Namib Minerals (NAMM) Q4 2025 earnings summary

Executive summary

• Achieved disciplined progress in 2025, focusing on optimizing operations, stabilizing and expanding production capacity, and growing the resource base.

• Leadership strengthened with new CEO Tulani Sikwila and VP of Technical Services Antonio Nieto; CFO and COO searches ongoing.

• Advanced resource growth at How Mine and commenced dewatering at Red Wing as part of a structured, phased development plan.

Financial highlights

• Produced 25,000 ounces of gold in 2025, generating $82.6 million in revenue and adjusted EBITDA of $29 million, up 18% year-over-year.

• Net earnings of $101.2 million, driven by non-cash gains from revaluation of earn-out and warrant liabilities, offset by $65.4 million in one-time listing expenses.

• Gross profit of $34.2 million and gross margin of 41.4%.

• Operating cash flow of $13.8 million after $11.2 million in interest and tax payments.

• Production costs were $37 million, down 4% year-over-year, but per ounce cash cost rose to $1,653 due to lower volumes.

Outlook and guidance

• 2026 production guidance: 28,000–31,500 ounces, all-in sustaining cost of $2,400–$2,700/oz, and adjusted EBITDA of $50–$62 million (assuming $4,500/oz gold price).

• Ore milling capacity at How Mine to increase by 36% to 55,000 tonnes/month by H2 2026.

• Sustaining capital expenditure expected to normalize to $5–$6 million per year post-2026.

• Definitive feasibility studies underway at Mazowe and Red Wing, with results expected in 12–18 months.

• Focus remains on operational consistency, throughput improvement, and disciplined cost management.