Recent Updates — NAMM
Namib Minerals reported a loss of $4.8 million for the six months ended June 30, 2026, compared to an $11.9 million loss in the prior year period. Revenue increased 40% to $50.8 million, driven by a 48% rise in net realized gold prices to $4,195 per ounce, while production costs decreased slightly to $17.9 million. The company generated $9.3 million in operating cash flow and held $1.8 million in cash equivalents as of June 30, 2026. On September 23, 2026, the Company's subsidiary secured a consolidated term loan facility with BancABC totaling $13.2 million, including a new $6.5 million tranche, to fund resource definition and bankability efforts at the Redwing Mine. The company operates in the gold mining industry.
Namib Minerals announced the completion of its dewatering programme at Redwing Mine ahead of schedule, fulfilling the first milestone in its five-step restart pathway established on July 20, 2026. This achievement restores safe access to underground workings and enables subsequent technical workstreams for the Definitive Feasibility Study (DFS), which remains fully funded and is targeted for completion in early Q1 2027. The company operates as a gold producer, developer, and explorer with assets located in Zimbabwe.
On June 5, 2026, Namib Minerals' wholly owned subsidiary, Bulawayo Mining Company (Private) Limited, entered into a $5.0 million term-loan facility with Ecobank Zimbabwe Limited. The loan has a 36-month term expiring May 31, 2029, with an interest rate of 11% per annum (12% base minus 1% margin). To secure the loan, the subsidiary provided a $7.5 million security interest in plant and machinery and a tripartite agreement with Fidelity Gold Refinery to route at least $3 million monthly from gold sales to Ecobank. Proceeds will fund mining development, including milling plant expansion and drilling equipment. The company operates in the mining industry and extracts mineral resources.
Namib Minerals elected Tulani Sikwila as Chairman of the Board, who will continue as CEO but step down as CFO. Siphesihle Mchunu, formerly General Counsel, was appointed as CFO, absorbing the General Counsel role. Wendy Luhabe was appointed as a Class III director and lead independent director, effective July 3, 2026, to fill the vacancy left by Ibrahima Tall. Namib Minerals is a mining company operating in the mineral extraction and extraction-related services industry.