Namib Minerals Secures US$6.5 Million Term Loan Facility to Partially Fund Resource Definition and Bankability
Key Highlights
- ➤US$6.5 million non-dilutive term loan secured from BancABC (NAMM)
- ➤Facility earmarks proceeds for Redwing Mine resource definition drilling
- ➤Step 3 advances surface exploration and DFS toward full bankability
- ➤Existing BancABC facilities consolidated into a single facility
- ➤Step 2 DFS technical programme remains underway and fully funded
Expert Statements
Sphe Mchunu, Chief Financial Officer of Namib Minerals
“The continued support of Banc ABC reflects confidence in our operating platform at How Mine and in the disciplined, staged approach we have set out for the Redwing Mine restart.”
Sphe Mchunu, Chief Financial Officer of Namib Minerals
“This Facility funds the start of resource definition drilling at Redwing Mine without any dilution to existing shareholders; strengthens our liquidity position and keeps us on the milestone schedule we published in July.”
Sphe Mchunu, Chief Financial Officer of Namib Minerals
“We continue to advance the remaining stages of our sequenced, non-dilutive financing plan in a disciplined manner.”
New York, Sept. 29, 2026 (GLOBE NEWSWIRE) -- Namib Minerals ("Namib" or "the Company") (Nasdaq: NAMM), today announced that Bulawayo Mining Company (Private) Limited, a wholly owned subsidiary of the Company, has secured a non-dilutive new term loan facility for US$ 6.5 million (the “New Term Loan Facility”) with African Banking Corporation of Zimbabwe Limited (“BancABC”). The New Term Loan Facility is in addition to the Company’s existing term loan and overdraft facilities with BancABC, with all such facilities consolidated into a single facility (the “Facility”). The Facility strengthens the Company's liquidity and working capital position with the funds from the New Term Loan Facility earmarked for utilisation towards Step 3 of the Company’s Development Timelines and Milestones for Redwing Mine previously announced in July 2026 (the “Development Milestones”).
On September 21, 2026, the Company announced the completion of Step 1 of the Development Milestones, namely, dewatering at Redwing Mine ahead of schedule. Step 2 of the Development Milestones, being the Definitive Feasibility Study (“DFS”) technical programme, is presently underway and fully funded. Accordingly, the Facility builds on the funding presently secured and is expected to partially fund Step 3 of the Development Milestones, which includes surface exploration drilling and advancing the DFS to full bankability. Step 3 is designed to upgrade and extend the resource base and provide the geological foundation for the bankable feasibility study. The balance of Step 3 funding is expected to be provided under the Company’s sequenced financing plan, on which the Company will update the market in due course.
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