Redwing Dewatering Program On Schedule
Rhea-AI Summary
Namib Minerals (Nasdaq:NAMM) reported dewatering at its Redwing gold mine in Zimbabwe is progressing on schedule. Since January 29, 2026, about 544,570m³ of water have been pumped, lowering water levels by 21.9m to roughly 74.9m below the shaft collar. Current capacity is ~640m³/hour, exceeding requirements, with additional high-capacity pumps expected shortly.
AI-generated analysis. Not financial advice.
Positive
- Approximately 544,570m³ of water pumped since January 29, 2026
- Water level reduced by about 21.9 meters toward target access levels
- Current pumping capacity around 640m³/hour exceeds present requirements
- No material interruptions in dewatering operations reported to date
- Redwing hosts 1.18M oz measured and indicated gold resources
Negative
- None.
Key Figures
Market Reality Check
Peers on Argus
NAMM was down 4.2% while gold peers were mixed: GORO up 3.72%, VGZ down 0.47%, USAU down 3.34%, others flat. Peer momentum data flags only one other name in downside momentum, suggesting today’s move was more stock-specific than sector-driven.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 02 | Earnings and update | Positive | -2.2% | Reported 2025 results with higher revenue and EBITDA plus project updates. |
| Mar 18 | Leadership change | Neutral | -6.6% | Named new CEO and outlined leadership search and growth focus. |
| Mar 18 | Earnings date set | Neutral | -8.8% | Announced timing and format for full-year 2025 results call. |
| Feb 19 | Listing compliance | Positive | -9.9% | Regained compliance with Nasdaq market-value listing requirements. |
| Feb 12 | Redwing dewatering start | Positive | +17.4% | Commenced Redwing dewatering per work plan to enable restart studies. |
Across recent announcements, including largely positive updates, NAMM has more often traded down, with only the initial Redwing dewatering news drawing a strong positive reaction.
This announcement continues the operational narrative around Redwing’s restart. Earlier, on February 12, 2026, commencement of dewatering at Redwing led to a 17.41% gain as investors reacted to the restart plan. Subsequent corporate and regulatory milestones in February–April, including Nasdaq compliance and full-year 2025 results with $82.6M revenue and higher adjusted EBITDA, saw share-price declines. Today’s on-schedule dewatering progress update builds directly on that February Redwing catalyst and the April business update.
Market Pulse Summary
This announcement confirms that Redwing’s dewatering phase has progressed as planned, with about 544,570 m³ of water removed and levels lowered by 21.9 meters. The mine’s historical 650,000-ounce output and 1.18 million ounces in measured and indicated resources position it as a key growth asset. Investors may track ongoing technical milestones, underground access timing, and how Redwing integrates with the broader multi-asset gold strategy.
Key Terms
measured and indicated resources technical
AI-generated analysis. Not financial advice.
Dewatering Progressing as Expected
Over 544,000m³ Pumped Since January Commencement
NEW YORK, May 19, 2026 (GLOBE NEWSWIRE) -- Namib Minerals (“Namib” or “the Company”), (Nasdaq: NAMM), the African mining platform capitalizing on strategic resource opportunities, today provided an operational update on the restart process at its Redwing Mine in Zimbabwe where dewatering activities are progressing consistent with the operational framework outlined in its April 2026 business update.
“We are pleased that the restart process at Redwing is advancing on schedule,” said Tulani Sikwila, Chief Executive Officer of Namib Minerals. “The progress we have made on dewatering reinforces our confidence in the restart pathway as we look ahead to the next phase of technical work at the mine. Redwing is a central component of our long-term strategy of building a scaled, multi-asset African gold platform through disciplined brownfield development and phased capital deployment.”
Redwing is a brownfield mining site that has produced 650,000 ounces of gold historically and today holds 1.18 million ounces of gold in measured and indicated resources that we are targeting will provide the platform for Namib’s next phase of growth.
Since the commencement of dewatering activities on January 29, 2026, the Company has pumped approximately 544,570 cubic meters of water from the mine workings, with water levels declining by approximately 21.9 meters over the period. Current combined pumping capacity is approximately 640m³ per hour and water levels have declined to approximately 74.9 meters below the Redwing Shaft surface collar. This represents good progress toward targeted underground access levels.
Operational Highlights
Dewatering Progress
- High-capacity submersible pumps expected on site in the coming week to further increase pumping capacity
- Dewatering infrastructure continues to operate consistently with no material interruptions reported since pumping activities commenced on January 29, 2026
- Current pumping capacity exceeds requirements providing flexibility ahead of the next underground access milestones
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 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 or other characterizations of future events or circumstances, including any underlying assumptions, are also forward-looking statements. Forward-looking statements include, without limitation, our management teams’ expectations of anticipated restart process of the Redwing Mine, and related assumptions. The forward-looking statements are based on our current expectations and are inherently subject to uncertainties and changes in circumstance and their potential effects 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 forward-looking statements involve a number of risks and uncertainties which include, but are not limited to, (i) market risks, including the price of gold and equipment; (ii) the risk that the Company may not be able to successfully develop its assets as planned, including expanding the How mine and restarting and expanding the Redwing and Mazowe Mines; (iii) the risk that Namib Minerals will be unable to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; and (iv) political and social risks of operating in Zimbabwe. The foregoing list is not exhaustive. You should carefully consider the foregoing factors, any other factors discussed in this press release and the other risks and uncertainties described in the filings we make with Securities and Exchange Commission (the “SEC”). 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 us:
