What’s the deal? Namib Minerals (Nasdaq: NAMM), a Zimbabwe-focused gold producer, has secured a $6.5 million term loan facility through its subsidiary Bulawayo Mining Company. The lender is African Banking Corporation of Zimbabwe (BancABC), which is consolidating the new facility with Namib’s existing term loan and overdraft into a single facility.
What’s the endgame? The company is restarting its Redwing Mine in Zimbabwe under a staged plan published in July 2026. The new funds are earmarked for Step 3, which covers surface exploration drilling and advancing the definitive feasibility study to full bankability.
Why now? Namib completed Step 1 — dewatering at Redwing — ahead of schedule on September 21, 2026. Step 2, the feasibility study technical programme, is underway and fully funded, so the loan keeps the restart on its published timeline.
The company describes the facility as non-dilutive, adding it to funding already secured. The balance of Step 3 will come from what Namib calls a sequenced financing plan, with further updates promised.
Namib currently operates the How Mine, an underground gold mine in Zimbabwe, and aims to restart two assets in the country.
What could go wrong? Step 3 is only partially funded by this loan, and the company has not detailed how it will secure the remainder. The mine restart also depends on the feasibility study reaching bankability, which is not yet complete.
“This Facility funds the start of resource definition drilling at Redwing Mine without any dilution to existing shareholders,” said chief financial officer Sphe Mchunu. He added that it “keeps us on the milestone schedule we published in July.”
The signal: Namib is opting for debt over equity to fund early-stage exploration, preserving shareholder value while it works toward a bankable feasibility study. The staged, non-dilutive approach signals a capital-disciplined path to reviving idle Zimbabwean gold assets.