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• Namib Minerals outlined operational guidance for 2025, targeting 24-25Koz of gold and adjusted EBITDA of $22-26M, while focusing on grade optimization and throughput improvement at its How Mine.
• Management outlined a phased restart plan for Redwing and Mazowe, with early-stage dewatering and infrastructure upgrades set to begin.
• We initiated coverage on NAMM (see here), highlighting its strong growth potential as it advances two restart projects.
Yesterday morning, Namib Minerals (NAMM:NASDAQ) announced its 2025 operational and production guidance, outlining the Company’s strategic focus for 2025 as it continues to optimize operations at its flagship How Mine and advance the restart plans for Redwing and Mazowe. NAMM previously announced the appointment of WSP Global to lead Feasibility Studies on both restart assets (Mazowe & Redwing), which is expected to be completed within 12-18 months. Alongside this technical work, Namib plans to begin dewatering and infrastructure upgrades, forming the foundation for its phased expansion program. Namib also reported H1/25 financials that were roughly in line with our expectations.
As a quick refresher, we initiated coverage on Namib in mid-August; read our initiation report here. Namib is a Zimbabwe-based gold producer operating the historic How Mine and advancing two high-grade restart projects with Mazowe and Redwing, complemented by early-stage copper cobalt exploration assets in the DRC. Yesterday’s update demonstrates early execution toward that goal, emphasizing management’s commitment to its expansion strategy. We are maintaining our BUY rating and a target price of $9.50/share on NAMM.
2025 Operational Guidance
Namib provided operational guidance for the ongoing year, emphasizing continued grade optimization and throughput improvements at its How Mine (Figure 1). The Company is targeting production of 24-25Koz at an AISC of $2,700-2,800/oz, generating adjusted EBITDA of $22-26M. The operational focus remains on stabilizing grades and enhancing mill capacity to position the asset for stronger performance next year.
NAMM: Production & Operational Update
What you need to know:• Namib Minerals outlined operational guidance for 2025, targeting 24-25Koz of gold and adjusted EBITDA of $22-26M, while focusing on grade optimization and throughput improvement at its How Mine.
• Management outlined a phased restart plan for Redwing and Mazowe, with early-stage dewatering and infrastructure upgrades set to begin.
• We initiated coverage on NAMM (see here), highlighting its strong growth potential as it advances two restart projects.
Yesterday morning, Namib Minerals (NAMM:NASDAQ) announced its 2025 operational and production guidance, outlining the Company’s strategic focus for 2025 as it continues to optimize operations at its flagship How Mine and advance the restart plans for Redwing and Mazowe. NAMM previously announced the appointment of WSP Global to lead Feasibility Studies on both restart assets (Mazowe & Redwing), which is expected to be completed within 12-18 months. Alongside this technical work, Namib plans to begin dewatering and infrastructure upgrades, forming the foundation for its phased expansion program. Namib also reported H1/25 financials that were roughly in line with our expectations.
As a quick refresher, we initiated coverage on Namib in mid-August; read our initiation report here. Namib is a Zimbabwe-based gold producer operating the historic How Mine and advancing two high-grade restart projects with Mazowe and Redwing, complemented by early-stage copper cobalt exploration assets in the DRC. Yesterday’s update demonstrates early execution toward that goal, emphasizing management’s commitment to its expansion strategy. We are maintaining our BUY rating and a target price of $9.50/share on NAMM.
2025 Operational Guidance
Namib provided operational guidance for the ongoing year, emphasizing continued grade optimization and throughput improvements at its How Mine (Figure 1). The Company is targeting production of 24-25Koz at an AISC of $2,700-2,800/oz, generating adjusted EBITDA of $22-26M. The operational focus remains on stabilizing grades and enhancing mill capacity to position the asset for stronger performance next year.
Underlying
NAMIB MINERALS
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Atrium Research Corporation
Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
Ben Pirie
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