The company's president Darrin Campbell said the PEA on the potential supplier of ‘the two most valuable rare earth metals", dysprosium and terbium, is on just 26 million tonnes of the existing 53 million t resource. This leaves the potential for considerable upside in exploration, he said.

"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," he said.

The PEA views average annual production of 2,000 tonnes TREO, including 117 tonnes dysprosium and 17.5 tonnes terbium.

The mine life is seen at 16 years with 13 million tonnes of low-grade stockpile likely expanding the life of mine, the company said.

The prices of rare earth oxides used for the assessment were $587/kh dysprosium oxide and $2,493/kg terbium oxide.

Lofdal is one of two advanced stage projects in Namibia Critical Metals' portfolio, with the other being Epembe - also in Namibia.  

The company's share price rose by 25% day on day to C$0.15 (US$0.11) on 4 October. It has seen a 52-week high/ low of C$0.265/ C$0.12. It has a market capitalisation of C$29.5 million.