Namib Minerals

What Namib Minerals does

Namib Minerals (NASDAQ: NAMM) is a gold mining company that owns and operates a portfolio of three mines in Zimbabwe: How Mine (its flagship operating asset), Redwing Mine (currently under restart), and Mazowe Mine (under care and maintenance). The company's core technology consists of conventional gold mining and ore processing operations — crushing, milling, and extraction — with active capital programs to expand How Mine milling capacity from 40,500 to 55,000 tonnes per month by H2 2026 and to dewater and restart Redwing Mine. The How Mine operation currently produces approximately 25,000 ounces of gold per year, and the company is pursuing a long-term target of 300,000 ounces annually to reach mid-tier producer status.

Namib Minerals generates revenue through direct sales of gold output to global refiners and commodity market participants at prevailing market prices, with FY 2025 revenue of $82.6 million and adjusted EBITDA of $29.0 million (an 18% year-over-year increase). Net profit of $101.2 million was largely driven by non-cash gains from liability revaluation following the company's 2025 NASDAQ listing. The company is incorporated in New York with operational headquarters in Harare, Zimbabwe, and 59.5% institutional ownership.

The company is pursuing an aggressive expansion strategy supported by a $300–400 million capital program, S-K 1300 compliant feasibility studies being conducted by WSP at Redwing and Mazowe, and a strategic partnership with BW Mining for sands treatment at How Mine. The company positions itself as the first Black African-founded and led mining company listed on a U.S. stock exchange, combining institutional-grade governance with deep in-country expertise in complex African jurisdictions. Leadership transitioned in March 2026, with Tulani Sikwila — a 20-year company veteran and former CFO — succeeding Ibrahima Sory Tall as CEO.

Name

Namib Minerals

Legal name

Namib Minerals

Website

https://investors.namibminerals.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Namib Minerals (NASDAQ: NAMM) is a gold producer operating the How Mine, Redwing Mine, and Mazowe Mine in Zimbabwe, selling gold to global refiners and commodity markets while pursuing expansion toward mid-tier producer status.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industry

Precious Metals Ore Processing & Beneficiation (IMAKAEAD)

Keywords

• Gold mining operations
• Precious metals production
• Gold ore processing
• Mining asset development
• Gold commodity supply

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D

Revenue model

1. Gold Production and Sales: Namib Minerals generates revenue primarily through the production and sale of gold from its How Mine operation in Zimbabwe. The company produced approximately 25,000 ounces of gold in FY 2025 generating $82.6 million in revenue. The company aims to increase production to 28,000-31,500 ounces in 2026.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Namib Minerals produces and sells gold from a portfolio of three mining assets in Zimbabwe, with How Mine as its flagship operating asset currently producing approximately 25,000 ounces per year. The company is expanding How Mine milling capacity from 40,500 to 55,000 tonnes per month, restarting the Redwing Mine through dewatering activities, and conducting feasibility studies at Mazowe Mine to support a long-term target of 300,000 ounces of annual gold production.

Product overview

Namib Minerals is a gold mining company operating a portfolio of three mining assets in Zimbabwe: How Mine (primary operating asset), Redwing Mine (under restart), and Mazowe Mine (under care and maintenance). The company operates a unified mining and processing platform, with the core offering being gold production. The How Mine expansion project represents the key near-term growth driver, increasing milling capacity from 40,500 to 55,000 tonnes per month. The company is also pursuing the Redwing Mine restart through an eight-month dewatering program and has engaged WSP for feasibility studies at both Redwing and Mazowe mines.

Differentiator

Problem solved

Functional benefit

Products and services

• How Mine Flagship gold mining operation in Zimbabwe with current milling capacity of 40,500 tonnes per month, undergoing expansion to increase throughput to 55,000 tonnes per month by H2 2026. It is Namib Minerals' primary producing asset, generating approximately 25,000 ounces of gold and $82.6 million in revenue in FY 2025.
• Redwing Mine Gold mine in Zimbabwe under restart program with dewatering activities commenced January 29, 2026, targeting feasibility studies and potential production revival as part of the company's mid-tier gold producer strategy.
• Mazowe Mine Gold asset in Zimbabwe currently under care and maintenance, with S-K 1300 compliant feasibility studies being conducted by WSP to inform future development plans.

Quantifiable outcome

• 18% increase in adjusted EBITDA to $29.0 million in FY 2025
• +2 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered core.

• BW MiningcoreStrategic or Co-development Partner · 14 November 2025Strategic partnership with BW Mining for sands treatment at How Mine in Zimbabwe. The project aims to increase EBITDA and leverage gold prices through sand testing and extraction. The success of the project depends on testing outcomes and market conditions.
• WSPcoreImplementation/ SI/ Consulting PartnerEngagement with WSP to conduct S-K 1300 compliant feasibility studies for Redwing and Mazowe mines. WSP is conducting detailed technical and economic assessments to support the company's expansion plans and mine restart programs.

Scale indicators10 records

Recent moves9 records

Expansion highlights4 records

Direct peers

• Caledonia Mining Corporation: Caledonia Mining operates the Blanket Gold Mine in Zimbabwe, making it the closest direct peer to Namib Minerals given shared geography, scale, and single-jurisdiction gold exposure. The two companies are frequently compared by Zimbabwe-focused gold investors.
• Endeavour Mining plc: Endeavour Mining is a mid-tier African gold producer operating multiple mines across West Africa. Comparable to Namib's mid-tier producer strategy, multi-asset platform, and institutional governance profile.
• Perseus Mining Limited: Perseus Mining is a multi-asset African gold producer with operations in Ghana, Côte d'Ivoire, and a development project in Mali. Closely comparable in business model (multi-jurisdiction African gold, mid-tier scale, growth-via-development) and in targeting ~300k+ oz/year output.
• Pan African Resources plc: Pan African Resources is a mid-tier South African-focused gold producer with assets across the Witwatersrand and Barberton regions. Comparable as a Southern African-focused gold producer with a multi-asset platform strategy.
• IAMGOLD Corporation: IAMGOLD is a mid-tier gold producer with major operations in West Africa (Essakane, Burkina Faso) and Canada. Comparable as a mid-tier gold producer pursuing production growth through both organic expansion and development projects.
• B2Gold Corp. B2Gold is a mid-tier gold producer with operations in Mali, Namibia, and the Philippines. Comparable as a mid-tier gold producer leveraging African assets to scale production, with a similar institutional governance and growth-oriented capital allocation profile.

Broad incumbents

• Gold Fields Limited: Gold Fields is a major South African-headquartered gold producer with operations across Africa, Australia, and the Americas. While much larger than Namib, it shares a Southern African gold heritage and Africa-focused growth strategy.
• Harmony Gold Mining Company Limited: Harmony Gold is a major South African gold producer focused on the Witwatersrand Basin. While far larger and focused on South Africa (vs. Namib's Zimbabwe focus), it provides a useful benchmark for African gold operational economics and capital allocation.
• AngloGold Ashanti plc: AngloGold Ashanti is one of the world's largest gold producers with operations across Africa (including Ghana, DRC, Tanzania) and the Americas. Relevant as a broad incumbent in African gold and as a peer benchmark for institutional-grade governance.
• Kinross Gold Corporation: Kinross Gold is a senior gold producer with operations across the Americas and West Africa (Tasiast in Mauritania). Comparable as a global mid-to-senior gold producer with a similar focus on operational expansion and African growth.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Namib Minerals