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Namib Minerals Provides Business Update

How Mine Expansion to 55,000 Tonnes Per Month Targeting H2 2026 Operational Date
Enabling Works Commenced at Redwing; 8–Month Dewatering Program to Begin
Company Outlines $300–400 Million Capital Plan with Non–Dilutive Funding Strategy
Management to Host Business Update Conference Call at 8:00 a.m. Eastern Time

NEW YORK, Nov. 24, 2025 (GLOBE NEWSWIRE) — Namib Minerals (“Namib Minerals” or “the Company”), (Nasdaq: NAMM), an established African gold producer with a portfolio of mining and exploration assets in Zimbabwe today provided a business update on its strategic growth initiatives.

“As a publicly traded company, we are committed to transparent communication as we advance our growth strategy,” said Ibrahima Sory Tall, Chief Executive Officer of Namib Minerals. “We are focused on building Namib Minerals into a multi–asset, mid–tier producer through operational optimization at How Mine and the disciplined restart of our Mazowe and Redwing mines. Our engagement of WSP for comprehensive feasibility studies, combined with the commencement of enabling works at Redwing and capacity expansion initiatives at How Mine, demonstrates tangible progress toward our vision. We look forward to updating the investment community on our strategic roadmap and near–term milestones.”

Strategic Growth Update
Since listing on the Nasdaq Stock Exchange in June 2025, Namib Minerals has executed on its strategy to transform from a single–mine operator into a multi–asset gold producer. The Company is advancing a three–pillar growth strategy: operational excellence at How Mine, strategic restarts of Mazowe and Redwing mines, and portfolio diversification through critical minerals exploration.

How Mine Capacity Expansion
As part of its commitment to operational improvement at How Mine, the Company is advancing plans to expand ore milling capacity from 40,500 tonnes per month in 2024 to 55,000 tonnes per month, representing an approximately 36% increase in throughput capacity. The Company is currently working on the procurement of the required equipment and expects this expansion to be operational during the second half of 2026. This capacity expansion will enable the Company to process higher ore volumes and offset the reduction in grade experienced to date in 2025.

Restart Enabling Works
At Redwing, the Company has commenced enabling works. Dewatering is scheduled to commence during the feasibility study phase and is expected to take approximately eight months to reach the targeted mining levels. Dewatering is a critical first step in the restart sequence, allowing the Company to assess underground conditions, refurbish infrastructure, and prepare for a phased production ramp–up. Concurrently, surface–infrastructure and power–supply upgrades will be planned to align with the restart timeline.

At Mazowe, the Company is advancing surface infrastructure work, including power, water, and tailings management systems, alongside detailed engineering studies to optimize the restart sequence and capital efficiency.

WSP Feasibility Studies
Supporting this disciplined approach, the Company has engaged WSP to conduct comprehensive feasibility studies for both Redwing and Mazowe. As announced on November 10, 2025, WSP has been appointed to execute S–K 1300 compliant feasibility studies for both mines simultaneously. Both mines are currently under care and maintenance and require completion of dewatering and resource drilling before redevelopment can commence. The program is expected to be completed over 12 to 18 months and will provide the technical foundation for reserve conversion, permitting, and financing discussions.

Long–Term Strategic Objective
The Company's vision is to build Namib Minerals into a multi–asset, mid–tier gold producer, working toward a strategic goal of ultimately producing 300,000 ounces per year. This represents a long–term corporate objective, not production guidance or a forecast, and is not based on a Preliminary Economic Assessment, Pre–Feasibility Study, or Feasibility Study. Achievement of this objective is contingent upon execution of the Company's long–term strategy, including the successful execution of restart programs and expansion of mines and other exploration and development goals. 

Preliminary Capital Requirements
The Company's preliminary estimate is that the total funding requirement for the expansion program is expected to fall within a range of $300 million to $400 million, with the majority allocated to Redwing Mine. The Company is pursuing a balanced funding mix including structured solutions that minimize dilution and prioritize project debt, strategic partnerships, and internally–generated cash flows to minimize shareholder dilution while supporting growth initiatives. The Company is in dialogue with multiple capital providers to support its growth plans. The Company’s estimated funding requirement amount is preliminary and subject to completion of feasibility studies, final engineering outcomes, market conditions, and equipment costs and other risks and uncertainties, many of which are beyond the Company's control.

Conference Call Information
Interested investors and other parties can listen to a webcast of the live conference call by logging onto the Investor Relations section of the Company's website at https://namibminerals.gcs–web.com/. An archived replay of the webcast will be available on the Company’s website shortly after the event concludes.

Participants may also access the call by dialing (877) 407–9039 for domestic callers or (201) 689–8470 for international callers.

Namib Minerals management will incorporate responses to a selection of shareholders’ frequently asked questions during the webcast. Shareholders are invited to submit questions via the investor relations email address: [email protected]. Please include the hashtag #askNamib in the subject line.

About Namib Minerals
Namib Minerals (NASDAQ: NAMM) is a gold producer, developer and explorer with operations focused in Zimbabwe. Namib Minerals is a significant player in Africa’s mining industry, driving sustainable growth and innovation across the sector. Currently Namib Minerals operates the How Mine, an underground gold mine in Zimbabwe, and aims to restart two assets in Zimbabwe. For additional information, please visit namibminerals.com.

Forward–Looking Statements

This press release includes forward–looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts contained in this update are forward–looking statements. Any statements that refer to estimates or other characterizations of future events or circumstances, including any underlying assumptions, are also forward–looking statements. Forward–looking statements include, without limitation, our management teams’ expectations of funding frameworks and anticipated timelines and costs of the restart of the Mazowe and Redwing Mines, and related assumptions. The forward–looking statements are based on our current expectations and are inherently subject to uncertainties and changes in circumstance and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward–looking statements involve a number of risks and uncertainties which include, but are not limited to, (i) market risks, including the price of gold and equipment; (ii) the risk that the Company may not be able to successfully develop its assets as planned, including expanding the How mine and restarting and expanding the Redwing and Mazowe Mines; (iii) the risk that Namib Minerals will be unable to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; and (iv) political and social risks of operating in Zimbabwe and the DRC. The foregoing list is not exhaustive. You should carefully consider the foregoing factors, any other factors discussed in this press release and the other risks and uncertainties described in the filings we make with Securities and Exchange Commission (the “SEC”). We caution you against placing undue reliance on forward–looking statements, which reflect current beliefs and are based on information currently available as of the date a forward–looking statement is made.

Contacts:
Namib Minerals:
Ibrahima Sory Tall
CEO & Director
Investor Relations:
[email protected]


GLOBENEWSWIRE (Distribution ID 9591191)

Namib Minerals Schedules Business Update Call

NEW YORK, Nov. 20, 2025 (GLOBE NEWSWIRE) — Namib Minerals (“Namib Minerals” or “the Company”), (Nasdaq: NAMM), an established African gold producer with a portfolio of mining and exploration assets in Zimbabwe and the Democratic Republic of Congo, today announced that management will host a webcast and conference call to provide a business update at 8:00 AM ET on Monday, November 24, 2025.

Interested investors and other parties can listen to a webcast of the live conference call by logging onto the Investor Relations section of the Company's website at https://namibminerals.gcs–web.com/. An archived replay of the webcast will be available shortly after the event concludes.

Participants may also access the call by dialing (877) 407–9039 for domestic callers or (201) 689–8470 for international callers.

Namib Minerals management will incorporate responses to a selection of shareholders’ frequently asked questions during the webcast. Shareholders are invited to submit questions via the investor relations email address: [email protected]. Please include the hashtag #askNamib in the subject line.

About Namib Minerals

Namib Minerals (NASDAQ: NAMM) is a gold producer, developer and explorer with operations focused in Zimbabwe. Namib Minerals is a significant player in Africa’s mining industry, driving sustainable growth and innovation across the sector. Currently Namib Minerals operates the How Mine, an underground gold mine in Zimbabwe, and aims to restart two assets in Zimbabwe, with additional exploration assets in the DRC. For additional information, please visit namibminerals.com.

Contacts:
Namib Minerals:
Ibrahima Sory Tall
CEO & Director
Investor Relations:
[email protected]


GLOBENEWSWIRE (Distribution ID 9580064)

Namib Minerals – Operational Update

NEW YORK, Nov. 14, 2025 (GLOBE NEWSWIRE) — Namib Minerals (Nasdaq: NAMM) (“Namib Minerals” or the “Company”) today provided an operational update on its recent conclusion of an agreement with Bitumen World Mining (“BW”) for the treatment of sands at How Mine.

The Company is pleased to announce that it has entered into a new strategic partnership with BW Mining, a reputable mining and civil works contractor, for the retreatment of sands at How Mine in Zimbabwe. How Mine holds a surface sands resource of 213 Koz of Gold in the Inferred Resource category, as set out in the Company’s SK–1300 Report.

BW Mining has mobilized equipment on site and commenced preparatory work, to begin the initial phase of the testing of sands. Upon successful completion of testing, the Company expects to capitalize on firm gold prices, leveraging the proven competencies and operational capacity of BW Mining to efficiently extract gold from the How Mine sands.

The project is intended to increase overall EBITDA and extract additional value from existing resources, positioning the Company to deliver stronger returns to shareholders. However, such expectations are subject to the completion of the testing phase along with various assumptions, risks and uncertainties, including market conditions, many of which are beyond the Company’s control.

This partnership serves as a complementary initiative to Namib Minerals’ ongoing capital projects, which remain focused on delivering higher–return opportunities and long–term value across the portfolio.

Forward–Looking Statements
This update includes forward–looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts contained in this update are forward–looking statements. Any statements that refer to estimates, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are also forward–looking statements. Forward–looking statements include, without limitation, our management team’s expectations concerning the sands project partnership with BW Mining. The forward–looking statements are based on our current expectations and are inherently subject to uncertainties and changes in circumstance and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward–looking statements involve a number of risks and uncertainties which include, but are not limited to, (i) market risks, including the price of gold; (ii) the inability to maintain the listing of Namib Minerals’ securities on Nasdaq; (iv) the inability to remediate the identified material weaknesses in the Company’s internal control over financial reporting, which, if not corrected, could adversely affect the reliability of Namib Minerals’ financial reporting. We caution you against placing undue reliance on forward–looking statements.

Contacts:

Investor Relations:
[email protected]

Lamiaa Maniar
VP of Communications
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f17540ab–2cc4–4fb0–b424–5ee1e6a54508


GLOBENEWSWIRE (Distribution ID 9576100)

Namib Minerals – Production and Operational Update

HARARE, Zimbabwe, Nov. 10, 2025 (GLOBE NEWSWIRE) — Namib Minerals (Nasdaq: NAMM) (“Namib Minerals” or the “Company”) today provided an operational update, including production guidance for 2025 and an overview of its mandate to WSP Global Inc. (“WSP”).

2025 Operational Guidance

The Company expects 2025 to continue as a year of grade consolidation and optimization at its flagship How Mine operation. Based on current mine plans and market conditions, the Company anticipates the following ranges:

Metric 2025 Guidance Range
Production (oz) 24,000 – 25,000
Adjusted EBITDA (US$ millions) 22 – 26
All–in Sustaining Cost (AISC US$/oz) 2,700 – 2,800

The 2025 focus at How Mine remains on stabilizing grade performance and completing throughput–capacity improvements. These improvements are expected to yield geared production and grades in the upcoming year. Furthermore, the Company continues advancing early–stage restart preparation work at Redwing Mine and Mazowe Mine.

Pathway to Resource and Production Expansion
Namib Minerals is pursuing a phased, technically driven growth plan designed to transform the Company from a single–asset producer into a multi–asset operator. The Company has in the past informed investors of its objective to recommence operations at Mazowe Mine and Redwing Mine. These restarts represent the first phase of the Company’s pathway to expansion and have commenced with the appointment of WSP. WSP has been appointed to begin feasibility studies at both mines simultaneously.

The Company appointed WSP not only for its expertise but also the firm’s understanding and familiarity with the Company’s assets. The Company’s objective is to align the future production levels of Redwing Mine and Mazowe Mine with their respective resource sizes therein increasing their production capacities.

WSP have been mandated to verify the Company’s ability to meet this strategic objective. WSP have been mandated to execute a SK–1300 compliant feasibility study on the following terms, amongst others –

Feasibility Studies — 12 to 18 Months

  • These studies will validate our exploration program to increase, convert and upgrade these resources.
  • The program is expected to be completed over 12 to 18 months and will provide the technical foundation for reserve conversion, permitting, and financing discussions.

In conjunction with the feasibility studies, the Company shall execute on phase two, namely the following strategic objectives –

Dewatering and Infrastructure Preparation

  • Dewatering at Redwing is scheduled to commence during the Feasibility–study phase and is expected to take approximately eight months to reach the targeted mining levels.
  • Concurrently, surface–infrastructure and power–supply upgrades will be planned to align with the restart timeline.

The third phase of the Company’s expansion will be to proceed with financing of its CAPEX –

CAPEX Financing

  • Upon completion of the Feasibility Studies, Namib Minerals intends to initiate the procurement process for major equipment and plant components required for the restart of the Redwing and Mazowe Mines.
  • The Company’s preliminary estimate is that the total funding requirement for the expansion program is expected to fall within a range of US $300 million to $400 million, with the majority allocated to the Redwing Mine. However, such estimate is preliminary and subject to the completion of the feasibility studies and final engineering outcomes as well as a number of assumptions, risks and uncertainties, including the timing of the completion of the feasibility studies, market conditions, and the cost of equipment and construction, many of which are beyond the Company’s control and subject to change.
  • The Company plans to pursue a balanced funding mix that may include project debt, strategic partnerships, and internally–generated cash flows to help minimize shareholder dilution.

Forward–Looking Statements
This update includes forward–looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts contained in this update are forward–looking statements. Any statements that refer to estimates, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are also forward–looking statements. Forward–looking statements include, without limitation, our management teams’ expectations concerning future operational and cost performance, the anticipate timeline and costs of the restart of the Mazowe and Redwing Mines, and related assumptions. The forward–looking statements are based on our current expectations and are inherently subject to uncertainties and changes in circumstance and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward–looking statements involve a number of risks and uncertainties which include, but are not limited to, (i) market risks, including the price of gold; (ii) the inability to maintain the listing of Namib Minerals’ securities on Nasdaq; (iii) the inability to remediate the identified material weaknesses in the Company’s internal control over financial reporting, which, if not corrected, could adversely affect the reliability of Namib Minerals’ financial reporting; (iv) the risk that the Company may not be able to successfully develop its assets, including expanding the How mine, restarting and expanding the Redwing and Mazowe Mines; (v) the risk that Namib Minerals will be unable to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; and (vi) political and social risks of operating in Zimbabwe and the DRC. The foregoing list is not exhaustive. You should carefully consider the foregoing factors, any other factors discussed in this press release and the other risks and uncertainties described in the filings we make with Securities and Exchange Commission (the “SEC”). We caution you against placing undue reliance on forward–looking statements, which reflect current beliefs and are based on information currently available as of the date a forward–looking statement is made.

Non–IFRS Information
References to non–IFRS financial measures, including Adjusted EBITDA and AISC, are presented as supplementary information and should not be considered substitutes for IFRS results. Definitions and reconciliations are available in the Company’s public filings with the SEC.

Contacts:

Investor Relations:
[email protected]  

Lamiaa Maniar:
VP of Communications
[email protected]


GLOBENEWSWIRE (Distribution ID 9572442)

Namib Minerals Reaffirms and Expands Collaboration with WSP for Feasibility Studies to Advance Expansion Plans

NEW YORK, Oct. 09, 2025 (GLOBE NEWSWIRE) — Namib Minerals (“Namib Minerals” or “the Company”), (Nasdaq: NAMM), an established African Gold producer with a portfolio of mining and exploration assets in Zimbabwe and the Democratic Republic of Congo, is pleased to announce that it has re–engaged WSP, one of the world’s leading professional services firms, to conduct comprehensive feasibility studies for the Company’s Redwing and Mazowe Gold mining assets in Zimbabwe.

Namib Minerals has renewed and expanded its engagement with WSP, recognizing the firm’s in–depth knowledge of the Company’s portfolio and operational context. Leveraging its prior experience with these assets, WSP will provide strategic insights to guide Namib Minerals in achieving its expansion objectives.

“This engagement builds on our strong relationship with WSP and reflects our commitment to unlocking the full potential of our mines,” said Ibrahima Sory Tall, CEO of Namib Minerals. “Their expertise and familiarity with our assets will help us accelerate our development plans and deliver long–term value to our stakeholders.”

The studies will serve as a critical step towards bringing Namib Minerals’ operations to full capacity and supporting the Company’s strategy of sustainable growth in Gold and Critical Minerals production.

About Namib Minerals
Namib Minerals (NASDAQ: NAMM) is a Gold producer, developer and explorer with operations focused in Zimbabwe. Namib Minerals is a significant player in Africa’s mining industry, driving sustainable growth and innovation across the sector. Currently Namib Minerals operates the How Mine, an underground Gold mine in Zimbabwe, and aims to restart two assets in Zimbabwe, with additional exploration assets in the DRC.

For additional information, please visit namibminerals.com.

Contacts:

Namib Minerals:
Lamiaa Maniar
VP of Communications
[email protected]

Investor Relations:
Alliance Advisors IR
[email protected]

No Offer or Solicitation
This press release shall not constitute an offer to sell or exchange, the solicitation of an offer to buy or a recommendation to purchase, any securities, or a solicitation of any vote, consent or approval, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale may be unlawful under the laws of such jurisdiction.


GLOBENEWSWIRE (Distribution ID 9543180)

Senator Ted Cruz Officiates USTDA Grant Signing with Terra Metals Inc. and Metalex Commodities for Zambia’s Kazozo Copper–Cobalt Project

WASHINGTON and LUSAKA, Zambia, Sept. 21, 2025 (GLOBE NEWSWIRE) — Terra Metals Inc. (Delaware, USA) and its joint venture partner Metalex Commodities (Texas, USA) today announced that their JV company, Lunda Resources, has secured a U.S. Trade and Development Agency (USTDA) grant to finance the feasibility study for the Kazozo Mine (formerly Kalaba Mine) and adjacent large–scale exploration licenses in Northwestern Zambia.

The signing ceremony, held at the Russell Senate Office Building, was officiated by Senator Ted Cruz on behalf of the U.S. Government, alongside USTDA Director Thomas Hardy and representatives of the Zambian Embassy in Washington, D.C.

This milestone aligns with the Trump Administration’s “Trade, not Aid” policy and the United States’ Critical Minerals Strategy, ensuring that Zambia’s copper and cobalt will not only contribute to job creation and GDP growth in both nations but also revive U.S. refineries with the much–needed supply of critical minerals for the global energy transition.

“This achievement is the result of years of endurance, resilience, and unwavering belief in the potential of Northwestern Zambia’s copper and cobalt resources,” said Mumena Mushinge, Chairman of Terra Metals Inc. “We are deeply grateful to Senior Chief Sailunga and Chief Ntambu, whose steadfast support and partnership have been instrumental in guiding Terra Metals’ journey. Today, with the support of USTDA, we are transforming vision into reality — building a project that will benefit both Zambia and the United States for generations to come.”

“Through Lunda Resources, we are combining U.S. and Zambian expertise to unlock world–class copper and cobalt resources that will power industries, create jobs, and strengthen long– term economic cooperation between our two countries,” added Ayo Sopitan, Chief Executive of Metalex Commodities.

Senator Ted Cruz underscored the importance of U.S. engagement in Africa’s mining sector, stating: “Critical minerals are the foundation of the future economy. The United States cannot afford to fall behind China in Africa. By working with partners like Zambia, we are ensuring secure supply chains, stronger alliances, and shared prosperity.”

About Terra Metals Inc.

Terra Metals Inc., a Delaware–based mining and energy development company, leads critical mineral development initiatives in Zambia through its subsidiaries and joint ventures.
Focused on copper, cobalt, and nickel assets, TMI integrates sustainable mining, energy transition, and community equity into all projects.

About Metalex Commodities

Metalex Commodities, headquartered in Texas, is a diversified commodities and energy firm with a strategic focus on critical minerals. Through Lunda Resources, Metalex is co– developing Zambia’s Kazozo copper–cobalt project in partnership with Terra Metals Inc.

Photos from the signing ceremony featuring Senator Ted Cruz, USTDA Director Thomas Hardy, and representatives of Terra Metals Inc., Metalex, and the Zambian Embassy are available for publication.

**Media Contact:**
Hailey Fase
Investor Relations
[email protected]
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eecd7355–ecf8–4fc8–afe0–a0d8ecf1db82


GLOBENEWSWIRE (Distribution ID 9532648)

Terra Metals Inc. and Tonawanda Group Inc. Launch Strategic Exploration Alliance Across Zambia’s Copper-Gold Belt – Drilling Campaign to Commence at Mumbwa as Terra Metals Inc. Prepares New Disclosure on Mwinilunga Geological Corridor

WILMINGTON, Del. and CHARLOTTE, N.C. and LUSAKA, Zambia, Sept. 17, 2025 (GLOBE NEWSWIRE) — Terra Metals Inc., a Delaware–registered mineral development company, has entered a strategic technical collaboration with Tonawanda Group Inc. (TGI), a North Carolina– registered exploration and investment company, to jointly advance large–scale copper and gold assets in Zambia. The collaboration begins with activity in the Mumbwa District and is expected to expand into the geologically significant Mwinilunga corridor.

Through its wholly owned Zambian subsidiary, Tonawanda Procurement Ltd. (TPL), TGI currently holds a 6,688–hectare exploration license (35384–HQ–LEL) in the Mumbwa region, adjacent to Luiri Gold’s Dunrobin–Matala deposit, which hosts over 1 million ounces of gold.

Mumbwa: Drill–Ready IOCG–Gold Corridor

Exploration work conducted by TPL and its technical partners has outlined a series of highly prospective features:

Magnetics:

  • Analytical signal highs, RTP anomalies, and vertical/horizontal derivatives aligned with the Hook Granite–Mwembeshi shear system

Geochemistry:

  • Gold values up to 1.99 g/t Au, with over 50% of samples exceeding 0.5 g/t
  • Copper values peaking at 311 ppm, with pit assays returning 2.8% Cu

Structural observations:

  • Brecciated shale–sandstone contacts, quartz vein mineralization, and widespread copper oxide minerals (malachite, azurite, chrysocolla)

“These aren’t random anomalies—they’re classic IOCG signatures nested in the right structural corridor,” said Katangwa Mushinge, Commercial & Business Development Manager of TGI. “Our drill rig is being commissioned in the coming days, and we will follow up with a detailed announcement as soon as it’s on site.”

Operational Readiness: Drill Commissioning Underway

Tonawanda Procurement Ltd. and Terra Metals Inc. are preparing to launch a fully independent exploration campaign utilizing a newly acquired diamond drill rig rated to over 1,200 meters depth.

“We are now not just compliant—we are competitive,” said Garth Chibangu, Procurement Manager at Tonawanda Procurement Ltd. “Owning and deploying this rig is a game changer. It gives us full control over exploration logistics, costs, and timelines. We drill where the data leads us.”

Mwinilunga: Geological Frontier Under Terra Metals Inc.

Terra Metals’ recently granted Large–Scale License in Mwinilunga, Northwestern Zambia, lies within a structurally complex belt characterized by folded basement domes, fluid conduits, and granite–hosted mineral systems.

“The geological potential at Mwinilunga is quietly extraordinary,” said Mumena Mushinge, Chairman of Terra Metals Inc. “We’re finalizing our interpretation maps now and will release a full technical overview shortly. This partnership gives both companies momentum on two fronts.”

Strategic Partnership: Collaboration Across Licenses

Under the partnership agreement, TGI and Terra Metals Inc. will:

  • Share geophysical and drilling resources
  • Exchange geological and geochemical data
  • Coordinate trenching, logging, and exploration modeling
  • Release joint updates and co–develop exploration milestones

About the Companies

Tonawanda Group Inc. (TGI) is a North Carolina–registered mineral exploration company focused on building high–value copper and gold assets in Africa. TGI operates in Zambia through its subsidiary Tonawanda Procurement Ltd. (TPL).

Terra Metals Inc. is a Delaware–based mineral and energy company advancing copper, gold, and cobalt projects across Zambia.
Terra Metals is a proud affiliate of the Africa America Resources Group, dedicated to bridging U.S. investment and African resource development.

**Media Contact:**
Savena Donohue Investor Relations
[email protected]
+1 (443) 362–9102

**Zambia Office:**
[email protected]
+260 973 104 044


GLOBENEWSWIRE (Distribution ID 9530752)

Terra Metals Inc. Announces Strategic Equity Investment Partnership with Investment Bank of Africa and Nalolo Solar Power Energy Company (NASPEC)

LUSAKA, Zambia, Sept. 14, 2025 (GLOBE NEWSWIRE) — Terra Metals Inc. is proud to announce a landmark strategic equity investment partnership between the Investment Bank of Africa (IBA) and the Nalolo Solar Power Energy Company (NASPEC). This collaboration represents a pivotal step in advancing the Nalolo Solar Project, a major initiative driving Zambia’s renewable energy transition.

Terra Metals Inc. holds vested interests in the Nalolo Solar Project through its principal shareholders, who are also shareholders in NASPEC, underscoring the company’s long–term commitment to fostering sustainable economic growth and supporting Zambia’s clean energy agenda.

“We are thrilled to announce this strategic partnership, which represents a major step forward for the Nalolo and Lukulu Solar Projects,” said Brian Chisala, Executive Director of Terra Metals Inc.

“This collaboration highlights our commitment to delivering clean energy solutions while advancing Zambia’s sustainable development goals,” added Mushinge Mumena, Chairman of Terra Metals Inc.

Robert Solomon, Chief Financial Officer of the Investment Bank of Africa (IBA), stated: “This investment reflects IBA’s strategy of channeling capital into high–value, sustainable infrastructure projects that generate strong financial returns while mitigating long–term risks. The Nalolo Solar Project is underpinned by solid fundamentals, rising energy demand, and government support, ensuring both profitability for stakeholders and measurable socio–economic impact for Zambia.”

“This partnership is a defining moment for NASPEC and Zambia’s renewable energy journey. With IBA’s strategic investment and Terra Metals’ vested interests, the Nalolo Solar Project is positioned to deliver clean, reliable, and affordable power while creating employment, driving industrial growth, and enhancing climate resilience,” said Dr. Victor Ryan, Chairman of NASPEC.

The Nalolo Solar Project is expected to play a transformative role in Zambia’s energy transition, driving economic growth, expanding employment opportunities, strengthening energy security, and supporting the country’s climate and sustainability commitments.

MEDIA CONTACTS:
Terra Metals Inc.
Email: [email protected]
Phone: +1 (980) 349–3883
Website: www.terrametalsinc.com


GLOBENEWSWIRE (Distribution ID 9528664)

Stonecoal SA Submits Bid for Mozambique’s Major Revuboè Coal Concession Following Government Revocation — Stonecoal SA

MAPUTO, Mozambique, Sept. 12, 2025 (GLOBE NEWSWIRE) — Stonecoal SA, represented by SVS CONSULTANTS FZCO, today announces the formal submission of its operational plan to develop the Revuboè basin’s multi–billion–dollar coal concession (4064C). This timely move follows the Mozambican government’s June 2024 decision to revoke the concession, previously held by Australian company Minas de Revuboè (MdR) for over a decade, due to inactivity and regulatory non–compliance.

Photo Courtesy of SVS Consultants

MdR, which first obtained the concession in 2013, remained inactive for more than ten years. In May 2024, MdR attempted to sell a 92% stake in the asset to India’s JSW Steel for $74 million—an action that reportedly breached Mozambique’s Mining Law, which prohibits transferring licenses without prior government approval. As a result, the Ministry of Mineral Resources and Energy formally withdrew MdR’s rights, underscoring Mozambique’s commitment to transparent governance and lawful management of major resources.

Responding to this opportunity, Stonecoal SA—a Mozambican mining firm—submitted its new operational plan in August 2024, aiming to re–activate the Revuboè site in line with government priorities for economic revitalization. The company emphasizes its commitment to responsible mining, best practice standards, and full regulatory compliance. Additionally, Stonecoal SA clarifies that none of its directors are affiliated with Vulcan (Jindal), in response to recent media reports.

A Council of Ministers resolution from July 2024 sets out the government’s reasons for withdrawing the former license: “lack of exploration works” and an unauthorized attempted transfer. In place of a transfer, a new concession was opened to Mozambican firms via a compliance–driven proposal process—a step reflecting the government’s proactive approach to reactivating dormant concessions and boosting national development.

Currently, Mining Concession 4064C remains unassigned in Mozambique’s official database, with Stonecoal SA’s proposal under review by authorities. While Stonecoal confirms the timely submission of its application, it will not provide details of any ongoing legal matters concerning the concession, in line with international media and newswire standards.

The mining sector news unfolds as Mozambique also manages a high–profile $120 million arbitration claim in France from ETG Group, linked to seized agricultural exports involving GMO compliance. This and the coal concession bid underscore Mozambique’s current efforts to balance investor confidence, regulatory modernization, and economic growth.

SVS CONSULTANTS FZCO is the official communications partner for Stonecoal SA, ensuring full transparency and accurate disclosure to stakeholders.

About Stonecoal SA
Stonecoal SA is a Mozambican mining company dedicated to responsible development of the country’s natural resources, focusing on sustainable mining, community engagement, and regulatory compliance.

Contact Information: SVS CONSULTANTS FZCO
Contact Person's Name: Mr. Haroon Rashid
Organization: SVS CONSULTANTS
Phone Number: +97154 541 3354

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c64f123b–61ec–459a–a227–e02405d65c99


GLOBENEWSWIRE (Distribution ID 9528210)

Namib Minerals Provides Corporate Update

NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — Namib Minerals (“Namib Minerals” or “the Company”), (Nasdaq: NAMM), an established African gold producer with a portfolio of mining and exploration assets in Zimbabwe and the Democratic Republic of Congo, is pleased to provide a corporate update after closing the business combination with Hennessy Capital Investment Corp. VI and listing on the Nasdaq Stock Exchange under the ticker symbol NAMM. The Company also recently rang the Closing Bell at the Nasdaq Stock Exchange on July 25, 2025.

Namib Minerals Rings the Nasdaq Closing Bell
Photo Courtesy of Nasdaq, Inc.

Ibrahima Sory Tall, Chief Executive Officer, stated “This achievement marks more than a change in our corporate structure – it is a validation of our vision. The transaction facilitates access to strategic partnerships necessary to advance our mission of becoming a leading, multi–asset producer of gold and green minerals. We believe Namib Minerals is ready to become a leader of Africa’s next generation of globally significant mineral producers.”

Strategic Growth and Asset Development

Namib Minerals’ foundation is built on a portfolio of cash–generating assets. Its anchor operation, How Mine in Zimbabwe, is a fully producing underground gold mine that generated 36.6 koz of gold and approximately US$86 million in revenue in 2024. With a strong operational track record and existing infrastructure, and assuming sufficient funding is obtained, Namib Minerals believes How Mine is well positioned for expansion. The Company is actively planning to increase the current production capacity to unlock additional value.

Alongside How Mine, the Company is advancing restart plans for the Mazowe and Redwing mines in Zimbabwe. These assets are undergoing enabling works, with the expectation of returning both to production in the near term. Dewatering at Redwing is expected to begin this fiscal year, with parallel infrastructure upgrades continuing at Mazowe.

As of December 31, 2023, Namib Minerals’ three gold assets have a substantial mineral endowment of 1.6Moz of gold in measured and indicated reserves at an average grade of 3.92 g/t Au, and an additional 2.4Moz in inferred resources at 3.57 g/t Au.

In addition to optimizing and restarting existing operations, Namib Minerals expects to organize a series of feasibility studies to facilitate discovery of increased reserves and resources across all three projects. These studies are expected to form the technical foundation for future expansion and help underpin the Company’s long–term production profile.

The Company’s exploration portfolio in the Democratic Republic of Congo comprises an interest in 13 exploration permits targeting copper and cobalt – two critical minerals essential to the global energy transition. This marks an important part of diversifying Namib Minerals’ commodity base while maintaining exposure to structurally robust markets.

Commitment to Operational Excellence, and Shared Prosperity

Namib Minerals operates according to leading international standards, with ISO 14001, 9001, and 45001 certifications for environmental responsibility, quality, and occupational health and safety. The Company is committed to maintaining these standards as it expands, helping to ensure that all new sites operate under its established Operational Excellence framework aligned with these ISO certifications.

Such framework also includes Sustainability, with environmental best practices, and Shared Prosperity, through continuous partnerships with our local communities and governments.

About Namib Minerals

Namib Minerals (NASDAQ:NAMM) is a gold producer, developer and explorer with operations focused in Zimbabwe. Namib Minerals is a significant player in Africa’s mining industry, driving sustainable growth and innovation across the sector. Currently Namib Minerals operates the How Mine, an underground gold mine in Zimbabwe, and aims to restart two assets in Zimbabwe, with additional exploration assets in the DRC. For additional information, please visit namibminerals.com.

Contacts:

Namib Minerals:
Ibrahima Sory Tall
CEO & Director
[email protected]

Investor Relations:
Kaitlin Taylor & Chris Santa Cruz
[email protected] 

Forward–Looking Statements

All statements other than statements of historical facts contained in this press release, including statements regarding Namib Minerals’ future financial position, results of operations, business strategy, and plans and objectives of its management team for future operations, are forward–looking statements. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are also forward–looking statements. In some cases, you can identify forward–looking statements by words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “strategy,” “future,” “opportunity,” “may,” “target,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” “preliminary,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward–looking. Forward–looking statements include, without limitation, Namib Minerals’ or its respective management team’s expectations concerning the outlook for Namib Minerals’ business, productivity, plans, and goals for future operational improvements, growth and capital investments, operational and cost performance, future market conditions, economic performance and developments in the capital and credit markets, expected future financial performance, the restart of the Mazowe mine and Redwing mine and related expansion plans, capital expenditure plans and timeline, the development and goals of the prospective exploration licenses in the DRC, mineral reserve and resource estimates, production and other operating results, productivity improvements, expected additional funding, growth prospects and outlook of Namib Minerals’ operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of Namib Minerals’ exploration and production projects, as well as any information concerning possible or assumed future results of operations of Namib Minerals. Forward–looking statements also include statements regarding the expected benefits of the Business Combination. The forward–looking statements are based on the current expectations of the management team of Namib Minerals, and are inherently subject to uncertainties and changes in circumstance and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward–looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward–looking statements. These risks and uncertainties include, but are not limited to, (i) market risks, including the price of gold; (ii) the effect of the announcement or consummation of the Business Combination on Namib Minerals’ business relationships, performance, and business generally; (iii) the outcome of any legal proceedings that may be instituted against Namib Minerals or its subsidiaries related to the Business Combination; (iv) the failure to realize the anticipated benefits of the Business Combination; (v) the inability to maintain the listing of Namib Minerals’ securities on Nasdaq; (vi) the inability to remediate the identified material weaknesses in Namib Minerals’ subsidiary’s internal control over financial reporting, which, if not corrected, could adversely affect the reliability of Namib Minerals’ or its subsidiaries’ financial reporting; (vii) the risk that the price of Namib Minerals’ securities may be volatile due to a variety of factors, including changes in the highly competitive industries in which Namib Minerals plans to operate, variations in performance across competitors, changes in laws, regulations, technologies, natural disasters or health epidemics/pandemics, national security tensions, and macro–economic and social environments affecting its business, and changes in the combined capital structure; (viii) the inability to implement business plans, forecasts, and other expectations, identify and realize additional opportunities, and manage growth and expanding operations; (ix) the risk that Namib Minerals may not be able to successfully develop its assets, including expanding the How mine, restarting and expanding its other mines in Zimbabwe or developing its interests in exploration permits in the DRC; (x) the risk that Namib Minerals will be unable to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (xi) political and social risks of operating in Zimbabwe and the DRC; (xii) the operational hazards and risks that Namib Minerals and its subsidiaries face; and (xiii) potential volatile and sporadic trading of Namib’s securities. The foregoing list is not exhaustive, and there may be additional risks that Namib Minerals presently does not know or that it currently believes are immaterial. You should carefully consider the foregoing factors, any other factors discussed in this press release and the other risks and uncertainties described in the registration statement on Form F–4 (together with all amendments thereto, the “Registration Statement”) initially filed on December 6, 2024, and the definitive proxy statement / prospectus contained therein, in each case, under the heading “Risk Factors,” and other documents of Namib Minerals’ subsidiaries filed, or to be filed, with the U.S. Securities and Exchange Commission (“SEC”). Namib Minerals cautions you against placing undue reliance on forward–looking statements, which reflect current beliefs and are based on information currently available as of the date a forward–looking statement is made. Forward–looking statements set forth in this press release speak only as of the date of this press release. Neither Namib Minerals nor its subsidiaries undertakes any obligation to revise forward–looking statements to reflect future events, changes in circumstances, or changes in beliefs. In the event that any forward–looking statement is updated, no inference should be made that Namib Minerals or its subsidiaries will make additional updates with respect to that statement, related matters, or any other forward–looking statements. Any corrections or revisions and other important assumptions and factors that could cause actual results to differ materially from forward–looking statements, including discussions of significant risk factors, may appear, from subsequent events and developments, in Namib Minerals’ public filings with the SEC, which are or will be (as appropriate) accessible at www.sec.gov, and which you are advised to review carefully.

Cautionary Note Regarding Mineral Resources

Estimates of “measured”, “indicated” and “inferred” mineral resources as well as “proven” and “probable” mineral reserves shown in this communication are defined in Subpart 1300 of Regulation S–K promulgated by the SEC (“S–K 1300”). The estimation of measured resources and indicated resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable mineral reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. Investors are cautioned not to assume that any or all of the mineral resources are economically or legally mineable or that these mineral resources will ever be converted into mineral reserves. You are cautioned that mineral resources do not have demonstrated economic viability.

No Offer or Solicitation

This press release shall not constitute an offer to sell or exchange, the solicitation of an offer to buy or a recommendation to purchase, any securities, or a solicitation of any vote, consent or approval, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale may be unlawful under the laws of such jurisdiction.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/209aa0b1–f756–4d9c–ba4a–085af921ebc5


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