Namib Minerals Secures $6.5 Million Loan for Redwing Mine

Namib Minerals secured a US$6.5 million non-dilutive term loan facility for its wholly owned subsidiary, Bulawayo Mining Company (Private) Limited. Provided by the African Banking Corporation of Zimbabwe Limited (BancABC), the funding is consolidated with existing term loan and overdraft facilities to improve the company's liquidity and working capital.

The capital is designated for Step 3 of the Redwing Mine development milestones, specifically for surface exploration drilling and advancing the Definitive Feasibility Study to full bankability. This phase follows the early completion of Step 1, which focused on dewatering, and the ongoing technical program of Step 2.

Chief Financial Officer Sphe Mchunu stated that the facility allows for the start of resource definition drilling without dilution to existing shareholders. He noted that the support from BancABC reflects confidence in the company's operating platform at How Mine and its staged approach to the Redwing Mine restart. Namib Minerals plans to cover the remaining balance of Step 3 funding through a sequenced financing plan.