Namibia Critical Metals Inc. announced that it has signed an agreement with Japan Oil, Gas and Metals National Corporation ("JOGMEC") to jointly explore, develop, exploit, refine and/or distribute mineral products from the Company's 100% owned Lofdal Heavy Rare Earth Project ("Project") in northwestern Namibia. The agreement provides JOGMEC with the right to earn a 50% interest in the Project by funding $20,000,000 in exploration and development expenditures. Once JOGMEC has completed and exercised its 50% earn-in and a feasibility study has been completed on the Project, JOGMEC has the right to purchase an additional 1% interest in the Project from the Company for $5,000,000 and thereafter to exclusively provide funding to develop the Project subject to the Company's interest in the Project not being diluted below 26%. All amounts are in Canadian dollars. The agreement with JOGMEC contemplates that the Company's Lofdal rare earth project will be held in a subsidiary of the Company ("ProjectCo") and JOGMEC will have the right to earn up to a 50% interest in ProjectCo by contributing a total of $20,000,000 to exploration and development expenditures on the Project in three phases. JOGMEC has the right to accelerate funding at any point during the earn-in period. During the first term of the earn-in, JOGMEC will contribute $3,000,000 to ProjectCo to fund exploration expenditures on the Project during the period commencing on the effective date of the agreement and ending March 31, 2021. The first term funding amount is a firm non-refundable commitment by JOGMEC and JOGMEC earns no interest in ProjectCo for completing the first term expenditures. Upon completion of the first term expenditures, JOGMEC is entitled to elect to contribute $7,000,000 to ProjectCo to fund exploration expenditures on the Project during the second term period commencing on April 1, 2021 and ending March 31, 2024. Upon completion of the second term expenditures, JOGMEC is entitled to receive 40% of the shares of ProjectCo and to elect to contribute $10,000,000 to ProjectCo to fund exploration expenditures on the Project during the third term period commencing on April 1, 2024 and ending March 31, 2028. If JOGMEC elects not to provide the third term funding, the Company has the right to acquire JOGMEC's 40% interest in ProjectCo for $7,000,000. Upon completion of the third term funding, JOGMEC is entitled to receive an additional 10% of the shares of ProjectCo. After completion of the earn in expenditures and a feasibility study on the Project, JOGMEC is entitled to increase its ownership in ProjectCo to 51% by acquiring an additional 1% of ProjectCo from the Company for $5,000,000. JOGMEC is also entitled to elect to exclusively fund development of the Project provided that the Company's interest will not be diluted below 26%. If JOGMEC has acquired the additional 1%, the Company will pay JOGMEC $5,000,000 for the dilution protection. Exploration programs and budgets will be approved by a management committee established by the parties and Namibia Critical Metals will undertake the exploration programs as operator for ProjectCo.