Namib Minerals is a gold mining company operating three underground mines in Zimbabwe. Its only producing asset is the How Mine, located near Bulawayo, which has produced roughly 1.84 million oz of gold since 1941 and produced approximately 25 koz in 2025. The other two assets — Mazowe Mine and Redwing Mine — are in care and maintenance and not currently generating revenue. Namib Minerals mines gold ore underground, processes it through a carbon-in-plant facility, and sells all output to Fidelity, a Zimbabwean government-controlled buyer, at London spot prices. By law, all Zimbabwean gold producers must sell to Fidelity, making Namib Minerals a pure price-taker with no ability to negotiate pricing. Revenue is received 70% in U.S. dollars and 30% in Zimbabwe's local currency. Gold sales are subject to a 5% royalty to the Zimbabwean government. Near-term, Namib Minerals is investing in shaft deepening and mill expansion at the How Mine, with upgrades expected in late 2026. Medium-term, the company is working toward restarting Mazowe and Redwing, both of which are flooded and require new processing infrastructure — each restart is estimated at roughly three years from securing financing, which has not yet been obtained. Longer-term, Namib Minerals is exploring copper and cobalt opportunities in the DRC, though no assets have been acquired.