Namib Minerals (NAMM) Registration filing summary

Company overview and business model

• Operates three high-grade gold mines in Zimbabwe: How Mine (producing), Mazowe Mine, and Redwing Mine (both under care and maintenance, with restart plans underway).

• Holds 13 exploration permits in the DRC targeting copper and cobalt, with initial drilling confirming battery metals potential.

• How Mine has produced 1.83Moz of gold since 1941 and is recognized for low production costs and operational efficiency.

• Strategic focus on expanding gold production, restarting Mazowe and Redwing, and developing DRC battery metals assets.

• All gold sales are made to Fidelity, a Zimbabwean government-controlled entity, at spot prices.

Financial performance and metrics

• 2024 revenue: $85.9 million (+32% YoY); gold production: 36.7koz (+8% YoY); positive cash flow and comprehensive income.

• H1 2025 revenue: $36.4 million (–13% YoY); gold production: 12.7koz (–35% YoY); decline due to lower ore grade.

• As of June 30, 2025: $0.3 million in cash and equivalents; negative working capital of $83.4 million; total liabilities exceed assets by $153.1 million.

• C1 cost per ounce (2024): $1,150; AISC per ounce (2024): $1,535; H1 2025 C1 cost: $1,659/oz; AISC: $2,462/oz.

• Net cash from operations: $19.1 million in 2024; $5.8 million in H1 2025.

Use of proceeds and capital allocation

• IPO is a resale of up to 1,750,000 shares by Cohen & Company Securities, LLC under a $3.5 million promissory note; company receives no proceeds.

• Proceeds from the promissory note are for investment banking services; monthly payments over 12 months, payable in cash or shares at a discount to market.

• Capital allocation focused on restarting Mazowe and Redwing Mines (estimated $300 million over three years), How Mine expansion, and DRC exploration.