Namib Minerals reported full‑year 2025 results that exceeded expectations. Production reached 25,000 ounces of gold, revenue fell to $82.6 million from $85.9 million in 2024, and adjusted EBITDA rose 18 % to $29.0 million. Operating cash flow was $13.8 million, and net profit climbed to $101.2 million, largely driven by a $158.8 million gain on revalued earnout liabilities.
Cash cost at How Mine increased to $1,653 per ounce from $1,150 the previous year, a rise attributed to lower grades and a largely fixed cost base that limited the benefit of higher throughput. The company’s planned expansion to 55,000 tonnes per month—an increase of 36 % from the current 40,500 tonnes—will be completed in the second half of 2026, not in 2025.
Gross margin held at 41.4 %, while the all‑in sustaining cost guidance for 2026 was revised to $2,400–$2,700 per ounce, down from the $2,700–$2,800 range previously provided for 2025. The high AISC reflects the company’s current cost structure, but the guidance signals a modest improvement as the expansion and operational efficiencies take effect.
The firm plans to finish the How Mine milling expansion in H2 2026 and to restart the Redwing mine, with dewatering expected to conclude by late 2026. Namib maintains a modest net debt of $3.3 million and is pursuing non‑dilutive financing for its brown‑field projects, estimating a capital requirement of $300–$400 million to reach its 300,000‑ounce‑per‑year target.
Management highlighted the progress and challenges. CEO Tulani Sikwila said, “2025 was a year of disciplined progress as we executed against our strategy to stabilize operations, increase production capacity, and expand our resource base.” He added, “I look forward to continuing executing our long‑term vision of building a scalable, capital‑efficient African mining platform that creates value for Namib's investors, employees, and communities. Our strong operational expertise, deep regional relationships, and institutional governance as a Nasdaq‑listed company ideally positions Namib to unlock value from underdeveloped assets.” Former CEO Ibrahima Sory Tall noted, “We are focused on building Namib Minerals into a multi‑asset, mid‑tier producer through operational optimization at How Mine and the disciplined restart of our Mazowe and Redwing mines.”
The results underscore the company’s ability to generate significant cash flow and profit while navigating high operating costs and political risk in Zimbabwe. The planned expansions and financing strategy aim to lift production to 300,000 ounces annually, but the company must continue to manage cost pressures and secure capital to sustain its growth trajectory.
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