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Namib Minerals reported stronger revenue and earnings for the six months ended June 30, 2026, even as How Mine produced fewer ounces than a year earlier. The company credited the financial improvement partly to a higher realized gold price. Its production outlook did not rise: it cut 2026 guidance to 26,500–27,000 ounces from 28,000–31,500, saying the expanded How Mine mill would contribute for only part of the fourth quarter.
What were Namib Minerals’ first-half 2026 results?
In results announced October 1, 2026, Namib Minerals reported higher revenue, gross profit, adjusted EBITDA and operating cash generation for the first half compared with the same period in 2025. Its operating figures, however, show lower How Mine production and a lower head grade. These are company-reported results for the six months ended June 30.
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| Measure | H1 2026 | H1 2025 |
|---|---|---|
| Revenue | $50.8 million | $36.4 million |
| Average net realized gold price after royalties | $4,195 per ounce | $2,827 per ounce |
| Gold sales volume | Down 7% year over year | — |
| Gross profit | $27.0 million | $13.5 million |
| Gross margin | 53% | 37% |
| Adjusted EBITDA | $19.0 million | $10.8 million |
| Net cash generated from operating activities | $9.3 million | $5.8 million |
| How Mine production | 11,373 ounces | 12,741 ounces |
| How Mine tonnes milled | 233,000 tonnes | 236,000 tonnes |
| How Mine average head grade | 1.7 grams per tonne | 1.9 grams per tonne |
| How Mine recovery | 88% | 89% |
Why did earnings improve while mine output declined?
The clearest difference is the gold price received: Namib Minerals’ average net realized price after royalties rose 48%, from $2,827 to $4,195 per ounce. Revenue therefore increased even though gold sales volume fell 7%. The company also said its results reflected cost and efficiency work; it reported gross profit doubling and adjusted EBITDA rising 76%.
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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteAt How Mine, the reported production decline coincided with a lower average head grade, while tonnes milled were broadly flat. The mine processed 233,000 tonnes, compared with 236,000 in H1 2025, but average grade was 1.7 grams per tonne versus 1.9. Recovery was 88%, compared with 89%. These figures describe different parts of the operation: tonnes processed were close to the prior-year level, but the ore grade and resulting ounces were lower.
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Why did Namib Minerals cut 2026 production guidance?
The company lowered its full-year production range to 26,500–27,000 ounces from 28,000–31,500 ounces. It said the expanded How Mine mill was expected to be commissioned in mid-October and would contribute for only part of Q4. Namib Minerals also assumed a six-to-eight-week ramp-up after commissioning, so the added capacity was not expected to translate into a full quarter of expanded production during 2026.
| 2026 production outlook | Ounces |
|---|---|
| Previous guidance | 28,000–31,500 |
| Revised guidance | 26,500–27,000 |
The release said C1 cash-cost guidance was maintained, but the change in production guidance is the material direction-of-travel point: the company reduced its expected ounces despite the stronger first-half financial performance. Revenue and earnings benefited in part from price realization; they should not be read as evidence that production guidance increased.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What needs to happen for the How Mine expansion to deliver?
Namib Minerals described the mill expansion as substantially complete, with planned processing capacity increasing from approximately 40,500 to 55,000 tonnes per month. The company’s schedule still depended on commissioning, followed by the stated six-to-eight-week ramp-up. The mid-October commissioning date and capacity increase were management expectations in the October 1 update, not confirmation that the expanded mill was already running at its planned rate.
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When is Redwing expected to restart?
The company said dewatering at Redwing was completed ahead of schedule and that a three-month restart program would begin in October. It targeted first gold no later than January 2027. That is a forward-looking target: the update does not establish that Redwing had restarted production or produced gold.
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