Bulawayo Mining Company Term Loan Facility

On June 5, 2026, Bulawayo Mining Company (Private) Limited, a subsidiary of Namib Minerals, secured a $5.0 million term loan facility from Ecobank Zimbabwe Limited. The loan, maturing on May 31, 2029, will be used for mining development, including plant expansion and equipment purchase. The facility carries a base interest rate of 12% per annum minus a 1% margin, with a 1% acceptance fee and a 0.5% drawdown fee. Security for the loan includes a $7.5 million security interest over plant and machinery and an assignment of gold-sale proceeds to Fidelity Gold Refinery. The agreement includes customary restrictive covenants and requires Ecobank's consent for certain actions such as additional indebtedness or acquisitions.