Namib Minerals Completes Dewatering at Redwing Mine, Delivering the First Milestone of its Five-Step Restart Pathway Ahead of Schedule.

Dewatering at Redwing is finished early, keeping Namib Minerals’ five-step restart schedule and fully funded DFS programme on track.

Rhea-AI Summary

Namib Minerals (NAMM) has completed dewatering at its Redwing Mine in Zimbabwe, delivering Step 1 of its five-step restart pathway ahead of the original Q4 2026 target.

Completion restores safe underground access and allows mapping, sampling and geotechnical and hydrological work that feed the Definitive Feasibility Study (DFS). The DFS technical programme is fully funded and remains on track to conclude in early Q1 2027. Step 2 (DFS technical programme) is underway, while later stages, including an 8,750‑metre surface drilling campaign, construction and restart, are scheduled through Q4 2027 and beyond, with some steps dependent on future funding and a positive development decision.

Positive

• Step 1 dewatering completed ahead of Q4 2026 target at Redwing Mine
• DFS technical programme fully funded and on track to conclude in early Q1 2027

Negative

• Step 3 resource definition targeted for Q4 2027 and designated as the next funding stage

Market Context

The July 20 Redwing pathway announcement had a 14.29% 24-hour price reaction; this update reports co...

Analysis

The July 20 Redwing pathway announcement had a 14.29% 24-hour price reaction; this update reports completion of the same dewatering step ahead of its Q4 2026 target, making that prior program record directly relevant.

Key Figures

Restart pathway: 5 steps Dewatering target: Q4 2026 DFS completion: Early Q1 2027 +1 more

Restart pathway

5 steps

Redwing Mine restart plan

Dewatering target

Q4 2026

Step 1 target, completed ahead of schedule

DFS completion

Early Q1 2027

Technical programme remains fully funded and on schedule

Resource definition drilling

8,750 metres

Step 3 planned resource definition and bankability work

Historical Context

2 past events · Latest: Jul 20

2 events

1. Jul 20

   Redwing restart pathway

   24h Move

   +14.3%

   Company established a five-step Redwing restart pathway with dewatering targeted for Q4 2026

2. May 19

   Redwing dewatering progress

   24h Move

   +2.2%

   Dewatering lowered underground water levels while pumping capacity exceeded requirements

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, geotechnical, hydrological

3 terms

definitive feasibility study technical

"the technical programme of the Definitive Feasibility Study"

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.

geotechnical technical

"the geotechnical and hydrological work programmes"

"Geotechnical" relates to the study of Earth's materials and how they behave, especially soil and rock, to assess how stable and suitable land is for construction or development. For investors, understanding geotechnical conditions helps evaluate the safety, feasibility, and potential costs of building projects or infrastructure, influencing the value and risk associated with real estate and development ventures.

hydrological technical

"the geotechnical and hydrological work programmes"

Relating to the study and movement of water on, above and below the Earth's surface — including rainfall, rivers, floods, groundwater and evaporation. For investors, hydrological factors shape physical and operational risk by affecting water availability, flood or drought exposure, and infrastructure performance; think of it as a company’s “water weather,” which can change revenues, costs and regulatory obligations much like storms change a farmer’s crop yield.

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

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New York, Sept. 21, 2026 (GLOBE NEWSWIRE) -- Namib Minerals ("Namib Minerals" or "the Company") (Nasdaq: NAMM), an established African gold producer with a portfolio of mining assets in Zimbabwe, today announced the completion of the dewatering programme at Redwing Mine, the first of the five steps in the restart pathway the Company set out on July 20, 2026.

On July 20, 2026, Namib Minerals published a defined five-step pathway and targeted milestone schedule for the restart of Redwing Mine, with dewatering as Step 1 and completion targeted for Q4 2026. That step is now complete, ahead of the targeted schedule.

Completion of dewatering restores safe access to the underground workings, enabling underground mapping, sampling and the geotechnical and hydrological work programmes that feed the technical programme of the Definitive Feasibility Study ("DFS"). The DFS technical programme remains fully funded through to completion and on track to conclude in early Q1 2027, unchanged from the schedule published in July.

Tulani Sikwila, Chief Executive Officer and Chairman of Namib Minerals, commented: "Dewatering was the gateway to everything that follows at Redwing, and we have delivered it ahead of the schedule we published. We set out a five-step pathway in July precisely so that our shareholders could measure us against it. Step one is done, step two is funded and underway, and we intend to keep reporting against that same map."

Redwing Restart Pathway

Step	Scope	Target	Status
1 – Dewatering	Staged pumping to safely access underground workings	Q4 2026	Completed
2 – DFS technical programme	Engineering, metallurgical, geotechnical, hydrological, environmental and financial workstreams; fully funded	Early Q1 2027	Underway
3 – Resource definition and bankability	8,750-metre surface exploration drilling and associated work	Q4 2027	Next funding stage
4 – Construction	Staged restart capital mobilisation and construction on a positive decision	Upon DFS completion	—
5 – Restart	Commissioning and phased return to production	Following construction	—

About Namib Minerals

Namib Minerals (NASDAQ: NAMM) is a gold producer, developer and explorer with operations focused in Zimbabwe. Currently Namib Minerals operates the How Mine, an underground gold mine in Zimbabwe, and aims to restart two assets in Zimbabwe. For additional information, please visit namibminerals.com.

Forward-Looking Statements

This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Any statements that refer to restarts of mines, future financing or other future events or circumstances, including any underlying assumptions, are also forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Company’s governance and leadership structure, its financing programme and the planned restart of the Redwing Mine. Forward-looking statements are based on current expectations, are inherently subject to uncertainties and changes in circumstance, and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These statements involve a number of risks and uncertainties described in the filings we make with the Securities and Exchange Commission, and you should carefully consider those factors. We caution you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made.

Contact:

Investor Relations:
Investor.relations@namibminerals.com 

FAQ

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

What are the five steps in Namib Minerals’ Redwing Mine restart pathway and their current status?

The restart pathway has five steps: 1) Dewatering – staged pumping to safely access underground workings, targeted for Q4 2026 and now completed; 2) DFS technical programme – engineering, metallurgical, geotechnical, hydrological, environmental and financial workstreams, fully funded, targeted for early Q1 2027 and underway; 3) Resource definition and bankability – 8,750-metre surface exploration drilling and associated work, targeted for Q4 2027 and marked as the next funding stage; 4) Construction – staged restart capital mobilisation and construction on a positive decision, planned upon DFS completion; and 5) Restart – commissioning and phased return to production following construction.

How does completing dewatering affect the Definitive Feasibility Study at Redwing Mine?

Completion of dewatering restores safe access to underground workings, allowing underground mapping, sampling and geotechnical and hydrological work programmes. These work programmes feed into the technical programme of the Definitive Feasibility Study, which remains fully funded and scheduled to conclude in early Q1 2027.