Tulani Sikwila appointed Chairman while continuing as CEO, Wendy Luhabe joins as Lead Independent Director, Sphe Mchunu transitions from General Counsel to CFO as the Nasdaq-listed miner advances a US$300-400 million expansion programme.
Nasdaq-listed gold producer Namib Minerals, which operates Zimbabwe’s How Mine and is advancing the restart of the historic Redwing Mine and Mazowe Mine, has announced a series of Board and executive leadership appointments aimed at strengthening governance and financial oversight as the company enters a critical growth phase, Mining Zimbabwe can report.
By Rudairo Mapuranga
Tulani Sikwila, who took over as Chief Executive Officer in March 2026, has now been appointed Chairman of the Board, maintaining a unified leadership structure that the Board concluded best serves the company during its current execution phase. The Board will continue to review this structure as the company evolves.
In a move that significantly bolsters independent oversight, Wendy Luhabe has joined the Board as an Independent Non-Executive Director and Lead Independent Director, effective July 3, 2026. Luhabe brings over three decades of board leadership experience, having chaired the Industrial Development Corporation of South Africa from 1999 to 2009, where she oversaw capital deployment into mining and industrial projects across the continent. She stepped down as Independent Non-Executive Chair of Pepkor Holdings on June 30, 2026 (JSE: PPH), and currently serves as a non-executive director of Compagnie Financière Richemont (SIX: CFR), where she sits on the Governance & Sustainability and Nominations Committees. Her previous roles include Chair of Vodacom Group and director of the Johannesburg Stock Exchange.
As Lead Independent Director, Luhabe will chair executive sessions of the independent directors, serve as the principal liaison between the independent directors and the Chairman, and provide input on Board agendas and information flow.
“Namib Minerals has a producing asset, a defined restart programme at Redwing, and a financing plan grounded in African development finance — territory I know well from a decade chairing the Industrial Development Corporation of South Africa,” Luhabe said. “I look forward to providing experienced oversight for this exciting phase of the Company’s growth.”
Sikwila commented: “Wendy’s appointment strengthens this Board materially. She has chaired a national development finance institution, helped govern some of the region’s largest listed companies, and understands what disciplined capital deployment into African mining looks like.”
Sikwila reaffirmed the company’s priorities as “safe, consistent production at How Mine, bringing Redwing Mine back into production, and completing our development financing programme.”
Sphe Mchunu Appointed Chief Financial Officer
In a separate executive transition, Sphe Mchunu, currently a Director and General Counsel of the Company, will transition into the role of Chief Financial Officer. Mchunu joined Namib Minerals, Greenstone Corporation, and its predecessor companies as Group General Counsel in 2020.
As General Counsel, he played a central role in Namib’s June 2025 business combination with Hennessy Capital Investment Corp. VI and its subsequent Nasdaq listing, leading the legal, regulatory, and disclosure workstreams. His responsibilities have extended across the company’s producing and development assets in Zimbabwe, covering regulatory compliance, risk assessment, corporate governance, and capital raising.
Prior to joining the Company, Mchunu practised at leading South African firms, including Hogan Lovells, across mining and corporate finance disciplines. He holds a Master of Laws degree in Commercial Law from the University of Cape Town and has over a decade of experience structuring and advising on corporate finance transactions, including rights issues and debt instruments.
Sikwila said: “Sphe brings a rare combination of perspectives to the role of CFO. He has worked closely with both the operational and finance portfolios of our business and was instrumental in taking the Company public. The Board is confident he is the right person to lead our finance portfolio through this next phase of growth.”
Redwing Restart Progressing on Schedule
The leadership appointments come as Namib Minerals advances the phased restart of Redwing Mine, a brownfield asset that historically produced 650,000 ounces of gold and currently hosts 1.18 million ounces of gold in measured and indicated resources.
Dewatering activities, which commenced on January 29, 2026, are progressing consistently with the operational framework outlined in the company’s April 2026 business update. The company has pumped approximately 544,570 cubic metres of water from the mine workings, with water levels declining by approximately 21.9 metres over the period. Current combined pumping capacity is approximately 640 m³ per hour, with water levels having declined to approximately 74.9 metres below the Redwing Shaft surface collar.
In June 2026, Redwing Mine reconnected to Zimbabwe’s national electricity grid following the installation of new power infrastructure in partnership with the Zimbabwe Electricity Transmission and Distribution Company (ZETDC). The investment included the installation of power lines, a new substation, and a transformer at the mine. Four additional submersible pumps have now been connected to the grid, significantly increasing pumping capacity, with pumping rates accelerating to 1,400 cubic metres per hour.
Sikwila said: “We are pleased that the restart process at Redwing is advancing on schedule. The progress we have made on dewatering reinforces our confidence in the restart pathway as we look ahead to the next phase of technical work at the mine.”
How Mine Operations and Expansion
The company’s How Mine, currently producing approximately 25,000 ounces annually, remains the primary cash-generating asset funding both operational stability and broader growth strategies. Despite lower grades in 2025, revenue held firm at US$82.6 million, buoyed by a strong gold price.
Management has implemented several initiatives to improve grade consistency, including tighter grade control, improved mine planning, and stronger operating discipline underground. The planned expansion of ore milling capacity at How Mine from 40,500 to 55,000 tonnes per month remains on track, with the upgraded facility expected to come online in the second half of 2026.
For 2026, How Mine has been given clear production guidance of 28,000 to 31,500 ounces, with all-in sustaining costs of US$2,400 to US$2,700 per ounce and adjusted EBITDA of US$50 million to US$62 million, assuming a gold price of US$4,500 per ounce.
Multi-Asset Growth Strategy
Namib Minerals is positioning itself for sustained long-term growth, with a corporate objective of evolving into a multi-asset, mid-tier gold producer targeting eventual output of 300,000 ounces per year. The company estimates total capital requirements for its expansion and restart programme will range between US$300 million and US$400 million, with Redwing Mine expected to absorb the largest share.
The company is pursuing a balanced funding model designed to minimise dilution, prioritising project debt, strategic partnerships, and internally generated cash flows. Discussions with multiple capital providers are ongoing.
The leadership appointments represent another important milestone in Namib’s ongoing evolution as a publicly listed mining company and reflect the Board’s commitment to strong governance, disciplined capital allocation, and long-term value creation for shareholders.
