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NAMM

Namib Minerals Ordinary Shares

NAMM

Namib Minerals Ordinary Shares • NASDAQ
$1.33 ▼ -11.92% (-0.18)
Market Cap $71.39 M
52w High $55.00
52w Low $1.29
Dividend Yield 0%
P/E -4.03
Volume 538.84K
Outstanding Shares 53.68M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2025 $0 ▲ $1.369M ▲ $-3.532M ▲ 0% ▼ $-0.24 ▲ $-3.472M ▼
Q4-2024 $-20.959M $-17.907M $-14.962M 71.389% $-1.32 $0 ▲
Q3-2024 $-20.959M ▼ $-17.907M ▼ $-14.962M ▼ 71.389% ▲ $-1.32 ▼ $-12.391M ▼
Q2-2024 $20.959M $4.123M $4.588M 21.888% $-0.31 ▼ $6.641M
Q1-2024 $20.959M $4.123M $4.588M 21.888% $-0.23 $6.641M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2025 $891K ▲ $36.638M ▼ $27.659M ▼ $8.979M ▲
Q4-2024 $698K ▼ $51.039M ▲ $81.965M ▲ $-30.926M ▼
Q3-2024 $889K ▼ $36.38M ▼ $59.305M ▼ $-22.925M ▲
Q2-2024 $1.318M $49.236M $74.575M $-25.339M
Q1-2024 $1.318M $49.236M $74.575M $-25.339M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2025 $-3.532M ▲ $-172K ▲ $40K ▼ $134K ▲ $2K ▲ $-172K ▲
Q4-2024 $-14.962M $-423K ▼ $237.021M ▲ $-236.599M ▼ $-21.401M ▼ $-5.217M
Q3-2024 $-14.962M ▼ $-89.999K ▼ $-215.34M ▼ $215.34M ▲ $21.31M ▲ $-5.217M ▼
Q2-2024 $4.588M $5.698M ▲ $-1.841M ▼ $-3.327M ▲ $0 ▲ $3.841M
Q1-2024 $4.588M $-1.036M $215.92M $-215.34M $-456K $3.841M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown from essentially nothing to a modest but rising base, which suggests the business is moving from a dormant or early-stage phase into more regular operations. Margins appear to have improved as revenue increased, with operating performance turning slightly positive. However, bottom-line earnings still look very close to break-even, indicating the company has not yet established a strong, consistent profit profile. Overall, the income statement tells a story of an early growth company with improving operations but still limited scale and thin profitability, leaving results sensitive to any operational setback or cost overrun.

Balance Sheet

Balance Sheet The balance sheet looks very light and somewhat strained. Total assets are small and have shrunk sharply from earlier levels, which may reflect restructuring, asset write-downs, or a refocus of the business. Reported equity is negative in recent years, signalling accumulated losses or adjustments that have eroded the company’s capital base. On the positive side, there is no reported debt, so the company is not burdened by interest payments. The combination of negative equity and no debt suggests a fragile financial cushion, where future projects and expansions will likely depend heavily on external funding and successful execution.

Cash Flow

Cash Flow Operating cash flow has turned modestly positive and shows gradual improvement, which indicates that the core operations are starting to pay for themselves, at least on a small scale. The company is spending a bit on capital projects, but still manages to show slightly positive free cash flow overall. This is encouraging but the absolute levels are low, so there is limited room for error. Any delay in ramping up production or any cost spike could quickly swing cash flow back into negative territory, making dependable access to capital markets an important lifeline for project build-out and mine restarts.

Competitive Edge

Competitive Edge Namib Minerals’ competitive position rests on a mix of long-standing gold operations, regional know-how, and an emerging pivot into metals tied to the energy transition. The flagship How Mine provides an operating base with a history of relatively low-cost production, giving the company an anchor asset in Zimbabwe. Its two-decade track record in the region is a real advantage in navigating local geology, regulations, and infrastructure, an area where newcomers often struggle. The planned diversification into copper and cobalt in central Africa, if successful, could position the company in both traditional gold and growth-oriented “green metals.” At the same time, operating in politically and logistically complex jurisdictions brings above-average risk, and the company’s small scale means its bargaining power and resilience are limited compared with major global miners.

Innovation and R&D

Innovation and R&D The company is not a classic R&D-heavy business, but it is pursuing several operational innovations. Its push toward renewable energy at its main mine—especially solar power—aims to create more reliable, cheaper, and cleaner electricity, addressing both cost control and sustainability. The broader theme is “cleaner mining,” where improved energy efficiency and responsible practices are used as differentiators. Namib also leans on its deep in-country experience as a kind of intangible know-how, which helps it apply modern and conventional techniques to challenging geology. Future innovation focus appears to be on mine restarts, capacity expansions, and adding new metals like copper and cobalt rather than on breakthrough technologies. Execution risk is high: the benefits of these projects will only materialize if the restarts, feasibility work, and exploration programs translate into commercially viable production.

Summary

Overall, Namib Minerals looks like a small, transition-stage miner moving from a legacy gold base toward a broader portfolio that includes metals critical for the energy transition. The income statement and cash flows show early signs of operational traction, but on a very small foundation, with results still hovering around break-even. The balance sheet is thin, with negative equity and no debt, implying both limited financial cushion and substantial reliance on future capital-raising and project delivery. Competitively, the company’s strengths are its anchor gold asset, long regional experience, and access to international capital through its listing, offset by the inherent risks of operating in complex jurisdictions and the challenges of scaling from a small base. The strategic focus on cleaner energy use and diversification into green metals offers attractive potential, but the path is execution-heavy and uncertain, making future performance highly dependent on successful mine restarts, exploration outcomes, and disciplined capital management.

NEWS

November 24, 2025 · 7:11 AM UTC

Namib Minerals Provides Business Update

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November 20, 2025 · 5:30 PM UTC

Namib Minerals Schedules Business Update Call

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November 14, 2025 · 9:36 AM UTC

Namib Minerals – Operational Update

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November 10, 2025 · 9:28 AM UTC

Namib Minerals – Production and Operational Update

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October 9, 2025 · 12:36 PM UTC

Namib Minerals Reaffirms and Expands Collaboration with WSP for Feasibility Studies to Advance Expansion Plans

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