- Namib Minerals Charts Five-Step Pathway to Redwing Restart as DFS Technical Programme Secures Full Funding
Nasdaq-listed Namib Minerals has laid out a defined five-step pathway and targeted milestone schedule for the restart of the historic Redwing Mine in Penhalonga while confirming that the technical programme of the Definitive Feasibility Study (DFS) is now fully funded through to completion, Mining Zimbabwe can report.
By Rudairo Mapuranga
The DFS, being conducted by WSP Global, comprises the SEC S-K 1300-compliant feasibility study for Redwing and is expected to conclude in early Q1 2027. The technical programme covers engineering, metallurgical, geotechnical, hydrological, environmental, and financial modelling workstreams, validating the technical and economic parameters of the restart.
The restart follows five sequential steps, with each step gating the next:
Step 1 – Dewatering: A staged pumping programme to safely access underground workings. It is underway and on track, with expected completion by Q4 2026.
Step 2 – DFS Technical Programme: Fully funded through to completion and expected to conclude in early Q1 2027.
Step 3 – Resource Definition and Bankability: An 8,750-metre surface exploration drilling programme advancing the DFS to full bankability. It will commence upon the close of the next funding stage and is expected to conclude in Q4 2027.
Step 4 – Construction: Mobilisation of staged restart capital and execution of the construction and development programme upon completion of the DFS and a positive restart decision.
Step 5 – Restart: Commissioning and a phased return to production at the redesigned operation.
Two parallel site workstreams are already underway as enablers: power infrastructure upgrades, targeting Q3 2026, and refurbishment of existing equipment, also targeting Q3 2026.
Creative Funding Structure Unlocks DFS Progress
The company has funded the DFS technical programme from internally generated cash flow to date. However, its wholly owned subsidiary, Bulawayo Mining Company, which owns and operates the producing How Mine, has now secured a US$5.0 million, 36-month non-dilutive term facility from Ecobank Zimbabwe Limited.
The facility, which finances capital works at How Mine, is expected to be serviced entirely from How Mine’s existing production revenue. With How Mine’s capital works financed on dedicated terms, the internally generated cash flow previously absorbed by those works has now been released and committed to funding the DFS technical programme through to completion.
Step 3: The Critical Gateway
The company regards Step 3 as a critical milestone. Its purpose is to assess whether Redwing’s mineral resource base, together with its significant strike extent and potential down-dip extensions, supports a redesign of the operation into a larger-scale, sustainable mining operation.
Step 3 workstreams include resource expansion and conversion drilling, geotechnical and metallurgical programmes, Front-End Engineering Design (FEED), capital and operating cost refinement, and environmental and permitting readiness.
The company continues to engage with strategic investors, lenders, and development finance institutions to secure funding for Step 3, consistent with its phased and systematic funding approach.
The asset currently hosts 1.18 million ounces of gold in measured and indicated resources and has historically produced roughly 650,000 ounces. The company has earmarked between US$300 million and US$400 million to revive the Redwing and Mazowe mines while expanding production at How Mine.
Redwing is expected to enter the execution phase with the pathway now defined, the DFS technical programme fully funded, and the milestone schedule published. The company will report progress against these milestones in each operational update.
