New Mineralized Zone Discovered During Infill Resource Drilling on Flagship Lofdal Heavy Rare Earth Project in Namibia

HALIFAX, September 8, 2023 - Namibia Critical Metals Inc. ("Namibia Critical Metals" or the "Company" or "NCMI") (TSXV:NMI)(OTCQB:NMREF) is pleased to announce the completion of the RC drilling campaign for its PFS study on the large-scale "Lofdal 2B-4" heavy rare earth project.

The infill drilling campaign entailed 49 reverse circulation (RC) boreholes for a total of 8,226 m in the Area 4 main deposit and the Area 2B satellite deposit. Assays were received from Actlabs, Canada. Highlights are:

• Width and grade of the mineralised zones were confirmed by infill drilling.
• Combined mineralized intervals can reach more than 100 m length in total in some boreholes based on a combined cut-off of 0.1% TREO¹ over wider intercepts as previously used in the PEA "Lofdal 2B-4". This averaging over wider mineralised zones reflects assumed consecutive blocks in a potentially large-scale open-pit operation benefiting from economy of scale.
• A larger, previously unknown mineralized zone was intercepted in the western periphery of the pit shell (produced in the PEA "Lofdal 2B-4" for Area 4) demonstrating upside for additional mineralization towards the west and depth.
• Test work at SGS Lakefield continues with the pilot-scale flotation test on a 5 ton bulk sample and an extended variability testing program followed by hydrometallurgical tests.

Darrin Campbell, President of Namibia Critical Metals stated:

"The highly cost-efficient RC infill drill program delivered the expected positive results and the newly established thick zone of heavy rare earth mineralization in the western part of Area 4 highlights again the enormous potential for upside for the district-level Lofdal deposit. With several test programs at SGS at advanced stages and with positive interim outcome, we are optimistic to deliver a highly competitive PFS for "Lofdal 2B-4" by mid next year."

RC drilling program 2023

A final drill program was worked out by the Company with support by The MSA Group to increase the level of resource categories as required for the PFS for the expanded project "Lofdal 2B-4". Resource drilling commenced at the end of January 2023 and was completed by June 2023.

The drilling campaign was significantly expanded from a planned total of 5,240 m. With the excellent drill performance of Prinsloo Drilling in deeper RC holes, it was decided to drill all planned diamond core (DC) boreholes up to 350 m length by the more cost-efficient reverse circulation (RC) method. Eventually, a total of 8,226 m was completed in this RC drilling campaign.

Figure 1: Overview of drill collars at the Lofdal 2B-4 Project. Blue triangles indicate the drill collars of the PFS RC infill drilling campaign.

37 RC drill holes for a total of 6,446 m were drilled at Area 4 (see Figure 2). In general, mineralised zones were confirmed in its expected ranges of width and grade (Figure 3 and Table 2). The drill results confirm the geological model of structural zones acting as fluid channels and controlling intensity, pinching and swelling as well as splaying of the wide mineralized zones.

Several intercepts in boreholes drilled in the periphery of the planned pit shell for Area 4 open pit, show wide mineralized zones which might form significant additional resources in the planned update of the Mineral Resource Estimate. An example for a mineralized zone currently not included in the pit shell is depicted in the section through the western periphery of planned Area 4 open pit (Figure 4) with borehole L4D0207 returning 9 mineralized intervals using a cut-off of 0.1% TREO², including 14 m at 0.17% TREO from 295 m and 21 m at 0.11% TREO from 262 m (see Table 3).

Figure 2: Geological map of Area 4 indicating all historical and the 2023 RC infill drill collars

Further, sampling was extended to the hanging wall of the "main mineralized zone". Assays show wide zones of up to 100 m of additional low to moderate grade HREO mineralization which will undergo an assessment for upgrade and beneficiation by sorting technologies, and thus might potentially further increase mine life or throughput of the future Lofdal mine.

Mineralized intercepts are summarized in Table 2. The intercepts were generally selected based on an assumed cut-off of 0.1% TREO as previously used in the PEA "Lofdal 2B-4" (see press release on 14 Nov 2022). However, the intercepts partly include a significant amount of samples with <0.1% TREO in order to reflect the width of the mineralized zone potentially forming consecutive ore blocks in a large-scale open pit operation. By including lower grade mineralization, the combined mineralized intervals may reach more than 100 m length in total like in borehole L4R0208 with 63 m length from 275 m and 53 m length from 173 m, and borehole L4R0210 with 51 m length from 285 m, 27 m length from 252 m and 29 m from 213 m (for details see Table 3). The longest consecutive mineralized interval is 105 m length from 123 m in borehole L4R0199.

Figure 3: Section through the eastern part of Area 4 (location see on Figure 2) indicating the mineralised intervals by display of TREO grades (grey bars) and Dy2O3 (color bands)

Figure 4: Section through the western part of Area 4 (location see on Figure 2) indicating the mineralised intervals by display of TREO grades (grey bars) and Dy2O3 (color bands)

In Area 2B, 12 RC holes were drilled for a total of 1,780 m. Drilling was expanded by 4 boreholes to cover the mineralized zone extending to the east of the currently planned pit shell, see Figure 5.

Infill drilling at Area 2B is completed for the update and increase of resource categories of the Mineral Resource Estimate as suggested by The MSA Group for the PFS/DFS level for Lofdal's planned satellite open pit "Pit 2B" while Area 4 requires a further 6,000 m of DC drilling in 16 boreholes for the deeper portion of this sub-deposit.

Figure 5: Geological map of Area 4 indicating all historical and the 2023 RC infill drill collars.

Sampling, analysis and QAQC

4495 samples of average 1.8 kg per sample were collected at the drill rig's cyclone ("A-sample") and submitted to Actlabs preparatory laboratory in Windhoek, Namibia, in batches of 200 to 300 samples.

The samples were dried and crushed to 2 mm, split using a riffle splitter and pulverised to 105 µm. Pulverised sub-samples were homogenised in a stainless-steel riffle splitter and a 15 g sample and duplicate were drawn for analysis. The pulverised sample aliquots were shipped to the ISO/IEC 17025 accredited Actlabs analytical facility in Ancaster, Ontario, Canada. The samples were assayed using lithium metaborate-tetraborate fusion and Inductively Coupled Plasma Mass Spectrometry (ICP-MS). Actlab's analytical code "8-REE" includes 45 trace elements, 10 major oxides, Loss on Ignition, and mass balance.

The samples were subjected to a quality assurance and quality control (QAQC) program consisting of the insertion of blank samples and certified reference materials at Lofdal and the preparation of a laboratory duplicate at the sample preparation facility in Windhoek. The primary laboratory assay values were confirmed by umpire sample analysis by ALS. A selection of 263 samples (every 20th sample of the original sample set), was sent to ALS Okahandja, Namibia for further shipment to ALS Johannesburg, South Africa. Samples were analysed using analytical code ME-MS81h (lithium meta-borate fusion and ICP-MS).

The Qualified Person is satisfied that the assay results are of sufficient accuracy and precision for use in the future update of the Mineral Resource Estimation.

Table 1: Intervals of QAQC samples inserted into the laboratory batch of samples. This includes Certified Reference Materials (CRM), blanks, and duplicates.

Progress on test work program

SGS Canada started the pilot-plant testing with the preparation of the 5-tonne bulk sample for the pilot-scale flotation test planned for October-November 2023. The objective of the current program is to scale up tests, locked-cycle testing for a higher level of confidence in metallurgy, and confirmation of engineering design criteria for PFS capital and operating cost estimation.

The locked cycle tests were completed and confirm a steady circuit. No significant detrimental effect was observed due to the recirculation.

Variability tests on 9 samples from the peripheries of planned Area 2B and Area 4 pits were completed. With the low-grade nature and varying mineralogy of the first set of variability samples taken from RC boreholes in the periphery of Area 4 and at TREO grades near cut-off, it was decided to extend the variability test program by a further 9 samples.

To further simplify the flowsheet and improve recoveries, future testing will abandon magnetic separation (WHIMS) and focus on iron removal with optimal temperatures during acid bake.

Table 2: Summary of mineralized drill intervals of the 2023 RC infill drilling program at Lofdal Area 2B

Table 3: Summary of mineralized drill intervals of the 2023 RC infill drilling program at Lofdal Area 4

ContinuedTable 4: Summary of mineralized drill intervals of the 2023 RC infill drilling program at Lofdal Area 4

Management Change

The Company is pleased to advise that Teri Anderson has been appointed as Chief Financial Officer of the Company, effective today.

Teri previously served as the Company's CFO from 2012 to 2017. She is a seasoned finance professional with 30 years' experience with both public and private companies in various industries. Teri established her finance and accounting consulting practice in 1999, and most recently was CFO with NowVertical Group Inc. (TSXV:NOW). Earlier in her career, Teri was as a senior financial manager at Nova Scotia Power and prior to that, in public accounting practice with Ernst & Young. Teri holds a CPA (CA) designation, an MBA from Dalhousie University, and a BSc. from Acadia University. She is a member of the Institute of Chartered Accountants of Nova Scotia and the Canadian Institute of Chartered Accountants.

Ms. Anderson replaces Ms. Susanne Willett, who has served as CFO for the past two years. The board thanks Ms. Willett for her contribution to the Company.

About Namibia Critical Metals Inc.

NMI is developing the Tier-1 Heavy Rare Earth Project, Lofdal, a globally significant deposit of the heavy rare earth metals dysprosium and terbium. Demand for these critical metals used in permanent magnets for electric vehicles, wind turbines and other electronics is driven by innovations linked to energy and technology transformations. The geopolitical risks associated with sourcing many of these metals has become a repeated concern for manufacturers and end users. Namibia is a proven and stable mining jurisdiction.

The Lofdal Project is fully permitted with a 25-year Mining License and is under a Joint Venture Agreement with Japan Organization for Metals and Energy Security (JOGMEC).

The Company filed a robust updated PEA for "Lofdal 2B-4" on November 14, 2022, with a post-tax NPV of USD$391 million and an annual IRR of 28% with a capital expenditure of USD$207 million. The project is projected to generate a life of mine nominal cash flow of USD$698 million post-tax over a 16-year mine life.

About Japan Organization for Metals and Energy Security (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 USD$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 C$3,000,000 in Term 1 and C$7,000,000 in Term 2 to earn a 40% interest in the Lofdal project. Term 3 calls for a further C$10,000,000 of expenditures to earn an additional 10% interest. JOGMEC can also purchase another 1% for C$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 C$5,000,000 to JOGMEC for the dilution protection. NMI may elect to participate up to a maximum of 44% by funding pro rata after the earn in period is completed.

To date, JOGMEC has completed Term 2 and earned a 40% interest by reaching the $10 million expenditure requirement. JOGMEC has approved an additional $2,375,000 budget for Term 3 through to March 31, 2024, totaling C$12,375,000.

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 the Twin Hills deposit. At the Erongo Gold Project, stratigraphic equivalents to the meta-sediments hosting the 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 copper-nickel mineralization, Mississippi Valley-type zinc-lead-vanadium mineralization and Otjikoto-style gold mineralization. Interpretation of geophysical data and regional geochemical soil sampling have identified first gold targets.

Rainer Ellmies, PhD, MScGeol, EurGeol, AusIMM and Vice President of Namibia Critical Metals Inc., is the Company's Qualified Person and has reviewed and approved this press release.

The common shares of Namibia Critical Metals Inc. trade on the TSX Venture Exchange under the symbol "NMI" and the OTCQB Market under the symbol "NMREF".

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information please contact -

Namibia Critical Metals Inc.|
Darrin Campbell, President
Tel: +01 (902) 835-8760
Email: Info@NamibiaCMI.com Web site: www.NamibiaCriticalMetals.com

This news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.