Namib Minerals

Description

Namib Minerals is an African gold producer focused on Zimbabwe. Its portfolio consists mainly of How Mine, which is currently producing, and the historic Redwing and Mazowe mines, both being evaluated for restart.

How Mine produced about 25koz gold in 2025, generating US$82.6M revenue and US$29.0M adjusted EBITDA. For 2026, Namib guides to 28–31.5koz production, US$2,400–2,700/oz AISC, and US$50–62M adjusted EBITDA. The How mill is being expanded from roughly 40,500 to 55,000 tonnes/month, with commissioning targeted for H2 2026.

How contains about 1.046Moz M&I plus 2.176Moz underground Inferred. Redwing contains 1.188Moz M&I @ 3.83 g/t plus 1.328Moz Inferred @ 2.61 g/t. Mazowe contains 291koz M&I @ 7.77 g/t plus 915koz Inferred @ 8.65 g/t. Redwing is the principal restart project, with dewatering targeted for Q4 2026 and its bankability programme targeted for completion in Q4 2027.

List of projects:

Project 1: How Mine, Zimbabwe — Producing Asset
Project 2: Redwing Mine, Zimbabwe — Brownfield Restart
Project 3: Mazowe Mine, Zimbabwe — High-Grade Optionality
Project 4: DRC Optionality — Potential Copper/Cobalt Expansion

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