By: OrePulse

Namib Minerals, the Nasdaq-listed company that operates the How Mine and Redwing Mine gold operations in Zimbabwe, reported first-half 2026 revenue of $50.8 million, up 40 percent from $36.4 million a year earlier.

Adjusted EBITDA climbed 76 percent to $19.0 million, from $10.8 million in the first half of 2025. The company attributed the gains to a higher average gold price, which rose 48 percent year-over-year to $4,195 an ounce after royalties, along with continued cost discipline. How Mine produced 11,373 ounces during the period.

"The first half of 2026 was a period of both progress and continued investment," said Tulani Sikwila, Chief Executive Officer, noting that "revenue up 40%, gross profit doubled, and Adjusted EBITDA up 76%."

Namib Minerals revised its full-year 2026 production guidance down to a range of 26,500 to 27,000 ounces, which it linked to the timing of the expanded milling plant commissioning at How Mine. The company said the plant upgrade, which is expected to lift capacity by about 36 percent, was substantially complete, with commissioning targeted for mid-October. Guidance for C1 cash costs was maintained at $1,400 to $1,650 an ounce.

At Redwing Mine, dewatering work finished ahead of schedule, and the company said a three-month restart program would begin in October, with first gold targeted no later than January 2027.

Namib Minerals also announced leadership changes, with Sphe Mchunu appointed Chief Financial Officer in July 2026 and Wendy Luhabe joining the board as lead independent director.

On financing, the company said it drew $5.0 million from an Ecobank facility in July 2026 and increased a BancABC facility by $6.5 million to $13.2 million, as announced on September 29, 2026.