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• Namib Minerals released its full-year 2025 financial results and provided an operational and business update.
• The Company produced 25Koz of gold in 2025, generating $82.6M in revenue, $29.0M in adjusted EBITDA, and $13.8M in OCF.
• 2026 production guidance is expected to be between 28,000-31,500oz, leading to an adjusted EBITDA of $50-62M (at $4,500/oz Au), highlighting near-term growth.
This morning, Namib Minerals (NAMM:NASDAQ) released its full year 2025 financial results and provided a business update, which was followed by a conference call. Namib closed the year producing ~25Koz of gold, generated $82.6M in revenue, $29.0M in adjusted EBITDA, and $13.8M in operating cash flow. NAMM published full year production guidance, which is expected to be between 28,000-31,500oz in 2026 with the How Mine mill expansion expected to come online in H2/26 (a ~36% increase in capacity). Dewatering is continuing at the Redwing and restarting the mine remains a focus for the Company. As NAMM enters a year of projected growth, Tulani Sikwila is now in the CEO seat. We are maintaining our BUY rating and a target price of $9.50/share on NAMM.
2025 Financial Results
• Total ore milled in 2025 came in at 476Kt compared to our estimate of 456Kt, and 473Kt last year.
• Gold produced in 2025 was 25.0Koz, which was in line with our expectation of 24.7Koz. Lower production YoY resulted from lower grades at the How Mine.
• Revenue of $82.6M and compared to our $75.9M, representing a 4% YoY decline. NAMM realized an average selling price of $3,156/oz.
• Adjusted EBITDA of $29.0M (+18% YoY) exceeded our estimate of $17.5M, while OCF of $13.8M was slightly ahead of our $11.8M estimate. NAMM spent $11.6M on capex in the period.
• 2025 gross profit of $34.2M (+155% YoY) represented a 41.4% gross margin.
• C1 cash costs came in at $1,653/oz, increasing from $1,150/oz in 2024 on lower production and a largely fixed cost base; albeit, in line with our $1,650/oz forecast. AISC came in at $2,546/oz (vs. $2,218/oz expected).
• The Company ended the period with $1.9M in cash and $5.2M in debt.
NAMM: Resilient Profitability; 2026 Guidance Highlights Growth
What you need to know:• Namib Minerals released its full-year 2025 financial results and provided an operational and business update.
• The Company produced 25Koz of gold in 2025, generating $82.6M in revenue, $29.0M in adjusted EBITDA, and $13.8M in OCF.
• 2026 production guidance is expected to be between 28,000-31,500oz, leading to an adjusted EBITDA of $50-62M (at $4,500/oz Au), highlighting near-term growth.
This morning, Namib Minerals (NAMM:NASDAQ) released its full year 2025 financial results and provided a business update, which was followed by a conference call. Namib closed the year producing ~25Koz of gold, generated $82.6M in revenue, $29.0M in adjusted EBITDA, and $13.8M in operating cash flow. NAMM published full year production guidance, which is expected to be between 28,000-31,500oz in 2026 with the How Mine mill expansion expected to come online in H2/26 (a ~36% increase in capacity). Dewatering is continuing at the Redwing and restarting the mine remains a focus for the Company. As NAMM enters a year of projected growth, Tulani Sikwila is now in the CEO seat. We are maintaining our BUY rating and a target price of $9.50/share on NAMM.
2025 Financial Results
• Total ore milled in 2025 came in at 476Kt compared to our estimate of 456Kt, and 473Kt last year.
• Gold produced in 2025 was 25.0Koz, which was in line with our expectation of 24.7Koz. Lower production YoY resulted from lower grades at the How Mine.
• Revenue of $82.6M and compared to our $75.9M, representing a 4% YoY decline. NAMM realized an average selling price of $3,156/oz.
• Adjusted EBITDA of $29.0M (+18% YoY) exceeded our estimate of $17.5M, while OCF of $13.8M was slightly ahead of our $11.8M estimate. NAMM spent $11.6M on capex in the period.
• 2025 gross profit of $34.2M (+155% YoY) represented a 41.4% gross margin.
• C1 cash costs came in at $1,653/oz, increasing from $1,150/oz in 2024 on lower production and a largely fixed cost base; albeit, in line with our $1,650/oz forecast. AISC came in at $2,546/oz (vs. $2,218/oz expected).
• The Company ended the period with $1.9M in cash and $5.2M in debt.
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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