Namib Minerals saw its gold production fall to about 25,000 ounces in 2025, as lower grades at How Mine in Zimbabwe limited output. The decline has increased reliance on the How Mine expansion and the planned Redwing Mine restart to boost future production, Mining Zimbabwe reports.
The Nasdaq-listed miner posted US$82.6 million in revenue for the year, down from US$85.9 million in 2024, as lower output offset gains from higher gold prices.
Despite weaker production, Namib managed costs effectively. Total production costs fell 4% to US$37 million, supported by lower labour, power, and consumables costs. However, reduced volumes pushed cash costs (C1 costs) higher to US$1,653 per ounce, up from US$1,150 in 2024.
To reverse the trend, Namib is expanding milling capacity at How Mine to 55,000 tonnes per month from 40,500 tonnes, with the upgraded plant expected to come online in the second half of 2026. The company is also refining grade control, mine planning, and underground discipline to stabilise ore quality and improve production consistency.
Redwing Mine is also set for a restart. Dewatering began on January 29, 2026, and is expected to take eight months. Namib is evaluating non-dilutive funding options to support the restart.
If both projects stay on track, How Mine production is expected to reach 28,000–31,500 ounces in 2026, with all-in sustaining costs projected at US$2,400–2,700 per ounce and adjusted EBITDA between US$50 million and US$62 million, based on a gold price of US$4,500 per ounce.
Chief Executive Officer Tulani Sikwila, appointed in March, said:
“We continue to make disciplined progress against our strategic roadmap to expand production.” Sikwila is leading Namib’s effort to build a multi-asset mining business in Zimbabwe, positioning the company for growth in the premium gold market.
