Namib Minerals Signs Indicative US$30 Million Ecobank Term Sheet for Redwing Bankability Programme
Key Highlights
- ➤Namib Minerals signed a nonbinding US$30 million, 36-month Ecobank term sheet
- ➤Proposed facility would fund Redwing’s resource-definition and bankability programme
- ➤US$6.5 million BancABC facility had previously partly funded Step 3
- ➤Ecobank may lead and underwrite Redwing’s future construction-phase financing
- ➤Facility remains subject to definitive documents and customary conditions precedent
Expert Statements
Sphe Mchunu, Chief Financial Officer of Namib Minerals
“Further to our announcement on 5 June 2026, we believe Ecobank’s continued support of the Company further reflects confidence in our resources and operating record. If completed on the proposed terms, this Facility would, subject to the results of the definitive feasibility study and negotiation of definitive documentation, complete the funding package for Redwing’s resource-definition and bankability programme. Our focus is on delivering this programme and establishing the basis for a disciplined construction decision”
NEW YORK, Oct. 22, 2026 (GLOBE NEWSWIRE) -- Namib Minerals (“Namib” or “the Company”) (Nasdaq: NAMM) today announced that its subsidiary, Bulawayo Mining Company (Private) Limited, has signed a nonbinding term sheet with Ecobank Zimbabwe Limited (“Ecobank”) for a proposed non-dilutive $30 million, 36-month loan facility (the “Proposed Facility”) intended to support Redwing Mine’s resource-definition and bankability programme. The Proposed Facility remains subject to completion of the customary conditions precedent and the execution of definitive documentation.
Upon completion of the definitive documentation and satisfaction of the customary conditions precedent, on the proposed terms, the Proposed Facility, together with previously secured funding allocated to the programme, is expected to provide the funding required to complete Step 3 of the Company’s Development Timelines and Milestones (“Development Milestones”), based on the programme’s current scope and budget. Step 3 focuses on resource definition and establishing the bankability of Redwing Mine.
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