Namib Minerals Reports Mixed 2025 Results Amid Expansion Push
Event summary
- Namib Minerals produced 25,000 ounces of gold in 2025, down from prior year, but revenue held steady at $82.6M due to higher gold prices.
- Adjusted EBITDA rose 18% to $29M, with operating cash flow at $13.8M, despite lower grades at How Mine.
- Tulani Sikwila appointed CEO in March 2026 as part of leadership team expansion to support growth strategy.
- How Mine milling capacity expansion on track for H2 2026, with Redwing Mine restart dewatering underway.
- 2026 guidance targets 28,000–31,500 ounces of gold production with AISC of $2,400–$2,700 per ounce.
The big picture
Namib Minerals is navigating a period of operational challenges at its flagship How Mine while advancing expansion plans. The company's ability to maintain profitability despite lower production volumes highlights its cost discipline, but the success of its growth strategy hinges on executing the Redwing Mine restart and expanding milling capacity. The leadership changes and strategic investments reflect a push to build a scalable African mining platform, though external factors like gold prices and Zimbabwe's political environment remain critical.
What we're watching
- Production Recovery
- Whether Namib Minerals can stabilize and increase gold production at How Mine amid lower grades.
- Capital Efficiency
- The pace at which the company can normalize sustaining capital and improve free cash flow in 2026.
- Funding Strategy
- How Namib Minerals will secure non-dilutive funding for the Redwing Mine restart.
Related topics