Namib Minerals Ordinary Shares

Namib Minerals announced that its wholly owned subsidiary, Bulawayo Mining Company (Private) Limited, has secured a non-dilutive $6.5M new term loan facility from African Banking Corporation of Zimbabwe Limited, or BancABC. The new debt facility is in addition to the company's existing term loan and overdraft lines with BancABC, with all credit facilities now consolidated into a single unified structure to optimize working capital and liquidity. Net proceeds from the $6.5M facility will fund Step 3 of the Redwing Mine development, following the early completion of Step 1 dewatering and the fully funded Step 2 Definitive Feasibility Study, which aims to upgrade and extend the asset's resource base. The remaining balance for Step 3 is expected to be funded through the company's broader sequenced financing strategy, with further market updates anticipated in due course.

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.