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Namib Minerals
(NASDAQ:NAMM)
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Rating:51Neutral
Price Target:
$0.82
▼(-44.15% Downside)
Action:Reiterated
Date:10/13/26
The score is held back primarily by financial structure and quality concerns (persistently negative equity, low TTM free cash flow, and volatile/atypical profitability) and weak technicals (price below key moving averages with negative MACD). These are partially offset by very low P/E-based valuation and a generally constructive earnings update that highlighted operational progress and improving operating cash flow, despite lowered production guidance, higher cost guidance, and a sizable working-capital deficit.
Positive Factors
Operating Growth
Strong revenue, gross profit, and adjusted EBITDA growth indicates improving operating scale and earnings capacity. Although higher gold prices contributed, the margin expansion and broader profit growth provide a stronger base for reinvestment and could support improved financial performance over the next several quarters.
Negative Factors
Negative Shareholder Equity
Persistently negative shareholder equity is a durable capital-structure weakness that reduces financial flexibility and makes the company more vulnerable if operating results deteriorate. It can also constrain access to funding and leaves less balance-sheet capacity to absorb unexpected costs or delays.
Read all positive and negative factors
Positive Factors
Negative Factors
Operating Growth
Strong revenue, gross profit, and adjusted EBITDA growth indicates improving operating scale and earnings capacity. Although higher gold prices contributed, the margin expansion and broader profit growth provide a stronger base for reinvestment and could support improved financial performance over the next several quarters.
Read all positive factors
Namib Minerals (NAMM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$43.07M
Dividend YieldN/A
Average Volume (3M)1.71M
Price to Earnings (P/E)0.2
Beta (1Y)-0.37
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees1,500
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)3.15
Shares Outstanding55,852,406
10 Day Avg. Volume470,773
30 Day Avg. Volume1,708,889
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)-1.33
Price to Sales (P/S)0.63
P/FCF Ratio36.33
Enterprise Value/Market Cap2.37M
Enterprise Value/Revenue848.16K
Enterprise Value/Gross Profit1.61M
Enterprise Value/Ebitda667.62K
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.21
Revenue Forecast (FY)$143.20M
Namib Minerals Business Overview & Revenue Model
Company Description
Namib Minerals is a gold producer, developer and explorer with operations focused in Zimbabwe. The company was founded on June 5, 2025 and is headquartered in George Town, Cayman Islands....
Namib Minerals Earnings Call Summary
Earnings Call Date:Oct 01, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Apr 08, 2027
Earnings Call Sentiment Positive
The call was positive overall. Management reported strong financial improvement, including 40% revenue growth, a doubling of gross profit, 76% adjusted EBITDA growth and 61% operating cash flow growth, supported by a stronger gold price and lower absolute production costs. The company also reported progress on the How Mine expansion, an earlier Redwing restart, non-dilutive funding and additional bank facilities. These positives were partly offset by lower production, a reduction in 2026 production guidance, higher per-ounce and all-in sustaining costs, increased underlying administrative expenses, a $4.8 million net loss after tax, and a $42.9 million working capital deficit.Positive Updates
Revenue and Gross Profit Growth
First-half 2026 revenue increased 40% to $50.8 million from $36.4 million, while gross profit doubled to $27 million from $13.5 million. Gross margin increased to 53% from 37%, driven primarily by the significantly stronger gold price environment.
Negative Updates
How Mine Production Decline
How Mine produced 11,373 ounces in the first half of 2026, down 11% from 12,741 ounces in the first half of 2025. The main cause was lower grade of 1.7 grams per tonne versus 1.9 grams per tonne, with broadly the same tonnage.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and Gross Profit Growth
First-half 2026 revenue increased 40% to $50.8 million from $36.4 million, while gross profit doubled to $27 million from $13.5 million. Gross margin increased to 53% from 37%, driven primarily by the significantly stronger gold price environment.
Read all positive updates
Company Guidance
Namib Minerals revised full year 2026 production guidance to between 26,500 ounces to 27,000 ounces, down from 28,000 ounces to 31,500 ounces, assuming the expanded mill is commissioned in mid-October and ramps up over 6 weeks to 8 weeks; the top of the range assumes a quicker ramp up and grades towards 1.9 grams per tonne, while the bottom assumes a slower ramp at first half grades. C1 cash cost guidance remains $1,400 per ounce to $1,650 per ounce, with first half C1 at $1,576 per ounce, and full year group all-in sustaining costs are expected at $2,650 per ounce to $2,850 per ounce versus the previous range of $2,400 per ounce to $2,700 per ounce and first half of $3,078 per ounce. How Mine is expected to enter 2027 at an annualized rate of more than 30,000 ounces, while Redwing’s First Gold is targeted for no later than January 2027, and 2027 production and cost guidance, including Redwing's anticipated contribution, is expected in the first quarter of 2027.Namib Minerals Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
28
Negative
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 120.15M | 82.59M | 85.88M | 65.06M | 47.66M | 0.00 |
| Gross Profit | 63.21M | 34.23M | 38.79M | 22.46M | 10.72M | 0.00 |
| EBITDA | 152.65M | 117.73M | 20.16M | 14.00M | 11.79M | 2.52M |
| Net Income | 164.79M | 101.18M | 3.59M | 3.63M | 2.93M | 2.52M |
Balance Sheet | ||||||
| Total Assets | 76.35M | 62.79M | 51.04M | 40.98M | 41.35M | 343.73M |
| Cash, Cash Equivalents and Short-Term Investments | 1.75M | 1.89M | 698.00K | 278.00K | 59.00K | 1.97M |
| Total Debt | 7.93M | 5.18M | 2.90M | 813.00K | 1.22M | 0.00 |
| Total Liabilities | 117.12M | 102.07M | 81.97M | 69.33M | 60.09M | 27.96M |
| Stockholders Equity | -40.77M | -39.27M | -30.93M | -28.35M | -18.74M | 315.77M |
Cash Flow | ||||||
| Free Cash Flow | 1.70M | 1.44M | 9.14M | 8.38M | 3.12M | -1.14M |
| Operating Cash Flow | 27.09M | 13.79M | 19.13M | 14.92M | 10.16M | -1.14M |
| Investing Cash Flow | -26.51M | -12.39M | -10.06M | -5.63M | -7.03M | -340.93M |
| Financing Cash Flow | 2.30M | 795.00K | -9.65M | -9.07M | -3.81M | 344.04M |
Namib Minerals Technical Analysis
Negative
1.47
Price Trends
1.21
Negative
1.40
Negative
1.93
Negative
Market Momentum
-0.11
Positive
29.79
Positive
26.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NAMM, the sentiment is Negative. The current price of 1.47 is above the 20-day moving average (MA) of 1.02, above the 50-day MA of 1.21, and below the 200-day MA of 1.93, indicating a bearish trend. The MACD of -0.11 indicates Positive momentum. The RSI at 29.79 is Positive, neither overbought nor oversold. The STOCH value of 26.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NAMM.
Namib Minerals Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $327.13M | 14.16 | 21.25% | ― | 66.79% | 119.77% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
51 Neutral | $43.07M | 0.24 | -411.73% | ― | ― | ― | |
51 Neutral | $496.59M | -5.30 | -34.41% | ― | ― | -400.46% | |
44 Neutral | $10.24M | -4.24 | -34.90% | ― | ― | 1.50% | |
42 Neutral | $81.19M | -4.75 | -48.15% | ― | ― | -45.80% |
* Basic Materials Sector Average
NAMM
Namib Minerals
0.77
-1.15
-59.84%
PZG
Paramount Gold Nevada
0.94
-0.17
-15.50%
CTGO
Contango ORE
14.85
-6.92
-31.79%
ATCX
Atlas Critical Minerals
2.07
-36.93
-94.69%
IDR
Idaho Strategic Resources
20.67
-14.29
-40.88%
AUST
Austin Gold Corp.
0.75
-1.03
-57.98%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.