Halifax, Nova Scotia - Namibia Critical Metals Inc. ('Namibia Critical Metals' or the 'Company' or 'NMI') (TSXV: NMI OTCQ: NMREF) is pleased to announce the results of its Preliminary Economic Assessment ('PEA') for the Lofdal Heavy Rare Earth Project '2B-4' ('Lofdal' or the 'Project') in Namibia. This PEA aims at a significantly larger annual run-of-mine and plant throughput of 2 million tonnes per year and longer mine life than the historical PEA of 2014 by mining from two sub-deposits namely 'Pit 2B' and 'Pit 4'. Further, the processing flow sheet was simplified to a direct flotation of the run-of-mine material and expanded to include a hydrometallurgical unit producing a >98% mixed rare earth oxide as final product instead of xenotime concentrate. The Lofdal deposit has the potential for significant production of dysprosium and terbium, two of the most valuable heavy rare earth elements. The Project is being developed in joint venture with Japan Oil, Gas and Metals National Corporation ('JOGMEC') targeting a long term, sustainable supply of heavy rare earths to Japan.

Net Present Value - NPV (5) of $632.7 Million USD (pre-tax) and $391 Million

Internal Rate of Return (IRR) - 34% pre-tax and 28% after tax

Life of mine nominal cash flow of $1.1 billion pre-tax, $698.7 million aftertax

Initial Capital Costs - $207 Million USD including a 30% contingency

Capital Payback Period - 3.2 years after-tax

Approximate Average Annual Production - 2,000 tonnes TREO including 117 tonnes Dysprosium and 17.5 tonnes Terbium

PEA is based on mining of only 26 million tonnes resource or about 50% of the 53 million tonnes in the Mineral Resource Estimate issued in June 2021

Estimated 16-year mine life with 13 million tonnes of low-grade stockpile likely expanding the life of mine

The price for Rare Earth Oxides used: Dysprosium oxide USD$587/kg and Terbium oxide USD$2,493/kg.

Average basket price of USD$91/kg including third party separation costs

Darrin Campbell, President of Namibia Critical Metals stated: 'This is a major step forward in establishing Lofdal as a world-class heavy rare project and a globally significant potential supplier of Dysprosium and Terbium, the two most valuable rare earth metals. This strong economic analysis supports the continued rapid development of Lofdal and we are moving forward with the next steps including Pre-Feasibility Study of this extended mining operation over the next few months. This robust economic assessment is only on 50% of our existing resource and we believe there is still considerable upside in exploration. Currently, processing test work continues, and it is expected to further significantly improve recoveries in all processing steps which will allow the Lofdal project to become one of the major future sources of dysprosium and terbium globally.'

The Lofdal Heavy Rare Earths deposit represents a district-scale (20 km x 10 km) heavy rare earth element (HREE) mineralisation in subvolcanic hydrothermal alteration zones. While high grade zones (>0.2% HREE) occur locally, the majority of the deposit resembles tens of meters wide and kilometer-long zones of low grade HREE-mineralisation with an average grade of about 0.1% HREE. In order to develop the Lofdal project into a long-term producer of HREE, the Company focussed recent processing test work on cost-efficient technologies to upgrade lower grade material aiming at effects of economy of scale in a potential large-scale mining operation. The Company mined a total of 34,500 tonnes of mineralised material from a starter pit in the central Area 4 deposit in October 2021 (Press release 29 November 2021). A 500 tonne sample was taken from the mineralized zone at a depth between 12 and 15 metres in order to minimize effects of surface related oxidation. The material was blended to provide homogenized samples which are representative of the wider deposit at a grade of about 0.187% TREO for bulk sample test work.

About Namibia Critical Metals Inc.

Namibia Critical Metals Inc. holds a diversified portfolio of exploration and advanced stage projects in Namibia focused on the development of sustainable and ethical sources of metals for the battery, electric vehicle and associated industries. The two advanced stage projects in the portfolio are Lofdal and Epembe. The Company also holds significant land positions in areas favourable for gold mineralization

About Japan Oil, Gas and Metals National Corporation

(JOGMEC) and the JV JOGMEC is a Japanese government independent administrative agency which seeks to secure stable resource supplies for Japan. JOGMEC has a strong reputation as a long term, strategic partner in mineral projects globally. JOGMEC facilitates opportunities with Japanese private companies to secure supplies of natural resources for the benefit of the country's economic development. Rare earths are of critical importance to Japanese industrial interests and JOGMEC has extensive experience with all aspects of the sector. JOGMEC provided Lynas with US$250,000,000 in loans and equity in 2011 to ensure supplies of the Light Rare Earths metals suite to the Japanese industry. Namibia Critical Metals owns a 95% interest in the Lofdal project with the remaining 5% held for the benefit of historically disadvantaged Namibians. The terms of the JOGMEC joint venture agreement with the Company stipulate that JOGMEC provides $3,000,000 in Term 1 and $7,000,000 in Term 2 to earn a 40% interest in the Lofdal project. Term 3 calls for a further $10,000,000 of expenditures to earn an additional 10% interest. JOGMEC can also purchase another 1% for $5,000,000 and has first right of refusal to fully fund the project through to commercial production and to purchase all production at market prices. The collective interests of NMI and historically disadvantaged Namibians cannot be diluted below a 26% carried working interest upon payment of $5,000,000 to JOGMEC for the dilution protection. The JV Agreement is structured such that no NMI equity will be issued and it is totally non-dilutive to NMI shareholders. To date, JOGMEC, has approved funding Term 1 and 2 expenditures totaling $7,800,000. Other exploration projects: The Company's Exclusive Prospecting Licenses ('EPLs') prospective for gold are located in the Central Namibian Gold Belt which hosts a number of significant orogenic gold deposits including the Navachab Gold Mine, the Otjikoto Gold Mine and more recently the discovery of the Twin Hills deposit. At the Erongo Gold Project, stratigraphic equivalents to the meta-sediments hosting the recent Osino gold discovery at Twin Hills have been identified and exploration is progressing over this highly prospective area. The Grootfontein Base Metal and Gold Project has potential for magmatic coppernickel mineralization, Mississippi Valley-type zinc-lead-vanadium mineralization and Otjikotostyle gold mineralization. Interpretation of geophysical data and regional geochemical soil sampling have identified first gold targets. The common shares of Namibia Critical Metals Inc. trade on the TSX Venture Exchange under the symbol 'NMI'.

Web site: www.NamibiaCriticalMetals.com

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