAL SETTING AND MINERALIZATION	26
	7.1	Regional Geology	26
	7.2	Local Geology	28
		7.2.1 The Huab Metamorphic Complex	30
		7.2.2	The Damara Orogen	30
		7.2.3 Early Damaran Alkaline / Carbonatitic Intrusions	31
	7.3	Structural Setting	36
	7.4	REE Mineralization	38
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		7.4.1	Regional Setting	38
		7.4.2	Mineralization in Area 4	40
		7.4.3	Mineralization in Area 2B	43
		7.4.4	Nature of the Alteration	45
		7.4.5	Mineralogy	51
		7.4.6	Thorium	54
		7.4.7	Mineralization Summary	55
8	DEPOSIT TYPES	56
	8.1	General Models for REE Mineralization in Carbonatites	56
	8.2	Magmatic Mineralization	58
	8.3	Hydrothermal Mineralization	58
9	EXPLORATION	60
	9.1	Copper - Gold Exploration: 2006 - 2008	60
	9.2	Regional Assessment of Rare Earth Element Potential	60
		9.2.1	Geological and Lithogeochemical Survey	60
		9.2.2	Remote Sensing and Regional Geophysics	64
		9.2.3	Regional Geological Mapping	65
	9.3	Target Exploration in Area 2B	66
		9.3.1	Geological Mapping and Lithogeochemistry	67
	9.4	Target exploration in Area 4	74
		9.4.1	Geological Mapping and Surface Sampling	74
		9.4.2	Ground Geophysics	74
		9.4.3	Trenching	76
10	DRILLING	80
	10.1	Area 2B, 2010 and 2011 Drilling	80
	10.2	Area 4 Mineral Resource Drilling, 2011 and 2012	83
	10.3	Areas 4 and 2B Mineral Resource Drilling, 2020	85
		10.3.1	Area 4 and 2B Diamond Drilling Procedures	86
		10.3.2	Core Recovery	87
		10.3.3	Collar and Downhole Surveys	87
	10.4	Areas 4 and 2B Reverse Circulation Drilling, 2023	88
	10.5	Interpretation of Drilling Results	91
		10.5.1	Area 4	91
		10.5.2	Area 2B	92
	10.6	Exploration Drilling Outside the Mineral Resource Areas	93
		10.6.1	Location and Procedures	93
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		10.6.2	Exploration Drilling Results	98
11 SAMPLE PREPARATION, ANALYSES AND SECURITY	102
	11.1	Diamond Drilling Procedures	102
		11.1.1	Drillhole Logging	102
		11.1.2	Sample Preparation	103
	11.2	Reverse Circulation Drilling Procedures	108
		11.2.1	Reverse Circulation Logging	108
		11.2.2 Chip sampling and sample dispatch	109
	11.3	Sample Analyses	109
		11.3.1 Sample preparation at the laboratory	109
		11.3.2 Sample analyses at the laboratory	109
	11.4	Sample Security	110
	11.5	Quality Assurance and Quality Control	110
		11.5.1 2010, 2011 and 2012 Drilling Programme	111
		11.5.2	2020 Drilling Programme	111
		11.5.3	2023 RC Programme	124
	11.6	Adequacy of Sample Preparation, Security and Analytical Procedures	132
12	DATA VERIFICATION	134
13 MINERAL PROCESSING AND METALLURGICAL TESTING	136
	13.1	Testwork Background	136
	13.2	Ongoing Testwork	136
	13.3	Bulk Fresh Sample Testwork	143
	13.4	Basis of Design	150
14	MINERAL RESOURCE ESTIMATES	152
	14.1	Mineral Resource Estimation Database	152
	14.2	Exploratory Analysis of the Raw Data	155
		14.2.1 Validation of the data	155
		14.2.2 Statistics of the Raw Sample Data	156
	14.3	Bivariate Analysis	157
	14.4	Core Recovery	158
		14.4.1	Diamond Drillholes	158
		14.4.2	Reverse Circulation	158
	14.5	Geological Modelling	159
		14.5.1	Topography	159
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		14.5.2	Mineralised Zones	160
		14.5.3	Oxidation/Weathering Surface	161
	14.6	Bias Test	162
	14.7	Statistical Analysis of the Composite Data	163
		14.7.1	Cutting and Capping	166
	14.8	Geostatistical Analysis	166
		14.8.1	Semivariograms	166
	14.9	Block Modelling	169
		14.9.1	Estimation Parameters	170
	14.10	Validation of Estimates	171
	14.11	Mineral Resource Classification	174
	14.12	Mineral Resource Statement	177
	14.13	Assessment of Reasonable Prospects for Eventual Economic Extraction (RPEEE)	182
	14.14	Comparison with Previous Estimate	185
15	MINERAL RESERVE ESTIMATES	187
16	MINING METHODS	188
17	RECOVERY METHODS	189
18	PROJECT INFRASTRUCTURE	190
19	MARKET STUDIES AND CONTRACTS	191
20	ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT	192
21	CAPITAL AND OPERATING COSTS	193
22	ECONOMIC ANALYSIS	194
23	ADJACENT PROPERTIES	195
24	OTHER RELEVANT DATA AND INFORMATION	196
25	INTERPRETATION AND CONCLUSIONS	197
26	RECOMMENDATIONS	199
27	REFERENCES	..................................................................................................................................	200

LIST OF TABLES

Table 1-1 Area 4, Measured, Indicated and Inferred Mineral Resource Estimates above 0.1% TREO cut-
off grade - 05 April 2024	3

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