Namib Minerals – Operational Update

Rhea-AI Summary

Namib Minerals (ASX:NAMM) provided an operational update on Dec 15, 2025 reporting increased stability and cost improvements as the company approaches financial year‑end. Over the past 30 days throughput was maintained with more consistent plant and mine performance.

Key metrics: on‑mine AISC declined ~8% month‑on‑month to US$2,140/oz, and company‑level AISC declined ~11%, attributed to sustained cost controls and operational discipline. Safety remained strong with no reportable lost‑time injuries over the three months ended November. Management says focus is on stability, predictable run‑rates, cash discipline and continued operational optimisation, and the company will provide further operational updates as the consistency phase continues.

Positive

• Company‑level AISC down ~11% month‑on‑month
• On‑mine AISC of US$2,140/oz (≈8% decline MoM)
• Operational throughput maintained over the past 30 days
• No reportable lost‑time injuries in the three months ended November
• Management emphasises cash discipline and predictable run‑rates

Negative

• None.

Key Figures

On-mine AISC reduction 8% month-on-month decline On-mine all-in sustaining costs over past 30 days

On-mine AISC US$2,140 per ounce All-in sustaining costs during recent 30-day period

Company-level AISC change 11% decline Company-level all-in sustaining costs month-on-month

Lost-time injuries 0 over three months No reportable lost-time injuries for three months ended November

Market Reality Check

$1.12 Last Close

Volume Volume 124,382 is below the 20-day average of 292,683 (relative volume 0.42). low

Technical Shares at $1.18 are trading below the 200-day MA of $4.92 and far under the 52-week high of $55.

Peers on Argus

Gold peers showed mixed moves: GORO -0.84%, TRX -1.86%, while VGZ +2.61% and USAU +0.52%, suggesting today’s action in NAMM is more stock-specific than sector-driven.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 24	Business update	Positive	-10.7%	Growth steps to become multi‑asset mid‑tier gold producer.
Nov 20	Event announcement	Positive	-1.1%	Scheduled webcast and call to review developments and Q&A.
Nov 14	Operational partnership	Positive	+15.7%	Partnership with BW Mining to retreat How Mine sands.
Nov 10	Guidance & plan	Positive	+10.7%	2025 production guidance and multi‑asset restart strategy.
Oct 09	Feasibility partnership	Positive	+1.6%	Expanded WSP engagement for Redwing and Mazowe studies.

Pattern Detected

Recent news has mostly been positive, with mixed price reactions: several operational and growth updates led to gains, but some business updates saw notable sell-offs.

Recent Company History

This announcement fits a series of operational and strategic updates from October–November 2025. The company outlined 2025 guidance of 24,000–25,000 oz production, Adjusted EBITDA of US$22–26m, and AISC of US$2,700–2,800/oz, and a multi‑asset restart plan with CAPEX of US$300–400m. It has emphasized feasibility work at Redwing and Mazowe and a 213 Koz surface sands resource at How Mine. Today’s focus on lower all‑in sustaining costs and stable throughput extends this operational stabilization narrative.

Market Pulse Summary

This announcement highlights a period of greater operational stability, with maintained throughput and lower all‑in sustaining costs, including on‑mine AISC of US$2,140/oz and month‑on‑month declines of 8% on‑mine and 11% at company level. Management also reported three months with no lost‑time injuries, reinforcing a focus on discipline and safety. In the context of prior guidance and expansion plans, investors may watch whether these cost and safety trends persist as the company advances its multi‑asset strategy.

Key Terms

all-in sustaining costs financial

"on-mine all-in sustaining costs declined by approximately 8% month-on-month"

All-in sustaining costs (AISC) is a per-unit measure used mainly in the mining sector that captures the full ongoing cost to produce a unit of metal, including operating expenses, sustaining capital (maintenance of current operations), and a share of corporate overhead and site-level costs. Investors use AISC to judge whether production generates real profit and sustainable cash flow—think of it as the total monthly household cost to keep a home running, not just the utility bill.

AISC financial

"while company-level AISC declined by approximately 11%"

All-in Sustaining Cost (AISC) is a comprehensive measure of how much it costs a mining company to produce one unit of metal when ongoing operating expenses, long-term maintenance and sustaining capital, and share of corporate overhead are included. Investors use AISC to compare profitability and cash generation across producers—think of it as the full household cost to keep a business running divided by how many items it makes, which helps assess margins and resilience to price swings.

AI-generated analysis. Not financial advice.

NEW YORK, Dec. 15, 2025 (GLOBE NEWSWIRE) -- Namib Minerals Ltd. (“Namib” or the “Company”) today provided an operational update highlighting improving stability and cost performance across its producing asset as the Company approaches financial year-end.

Over the past 30 days, operational throughput has been maintained, reflecting a period of increased consistency in plant performance and mine operations. During this period,

• on-mine all-in sustaining costs declined by approximately 8% month-on-month to US$2,140 per ounce,
• while company-level AISC declined by approximately 11%, supported by sustained cost control measures and improving operational discipline.

Operational focus during this phase has been directed toward stability, predictable run-rates, cash discipline, and consistent cost management. Management noted that these efforts are contributing to improved cost visibility and execution reliability.

Safety performance remained strong during the period, with no reportable lost-time injuries recorded over the three months ended November, reflecting continued emphasis on operational discipline and workforce safety.

“Our priority has been to stabilise operations and establish predictable run-rates,” said Ibrahima Tall, Chief Executive Officer. “The improvements we are seeing reflect disciplined execution and provide a foundation for further optimisation as we continue through this consistency phase.”

The Company expects to continue providing operational updates as it progresses through this phase of performance stabilisation.

Forward-Looking Statements
This update includes 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. All statements other than statements of historical facts contained in this update are forward-looking statements. Any statements that refer to estimates, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are also forward-looking statements. We caution you against placing undue reliance on forward-looking statements. 

About Namib Minerals
Namib Minerals (NASDAQ: NAMM) is a Gold producer, developer and explorer with operations focused in Zimbabwe. Namib Minerals is a significant player in Africa’s mining industry, driving sustainable growth and innovation across the sector. Currently Namib Minerals operates the How Mine, an underground Gold mine in Zimbabwe, and aims to restart two assets in Zimbabwe, with additional exploration assets in the DRC.
For additional information, please visit namibminerals.com

Contacts:

Investor Relations:
IR@namibminerals.com  

Lamiaa Maniar
VP of Communications
lmaniar@namibminerals.com

No Offer or Solicitation
This press release shall not constitute an offer to sell or exchange, the solicitation of an offer to buy or a recommendation to purchase any securities, or a solicitation of any vote, consent or approval, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale may be unlawful under the laws of such jurisdiction.

FAQ

What cost improvements did Namib Minerals (NAMM) report on Dec 15, 2025?

Namib reported on‑mine AISC down ~8% to US$2,140/oz and company‑level AISC down ~11% month‑on‑month.

How long was operating throughput maintained at Namib Minerals (NAMM)?

The update says throughput was maintained over the past 30 days, reflecting more consistent plant and mine performance.

What safety record did Namib Minerals (NAMM) report for the quarter ending November 2025?

The company reported no reportable lost‑time injuries over the three months ended November.

What is Namib Minerals' (NAMM) operational focus during its stabilisation phase?

Management is prioritising stability, predictable run‑rates, cash discipline and consistent cost management.

Will Namib Minerals (NAMM) provide further operational updates after Dec 15, 2025?

Yes, the company stated it expects to continue providing operational updates as it progresses through the stabilisation phase.