Q2 2026 Namib Minerals Earnings and Business Update Call

October 1, 2026

Speaker #1: Joining me today are Tulani Sikwila, Chairman, and Chief Executive Officer; and Sphe Mchunu, Chief Financial Officer of Namib Minerals. Please note that we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties.

Speaker #1: These include statements about our production and cost guidance, the commissioning and ramp-up of the expanded milling plant at Howmine, the timing and scope of the restart of Redwing Mine, our financing plans, and the implementation of Zimbabwe's mining policy framework.

Speaker #1: These statements reflect our views only as of today, and should not be relied upon as representative of our views of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from our expectations.

Speaker #1: A discussion of these factors can be found on SEC filings, including our Form 20F filed on April 2, 2026, and the report on Form 6K furnished today.

[Company Representative] (Namib Minerals): Namib Minerals' H1 2026 earnings call. Joining me today are Tulani Sikwila, Chairman and Chief Executive Officer, and Spe Mchunu, Chief Financial Officer of Namib Minerals. Please note that we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These include statements about our production and cost guidance, the commissioning and ramp-up of the expanded milling plant at How Mine, the timing and scope of the restart of Red Wing Mine, our financing plans, and the implementation of Zimbabwe's mining policy framework. These statements reflect our views only as of today and should not be relied upon as representative of our views of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from our expectations.

[Company Representative] (Namib Minerals): Namib Minerals' H1 2026 earnings call. Joining me today are Tulani Sikwila, Chairman and Chief Executive Officer, and Sphe Mchunu, Chief Financial Officer of Namib Minerals. Please note that we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These include statements about our production and cost guidance, the commissioning and ramp-up of the expanded milling plant at How Mine, the timing and scope of the restart of Red Wing Mine, our financing plans, and the implementation of Zimbabwe's mining policy framework. These statements reflect our views only as of today and should not be relied upon as representative of our views of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from our expectations.

Speaker #1: Minerals' first half 2026 earnings call. Joining me today are Tu Lian Sequela, Chairman and Chief Executive Officer, and Spayman Chunu, Chief Financial Officer of Namib Minerals.

Speaker #1: Containing our 2026 first half results. As well as the risk factors and forward-looking statements language contained in our other public disclosures. We undertake no obligation to update any forward-looking statements, except as required by law.

Speaker #1: Please note that we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These include statements about our production and cost guidance, the commissioning and ramp-up of the expanded milling plant at Howmine, the timing and scope of the restart of Redwing Mine, our financing plans, and the implementation of Zimbabwe's mining policy framework.

Speaker #1: Stage remarks also reference certain non-IFRS financial measures, including adjusted EBITDA, C1 cash costs, and all-in sustaining cost per ounce. These measures are intended to supplement and not substitute our results presented in accordance with IFRS definitions and reconciliations of these measures are available in our filings with the SEC, and our other public disclosures.

Speaker #1: These statements reflect our views only as of today and should not be relied upon as representative of our views at any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from our expectations.

Speaker #1: Additionally, mineral resource and reserve estimates are subject to uncertainty and mineral resources may not convert to mineral reserves; ultimately result in mined gold. Investors should not assume that any mineral resources will be economically or legally minable.

Speaker #1: A discussion of these factors can be found in SEC filings, including our Form 20-F filed on April 2, 2026, and the report on Form 6-K furnished today.

[Company Representative] (Namib Minerals): A discussion of these factors can be found on SEC filings, including our Form 20-F filed on 2 April 2026, and the report on Form 6-K furnished today, containing our 2026 H1 results, as well as the risk factors and forward-looking statements language contained in our other public disclosures. We undertake no obligation to update any forward-looking statements except as required by law. Today's remarks also reference certain non-IFRS financial measures, including adjusted EBITDA, C1 cash costs, and all-in sustaining cost per ounce. These measures are intended to supplement and not substitute our results presented in accordance with IFRS. Definitions and reconciliations of these measures are available in our filings with the SEC and our other public disclosures. Additionally, mineral resource and reserve estimates are subject to uncertainty, and mineral resources may not convert to mineral reserves, ultimately result in mined gold.

Speaker #1: Containing our 2026 first-half results, as well as the risk factors and forward-looking statements language contained in our other public disclosures. We undertake no obligation to update any forward-looking statements, except as required by law.

Speaker #1: Please refer to our public disclosures for complete definitions and cautionary language in accordance with SEC regulation SK 1300. With that, let me turn the call over to Tulani.

Speaker #1: Stage remarks also reference certain non-IFRS financial measures, including adjusted EBITDA, C1 cash costs, and all-in sustaining cost per ounce. These measures are intended to supplement, not substitute, our results presented in accordance with IFRS definitions. Reconciliations of these measures are available in our filings with the SEC and our other public disclosures.

Speaker #2: Thank you, Dan. And good day, everyone. Thank you for joining us for Namib Minerals' first half 2026 results. I want to begin with an overview of the progress Namib Minerals has made since our last call, and provide updates on Howmine, Redwing, our development strategy, and how we are funding our plan and our priorities for the remainder of the year.

Speaker #2: I will then turn the call over to Sphe to walk through our financial performance in greater detail. The first half of 2026 was a period of both progress and continued investment across Namib Minerals.

Speaker #1: Additionally, mineral resource and reserve estimates are subject to uncertainty, and mineral resources may not convert to mineral reserves or ultimately result in mined gold. Investors should not assume that any mineral resources will be economically or legally minable.

[Company Representative] (Namib Minerals): Investors should not assume that any mineral resources will be economically or legally minable. Please refer to our public disclosures for complete definitions and cautionary language in accordance with SEC Regulation S-K 1300. With that, let me turn the call over to Tulani.

Speaker #2: Financially, the business benefited from a significantly stronger gold price environment, while the cost and efficiency initiatives we have implemented across the organization also began to show tangible results.

Speaker #1: Please refer to our public disclosures for complete definitions and cautionary language in accordance with SEC Regulation S-K 1300. With that, let me turn the call over to Tulani.

Speaker #2: Thank you, Dan, and good day, everyone. Thank you for joining us for Namib Minerals' first-half 2026 results. I want to begin with an overview of the progress Namib Minerals has made since our last call, and provide updates on Howmine, Redwing, our development strategy, and how we are funding our plan and our priorities for the remainder of the year.

Tulani Sikwila: Thank you, Dan, and good day, everyone. Thank you for joining us for Namib Minerals' H1 2026 results. I want to begin with an overview of the progress Namib Minerals has made since our last call and provide updates on How Mine, Red Wing, our development strategy, and how we are funding our plan and our priorities for the remainder of the year. I will then turn the call over to Spe to walk through our financial performance in greater detail. The H1 2026 was a period of both progress and continued investment across Namib Minerals. Financially, the business benefited from a significantly stronger gold price environment, while the cost and efficiency initiatives we have implemented across the organization also began to show tangible results. The company delivered a step change in underlying earnings. Revenue was up 40% to USD 50.8 million.

Tulani Sikwila: Thank you, Dan, and good day, everyone. Thank you for joining us for Namib Minerals' H1 2026 results. I want to begin with an overview of the progress Namib Minerals has made since our last call and provide updates on How Mine, Red Wing, our development strategy, and how we are funding our plan and our priorities for the remainder of the year. I will then turn the call over to Sphe to walk through our financial performance in greater detail. The H1 2026 was a period of both progress and continued investment across Namib Minerals. Financially, the business benefited from a significantly stronger gold price environment, while the cost and efficiency initiatives we have implemented across the organization also began to show tangible results. The company delivered a step change in underlying earnings. Revenue was up 40% to USD 50.8 million.

Speaker #2: The company delivered a step change in underlying earnings. Revenue was up 40% to 50.8 million. Gross profit doubled to 27 million, a margin of 53%, and adjusted EBITDA was up 76% to 19 million.

Speaker #2: That was driven by a significantly stronger gold price and it was achieved with production costs that were lower in absolute terms than a year ago.

Speaker #2: I will then turn the call over to Spay to walk through our financial performance in greater detail. The first half of 2026 was a period of both progress and continued investment across Namib Minerals.

Speaker #2: Operationally, Howmine produced 11,373 ounces in 2026 H1, 11% below the 12,741 ounces we produced in 2025 H1. The main cause was the grade at 1.7 grams per ton against 1.9 a year ago, on broadly the same tonnage.

Speaker #2: The company delivered a step change in underlying earnings. Revenue was up 40% to $50.8 million. Gross profit doubled to $27 million, a margin of 53%. Adjusted EBITDA was up 76% to $19 million.

Speaker #2: Because of that first half and the expanded mill, we'll now contribute only part of the fourth quarter. We are revising our full-year production guidance today.

Tulani Sikwila: Gross profit doubled to USD 27 million, a margin of 53%, and adjusted EBITDA was up 76% to USD 19 million. That was driven by a significantly stronger gold price, and it was achieved with production costs that were lower in absolute terms than a year ago. Operationally, How Mine produced 11,373 ounces in 2026 H1, 11% below the 12,741 ounces we produced in 2025 H1. The main cause was the grade at 1.7 grams per ton against 1.9 a year ago on broadly the same tonnage. Because of that H1 and the expanded mill will now contribute only part of the Q4. We are revising our full-year production guidance today. I will provide the numbers and the reasoning in a moment. Strategically, 2026 H1 and the weeks since have moved the company forward.

Speaker #2: I will provide the numbers and the reasoning in a moment. Strategically, 2026 H1 and the week since have moved the company forward. We completed the watering at Redwing on September 21, 2026, ahead of the fourth quarter target.

Speaker #2: That was driven by a significantly stronger gold price, and it was achieved with production costs that were lower in absolute terms than a year ago.

Speaker #2: Operationally, Howmine produced 11,373 ounces in H1 2026, 11% below the 12,741 ounces we produced in H1 2025. The main cause was the grade—at 1.7 grams per ton against 1.9 a year ago—on broadly the same tonnage.

Speaker #2: We published in July. We had published development timelines and milestones, which are called the development milestones, with regard to Redwing's development. We are now bringing forward the restart of production at Redwing.

Speaker #2: Which I will discuss in more detail shortly. The restart will be funded from internally generated cash flows, with the first gold targeted for no later than January 2027.

Speaker #2: Because of that first half and the expanded mill, we'll now contribute only part of the fourth quarter. We are revising our full-year production guidance today.

Speaker #2: We have also maintained our disciplined approach to funding, engaging with local banks to secure facilities for development milestones without issuing new equity. Howmine remains the operating foundation of Namib Minerals, and the principal source of production for our portfolio today.

Tulani Sikwila: We completed dewatering at Red Wing on 21 September 2026, ahead of the Q4 target we published in July. We had published development timelines and milestones, which are called the development milestones, with regard to Red Wing's development. We are now bringing forward the restart of production at Red Wing, which I will discuss in more detail shortly. The restart will be funded from internally generated cash flows, with the first gold targeted for no later than January 2027. We have also maintained our distinct approach to funding, engaging with local banks to secure facilities for development milestones without issuing new equity. How Mine remains the operating foundation of Namib Minerals and the principal source of production for our portfolio today. During the H1, production was affected by lower grades and a slight dip in tonnage. While throughput and recovery remained relatively stable.

Speaker #2: During the first half of the year, production was affected by lower grades, and a slight dip in tonnage. While throughput and recovery remained relatively stable, the mine has been constrained by its mill.

Speaker #2: In the first half, we milled 233,000 tons, which is close to everything the existing plant can process. When grade falls, as it did, there is no spare capacity to make up the ounces with tons.

Speaker #2: I will discuss this in more detail shortly. The restart will be funded from internally generated cash flows, with the first gold targeted for no later than January 2027.

Speaker #2: We have also maintained our disciplined approach to funding, engaging with local banks to secure facilities for development milestones without issuing new equity. Howmine remains the operating foundation of Namib Minerals and the principal source of production for our portfolio today.

Speaker #2: The mill expansion removes that constraint. It lifts our processing capacity from approximately 40,500 tons a month to 55,000 tons a month, which is an increase of about 36%.

Speaker #2: The installation of the processing capacity is substantially complete, the mill is installed, the pre-commissioning checks are underway, we expect to commission mid-October. That is within the second half timeline we gave.

Speaker #2: During the first half of the year, production was affected by lower grades and a slight dip in tonnage, while throughput and recovery remained relatively stable.

Speaker #2: The mine has been constrained by its mill. In the first half, we milled 233,000 tons, which is close to everything the existing plant can process.

Tulani Sikwila: The mine has been constrained by its mill. In the H1, we milled 233,000 tons, which is close to everything the existing plant can process. When grade falls as it did, there is no spare capacity to make up the ounces with tons. The mill expansion removes that constraint. It lifts our processing capacity from approximately 40,500 tons a month to 55,000 tons a month, which is an increase of about 36%. The installation of the processing capacity is substantially complete. The mill is installed. The pre-commissioning checks are underway. We expect to commission mid-October. That is within the H2 timeline we gave. It is, however, later than the production plan and behind our original guidance assumed. We expect a ramp-up period of six to eight weeks, which means the expanded plant should be running at its full rate by the end of December.

Speaker #2: It is, however, later than the production plan and behind our original guidance assumed. We expect a ramp-up period of 6 to 8 weeks which means the expanded plan should be running at its full rate by the end of December.

Speaker #2: When grade falls, as it did, there is no spare capacity to make up the ounces with tons. The mill expansion removes that constraint. It lifts our processing capacity from approximately 40,500 tons a month to 55,000 tons a month, which is an increase of about 36%.

Speaker #2: This is an important milestone in our business. The additional capacity will support a meaningful increase in throughput and will allow us to spread our existing cost base across greater production volumes.

Speaker #2: Our guidance for 2026 was 28,000 to 31,500 ounces. Reaching even the lower end of the range would require more production in the final months of the year, than the expanded plant can deliver at full capacity.

Speaker #2: The installation of the processing capacity is substantially complete. The mill is installed, the pre-commissioning checks are underway, and we expect to commission in mid-October. That is within the second half timeline we gave.

Speaker #2: And it will not be at full capacity until later in the quarter. We are therefore revising our full-year 2026 production guidance to 26,500 to 27,000 ounces, that range assumes commissioning in mid-October.

Speaker #2: It is, however, later than the production plan and behind our original guidance assumed. We expect a ramp-up period of six to eight weeks, which means the expanded plan should be running at its full rate by the end of December.

Speaker #2: A ramp-up of 6 to 8 weeks and head grades of 1.7 to 1.9 grams per ton. Sphe will cover what this means for our cost guidance.

Tulani Sikwila: This is an important milestone in our business. The additional capacity will support a meaningful increase in throughput and will allow us to spread our existing cost base across greater production volumes. Our guidance for 2026 was 28,000 to 31,500 ounces. Reaching even the lower end of the range would require more production in the final months of the year than the expanded plant can deliver at full capacity, and it will not be at full capacity until later in the quarter. We are therefore revising our full year 2026 production guidance to 26,500 to 27,000 ounces. That range assumes commissioning in mid-October, a ramp-up of six to eight weeks, and head grades of 1.7 to 1.9 grams per ton. Spe Mchunu will cover what this means for our cost guidance. The revision is about timing in 2026. It's not about the capacity of the asset.

Tulani Sikwila: This is an important milestone in our business. The additional capacity will support a meaningful increase in throughput and will allow us to spread our existing cost base across greater production volumes. Our guidance for 2026 was 28,000 to 31,500 ounces. Reaching even the lower end of the range would require more production in the final months of the year than the expanded plant can deliver at full capacity, and it will not be at full capacity until later in the quarter. We are therefore revising our full year 2026 production guidance to 26,500 to 27,000 ounces. That range assumes commissioning in mid-October, a ramp-up of six to eight weeks, and head grades of 1.7 to 1.9 grams per ton. Sphe Mchunu will cover what this means for our cost guidance. The revision is about timing in 2026. It's not about the capacity of the asset.

Speaker #2: The revision is about timing in 2026. It's not about the capacity of the asset. Once the expanded plant is at full rate, Howmine is capable of producing an annualized rate of more than 30,000 ounces at the grades we are mining today.

Speaker #2: Our guidance for 2026 was 28,000 to 31,500 ounces. Reaching even the lower end of the range would require more production in the final months of the year than the expanded plant can deliver at full capacity.

Speaker #2: That is the rate at which we expect to enter 2027. And we will give formal 2027 guidance in the first quarter. As Sphe will set out in detail, we have also made good progress on the cost side by tightening our approach to procurement and driving efficiencies across the operation to streamline the underlying cost base.

Speaker #2: And it will not be at full capacity until later in the quarter. We are therefore revising our full-year 2026 production guidance to 26,500 to 27,000 ounces. That range assumes commissioning in mid-October.

Speaker #2: A ramp-up of 6 to 8 weeks and head grades of 1.7 to 1.9 grams per ton. Spay will cover what this means for our cost guidance.

Speaker #2: A meaningful portion of Howmine's cost base is fixed, lower production in the first half of the year, spread those costs across fewer ounces so the savings we have made in absolute terms have not yet shown up on a per ounce basis.

Speaker #2: The revision is about timing in 2026. It's not about the capacity of the assets. Once the expanded plant is at full rate, Howmine is capable of producing at an annualized rate of more than 30,000 ounces at the grades we are mining today.

Tulani Sikwila: Once the expanded plant is at full rate, How Mine is capable of producing an annualized rate of more than 30,000 ounces at the grades we are mining today. That is the rate at which we expect to enter 2027, and we will give formal 2027 guidance in Q1. As Spe Mchunu will set out in detail, we have also made good progress on the cost side by tightening our approach to procurement and driving efficiencies across the operation to streamline the underlying cost base. A meaningful portion of How Mine's cost base is fixed. Lower production in H1 of the year spread those costs across fewer ounces, so the savings we have made in absolute terms have not yet shown up on a per-ounce basis. We expect unit cost to improve as the expanded plant ramps up through Q4 and into 2027.

Tulani Sikwila: Once the expanded plant is at full rate, How Mine is capable of producing an annualized rate of more than 30,000 ounces at the grades we are mining today. That is the rate at which we expect to enter 2027, and we will give formal 2027 guidance in Q1. As Sphe Mchunu will set out in detail, we have also made good progress on the cost side by tightening our approach to procurement and driving efficiencies across the operation to streamline the underlying cost base. A meaningful portion of How Mine's cost base is fixed. Lower production in H1 of the year spread those costs across fewer ounces, so the savings we have made in absolute terms have not yet shown up on a per-ounce basis. We expect unit cost to improve as the expanded plant ramps up through Q4 and into 2027.

Speaker #2: We expect unit cost to improve as the expanded plant ramps up through the fourth quarter and into 2027. Turning to Redwing, where we have an important update.

Speaker #2: That is the rate at which we expect to enter 2027. And we will give formal 2027 guidance in the first quarter. As Spay will set out in detail, we have also made good progress on the cost side by tightening our approach to procurement and driving efficiencies across the operation to streamline the underlying cost base.

Speaker #2: In July, we published the development milestones as a restart pathway for Redwing. Whereby we say the production would follow completion of the definitive feasibility study.

Speaker #2: We will now bring production forward. I want to explain why, because this is a change from what we communicated previously. Recently, Zimbabwe's Ministry of Mines and Mining Development announced a policy framework that foreign-owned operators are required to be operating above prescribed production and capital investment thresholds by January 1, 2027.

Speaker #2: A meaningful portion of Howmine's cost base is fixed. Lower production in the first half of the year spread those costs across fewer ounces, so the savings we have made in absolute terms have not yet shown up on a per-ounce basis.

Speaker #2: Howmine already operates above these thresholds. Redwing and Masoe due to being in care and maintenance do not meet these specifications. The policy sets a clear timeline and we have chosen to meet it.

Speaker #2: We expect unit cost to improve as the expanded plant ramps up through the fourth quarter and into 2027. Turning to Redwing, where we have an important update.

Tulani Sikwila: Turning to Red Wing, where we have an important update. In July, we published the development milestones as a restart pathway for Red Wing, whereby we say the production would follow completion of the definitive feasibility study. We will now bring production forward. I want to explain why, because this is a change from what we communicated previously. Recently, Zimbabwe's Ministry of Mines and Mining Development announced a policy framework that foreign-owned operators are required to be operating above prescribed production and capital investment thresholds by 1 January 2027. How Mine already operates above these thresholds. Red Wing and Mazowe, due to being in care and maintenance, do not meet these specifications. The policy sets a clear timeline, and we have chosen to meet it. We are targeting first production at Red Wing in January 2027 at an initial reduced capacity and at a rate above prescribed thresholds.

Speaker #2: In July, we published the development milestones as a restart pathway for Redwing, whereby we stated that production would follow completion of the definitive feasibility study.

Speaker #2: We are targeting first production at Redwing in January 2027. At an initial reduced capacity and at a rate above prescribed thresholds. Two things make that possible.

Speaker #2: First, the watering finished ahead of schedule, which gives us access to the underground workings now. Second, Redwing went into care and maintenance with developed mining areas available for mining.

Speaker #2: Underground infrastructure and processing plant already in place. The initial restart reestablishes mining in areas that were developed and mined before. It uses the existing plant.

Speaker #2: Howmine already operates above these thresholds. Redwing and Masoe, due to being in care and maintenance, do not meet these specifications. The policy sets a clear timeline, and we have chosen to meet it.

Speaker #2: It does not depend on the outcome of the feasibility study. The restart program runs for three months starting in October. We will complete a full geotechnical audit of the historical mining areas before any mining resumes.

Speaker #2: We are targeting first production at Redwing in January 2027, at an initial reduced capacity and at a rate above prescribed thresholds. Two things make that possible.

Speaker #2: Initial inspections have been encouraging. But the audit is the gates. We will re-equip those areas refurbish the existing processing plant and mobilize the workforce.

Tulani Sikwila: Two things make that possible. First, dewatering finished ahead of schedule, which gives us access to the underground workings now. Second, Red Wing went into care and maintenance with developed mining areas available for mining, underground infrastructure, and processing plants already in place. The initial restart reestablishes mining in areas that were developed and mined before. It uses the existing plant. It does not depend on the outcome of the feasibility study. The restart program runs for 3 months starting in October. We will complete a full geotechnical audit of the historical mining areas before any mining resumes. Initial inspections have been encouraging, but the audit is the gate. We will re-equip those areas, refurbish the existing processing plant, and mobilize the workforce. Three questions I would like to address directly. Are we bypassing the feasibility study? No. Stages 2 to 5 of the development milestones pathway are unchanged.

Speaker #2: First, the watering finished ahead of schedule, which gives us access to the underground workings now. Second, Redwing went into care and maintenance, with developed mining areas available for mining.

Speaker #2: Three questions I would like to address directly. Are we bypassing the feasibility study? No. Stages two to five of the development milestones pathway are unchanged.

Speaker #2: The underground infrastructure and processing plant are already in place. The initial restart reestablishes mining in areas that were previously developed and mined. It uses the existing plant.

Speaker #2: The fully funded technical feasibility study program remains on track to conclude in early Q1 2027. With the resource definition and DFS work being expected to conclude in Q4 2027.

Speaker #2: It does not depend on the outcome of the feasibility study. The restart program runs for three months, starting in October. We will complete a full geotechnical audit of the historical mining areas before any mining resumes.

Speaker #2: Together they will define Redwing as a large-scale operation. Not decision on that larger development or capital for it is being taken ahead of the study.

Speaker #2: Initial inspections have been encouraging, but the audit is the gate. We will re-equip those areas, refurbish the existing processing plant, and mobilize the workforce.

Speaker #2: The initial restart is an additional workstream alongside the pathway, not a replacement for it. How is it funded? We are funding the restart from our cash flow resources.

Speaker #2: There are three questions I would like to address directly. Are we bypassing the feasibility study? No. Stages two through five of the development milestones pathway are unchanged.

Speaker #2: No new equity issuance is planned to fund the initial restart. Does it change the 2026 guidance? No. The initial restart is not expected to contribute materially to 2026 production.

Speaker #2: The fully funded technical feasibility study program remains on track to conclude in early Q1 2027, with the resource definition and DFS work expected to conclude in Q4 2027.

Tulani Sikwila: The fully funded technical feasibility study program remains on track to conclude in early Q1 2027, with the resource definition and DFS work being expected to conclude in Q4 2027. Together, they will define Red Wing as a large-scale operation. No decision on that larger development or capital for it is being taken ahead of the study. The initial restart is an additional work stream alongside the pathway, not a replacement for it. How is it funded? We are funding the restart from our cash flow resources. No new equity issuance is planned to fund the initial restart. Does it change the 2026 guidance? No. The initial restart is not expected to contribute materially to 2026 production, and the revised guidance I have just given is How Mine only. We will include Red Wing's expected contribution when we give the 2027 guidance.

Speaker #2: And the revised guidance I have just given is Howmine only. We will include Redwing's expected contribution when we give the 2027 guidance. We have also strengthened the leadership and governance of the company in July.

Speaker #2: Together, they will define Redwing as a large-scale operation. No decision on that larger development, or capital for it, is being taken ahead of the study.

Speaker #2: Sphe Mchun was appointed chief financial officer in addition to the role of general counsel. Sphe has been closely involved in Namib and its predecessor company since 2020 and played a central role in our business combination and Nasdaq listing.

Speaker #2: The initial restart is an additional workstream alongside the pathway, not a replacement for it. How is it funded? We are funding the restart from our cash flow resources.

Speaker #2: We also welcomed Wendy Luhabe to the board as lead independent director. Wendy brings more than three decades of board leadership and significant experience in development, finance, and the deployment of capital into mining and industrial projects across Africa.

Speaker #2: No new equity issuance is planned to fund the initial restart. Does it change the 2026 guidance? No. The initial restart is not expected to contribute materially to 2026 production.

Speaker #2: And the revised guidance I have just given is Howmine only. We will include Redwing's expected contribution when we provide the 2027 guidance. We have also strengthened the leadership and governance of the company in July.

Speaker #2: As we look to the remainder of the year, our priorities are clear. First, successfully commission the expanded milling plant at How. In mid-October, and ramp it up to full capacity.

Tulani Sikwila: We have also strengthened the leadership and governance of the company in July. Spe Mchunu was appointed Chief Financial Officer in addition to the role of General Counsel. Spe has been closely involved in Namib and its predecessor company since 2020 and played a central role in our business combination and Nasdaq listing. We also welcomed Wendy Luhabe to the board as Lead Independent Director. Wendy brings more than three decades of board leadership and significant experience in development, finance, and the deployment of capital into mining and industrial projects across Africa. As we look to the remainder of the year, our priorities are clear. First, successfully commission the expanded milling plant at How in mid-October and ramp it up to full capacity. Second, deliver our revised production guidance with a focus on increasing throughput while maintaining the cost discipline we have established across the operation.

Speaker #2: Spay was appointed Chief Financial Officer, in addition to the role of General Counsel. Spay has been closely involved in Namib and its predecessor company since 2020 and played a central role in our business combination and Nasdaq listing.

Speaker #2: Second, deliver our revised production guidance. With a focus on increasing throughput while maintaining the cost discipline we have established across the operation. Third, execute Redwing restart program safely behind geotechnical audit for the first production in January 2027.

Speaker #2: We also welcomed Wendy Luhave to the board as Lead Independent Director. Wendy brings more than three decades of board leadership and significant experience in development, finance, and the deployment of capital into mining and industrial projects across Africa.

Speaker #2: While the study work continues, and fourth, keep funding the plan in a sequenced non-dilutive way. We have a producing mine whose capacity is about to increase by more than a third.

Speaker #2: We have a second mine returning to production earlier than planned. And we have funded both in a non-dilutive manner. With that, I'll turn the call over to Sphe to walk through our first half financial performance and outlook in greater detail.

Speaker #2: As we look to the remainder of the year, our priorities are clear. First, successfully commission the expanded milling plant at How in mid-October, and ramp it up to full capacity.

Speaker #2: Second, deliver our revised production guidance, with a focus on increasing throughput while maintaining the cost discipline we have established across the operation. Third, execute the Redwing restart program safely, behind the geotechnical audit, for first production in January 2027.

Speaker #2: Sphe?

Speaker #1: Thanks, Tulani. And hello everyone. I will cover the following matters. Revenue and production, costs and margins, adjusted EBITDA along with the non-cash items in our reported results, cash flow, the balance sheet and liquidity, and finally I will then close with guidance.

Tulani Sikwila: Third, execute Red Wing restart program safely behind geotechnical audit for the first production in January 2027 while the study work continues. Fourth, keep funding the plan in a sequenced non-dilutive way. We have a producing mine whose capacity is about to increase by more than a third. We have a second mine returning to production earlier than planned, and we have funded both in a non-dilutive manner. With that, I will turn the call over to Spe to walk through our H1 financial performance and outlook in greater detail. Spe?

Speaker #2: While the study work continues, and fourth, keep funding the plan in a sequenced, non-dilutive way. We have a producing mine whose capacity is about to increase by more than a third.

Speaker #1: All comparisons are within the six months ended June 30th, 2025. Revenue and production. Starting with revenue, revenue for the first six months of 2026 was 50.8 million.

Speaker #2: We have a second mine returning to production earlier than planned, and we have funded both in a non-dilutive manner. With that, I'll turn the call over to Spay to walk through our first-half financial performance and outlook in greater detail.

Speaker #1: An increase of 40% from the 36.4 million. The main driver being the gold price. Our average net realized price, which is stated after royalties, increased by 48% to 4,195 dollars per ounce from the previous year of 2,827 dollars.

Speaker #2: Spay?

Speaker #1: Thanks, Jolani, and hello everyone. I will cover the following matters: revenue and production; costs and margins; adjusted EBITDA along with the non-cash items in our reported results; cash flow; the balance sheet and liquidity; and finally, I will close with guidance.

Sphe Mchunu: Thanks, Tulani, and hello, everyone. I will cover the following matters: revenue and production, costs and margins, adjusted EBITDA along with the non-cash items in our reported results, cash flow, the balance sheet and liquidity, and finally, I will then close with guidance. All comparisons are within the six months ended 30 June 2025. Revenue and production. Starting with revenue. Revenue for the first six months of 2026 was $50.8 million, an increase of 40% from the $36.4 million. The main driver being the gold price. Our average net realized price, which is stated after royalties, increased by 48% to $4,195 per ounce from the previous year of $2,827. As volumes were lower, we sold 11,357 ounces compared to the previous year's 12,226 ounces, a decrease of 7%. We produced 11,373 ounces compared with 12,741, a decrease of 11%. Tonnes milled were 233,000 against 236,000, broadly flat.

Speaker #1: As volumes were lower, we sold 11,357 ounces compared to the previous year's 12,226,000 ounces. A decrease of 7%. We produced 11,373 ounces compared with 12,741, a decrease of 11%.

Speaker #1: All comparisons are within the six months ended June 30, 2025. Revenue and production. Starting with revenue: Revenue for the first six months of 2026 was $50.8 million.

Speaker #1: Tons milled were 233,000 against 236,000. Broadly flat. Average grade was 1.7 grams per ton against 1.9 grams per ton. Recovery was 88% against 89%.

Speaker #1: An increase of 40% from the $36.4 million. The main driver being the gold price. Our average net realized price, which is stated after royalties, increased by 48% to $4,195 per ounce from the previous year of $2,827.

Speaker #1: Accordingly, the gold price added far more than volume took away. That matters for what comes next. Because it shows the earnings leverage in this business to every additional ounce and additional ounces are what the mill expansion is designed to deliver.

Speaker #1: As volumes were lower, we sold 11,357 ounces compared to the previous year's 12,226 ounces, a decrease of 7%. We produced 11,373 ounces compared with 12,741 ounces, a decrease of 11%.

Speaker #1: I will move on to costs and margins. Production costs were 17.9 million. Down 3% from the 18.5 million. Of the previous year. Despite a 15% increase in power tariffs.

Speaker #1: As a percentage of revenue, production costs fell to 35% from 51%. Whereas royalties increased 70% to 3.1 million, reflecting higher revenue and the higher royalty rate, that has applied since January 1, 2020, 6, when the gold price exceeds 5,000 dollars per ounce.

Speaker #1: Tons milled were 233,000, compared to 236,000—broadly flat. Average grade was 1.7 grams per ton, versus 1.9 grams per ton. Recovery was 88% against 89%.

Sphe Mchunu: Average grade was 1.7 grams per tonne against 1.9 grams per tonne. Recovery was 88% against 89%. Accordingly, the gold price added far more than volume took away. That matters for what comes next because it shows the earnings leverage in this business to every additional ounce, and additional ounces are what the mill expansion is designed to deliver. I will move on to costs and margins. Production costs were $17.9 million, down 3% from the $18.5 million of the previous year, despite a 15% increase in power tariffs. As a percentage of revenue, production costs fell to 35% from 51%. Whereas royalties increased 70% to $3.1 million, reflecting higher revenue and the higher royalty rate that has applied since 1 January 2026, when the gold price exceeds $5,000 per ounce. C1 cash cost was $1,576 per ounce compared with $1,510. Our costs fell in absolute terms.

Speaker #1: Accordingly, the gold price added far more than volume took away. That matters for what comes next, because it shows the earnings leverage in this business to every additional ounce. Additional ounces are what the mill expansion is designed to deliver.

Speaker #1: C1 cash cost was 1,576 per ounce compared with 1,510. Our costs fell in absolute terms, however a large part of the cost base is fixed and we sold fewer ounces.

Speaker #1: I will move on to costs and margins. Production costs were $17.9 million, down 3% from $18.5 million in the previous year, despite a 15% increase in power tariffs.

Speaker #1: So the cost per ounce rose by 4%. Our all-in sustaining cost for the group was 3,078 dollars per ounce compared to 2,462 dollars. That is above our guidance range and I want to explain what is in it.

Speaker #1: As a percentage of revenue, production costs fell to 35% from 51%. Whereas royalties increased 70% to $3.1 million, reflecting higher revenue and the higher royalty rate that has applied since January 1, 2020, when the gold price exceeds $5,000 per ounce.

Speaker #1: At Howmine alone, all-in sustaining cost was 2,534 per ounce compared with 2,265. The group figure also carries corporate overhead and the care and maintenance cost of Redwing and Mazoue.

Speaker #1: All divided by Howmine's ounces. The increase over last year reflects fewer ounces. Higher royalties and higher corporate costs, which I will come to. Sustaining capital was lower at 3.5 million dollars against 4.4 million dollars.

Speaker #1: C1 cash cost was $1,576 per ounce, compared with $1,510. Our costs fell in absolute terms; however, a large part of the cost base is fixed.

Sphe Mchunu: However, a large part of the cost base is fixed, and we sold fewer ounces, so the cost per ounce rose by 4%. Our all-in sustaining cost for the group was $3,078 per ounce compared to $2,462. That is above our guidance range, and I want to explain what is in it. At How Mine alone, all-in sustaining cost was 2,534 per ounce compared with 2,265. The group figure also carries corporate overhead and the care and maintenance cost of Red Wing and Mazowe, all divided by How Mine's ounces. The increase over last year reflects fewer ounces, higher royalties, and higher corporate costs, which I will come to. Sustaining capital was lower at $3.5 million against $4.4 million. Gross profit doubled to $27 million from $13.5 million. A gross margin of 53% compared with 37%. Administrative expenses. The administrative expenses were $13.7 million, compared with $15.7 million.

Speaker #1: Gross profit doubled to 27 million from 13 and a half million dollars at gross margin of 53% compared with 37%. Administrative expenses. The administrative expenses were 13.7 million.

Speaker #1: And we sold fewer ounces, so the cost per ounce rose by 4%. Our all-in sustaining cost for the group was $3,078 per ounce, compared to $2,462.

Speaker #1: Compared with 15.7 million. Both periods contained one-off items, so let me give you the underlying picture. The prior period included 10.2 million of transaction costs for our business combination and NASDAQ listing.

Speaker #1: That is above our guidance range, and I want to explain what is in it. At Howmine alone, all-in sustaining cost was $2,534 per ounce, compared with $2,265.

Speaker #1: The group figure also carries corporate overhead and the care and maintenance cost of Redwing and Mazoue, all divided by Howmine's ounces. The increase over last year reflects fewer ounces.

Speaker #1: The current period, however, includes 3.2 million of one-time costs of which include 2.6 million in one-time restructuring costs. Excluding those, the underlying administrative expenses were approximately 10.5 million dollars compared with 5 and a half million.

Speaker #1: Higher royalties and higher corporate costs, which I will come to. Sustaining capital was lower at 3.5 million dollars against 4.4 million dollars. Gross profit doubled to 27 million from 13 and a half million dollars.

Speaker #1: They have roughly doubled. That increase is the cost of being a NASDAQ listed company for a full period. Executive hires, directors and officers, insurance, investor relations, legal and professional fees, and 1.2 million dollars of non-cash share-based payments.

Speaker #1: A gross margin of 53% compared with 37%. Administrative expenses — the administrative expenses were $13.7 million, compared with $15.7 million. Both periods contained one-off items, so let me give you the underlying picture.

Speaker #1: The restructuring we completed in the first half is expected to reduce the run rate on an annualized basis, thus we expect second half administrative expenses to be below the first half.

Sphe Mchunu: Both periods contain one-off items, so let me give you the underlying picture. The prior period included $10.2 million of transaction costs for our business combination and Nasdaq listing. The current period, however, includes $3.2 million of one-time costs, of which include $2.6 million in one-time restructuring costs. Excluding those, the underlying administrative expenses were approximately $10.5 million compared with $5.5 million. They have roughly doubled. That increase is the cost of being a Nasdaq-listed company for a full period. Executive hires, directors' and officers' insurance, investor relations, legal and professional fees, and $1.2 million of non-cash share-based payments. The restructuring we completed in the H1 is expected to reduce the run rate on an annualized basis. Thus, we expect H2 administrative expenses to be below the H1. Non-cash SPAC costs. Two non-cash items affected reported earnings. Firstly, the earn-out liability.

Speaker #1: The prior period included $10.2 million of transaction costs for our business combination and NASDAQ listing. The current period, however, includes $3.2 million of one-time costs, of which $2.6 million are one-time restructuring costs.

Speaker #1: Non-cash spec costs. Two non-cash items affected reported. Earnings. Firstly, the earn-out liability. Under our business combination agreement, founding shareholders may receive additional shares on achieving operational milestones.

Speaker #1: Excluding those, the underlying administrative expenses were approximately 10.5 million dollars. Compared with 5 and a half million. They have roughly doubled. That increase is the cost of being a NASDAQ listed company for a full period.

Speaker #1: The fair value of that liability increased from 9.9 million dollars at December 31 to 18.4 million at June 13. A loss of 8 and a half million through the income statement.

Speaker #1: Secondly, our warrants are classified as derivative liabilities and marked to market, which produced a further loss of 2.7 million dollars. Together, that is 11.3 million dollars.

Speaker #1: Executive hires, directors and officers, insurance, investor relations, legal and professional fees, and $1.2 million of non-cash share-based payments. The restructuring we completed in the first half is expected to reduce the run rate on an annualized basis; thus, we expect second-half administrative expenses to be below the first half.

Speaker #1: Both liabilities move primarily with our share price, which rose from 1 dollar 1 cent to 1 dollar 88. Investors should expect that at a higher share price, it shall produce further non-cash losses on these lines and the lower share price will produce gains.

Speaker #1: Non-cash spec costs. Two non-cash items affected reported earnings. Firstly, the earn-out liability. Under our business combination agreement, founding shareholders may receive additional shares upon achieving operational milestones.

Speaker #1: Neither affects cash. The earn-out settles in shares and both are excluded from adjusted EBITDA. After these items, we reported an operating profit of 2.2 million compared with a loss of 7.4 million and a profit before tax of 1.3 million.

Sphe Mchunu: Under our business combination agreement, founding shareholders may receive additional shares on achieving operational milestones. The fair value of that liability increased from $9.9 million at 31 December to $18.4 million at 30 June. A loss of $8.5 million through the income statement. Secondly, our warrants are classified as derivative liabilities and marked to market, which produced a further loss of $2.7 million. Together, that is $11.3 million. Both liabilities move primarily with our share price, which rose from $1.01 to $1.88. Investors should expect that at a higher share price, it shall produce further non-cash losses on these lines, and a lower share price will produce gains. Neither affects cash. The earn-out settles in shares, and both are excluded from adjusted EBITDA. After these items, we reported an operating profit of $2.2 million, compared with a loss of $7.4 million and a profit before tax of $1.3 million.

Speaker #1: The fair value of that liability increased from $9.9 million at December 31 to $18.4 million at June 13. A loss of $8.5 million through the income statement.

Speaker #1: After taxation expenses of 6.1 million, the loss for the period was 4.8 million. Or 9 cents per share. Compared with a loss of 11.9 million, excluding the 11.3 million non-cash fair value losses, the business was profitable after tax.

Speaker #1: Secondly, our warrants are classified as derivative liabilities and marked to market, which produced a further loss of $2.7 million. Together, that is $11.3 million.

Speaker #1: Adjusted EBITDA. Adjusted EBITDA was 19 million and increase of 76% from 10.8 million. The adjusted EBITDA margin was 37% compared with 30%. A reconciliation to the reported losses included in our results release.

Speaker #1: And the lower share price will produce gains. Neither affects cash. The earn-out settles in shares, and both are excluded from adjusted EBITDA. After these items, we reported an operating profit of $2.2 million, compared with a loss of $7.4 million, and a profit before tax of $1.3 million.

Speaker #1: The improvement came from a higher gold price in the resulting expansion in the gross profit. Partly offset by higher corporate costs. Cash flow and capital investment.

Speaker #1: Net cash generated from operating activities was 9.3 million, up 61% from 5.8 million. It's important to note that we reinvested all of it. Net cash used in investing activities was 10.7 million, compared with 5.6 million, reflecting the mill expansion and production ramp-up at Howmine and the restart program at Redwing.

Speaker #1: After taxation expenses of $6.1 million, the loss for the period was $4.8 million, or 9 cents per share, compared with a loss of $11.9 million excluding the $11.3 million non-cash fair value losses.

Sphe Mchunu: After taxation expenses of $6.1 million, the loss for the period was $4.8 million, or $0.09 per share, compared with a loss of $11.9 million, excluding the $11.3 million non-cash fair value losses. The business was profitable after tax. Adjusted EBITDA. Adjusted EBITDA was $19 million, an increase of 76% from $10.8 million. The adjusted EBITDA margin was 37% compared with 30%. A reconciliation to the reported loss is included in our results release. The improvement came from a higher gold price and the resulting expansion in the gross profit, partly offset by higher corporate costs. Cash flow and capital investment. Net cash generated from operating activities was $9.3 million, up 61% from $5.8 million. It is important to note that we reinvested all of it.

Speaker #1: The business was profitable after tax. Adjusted EBITDA was $19 million, an increase of 76% from $10.8 million. The adjusted EBITDA margin was 37%, compared with 30%.

Speaker #1: Financing activities contributed 1.4 million being 3 million of new borrowings less 1.5 million of repayments and 0.1 million of lease payments. We opened the year with 1.9 million of cash and closed the half with 1.8 million.

Speaker #1: A reconciliation to the reported losses included in our results release. The improvement came from a higher gold price and the resulting expansion in gross profit.

Speaker #1: Balance sheet and liquidity. At June 30, we had 1.8 million of cash. Current assets of 20.4 million. And current liabilities of 63.3 million. That is a working capital deficit of 42.9 million and I want to take you through what comprises of this number because the headline overstates the near-term cash claims on the business.

Speaker #1: Partly offset by higher corporate costs. Cash flow and capital investment: net cash generated from operating activities was $9.3 million, up 61% from $5.8 million.

Speaker #1: It's important to note that we reinvested all of it. Net cash used in investing activities was $10.7 million, compared with $5.6 million, reflecting the mill expansion and production ramp-up at Howmine and the restart program at Redwing.

Sphe Mchunu: Net cash used in investing activities was $10.7 million, compared with $5.6 million, reflecting the mill expansion and production ramp-up at How Mine and the restart program at Red Wing. Financing activities contributed $1.4 million, being $3 million of new borrowings less $1.5 million of repayments and $0.1 million of lease payments. We opened the year with $1.9 million of cash and closed the H1 with $1.8 million. Balance sheet and liquidity. At 30 June, we had $1.8 million of cash, current assets of $20.4 million, and current liabilities of $63.3 million. That is a working capital deficit of $42.9 million. I want to take you through what comprises of this number, because the headline overstates the near-term cash claims on the business. Of the $63.3 million, $7.5 million is the current portion of the earn-out liability, which settles in shares and not cash.

Speaker #1: Of the 63.3 million, 7 and a half million is the current portion of the earn-out liability, which settles in shares and not cash. Approximately 15.9 million sits in the Redwing and Mazoue entities, which are on care and maintenance at this stage.

Speaker #1: Financing activities contributed $1.4 million, comprising $3 million of new borrowings less $1.5 million of repayments and $0.1 million of lease payments. We opened the year with $1.9 million of cash and closed the half with $1.8 million.

Speaker #1: Those obligations are ring-fenced to those entities and are not secured on Howmine. Trade and other payables across the group were 37.3 million, which is half a million lower than at year-end.

Speaker #1: Balance sheet and liquidity. At June 30, we had $1.8 million of cash, current assets of $20.4 million, and current liabilities of $63.3 million. That is a working capital deficit of $42.9 million, and I want to take you through what comprises this number because the headline overstates the near-term cash claims on the business.

Speaker #1: Current tax was at 8.9 million excise tax 3.6 million, which is matched by an indemnification asset of the same amount and borrowings due within a year were 5.6 million.

Speaker #1: Our financial statements are prepared on a going concern basis. Management's cash flow projections through June 2027, including sensitivities on the gold price, indicate that the group will continue to generate positive cash flows and meet its obligations as they fall due.

Speaker #1: Of the $63.3 million, $7.5 million is the current portion of the earn-out liability, which settles in shares and not cash. Approximately $15.9 million sits in the Redwing and Mazoue entities, which are on care and maintenance at this stage.

Speaker #1: Those projections have been updated for the revised commissioning date and production guidance, and the conclusion is unchanged. Since June 30, liquidity has improved. We drew the 5 million EcoBank facility in full in July.

Sphe Mchunu: Approximately $15.9 million sits in the Red Wing and Mazowe entities, which are on care and maintenance at this stage. Those obligations are ring-fenced to those entities and are not secured on How Mine. Trade and other payables across the group were $37.3 million, which is half a million lower than at year-end. Current tax was at $8.9 million. Excise tax, $3.6 million, which is matched by an indemnification asset of the same amount, and borrowings due within a year were $5.6 million. Our financial statements are prepared on a going concern basis. Management's cash flow projections through June 2027, including sensitivities on the gold price, indicate that the group will continue to generate positive cash flows and meet its obligations as they fall due. Those projections have been updated for the revised commissioning date and production guidance, and the conclusion is unchanged. Since 30 June, liquidity has improved.

Speaker #1: Those obligations are ring-fenced to those entities and are not secured on Howmine. Trade and other payables across the group were $37.3 million, which is half a million lower than at year end.

Speaker #1: That facility has a 36-month term to May 2029 and is repaid in monthly installments from gold sales. On September 29, 2026, we announced an agreement with Bank ABC to increase our existing facility by 6.5 million dollars from 6.7 million to 13.2 million.

Speaker #1: Current tax was at $8.9 million. Excise tax was $3.6 million, which is matched by an indemnification asset of the same amount. Borrowings due within a year were $5.6 million.

Speaker #1: Our financial statements are prepared on a going concern basis. Management's cash flow projections through June 2027, including sensitivities on the gold price, indicate that the Group will continue to generate positive cash flows and meet its obligations as they fall due.

Speaker #1: We were in compliance with all debt covenants at June 30. We also had 3.8 million of purchase commitments for property, plant, and equipment at that date.

Speaker #1: We can confirm that at this stage we are in compliance with all covenants under the respective finance documents. Guidance. Let me close with our guidance.

Speaker #1: As Tulani has said, we are revising our full year 2026 production guidance to between 26 and a half thousand to 27 thousand ounces, down from 28 thousand to 31 and a half thousand.

Sphe Mchunu: We drew the $5 million Ecobank facility in full in July. That facility has a 36-month term to May 2029 and is repaid in monthly installments from gold sales. On 29 September 2026, we announced an agreement with Bank ABC to increase our existing facility by $6.5 million from $6.7 million to $13.2 million. We were in compliance with all debt covenants at 30 June. We also had $3.8 million of purchase commitments for property, plant, and equipment at that date. We can confirm that at this stage, we are in compliance with all covenants under the respective finance documents. Guidance. Let me close with our guidance. As Tulani Sikwila has said, we are revising our full year 2026 production guidance to between 26,500 to 27,000 ounces, down from 28,000 to 31,500. The revised range assumes the expanded mill is commissioned in mid-October and ramps up over six to eight weeks.

Speaker #1: The revised range assumes the expanded mill is commissioned in mid-October and ramps up over 6 to 8 weeks. The top of the range assumes a quicker ramp up and grades toward 1.9 grams per ton.

Speaker #1: The bottom assumes a slower ramp at first half grades. On C1 cash costs, we are maintaining our range of 1,400 dollars to 1,650 dollars per ounce, first half C1 was 1,576 dollars and we expected to improve in the second half as volumes rise.

Speaker #1: We were in compliance with all debt covenants at June 30. We also had $3.8 million of purchase commitments for property, plant, and equipment at that date.

Speaker #1: We can confirm that, at this stage, we are in compliance with all covenants under the respective finance documents. Guidance: Let me close with our guidance.

Speaker #1: On group oil and sustaining costs, our range was 2,400 dollars to 2,700 dollars per ounce and the first half was 3,078 dollars. With fewer ounces for the year than we originally planned, we now expect full year group oil and sustaining costs of 2,650 dollars to 2,850 per ounce.

Speaker #1: As Telania said, we are revising our full-year 2026 production guidance to between 26,500 and 27,000 ounces, down from 28,000 to 31,500. The revised range assumes the expanded mill is commissioned in mid-October and ramps up over six to eight weeks.

Speaker #1: We expect the second half to be materially lower than the first as the restructuring savings come through and more ounces absorb the fixed costs.

Speaker #1: The top of the range assumes a quicker ramp-up, and grades toward 1.9 grams per ton. The bottom assumes a slower ramp, at first-half grades.

Speaker #1: We expect to provide 2027 production and cost guidance including Redwing's anticipated contribution in the first quarter of 2027. In summary, revenue is up 40%, therefore gross profit doubled.

Sphe Mchunu: The top of the range assumes a quicker ramp-up and grades toward 1.9 grams per ton. The bottom assumes a slower ramp at H1 grades. On C1 cash costs, we are maintaining our range of $1,400 to $1,650 per ounce. H1 C1 was $1,576, and we expect it to improve in the H2 as volumes rise. On group all-in sustaining costs, our range was $2,400 to $2,000 per ounce, and the H1 was $3,078. With fewer ounces for the year than we originally planned, we now expect full-year group all-in sustaining costs of $2,650 to $2,850 per ounce. We expect the H2 to be materially lower than the H1 as the restructuring savings come through and more ounces absorb the fixed costs. We expect to provide 2027 production and cost guidance, including Red Wing's anticipated contribution in the Q1 of 2027.

Speaker #1: On C1 cash costs, we are maintaining our range of $1,400 to $1,650 per ounce. First half C1 was $1,576, and we expect to improve in the second half as volumes rise.

Speaker #1: Adjusted EBITDA is up 76% and operating cash flow is up 61%. On fewer ounces. While production was below plan and we have reset guidance to reflect that in the timing of the mill.

Speaker #1: On group oil and sustaining costs, our range was 2,400 dollars to. Per ounce and the first half was 3,078 dollars. With fewer ounces for the year than we originally planned, we now expect full year group oil and sustaining costs of 2,650 dollars to 2,850 per ounce.

Speaker #1: Costs are lower in absolute terms at the mine, and higher at corporate level where we have already acted. Furthermore, we have funded the next steps with bank debt.

Speaker #1: Our financial priorities remain unchanged. Grow production, manage costs, generate cash, and invest with discipline, without diluting the shareholders who own the company today. With that, I will turn the call over to Jonathan for Q&A.

Speaker #1: We expect the second half to be materially lower than the first, as the restructuring savings come through and more ounces absorb the fixed costs.

Speaker #1: We expect to provide 2027 production and cost guidance including Redwing's anticipated contribution in the first. 2027. In summary, revenue is up 40%, therefore gross profit doubled.

Speaker #2: What is the status of Mazoue in relation to the policy framework from the Zimbabwe Ministry of Mines?

Sphe Mchunu: In summary, revenue is up 40%, therefore, gross profit doubled. Adjusted EBITDA is up 76% and operating cash flow is up 61% on fewer ounces. While production was below plan, and we have reset guidance to reflect that and the timing of the mill, costs are lower in absolute terms at the mine and higher at corporate level where we have already acted. Furthermore, we have funded the next steps with bank debt. Our financial priorities remain unchanged. Grow production, manage costs, generate cash, and invest with discipline without diluting the shareholders who own the company today. With that, I will turn the call over to Jonathan for Q&A.

Speaker #1: We are presently working towards ensuring the mine meets the necessary specifications as outlined in the ministry directive, which is consistent with our approach with Redwing.

Speaker #1: Adjusted EBITDA is up 76%, and operating cash flow is up 61%, on fewer ounces. While production was below plan, we have reset guidance to reflect that and the timing of the mill.

Speaker #2: Is the outstanding amount of the BMC purchase price solely an obligation of Mr. Kumalo and the Southern Sullivan Trust as guarantors, with no payment obligation for Namib Minerals Greenstone or BMC?

Speaker #1: Costs are lower in absolute terms at the mine, and higher at the corporate level, where we have already acted. Furthermore, we have funded the next steps with bank debt.

Speaker #1: Our financial priorities remain unchanged: grow production, manage costs, generate cash, and invest with discipline, without diluting the shareholders who own the company today. With that, I will turn the call over to Jonathan for Q&A.

Speaker #1: That is correct. There are no payment obligations for Namib Minerals Greenstone or BMC.

Speaker #2: Is the previously discussed aggregate development capital range of approximately 300 to 400 million US dollars for Redwing and Mazoue still relevant, and should investors view this as capital deployed progressively over several stages rather than a single upfront requirement?

Speaker #2: What is the status of Mazoue in relation to the policy framework from the Zimbabwe Ministry of Mines?

[Analyst]: What is the status of Mazowe in relation to the policy framework from the Zimbabwe Ministry of Mines?

Speaker #1: We are presently working towards ensuring the mine meets the necessary specifications as outlined in the Ministry directive, which is consistent with our approach with Redwing.

Sphe Mchunu: We are presently working towards ensuring the mine meets the necessary specifications, as outlined in the ministry directive, which is consistent with our approach with Red Wing.

Speaker #1: That range was an early aggregate indication for both assets. Which always required validation through a feasibility study. The capital will therefore be confirmed through the completion of the DFS.

Speaker #2: The outstanding amount of the BMC purchase price is solely an obligation of Mr. Kumalo and the Southern Sullivan Trust as guarantors; there is no payment obligation for Namib Minerals Greenstone or BMC.

[Analyst]: Is the outstanding amount of the BMC purchase price solely an obligation of Mr. Kumalo and The Southern SelliBen Trust as guarantors with no payment obligation for Namib Minerals, Greenstone, or BMC?

Speaker #1: On the second part of your question, yes, this was never a single upfront requirement, and the way we are developing Redwing now shows that.

Speaker #1: That is correct. There are no payment obligations for Namib Minerals Greenstone or BMC.

Sphe Mchunu: That is correct. There are no payment obligations for Namib Minerals, Greenstone, or BMC.

Speaker #1: The initial restart uses existing development areas and existing plants and is funded through internally generated cash flows. The capital for the larger scale operation will be defined by the feasibility work.

Speaker #2: Yes, the aggregate development capital range for Redwing and Mazoue that we've discussed previously—approximately $300 to $400 million—is still relevant. And investors should indeed view this figure as capital deployed progressively over several stages, rather than as a single, upfront requirement.

[Analyst]: Is the previously discussed aggregate development capital range of approximately $300 to 400 million for Red Wing and Mazowe still relevant? Should investors view this as capital deployed progressively over several stages rather than a single upfront requirement?

Speaker #1: No decisions on that capital is being taken ahead of the study. Each stage has its own decision point and has its own funding, and our approach so far has been bank debt rather than equity.

Speaker #1: That range was an early aggregate indication for both assets, which always required validation through a feasibility study. The capital will therefore be confirmed through the completion of the DFS.

Sphe Mchunu: That range was an early aggregate indication for both assets, which always required validation through a feasibility study. The capital will therefore be confirmed through the completion of the DFS. On the second part of your question, yes, this was never a single upfront requirement, and the way we are developing Red Wing now shows that. The initial restart uses existing development areas and existing plants and is funded through internally generated cash flows. The capital for the larger scale operation will be defined by the feasibility work. No decisions on that capital is being taken ahead of the study. Each stage has its own decision points and has its own funding, and our approach so far has been bank debt rather than equity.

Speaker #1: On the second part of your question, yes, this was never a single upfront requirement. And the way we are developing Redwing now shows that.

Speaker #1: The initial restart uses existing development areas and existing plant, and is funded through internally generated cash flows. The capital for the larger-scale operation will be defined by the feasibility work.

Speaker #1: No decisions on that capital is being taken ahead of the study. Each stage has its own decision point and has its own funding. And our approach so far has been bank debt rather than equity.