Namib Minerals (NASDAQ: NAMM)

Namib Minerals is an established gold producer operating three gold mines in Zimbabwe, Africa, and pursuing expansion into copper and cobalt in the Democratic Republic of Congo.

The company generates revenue primarily from the sale of gold produced at its How Mine to Fidelity, Zimbabwe’s state‑owned gold buyer, at the London Base Metal Association spot price, with proceeds partially received in U. S. dollars and partially in local currency. Sales are subject to a tiered royalty structure based on the gold price, and the company anticipates future revenue from copper and cobalt projects in the DRC once developed.

The company operates through the following segments: How Mine, Mazowe Mine, and Redwing Mine.

• How Mine: This segment operates an underground gold mine with a processing capacity of approximately 475,000 tonnes per annum, ongoing shaft sinking and milling plant expansion to increase output, and held proven reserves of 103,000 ounces of gold as of December 31, 2025.

• Mazowe Mine: This segment comprises a historically producing gold mine currently in care and maintenance, with preparatory work underway to restart operations, featuring measured and indicated resources of 291,000 ounces at a grade of 7.77 grams per tonne and inferred resources of 915,000 ounces at 8.65 grams per tonne as of December 31, 2023.

• Redwing Mine: This segment represents the largest asset in the portfolio, also in care and maintenance, with measured and indicated resources of 1,190,000 ounces at 3.83 grams per tonne and inferred resources of 1,330,000 ounces at 2.61 grams per tonne as of December 31, 2023, and preparatory activities such as dewatering and feasibility studies underway to resume production.

Namib Minerals positions itself as one of Zimbabwe’s leading gold producers, leveraging a high‑grade resource base, low operating costs, and a clear pathway to restart two historic mines, which differentiates it from peers such as Caledonia Mining Corporation Plc.

The company’s strong free cash flow from the How Mine, its commitment to environmental and social governance standards, and its experienced management team further enhance its competitive advantage in the African mining sector.

The company sells all of its gold production to Fidelity, as required by Zimbabwean legislation, and currently has no other disclosed customers for its mineral output.