CAYMAN Islands-based miner, Namib Minerals, anticipates incurring sustaining and expanding capital expenditures of US$17 million for its flagship How Gold Mine this year, as it expects to increase production by 12% to 26%.
The mine produced 25 000 ounces of gold during the miner’s financial year ended December 31, 2025, with the firm targeting between 28 000 and 31 500 ounces this year.
How Gold Mine is a high-grade, underground gold mine with a strong track record of operations, having produced an aggregate of approximately 1,84 million ounces of gold from 1941 through December 31, 2025.
The mine’s measured mineral resource estimate was 583 000, indicated (463 000), and inferred (2,17 million).
“The company anticipates incurring sustaining and expanding capital expenditures in an aggregate amount of approximately US$17 million at the How Mine for the year ended December 31, 2026,” Namib revealed in a statement covering its 2025 financial period.
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“These amounts are anticipated to relate to, among other purposes, underground and surface equipment
as well as vehicles.”
Namib ended the review period with cash and cash equivalents of US$1,9 million, with borrowing and increased cash flow from surging gold prices expected to fund its capex.
“We may borrow money to finance future capital expenditures or for other uses,” the miner said.
The company cautioned that borrowing may increase leverage and constrain cash flow for operational and corporate needs.
According to Namib, net cash provided by operating activities was US$13,8 million after interest and tax last year from revenue of US$82,59 million due to How Gold Mine.
This was a decrease of 4% from Namib’s US$85,9 million revenue generated in 2024, as last year saw a 33% reduction in gold grade at HGM.
“For 2026, at How Mine, our focus is clear: maintain operational consistency, improve throughput, stabilise gold production, and continue disciplined cost management,” Namib said.
How Gold Mine remains Namib’s sole revenue generator, while efforts continue to restart production at its Mazowe and Redwing Gold Mines, projects estimated to cost US$300 million – US$400 million.
