{"success":true,"data":{"pressRelease":{"id":"93118","rtpr_id":"nGNX9dXhwQ","ticker":"NAMM","exchange":"NASDAQ","all_tickers":["NAMM","NAMMW"],"title":"Namib Minerals Sets Out Development Timelines and Milestones for Redwing Mine; Technical Programme of the Definitive Feasibility Study Fully Funded Through to Completion","author":"Globe Newswire","published_at":"2026-07-20T20:15:00.185Z","article_body":"A defined five-step restart pathway on a targeted schedule: dewatering\nexpected to be completed in Q4 2026, the fully funded DFS technical programme\nexpected to conclude in early Q1 2027, and resource definition drilling to\nfollow under the Company’s sequenced financing plan, advancing Redwing Mine\ntoward the restart decision.\n\n20 July 2026\n\nNew York, July 20, 2026 (GLOBE NEWSWIRE) -- Namib Minerals (“Namib\nMinerals” or “the Company”) (Nasdaq: NAMM), an established African gold\nproducer with a portfolio of mining assets in Zimbabwe, today set out the\ndefined pathway and targeted milestone schedule for the restart of Redwing\nMine, and announced that the technical programme of its Definitive Feasibility\nStudy (“DFS”) is fully funded through to completion. The DFS comprises the\nSEC S-K 1300 compliant definitive feasibility study for Redwing Mine being\nconducted by WSP Global, as announced at the Company’s full year 2025\nresults.\n\nThe Redwing Restart Pathway\n\nThe restart of Redwing Mine follows five sequential steps. Each step gates the\nnext, and the Company will report progress against each step in its\noperational updates.\n\n Step                                            Scope                                                                                                                                                                                                           Target                                                                                                  \n Step 1 – Dewatering                             Staged pumping programme to safely access the underground workings. Underway and on track.                                                                                                                      Expected completion by Q4 2026                                                                          \n Step 2 – DFS Technical Programme                Engineering, metallurgical, geotechnical, hydrological, environmental and financial-modelling workstreams validating the technical and economic parameters of the restart. Fully funded through to completion.  Expected to conclude in early Q1 2027                                                                   \n Step 3 – Resource Definition and Bankability    The 8,750-metre surface exploration drilling programme and associated workstreams advancing the DFS to full bankability, set out in detail below. The Company’s next funding stage.                             Commencing on close of the next stage of the sequenced financing plan. Expected to conclude in Q4 2027  \n Step 4 – Construction                           Upon completion of the DFS and a positive restart decision, mobilisation of the staged restart capital and execution of the construction and development programme.                                             Upon completion of the DFS                                                                              \n Step 5 – Restart                                Commissioning and phased return to production at the redesigned operation.                                                                                                                                      Following construction                                                                                  \n\nIn parallel with the pathway, and not gated by it, two site workstreams are\nunderway at Redwing which are enablers to the execution and implementation of\nthe 5 Step approach outlined above:\n\n Parallel Site Workstream          Scope                                                                                 Target   \n Power infrastructure upgrade      Upgrade and stabilisation of site power supply                                        Q3 2026  \n Existing equipment refurbishment  Refurbishment and re-equipping of surface, underground and processing infrastructure  Q3 2026  \n\nAchievement of these milestones is expected to unlock further funding for\nsubsequent steps of the pathway and represents the gating sequence toward the\nlarger, staged capital required to bring Redwing Mine back into production.\n\nStep 3 – Resource Definition and Bankability: The Next Funding Stage\n\nWith Step 2 fully funded, Step 3 is the Company’s next funding stage. The\nCompany continues to engage with strategic investors, lenders, and development\nfinance institutions to secure funding for Step 3, consistent with the phased\nand systematic funding approach set out in the Company’s full year 2025\nresults announcement. Step 3 will advance the DFS to full bankability through\nthe following workstreams:\n\n Workstream                                 Purpose                                                                                                                                  \n Resource Expansion and Conversion          Additional exploration and infill drilling to increase and convert Mineral Resource categories, supporting an expanded mine plan         \n Geotechnical and Metallurgical Programmes  Enhanced test work to optimise mine design parameters, ground support requirements, and process recovery assumptions                     \n Front-End Engineering Design (FEED)        Completion of detailed engineering to define plant configuration, infrastructure requirements, capital costs, and execution methodology  \n Capital and Operating Cost Refinement      Updated cost estimates to a higher confidence level suitable for financing                                                               \n Environmental and Permitting Readiness     Advancement of environmental, social, and permitting workstreams aligned with project expansion                                          \n\nThe Company regards Step 3 as a critical milestone. Its purpose is to assess\nwhether Redwing’s mineral resource base, together with its significant\nstrike extent and potential down-dip extensions, support a redesign of the\noperation from its current configuration to a larger-scale, sustainable mining\noperation.\n\nThe Company reiterates that it intends to advance its growth in disciplined,\nmilestone-linked stages, with a continued focus on securing non-dilutive\nfunding where possible, consistent with its previously communicated strategy.\nThe Company will make further announcements at the appropriate time.\n\nFunding of the Technical Programme (Step 2)\n\nTo date, the Company has funded the DFS technical programme from internally\ngenerated cash flow, which governed the pace at which the work could progress.\nBulawayo Mining Company (Private) Limited, the Company’s wholly owned\nsubsidiary and the owner and operator of the producing How Mine, has now\nsecured a US$5.0 million, 36-month non-dilutive term facility from Ecobank\nZimbabwe Limited, following the bank’s own independent assessment, to\nfinance capital works at How Mine. With How Mine’s capital works financed on\ndedicated terms, the internally generated cash flow previously absorbed by\nthose works is released and is committed to funding the technical programme\n(Step 2) through completion. The facility is expected to be serviced entirely\nfrom How Mine’s existing production revenue, and its full terms are set out\nin the Company’s Report on Form 6-K furnished to the U.S. Securities and\nExchange Commission on July 17, 2026.\n\nOutlook\n\nWith the restart pathway defined, the technical programme of the DFS fully\nfunded and the milestone schedule published, Redwing Mine is expected to enter\nthe execution phase. The Company will report progress against these milestones\nin each operational update, and remains focused on positioning the project for\nan efficient, expanded and sustainable return to production. As development\nprogresses, the programme is expected to support employment, drive local\nprocurement, and contribute to long-term growth in gold production.\n\nNamib Minerals will continue to provide market updates as technical and\nfeasibility milestones are achieved and will concurrently evaluate additional\nfunding opportunities as it advances its disciplined, phased growth strategy\nacross its portfolio.\n\nAbout Namib Minerals\n\nNamib Minerals (Nasdaq: NAMM) is an established African gold producer with a\nportfolio of mining and exploration assets in Zimbabwe, anchored by the\nproducing How Mine and the planned restart of Redwing Mine, the Company’s\nprimary restart priority, together with the planned restart of Mazowe Mine.\n\nAbout Ecobank Zimbabwe\n\nEcobank Zimbabwe Limited is a member of the Ecobank Group, the leading\npan-African banking group, with a presence in more than 30 African countries\nand international offices in major financial centres. Ecobank Zimbabwe\nprovides corporate, commercial and consumer banking services across Zimbabwe.\n\nForward-Looking Statements\n\nThis press release contains “forward-looking statements” within the\nmeaning of Section 27A of the Securities Act of 1933, as amended, Section 21E\nof the Securities Exchange Act of 1934, as amended, and the safe harbor\nprovisions of the U.S. Private Securities Litigation Reform Act of 1995.\nForward-looking statements include, without limitation, statements regarding\nthe expected deployment of proceeds from the Ecobank facility; the expansion\nand commissioning of How Mine; the completion of the Definitive Feasibility\nStudy, dewatering programme and exploration activities at Redwing Mine; the\nCompany’s ability to secure additional funding, including funding for Step 3\nof the Redwing restart pathway; anticipated employment, procurement and\nproduction benefits; and the Company’s broader growth strategy.\nForward-looking statements are typically identified by words such as\n“expects,” “intends,” “plans,” “targets,” “anticipates,”\n“believes,” “will,” “may” and similar expressions. These\nstatements are based on management’s current expectations and assumptions\nand are subject to significant risks and uncertainties, many of which are\nbeyond the Company’s control, that could cause actual results to differ\nmaterially from those expressed or implied, including, among others: the\navailability and terms of additional financing; risks associated with mine\ndevelopment, dewatering, refurbishment, construction and restart activities;\nthe outcome of feasibility studies; fluctuations in the price of gold;\npolitical, economic, regulatory and currency risks associated with operating\nin Zimbabwe; changes in laws or government policies, including minimum\nproduction requirements; and the other risks and uncertainties described in\nthe Company’s filings with the U.S. Securities and Exchange Commission.\nForward-looking statements speak only as of the date of this press release,\nand the Company undertakes no obligation to update or revise any\nforward-looking statement, whether as a result of new information, future\nevents or otherwise, except as required by applicable law. No assurance can be\ngiven that the milestones, funding or production targets described in this\npress release will be achieved within the expected timeframes, or at all.\n\nTulani Sikwila\n\nChairman and CEO\n\nNamib Minerals IR@namibminerals.com\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/a9a1fb13-99c4-448f-8825-07c34cb42b08)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX9dXhwQ","title":"Namib Minerals Sets Out Development Timelines and Milestones for Redwing Mine; Technical Programme of the Definitive Feasibility Study Fully Funded Through to Completion","author":"Globe Newswire","ticker":"NAMM","created":"2026-07-20T20:15:00.185Z","tickers":["NAMM","NAMMW"],"exchange":"NASDAQ","article_body":"A defined five-step restart pathway on a targeted schedule: dewatering\nexpected to be completed in Q4 2026, the fully funded DFS technical programme\nexpected to conclude in early Q1 2027, and resource definition drilling to\nfollow under the Company’s sequenced financing plan, advancing Redwing Mine\ntoward the restart decision.\n\n20 July 2026\n\nNew York, July 20, 2026 (GLOBE NEWSWIRE) -- Namib Minerals (“Namib\nMinerals” or “the Company”) (Nasdaq: NAMM), an established African gold\nproducer with a portfolio of mining assets in Zimbabwe, today set out the\ndefined pathway and targeted milestone schedule for the restart of Redwing\nMine, and announced that the technical programme of its Definitive Feasibility\nStudy (“DFS”) is fully funded through to completion. The DFS comprises the\nSEC S-K 1300 compliant definitive feasibility study for Redwing Mine being\nconducted by WSP Global, as announced at the Company’s full year 2025\nresults.\n\nThe Redwing Restart Pathway\n\nThe restart of Redwing Mine follows five sequential steps. Each step gates the\nnext, and the Company will report progress against each step in its\noperational updates.\n\n Step                                            Scope                                                                                                                                                                                                           Target                                                                                                  \n Step 1 – Dewatering                             Staged pumping programme to safely access the underground workings. Underway and on track.                                                                                                                      Expected completion by Q4 2026                                                                          \n Step 2 – DFS Technical Programme                Engineering, metallurgical, geotechnical, hydrological, environmental and financial-modelling workstreams validating the technical and economic parameters of the restart. Fully funded through to completion.  Expected to conclude in early Q1 2027                                                                   \n Step 3 – Resource Definition and Bankability    The 8,750-metre surface exploration drilling programme and associated workstreams advancing the DFS to full bankability, set out in detail below. The Company’s next funding stage.                             Commencing on close of the next stage of the sequenced financing plan. Expected to conclude in Q4 2027  \n Step 4 – Construction                           Upon completion of the DFS and a positive restart decision, mobilisation of the staged restart capital and execution of the construction and development programme.                                             Upon completion of the DFS                                                                              \n Step 5 – Restart                                Commissioning and phased return to production at the redesigned operation.                                                                                                                                      Following construction                                                                                  \n\nIn parallel with the pathway, and not gated by it, two site workstreams are\nunderway at Redwing which are enablers to the execution and implementation of\nthe 5 Step approach outlined above:\n\n Parallel Site Workstream          Scope                                                                                 Target   \n Power infrastructure upgrade      Upgrade and stabilisation of site power supply                                        Q3 2026  \n Existing equipment refurbishment  Refurbishment and re-equipping of surface, underground and processing infrastructure  Q3 2026  \n\nAchievement of these milestones is expected to unlock further funding for\nsubsequent steps of the pathway and represents the gating sequence toward the\nlarger, staged capital required to bring Redwing Mine back into production.\n\nStep 3 – Resource Definition and Bankability: The Next Funding Stage\n\nWith Step 2 fully funded, Step 3 is the Company’s next funding stage. The\nCompany continues to engage with strategic investors, lenders, and development\nfinance institutions to secure funding for Step 3, consistent with the phased\nand systematic funding approach set out in the Company’s full year 2025\nresults announcement. Step 3 will advance the DFS to full bankability through\nthe following workstreams:\n\n Workstream                                 Purpose                                                                                                                                  \n Resource Expansion and Conversion          Additional exploration and infill drilling to increase and convert Mineral Resource categories, supporting an expanded mine plan         \n Geotechnical and Metallurgical Programmes  Enhanced test work to optimise mine design parameters, ground support requirements, and process recovery assumptions                     \n Front-End Engineering Design (FEED)        Completion of detailed engineering to define plant configuration, infrastructure requirements, capital costs, and execution methodology  \n Capital and Operating Cost Refinement      Updated cost estimates to a higher confidence level suitable for financing                                                               \n Environmental and Permitting Readiness     Advancement of environmental, social, and permitting workstreams aligned with project expansion                                          \n\nThe Company regards Step 3 as a critical milestone. Its purpose is to assess\nwhether Redwing’s mineral resource base, together with its significant\nstrike extent and potential down-dip extensions, support a redesign of the\noperation from its current configuration to a larger-scale, sustainable mining\noperation.\n\nThe Company reiterates that it intends to advance its growth in disciplined,\nmilestone-linked stages, with a continued focus on securing non-dilutive\nfunding where possible, consistent with its previously communicated strategy.\nThe Company will make further announcements at the appropriate time.\n\nFunding of the Technical Programme (Step 2)\n\nTo date, the Company has funded the DFS technical programme from internally\ngenerated cash flow, which governed the pace at which the work could progress.\nBulawayo Mining Company (Private) Limited, the Company’s wholly owned\nsubsidiary and the owner and operator of the producing How Mine, has now\nsecured a US$5.0 million, 36-month non-dilutive term facility from Ecobank\nZimbabwe Limited, following the bank’s own independent assessment, to\nfinance capital works at How Mine. With How Mine’s capital works financed on\ndedicated terms, the internally generated cash flow previously absorbed by\nthose works is released and is committed to funding the technical programme\n(Step 2) through completion. The facility is expected to be serviced entirely\nfrom How Mine’s existing production revenue, and its full terms are set out\nin the Company’s Report on Form 6-K furnished to the U.S. Securities and\nExchange Commission on July 17, 2026.\n\nOutlook\n\nWith the restart pathway defined, the technical programme of the DFS fully\nfunded and the milestone schedule published, Redwing Mine is expected to enter\nthe execution phase. The Company will report progress against these milestones\nin each operational update, and remains focused on positioning the project for\nan efficient, expanded and sustainable return to production. As development\nprogresses, the programme is expected to support employment, drive local\nprocurement, and contribute to long-term growth in gold production.\n\nNamib Minerals will continue to provide market updates as technical and\nfeasibility milestones are achieved and will concurrently evaluate additional\nfunding opportunities as it advances its disciplined, phased growth strategy\nacross its portfolio.\n\nAbout Namib Minerals\n\nNamib Minerals (Nasdaq: NAMM) is an established African gold producer with a\nportfolio of mining and exploration assets in Zimbabwe, anchored by the\nproducing How Mine and the planned restart of Redwing Mine, the Company’s\nprimary restart priority, together with the planned restart of Mazowe Mine.\n\nAbout Ecobank Zimbabwe\n\nEcobank Zimbabwe Limited is a member of the Ecobank Group, the leading\npan-African banking group, with a presence in more than 30 African countries\nand international offices in major financial centres. Ecobank Zimbabwe\nprovides corporate, commercial and consumer banking services across Zimbabwe.\n\nForward-Looking Statements\n\nThis press release contains “forward-looking statements” within the\nmeaning of Section 27A of the Securities Act of 1933, as amended, Section 21E\nof the Securities Exchange Act of 1934, as amended, and the safe harbor\nprovisions of the U.S. Private Securities Litigation Reform Act of 1995.\nForward-looking statements include, without limitation, statements regarding\nthe expected deployment of proceeds from the Ecobank facility; the expansion\nand commissioning of How Mine; the completion of the Definitive Feasibility\nStudy, dewatering programme and exploration activities at Redwing Mine; the\nCompany’s ability to secure additional funding, including funding for Step 3\nof the Redwing restart pathway; anticipated employment, procurement and\nproduction benefits; and the Company’s broader growth strategy.\nForward-looking statements are typically identified by words such as\n“expects,” “intends,” “plans,” “targets,” “anticipates,”\n“believes,” “will,” “may” and similar expressions. These\nstatements are based on management’s current expectations and assumptions\nand are subject to significant risks and uncertainties, many of which are\nbeyond the Company’s control, that could cause actual results to differ\nmaterially from those expressed or implied, including, among others: the\navailability and terms of additional financing; risks associated with mine\ndevelopment, dewatering, refurbishment, construction and restart activities;\nthe outcome of feasibility studies; fluctuations in the price of gold;\npolitical, economic, regulatory and currency risks associated with operating\nin Zimbabwe; changes in laws or government policies, including minimum\nproduction requirements; and the other risks and uncertainties described in\nthe Company’s filings with the U.S. Securities and Exchange Commission.\nForward-looking statements speak only as of the date of this press release,\nand the Company undertakes no obligation to update or revise any\nforward-looking statement, whether as a result of new information, future\nevents or otherwise, except as required by applicable law. No assurance can be\ngiven that the milestones, funding or production targets described in this\npress release will be achieved within the expected timeframes, or at all.\n\nTulani Sikwila\n\nChairman and CEO\n\nNamib Minerals IR@namibminerals.com\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/a9a1fb13-99c4-448f-8825-07c34cb42b08)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-07-20T20:15:00.315826253Z","server_sent_at_ms":1784578500315},"received_at":"2026-07-20T20:15:00.382Z","source_url":"https://www.globenewswire.com/news-release/2026/07/20/3330107/0/en/Namib-Minerals-Sets-Out-Development-Timelines-and-Milestones-for-Redwing-Mine-Technical-Programme-of-the-Definitive-Feasibility-Study-Fully-Funded-Through-to-Completion.html"},"analysis":{"id":"82162","press_release_id":"93118","analysis_json":{"industry":{"label":"Gold","sector":"Materials"},"redFlags":["Funding for Step 3 (resource definition) and subsequent construction phases remains to be secured."],"eventType":"operations_update","narrative":"Namib Minerals outlined a five-step restart pathway for Redwing Mine, targeting dewatering completion by Q4 2026 and the Definitive Feasibility Study conclusion by early Q1 2027.\n\nThe technical program for the DFS is now fully funded, secured by a new $5M non-dilutive term facility arranged by subsidiary Bulawayo Mining Company for How Mine capital works.\n\nThe company will now engage strategic investors for Step 3 funding to advance resource definition drilling and bankability studies through late 2027.","sentiment":"bullish","agentHooks":{"shouldPost":false,"suggestedAngle":"Clear path to Redwing restart set, DFS now fully funded via non-dilutive facility."},"keyFigures":{"dealValueUsd":5000000,"customDimensions":{"drilling_meters":8750,"facility_term_months":36}},"quotedText":"The technical programme of its Definitive Feasibility Study (“DFS”) is fully funded through to completion.","namedEntities":{"people":[{"name":"Tulani Sikwila","role":"Chairman and CEO"}],"products":["Redwing Mine","How Mine","Mazowe Mine","Definitive Feasibility Study"],"companies":[{"name":"Namib Minerals","ticker":"NAMM"},{"name":"Bulawayo Mining Company (Private) Limited","relationship":"subsidiary"},{"name":"Ecobank Zimbabwe Limited","relationship":"lender"},{"name":"WSP Global","relationship":"consultant"}],"dollarAmounts":[{"amount":"US$5.0 million","context":"term facility secured by Bulawayo Mining Company"}]},"materialImpact":{"score":3,"reasoning":"The company defined a clear 5-step pathway to restart the Redwing Mine and fully funded the critical DFS technical phase via a non-dilutive facility, de-risking the project progression. However, funding for subsequent construction phases is not yet secured."},"tickerRelevance":{"others":[],"primary":"NAMM"},"globalImportance":25,"audienceRelevance":20,"eventTypeSecondary":["debt_offering"],"importanceComponents":{"tickerTier":"small-mid-cap","eventGravity":"operational_milestone","sectorWeight":"materials"}},"event_type":"operations_update","event_type_secondary":["debt_offering"],"sentiment":"bullish","material_impact_score":3,"narrative":"Namib Minerals outlined a five-step restart pathway for Redwing Mine, targeting dewatering completion by Q4 2026 and the Definitive Feasibility Study conclusion by early Q1 2027.\n\nThe technical program for the DFS is now fully funded, secured by a new $5M non-dilutive term facility arranged by subsidiary Bulawayo Mining Company for How Mine capital works.\n\nThe company will now engage strategic investors for Step 3 funding to advance resource definition drilling and bankability studies through late 2027.","key_figures":{"dealValueUsd":5000000,"customDimensions":{"drilling_meters":8750,"facility_term_months":36}},"named_entities":{"people":[{"name":"Tulani Sikwila","role":"Chairman and CEO"}],"products":["Redwing Mine","How Mine","Mazowe Mine","Definitive Feasibility Study"],"companies":[{"name":"Namib Minerals","ticker":"NAMM"},{"name":"Bulawayo Mining Company (Private) Limited","relationship":"subsidiary"},{"name":"Ecobank Zimbabwe Limited","relationship":"lender"},{"name":"WSP Global","relationship":"consultant"}],"dollarAmounts":[{"amount":"US$5.0 million","context":"term facility secured by Bulawayo Mining Company"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-07-20T20:45:42.891Z","global_importance":25,"audience_relevance":20,"importance_components":{"tickerTier":"small-mid-cap","eventGravity":"operational_milestone","sectorWeight":"materials"}},"durationMs":256504,"modelName":"glm-4.7"}}