How Mine Targets 36% Throughput Surge as Expansion Stays on Track

Key Takeaways

• Throughput to rise 36% to 55,000 tonnes/month.
• 2025 production fell to 25,000 ounces, revenue $82.6M.
• AISC projected $2,400‑$2,700 per ounce in 2026.
• Expansion funded by $50‑$62M adjusted EBITDA target.

Pulse Analysis

How Mine’s capacity upgrade reflects a broader trend of mid‑tier gold producers scaling operations to offset lower ore grades. By expanding its mill from 40,500 to 55,000 tonnes per month, the mine can process more material without proportionally increasing fixed costs, a lever that improves per‑ounce economics. The 36% throughput boost aligns with Namib Minerals’ strategy to leverage its cash‑generating asset, ensuring the company remains resilient amid volatile commodity prices and tightening capital markets.

Financially, the 2025 dip to 25,000 ounces—down from 37,239 ounces the prior year—was cushioned by a strong gold price, keeping revenue at $82.6 million. Management’s focus on tighter grade control, refined mine planning, and disciplined underground operations aims to restore higher‑grade output and narrow the all‑in sustaining cost (AISC) range to $2,400‑$2,700 per ounce in 2026. Those cost targets, combined with an assumed $4,500 gold price, set the stage for adjusted EBITDA of $50‑$62 million, underscoring the mine’s profitability even in a lower‑grade environment.

Looking ahead, the expansion not only secures How Mine’s role as Namib Minerals’ primary cash engine but also funds the restart of regional brownfield projects. With sustaining capital expected to normalize in 2026, free cash flow should rise, enabling the company to pursue growth without dilutive financing. Investors will watch how the increased throughput translates into market‑share gains and whether the operational efficiencies can sustain the projected cost structure, factors that could influence broader sentiment toward African gold mining assets.