Namibia Critical Metals Inc. (TSXV: NMI; formerly Namibia Rare Earths Inc.) holds the Lofdal Heavy Rare Earths Project (~25km NW of Khorixas, Kunene Region, Namibia), a globally significant source of the heavy rare earths dysprosium and terbium, launched as a partnership with Japan's JOGMEC in 2020. JOGMEC and Toyota Tsusho Corporation (which joined in March 2026 as JOGMEC's designated partner through a newly formed special-purpose company, TJ Namibia Rare Earths Corporation) have completed Terms 1-3 of an amended earn-in agreement, reaching C$23 million in cumulative expenditure and earning a 50% interest in the project, which reduces Namibia Critical Metals' stake to approximately 45% (a separate 5% is held for the benefit of Historically Disadvantaged Namibians). JOGMEC has committed up to a further C$47.668 million to TJ, which is conducting a Definitive Feasibility Study with a targeted FY2026 commercialization decision.
Lifecycle Milestones
Not in place: mill, tailings facility, grid power.
Jurisdiction (40%)7/10
The Lofdal heavy rare earths project is in Namibia's Kunene Region. Namibia is one of sub-Saharan Africa's more politically stable, mining-friendly jurisdictions with an established mining code, with moderate sovereign, infrastructure and economic-empowerment policy risk.
Infrastructure (40%)2.9/10
No confirmed mill, confirmed road access, no confirmed grid power, and no confirmed tailings facility at Lofdal Heavy Rare Earths Project, Kunene Region, Namibia.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
A disclosed corporate action (not an acquisition or merger)
A corporate action of this kind says nothing about takeover susceptibility, so it isn't scored.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer stake on file; largest strategic holder is Bannerman Energy Ltd. (ASX:BMN) (41.8%) See holders
Not an operating producer, so it isn't the toehold-then-takeout pattern the research documents; a missing producer stake isn't held against a company.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:8/10
Stage: Pre-Feasibility Study
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:7/10
Namibia: jurisdiction score 7/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:2/10
Primary commodity: Other
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chair of Namibia Critical Metals Inc. Former Chairman and Global Chief Investment Officer of Dresdner RCM Global Investors; previously led Rosenberg Capital Management as Chairman and CEO from 1996. Taught at Stanford University's Graduate School of Business; now a private investor and CEO of his charitable foundation. Graduate, Dartmouth College; Graduate Fellow (Political Science), Brooklyn College.
Director of Namibia Critical Metals Inc. Mining developer and financier specializing in Sub-Saharan Africa projects since 2009; founded NAB Mining Group Africa and developed greenfield coal deposits in South Africa and Mozambique. Founder and managing director of Swiss Chrome International AG (1986-1994), which developed a chrome project now owned by Mitsubishi Corporation.
President, Corporate Secretary and Director of Namibia Critical Metals Inc., CEO since 2021. CPA-CMA with over 20 years of public-company leadership experience in mining and resources, including CEO and CFO roles; previously CFO of the Company (March 2017-2021). Led the advancement of the flagship Lofdal Project through PEA, PFS and (Jan 2026) NI 43-101 Pre-Feasibility Study milestones.
Chief Financial Officer and Joint Company Secretary of Bannerman Energy Ltd.; also a director of Namibia Critical Metals Inc. Chartered Accountant with over 30 years' professional experience, including several roles within BHP Limited, commencing as global Financial Controller for BHP Iron Ore before progressing to special project roles; more recently a partner of a national accounting and advisory firm within a top-ten global network. Deep hands-on experience in project finance and M&A, from small joint venture agreements through to lead commercial roles on large-scale multinational transactions. BBus (Accounting), Curtin University; MBA, Deakin University.
VP Exploration of Namibia Critical Metals Inc. PhD, MScGeol, GeoFA, AusIMM. Based in Windhoek, providing in-country project management; 30+ years' experience in academics, exploration and international development cooperation, with involvement in significant discoveries across Namibia.
CFO of Namibia Critical Metals Inc., returned to the role after a prior tenure (2012-2017). CPA-CA. 30 years' experience with public and private companies; previously CFO at NowVertical Group and held senior roles at Ernst & Young and Nova Scotia Power.
VP Metallurgy of Namibia Critical Metals Inc. P.Eng., M.Eng., MSc, FCIM. Hydrometallurgist with 20+ years' experience in rare earth and critical mineral processing; former Senior Director of Technical Services at SGS Lakefield.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Namibia Critical Metals holds the Lofdal heavy rare earths project, about 25km north-west of Khorixas in Namibia's Kunene Region, a significant source of dysprosium and terbium. Japan's JOGMEC and Toyota Tsusho, through their joint company TJ Namibia Rare Earths Corporation, completed a C$23M earn-in in July 2026 for a 50% interest, which will reduce Namibia Critical Metals' stake to about 45%, with 5% held for historically disadvantaged Namibians; the transfer still needs the company's shareholder approval and final TSX Venture Exchange approval. For the expanded 2B-4 project, a pre-feasibility study filed on 13 January 2026 reports a measured and indicated resource of 58.5 Mt at 0.16% total rare earth oxides and a proven and probable reserve of 32 Mt at 0.176%, supporting a mine life of 13 years at about 2,000 t a year of rare earth oxides, including 117 t of dysprosium and 17.5 t of terbium. The Japanese partners are carrying out a definitive feasibility study, with JOGMEC committing up to a further C$47.668M.