NAMM News & Events

Namib Minera;s provided an operational update highlighting improving stability and cost performance across its producing asset as the Company approaches financial year-end. Over the past 30 days, operational throughput has been maintained, reflecting a period of increased consistency in plant performance and mine operations. During this period, on-mine all-in sustaining costs declined by approximately 8% month-on-month to $2,140 per ounce, while company-level AISC declined by approximately 11%, supported by sustained cost control measures and improving operational discipline. Operational focus during this phase has been directed toward stability, predictable run-rates, cash discipline, and consistent cost management. Management noted that these efforts are contributing to improved cost visibility and execution reliability. Safety performance remained strong during the period, with no reportable lost-time injuries recorded over the three months ended November, reflecting continued emphasis on operational discipline and workforce safety.

Since listing on the Nasdaq Stock Exchange in June 2025, Namib Minerals has executed on its strategy to transform from a single-mine operator into a multi-asset gold producer. The Company is advancing a three-pillar growth strategy: operational excellence at How Mine, strategic restarts of Mazowe and Redwing mines, and portfolio diversification through critical minerals exploration. As part of its commitment to operational improvement at How Mine, the Company is advancing plans to expand ore milling capacity from 40,500 tonnes per month in 2024 to 55,000 tonnes per month, representing an approximately 36% increase in throughput capacity. The Company is currently working on the procurement of the required equipment and expects this expansion to be operational during the second half of 2026. This capacity expansion will enable the Company to process higher ore volumes and offset the reduction in grade experienced to date in 2025. At Redwing, the Company has commenced enabling works. Dewatering is scheduled to commence during the feasibility study phase and is expected to take approximately eight months to reach the targeted mining levels. Dewatering is a critical first step in the restart sequence, allowing the Company to assess underground conditions, refurbish infrastructure, and prepare for a phased production ramp-up. Concurrently, surface-infrastructure and power-supply upgrades will be planned to align with the restart timeline. At Mazowe, the Company is advancing surface infrastructure work, including power, water, and tailings management systems, alongside detailed engineering studies to optimize the restart sequence and capital efficiency. Supporting this disciplined approach, the Company has engaged WSP to conduct comprehensive feasibility studies for both Redwing and Mazowe. As announced on November 10, 2025, WSP has been appointed to execute S-K 1300 compliant feasibility studies for both mines simultaneously. Both mines are currently under care and maintenance and require completion of dewatering and resource drilling before redevelopment can commence. The program is expected to be completed over 12 to 18 months and will provide the technical foundation for reserve conversion, permitting, and financing discussions. The Company's vision is to build Namib Minerals into a multi-asset, mid-tier gold producer, working toward a strategic goal of ultimately producing 300,000 ounces per year. This represents a long-term corporate objective, not production guidance or a forecast, and is not based on a Preliminary Economic Assessment, Pre-Feasibility Study, or Feasibility Study. Achievement of this objective is contingent upon execution of the Company's long-term strategy, including the successful execution of restart programs and expansion of mines and other exploration and development goals. The Company's preliminary estimate is that the total funding requirement for the expansion program is expected to fall within a range of $300 million to $400 million, with the majority allocated to Redwing Mine. The Company is pursuing a balanced funding mix including structured solutions that minimize dilution and prioritize project debt, strategic partnerships, and internally-generated cash flows to minimize shareholder dilution while supporting growth initiatives. The Company is in dialogue with multiple capital providers to support its growth plans. The Company's estimated funding requirement amount is preliminary and subject to completion of feasibility studies, final engineering outcomes, market conditions, and equipment costs and other risks and uncertainties, many of which are beyond the Company's control.

Namib Minerals provided an operational update on its recent conclusion of an agreement with Bitumen World Mining for the treatment of sands at How Mine. The Company is pleased to announce that it has entered into a new strategic partnership with BW Mining, a reputable mining and civil works contractor, for the retreatment of sands at How Mine in Zimbabwe. How Mine holds a surface sands resource of 213 Koz of Gold in the Inferred Resource category, as set out in the Company's SK-1300 Report. BW Mining has mobilized equipment on site and commenced preparatory work, to begin the initial phase of the testing of sands. Upon successful completion of testing, the Company expects to capitalize on firm gold prices, leveraging the proven competencies and operational capacity of BW Mining to efficiently extract gold from the How Mine sands. The project is intended to increase overall EBITDA and extract additional value from existing resources, positioning the Company to deliver stronger returns to shareholders. However, such expectations are subject to the completion of the testing phase along with various assumptions, risks and uncertainties, including market conditions, many of which are beyond the Company's control.