Namib Minerals Ordinary Shares

Namib Minerals has outlined a five-step restart pathway for its Redwing Mine in Zimbabwe and announced that the technical programme of its Definitive Feasibility Study is fully funded through to completion. Dewatering is expected to finish in the fourth quarter of 2026, with the fully funded DFS technical programme concluding in early first quarter of 2027. The next funding stage, Step 3, will involve an 8,750-metre surface exploration drilling programme and associated workstreams to advance the DFS to full bankability, expected to conclude in the fourth quarter of 2027. Funding for the DFS technical programme was secured after the company's subsidiary, Bulawayo Mining Company, obtained a US$5.0 million, 36-month non-dilutive term facility from Ecobank Zimbabwe Limited, freeing up internally generated cash flow previously used for capital works at the producing How Mine. 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.