Namib Minerals has taken a step toward financing the Redwing Mine expansion in Zimbabwe, signing a non-binding term sheet for a proposed US$30 million loan from Ecobank Zimbabwe.
The company’s subsidiary, Bulawayo Mining Company, signed the proposal for a 36-month facility that Namib described as non-dilutive, meaning it would not require issuing new shares. The deal remains subject to definitive documentation and customary conditions.
The money would fund resource-definition and bankability work at the gold mine, including hoist-related spending, expansion and maintenance of the milling plant, drilling equipment, mine development and additional exploration drilling to grow Redwing’s resource base.
Together with a US$6.5 million term loan from BancABC secured in September, the Ecobank facility would complete funding for that program, the company said. Resource definition and bankability are the key milestones for judging whether Redwing can become a larger-scale gold operation.
Ecobank and Ecobank Group could also arrange and underwrite construction financing, but only after a definitive feasibility study is completed and other conditions are met. Any move into construction depends on the study’s findings and on later financing arrangements.
Namib did not disclose an interest rate, collateral or repayment schedule for the proposed loan, as reported. Until definitive documents are signed, the US$30 million remains a proposal.
The financing comes after Namib completed dewatering at Redwing in September, clearing the way for an initial restart program that began in October. That program is funded from internally generated cash flow and is separate from the proposed loan.
Namib’s July plan placed resource definition and bankability work before construction in a five-step pathway for Redwing. In July, Bulawayo Mining said it had secured a US$5 million, 36-month non-dilutive term facility from Ecobank Zimbabwe, and that the technical program of the definitive feasibility study was fully funded.
At its How Mine operation, monthly processing capacity is being raised 36% to 55,000 metric tons of ore from 40,500 metric tons, with full capacity targeted by December 2026. The expansion contrasts with Redwing, where the company is still establishing the resource base and capital requirements for a larger operation.
Namib, which began trading on the Nasdaq in June 2025 under the ticker NAMM, owns three gold mines in Zimbabwe: the producing How Mine near Bulawayo and the mothballed Redwing and Mazowe mines.
Redwing, near the Mozambique border, is estimated to hold about 2.5 million ounces of gold at 3.07 grams per ton and is the largest resource in the group’s Zimbabwean portfolio. Chief Executive Ibrahima Sory Tall said in December the company was targeting annual production of about 300,000 ounces from Redwing alone.
Namib said it will provide further updates on the proposed facility and its progress against development milestones as the process advances.
