Namib Minerals (NAMM) Q2 2026 earnings summary

Executive summary

• H1 revenue rose 40% to $50.8M and Adjusted EBITDA rose 76% to $19.0M, driven by higher realized gold prices and cost discipline despite lower volumes.

• How Mine’s expanded plant is expected to increase monthly processing capacity ~36%; commissioning is expected mid-October, with full rate by end-December.

• Redwing dewatering finished September 21 ahead of schedule; its three-month restart program begins in October, targeting initial production by January 2027.

• Sphe Mchunu was appointed CFO in July 2026; Wendy Luhabe joined the Board as Lead Independent Director.

Financial highlights

• Revenue was $50.8M vs. $36.4M; gross profit doubled to $27.0M from $13.5M, and Adjusted EBITDA rose 76% to $19.0M from $10.8M.

• Operating cash flow was $9.3M, up 61%; investing cash outflow was $10.7M vs. $5.6M, primarily for How Mine expansion and Redwing restart.

• Reported net loss was $4.8M, or $0.09/share, after $11.3M of non-cash fair-value losses and $6.1M tax expense; excluding fair-value losses, operations were profitable after tax.

Outlook and guidance

• FY 2026 production guidance revised to 26,500–27,000 oz from 28,000–31,500 oz, reflecting commissioning timing and a six-to-eight-week ramp-up.

• FY 2026 C1 cash cost guidance remains $1,400–$1,650/oz; group AISC guidance rose to $2,650–$2,850/oz from $2,400–$2,700/oz.

• How Mine’s expanded plant is expected to support an annualized production rate above 30,000 oz at current grades; 2027 guidance is expected in Q1 2027.

• Redwing is expected to contribute to 2027 guidance; technical feasibility work is expected to conclude early Q1 2027, with resource definition and DFS work in Q4 2027.