Share count
52Mpeak FY2025
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NAMM, Namib Minerals
Gold & Precious Metals capital-intensive
We are an established gold producer with an attractive portfolio of three gold mines in Zimbabwe, Africa.
The Mazowe Mine still has significant production potential with 1.17Mt of total measured and indicated gold resources and 3.29Mt of inferred gold resources on a tonnage basis, representing 291koz of total measured and indicated gold resources and 915koz of inferred gold resources, respectively, as of December 31, 2023.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$83M
−3.8% YoY
Vital signs · TTM, with 3-yr average
Revenue $83M 3-yr avg $78M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Operating margin has run about 19% through the cycle, a solid margin the cost base and competition set as much as the price does. The operating margin has swung widely — from 17% to 134% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. The cash cycle has run negative through the cycle (a median of −311 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on the commodity price and the cost position. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|
| Income statement | ||||
| $65M | $86M | $83M | $83M | RevenueRevenue |
| 44% | 55% | — | — | Gross marginGross mgn |
| $11M | $16M | $110M | $110M | Operating incomeOp. inc. |
| 17.4% | 18.7% | 133.7% | 133.7% | Operating marginOp. mgn |
| $4M | $4M | $101M | $101M | Net incomeNet inc. |
| 59% | — | 7% | 7% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| $15M | $19M | $14M | $14M | Operating cash flowOp. cash |
| $3M | $4M | $7M | $7M | DepreciationDeprec. |
| $9M | $11M | ($95M) | ($95M) | Working capital & otherWC & other |
| $6M | $8M | $11M | $11M | CapexCapex |
| 9.5% | 9.0% | 13.6% | 13.6% | Capex / revenueCapex/rev |
| $12M | $15M | $7M | $7M | Owner earningsOwner earn. |
| 18.8% | 17.5% | 7.9% | 7.9% | Owner earnings marginOE mgn |
| $9M | $11M | $3M | $3M | Free cash flowFCF |
| 13.4% | 13.3% | 3.1% | 3.1% | Free cash flow marginFCF mgn |
| $8M | $9M | — | $9M | Dividends paidDiv. paid |
| — | — | 144% | 144% | ROICROIC |
| — | — | 144% | 144% | Return on equityROE |
| Balance sheet | ||||
| $278K | ($315K) | $2M | $2M | Cash & investmentsCash+inv |
| — | $4M | $6M | $6M | ReceivablesReceiv. |
| — | $3M | $4M | $4M | InventoryInvent. |
| — | $31M | $38M | $38M | Accounts payablePayables |
| — | ($25M) | ($28M) | ($28M) | Operating working capitalOper. WC |
| — | $9M | $16M | $16M | Current assetsCur. assets |
| — | $46M | $54M | $54M | Current liabilitiesCur. liab. |
| — | 0.2× | 0.3× | 0.3× | Current ratioCurr. ratio |
| — | $51M | $63M | $63M | Total assetsAssets |
| — | $1M | $3M | $3M | Total debtDebt |
| — | $1M | $1M | $1M | Net debt / (cash)Net debt |
| 4.7× | 10.5× | 56.6× | 56.6× | Interest coverageInt. cov. |
| ($28M) | ($31M) | $70M | $70M | Shareholders’ equityEquity |
| Per share | ||||
| 48.9M | 48.9M | 51.7M | 51.7M | Shares out (diluted)Shares |
| $1.33 | $1.76 | $1.60 | $1.60 | Revenue / shareRev/sh |
| $0.07 | $0.07 | $1.96 | $1.96 | EPS (diluted)EPS |
| $0.25 | $0.31 | $0.13 | $0.13 | Owner earnings / shareOE/sh |
| $0.18 | $0.23 | $0.05 | $0.05 | Free cash flow / shareFCF/sh |
| $0.16 | $0.18 | — | $0.17 | Dividends / shareDiv/sh |
| $0.13 | $0.16 | $0.22 | $0.22 | Cap. spending / shareCapex/sh |
| $-0.58 | $-0.63 | $1.36 | $1.36 | Book value / shareBVPS |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$7Mowner earningsvs.$101Mnet incomelow FY2025
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2023FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned $7M of owner earnings, the operating cash left after the $7M it takes just to hold its position. It put $4M more into growth; free cash flow, after that spending, was $3M.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | $101M | $4M | $4M |
| Depreciation & amortizationnon-cash charge added back | +$7M | +$4M | +$3M |
| Working capital & othertiming of cash in and out, other non-cash items | −$95M | +$11M | +$9M |
| Cash from operations | $14M | $19M | $15M |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$7M | −$4M | −$3M |
| Owner earnings | $7M | $15M | $12M |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$4M | −$4M | −$4M |
| Free cash flow | $3M | $11M | $9M |
| Owner-earnings marginowner earnings ÷ revenue | 8% | 17% | 19% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $7M, roughly its depreciation, the rate its assets wear out). The other $4M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.
Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Material weakness in financial controls
“We have identified material weaknesses in our internal control over financial reporting.”
The figures below are only as sound as the controls that produced them. read the note →
Will it survive?
- Can it pay its interest? 56.6×ComfortableOperating income $110M ÷ interest expense $2M
What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
- How heavy is the debt, net of cash? $1M · 0.0× operating profitModest net debtCash $2M − debt $3M
What this means
Netting $2M of cash and short-term investments against $3M of debt leaves $1M owed, about 0.0× a year's operating profit. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Negative, funded by othersDSO 24 + DIO 39 − DPO 374 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.
Is it a good business?
- Very high (≥25%)NOPAT $103M ÷ invested capital $72M (debt + equity − cash)Industry peers: median -12%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- High through the cycle3-yr median margin, range 8%–19%; latest $7M = operating cash $14M − maintenance capex $7MIndustry peers: median -105%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 8% of revenue this year, a 17% median across 3 years. It chose to put $4M more into growth, so free cash flow this year was $3M — the gap is investment, not weakness.
- Thinly cash-backedCash from ops $14M ÷ net income $101M
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Returned more than it generatedDividends + buybacks $9M ÷ Owner Earnings $7M
What this means
The company returned more than it generated: against $7M of Owner Earnings, $9M (138%) went back to shareholders, $9M dividends, $0 buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
- Investing or harvesting? 1.55×ExpandingCapex $11M ÷ depreciation $7M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 3 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $83M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 0.30×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · $3M vs ($37M) WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.67/share (latest year $1.87), the averaged base the calculator's gate runs on, and book value is $1.30/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Framed as a capability
The filing positions AI as something the company uses, not something it fears.
“The recent rise in the demand for artificial intelligence ("AI") computing power and the associated electronics required have played an increasingly relevant role in the gold markets.”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$16M
- Cash & short-term investments$2M
- Receivables$6M
- Inventory$4M
- Other current assets$5M
Current liabilities$54M
- Debt due within a year$3M
- Accounts payable$38M
- Other current liabilities$13M
Current ratio0.30×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.23×stricter: inventory excluded
Cash ratio0.04×strictest: cash alone against what's due
Working capital($37M)the cushion left after near-term bills
Its current ratio is below 1, which usually reads as strain; here it is likely structural strength. This business collects from customers before it pays suppliers (a negative cash-conversion cycle), so the balance sheet is funded by that float, the way Costco's and Amazon's are. The low ratio can be the edge, not the risk; the cash-conversion cycle and the debt due above say which.
Debt due this year vs. cash$3M due · $2M cash
cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Dec 31, 2025 balance sheet
Deeper floors
Tangible book value$70Mequity stripped of goodwill & intangibles
Net current asset value($86M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$3Mno operating-lease liability tagged this quarter, so debt alone
From the company's latest filing.
Peers, Gold & Precious Metals
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| CDECoeur Mining Inc. | $2.1B | 79% | 4.3% | 2% | 2% |
| MUXMcEwen Inc. | $198M | 77% | -43.0% | -9% | -7% |
| IAUXi-80 Gold Corp. | $95M | — | -177.0% | -15% | -157% |
| NAMMNamib Minerals | $83M | — | 18.7% | 144% | 17% |
| UECUranium Energy Corp. | $67M | 31% | -103.9% | -12% | -168% |
| EUenCore Energy Corp. | $43M | 17% | -168.1% | -16% | -106% |
| IDRIdaho Strategic Resources Inc. | $42M | 6% | -2.6% | -9% | -8% |
| URGUr Energy Inc Common Shares (Canada) | $27M | -9% | -167.4% | -32% | -105% |
| Group median | — | — | -73.4% | -11% | -56% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Namib Minerals reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Namib Minerals has delivered.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · since FY2023−46%/yr
Owner-earnings growth · since FY2023−27%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Free cash flow $3M on 54M shares outstanding, per the 20-F cover, as of 2025-12-31; net debt $1M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($11M) runs well above depreciation ($7M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $7M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Namib Minerals (NAMM), the owner's record," https://ownerscorecard.com/c/NAMM, data as of 2026-07-09.
Manual order: ← NAAS its page in the Manual NAT →
Industry order: ← MUX the Gold & Precious Metals chapter NEM →