Namib Minerals (NASDAQ:NAMM) reported a resilient fiscal 2025 performance, characterized by rising profitability and steady progress on its multi-asset growth strategy in Zimbabwe, despite a slight dip in annual gold production.
The New York-based miner, the first Black African-founded and -led mining firm to list on a U.S. exchange, generated $82.6 million in revenue for the full year ended Dec. 31, 2025.
While gold production of approximately 25,000 ounces was lower than the previous year, adjusted EBITDA rose 18% to $29 million, reflecting higher realized gold prices and disciplined cost management.
The company ended the year with a lean balance sheet, reporting net debt of approximately $3.3 million.
A primary catalyst for 2026 remains the capacity expansion at the flagship How Mine.
Management confirmed that the project to increase milling capacity to 55,000 tonnes per month (tpm)—up from its current 40,500 tpm—remains on schedule for commissioning in the second half of 2026.
This expansion is expected to significantly lower unit costs by spreading fixed expenses over higher volumes.
At the Redwing Mine, a key brownfield restart project, the company hit a critical milestone with the commencement of dewatering activities on Jan. 29, 2026.
The eight-month program is slated for completion in late 2026, which will allow for underground assessments and the finalization of feasibility studies required to bring the asset back into production.
For 2026, the company issued guidance for How Mine gold production of 28,000 to 31,500 ounces, with adjusted EBITDA projected between $50 million and $62 million, assuming a gold price of $4,500 per ounce.