Shares of Namib Minerals (NASDAQ:NAMM) are surging Thursday afternoon after the African mining company reported first-half 2026 financial results and accelerated operational milestones across its gold asset portfolio.
- Namib Minerals shares are climbing with conviction. What’s behind NAMM gains?
Top-Line Growth Driven by Record Gold Prices
On Thursday, Namib Minerals reported revenue of $50.8 million for the six months ended June 30, up 40% year-over-year, as average net realized gold prices jumped 48% to $4,195 per ounce. Adjusted EBITDA surged 76% to $19 million, supported by improved cost discipline across mining operations.
How Mine Expansion and Redwing Restart
At the flagship How Mine facility, installation of an expanded milling plant is substantially complete, with mid-October commissioning expected to increase processing capacity by 36% to 55,000 tonnes monthly. At Redwing Mine, dewatering finished ahead of schedule on September 21, enabling a three-month restart commencing in October, with initial gold production targeted by January 2027.
“The first half of 2026 was a period of both progress and continued investment across Namib Minerals,” said Tulani Sikwila, Chief Executive Officer. “The company delivered a step change in underlying earnings, revenue up 40%, gross profit doubled and Adjusted EBITDA up 76%, achieved with production costs that were lower in absolute terms than a year ago. The installation of our expanded milling capacity at How Mine is substantially complete, and commissioning in mid-October will lift our processing capacity by more than a third.”
“We completed dewatering at Redwing ahead of schedule and are bringing forward the restart, with first gold targeted no later than January 2027,” Sikwila added. “We have a producing mine whose capacity is about to increase by more than a third, a second mine returning to production earlier than planned, and we have funded both in a non-dilutive manner.”
Balance Sheet Pressures and Rising Operating Costs
Despite these top-line gains, the company faces severe balance sheet and operational pressures. Namib Minerals generated a net loss of $4.8 million for first-half 2026, primarily driven by non-cash fair-value losses.
At the same time, cost pressures mounted as All-In Sustaining Costs (AISC) spiked to $3,078 per ounce, prompting management to raise full-year AISC guidance to $2,650–$2,850 per ounce.
NAMM Stock Skyrockets Thursday Afternoon
NAMM Price Action: Namib Minerals shares were up 32.35% at $1.26 at the time of publication on Thursday, according to Benzinga Pro data.
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