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Thematic (Sector/Industry)

<ul>
<li>Zimbabwe is widely priced for its past — hyperinflation, land seizures and currency collapse.</li>
<li>The current data tells a different story.</li>
<li>Inflation was 3.7% y/y by Sep 2026, the IMF approved its first Staff-Monitored Programme in over a decade, the 2024 fiscal deficit was just 0.7% of GDP.</li>
</ul>


Zimbabwe is widely priced for its past — hyperinflation, land seizures and currency collapse.
The current data tells a different story.
Inflation was 3.7% y/y by Sep 2026, the IMF approved its first Staff-Monitored Programme in over a decade, the 2024 fiscal deficit was just 0.7% of GDP.


Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

<ul><li>What you need to know: • Namib reported H1/26 revenue of $50.8M (+40% YoY) and adjusted EBITDA of $19.0M (+76% YoY), as a 48% higher realized gold price more than offset lower grades at the How Mine.</li><li> • 2026 production guidance was trimmed to 26.5-27.0Koz (from 28.0-31.5Koz) on the timing of the How mill expansion, which completed commissioning with full capacity targeted in December.</li><li>• Redwing dewatering was completed ahead of schedule, and the Company has brought forward the restart, targeting first gold in January.</li></ul>

What you need to know: • Namib reported H1/26 revenue of $50.8M (+40% YoY) and adjusted EBITDA of $19.0M (+76% YoY), as a 48% higher realized gold price more than offset lower grades at the How Mine. • 2026 production guidance was trimmed to 26.5-27.0Koz (from 28.0-31.5Koz) on the timing of the How mill expansion, which completed commissioning with full capacity targeted in December.• Redwing dewatering was completed ahead of schedule, and the Company has brought forward the restart, targeting first gold in January.

NAMM: H1/26 Results; Redwing Restart Brought Forward

<ul>
<li>Namib provided an update on its How Mine expansion, which remains on track to complete construction and commissioning in H2/26.</li>
<li>Civil works are at an advanced stage, and key mechanical components, including the mill shell, have now been delivered to site.</li>
<li>Separately, the Company reported that dewatering at the Redwing Mine remains on schedule, having pumped ~545K cubic meters of water since the end of January, keeping the restart pathway on track.</li>
</ul>


Namib provided an update on its How Mine expansion, which remains on track to complete construction and commissioning in H2/26.
Civil works are at an advanced stage, and key mechanical components, including the mill shell, have now been delivered to site.
Separately, the Company reported that dewatering at the Redwing Mine remains on schedule, having pumped ~545K cubic meters of water since the end of January, keeping the restart pathway on track.


NAMM: How Expansion on Track; Redwing Dewatering on Schedule

<ul>
<li>Namib Minerals released its full-year 2025 financial results and provided an operational and business update.</li>
<li>The Company produced 25Koz of gold in 2025, generating $82.6M in revenue, $29.0M in adjusted EBITDA, and $13.8M in OCF.</li>
<li>2026 production guidance is expected to be between 28,000-31,500oz, leading to an adjusted EBITDA of $50-62M (at $4,500/oz Au), highlighting near-term growth.</li>
</ul>


Namib Minerals released its full-year 2025 financial results and provided an operational and business update.
The Company produced 25Koz of gold in 2025, generating $82.6M in revenue, $29.0M in adjusted EBITDA, and $13.8M in OCF.
2026 production guidance is expected to be between 28,000-31,500oz, leading to an adjusted EBITDA of $50-62M (at $4,500/oz Au), highlighting near-term growth.


NAMM: Resilient Profitability; 2026 Guidance Highlights Growth

<ul>
<li>Namib Minerals outlined operational guidance for 2025, targeting 24-25Koz of gold and adjusted EBITDA of $22-26M, while focusing on grade optimization and throughput improvement at its How Mine.</li>
<li>Management outlined a phased restart plan for Redwing and Mazowe, with early-stage dewatering and infrastructure upgrades set to begin.</li>
<li>We initiated coverage on NAMM (see here), highlighting its strong growth potential as it advances two restart projects.</li>
</ul>


Namib Minerals outlined operational guidance for 2025, targeting 24-25Koz of gold and adjusted EBITDA of $22-26M, while focusing on grade optimization and throughput improvement at its How Mine.
Management outlined a phased restart plan for Redwing and Mazowe, with early-stage dewatering and infrastructure upgrades set to begin.
We initiated coverage on NAMM (see here), highlighting its strong growth potential as it advances two restart projects.


United States

Namib Minerals operates as a mining company. The Company owns and manages mines extracting minerals and metals including gold. Namib Minerals serves customers in the United States.

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Namib Minerals (NAMM US)

Zimbabwe Thematic Note 14102026

Inflation was 3.7% y/y by Sep 2026, the IMF approved its first Staff-Monitored Programme in over a decade, the 2024 fiscal deficit was just 0.7% of...

ACF Equity Research

NAMM: H1/26 Results; Redwing Restart Brought Forward

What you need to know: • Namib reported H1/26 revenue of $50.8M (+40% YoY) and adjusted EBITDA of $19.0M (+76% YoY), as a 48% higher realized gold...

Atrium Research

NAMM: How Expansion on Track; Redwing Dewatering on Schedule

Namib provided an update on its How Mine expansion, which remains on track to complete construction and commissioning in H2/26.

Atrium Research

NAMM: Resilient Profitability; 2026 Guidance Highlights Growth

2026 production guidance is expected to be between 28,000-31,500oz, leading to an adjusted EBITDA of $50-62M (at $4,500/oz Au), highlighting near...

Atrium Research

NAMM: Production & Operational Update

Management outlined a phased restart plan for Redwing and Mazowe, with early-stage dewatering and infrastructure upgrades set to begin.

Atrium Research

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