What you need to know: • Namib Minerals is a Zimbabwe-based gold producer with one operation in production and two past producing projects with restart potential. • The Company plans to expand its production profile through internal growth initiatives and capex investments. • NAMM produced 36.6Koz of gold in 2024 at the How Mine and we expect this to increase in 2026. • NAMM trades at 0.2x NAV compared to its peers at 0.8x. Namib Minerals (NAMM:NASDAQ) is a Zimbabwe-based gold producer with one operating mine and two medium-term restart projects. The Company produced 36.6Koz of gold in 2024 from its flagship How Mine and plans to assess the potential restart of production at its high-grade Mazowe Mine and Redwing Mine, both of which host significant resources. In addition, Namib Minerals holds 13 copper-cobalt exploration permits in the DRC, offering long-term exposure to critical battery metals. We are initiating coverage on Namib Minerals with a BUY rating and a target price of $9.50/share. Investment Thesis Summary Multi-Asset Gold Producer. NAMM holds a rare combination of three historically producing assets with substantial existing infrastructure (one currently in production), simplifying its ramp up of the How Mine and the potential future restart of the Mazowe and Redwing operations. With over 4Moz of gold resources across its assets, we see strong potential for Namib Minerals to ramp production significantly over the coming years. Substantial Growth Potential. NAMM is targeting an increase in gold production driven by a mill expansion and possible increased production of Sands at the How Mine, and the phased restarts of Mazowe and Redwing over the next two to three years. These near-term initiatives anchor NAMM’s growth strategy as it looks to take advantage of the existing infrastructure at the historical operations, as well as the elevated gold price. Track Record. Namib Minerals delivered steady production in 2024 at the How Mine, generating $86M in revenue and 25% EBITDA growth, supported by low C1 cash costs that. Strong operational cash flows are being reinvested into the How Mine mill expansion and other exploration activities. We estimate that the How Mine will produce over 38Koz of gold in 2026, with a continued ramp until 2027. Recently Listed & Strong Management. Following its de-SPAC transaction in 2025, the Company benefits from a clean balance sheet and access to public markets. The executive team brings deep operational experience across Africa, positioning the Company to execute efficiently, build strong local partnerships, and scale its operations with confidence. Valuation. NAMM currently trades at 2.9x 2026E CF compared to its peers at 9.3x. On a P/NAV basis, NAMM trades at 0.2x compared to its peers at 0.8x. We attribute the discount to the aggressive growth plan and lack of public track record.