Namib Minerals Reports First-Half 2026 Financial Results and Provides Business Update
Key Highlights
- ➤Revenue $50.8M, up 40% year-over-year, while Adjusted EBITDA rose 76% to $19.0M
- ➤2026 production guidance cut to 26,500–27,000 ounces from 28,000–31,500 ounces
- ➤How Mine milling capacity expanding 36% to 55,000 tonnes monthly; commissioning expected mid-October
- ➤Redwing dewatering completed September 21; first gold targeted no later than January 2027
- ➤2026 group AISC guidance raised to $2,650–$2,850 per ounce; C1 guidance maintained
Expert Statements
Tulani Sikwila, Chief Executive Officer of Namib Minerals
“The first half of 2026 was a period of both progress and continued investment across Namib Minerals. The company delivered a step change in underlying earnings — revenue up 40%, gross profit doubled, and Adjusted EBITDA up 76% — achieved with production costs that were lower in absolute terms than a year ago. The installation of our expanded milling capacity at How Mine is substantially complete, and commissioning in mid-October will lift our processing capacity by more than a third. We completed dewatering at Redwing ahead of schedule and are bringing forward the restart, with first gold targeted no later than January 2027. We have a producing mine whose capacity is about to increase by more than a third, a second mine returning to production earlier than planned, and we have funded both in a non-dilutive manner.”
* Revenue Up 40% and Adjusted EBITDA Up 76% on Stronger Gold Price and Improved Cost Discipline * Expanded Milling Plant at How Mine Substantially Complete; Commissioning Expected Mid-October, Increasing Monthly Processing Capacity by ~36% * Redwing Mine Dewatering Completed Ahead of Schedule; Three-Month Restart Program Commencing October with First Gold Targeted No Later Than January 2027 * Full-Year 2026 Production Guidance Revised to 26,500–27,000 Ounces; C1 Cost Guidance Maintained * Management to Host Business Update Conference Call on October 1st at 8.30am NEW YORK, Oct. 01, 2026 (GLOBE NEWSWIRE) -- Namib Minerals ("Namib" or "the Company"), (Nasdaq: NAMM), the African mining platform capitalizing on strategic resource opportunities, today announced its financial results for the six months ended June 30, 2026, and provided a business update on operational progress, the commissioning of the expanded milling plant at How Mine, and the accelerated restart of Redwing Mine.
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