Namib Minerals (NASDAQ: NAMM) fell hard on Maundy Thursday. The company, the African mining platform capitalizing on strategic resource opportunities, today announced its full year 2025 financial results, as the Company advances its strategy to build a multi-asset African mining platform.
For the year ended December 31, 2025, Namib produced approximately 25,000 ounces of gold and generated $82.6 million in revenue, compared with $85.9 million in 2024.
Adjusted EBITDA increased 18% to $29.0 million, and operating cash flow totaled $13.8 million. These results were in line with the Company’s guidance, despite a lower grade environment at the How Mine. In addition, our Profit increased to $101.2 million in 2025, compared to $3.6 million in 2024, due in large part to the recognition of non-cash items
“Namib Minerals continues to make disciplined progress against our strategic roadmap to expand production,” said CEO Tulani Sikwila, Chief Executive Officer. “2025 was a year of disciplined progress as we executed against our strategy to stabilize operations, increase production capacity, and expand our resource base.”
Non-cash items related to the Company’s public listing had a significant impact on reported results but did not affect cash flows. These included a $158.8 million gain from the revaluation of earnout liabilities, a $5.7 million gain related to warrant liabilities, and $65.4 million in one-time, non-cash listing expenses associated with the Company’s business combination.
NAMM shares lost 16 cents, or 7%, to $2.13.
