Namib Minerals cash flow statement

In fiscal 2025, Namib Minerals's operations generated $13.8m of cash; it spent $11.3m on capital projects, leaving free cash flow of $2.5m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Namib Minerals: cash flow statement, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	15	19	14
Depreciation and amortisation	3	4	7
Stock-based pay	—	3	0
Capital spending	6	8	11
Free cash flow	9	11	3
Free cash flow after stock pay	—	9	2
Dividends paid	8	9	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Namib Minerals's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Namib Minerals.