Namib Accelerates Redwing Mine Production

The planned ramp-up depends on additional winding capacity, with a higher-capacity winder expected by the end of Q1 2027.

Rhea-AI Summary

Namib Minerals (NAMM) plans to restart Zimbabwe’s Redwing Mine ahead of schedule, targeting first gold production in November 2026. The company changed its approach after Zimbabwe introduced production requirements for foreign-owned operators, with thresholds due by January 1, 2027. The restart will run alongside the Definitive Feasibility Study, rather than await its completion.

Dewatering and crushing-plant commissioning are complete, and crushing has resumed. Management targets completion of the remaining processing commissioning in the first half of November. Namib initially expects approximately 338 ounces monthly from approximately 3,600 tonnes of ore, rising to approximately 835 ounces monthly from approximately 10,000 tonnes by Q2 2027. The increase depends on additional winding capacity; an ordered winder is expected by the end of Q1 2027. FY2026 guidance and the previously announced development milestone sequence remain unchanged.

7 points · 0 major

PositiveiHow this balance works

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.Redwing’s accelerated restart targets first gold production in November 2026, ahead of schedule.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Namib intends to reach approximately 835 ounces monthly from approximately 10,000 tonnes monthly by Q2 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Initial processing is expected at approximately 3,600 tonnes monthly, yielding approximately 338 ounces of gold monthly.
• Minor pointRedwing’s grid power was restored in June 2026 to support dewatering, mining and processing.
• Minor pointDewatering is complete, opening underground access for the restart and exploration programme.

2 minor points

• Minor pointThe South Shaft winder was refurbished and recommissioned during September 2026.
• Minor pointCrushing resumed after crushing-plant refurbishment and commissioning were completed in October 2026.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.Foreign-owned operators face production thresholds by January 1, 2027 under Zimbabwe’s new policy.
• Minor point. Forward-looking: it has not happened yet and may not happen.The planned production increase depends on additional winding capacity, including delivery, installation and successful commissioning.
• Minor point. Forward-looking: it has not happened yet and may not happen.Milling, elution and carbon-in-pulp commissioning remain targeted for completion in the first half of November 2026.

Key Figures

First gold target: November 2026 Production requirements deadline: January 1, 2027 Initial monthly ore processing: Approximately 3,600 tonnes per month +4 more

First gold target

November 2026

Redwing Mine accelerated restart

Production requirements deadline

January 1, 2027

Requirements for foreign-owned operators under the Policy

Initial monthly ore processing

Approximately 3,600 tonnes per month

Planned initial production ramp-up

Initial monthly gold output

Approximately 338 ounces per month

Planned initial production ramp-up

Planned monthly ore processing

Approximately 10,000 tonnes per month

Target by Q2 2027 following initial ramp-up

Planned monthly gold output

835 ounces per month

Target by Q2 2027 following initial ramp-up

Higher-capacity winder delivery

By the end of Q1 2027

Ordered winder supports the planned increase in ore movement

Historical Context

2 past events · Latest: Oct 08

2 events

1. Oct 08

   mine update

   24h Move

   +2.7%

   Redwing's first gold remained targeted for January 2027 as restart work continued.

2. May 19

   mine update

   24h Move

   +0.0%

   Redwing dewatering was underway to regain underground access for the restart.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

definitive feasibility study, elution, carbon-in-pulp

3 terms

definitive feasibility study technical

"completion of a Definitive Feasibility Study (“DFS”)"

A definitive feasibility study is a detailed, near-final assessment that shows whether a proposed project—often a mine, infrastructure or major industrial venture—can be built and operated profitably. It combines precise engineering plans, realistic cost estimates, production schedules and risk analysis to give lenders and investors a clear picture of expected returns and potential pitfalls, like a full blueprint and budget that helps decide whether to greenlight financing and construction.

elution technical

"milling, elution and carbon-in-pulp commissioning"

Elution is the process by which a drug, chemical or other active substance is released from a solid material into a surrounding fluid over time, for example a medicine eluting from a coated implant or a compound washed out of a test sample. Investors care because elution determines how well a product works, its safety profile, regulatory approval prospects and commercial appeal—think of it like a slow‑release fertilizer that controls how and when the active ingredient becomes available.

carbon-in-pulp technical

"elution and carbon-in-pulp commissioning"

Carbon-in-pulp is an industrial method for extracting gold from crushed ore by mixing the ore with a dilute chemical solution that dissolves gold and using activated carbon to soak up the dissolved metal much like a sponge or tea leaves absorb flavor. Investors care because the process affects how much gold a mine can recover, how quickly it produces saleable metal, and the likely operating costs and environmental controls—all key drivers of revenue, margins and project risk.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Company targets November restart ahead of schedule

NEW YORK, Nov. 03, 2026 (GLOBE NEWSWIRE) -- Namib Minerals (“Namib” or the “Company”) (Nasdaq: NAMM) today announced plans for an accelerated restart of operations at Redwing Mine in Zimbabwe, with first gold production expected in November 2026.

The accelerated development programme builds on the completion of dewatering, refurbishment of critical mine infrastructure and the resumption of crushing activities, bringing the mine closer to its return to production.

In April 2026, the Company announced that it did not intend to resume production at Redwing Mine until completion of a Definitive Feasibility Study (“DFS”) focused on redesigning the mine to increase its production capacity. However, following a recent policy step by the Zimbabwe Ministry of Mines and Mining Development’s (the “Ministry”) on the Reservation of the Small-Scale and Medium-Scale Gold Mining Sector for Zimbabwean Citizens (the “Policy”), the Company has adjusted its approach to the restart.

Under the Policy, the Ministry has introduced production requirements for foreign-owned operators, with prescribed thresholds to be met by January 1, 2027. In response, the Company initiated a parallel workstream to refurbish and recommission Redwing’s existing underground workings and processing plant, which the Company expects will allow it to bring the mine back into production ahead of the completion of the DFS. Through this accelerated workstream, Namib is targeting its first gold pour in November 2026.

“Restarting Redwing ahead of schedule is a defining milestone for Namib. We believe the planned restart represents an important step in our transition from a single-asset gold producer to a multi-asset gold production platform, with How Mine as our producing foundation and Redwing representing the next phase of our growth. I am immensely proud of what our team has delivered, and everyone at Namib is thrilled by what lies ahead as we seek to build a larger, more resilient business and create lasting value for our shareholders,” said Chairman and CEO Tulani Sikwila.

The Company emphasises that the accelerated restart is being undertaken alongside the DFS and resource definition programme and does not alter the sequencing of the previously announced Development Timelines and Milestones for Redwing Mine, announced in July 2026. Furthermore, the Company confirms that the recently announced guidance for FY2026 remains unchanged.

Redwing’s production history

Redwing Mine historically has produced approximately 650,000 ounces of gold between 1981 and 2023. The current restart builds on existing mine and plant infrastructure, with rehabilitation and recommissioning expected to establish its readiness for renewed production.

Grid power to Redwing Mine was restored in June 2026 to support dewatering, mining and processing. Completion of dewatering was announced in September 2026, opening access to the underground workings for the restart and exploration programme.

During the course of September 2026 the South Shaft winder was refurbished and recommissioned. The South Shaft winder provides access for workers and transport for ore and materials, making it a central part of the initial operating arrangement.

Refurbishment and commissioning of the crushing plant was completed in October 2026 and  crushing activities have since re-commenced.

Path to first gold

Mine management is targeting milling, elution and carbon-in-pulp commissioning for completion during the course of the first half of November 2026. We believe this represents the principal remaining processing steps before a November gold pour.

Planned production ramp-up

The Company initially expects to process approximately 3,600 tonnes of ore per month, with an estimated gold output of approximately 338 ounces per month. The Company will announce the first gold pour scheduled as soon as it is finalised.

The Company intends to step up to approximately 10,000 tonnes of ore and 835 ounces of gold per month by Q2 2027 following the initial ramp-up. This planned increase is dependent on additional winding capacity, and the Company has ordered a higher-capacity winder, which it expects to receive by the end of Q1 2027.

We believe the delivery, installation and successful commissioning of the winder will be a critical step to increasing the movement of ore and the throughput of the plant. The monthly productions targets reflect the Company’s planned ramp-up, with 2027 production and cost guidance expected to be issued during Q1 2027.

About Namib Minerals

Namib Minerals (Nasdaq: NAMM) is Driving a New Era in African Precious Metals Mining, combining established gold production with an ambitious vision for growth. Led by an experienced African management team, the company is advancing a pipeline of projects to expand production and build a diversified mining business. Operational discipline, local expertise and responsible development underpin Namib’s commitment to creating lasting value for shareholders and the communities where it operates. For additional information, please visit www.NamibMinerals.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding the anticipated restart of operations at Redwing Mine, the timing of the first gold pour, commissioning activities, planned production ramp-up, future production volumes and targets, development milestones and timelines, and other future events or circumstances, including any underlying assumptions. Forward-looking statements are typically identified by words such as “expects,” “intends,” “plans,” “targets,” “anticipates,” “believes,” “will,” “may” and similar expressions. These statements are based on management's current expectations and assumptions and are subject to significant risks and uncertainties, many of which are beyond the Company's control, that could cause actual results to differ materially from those expressed or implied.

Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. No assurance can be given that the Proposed Facility will be completed or funded, or that the development milestones, funding or production targets described in this press release will be achieved within the expected timeframes, or at all.

For more information contact:

Ira M. Gostin
Head of Investor Relations
Investor.relations@namibminerals.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When does Namib Minerals expect Redwing Mine to produce gold again?

Namib targets first gold production in November 2026. The accelerated restart uses existing underground workings and processing infrastructure while the Definitive Feasibility Study and resource definition programme continue.

What monthly gold production does Namib Minerals target at Redwing Mine?

Namib initially expects approximately 338 ounces of gold per month, with a planned increase to approximately 835 ounces per month by Q2 2027. The increase depends on additional winding capacity, with a higher-capacity winder expected by the end of Q1 2027.

When will Namib Minerals issue 2027 production and cost guidance?

Namib expects to issue 2027 production and cost guidance during Q1 2027. The monthly Redwing production targets reflect the company’s planned ramp-up.