Raytheon awarded $71 million in Navy contracts for missile systems
Investing.com -- Namib Minerals (NASDAQ:NAMM) stock soared 80% Friday morning, a day after the African gold producer provided a corporate update following its recent Nasdaq listing.
The Zimbabwe and Democratic Republic of Congo-focused miner completed its business combination with Hennessy Capital (NASDAQ:BLBD) Investment Corp. VI and began trading on the Nasdaq under the ticker symbol NAMM. The company also celebrated by ringing the Nasdaq Closing Bell on July 25.
Namib’s flagship operation, How Mine in Zimbabwe, produced 36.6 thousand ounces of gold and generated approximately $86 million in revenue in 2024. The company is planning expansion of this fully operational underground gold mine, contingent on securing sufficient funding.
The gold producer is also advancing restart plans for its Mazowe and Redwing mines in Zimbabwe, with dewatering at Redwing expected to begin this fiscal year and infrastructure upgrades continuing at Mazowe.
As of December 31, 2023, Namib’s three gold assets contain 1.6 million ounces of gold in measured and indicated reserves at an average grade of 3.92 g/t Au, plus an additional 2.4 million ounces in inferred resources at 3.57 g/t Au.
The company’s portfolio also includes interests in 13 exploration permits in the Democratic Republic of Congo targeting copper and cobalt, which it describes as critical minerals for the global energy transition.
"This achievement marks more than a change in our corporate structure – it is a validation of our vision," said CEO Ibrahima Sory Tall in Thursday’s release, adding that the transaction "facilitates access to strategic partnerships necessary to advance our mission of becoming a leading, multi-asset producer of gold and green minerals."
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.