What you need to know: • Namib provided an update on its How Mine expansion, which remains on track to complete construction and commissioning in H2/26. • Civil works are at an advanced stage, and key mechanical components, including the mill shell, have now been delivered to site. • Separately, the Company reported that dewatering at the Redwing Mine remains on schedule, having pumped ~545K cubic meters of water since the end of January, keeping the restart pathway on track. Yesterday after market, Namib Minerals (NAMM:NASDAQ) provided an update on its mill expansion at the How Mine. The project remains on track to complete construction and commission in H2/26, and the Company plans to provide further updates as milestones are achieved. In addition, on May 19th, the Company reported that the dewatering program at its Redwing Mine is also on schedule, with water levels ~75m below the Redwing Shaft surface collar as of the release. We are maintaining our BUY rating and a target price of $9.50/share on NAMM. How Mill Expansion The mill expansion at the How Mine remains on track to complete construction and commissioning in H2/26. Civil works on the mill installation are now at an advanced stage, and the raft foundation, mill plinth, and tower foundations have been completed. In addition, principal mechanical components have been delivered to site, including the mill shell. This was a key item that will allow the project to be completed on time. Further, factory acceptance tests for the transformer and starter are now complete, which will power the project. NAMM intends to provide additional updates on progress as milestones are achieved.