Namib Minerals (NAMM) Q2 2026: Revenue Surge, Loss Narrows — Cautiously Optimistic

Namib Minerals reported a significant increase in revenue for the second quarter of 2026, with total revenue rising to $50,836,000, up $14,453,000 or +40% compared to $36,383,000 in the same period last year. This growth is primarily driven by higher gold sales, which accounted for $50,788,000 of total revenue.

Despite the revenue increase, the company still recorded a loss for the period, amounting to $4,831,000, an improvement from the loss of $11,899,000 in Q2 2025. This narrowing of losses indicates a positive trend, although shareholders may still find the overall performance disappointing due to the continued net loss.

Key Financial Metrics:

• Revenue: $50,836,000 (up 40% YoY from $36,383,000)
• Operating Income: $2,185,000 (compared to a loss of $7,403,000 in Q2 2025)
• Net Income: Loss of $4,831,000 (improved from a loss of $11,899,000 YoY)
• EPS (Basic and Diluted): $(0.09) (compared to $(0.24) in Q2 2025)
• Gross Margin: 53.0% (up from 36.9% in Q2 2025)
• Order Intake/Bookings: Not reported
• Cash Position: $1,754,000 (down from $1,887,000 at year-end 2025)
• Total Debt: $7,425,000 (up from $5,183,000 at year-end 2025)

Operational Highlights:

The increase in revenue was largely attributed to a higher net realized gold price of $4,195 per ounce, significantly up from $2,827 per ounce in the prior year. The total ounces of gold sold decreased slightly to 11,357 ounces from 12,226 ounces in Q2 2025, indicating that the revenue growth was primarily driven by price rather than volume.

Production costs decreased to $17,897,000 from $18,460,000, contributing to a gross profit of $26,985,000, which is a substantial increase from $13,450,000 in the same quarter last year. This improvement in gross profit margin reflects better cost management and operational efficiency.

Administrative and Other Expenses:

Administrative expenses were reduced to $13,747,000 from $15,706,000, reflecting ongoing efforts to streamline operations. However, the company incurred a significant fair value loss of $8,526,000 related to the earnout liability, which impacted the overall profitability.

Cash and Debt Position:

The cash and cash equivalents at the end of the period stood at $1,754,000, a decrease from $1,887,000 at the end of 2025. The total liabilities increased to $117,122,000 from $102,069,000, primarily due to increased borrowings and the fair value adjustments of liabilities.

Dividend and Guidance:

No dividends were declared during this period, and the company has not provided specific guidance for the upcoming quarters. However, management remains optimistic about the potential for increased production and revenue growth, particularly as operational efficiencies improve.

Forward Catalyst:

The most significant catalyst to watch in the upcoming quarter is the completion of the dewatering program at Redwing Mine, which was announced on September 29, 2026. This milestone is expected to facilitate access to underground workings and support ongoing feasibility studies, potentially leading to a restart of operations at the mine.

In conclusion, while Namib Minerals has shown promising revenue growth and a reduction in losses, the company still faces challenges in achieving profitability. Investors should monitor the progress of operational improvements and the impact of external market conditions on gold prices as key factors influencing future performance.

Note	June 30, 2026	December 31, 2025
Inventories	$4,136	$3,911
Trade and other receivables, net	5,465	5,513
Cash and cash equivalents	1,754	1,887
Excise duty indemnification	3,575	3,575
Short-term prepayments	5,473	1,284
Total current assets	20,403	16,170
Property, plant and equipment, net	47,549	40,969
Right-of-use assets	550	0
Exploration and evaluation assets, net	953	1,054
Long-term prepayments	6,374	4,503
Intangible asset	437	0
Staff loan receivables	84	98
Total non-current assets	55,947	46,624
TOTAL ASSETS	$76,350	$62,794
Trade and other payables	$37,343	$37,881
Current tax liabilities	8,876	6,642
Borrowings:	5,617	3,177
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