The Chinese translation is being made; the original is shown for now.
African Critical Elements Ltd., an advanced-stage mining exploration company in Namibia and Southern Africa, is pleased to announce its acquisition of 100% of the equity of Lepidico (Canada) Inc., and, subsequently, 100% of Lepidico Canada’s secured debts from the existing lender.
Commenting, John Wisbey, Executive Chairman of ACE: “This acquisition is ACE’s first transaction but a very significant one. Through this single transaction to acquire Lepidico’s upstream exploration and development arm, we have acquired a lithium, rubidium, and caesium asset in Namibia that reached the Definitive Feasibility Study stage under JORC in 2020 and announced a substantially upgraded Mineral Resource estimate in January 2023. Moreover, the project has already attracted around £13 million in investment over the last 10 years and, with appropriate further investment, could be in production within three years.
“ACE will bring new jobs to Namibia by reviving and re-energising the historic and promising project at Karibib, which is also expected to generate tax revenues for Namibia from exports and employment and, in time, from profits. We look forward to a strengthened relationship with Huni-Urib, the Namibian minority shareholder that owns the other 20% of Lepidico Namibia, and to a strong working relationship with the Namibian authorities and the wider local community.
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“ACE and its stakeholders are now well positioned for a rise in the lithium market, and ACE has become one of the leading global players in the rubidium market and a company with some of the most significant caesium interests of any non-Chinese company.”
Transaction overview
Lepidico Canada owns Lepidico (Mauritius) Ltd., a finance subsidiary, which in turn holds an 80% stake in Lepidico Chemicals Namibia (Pty) Ltd. (“Lepidico Namibia”), the 100% owner of the Karibib Lithium, Rubidium and Caesium project in Namibia. In addition, the Company has invested further in the ACE group’s ongoing operations, especially in Lepidico Namibia, including further drilling for lithium and gold near Karibib in mid-2026. The acquisition in respect of Lepidico Namibia required merger approval from the Namibian Competition Commission (“NaCC”), which has now been granted following a public hearing in September 2026, and a decision in October 2026.
In mid-2026, the Company financed Lepidico Namibia to drill within the Exclusive Prospecting Licence area EPL5439 and to file for renewal of EPL5439. Over the next few months, it plans to refresh the Karibib DFS and other studies from 2020-2022 and update the Company’s financial and execution plans to reach production, with domestic lepidolite concentration in Namibia as the first stage of development.
Lepidico’s ownership of Karibib resulted from its 2019 acquisition of TSXV-listed Desert Lion Energy in exchange for shares and other securities valued at A$22.9 million (approximately £12.2 million). Since acquiring the company in 2019, Lepidico has invested a further A$12.1 million (approximately £6.4 million) in Karibib, excluding central group overheads, with a significant portion directed towards drilling, environmental and social studies and subsequently a DFS and a further expanded Mineral Resource estimate.
The Project comprises two areas near Karibib, Namibia, under a fully permitted mining licence, ML204, covering two mining sites known as Rubicon and Helikon, along with an Exclusive Prospecting Licence EPL5439 for a contiguous area prospective for Lithium, Caesium, Tantalum (“LCT”) pegmatites and gold.
The DFS Report was announced on 28 May 2020, by Lepidico Ltd. (then a public company listed on the Australian Securities Exchange) and reports Mineral Resource and Ore Reserve estimates for the Rubicon and Helikon deposits prepared under the JORC Code (2012). The DFS Report is titled “Phase 1 Project – Definitive Feasibility Study Report”, and has a publication date of 10 July 2020. Lepidico Ltd. produced it and managed the feasibility study, listing around 28 organisations with expertise in the relevant areas of input as contributors to the DFS Report. The DFS Report and ASX announcements regarding the Project, including Ore Reserve and Mineral Resource estimates and other relevant information, will be made available by ACE soon.
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