Namibia Critical Metals secures $70M Japanese backing for Lofdal

Namibia Critical Metals announced that Japan Organization for Metals and Energy Security (JOGMEC) and Toyota Tsusho have formed a joint venture, TJ Namibia Rare Earths Corporation (TJNREC), which will hold a 50% participating interest in the Lofdal Heavy Rare Earth Project in Namibia, subject to TSX Venture Exchange and shareholder approvals.

Japan completed a C$23 million earn‑in and JOGMEC committed up to C$47.7 million additional funding to support the expanded definitive feasibility study and pre‑FID capital work. The funding is structured as non‑dilutive, non‑interest‑bearing pre‑FID capital, preserving Namibia Critical Metals’ ownership. The Lofdal project targets heavy rare earths such as dysprosium, terbium and yttrium, used in permanent magnets for electric vehicles, electronics, defence systems and renewable‑energy technologies.