Exhibit 96.1

Namib Minerals

How Mine

S-K 1300 Technical Report Summary

March 2026

How Mine

S-K 1300 Technical Report Summary

Namib Minerals

WSP Australia Pty Limited

Level 3, 51-55 Bolton St
Newcastle NSW 2300
PO Box 1162
Newcastle NSW 2300

Tel: +61 2 4929 8300
Fax: +61 2 4929 8382

wsp.com

This document may contain confidential and legally privileged information, neither of which are intended to be waived, and must be used only for its intended purpose. Any unauthorised copying, dissemination or use in any form or by any means other than by the addressee, is strictly prohibited. If you have received this document in error or by any means other than as authorised addressee, please notify us immediately and we will arrange for its return to us.

Table of contents

List of tables

List of figures

List of appendices

Appendix A Limitations statement  

The How Gold Mine (HGM) [or the Property] is located in the Matabeleland South Province, Zimbabwe, approximately 30 kilometres (km) southeast of the city of Bulawayo (latitude 20°18’S and longitude 28°46‘E), in the Bulawayo Mining District of Zimbabwe.

The HGM is situated within the Mining Lease (ML) 28 tenement, which has a surface area of 2,408 hectares (ha) [Figure 3.2].

HGM is wholly owned and operated through Namib Minerals, which acquired Bulawayo Mining Company Limited (BMC)—the long-standing operator of the mine—in 2024 from Metallon Corporation. Following this transaction, Namib Minerals holds 100% indirect ownership of HGM, while BMC continues to function as the on-site operator under the new corporate structure.

The Property is accessible via a sealed road from Bulawayo, approximately 30 kilometres (km) west-northwest, which is in fair condition. Access to the mine site and ore is authorised by the applicable mining legislation, and BMC Zimbabwe’s title and mining rights. Mining exploration and exploitation works conducted, or to be conducted on site are authorised in accordance with the applicable legislation, and BMC Zimbabwe’s title and mining rights.

The HGM is located in the Umzingwane Formation of the Bulawayo Greenstone Belt (BGB). The lithological units characteristic of the Umzingwane Formation includes clastic metasediments, fine-grained tuffaceous rocks, banded shales and siltstones, ferruginous cherts or Banded Iron Formation (BIF), and rhyodacites and andesitic lavas. This assemblage has been subjected to metamorphism of lower greenschist facies.

The local geology around HGM consists of a sequence of talc-chlorite schist, laminated black shale, silicate facies BIF, tuffaceous units, and siltstone from southwest to northeast with the occurrence of felsic porphyry intrusions and mafic dykes.

Mineralisation at the HGM is thought to have been formed by hydrothermal solutions migrating along structurally controlled channels, predominantly caused by an extensional duplex, with its long axis parallel to the direction of extension.

The deposit shows significant hydrothermal alteration, commonly with associated sulphide mineralisation. Strong carbonation, silicification, and in extreme cases propylitisation occur together with sulphides. Pyrite is the dominant sulphide, with significantly less chalcopyrite and occasional pyrrhotite present, becoming more abundant at depth. Chalcocite and arsenopyrite have also been reported. Ore microscopy has shown that gold is associated with a late generation of pyrite and chalcocite.

Mineralisation generally strikes to the north, and dips steeply at approximately 80 degrees (°) to the west, with a steep northerly plunge.

Exploration is based on detailed geological mapping that established the following sequence from southwest to northeast: talc-chlorite schist, laminated black shale, silicate facies BIF, tuffaceous units, and siltstone. The occurrence of felsic porphyry intrusions and mafic dykes was observed in historical quarries and underground at HGM.

Channel sampling, diamond drilling, and sludge drilling samples were used for the purposes of geological modelling and Mineral Resource estimation.

This report is prepared as a Technical Report Summary (TRS) for the Property, in accordance with the United States Securities and Exchange Commission’s (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601(b)(96).

The Mineral Resources estimate has been defined, classified and reported according to the guiding principles and minimum requirements as set out in S-K 1300 requirements for the reporting of Mineral Resources.

The relevant Qualified Person (QP) is satisfied that there has been sufficient orebody knowledge work completed to support Reasonable Prospects for Economic Extraction (RPEE) at the Property from a Mineral Resource perspective.

In the QP’s opinion the assumptions for definition of the resource base are current.

For the purpose of demonstrating the capacity to exploit the resource and define Mineral Resources as required under S-K 1300, the QP utilised Datamine’s Mineable Shape Optimiser (MSO) software to define mineable envelopes (stopes) based on the current mining method stope definition parameters above the calculated marginal cut-off, as per accepted industry practice. The parameters used in the MSO process are detailed in Table 13-2 below. The marginal cut-off was calculated on updated macro-economic inputs and current costs data and is detailed in Section 11.11 of this report. A process recovery of 89%, detailed in Section 14.4, for gold was applied for cashflow modelling consistent with recent historical averages and fixed tail estimates. Further assumptions are provided under Section 11.11.

Table 1.1 presents the underground Measured and Indicated Mineral Resources (exclusive of Mineral Reserves) reported as at 31 December 2025.

Mineral Resources are reported on an in-situ basis, exclusive of Mineral Reserves, inside Mineable Stope Optimiser shapes generated at a cut-off grade of 0.6 g/t Au and is inclusive of material below 0.6 g./t Au within these shapes.

Table 1-1 HGM underground Measured and Indicated Mineral Resources estimate as at 31 December 2025, exclusive of Mineral Reserves.

Notes: Mt = Million tonnes; Au Grade g/t = gold grams per tonne; koz = thousand ounces.

Table 1.2 presents the underground Inferred Mineral Resource reported as at 31 December 2025. The Mineral Resource is reported within Mineable Stope Optimiser shapes generated at a cut-off grade of 0.6 g/t Au and is inclusive of material below 0.6 g./t Au within these shapes.

Table 1-2 HGM underground Inferred Mineral Resource estimate as at 31 December 2025

Notes: Mt = Million tonnes; Au Grade g/t = gold grams per tonne; koz = thousand ounces.

Table 1.3 presents the sands (tailings) Inferred Mineral Resource reported as at 31 December 2025.

Table 1-3 HGM sands (tailings) Inferred Mineral Resource estimate as at 31 December 2025

Notes: Mt = Million tonnes; Au Grade g/t = gold grams per tonne; koz = thousand ounces.

It should be noted that the underground and surface Mineral Resource estimate for the Property is reported exclusive of Mineral Reserves.

The Mineral Resources presented in this Section are not Mineral Reserves, and do not reflect demonstrated economic viability. The reported Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves. There is no certainty that all or any part of this Mineral Resource will be converted into Mineral Reserve.

All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.

Based on the geological results presented in this TRS, it is the QP’s opinion that the Mineral Resources have Reasonable Prospects for Economic Extraction.

The Mineral Reserves have been defined, classified and reported according to the guiding principles and minimum requirements as set out in S-K 1300.

The QP is satisfied that there has been sufficient standard of evaluation to support estimation of a Mineral Reserve that has been demonstrated to be technically and economically viable.

WSP has applied an extractable mining recovery of 90% applied in conjunction with the Mine Call Factor (MCF). The MCF is the product of the Block Call Factor (BCF), and the Assay Plan Factor (APF). The APF for this estimate is applied to gold grade (102.1% of resource grade), reflecting both plan dilution and positive reconciliation as a 3-year trailing average excluding outliers (+10%) as at end December 2025. The BCF has been calculated to 98% utilising the same methodology giving a MCF of 100.1%. Mineral Reserves are reported on a plant feed basis, inclusive of dilution and ore loss modifying factors, assuming a gold metallurgical recovery of 89%.

The Mineral Reserve accounts for 3.6%, by tonnage, of the current Mineral Resource inclusive of the surface sands (tailings). The Mineral Reserve accounts for 44.5%, by tonnage, of the HGM 9-year strategic LOM plan inclusive of the surface sands (tailings).

The Mineral Reserve estimate is based on Proved and Probable material only, delineated by Datamine’s MSO software, that has been deemed to be economically viable through industry accepted mine planning practices. The economic basis for the Mineral Reserve is based on detailed financial modelling of the Mineral Reserve only mine plan.

Please note that the HGM strategic LOM plan is a combination of the Mineral Reserve only mine plan with the addition of Inferred material that has been assessed to be safely and economically extractable within the parameters of the current mine design.

Further Inferred material may be able to be added to the HGM strategic LOM plan once a strategic LOM is completed. Please note that such a study is outside the purview of the requirements to generate this report.

Table 1.4 presents the HGM Mineral Reserves estimate as at 31 December 2025.Table 1-4 Mineral Reserves estimate as at 31 December 2025

Notes: UG = Underground, SF = Surface Stockpile Dam 3 and 4.

The estimates are rounded to reflect the order of accuracy, to the nearest ten thousand tonnes (10 kt) for tonnage, to two decimal places for grade, and to the nearest thousand ounces (koz) for contained gold. Estimates are prepared carrying relevant decimal place accuracy to derive subtotals and totals that are subsequently rounded. Minor rounding errors may occur as a result.

Capital and operating cost estimates have been prepared by HGM to generate a 4-year Mineral Reserves only plan, plus 1 year for mine closure. WSP has analysed historical physical quantities, operating and capital costs of operation over the past 3 years 2023 – Q1 2026, and estimated an additional 5% contingency which has been applied to all operating and capital costs. Mine closure independently includes a contingency of 15.0%.

Capital costs total US$30.0 M comprising sustaining capital of US$27.6 M, growth capital of US$2.4. M (only in CY2025 for underground and process plant production upgrades) and mine closure of US$7.6 M (assuming a planned closure scenario). A mine closure cost estimate of US$8.1 M has been updated December 2025 in a review undertaken by Enmin Consulting (Private) Limited (Enmin).

Operating costs total US$123.5 M (averaging US$77.12/t processed) comprising direct operating C1 costs of US$108.5 M (US$67.81/t processed) and fixed overheads US$14.9 M (US$9.33/t processed).

Given the historical track record of operation of the HGM, and a 5% contingency allowance for both operating and capital costs, WSP views the cost estimates comply with the level of accuracy required by § 229.1302 (Item 1302 of Regulation S–K). The capital and operating cost estimate accuracy is assessed at +15% while a 5% contingency allowance on all costs is consistent with recent historical variability as a provision for any additional, unforeseen costs associated with unanticipated geologic circumstances, engineering conditions and unanticipated geopolitical conditions.

Key outcomes of the cashflow evaluation and sensitivity analysis on an after-tax basis, considering Mineral Reserves only are:

On this basis, the economic analysis is judged sufficiently robust to provide breakeven economics within a +10% level of accuracy and <15% contingency.

The ML is renewed on an annual basis with the Government of Zimbabwe. The area covered by ML 28 was surveyed and declared to be 2,408 ha. Isolated cases of illegal gold mining activities have been reported along some streams, and historical mine workings in the ML 28 area. Higher artisanal activity is concentrated along the Mzingwane River, on the southern margins of the ML 28 area. The ML is renewed annually, and the current certificate is valid to 17 August 2026.

Based on the information presented in this TRS, the QP’s key conclusions are as follows:

Based on the information presented in this TRS, the QP’s key recommendations are as follows:

The QP is satisfied with the basis for estimation and update of the 2025 Mineral Reserves. The outlook for the Mineral Reserve and generally the LOM has improved on a number of fronts, these being:

Based on the information presented in this TRS, the QP’s key conclusions are as follows:

As part of the updates to HGM’s mine planning process WSP recommends including:

The QP recommends providing further HGM improvements to future Mineral Reserve estimates including:

The mining methods are appropriate to the style and type of mineralisation and are based on a history of successful implementation. Subject to capital constraints, the QP recommends consideration be given to implementing more modern, mechanised mining techniques to improve general safety, productivity and production tonnage per personnel-shift. This will need to take appropriate account of the existing underground infrastructure and constraints, including ventilation. It could include the use of diesel, electric or battery powered boggers and electric-hydraulic drill rigs.

This Technical Report Summary (TRS) is for the Namib Minerals owned How Gold Mine (HGM) [or the Property], located in Matabeleland South Province, southwestern Zimbabwe, and was prepared by the Qualified Person (QP) for Namib Minerals.

HGM is wholly owned and operated through Namib Minerals. Namib Minerals acquired BMC - the long-standing operator of the mine in 2025 from Greenstone Corporation. Following this transaction, Namib Minerals holds 100% indirect ownership of HGM, while BMC continues to function as the on-site operator under the new corporate structure

The area covered by ML 28 has a surface area of 2,408 hectares (ha) [Figure 3.2].

Figure 2.1 presents the corporate structure of Namib Minerals.

Figure 2.1 Namib Minerals corporate

This portfolio of mineral assets located in Zimbabwe consists of three mining properties located within a significant land package consisting of some 66.02 square kilometres (km²) in area. The mining properties comprise three separate underground gold mines, namely: How, Mazowe, and Redwing. Each mining property is serviced by its own dedicated processing facilities and accompanying infrastructure. Namib considers there to be significant exploration potential at each of the mining properties.

From acquisition of the assets in 2002 until 2006, gold production steadily increased, with gold production peaking in 2005 at approximately 156,000 ounces (oz) of gold, one of Zimbabwe’s largest gold producers.

Due to political unrest and hyperinflation in 2007, BMC Limited’s mining activities in Zimbabwe ceased, and all mines were placed on Care and Maintenance (C&M). In 2009, mining activities recommenced, with several of the mines requiring rehabilitation work.

Operations were suspended at the Mazowe Gold Mine (MGM) on 31 December 2018, and at the Redwing Gold Mine (RGM) on 30 March 2019 due to general economic challenges.

Gold production from the HGM since 2018 is as follows (BMC Zimbabwe Operation Reports):

WSP was appointed by Namib to prepare this Technical Report Summary (TRS) to report Mineral Resources, and Mineral Reserves for the How Gold Mine effective 31 December 2025 . This TRS conforms to the United States Securities and Exchange Commission’s (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300), and Item 601(b)(96) of Regulation S-K. Mineral Resources and Mineral Reserves reported herein are supported by annual report statements prepared by Namib Minerals in accordance with S-K 1300 requirements.

The WSP Qualified Persons (QPs) who have prepared this TRS meet the QP requirements defined by the SEC.

The TRS utilises:

Summary Mineral Resources and Mineral Reserves in Table 1.1, Table 1.2, Table 1.3, and Table 1.4 are presented based on a Namib Minerals equity ownership basis (100%).

Key acronyms and definitions used in this TRS include those items listed in Table 2.1.

This TRS relies upon various reports and other material prepared by Namib Minerals and information from staff and consultants as provided to WSP. This data and information have been supplemented with information in the public domain, and through information gathered during a site inspection by WSP in February 2026 (Section 2.4).

WSP has taken reasonable care to ensure that the information contained in this TRS is in accordance with the facts and information available to it and is unaware of any omission likely to affect its import.

Information in this TRS has been prepared under the supervision of the WSP QPs for Geology/Resources and Mining/Reserves.

The WSP geologist and mining engineer visited the site between 24 February 2026 and 25 February 2026. The WSP geologist reviewed the regional and deposit geology with senior personnel from the management, geology and mining teams. They visited the core storage facility to review the deposit geology, core logging, sampling, analytical, QAQC, and core/sample chain of custody and archiving processes and also visited the site laboratory, the sand dumps and a surface drill rig drilling potential new resource areas above the 10 Level.

WSP QPs visited the operating underground mine (active development and production areas) and surrounding area and observed exploration drilling occurring on the 30 Level.

During the personal inspection, the WSP QPs interviewed senior personnel from the management, geology and mining teams regarding recent mine performance, practices and financial performance.

This is the second TRS filed for the Property. The first TRS was filed in January 2024, with an effective date of 31^st December 2023.

The opinions of QPs in the employ of WSP contained herein and effective 31 December 2025, are based on information collected throughout the course of investigations by the QPs. The information in turn reflects various technical and economic conditions at the time of preparing the TRS. Given the nature of the mining business, these conditions can change significantly over relatively short periods of time. Consequently, actual results may be significantly more or less favourable.

This TRS may include technical information that requires subsequent calculations to derive sub-totals, totals, and weighted averages. Such calculations inherently involve a degree of rounding, and consequently introduce a margin of error. Where these occur, the QPs do not consider them to be material.

Neither WSP, nor the QPs responsible for this TRS, are insiders, associates, or affiliates of Namib or any of its subsidiaries. The results of the technical review by the QPs are not dependent on any prior agreements concerning the conclusions to be reached, nor are there any undisclosed understandings concerning any future business dealings.

WSP has provided and continues to provide technical consulting services to Namib Minerals with respect to its mineral assets; some of that work is referred to in this report. The work is carried out independently on a fee for service basis. Fees generated from Namib Minerals are not material to WSP either locally or globally. The QPs have not previously worked on projects for Namib Minerals and in our opinion, WSP’s association with Namib Minerals does not impact on the independence of this report. Furthermore:

The Property is located in Matabeleland South Province, Zimbabwe, approximately 30 km southeast of the city of Bulawayo (latitude 20°18’S and longitude 28°46‘E), in the Bulawayo Mining District of Zimbabwe.

The location of the Property and its proximity to major infrastructure is presented in Figure 3.1.

Figure 3.1 Property location map

BMC Zimbabwe, a wholly owned subsidiary of BMC UK, which is a wholly owned subsidiary of Namib Minerals, holds ML 28. The area covered by ML 28 has a surface area of 2,408 ha. ML 28 is renewed annually, and the current certificate is valid until 17 August 2026.

Isolated cases of artisanal gold mining activities have been reported along some streams, and historical workings within the ML area. Artisanal activity is largely concentrated along the Mzingwane River, on the southern margins of the ML area.

Figure 3.2 presents the ML 28 boundary.

Figure 3.2 HGM ML 28 boundary

While WSP has referred to tenement holdings in this TRS, such reference is for convenience only and may not be complete or accurate. WSP is not expert in tenement management and the reader should not rely on information in this TRS relating to the current ownership and legal standing of the tenements or any encumbrances impacting on those tenements. This TRS assumes that all tenements and tenement applications are in good standing and free of all encumbrances other than those set out in this TRS.

There are no known significant encumbrances to the Property that would impact the current Mineral Resources or Mineral Reserves.

Access to the mine site and to the ore is authorised by the applicable mining legislation, and BMC Zimbabwe’s title and mining rights (Section 3.2). Mining exploration and exploitation works conducted or to be conducted on site are authorised in accordance with the applicable legislation, and BMC Zimbabwe’s title and mining rights (Section 3.2). Other required permits and authorisations (e.g., environmental, building, etc.) are applied for by BMC Zimbabwe in accordance with the applicable legislation.

In 2022, the government of Zimbabwe has promulgated new regulations through Statutory Instrument 189 of 2022 to the effect that mineral royalties are to be paid partly in kind and partly in monetary form. The mineral royalties are collected from minerals specified in terms of section 49(1)(c1) of the Reserve Bank of Zimbabwe Act [Chapter 11:15] deemed to be components of the reserves maintained by the Reserve Bank of Zimbabwe. Minerals include but are not limited to gold, diamonds, platinum group metals and lithium. These regulations have also caused timeous amendments to the Finance Act and the Reserve Bank of Zimbabwe Act to ensure the cooperation in application of legislation (BMC 2023b).

In 2024, the monetary component was revised.

Royalties remitted to the Zimbabwe Revenue Authority in respect of gold and those minerals specified are paid based on 50% in kind and 50% in monetary form. With regards the “in kind component”, miners submit actual minerals they would have extracted. The 50% monetary component would be paid as follows:

The HGM is located at an altitude of approximately 1,250 m above mean sea level (amsl). The surrounding hills range between 1,230 and 1,410 m amsl, and the property drains southeast towards the Mzingwane River (BMC 2023b).

The natural vegetation of the Property is veldt, which covers the gently undulating hills and slopes. Various types of mixed woodland species are naturally found throughout the area. However, the natural vegetation in the area has not been significantly disturbed particularly by forestry activities and historic mining activity dating back to early 1941. Invader plants include amongst others Eucalyptus (gum tree). The majority of the vegetation in the area consists of indigenous plants (BMC 2023b).

The HGM is located approximately 30 km southeast (by road) of the city of Bulawayo (latitude 20°18’S and longitude 28°46‘E), which has a population of approximately 1.5 million (urban plus rural areas).

Bulawayo is serviced by Joshua Mqabuko Nkomo International Airport (JMN), operated by the Airport Company of Zimbabwe (Private) Limited (ACZ), which has the capacity to handle 1.5 million passengers per annum (ACZ 2024), and by rail. The National Railways of Zimbabwe (NRZ) provides both freight services (NRZ 2024a), and passenger services (NRZ 2024b), whilst the Beitbridge Bulawayo Railway (PVT) LTD (BBR) provides a dedicated freight service to South Africa.

The Property is accessible via a sealed road from Bulawayo, which is in fair condition.

The HGM operates continuously throughout the year, with no interruptions due to seasonal changes.

Bulawayo is located in the tropics but due to its high altitude has a sub-tropical climate, classified as hot semi-arid climate (BSh) under the Köppen climate classification. The average annual temperature is 19 degrees Celsius (°C), with maximum daily temperatures ranging from 21°C in July to 30°C in October and cool nightly minimum temperatures ranging from 7°C in July to 16°C in January. Bulawayo experiences three distinct seasons: a dry cool winter from May to August; a hot dry early summer from August to November; and a warm wet late summer from November to April (BMC 2023b).

The mean annual rainfall is 575 millimetres (mm) falling mostly between November and February. However, the region is vulnerable to drought and wet season rainfall can vary significantly from one year to the next. 888 mm of rain fell between December and February in 1978, while only 84 mm fell during the same period in 1983 (BMC 2023b).

Table 4.1 and Figure 4.1 present climate statistics for Bulawayo, Zimbabwe.

Table 4-1 Mean temperatures in Bulawayo (World Meteorological Organization)

Notes: Climatological information is based on monthly averages for the 30-year period 1961–1990.

Figure 4.1 Climate statistics for Bulawayo, Zimbabwe (Meteoblue 2026)

Electricity is provided from the national grid through the Springs and Criterion lines at 7.5 Megavolt Ampere (MVA), and 2.5 MVA respectively. The lines are operated by the Zimbabwe Electricity Supply Authority (ZESA).

Water used in the operations is obtained from a dam on the Gabalozi River (on the mine site) and the Chimedza Dam (located approximately 7 km west of the mine location). Drinking water is provided from a line supplying the City of Bulawayo. Water is also supplied by way of water bores drilled on site.

For the 40,500 tonnes per month (tpm) throughput, budgeted employee establishment is 1,023 of whom 111 are managerial employees. The staff is largely housed on-site, in family accommodation, except for a few members of staff who are bussed in from Bulawayo daily.

The principal raw materials used in the mining operations are fuel, electricity (Section 4.4.1), and water (Section 4.4.2). Diesel fuel is used to power front-end loaders, tractors, motor vehicles, and standby power generators. The mine is currently upgrading the on-site fuel pump station to a holding capacity of 35,000 litres.

The Property draws on over 60 years of exploration field activities and previous studies.

The HGM claims were first pegged as a greenfields discovery in July 1941. In August 1941, the claims were transferred to the Halo Syndicate, which changed the name to Halo Co. Ltd (Halo) in October 1943. Two quarries had been established by July 1944, with the southern quarry developed to a depth of 30 m. The accompanying processing facility had a 19-stamp battery. During the period 1950-1951, the mine was put on option to Goldfields Development Co. Ltd (Goldfields) [BMC 2023a].

Frobisher Ltd. (Frobisher) had an option on the mine in the period 1952-1953. In the same period, a diamond drilling program totalling 2,020 m was undertaken. This program indicated potential for a large tonnage operation, with an average grade of 4.90 grams per tonne (g/t) Au. The option was abandoned in 1953, effectively ceasing all processing operations. Ballarat Mines (Pvt) Ltd (Ballarat) took over the mine in June 1954 and sunk the main shaft between the two open pits (BMC 2023a).

The property was taken over by Lonrho Zimbabwe (Pvt) Ltd. (Lonrho) in 1973, first under the name of Rhodesian Gemstones (Pvt) Ltd. (Rhodesian), then Attica Mines (Pvt) Ltd. (Attica) and eventually Independence Mining (Pvt) Ltd. (Independence), in 1986. Since 1970, the mine has operated continuously and is one of the largest gold producers in the Matabeleland region. In October 2002, Lonrho relinquished ownership of Independence to Metallon (BMC Limited). In 2016, the name changed from How Mine to Bulawayo Mining Company (Pvt) Ltd (BMC) after the parent company. Metallon (BMC Limited) separated the group’s mines into standalone mining operations (BMC 2023a).

HGM is now wholly owned and operated through Namib Minerals, which acquired Bulawayo Mining Company Limited (BMC)—the long-standing operator of the mine—in 2025 from Greenstone Corporation. Following this transaction, Namib Minerals holds 100% indirect ownership of HGM, while BMC continues to function as the on-site operator under the new corporate structure.

The surface footprint of the mineral rights owned by Namib at the HGM covers an area of 2,408 ha. Isolated cases of illegal gold mining activities have been reported along some streams and historical workings located within the ML. The majority of artisanal mining activity is concentrated along the Mzingwane River, on the southern margins of the ML area (BMC 2023a).

Total gold produced from the HGM between 1941, and 2025 is approximately 1.84 million ounces (Moz).

Figure 5.1 presents total gold production from the HGM for the period 1941–2025.

Figure 5.1 HGM total gold production 1941–2025

The Property’s MRMR as of the end of the 2025 and 2024 calendar years are compared in Table 5.1. WSP sourced the 2024 MRMR numbers from Metallon’s Mineral Reserves and Mineral Resources (MRMR) Estimates ( (Metallon Corporation, 2024).

Key variances between 2024 and 2025 are summarised as follows:

Mineral Resources

Mineral Reserves

Table 5-1 MRMR summary comparison end December 2024 to end December 2025

Category	31 December 2024			31 December 2025				Var. (%)
	Tonnes (Mt)	Au Grade (g/t)	Au (koz)	Tonnes (Mt)	Au Grade (g/t)	Au (koz)	Au (koz)
Mineral Resources
Measured Mineral Resources	0.26	1.8	15	13.7	1.32	583	3,887%
Indicated Mineral Resources	1.58	1.7	86	10.2	1.41	463	538%
Total M+I Mineral Resources	1.84	1.7	101	23.9	1.36	1,046	1,036%
Inferred Mineral Resources UG	2.42	2.7	211	31.0	2.18	2,176	1,031%
Inferred Mineral Resources – Tailings	11.54	0.6	220	12.0	0.59	220	0%
Total Mineral Resources	17.79	1.05	532	66.9	1.60	3,442	647%

Notes: Numbers are rounded, Mineral Resources exclude Mineral Reserves, and Mineral Reserves are inclusive of dilution and ore loss. 2024 MROR Au grade was provided rounded to one decimal place.

Aggregate production over the past 5 years is provided in Table 5.2. Annual production has ramped up as shown.

Table 5-2 Aggregate calendar year production ending December 2021–2025

Previous exploration and development are discussed in Section 5.1.

The HGM is located in the Umzingwane Formation of the Bulawayo Greenstone Belt (BGB). The Umzingwane Formation occupies an area broadly in the centre of an almost triangular shaped greenstone belt that tapers to the southeast, and links with the Filabusi Greenstone Belt (FGB) to the east (BMC 2023b).

Figure 6.1 presents a simplified regional geology map of Zimbabwe and the locations of major greenstone belts. The BGB is situated proximal to the city of Bulawayo.

Figure 6.1 Regional geology of Zimbabwe showing location of Greenstone Belts (Prendergast 2004)

The lithological units characteristic of the Umzingwane Formation include clastic metasediments, fine-grained tuffaceous rocks, banded shales and siltstones, ferruginous cherts or Banded Iron Formation (BIF), and rhyodacites and andesitic lavas. This assemblage has been subjected to metamorphism of lower greenschist facies (BMC 2023b).

Figure 6.2 presents the regional geology of the HGM area.

Figure 6.2 Regional geology of the HGM area (BMC Limited)

The setting of the volcaniclastic sediments is thought to be a rift-type basin, possibly fault bounded. Part of the deformation in the Upper Greenstones affecting the Umzingwane Formation is due to the intrusion of diapiric granites such as the Esigodini Granite to the east. The effects of this deformation phase were significant shortening, thrusting and shearing. Rocks within the Umzingwane Formation are strongly deformed, with shortening in the northeast-southwest direction and extension along a northwest-southeast axis. The How and Umzingwane shears are oriented in this direction (BMC 2023b).

The area around the HGM was geologically mapped in detail in 1976. This geological mapping work established a sequence of talc-chlorite schist, laminated black shale, silicate facies BIF, tuffaceous units and siltstone from southwest to northeast (BMC 2023b).

The occurrence of felsic porphyry intrusions and mafic dykes in local quarries is also expressed in exposures underground. The disposition of the quarries show that the ore channel locally transgresses lithological boundaries and is therefore not strictly stratabound (BMC 2023b).

Figure 6.3 presents the local geology of the HGM area.

Figure 6.3 Local geology of the HGM area (BMC 2023b)

Figure 6.4 presents simplified stratigraphic columns for the Umzingwane Formation (which hosts the HGM), Avalon Formation, and Kensington Formation.

Figure 6.4 Simplified stratigraphic columns for the Umzingwane, Avalon, and Kensington formations (BMC Limited)

The geological and structural information seen in the open pits provides some insight into the structural controls that are believed to be responsible for the localisation of mineralisation at the HGM. The main control is believed to be an extensional duplex, with a long axis oriented along the direction of extension (BMC 2023b).

Previous models suggesting that the ore was stratabound within felsites and was syngenetic in nature have now been disregarded due to the transgressive nature of the mineralisation. The felsites are in fact, propylitised tuffs. Prominent shears are evident on both the hangingwall and footwall contacts of the ore channel, and these represent the principal shears of the duplex system (BMC 2023b).

A new theory being tested suggests that the hangingwall contact of the dacite controlled mineralisation in the main orebodies on both strike and dip. This theory is evident when a composite plan of the mine is viewed. All development that continued into the hangingwall contact of the dacite, both north and south, does not contain significant mineralisation when compared to the main orebodies. However, there are some orebodies in the top section of the mine that are hosted in dacite. It appears that these orebodies are located at the central inflection point of the hangingwall dacite contact. This phenomenon is observed above the 16 Level. This theory is significant in terms of defining future exploration targets within the dacite hangingwall contact envelope and within the dacite itself and suggests the possibility of another “trouser leg” orebody plunging to the south (BMC 2023b).

Orebodies are generally elliptical in plan, strike to the north, and dip steeply at approximately 80° to the west, with a steep northerly plunge. The major orebodies are the 300N, 180N, 350N, 400N, and 10S, which have a combined strike length of approximately 500 m. A low-grade parting separates the 300N and 180N orebodies, which becomes narrower at depth, and below the 20 Level is approximately 5 to 10 m in width.

Current information from deep diamond drilling indicates that the orebodies gradually taper in width with depth and become shallower in dip i.e. approximately 60°. The deposit shows significant hydrothermal alteration is frequently associated with sulphide mineralisation. Strong carbonation, silicification, and in extreme cases propylitisation occur together with sulphides. Pyrite is the dominant sulphide, with significantly less chalcopyrite and occasional pyrrhotite present. Chalcocite and arsenopyrite have also been reported. Ore microscopy has shown that gold is associated with a late generation of pyrite and chalcocite. The location of gold mineralisation is either in fractures within the sulphides or on sulphide grain surfaces (BMC 2023b).

Mineralisation at the HGM is thought to have been formed by hydrothermal solutions migrating along structurally controlled channels, predominantly caused by an extensional duplex, with its long axis parallel to the direction of extension. Recent underground exploration drilling between the 30 Level and 32 Level, has identified three new orebodies, namely 320N, 330N, and 360N, which are situated in the footwall of 300N and are hosted within the dacite, a completely different environment when compared to the other orebodies. (BMC 2023b).

While these orebodies appear as discrete mineralisation packages, referred to by the numeric orebodies (e.g. 300N), they are contained within a single low grade mineralisation halo.

Figure 6.5 presents a typical cross-section of ore zones within tuff.

Figure 6.5 Typical cross-section of ore zones within tuff (Edelrod 2024)

Exploration at the Property is based on detailed geological mapping that established the following sequence from southwest to northeast: talc-chlorite schist, laminated black shale, silicate facies BIF, tuffaceous units, and siltstone (Edelrod 2023).

The occurrence of felsic porphyry intrusions, and mafic dykes in historical quarries is also expressed in underground exposures. This shows that the mineralisation channel locally transgresses lithological boundaries and is therefore not strictly stratabound (Edelrod 2023).

Locally, a new theory is being tested which suggests that the hanging-wall contact of the dacite was a control on mineralisation of the main orebodies along strike and up and down dip. A plan view of the mine shows that all development that proceeded past the hanging-wall contact of the dacite (north and south) contains lower amounts of mineralisation when compared to the main orebodies. However, there are some orebodies in the top section of the mine that are hosted in dacite. Investigating the new theory is significant in terms of defining future exploration targets within the dacite hangingwall contact envelope, and within the dacite itself. This theory suggests the possibility of another “trouser leg” orebody plunging to the south (Edelrod 2023).

Channel sampling, diamond drilling, trench and sludge drilling samples were used for the purposes of geological modelling and Mineral Resource estimation.

Diamond drill core is logged and sampled at a nominal 1 m interval, depending on geology. Samples are taken to at least 5 m beyond the geologically defined mineralisation boundary in all drill holes. Core recovery averages >98% (BMC 2023b) and a visual review of core by the QP showed excellent recovery and few zones of broken core.

Core size is AXT (32.5 mm core diameter) and BQ (36.4 mm core diameter) for resource delineation, and exploration drill holes respectively (BMC 2023b).

Collars are surveyed using a Total Station. Downhole survey is conducted using a multishot digital downhole survey tool.

A long section view of all HGM diamond drill hole collars and existing mine development is provided in Figure 7.1.

Figure 7.1 Long Section view, looking East of all HGM diamond drill hole collars, traces and existing mine development

The 2025 diamond drilling campaign at the How Mine formed the primary basis for updating the Mineral Resources in the deeper areas of the deposit. A total of 147 drill holes were completed for 8,216 m (Figure 7.2), distributed across the 13L, 17L, 18L, 30L, and 32L levels. Of the total drilled, 136 holes correspond to horizontal drill holes (resource delineation holes), with a combined length of 5,540 m, while the remaining holes are inclined drill holes totalling 2,676 m, which were drilled from the 30L level.

Figure 7.2 Plan view of 2025 drill hole collars (left) and traces (right), with existing mine development shown in grey

Horizontal drilling targeted the 13L10m and 13Lev lift, where 4 drill holes were completed for a total of 165.3 m. The 13L (2025) drilling plan is presented in Figure 7.3.

Figure 7.3 13L (2025) drilling plan

Horizontal drilling targeted the 17L20m and 17Lev lift, where 19 drill holes were completed for a total of 739 m. The 17L (2025) drilling plan is presented in Figure 7.4.

Horizontal drilling targeted the 18L10m and 18L20m lift, where 12 drill holes were completed for a total of 476.1 m. The 18L (2025) drilling plan is presented in Figure 7.5.

Inclined drill holes were completed from the 30L lift, where 11 drill holes were drilled for a total of 2,676.7 m. The 30L (2025) drilling plan is presented in Figure 7.6.

Horizontal drilling targeted the 32L20m, 32L10m, and 32Lev lift, where 101 drill holes were completed for a total of 4,159.6 m. The 32L (2025) drilling plan is presented in Figure 7.7.

Figure 7.7 32L (2025) drilling plan - 32L20m (top left), 32L10m (top right), and 32Lev (bottom)

Exploration holes drilled between 2012 to 2023 are summarised in the following section. All the hole collars were machine surveyed and downhole surveys were completed for determination of dip and azimuth deviations.

Drilling targeting the 30L – 32L lift on the 300N, 320N, 360N and 400N orebodies. 19 holes totalling 5,596 m were drilled. The 30L (2021-2023) drilling plan is shown in Figure 7.8.

Figure 7.8 30L (2021–2023) drilling plan

Drilling was undertaken from two chambers on the 24L.

The 24L (2015–2016) drilling plan is shown in Figure 7.9.

Figure 7.9 24L (2015–2016) drilling plan

Drilling was undertaken from the 1^st chamber where 4 holes totalling 1,173 m were drilled targeting the 28L to 30L lift the 300N orebody.

The 26L (2012–2013) drilling plan is shown in Figure 7.10.

Figure 7.10 26L (2012–2013) drilling plan

Sludge drilling was formerly used for resource evaluation purposes. Sludge drill holes were sampled on 1 m intervals. Historical sludge drilling results remain in the resource database for mineralisation areas on or above the 20 Level. Sludge drilling has been phased out entirely due to questionable reliability. All evaluation below the 20 Level is based on diamond core and channel sampling only (BMC 2023b). Sludge samples have been included in the estimate due to them being the only available data in certain parts of the mine. Where there is no diamond drilling present and the estimate relies on the presence of sludge drilling, the Mineral Resource estimate has been classified as Inferred.

The QP considers the data collected including method of collection and storage to be appropriate for the preparation of geological models and Mineral Resources estimates, and that the data type and quality have been considered during resource classification.

The following types of samples are taken at the HGM and used to inform the Mineral Resource estimate:

The entire drill hole is sampled in the case of resource delineation drill holes, while only mineralised zones are sampled in the case of exploration drill holes as well as 5 m either side. For exploration drill holes, core is halved using a core splitter in the core shed. Half core is sampled and assayed, while the other half is archived.

Current practice is that half core and pulps from exploration drill holes are securely stored and only discarded after mining through the areas where drilling was completed.

Channel sampling is undertaken using a pneumatic diamond-saw, to cut a 10 mm deep and 30 mm wide channel in the backs of development drives, or sidewalls of crosscuts. Channels are taken at 2 m intervals (and at 4 m intervals below the 22 Level) in the backs of development drives, and along sidewalls of crosscuts. The nominal sample length is 1 m; however, may be smaller to allow for variations in geology, apparent mineralisation, or excavation dimensions. The sampling interval was increased from 2 m to 4 m below the 22 Level following a variography study that demonstrated no material change to the definition of the deposit.

Samples are collected and transported to the surface by an appointed sampler. Upon arrival on surface at the main shaft, the sampler is escorted by mine security to the secure on-site assay laboratory.

Dry bulk density (BD) determinations are completed at the on-site assay laboratory on selected diamond drill core samples. Previously, the geology technicians completed bulk density determinations. These determinations have indicated that there are only subtle variations between, or within orebodies. No clear relationship has been established between gold grade, and BD e.g., some waste material samples possess a higher value than ore.

Scientific Investments (now known as Duration Gold Limited [DGL]), a commercial analytical laboratory located in Bulawayo, initially completed a total of 105 BD determinations on core samples, and obtained a mean value of 2.8 g/cm³. This result was used to benchmark the accuracy of the in-house determinations completed which average less than 2.8 g/cm³. WSP recommend additional commercial laboratory samples are completed to allow application of different density values across the lithologies.

The on-site assay laboratory processes all samples collected from resource delineation diamond drilling, channel and face samples, draw-point grab samples, and processing plant samples.

Whole dried samples are crushed to -2 mm, riffle split to 500 g and pulverised in a Keegor Vertical Spindle pulveriser to 80% passing -75 micrometres (μm).

Approximately 4,000 samples are assayed each month. All samples are fire assayed with a gravimetric finish. The sample aliquot is 50 grams (g) for channel and drill core samples. Blanks and Certified Reference Material (CRM) samples are introduced at a rate of 2 samples for every 16 samples assayed. Repeat samples are also sent to the on-site assay laboratory on a regular basis. An assay repeats register is kept in the Geology Department for monitoring laboratory performance.

Exploration drill core samples from are sent to an external accredited laboratory (Antech, located in Kwekwe approximately 250 km from the HGM) for assaying. For every 16 pulp samples dispatched, two CRM samples are incorporated into the sample batch for Quality Assurance Quality Control (QAQC) purposes. Repeat samples of pulps to monitor precision are completed on mineralised intersections only.

Records of all samples collected and sent for assay are systematically kept in various ways that have an in-built back-up system. All samples collected underground have their details captured in a field logbook, from which they are transferred to daily return sheets and on-site assay laboratory submission/report sheets. These records are filed separately. For drill core assay results, records are captured in logbooks, log sheets, and computer and assay report sheets. Remaining sample pulp from exploration drill core samples is returned and kept in the sample library on site.

The following QAQC procedures are used at the HGM:

For channel samples, a CRM sample is inserted into each sample batch. The CRM’s are created using HGM material, ensuring matrix matched standards are used. CRM results are tested for compliance to set tolerance ranges, equal to two standard deviations from the designated mean value. No blanks are included in the channel sampling batches.

Any assay batches which contain standards which are outside of these tolerance ranges are re-assayed in their entirety. Data is subjected to analyses by scatter and regression plots.

WSP recommends introducing a blank into each sample batch and monitoring QAQC results on a monthly basis.

For core samples, a CRM sample is inserted every 14 samples. In some cases, a second CRM is inserted every 14 samples as well or alternatively, a duplicate is included.

Any assay batches which contain standards which are outside of these tolerance ranges are re-assayed in their entirety. Data is subjected to analyses by scatter and regression plots.

During 2025, Namib inserted a high-grade standard which changed ranged from an accepted value of 1.7g/t Au to 2.7 g/t Au. Three different high-grade standards were used over the year, and the graph is shown in Figure 8.1. The performance of the standards is considered acceptable. The standards were created for Namib using their own material and certified which ensures the matrix matches with typical HGM mineralisation. The values of the standards created change over time to align with current average mining grades.

Figure 8.1 2025 Standard performance – high-grade standard

In addition to the high-grade standard, Namib also inserted a lower-grade standard which ranged in accepted value from 0.22 g/t Au to 0.38 g/t Au, the results of which are presented in Figure 8.2.

Figure 8.2 2025 Standard performance – low-grade standard

The on-site laboratory also sends off umpire samples to three external laboratories each month. Two of these laboratories are site laboratories located at the nearby Turk Mine (approximately 85 km north of the HGM) and at the Renco Mine (approximately 375 km east of the HGM) with one being a commercial laboratory (Performance Laboratories, located in Ruwa, 485 km northeast of the HGM). The results for January 2026 are shown in Figure 8.3 and show the How laboratory is reporting approximately 5% higher compared to the Turk Mine laboratory, 11% lower than the Renco Mine laboratory and 3% higher than the Performance Laboratory. Overall this suggests that the How on-site laboratory performs well compared to the other laboratories, particularly well with the commercial laboratory.

Figure 8.3 January 2026 Inter-laboratory Check Sample Results

Namib provided a total of 250 recent density measurements taken from diamond drill core and draw points as well as almost 4000 samples taken between 2007 and 2016. Previously, an assigned density of 2.8 g/cm³ has been used which aligns with the average density measurements received from 105 diamond drill core samples tested at an external laboratory (Scientific Investments) in 2000. Results do not suggest a clear correlation between density and grade. For the purpose of this estimate, a constant density of 2.8 g/cm³ has been utilised, consistent with previous estimates, however further analysis is recommended to inform future estimates.

Table 8-1 Summary of density samples taken between 2007 and 2016.

WSP recommends further review of density by domain and by lithology type to confirm the existing assumptions and a review of the density measurement process in addition to further analyses completed at the external laboratory.

The QP considers the sample preparation, analyses, QAQC, and security protocols used at the Property to be appropriate in regard to the data used in the preparation of Mineral Resources estimates, and that the data has been considered during resource classification.

Data validation conducted by BMC Zimbabwe was completed using Microsoft Excel, inbuilt Vulcan™ software validation tools, physical checks, and correction of any erroneous input data to ensure completeness, and integrity of captured data. Transcription errors were checked, identified, and corrected through direct comparison of captured data with data sources such as assay plans, and diamond drill core log sheets. Drill hole collar locations and elevations were inspected, verified and corrected in Vulcan™. Recently, on site geologists have started using Leapfrog software to assist with data verification activities.

The QP has validated the following geological and Mineral Resources estimation data:

Some errors were identified in drill hole locations, surveys and as built wireframes which were discussed with site personnel and adjusted where necessary.

The QP was not directly involved in the exploration drilling, and sampling programs that formed the basis for collecting the data used in the geological modelling, and Mineral Resources estimation for the Property; however, the QP was able to observe drilling, sampling, and sample preparation methods at the HGM during the personal inspection (Section 2.4) and visited the on-site laboratory.

The QP is not aware of any other limitations on, nor failure to conduct appropriate data verification.

The QP has validated the data presented in Section 9.1, including collar survey, downhole geological data and observations, sampling, analytical, and other test data underlying the information or opinions contained in the written disclosure presented in this TRS. The QP has presented information relating to uncertainty in the estimates of Inferred, Indicated, and Measured Mineral Resources (Section 11.14), and opinions on factors likely to influence the prospect of economic extraction. A comprehensive list of Mineral Resources interpretations and conclusions, and Mineral Resources recommendations have also been presented in Sections 22.1 and 23.1 respectively.

Notwithstanding these matters, the QP considers the data used is acceptable for the purposes of geological modelling and Mineral Resources estimation.

WSP utilised the updated 2025 block model, and 2025 Mineral Resource as the basis for the Mineral Reserve:

The HGM financial model, used as the basis of the COG and pay limit calculations, as well as the economic analysis for the Mineral Reserve only Life of Mine Plan (LOMP) was also reviewed and deemed suitable for use in the Mineral Reserve estimate.

The supplied mine design data including the 2024 Mineral Reserves and the supplied as-built development and current (December 2025) mined stoping solids were reviewed and deemed suitable for the Mineral Reserve estimate.

The QP considers the data suitable for the purposes of preparing the mine design, mine schedule, and Mineral Reserves estimate.

WSP was not able to review a copy of the current HGM GCMP but has reviewed the supplied geotechnical Code of Practice (BEMS-TS-RM-COP-01.pdf), and all supplied data and the QP believes the data is adequate for the purposes for which it is used for in this TRS.

Please note: WSP was previously, in 2024, provided with the HGM geotechnical database (BMC_Geotechnical Database.xlsx) which contained Rock Mass Rating (RMR) data for a total of 648 drill holes, and scans of HGM in-situ Geomechanics classification logging sheets for a total of 44 drill holes. WSP compared the database with the logging sheets and found that a total of 33 drill holes and RMR data matched between the datasets. The remaining 11 drill holes presented in the logging sheet scans could not be identified. No additional work has been undertaken by WSP regarding this during the compilation of the TRS.

HGM commissioned a Hydrogeological assessment in 2024 following a period of drought. The operation requires 55,000m3 of water per month for ore processing. Typically, the water is sourced from surface water dams. The report identified 18 feasible drill sites to source water across site. The drilling program was later completed, providing sufficient water supplementation to get through the 2024 drought. The water level of the How Dam is at 100% at the time of this report being published, and the Chimedza dam is at 25% capacity.

The HGM is located in Matabeleland South Province, Esigodini in the Upper Mzingwane sub-catchment of the Mzingwane Catchment. Figure 9.1 shows the various Zimbabwe catchments, and Figure 9.2 shows the sub-catchments of the Mzingwane Catchment (BMC 2023a).

Figure 9.1 Catchment boundaries of Zimbabwe (BMC Limited)

Figure 9.2 Sub-catchment boundaries of Mzingwane, Zimbabwe (BMC Limited)

Esigodini is a hydrological sub-zone BIK in the Upper Mzingwane sub-catchment of the Mzingwane Catchment. The hydrological sub-zone BIK has a Mean Annual Run-off (MAR) of 49 mm, and a Coefficient of Variation (CV) of 150%. This means that there is a high probability of having low run-off that is experienced from year to year. The Inyankuni River is the major river in the area and drains into the Mzingwane River in Mbalabala. The Inyankuni Dam (on the Inyankuni River) has a capacity of approximately 80,000 megalitres (Ml). Esigodini experiences annual rainfall of 618 mm, which is characterised by intra-season dry spells. Maximum temperatures average 27°C, and annual evaporation is 1,836 mm. There is also a local dam that supplies the mine with water. The local dam is on the Ngwabalozi River. The river is not perennial (BMC 2023a).

Younger intrusive granites characterise Esigodini. These granites possess low average transmitting properties, and secondary permeability. Groundwater occurrence is determined by the development of secondary structures such as faults, and weathering and shearing. Unprotected groundwater sources are vulnerable to contamination from run-off from areas where fertilisers, pesticides, herbicides, fuels, and chemicals have been applied, and those built downstream of sanitation facilities are at most risk of contamination (BMC 2023a).

The QP has validated HGM metallurgical processing by way of documentation provided, which includes metallurgical reports and performance, technical reports and business improvement projects. Further details regarding the HGM processing plant and flowsheet are presented in Section 14.

In the opinion of the QP, the processing and recovery methods data used to inform the Mineral Reserves estimate are adequate for the purposes for which it is used for this TRS.