NASDAQ · NAMM

Namib Minerals

Basic Materials · Gold

$0.77▼ 0.01% ($0.00)at close

Pre-market$0.77▼ 0.14%7:08 AM ET

52-week

$0.70$7.42

Market cap

$43.06M

P/E

0.26

EPS (TTM)

$3.00

Valuation

Earnings power value

Zero-growth earnings power / share · Zero-growth base

$3.20

+314%

+314%vs price used $0.77

USD · Financial years 2021–2025 · 5 years normalized · Price Oct 30, 8:00 PM UTC

Operating earnings have been volatile; review the normalized earnings used.

Price vs. estimate range

Assumption scenarios, not confidence intervals

USD · Financial years 2021–2025 · 5 years normalized · Price Oct 30, 8:00 PM UTC

What is this business worth assuming zero future growth?

Applicable — Volatile

EPV Applicable — Earnings Are Volatile

Earnings swing year to year. The trimmed mean removes outliers, but EPV carries higher uncertainty. Consider it a rough range rather than a precise estimate.

Conservative

$2.31

WACC: 7.37% (+2%)

Base Case

$3.20

WACC: 5.37% · Base sensitivity

Optimistic

$5.13

WACC: 3.37% (−2%)

EPV / Share

$3.20

+314.49% vs price

Price used

$0.77

Valuation reference price

Upside / Downside

+314.49%

Significant discount to EPV

Normalized EBIT

$12.3M

trimmed mean

WACC

5.37%

CAPM-derived

Implied Growth

—

N/A

Tax Rate

6.75%

effective rate

EPV / Capital

—

10Y FCFF CAGR

—

N/A

FCFF Conversion

—

N/A

About EPV

Earnings Power Value (Greenwald) asks: what is this business worth if it never grows again? It capitalizes normalized after-tax operating earnings at the cost of capital. EPV is best used as a baseline for stable, mature businesses — not as a ceiling or guaranteed floor, since business conditions may change. Compare it to asset value: if EPV significantly exceeds accounting book capital, that gap is consistent with competitive advantage, though a single snapshot cannot confirm how wide or durable it is.

Price vs Fundamentals

Why The Stock Is Moving

Likely multiple compressionModerate confidence

1Y Price: -59.84%Revenue (TTM): 849.27%FCF (TTM): 380.71%

What changed

The stock fell 59.84% over the last year. Revenue grew 849.27% over the trailing twelve months. Operating margin moved from -187.5% to 148.94%. Free cash flow grew 380.71% over the trailing twelve months.

What the market seems to be pricing

Visible fundamentals weakened far less than the stock price. The market appears to be discounting durability, risk, or trust rather than just the latest reported numbers.

What would invalidate this read

This read changes if operating margin (currently 148.94%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.

Return analysis

Company profile

Namib Minerals is a gold producer, developer and explorer with operations focused in Zimbabwe.

CEOTulani Sikwila

SectorBasic Materials

IndustryGold

Employees1,500

IPO dateJun 6, 2025

https://www.namibminerals.com

Market multiples

Forward P/E—

EV/EBITDA (FY2025 year-end)0.47

Enterprise value (FY2025 year-end)$55.5M

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth (Q2 FY26 YoY)-30.14%

Gross margin (FY2025)41.45%▼3.7ppvs FY2024

Operating margin (FY2025)14.9%▼2.2ppvs FY2024

ROE (TTM to Jun 2026)N/A

Analyst consensus

Rating—

Target price—

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Actuals vs estimates by quarter, or any quarter against the same one a year earlier.

Next report

Oct 1, 2026

Q3 FY26 · EPS est — · Revenue est —

Oct 1 '26

Reported Oct 1, 2026 · Latest

HoverTap a quarter to inspect

Actual

-$0.04

No estimate

Estimate

—

Street consensus

Year over year

—

No year-ago quarter

Vs prior report

n/m

vs Q2 FY26 · -$0.04

ActualEstimateBeatMissIn lineSame quarter last year

Institutional Sentiment

Namib Minerals · NAMM

From Form 13F filings (managers with $100M+). Filings land up to 45 days after quarter end — read this as positioning context, not live fund flow.

NASDAQ · NAMM

Namib Minerals

Basic Materials · Gold

$0.77▼ 0.01% ($0.00)at close

Pre-market$0.77▼ 0.14%7:08 AM ET

52-week

$0.70$7.42

Market cap

$43.06M

P/E

0.26

EPS (TTM)

$3.00

Valuation

Earnings power value

Zero-growth earnings power / share · Zero-growth base

$3.20

+314%

+314%vs price used $0.77

USD · Financial years 2021–2025 · 5 years normalized · Price Oct 30, 8:00 PM UTC

Operating earnings have been volatile; review the normalized earnings used.

Price vs. estimate range

Assumption scenarios, not confidence intervals

USD · Financial years 2021–2025 · 5 years normalized · Price Oct 30, 8:00 PM UTC

What is this business worth assuming zero future growth?

Applicable — Volatile

EPV Applicable — Earnings Are Volatile

Earnings swing year to year. The trimmed mean removes outliers, but EPV carries higher uncertainty. Consider it a rough range rather than a precise estimate.

Conservative

$2.31

WACC: 7.37% (+2%)

Base Case

$3.20

WACC: 5.37% · Base sensitivity

Optimistic

$5.13

WACC: 3.37% (−2%)

EPV / Share

$3.20

+314.49% vs price

Price used

$0.77

Valuation reference price

Upside / Downside

+314.49%

Significant discount to EPV

Normalized EBIT

$12.3M

trimmed mean

WACC

5.37%

CAPM-derived

Implied Growth

—

N/A

Tax Rate

6.75%

effective rate

EPV / Capital

—

10Y FCFF CAGR

—

N/A

FCFF Conversion

—

N/A

About EPV

Price vs Fundamentals

Why The Stock Is Moving

Likely multiple compressionModerate confidence

1Y Price: -59.84%Revenue (TTM): 849.27%FCF (TTM): 380.71%

What changed

What the market seems to be pricing

Visible fundamentals weakened far less than the stock price. The market appears to be discounting durability, risk, or trust rather than just the latest reported numbers.

What would invalidate this read

This read changes if operating margin (currently 148.94%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.

Return analysis

Company profile

Namib Minerals is a gold producer, developer and explorer with operations focused in Zimbabwe.

CEOTulani Sikwila

SectorBasic Materials

IndustryGold

Employees1,500

IPO dateJun 6, 2025

https://www.namibminerals.com

Market multiples

Forward P/E—

EV/EBITDA (FY2025 year-end)0.47

Enterprise value (FY2025 year-end)$55.5M

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth (Q2 FY26 YoY)-30.14%

Gross margin (FY2025)41.45%▼3.7ppvs FY2024

Operating margin (FY2025)14.9%▼2.2ppvs FY2024

ROE (TTM to Jun 2026)N/A

Analyst consensus

Rating—

Target price—

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Actuals vs estimates by quarter, or any quarter against the same one a year earlier.

Next report

Oct 1, 2026

Q3 FY26 · EPS est — · Revenue est —

Oct 1 '26

Reported Oct 1, 2026 · Latest

HoverTap a quarter to inspect

Actual

-$0.04

No estimate

Estimate

—

Street consensus

Year over year

—

No year-ago quarter

Vs prior report

n/m

vs Q2 FY26 · -$0.04

ActualEstimateBeatMissIn lineSame quarter last year

Institutional Sentiment

Namib Minerals · NAMM

From Form 13F filings (managers with $100M+). Filings land up to 45 days after quarter end — read this as positioning context, not live fund flow.