Namib Minerals Delivers Strong First-Half 2026 Results, Expands Milling Capacity, and Accelerates Red Wing Mine Restart
On October 1st, Namib Minerals announced its first-half 2026 results, showcasing a significant improvement in financial performance, operational progress, and strategic developments. The company's Chairman and Chief Executive Officer, Tulani Sikwila, highlighted the key achievements during the earnings call.
In terms of financials, Namib Minerals reported revenue growth of 40% to $50.8 million, driven by a stronger gold price environment. Gross profit doubled to £27 million, with an impressive margin of 53%, and adjusted EBITDA increased by 76% to £19 million. This notable improvement was achieved through a combination of cost efficiency initiatives and improved operational performance.
Operationally, the company's flagship mine, How Mine, produced 11,373 ounces in the first half of 2026, representing an 11% decrease from the previous year's production of 12,741 ounces. The primary reason for this decline was a lower gold grade at 1.7 grams per tonne compared to 1.9 grams per tonne in the corresponding period last year.
However, Namib Minerals has made significant strides in expanding its milling capacity at How Mine. The company has revised its full-year production guidance due to the expected contribution of the expanded mill only in the fourth quarter.
In terms of strategic developments, the company successfully completed dewatering operations at Red Wing Mine on September 21st, ahead of its previously published target for the fourth quarter. This achievement paves the way for the accelerated restart of production, which is expected to be funded by internally generated cash flows and targeted for no later than January 2027.
The company has maintained a disciplined approach to funding, engaging with local banks to secure facilities without issuing new equity. The successful completion of these milestones positions Namib Minerals for further growth and expansion.
