Namibia Critical Metals Inc. has mutually terminated the share purchase agreement with Sylla Gold Corp. to divest four non-material gold properties in Namibia.
This termination affects the previously announced transaction on March 19, 2024, which was updated on June 13, 2024.
The decision to end the agreement suggests a change in strategy or market conditions for both companies. This development may impact Namibia Critical Metals’ portfolio management and future plans for these gold properties.
NCMI 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).