Nasdaq-listed mining company Namib Minerals has reported a staggering leap in profitability, with full-year 2025 profit surging to US$101.2 million, up from just US$3.6 million in 2024, even as gold production dipped due to a lower-grade environment at its flagship How Mine, Mining Zimbabwe can report.
By Rudairo Mapuranga
The increase, announced in Namib Minerals’ FY2025 report on April 2, 2026, was driven largely by non-cash items related to the company’s Nasdaq listing. These included a US$158.8 million gain from the revaluation of earnout liabilities and a US$5.7 million gain from warrant liabilities, partially offset by US$65.4 million in one-time, non-cash listing expenses.
While production fell to approximately 25,000 ounces of gold for the year, down from 37,239 ounces in 2024, revenue remained robust at US$82.6 million. The average realised gold price helped offset lower volumes, enabling the company to generate a gross profit of US$34.2 million, representing a healthy gross margin of 41.4%.
“Our disciplined cost performance helped maintain profitability despite lower grades,” said Tulani Sikwila, newly appointed Chief Executive Officer. “2025 was a year of disciplined progress as we executed our strategy to stabilise operations, increase production capacity, and expand our resource base.”
Adjusted EBITDA increased by 18% to US$29.0 million, while operating cash flow totalled US$13.8 million after interest and tax. Total production costs fell by 4% to approximately US$37 million, reflecting effective cost controls across labour, input usage, and power consumption.
However, on a per-ounce basis, cash costs (C1 costs) rose to US$1,653 per ounce from US$1,150 in the prior year, primarily due to lower production volumes against a largely fixed cost base.
The company maintains a solid balance sheet, with total assets increasing to US$62.8 million and net debt standing at a modest US$3.3 million, positioning Namib to fund its growth ambitions.
Looking ahead to 2026, Namib has guided production of 28,000 to 31,500 ounces, with adjusted EBITDA expected between US$50 million and US$62 million, based on a gold price assumption of US$4,500 per ounce.
