Namib Minerals reported unaudited first-half results and disclosed a new BancABC term-loan facility for its wholly owned mining subsidiary. For the six months ended June 30, 2026, revenue was $50.836 million, compared with $36.383 million; the average net realized gold price was $4,195 per ounce versus $2,827. Operating profit before interest and taxation was $2.185 million, versus a $7.403 million loss, and net loss was $4.831 million versus $11.899 million. Operating cash flow was $9.290 million, compared with $5.771 million.
On September 23, 2026, Bulawayo Mining Company entered a new $6.5 million BancABC term-loan facility. It was consolidated with existing BancABC term-loan and overdraft facilities into a single facility with $13.218 million aggregate principal. Namib Minerals provided a limited guarantee, and specified actions require BancABC’s prior consent.
Current liabilities exceeded current assets by $42.9 million at June 30, 2026; management forecast positive cash flows for the next 12 months. The facility is expected to partially fund Redwing Step 3, including surface drilling and advancing the Definitive Feasibility Study; Step 2 technical work is underway and fully funded.
Namib Minerals (NAMM) reported that it has completed the dewatering programme at its Redwing Mine in Zimbabwe, the first step in a five-step restart pathway that was previously targeted for completion in Q4 2026 and has now been achieved ahead of that schedule. Completion of dewatering restores safe access to underground workings and allows underground mapping, sampling, and geotechnical and hydrological work to proceed, all feeding into the technical programme of the Definitive Feasibility Study (DFS). The DFS technical programme is described as fully funded through to completion and is expected to conclude in early Q1 2027, consistent with the timeline outlined in July 2026. Step two of the restart pathway, covering engineering, metallurgical, geotechnical, hydrological, environmental and financial workstreams, is underway, while later steps include resource definition and bankability drilling, construction, and a phased restart of production following a positive decision.
Namib Minerals (NAMM) has an updated ownership disclosure from investor Mzilikazi Godfrey Khumalo on a Schedule 13D/A. Khumalo now reports beneficial ownership of 4,000,000 Ordinary Shares, representing 7.1% of Namib Minerals’ Ordinary Shares, with sole voting and dispositive power over these shares.
The amendment reports that Khumalo previously sold 4,886,996 Ordinary Shares in broker-assisted open market transactions at an average price of approximately $3.46 per share between August 2025 and February 2026. It also discloses a Share Loan Agreement dated June 29, 2026, under which Southern SelliBen Trust transferred 4,000,000 Ordinary Shares to Khumalo. In return, Khumalo granted the Trust a security interest in, and assigned to the Trust, all of his rights and interests in any earnout shares he may be entitled to receive from Namib Minerals.
Namib Minerals outlined a five-step pathway and targeted milestone schedule to restart Redwing Mine in Zimbabwe and confirmed that the technical programme of its Definitive Feasibility Study (DFS) is fully funded through completion. The DFS, led by WSP Global, will validate the technical and economic parameters of a redesigned operation.
The plan sequences dewatering, DFS work, resource definition and bankability drilling, construction, and eventual restart, with dewatering targeted for completion by Q4 2026 and the DFS technical programme expected to conclude in early Q1 2027. Parallel workstreams to upgrade power infrastructure and refurbish existing equipment are targeted for Q3 2026.
Step 3, an 8,750-metre drilling and engineering programme to advance the DFS to full bankability, represents the next funding stage, for which the company is engaging investors and lenders. A US$5.0 million, 36-month non-dilutive Ecobank term facility for How Mine frees internal cash flow to fund the DFS technical work.
Namib Minerals, through wholly owned subsidiary Bulawayo Mining Company (Private) Limited (“How Mining Company”), entered into a new $5.0 million term-loan facility with Ecobank Zimbabwe Limited. The Term Loan Facility has a term of 36 months, expiring on May 31, 2029, with a base lending rate of 12% per annum minus a margin of 1% per annum, an acceptance fee of 1% of the total facility amount, and a drawdown fee of 0.5% of amounts drawn. The facility is intended to finance mining development, including hoist work, expansion and maintenance of a milling plant, and drilling equipment.
Security includes a Security Agreement dated June 23, 2026, creating a $7.5 million security interest over certain existing and future plant and machinery, and a tripartite assignment agreement with Fidelity Gold Refinery and Ecobank that routes at least $3,000,000 monthly from gold sales through How Mining Company’s Ecobank account and grants Ecobank a lien on certain Fidelity receivables. The Facility Agreement also contains restrictive covenants requiring Ecobank’s prior consent for additional indebtedness, acquisitions, repayment of shareholder loans, or redemption of share capital.
Namib Minerals director Luhabe Wendy Yvonne Nomathemba filed an initial statement of beneficial ownership on Form 3. This establishes her status as a director and provides a baseline disclosure of her equity position in the company, although no specific holdings or transactions are listed in this filing.
Namib Minerals announced several leadership changes to support its next phase of growth, including the planned restart of the Redwing Mine and execution of its development financing strategy. Tulani Sikwila has been appointed Chairman of the Board while continuing as Chief Executive Officer, creating a unified leadership structure.
Sphe (Siphesihle) Mchunu, previously General Counsel and a director, has been appointed Chief Financial Officer and will continue to oversee legal and governance responsibilities. The Board also appointed Wendy Luhabe, age 69, as an independent non-executive director and Lead Independent Director, with her initial term running until the 2028 annual general meeting. Luhabe brings more than 30 years of board and governance experience, including leadership roles at major African and international companies, and is expected to strengthen independent oversight while management focuses on safe production at How Mine, the Redwing restart and the company’s development financing program.
Namib Minerals director Bacela Pascoal Alberto has filed an initial Form 3, which is a statement of beneficial ownership for company insiders. The filing identifies Alberto as a director of Namib Minerals but, in the provided data, does not show any reportable transactions or holdings.
Namib Minerals reports a board change and new director appointment. Effective June 3, 2026, Ibrahima Tall resigned as a director, with the company stating his decision did not involve any disagreement with the board, management, operations, policies, or practices.
On June 4, 2026, the board appointed Pascoal Alberto Bacela, age 63, as an independent Class director to fill the vacancy created by the earlier resignation of Molly P. Zhang effective April 1, 2026. His initial term runs until the 2027 annual general meeting, and he will also serve on the audit committee, receiving compensation under the company’s policy for independent directors. The company highlights his long experience in Mozambique’s energy sector, including senior roles in the Ministry of Mineral Resources and Energy.
Namib Minerals furnished a Form 6-K to share an operational update on the Mill Expansion Project at How Mine, a core part of its plan to increase processing capacity and gold output. Civil works are well advanced, with the raft foundation, mill plinth and tower foundations completed.
Key mechanical components, including the mill shell, have been delivered to site, and factory acceptance tests for the project transformer and starter are complete. Civil, mechanical and electrical installation work is underway. The company reiterates that construction and commissioning remain on track for completion in H2 2026.